Credit Union Mythbusters - Common Financial Tips

We all have that friend or co-worker or just that guy you met on the street that is full of financial tips.  Many financial tips are repeated so often that you begin to wonder…should I be doing that?  We are taking a closer look at three common financial tips* to determine if they are Myths or True good advice!

• Cut Up Your Credit Cards – MYTH! Some people’s opinions of credit cards is that they are a dirty word and should be cut up to get out and stay out of debt.  Don’t do this!  While abusing credit cards is a no-no, credit cards are WAY more secure than carrying cash, and in the issue of fraud or theft can be dealt with easier and faster to get your life back to normal.  Be responsible with your credit cards, but don’t cut them up!  If you have a hard time controlling your spending when there is a credit card at your fingertips, consider cutting up all but one and asking for a low limit so you can’t overdo it.

• Leave A Buffer In Your Checking – A great idea, but not true for everyone!  To avoid the issue of overdraft fees, it is always a good idea to keep a determined amount sitting in your checking.  However, not everyone can do this.  It’s a great goal to lead up to, but if this doesn’t work for your situation right now, don’t sweat it.  Just keep a good eye on your checking balance and budget to avoid overdrafting that way.

• Skip that latte – MYTH! While it may not be a great idea to choose that morning latte over your electric bill, treating yourself a little bit is alright!  Even if you are on a tight budget and watching your pennies, if you compensate in your budget in some other area and that latte is what really sets your day off on the right foot, then do it!  Once again, just keep an eye on your budget and balance so you can enjoy your morning treat, or whatever your splurge may be, without worrying or feeling guilty about it!

What other common financial tips have you heard that make you think twice?  Let us know on twitter @honorcu using #askhonorcu!

Listen to the Mason Jar Monday episode that aired on 97.5 Y-Country with Wild Bill! 

*Source: http://www.dailyfinance.com/2014/07/28/common-financial-tips-you-should-ignore/#!slide=2774313

Credit Union Myth-busters!

For 21 years in a row, the American Banker newspaper did a consumer satisfaction survey of banks, thrifts, and credit unions.  Credit Unions came in first every single year.  And yet, many people hesitate to make the transition from a bank to a credit union because of simple mis-conceptions about what credit unions can offer. So here we are to set a few of those myths straight with our version of “Credit Union Myth-busters!”  

Myth #1: Credit Unions have fewer locations…how will I access my money?

• MYTH! Shared branching & ATMS and online banking allow for easy and convenient access to your money!  Unlike banks, credit unions work together to provide shared branching so that you have more access to your money.  You can find Honor’s shared branching locations on our website or mobile app.  Speaking of the mobile app, using that tool you have visibility of your accounts anytime or place you need!

Myth #2: Will I lose my rewards program if I leave my bank?

• ABSOLUTELY NOT! Many credit unions, including Honor, have a variety of very appealing rewards programs both tied to accounts and products like credit cards.  For example, Honor has a member perks program that lets you accumulate points, a pre-wards program for debit cards that get you discounts at your favorite stores, and rewards tied to our Visa credit cards!  The biggest reward of switching to a credit union, though, is lower rates on loans and higher rates on savings! This all means more money in your mason jar!

Myth #3: Banks have more advanced technology.

• FALSE! We already mentioned our mobile app, but along with that comes online banking, text banking, and a live chat feature via our website, just to name a few of the cool techy things that credit unions like Honor offer!

Myth #4: I’m not eligible to join a credit union.

• ANOTHER MYTH!  While there are still some credit unions that you have to be a part of a certain group, like a state employee or educator, quite a few, including Honor, are community chartered.  This means that anyone that lives, works, worships, or works in one of our fourteen counties (which encompasses over 100 zip codes, by the way) can join! Almost anyone can become a member of a credit union!

You can listen to Scott and Wild Bill's live "Credit Union Myth-busters" below. Now that you know the facts about credit unions, join one today!  Once you do, we promise you won't regret it.  Also tune in to Mason Jar Monday next week for a CONTEST ANNOUNCEMENT!

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!