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!

Financial "Faux-Pas" To Avoid In Your Twenties

Whether you are graduating from college, moving out on our own for the first time, starting your first real job, or making your first big purchase, your twenties are an exciting time often full of life milestones.  With those life milestones, comes the increased responsibility of managing your own money.  As exciting and fun as this time of your life can be, here are three financial “faux-pas” that you should avoid to set up your thirties and beyond to be a success. 

• Not setting financial goals: setting a savings goal is crucial regardless of your age.  As you approach the stage of looking at your first job, your first car, or even your first home, you will thank yourself for setting a savings goal and sticking to it when it comes to making a life purchase.

• Buying more than you can afford: on the flip side of savings, is spending.  We’ve all be tempted once we start to receive those first paychecks to go out and splurge.  Splurging a little is just human nature and is ok, but within reason.  Don’t spend more than you can afford (especially at the expense of your credit card!) just because you now have an income or are trying to keep up with your friends who are all buying brand new cars.  Set your limits, make a plan, and stick to it.  Your older self will thank you, later!

• Not starting a retirement fund: You’re probably thinking that you just started working, why in the world should you think about retiring?! It’s never too early and you will REALLY thank yourself when you are in your thirties and already have a head start on reaching your retirement goal.  Even if it is the bare minimum each paycheck, setting aside something towards retirement will literally pay off as the years go by. 

The full Mason Jar Money conversation between Honor’s CEO Scott McFarland and 97.5Y-Country’s Wild Bill on Financial “Faux-Pas” To Avoid In Your Twenties is below.  We just listed a few, but what are some other financial tips that you would give to someone in their twenties just starting out on their own?


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!

Removing The Confusion From Real Estate

When you are thinking about buying your first house, or selling the one you live in now and moving, you may not know exactly where to start.  Real estate loans can be confusing and intimidating if you don’t know where to start.  Well, fear no more, because Honor Credit Union’s Assistant Real Estate Manager, Kim, was the guest speaker on Mason Jar Monday this week.  Here are a couple of her quick tips to clear the air on the world of real estate:

• Many of you may have heard about regulation changes regarding getting qualified for a mortgage.  Basically, the regulation that took effect January 10^th, 2014 simply required lenders, like Honor, to verify that members looking at a mortgage have the ability to repay the loan.  While this regulation has been updated, Honor has always been diligent with this, so not too much changed for us.

• One of the big mysteries that seem to surround mortgages for many people is the down-payment needed.  We know this is vague, but it truly depends on your situation.  Typically, you can purchase a home for as little as 5% down. One of the great things about credit unions like Honor, though, is we will look at your unique situation when underwriting your loan application.  Because Honor offers a full range of real estate products, we have multiple options for our members.  There is no black and white in our underwriting process.  We look at the whole picture of every member’s situation to find the best options for them and their financial success. 

• The best thing you can do when you have questions about real estate is ask!  Whether you are looking for a new construction loan, a refinance loan, a vacant land loan, an investment property, or a home equity loan, know that there are options for you and your situation.  Getting a real estate loan doesn't have to be scary or confusing when you are dealing with the right people!  Our team of experienced professionals will hold your hand throughout your loan process and be there to answer any questions you might have.

You can listen to the full Mason Jar Monday episode on real estate below.  The real estate market is improving, and people are looking to buy and sell again.  If you are one of those people, get pre-approved and talk to someone that can give you the information and advice you need to clear up the confusion from the process.  At Honor, you can get pre-approved on our website, over the phone, or in any branch location typically in less than 24 hours!

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!

Top 3 Tips For a Stress Free Tax File

It's tax time!  Whether you are getting a tax return to add to your "mason jar of money" or not, tax season can be one of tension.  To help keep stress levels low, here are three tips as you prepare to get those taxes filed. 

1.  Preparation is key!  Keep good records all year long and make sure you have all the documents you need BEFORE you sit down to file.  Whether your tax documents are mailed to you or e-delivered, make sure you have everything you need.  Having to stop mid-process to find that one tax form you could have sworn you put right on top of that pile will only cause panic and delay the process.  

2.  Know your deductions!  Even if you are using a tax professional, do some of your own research on deductions/credits that you and your family may qualify for to get the most money back!  Honor's website has a list of quick links to help you with this.  

3.  Take advantage of your resources!  If you are planning on preparing your taxes yourself, take advantage of programs like TurboTax that will walk you through the steps.  (By the way...you can find a discount to TurboTax on Honor's website!)  If you are having someone help you file your taxes, make sure they are qualified!  The IRS suggests that you confirm your tax preparer has a "Preparer Tax Identification Number" and enters it on your return filed with the IRS.  

Filing your taxes isn't anything that should scare you, and by following the tips above you can make sure you are ready!  Listen to the full Mason Jar Monday episode on a stress free tax file below!

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!

Not All Credit Cards Are The Same!

Do you know the difference in the many types of credit cards out there?  If you are going to use a credit card, there are a few key things you should know to help you choose the right one. 

1. Not all credit cards are the same!  Just because two different cards both say "Visa" doesn't mean they are identical.  In Visa's example, they are computer system that allows for the processing, but not the issuer that sets the card and payment details.  In other words, with your Honor Credit Union Visa, Honor is the issuer.  When Honor says that they have an interest rate as low as 9.99% APR*, that is an interest rate offer from HONOR, not from VISA.

2. Read the fine print!  Make sure that you know the specific details of the credit card you choose to go with.  Those tempting 0% interest rate offers are great, as long as you stick to the issuers payment schedule and terms.  Often times, that interest rate will drastically increase if you pay late or don't pay the balance off completely by a certain date.  

3. Local cards = local service!  Just like all cards are not the same, all cards are not serviced the same.  When you get a credit card at a big store, it is not typically that big store that will help you if there is an issue.  When you call the customer service line on some of those national cards, who knows where the person (if it's even a real person) is located!  When you get a credit card at your local credit union, though, it is your local credit union that will take care of all service needs.  For example, if you have an issue or question with your Honor Visa card, you call Honor and we will be able take care of you.


Want to hear the full Mason Jar Monday episode on "Credit Card 101?"  You can listen to the full recording below!

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!


*Click here for Honor Credit Union's full disclosure

Shop Smarter & Get Pre-Approved First!

Part of managing your money smart, is spending it smart.  Whether you are shopping for your first car or are looking for a vehicle upgrade, getting pre-approved before you head out to the dealerships will help you borrow smart. Here are a couple key reasons why you should head to your credit union to get pre-approved before shopping: 

• Find out what you can afford vs. what you want!  Once you are already at the dealership or car lot and that shiny, new, fuel efficient car is just screaming your name, you need to know exactly what you can afford.  By stopping in to your credit union to get pre-approved first, you will arrive at the dealership knowing what monthly payment, interest rate, and top dollar is realistic for you.  That knowledge will make it easier to sort through all of the tempting "deals" that you will be offered to test drive.

• Shop with confidence!  Knowledge is king, and being armed with all of the information that getting pre-approved will give you will allow you to walk onto a car lot with confidence.  Utilizing payment calculators, like the one on Honor's website, will let you know what financial situation you would be looking at for each vehicle you like.

• Minimize buyer's remorse!  Getting pre-approved will help you get into a loan option that best fits your needs from the beginning.  Understanding your options and choosing the one that best fits you will help you avoid the purchase regret that you might of faced otherwise.   

The best loan is a paid off loan!  That is the motto that we live by, and getting pre-approved before you head out shopping will help you make the most out of your money! You can listen to the most recent Mason Jar Monday on the importance of getting pre-approved here. 

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!

Five Tips to Protect Yourself From Fraud

It's your money, and we want to help keep it safe!  As technology continues to advance, along with the benefits of it come increased risk of fraud.  Here are five tips to help keep your money safe:

1.  Participate with your money!  Paying attention is one of the easiest methods to keeping your money safe from fraud.  Utilizing online banking, mobile apps, and text alerts, just to name a few, can give you a virtually 24/7 view of your accounts!

2.  Look at your credit report!  We know you all have seen one of the many commercials prompting you to look at your credit report!  Well, we are making it easy.  You get one free credit report a year, and from Honor's website you can get to it in a few clicks.  Keeping up with your credit report can help you stay on top of anything out of the ordinary before it's too late. 

3.  Recognize scams!  Rule of thumb - if it sounds too good to be true, it probably is!  Emails asking for your personal account information are more often than not a scam.  Honor will never send you an email or text asking you to confirm any passwords or account information.

4.  Stay informed!  Keep up to date on the latest scams.  By staying educated on the fraud that is currently happening, you can stay a step ahead. Now we understand you aren't going to stay glued to the news waiting to hear about the latest fraud cases, but when a headline does come up read it. We've also put together a resource summarizing recent fraud alerts to help you stay in the know!

5.  Protect your computer!  Are you one of the over 70% of consumers that prefers browsing your computer instead of battling a crowd for that great deal?  Technology isn't going away, so protecting yourself while you take advantage of the convenience it brings is crucial.  Make sure your computer has a solid virus protection software installed.  Security software that updates automatically will also make sure your protection doesn't expire leaving your information vulnerable. 

Check out the full Mason Jar Monday show on protecting yourself from fraud below, and let us know what you think!  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!