What is Collateral Protection Insurance?

http://www.mexperience.com/guide/essentials/transport/mexico-auto-insurance.php

If you have a loan for your vehicle in Wisconsin, you are usually required to prove you have insurance on that vehicle. Most financial institutions do not accept ‘liability only’ insurance for this, which is the bare minimum required by law. They generally require full coverage, which includes comprehensive and collision coverage.

So, what happens when your insurance comes due and you can’t afford your policy? If you go more than 30 days without insurance, Horizon Community Credit Union will send a letter asking you for your insurance information. After 60 days, another letter is sent. The 60-day letter says without proof of insurance your account will be assessed with a Collateral Protection Insurance (CPI) policy.

Some people think that this is a pretty good deal! This way the insurance goes right on their loan and they don’t have to worry about coming up with the premium money. Trust me, a CPI policy is not a good deal, and here's why:

1. It’s VERY expensive and only lasts for 1 year. Each year that the policy is assessed, more will be added to your loan. Your required payment will also increase.

2. This policy does NOT qualify as 'liability only' coverage. Remember, Wisconsin requires all vehicles to, at minimum, have 'liability only' coverage. If you get pulled over and the officer asks for proof of insurance, CPI doesn’t qualify.

3. This insurance only covers the loan amount with the credit union, not necessarily what your vehicle is actually worth. If you were to be in an accident, a CPI policy may not pay for any repairs. In the event of your car being a total loss, the CPI policy probably won’t pay much more than what the amount of your loan is.

So if your insurance is getting too expensive, be sure to shop around and find a rate you can afford. Having your own car insurance coverage will be cheaper than the CPI policy we would be required to put on your loan. Any questions? Please feel free to call the Horizon Community Credit Union at 920-433-0122.

Post by: Mary D.

4 Tips for Improving Your Move

http://www.redball.com/moving-tip/5-odd-useful-moving-tips/

Are you moving this summer, or in the near future? Check out these tips from one of our MSR's!

Pack a travel bag and a need-right-away bag: Even if you pack up your belongings right before you move, it’s still going to be at least a couple of days before you can unpack your necessities. So pack enough clothes for a week and all the things you need to get ready each morning. Also pack a bag with things you’ll need right away like sheets, towels, scissors, and important papers. Put these bags in the backseat of your car or somewhere away from all your other packed things. If you can easily access these necessities, you will be a lot less stressed that first week after you’ve moved.

Get all your additional housing expenses figured out: It’s great to take care of your rent or mortgage payment before you’ve moved in, but what about electricity, water, Internet, and cable? Figure out who’s providing what and how much you’ll owe them. Get contact numbers in case you have questions and be ready to pay the bill when it comes without any surprises. You could even schedule someone to come to your house the day after you move and get your Internet and cable figured out, so you have one less headache.

Clean before you unpack: It can be tempting to just unpack everything as soon as you can. But you’ll save yourself time if you wipe, scrub, vacuum, and sweep your new place before all of your stuff is in the way. Take the hour or two to clean those areas that’ll soon be filled with things. Then you won’t be moving everything twice to clean.

Finish unpacking one room as soon as you can: This is more psychological than anything. You can’t unpack everything right away, and you will need a couple of things unpacked from each room right away. But if you just focus on completely finishing one room within a week, you’ll feel like you actually accomplished something. You’ll have a room to go to get away from all the boxes and clutter. And it makes your new place feel like home a little bit quicker.

Post by: Noelle C.

Kids Day in Green Bay

If you have children 17 or younger, June 25th is marked on your calendar. Why? It’s the annual Kids’ Day in Green Bay!

Kids’ Day was started by Green Bay Mayor Jim Schmitt in 2003. In his own words, this day was established “as a way to show children how special they are to their families and how important they are to the future of Green Bay.” Kids’ Day occurs annually on June 25th, and has been a success from the start. It grows every year to include more and more events and activities. The best part, and I think you’ll agree, is that ALL EVENTS ARE FREE FOR CHILDREN. Yes, I said FREE FOR CHILDREN.

The events run throughout the day at locations across the city. City parks, Bay Beach, the Wildlife Sanctuary, CityDeck, Brown County Libraries, and a dentist’s office will have prepared activities for your child/ren. And that’s just a fraction of what’s available! Check out the link below for the full schedule.

We would love to see you while you’re out and about with your kiddos. The Mayor’s Lunch is at Leicht Park from 11:00 am – 2:00 pm, and Horizon Community Credit Union will have a booth with information and goodies. We can’t wait to see you!

http://greenbaywi.gov/parks/kidsday

What is Credit?

            Before I worked at Horizon Community Credit Union, I didn’t know much about credit and credit scores. I didn’t care either, and I couldn’t comprehend how one number could impact my life. I had no idea the extent to which a credit score was used, how it was formulated, or what it even meant. I’m still learning today! I now know how important a good credit score is, and I want to make sure you know too!

            Your credit “is your reputation as a borrower (Pritchard).” That reputation is supplemented by your credit report and credit score, as defined by the big three credit bureaus. All of this is taken into consideration when making lending , insurance, residence, and employment decisions. Confused? Hold on, I’ll explain!

            The big three credit bureaus that track your borrowing history are Equifax, Experian, and TransUnion. They are for-profit companies that are publicly traded on the stock market, but they are regulated by the federal government through the Fair Credit Reporting Act (Irby). You can get one free copy of your credit report from each of the listed credit bureaus. If you aren’t already getting your one free credit report from each agency, you should begin doing so. You may learn things about your credit that you didn’t know, and you may find mistakes that you need to correct. FICO, as you may hear about from Discover commercials, is not a credit bureau.

            Credit scores give the “big picture” view of your credit, and they vary a little between credit bureaus. As you can imagine, there’s a lot of information that goes into a credit report. Scores are generated by a computer program, which reads through all your credit information and generates a score. According to Credit.com, this is the scale for credit scores:

Excellent                   781-850

Good Credit            661-780

Fair Credit                 601-660

Poor Credit              501-600

Bad Credit                Below 500

            So now what? Check your credit scores, and go through the reports, and make sure all of the information is accurate. Then go to your financial institution of choice and make an appointment with someone to ask any questions and discuss ways to correct problems and increase your credit score. Be active and follow through. Credit scores are used to approve decisions in pivotal areas of your life. It’s crucial that you take an active role in increasing your score, so that your borrowing past will not hold you back from the dreams of your future.  For more tips, check out my sources, as well as this previous blog post, written by a loan officer. 

Breanna B.

Sources:

What is Credit? By Justin Pritchard

http://banking.about.com/od/creditscoresandreporting/a/whatiscredit.htm

Who are the three major credit bureaus? By LaToya Irby

http://credit.about.com/od/creditreportfaq/f/creditbureau.htm

What is a Good Credit Score? By Geri Detweiler

http://www.credit.com/credit-scores/what-is-a-good-credit-score/

Things to do in Wisconsin this summer!

Visit the Apostle Islands (Great place to go kayaking) 

Go hiking on one of Wisconsin’s many trails (listed are ones closer to the Green Bay area)
- Devils River State Trail
- Oconto River State Trail
- Fox River State Trail
- Mountain Bay State Trail
- Cave Point County Park

Go to Bay Beach
Address: 1313 Bay Beach Road, Green Bay, WI 54302

Go to the Wildlife Sanctuary
Address: 1660 East Shore Drive, Green Bay, WI 54302

Enjoy the day at the NEW Zoo
Address: 4378 Reforestation Road, Green Bay, WI 54313

Spend the weekend in Wisconsin Dells 

Ride the Pizza Train (Spooner, Wisconsin) 

Take a Cheese factory tour 

Visit the Milwaukee Art Museum
Address: 700 North Art Museum Drive, Milwaukee, WI 53202

Go to a Brewers Game
Address: 1 Brewers Way, Milwaukee
Phone #: (414) 902-4000

Go to a Timber Rattlers Game
Address: North Casaloma Drive, Appleton, WI 54913

 Visit the National Railroad Museum 

Address: 2285 S Broadway, Green Bay, WI 54304
Phone #: (920) 437-7623

 Visit Wisconsin’s State Capital
Address: 2 East Main Street, Madison, WI 53703

 Spend the day at the beach
- North Beach (Racine)
- Big Bay Beach at Town Park (Madeline Island)
- Schoolhouse Beach (Washington Island)
- Kohler-Andrae State Park (Sheboygan)
- Point Beach State Forest (Two Rivers)

 Inner tube down the Apple River 

 Inner tube down the Wolf River 

 Go camping 

 Go fishing

 Tour Wisconsin’s FIRST State Capital Building
Address: 19101 County Highway G, Belmont
Phone #: (608) 987-2122
The building is only open Wednesday-Sunday, June 10-Sept. 7; admission is free.

 Travel part of the underground railroad at Milton House Museum
Address: 18 S. Janesville St., Milton
Phone #: (608) 868-7772

 Go to the 7 Mile Fair (Flea Market)
Address: 2720 W. 7 Mile Road, Caledonia; (262) 835-2177

 Drive the Great River Road
Western Wisconsin, along the Mississippi River
Phone#: (800) 658-9424

Post by: Chelsea F.

Wisconsin's National Parks!

Hiking, boating, and camping are some favorite activities of the summer. Most people don’t know that you can do these fun summertime activities at our very own National Parks. Wisconsin boasts three National Parks—Check them out!

Apostle Islands --- Lake Superior, WI
Description from National Park Service: “Along windswept beaches and cliffs, visitors experience where water meets land and sky, culture meets culture, and past meets present. The 21 islands and 12 miles of mainland host a unique blend of cultural and natural resources. Lighthouses shine over Lake Superior and the new wilderness areas. Visitors can hike, paddle, sail, or cruise to experience these Jewels of Lake Superior.”

Follow the link for more information about the Apostle Islands, including fees and park hours:
http://www.nps.gov/apis/index.htm

Ice Age National Scenic Trail
Description from National Park Service: “A mere 15,000 years ago during the Ice Age, much of North America lay under a huge glacier. Mammoths, saber tooth cats and cave lions roamed the earth! Some of the best evidence of this glacier is found in Wisconsin such as the state’s many lakes, river valleys, gently rolling hills, and ridges. The nearly 1,200 mile Ice Age National Scenic Trail, established in 1980, traces the glacier's edge.“

Follow the link for more information about the Ice Age National Scenic Trail, including fees and park hours:
http://www.nps.gov/iatr/index.htm

Saint Croix National Scenic Riverway-WI/MN
Description from National Park Service: “The St. Croix and Namekagon Rivers offer 255 miles of clean water gliding or rushing past a lush green landscape, with glimpses of human presence. Choose to canoe and camp amid the Northwoods, or boat and fish surrounded by wooded bluffs and historic towns. This river corridor provides bountiful scenic views and a haven for wildlife near a major metropolitan area. Plan a visit!

Follow the link for more information on the St Croix National Scenic River way, including fees and park hours:
http://www.nps.gov/sacn/index.htm

Post by: Breanna B. 

Four Financial Moves Every College Grad Must Make ASAP

Tis the season—there are graduations almost every weekend! For those who’ve just graduated college, the future may seem a bit frightening. Don't worry-- Suze Orman has some solid advice. If her name sounds familiar, it should. Suze Orman is considered a “force in the world of personal finance,” and her advice is trusted by many. Here’s some of the advice she has for college graduates:

1. Get On Top of Your Student Loans: Yes, you have a six-month grace period before repayment of federal loans must begin. Don’t you dare wait five months and three weeks before focusing on this. Screw up on repayment is one of the most damaging mistakes you can ever make, and it becomes both hard and expensive to get on track if you fall behind. 

2. Make Sure You Have Health Insurance: If you haven’t yet started a job with benefits, or you’re taking a gap year, please don’t go naked here. Yes, the odds are low you might get sick, but insurance is about protecting yourself from the big “what ifs.” Besides, it’s not just about illness; any type of injury can set you back, from a broken bone to a torn ACL. If your parents have health insurance from an employer they should be able to carry you on that policy until you are 26, for a cost. Ask them to find out the cost, then compare it to what you can purchase for yourself (Go to healthcare.gov). If you and your parents decide it’s best to go with their plan, and you have a paying job, you should pay your share of their premium, or at the very least contribute. You’re their kid, but you are also an adult now. 

3. Get a Credit Card…if You Don’t Already Have One: As much as I applaud using just a debit card—paying as you go, rather than being tempted to overspend with a credit card—it still is important to have a credit card as well. The goal is to use it just a few times each month—for small purchases. And then pay your bill, in full, each month. Doing that is going to go a long way in establishing a solid credit score.
Automate Savings ASAP. Okay, you know how I feel about the emergency fund. And you know how I feel about saving for retirement. Both are non-negotiable Must Do’s—and the sooner the smarter. I respect you may not have a big income just yet. But please listen to me: that’s not an excuse for doing nothing. You need to do something—save something—every month.

Emergency Savings: Set up an automatic monthly transfer (it should be free) from your checking account into a separate savings account. How much? Well, how much feels right? Then add 10% to that number. That’s my challenge. Just try it for six months. I think you will surprise yourself at how doable it is, and how powerful it feels to start building an emergency savings account. 

Retirement Savings: If you are offered a workplace retirement plan that comes with a company matching contribution, you better grab it. Be sure to confirm that you are contributing enough to qualify for the maximum match from your boss. It’s sad, but many companies set the “default” contribution rate for new employees at such a low level that the employee doesn’t get all the matching contribution they are entitled to. Don’t make that mistake!

If you don’t have a retirement plan through work, or the plan doesn’t offer a match, the best first-step for new grads is to start saving via a Roth IRA. Again, you can set up a monthly transfer from a checking account into a Roth IRA investment account. Some discount brokerages, such as TDAmeritrade don’t have a high minimum initial investment, so you can get started transferring say $100 or so a month into a Roth IRA.



We can help you here at Horizon Community Credit Union-don’t hesitate to call! An MSR can help you with savings accounts, automatic transfers, or IRA's.  You can also talk to a loan officer about a credit card!

Post by: Breanna B.

Green Bay City Band!

Well, you can tell summer is almost here! The City of Green Bay is starting to promote the City Band concerts!! For the past 111 years – no that isn't a typo, the band was founded in 1902! - the city band has entertained us every summer. Their first concert of the year is June 18th. They perform every Wednesday evening at St James Park located in downtown Green Bay at 801 S Madison St. This year looks to be great fun with special appearances over the 10 week season. Some of the guest performances we’ll see are the Green Bay Baylander Chorus, the 132nd National Guard Band, and faculty members from UWGB. They perform every Wednesday at 7:30 and benches are provided. Remember if it rains the concert will be held Thursday. And although they don’t have their own web page (they are listed under Green Bay Park and Recreation) they are on Facebook!! Enjoy!

Post by: Mary D.

Tips for Managing your Accounts

Image courtesy of adamr at FreeDigitalPhotos.net

No one likes the embarrassment of over drafting, having a transaction declined or returned, or throwing money away in fees. But let’s be honest, are you REALLY doing what you should to manage your accounts and prevent that from happening? Most of us just check the balance in our accounts online a couple times a week, pay a few bills, and just call it good. For a lot of people, the days of diligently keeping a checkbook register and balancing to the penny are long gone. Don’t worry, though, there are other alternatives you can use to keep track of your accounts in a fast and convenient way.

• Use online or mobile banking. Keep copies of your receipts from purchases and match them up as they clear in online banking. Verify that the amounts match up, and view transactions that are pending so that you know what your true remaining balance is. Don’t forget to also subtract out any checks or automatic payments that you have written or authorized.

• Use electronic bill pay. If remembering what checks haven’t cleared yet or what automatic payments haven’t posted is giving you headaches, try online bill pay. Bill pay allows you to schedule transactions in advance or pay them one-time, and the funds are deducted out of your account right away instead of later when the check posts. This can help prevent overspending and prevents you from using the funds that should be set aside for your bills.

• Try e-Alerts. You can sign up through It’sMe247 Online Banking to get alerts sent to your email or phone if a deposit or withdrawal posts, if you balance falls below a certain level, or if a payment is due. This can provide a quick heads-up so that you can transfer funds or think twice before making that next purchase. 

• Set up overdraft protection. Overdraft protection options include another account at the credit union, or a line of credit. If you have funds in separate account, you can link that to your checking account to cover in the event that you forget about an outstanding transaction or if you need gas but didn’t check your balance first. The funds will transfer over for a smaller fee than if you had just plain drawn your account negative. You can do the same with a line of credit, but with a line of credit you avoid paying a transfer fee.

• Sign up for direct deposit. Enrolling in direct deposit for your payroll or retirement funds gets them posted to your account faster than if you received them as a paper check. They will be posted prior to the opening of business on the day you get paid. You don’t have to worry about finding time to get to the credit union to make a deposit. 

• Understand debit card overdraft services. If you opt-in and select the coverage, we will allow your everyday, one-time ATM or debit card transactions to be approved, at our discretion, even if the funds are not available in your account. However, there is a fee for posting transactions to your account when the funds are not available. If you do not choose this coverage, in other words opt-out, your transaction will be declined at the merchant if the funds are not available in your account. This choice only applies to one-time transactions such as buying a coffee, getting gas, or buying groceries. If you have recurring payments set up through your debit card for things such as a monthly subscription, you cell phone bill, or your gym membership, those transactions will still be allowed to bring your account negative. A credit union employee can tell you how your account is currently set up, and you can change coverage at any time in online banking or by speaking to a team member.

These are just some of a long list of options for keeping better track of your finances. If it is something that you have struggled with, or if you just know you should be doing more, stop in and sit down with a member of our staff to review your accounts and find the solutions that will work best for you.

Post by: Erin S.