Tips for Managing your Accounts

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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.

Learn how to get your tax refund fast and free, and get help to file

With the new year comes tax season – a great time to turn your refund into much-needed cash. But instead of paying fees to a tax preparer for a speedy refund, use a deposit account you already have (or open one) so you won’t lose a penny of what you have coming.

The website www.freetaxrefund.org explains how you can access a free refund whether you prepare your own taxes, use a paid tax preparation service, or use any of the hundreds of sites around the state offering people with limited incomes free help to prepare and file their tax forms. The site explains how to use direct deposit to get a no-cost tax refund, where to find free tax assistance sites and what to bring for help with filing.

According to the Wisconsin Credit Union League, which maintains the site, every one of Wisconsin’s more than 2 million credit union members already has a savings account that can be used to receive a free tax refund. Those who don’t have an account can open one at a not-for-profit credit union by placing as little as $5 on deposit – far lower than what for-profit financial institutions require.

Many low-income filers – who seek a fast refund to pay bills and meet immediate needs – turn to paid tax preparers charging interest as much as 521% APR to obtain what’s called a "refund anticipation loan," or RAL. These short-term, high-interest loans – secured by the pending refund – can drain hundreds of dollars from a typical refund.

For example, a single worker making less than $32,000 and raising one child would qualify for a refund of as much as $2,600. But to obtain that refund using a RAL, the filer could pay more than $100 on top of a typical $150 tax preparation fee, losing more than $250 (a full 10 percent or more) of his or her total return. Put simply, if you use a RAL you’re paying dearly to borrow your own money.

Wisconsinites who took advantage of free tax assistance sites offering direct deposit in 2010, however, saved an estimated $14.8 million by avoiding RALs. Visit www.freetaxrefund.org to learn more.

EcoChecking...keep the green in the environment and in your wallet!

Do you use your debit card often? Have direct deposit that is deposited into your checking account? Use our online bill pay?  Receive e-statements?  Have a checking account or looking to get one?  If you answered Yes to all of these questions, you may qualify for our new EcoChecking account!

Why EcoChecking?

Let’s go green and stop all that paper wasting!  Choose EcoChecking and put those checks away for good!  By opting for electronic services instead (debit card, eStatements, and ACH/online bill pay – all more convenient anyways, right?!) you can earn a higher interest rate on your checking account.  Members who enroll and qualify for EcoChecking earn a higher interest rate of 2.0% APY on balances up to $10,000.00!  Much higher than our 0.05% standard checking account rate!

What does it take to qualify?

It’s easy!  Each calendar month you would need to have:

• 12 debit card transactions that post and settle from your EcoChecking account 
• 1 direct deposit, ACH withdrawal, or online bill pay transaction in your EcoChecking account
• eStatements

*You cannot write checks from an EcoChecking account.  If checks are presented against your EcoChecking account, you will be charged a $2 transaction service fee per check at the end of the month.

Not within driving distance of HCCU or any of our affiliated ATM locations but need cash?

Use any ATM you can find!  HCCU does not charge you for using non-affiliated ATMs.  However, other financial institutions may charge you a fee for using theirs.  With an EcoChecking account, we’ll reimburse you that fee!  You can receive up to $10 in ATM surcharge refunds per month (paid at the end of the month) if you get charged for using non-HCCU ATMs.  How awesome is that!?

Let’s help keep our environment healthy while keeping our wallets full!  Call or stop in today to get more information to see if EcoChecking is for you, or to get your new EcoChecking account set up!

Post by: Kelly V