Tools 4 Schools supply drive!

With a few days away from August already, families are preparing for their children to go back to school soon. We realize that there are children whose families cannot afford the school supplies they need in their classrooms. Here at Horizon Community Credit Union we are all about helping those in our community. Which is why we  decided to start our Tools 4 Schools supply drive last summer. After seeing that with everyone's help we were able to make a difference to the children the tools were going to, we thought we would do our Tools 4 schools supply drive again this year! So, join Horizon Community Credit Union on its second year collecting donations for our Tools 4 Schools supply drive! All donations will benefit two Elementary schools here in our community: Nicolet & Martin Elementary Schools. 

We are collecting donations now until July 31st (this Friday) and if we raise $750, Pat Josephson (HCCU's President/CEO) will get slimed with a bucket of GREEN JELL-O!! Please help us reach this goal, we promise to share the video! Stop by at either of our locations to make a donation. 

Your donations are greatly appreciated!

Thank you!

-Horizon Community Credit Union

Post by: Karla C.

POA & POD - What you should know!

Before I started working at Horizon Community Credit Union, I was employed as a caregiver for seniors. I assisted with daily living needs, but over time I became aware of the type of financial responsibilities seniors have. One of the things that seniors must establish later in life is a financial power of attorney, often called POA’s.

A Power of Attorney for Finances is a person to whom you have granted the right to handle your finances and property. There are a few important things to know about a POA for Finances. First, establishing a financial POA does not mean you relinquish control of your finances and property. You still have the power over your finances and property, but in the case that you cannot act, your financial POA can act for you. Even if you are able to act, your POA can conduct that action for you.  Second, financial POA is durable. This means that, unless you specify otherwise, the POA is still active even if you become incapacitated. Third, you can change your POA at any time. You simply need to revoke the current POA form and complete another one. Lastly, and most importantly, the financial POA has no power over your finances and property after your passing.

There is a form made available by the state of Wisconsin that establishes POA for Finances, and the link for that will be available at the bottom of this post. You need to meet with your lawyer to complete this form. Horizon Community Credit Union requires legal documentation such as the form available thorough the link. I encourage you to look through the form, as there is so much information regarding POA of Finances that I would have to write a short book instead of a blog post.  It is also important to note that this particular POA is for Finances only. If you wish to establish a POA for your healthcare decisions, that is a separate process.

Another term you may hear is POD, which means Payable on Death. In laymen’s terms, anyone you establish as a POD becomes a beneficiary of your account upon your passing. A POD does not have any powers over finances or property.

What I’ve explained only just touches on the subject of POA/POD. If you have legal questions, certainly consult your lawyer. If you have the paperwork required to establish a POA or you have questions about what paperwork the credit union requires to establish a POA, you can stop by the paperwork or call with questions any Horizon Community Credit Union branch during normal business hours. If you would like to set up a beneficiary POD, stop by either of the Horizon Community Credit Union branch during normal business hours. You need to know your POD beneficiary’s information (SSN and the like) or you can bring the person you wish to assign as a POD beneficiary with you.

POA and POD can seem complicated, and sometimes they are. At Horizon Community Credit Union we’re here to help you understand. Though your legal questions should be directed to an attorney, the Member Service Representatives at either Horizon Community Credit Union branch can help clarify any remaining questions.

State of Wisconsin Department of Health Services: Power of Attorney for Finances Form

Post by: Breanna B.

Out and about, don’t know your balance?

Out shopping, at dinner, or taking in a show?  Want to use your debit card, but you’re not sure what your balance is?  And you have no way to access your account on-line...or maybe there's no public wi-fi and you're almost over on your data for the month?  Call our toll free number @ 1-855-718-0884 to activate CU*Talk.

The system is totally automated, and easy to walk through.  All you need is a touch-tone phone, your account number, and a four digit PIN (password).  You can find out your balances, see what checks have cleared your account, check any deposits or withdrawal that have been made, and verify the date and amount of transactions.  You can even transfer money between your accounts if you are running low in one of them.  You'll even have the option to make a loan payment.  (Just remember transferring out of your savings via CU*Talk will count toward your allowable Reg D transfers.)

If you have not used our CU*Talk phone banking yet, your generic PIN will be the last four digits of your Social Security Number.  

CU*Talk is fast and easy to use.  Add us as one of your contacts on your phone and give us a call.

Any questions, you can still always call us during our business hours at 920-433-0122.  We'd love to chat with you!

Post by: Karen S.

Win a college scholarship through your credit union!

High school seniors and parents…now is the time to start thinking about which college you're going to choose and how you're going to pay for it.  We know college is REALLY expensive!  And let's be honest, most scholarship applications are long and tedious and NO fun.  Did you know you could win a college scholarship by playing a video game through your credit union’s website?

I’m talking about Money Mission. It is a fourteen week simulation of real life that is designed to help teach money management skills through a computer game. Basically, you play little mini-games and puzzles for “work”. Then you get paid and you can buy things like a car, stocks, and movie tickets. At the end of the fourteen weeks, you’ll have a final score of your success – and hopefully some helpful insight into the financial choices that will pop up in your near future.

Then, to enter to win the scholarship, high school seniors who are registered participants in the game can submit a 400-800 word essay about what they learned playing the game. The competition is open to participants throughout the country and the number and amounts of scholarships will be announced at the start of the fourteen week simulation.

Get ready and mark your calendars! The fall session of the game runs from September 2, 2014 – December 15, 2014. To check out the game, or for more information, visit the following page on our website http://www.horizonccu.com/kidsandteensdetail.php?SID=116.

Not a high school senior? No problem. Anyone over the age of 13 can play, but only seniors are eligible for the scholarship competition.

Post by: Erin S

Image courtesy of DEATH TO THE STOCK PHOTO

Just Say NO to Payday Lenders!

I’m sure you've seen or heard the commercials for payday or title loans that give you cash in 30 minutes or less, but hopefully you haven’t (and won’t) sign up for one of those loans. Want to know why? Keep reading.

Have you read the fine print??????? Do you know that many of those places charge over 300%APR for a loan? OMG…300%....no, that’s not a typo, there shouldn’t be a decimal in there, three hundred, not kidding (unfortunately). Let that sink in for a minute.

So what does 300% APR mean exactly? Well, if you go there and get a loan for about $1000, and pay it back over 6 months, you will pay back roughly double what you borrowed. That’s right, they give you $1,000 and you pay them back about $2,000. If you can pay it back on time exactly as agreed upon. As if that isn’t bad enough, if you can’t pay it back on time (which is what often happens), they can automatically withdraw what you owe from your account. What typically happens when they try to do that? You overdraw your account and are charged a fee. Then they try to withdraw the money again, and you probably still don’t have it or you would have sent it to them, so you overdraw your account again and are charged another fee. Wait, this happens one more time, because they can try to take the money 3 times for each payment, so there’s another fee. Now you still owe your payment, plus you wasted all that money on 3 NSF fees, and the payday loan place probably has some sort of late fee or NSF fee too. Do you see how this can start to snowball quickly and put you deeper and deeper into debt with no good way out? It happens too often, and we don’t want it to happen to you!

To give you something to compare to, that same loan here would come with a rate of between 3% and 16% (rates are determined by a number of factors including your credit score and history, amount of unsecured debt, and past bankruptcy). Even using our highest rate of 16%, if you borrowed $1,000, you would pay us back roughly $1,050. That’s quite different from the example above where you borrow $1,000 and pay back $2,000. What would you do with the $950 you saved? You can probably think of lots of things, that’s a lot of money!

So JUST SAY NO to Payday Lenders (or anyone else charging a ridiculously high interest rate for that matter). Call us, tell us your situation and let us try to help. Whether it’s a loan here, at a dealership, a bank, or another credit union, know what you are agreeing to before you sign anything.

Here are some questions you should ask every time you apply for financing anywhere:
· Is there an application fee?
· What is my interest rate?
· What is the repayment period?
· What is my monthly payment and can that amount change? If it can change find out what would cause it to change, how often it can change, and how much it can go up.
· Is there a penalty for prepayment?
· How much will I pay in interest over the life of the loan?
· What happens if I default?

Post by: Cari J

Great Tips for Saving Money!

Here are a few simple little steps that you can make to improve your financial situation. They are all unbelievably simple and anyone can do them. These tips can save you a lot of money.

· Remember the Thirty Day Rule. Whenever you’re considering making an unnecessary purchase, wait thirty days and then ask yourself if you still want that item.

· Invite friends over instead of going out. Almost every activity at home is less expensive than going out.

· Take advantage of online banking with your credit union. This will help you keep much closer contact with your money and your balance and help you be in less danger of overdrafting.

· Don’t spend money just to de-stress. Instead of spending to de-stress, try some basic exercises or go for a walk, and see how you feel.

· Save your coupons. Using coupons can help reduce the cost of an item already on sale and sometimes you can end up paying barely anything for some things and sometimes actually get food for free.

· Read more. Reading is one of the cheapest hobbies around.

· Pack a lunch. Instead of going out to eat at work, you can make an enjoyable meal for your bag lunch and save cash too.

· Go for reliability and fuel efficiency when buying a car. A reliable and fuel efficient car will save you thousands over the long haul.

· Do holiday shopping right after the holidays. The discounts are fantastic and will save a bundle.

· Write a list before you go shopping. Don’t put anything in the cart that’s not on the list and you’ll save tons of money.

Post by: Beth B

Consider this with your next auto loan...

Insurance is one of those things – you kind of have to buy it, and you hope you never need to use it. But the right coverage is important! Are you protected?

Here are a few tidbits for you to consider:

• Automobiles are expensive.
• It’s easy to end up owing more than the vehicle’s value if you can’t put money down on a car; if you choose finance tax, title and license; if you get less than you owe on a trade-in; or if you buy a new car (due to the immediate depreciation). 
• You are “upside down” on your vehicle if you owe more than what the vehicle is actually worth. 
• Accidents happen – over 5 million car accidents occur each year. A
• One in seven car accidents (about 14%) will result the total loss of the vehicle. B
• In a total loss situation, the insurance company will reimburse you for the estimated value of the vehicle at the time of the loss.
• If your insurance payout doesn’t cover your full loan balance because you owe more than your car is worth, YOU are responsible for the difference, even though you don’t have the car anymore. 
• Horizon Community Credit Union’s Guaranteed Asset Protection (GAP) can keep you out of this predicament by covering the “gap” between what you owe and what the car is worth. 
• GAP is very affordable, and the premium is fully refundable within 90 days if you change your mind and decide to cancel coverage.
• You can enroll in coverage when you apply for your vehicle loan and the cost can be rolled into your loan amount and monthly payment. 
• A loan officer can give you more information with just a quick phone call! (920) 433-0122

Your primary insurance will protect the vehicle itself, but what it protecting you? If something happens to your car and it ends up being totaled, that alone is a traumatic experience. Having a loan balance left to pay makes things even worse. We can minimize the angst by making sure your loan balance will be completely taken care of. It’s a small investment that will be a HUGE benefit if something ever happened.

A Rocky Mountain Insurance Information Association. U. S. Auto Theft Statistics & Cost of Auto Crashes and Statistics. Copyright 2014. http://www.rmiia.org/index.asp

B AutoTrader.com. Crash Course for Coping With a Totaled Car. Copyright 2014. http://www.autotrader.com/research/article/car-news/168401/crash-course-for-coping-with-a-totaled-car.jsp

Post by: Erin S

What is 3" x 2", flat, and made of plastic?

Going grocery shopping, out for supper, or on a well-deserved vacation and don’t want to carry a bunch of cash? Boy do we have the solution for you! Instead of carrying a bundle of paper, carry a 3”x2” piece of plastic! It’s our VISA® debit card. It fits nicely in your wallet without all the bulkiness. It’s convenient and easy to use. When you make your purchase, you can sign as credit or use a PIN for debit. The money comes out of your checking account either way!  And  then, when you’re on that vacation and you are running low on gas, do not fear, that little 3”x2” debit card is here! You can get gas 24/7 with the plastic pump attendant!

Post by: Alice E

Stay safe from identity theft!

There are many things in life that are very dear to us and that we keep a close eye on. With society today, one of these things should be our identity. Although it’s hard to believe, the sad truth is that our identity is one of the most wanted items by others. Did you know that within the first 6 months of last year, 1.6 million taxpayers were affected by identity theft? Sometimes even with every effort made to prevent this from happening, it still does.

Here at HCCU, protecting your personal information is just as important to us as it is you. We want to make sure it’s really you calling us before we give out information, or that it’s really you standing in front of us before we give you money, so don’t be alarmed or offended if we ask you to verify your information or ask to see your ID. It’s for your protection. With people out there trying to get their hands on your money, identity, and good credit, we want to take extra precautions.

Not only is it important for us to protect your accounts, but we are also committed to helping you protect your identity. To do so, check out these links for lots of helpful tips on preventing identity theft and recovering from it if it happens:

Federal Trade Commission - http://www.consumer.ftc.gov/topics/privacy-identity
Transunion - http://www.transunion.com/personal-credit/identity-theft-and-fraud/how-to-prevent-identity-theft.page
Annual Credit Report.com - http://www.annualcreditreport.com/

Post by: Emily P

Month Challenge: Ways to Save – Change and Costs at Home

At the start of May I decided that I was going to do a challenge all month long on saving. Not just money but ways to save at home. I am huge debit card user, so instead of carrying cash around I decided that whenever I make a purchase with my card I will round up on the balance. So if I spent $36.34 on gas, I was going to round up to $37 and put the $.66 in my saving account. From just our normal spending throughout May, we were able to put $28.44 in our savings. That’s just from rounding up on change!

As for saving at home, I saved some milk containers and cleaned them out. Every time I’d run the sink water, waiting for it to warm up, I’d have the water run into the milk container. The water that we would have wasted, I used to put into the dog’s water dish. We've been able to save over 10 gallons of water that we would have other wise wasted.

The small things can add up. Those were just things you would do on a normal day. Now, if I were to save the change each month on our normal purchases, averaging the $28/month, I’d have $336 in my savings from just change. That doesn't include if you take out cash and save that change as well! Also with the water, just saving from the sink is the start. It opens my eyes to what other water we waste. From taking a shower, brushing our teeth, to doing laundry. I plan on challenging myself more to save! Every penny counts!

Why don't you see what you can save for the month of July?

Post by: Sara D

How do you know if you're getting a good price on a car?

You’re at a car dealership and you find a vehicle that you like, but you’re not sure if it’s worth what they are asking for. What do you do? Call your credit union! Horizon Community Credit Union has a client log-in with NADA (National Automobile Dealers Association). Just supply us with the VIN# for the vehicle, year, make and model and we can bring up the value in a couple of minutes. Why NADA? NADA delivers monthly trade-in, loan and retail values to give us an idea what the vehicle is really worth. Wonder what value to use? At HCCU we will determine your vehicles value by looking at the clean loan value because it figures in the depreciation (decrease in value over time) of the vehicle. We can also give you values if you’re looking to sell your vehicle or use it as a trade-in. Call us today to get your value!

Post by: Katie B

Summer Jobs

We all know how sad teenagers can be when school lets out for the summer. So instead of watching them lie in bed and sit on the couch for three months, why not encourage your youth to find a summer job? Having a job can teach young adults important values and skills that are important in the real world. It allows them to gain work experience which is very valuable on a resume. It gives them an opportunity to be responsible, and these traits can carry over at home and school. It also teaches them to be accountable with their money, as they will learn the value of it, and save up for things such as a vehicle or college!

Post by: Matt K

Demystifying Your Credit Score

So everyone talks about credit scores, but does anyone really know what goes into a credit score or what to do to raise their score?  Most people don’t really know, even if they think they do.  You don’t get a high credit score simply by paying your bills on time as many people think (although that does help).  There are actually a lot of things that are considered when compiling a score.  Take a look at the pretty graph below:

The importance of each category will vary for each person depending on their overall credit picture.  That means that someone just out of high school may not have as much emphasis put on the payment history category as someone who has had loans and other credit for years.  As that credit picture changes, so does the importance of each category.  Really clarifies things for you, doesn't it? 

While credit score does play a part in whether or not you will be approved for a loan, it isn't the only thing that lenders look at, so if your score isn't ideal that doesn't mean you can’t get a loan.  Your score can affect the interest rate you pay on your loans though, so it’s a good idea to know your score and take steps to improve it. 

Even though how your score is actually calculated may still be a bit confusing, knowing more about what goes into it will help you make good decisions in the future.  Here are a few simple things that you can do to improve your credit and score: 

1.   Take a look at your credit report.  There are a variety of websites you can use.  At www.annualcreditreport.com you can get a free report from each of the 3 bureaus annually, and if you find something on your report that isn't correct, they have information there to help you dispute it (not only that, but they have a TON of helpful info if you’d like to find out more about credit and credit scores).  When looking at other sites for free credit reports, watch for sites that make it appear to be free but actually only offer a free trial period.

2.  Make your payments on time.  To help you do that, set up automatic payments so that you don’t have to remember each month.

3.    Do things in moderation.  That means don’t max out your credit cards or other lines of credit.  Having only one card that is to its limit is not better than having 2 cards with smaller balances on each one, so keep your balances low on revolving debt (like credit cards).  Closing a bunch of cards or opening a bunch of cards isn’t going to help either.  Basically, don’t do anything drastic.

Post by: Cari J

Loan? Piece of cake.

So you need a loan. Now what? We realize the process can be a bit intimidating, and that you probably have questions. How do you get things started? What information do you need to give us? How long it will take to get approved? We want to help you through that! While the information needed and the time it takes varies some depending on the type of loan, having as many of the loan details as possible beforehand can definitely get you a decision and get you the money you need a lot faster.

For many people, the most convenient way to get started is to complete an application online. This gives us most of the information we need for the loan, and also gives us the OK to run your credit report to get the process rolling. If face-to-face is more your style, give us a quick call to schedule an appointment. That way the meeting is not rushed, and you know that a loan officer will have enough time to chat with you, take your application, and answer your questions.

Here’s the information you need to give us:

• Your personal info (name, address, date of birth, social security number etc.). And if you’re married, we will need the same info about your spouse even if he/she is not signing on the loan. 
• How much money you need, and what you need it for. Or if you’re refinancing a loan from somewhere else, your payoff amount on that loan. 
• How much you pay for your mortgage or rent monthly. 
• How much money you make and documentation (2 recent pay stubs or tax returns) for you, any cosigners, and your spouse (again, just if you’re married even if your spouse isn't signing on the loan). 
• Information about what you’re planning on buying with the loan funds (if applicable). 
• Information on what you are using to secure the loan, also referred to as collateral. This may be what you are purchasing, or may be something you already own. By having collateral securing the loan your interest rate typically decreases, sometimes significantly. 

Once we have all this information, we are able to process your application and get you a decision. At Horizon Community Credit Union, we review and decision all of our loans locally! Because someone within the CU or on the board of directors is the making the decision, we are committed to getting back to you as quickly as possible, often the same day for consumer loans! While our decision-making is also quick for real estate loans, there are more things that are required, such as an appraisal and title insurance. Closing times for real estate loans from start to finish are typically 30-45 days.

It’s really easy, we promise! So have you been thinking about making a purchase? Need a loan? Start an application today at http://www.horizonccu.com/loans.php or contact a loan officer at 920-433-0122! We look forward to helping you achieve financial success!

Post by: Katie B

Start saving for that young one!

Whether it’s your grandkids, brothers or sisters, nieces or nephews, or your very own children, now is the time to save! Sure, we hear it all the time, save, save, save, blah blah blah! With the economy today, saving isn't ideal for most of us. BUT- it’s not impossible! If you start saving now until they turn 18, with our rate of 0.08% and a $50 deposit per month, that’s $10,928.49 saved! That’s less than $2 a day! Don’t have $50 EVERY month? THAT’S OKAY! Empty those pockets and put it in their HCCU piggy banks; we all know four quarters are worth more to kids than a $1 bill.  Bring the kids in to your credit union (yes, YOUR credit union) and open a youth savings account today and receive a HCCU piggy bank so they can watch their money grow!   

                                         Year           Balance

                1              $650.26

                2              $1,251.00

                3              $1,852.22

                4              $2,453.92

                5              $3,056.11

                6              $3,658.77

                7              $4,261.92

                8              $4,865.55

                9              $5,469.67

                10           $6,074.26

                11           $6,679.35

                12           $7,284.91

                13           $7,890.96

                14           $8,497.50

                15           $9,104.52

                16           $9,712.02

                17           $10,320.02

                18           $10,928.49

Final Savings Balance: $10,928.49

Post by: Kelly V

Safe and Secure

Grandma’s Heirloom Necklace, Dad’s Favorite Watch, Passports, Your Last Will & Testament, Car Titles, Extra Cash.

What do these all have in common?  These have all played an important part in your life, and at Horizon Community Credit Union we want to help you protect these memories and valuable items. 

What would happen to these things if you had a house fire, experienced a natural disaster like a tornado or flood, or if your house got robbed?  What if you didn’t have to worry?  At our Voyager Branch we offer four different sizes of safe deposit boxes starting as low as $15.00 a year.  Yes, that is only $15.00 a year, for us to protect your important documents and life’s memories in our secure vault.  

Stop wondering where you put that birth certificate or car title, or if your jewelry is safe where you currently store it.  Call to inquire about our prices and box sizes, or next time you are in ask one of our friendly Member Service Reps.  We are always here to serve you, our members.

**Remember, HCCU does not insure the contents of your box.**

Post by: Karen S

High Score!!

Your credit score impacts loan rates, insurance rates, even whether or not you are approved for a cell phone.   Here are some tips that will help with building and maintaining a credit score that will increase your chances for approval and make you eligible for the best rates possible.

Make payments on time.  ALWAYS.  Your payment history has the biggest impact on your score. Make sure your credit card balances are well under the limits. You’ll be scored favorably if you keep outstanding balances below 30% of your total credit limit. Keep accounts open for as long as possible, especially if doing so is cost-free. Don’t open too many new accounts all at once. This lowers your average account age.  Have a good mix of types of credit: auto loans, mortgage loans, and credit cards.  By following these simple tips you can increase your credit score and take advantage of lower rates – saving you money!

Post by: Kelly B

NEW On the Horizon: A Blog Revival!

Have you ever had a question and thought “I wonder if I’m the only one who doesn’t know that” or “Is that a stupid question to ask?”  Finances can be tricky.  It’s easy to feel like somehow everyone else has the answers, while you just scratch your head. 

 

What’s the difference between a credit union and a bank?   Do I have the best accounts for my needs?  How much do I need for an emergency savings?  What is a good rate on a loan?  How do I know if I even qualify for a loan?  I want to buy a new car…now what?  What are the hidden costs to owning a home?  How can I teach my kids to be smart with money?  What do I do if my wallet gets stolen?  What’s considered a good credit score?  What’s MY credit score?  

At Horizon Community Credit Union, our mission is to “Achieve Member Success”.  We’re here for you!  No question is stupid or silly if it helps you understand something better or make a smarter choice – plus, chances are, if you’re wondering about something so are lots of other people!  So don’t be sheepish, ASK AWAY!  Our goal is not just to be your financial institution, but to be your lifelong trusted financial partner.  A place you can go for advice and sound information.  A company who helps you succeed financially and reach your goals.  A company who is there for you through the ups, and maybe more importantly, the downs.  A company who puts you first, before profits.  YOUR credit union.  

We’re available in person, on the phone, via email, through online banking…you could even fax us if you really wanted to.  And now, we are reviving our blog to bring you helpful financial tips, insightful information for the questions  you might feel too shy to ask (but really, stop it, no one’s judging!), and to give you a peek into HCCU, our staff, and our local community.  So put us to work for you – and we DO work for YOU, our shareholders, after all – and let us know how we can help you achieve financial success!