The Top 3 Benefits Of Using A Credit Union

There are plenty of published articles claiming banks are better than credit unions, however, there are plenty of advantages offered by credit unions.

The benefits offered by credit unions over banks are often overlooked, which is why we’ve laid out the top 3 perks of joining your local credit union:

The Majority Of Credit Unions Are Insured By the NCUA

What is the NCUA you ask? It’s short for the National Credit Union Administration, ensuring that credit union accounts are backed in full faith by the U.S. Government. To top it off, there has yet to be a single cent lost through a member of a federally insured credit union.

If you were wondering, First Choice Credit Union is NCUA insured.

Great Rates

All around, credit unions offer excellent rates, especially when compared to their big bank counterparts. Whether it’s credit card APR, Certificate of Deposit APY, Membership fees, and other miscellaneous items - banks are typically no match for the interest rates offered by most credit unions.

For The Members, By The Members

At a credit union, you’re considered a member rather than a customer at a bank. While labeling things may not seem important, the weight they carry is different. Credit unions are nonprofit entities that have the goal of passing their profits to members, while banks are for-profit entities, wanting to make money from their customers.


Other fantastic benefits such as great customer services and being a larger part of your community. We hope that these outlined advantages help you consider switching to your local credit union – that is, if you’re not already a member!

If these benefits sound like something of interest to you, be sure to follow us on Facebook for more tips on personal finance!

The Many Advantages of Being a Credit Union Member

Credit unions offer many of the same services as banks; chiefly checking, savings, and investment accounts, consumer and mortgage loans, and credit cards, as well as a variety of other services. Have you ever wondered, if banks and credit unions offer many of the same services, what are the differences between these two financial institutions? In honor of International Credit Union Day, which took place on October 20th, take a look below to see some of the stark differences between credit unions and banks:

Community

At a bank, you are more likely to be received with an impersonal greeting and long lines. Even when you are finally received by a teller or banker, you are often subject to rerouted inquiries and you have to jump through hoops in order to get answers to simple questions. With a credit union, which is owned and operated by its members, you are more than a number or a bank account. At a credit union, you will be more likely to be greeted with a friendly smile and by someone who knows you and your financial story.

Better Perks

With an emphasis on community, credit unions typically offer exceptional perks for their members. These perks can range from providing individual health insurance to offering community involvement opportunities to financial advisory courses that can help you control your budget, improve your credit, or help you recover from unexpected expenses and financials downfalls. This makes it clear that credit unions are dedicated to the development and enrichment of its members.

Better Customer Service

With credit unions, customers are always first because the focus is on members, not profit. This is why policies and plans are often more customer friendly than compared to banks. With a smaller community, customer service is bound to be more responsive and personal.

Better Rates

At a credit union, you are more likely to benefit from generally better rates. With no ATM fees, lower transfer fees, a higher rate of returns on savings, lower interest rates, and better overdraft policies, you will save more money than you would with a national bank. These same rates will be higher at a for-profit bank. With higher savings, this can be reason enough to opt for a local credit union.

Greater Flexibility

Credit unions are typically better than banks in assessing borrowers for loans. They are also more willing to work with your credit history than banks. Banks have a reputation for refusing to work with individuals who have blemishes on their credit reports. Credit unions, on the other hand, are more willing to look at that bigger picture work with you in spite of your credit score. If you are looking to refinance or are interested in a mortgage but have poor credit history, a credit union may be the best option for you.

For more information on what First Choice Credit Union has to offer to you, visit First Choice Credit Union today.

How You Can Save Money as a College Student

Headed off to college soon?

With all the excitement and happiness that goes with pursuing an education, it can be hard to grapple with the reality of financially supporting yourself as an adult. How can you balance earning a degree without going broke? Read our tips below to get you started on the path to financial independence.

Work in school. Whether by having a part-time job or work-study, working throughout college will provide a few things. First, you will earn extra money for rent and books. Secondly, working can help you gain experience and develop essential professional skills that will look great on future resumes. Third, it will help you develop a strong work ethic that will take you far in your professional career.

Learn how to be financially smart and independent. Working hard will earn you lots of money but if you don’t have the right financial habits, you won’t be able to hold onto that hard-earned money. To start with, track your current saving and spending habits. Are you being smart with your money habits or are you scrambling to pay rent every month? Learn to save, budget and invest. Find resources from your school, credit union, family and online to develop and maintain financial habits.

Stick to a budget. As a result of learning to be financially savvy and self-sufficient, learning to budget will be your greatest asset. At the beginning of each month, budget all your bills and necessities — rent, schoolbooks, gas and more — to prevent overspending on your credit card and blowing your savings. Budget in a little wiggle room in order to treat yourself without feeling too guilty.

Get used, not new. From clothes to books to dorm room furniture, there are plenty of resources for you to find quality, used items at a steep discount. Check online, at secondhand stores and college social media pages. There’s always someone looking to get rid of a mini-fridge or to sell a textbook from Bio 101. Buying used will save you hundreds on school and lifestyle expenses so get thrifty.

Be responsible. Got a credit card? Use it as little as you can, and pay it on time, every time. Track your accounts and spending habits to avoid overdrafts. Consider if you really need cable television, a gym membership and multiple fast food trips in a week. Being responsible now can save you tons of money, protect your credit score and set you up for life after college.

With all the educational and lifestyle expenses that come with college, it can be overwhelming to balance earning a degree and supporting yourself financially. Follow these tips, and speak to our experts at First Choice Credit Union for information on student and car loans, as well as checking and savings accounts for students.

Get a Head Start on Teaching Your Kids to Save

As a parent, you teach your child many things; how to behave in public, how to talk to others and the importance of being polite. You pass down certain personal traits to your kids as well - maybe a love for sports or a love for animals. As a parent, your number one goal is to teach your child to become a functional adult. One important aspect that can get overlooked is teaching kids the importance of saving money. If you haven’t started yet, fear not. As April is National Youth Saving Month, we thought we would share some tips on teaching your kids to save.

Understand the Value

The sooner a child can understand the value of money the quicker they’ll understand why they should save it. One way to teach this is to have them save up for a new game or toy they have had their eye on. They’ll learn to work toward their goals, how to use money, and that it takes time to get what you want.

Create a Game

Another way to teach kids to save (which is especially helpful with younger kids) is to make it into a game. Create a reward system for every time you child puts a certain amount into savings. For example, if your child gets a weekly allowance of $10, have different rewards if they decided to save $2, $4 or $6. These rewards can be simple such as your child gets to pick out dinner, or gets to choose the next family outing.

Check out our Starfish Savings Program

At First Choice Credit Union, we offer a program specifically designed to help teach kids the value of saving money. The Starfish Savers Club was created for kids 12 years and younger to learn how to save while rewarding good saving habits. Each Starfish Saver gets a coin bank to make their deposits, and with every deposit the child makes, they get a gift from our treasure chest.

Image by digital internet via Flickr

Teaching your kids the value of saving is very important. Many parents wait too long before teaching their kids to save their money. Start teaching your kids while they are young so that they develop good savings habits now and even better habits in future!

Budgeting for Spring Break

As the old saying goes, spring is just around the corner, and that also means Spring Break! Every college student dreams of going on some elaborate trip with their friends and having the time of their lives. Unfortunately, many students wake up from that dream and remember that they are college students who can’t quite afford an elaborate trip. Maybe you’re not planning on heading out of the country this March, but here are a few tips to help you save for your trip:

Set Your Budget

To a college student, the word “budget” brings visions of ramen noodles and bus passes, but if you are going to save for your trip, you need to set a budget. Start by getting a rough figure of how much your trip will cost. Then, you can begin to build a savings plan. There are many apps that you can download to help you track your savings. (First Choice Credit Union, for example,  offers online banking and apps for Android and iPhone users.) Mobile banking is a great way to  keep track of your spending and savings so you can reach your goal.

Purge Your Closet

If you need some more cash, try selling some old textbooks or go through your closet and sell your unused clothes for cash. Also, keep your eye out for any easy job offers. Some colleges may request help running large events on campus or in the mail room. These jobs are typically only for a few weeks, but are great if you are only looking to get a little extra income. You can even recycle cans and bottles for extra money!

Tighten Your Belt

This one may seem obvious, but stop spending your money on unnecessary things. Weekends are the worst time for college students - spending can get out of hand. Dine out less, wait to see the latest movies, don’t buy clothing items you really don’t need - you know the drill. If this trip is important to you, look into free ways to spend your weekend. See what’s going on around campus or try to get ahead on school work. If you simply must go out, don’t spend money. It may seem tough at first, but trust us, it will pay off in the long run!

Flash Your Student ID

One last way to try and save some money is by using your student ID. Many companies offer a student discount which can help you save just a bit more towards your trip - just ask!

Even if you don’t have the money right away, just yet get creative about saving and you’ll be on your dream trip in no time. If you have any questions about other ways to save or setting up a savings plan, give us a call at (561) 641-0100 or check out our website.

New Year New You? Building Savings After Holiday Spending

Some say the January is the worst. Christmas is over, your summer tan is long gone, and you bank account has been sufficiently depleted. Weeks into the New Year, there is still time to make (or keep) your resolution to save money. Spending less and saving more was one of the top three New Year’s Resolutions of 2015. However, trying to save money after spending so much on the Holidays can seem daunting.

Here are a few quick tips to help you start 2016 off right.

1)      Take Stock of Your Spending

Before you start to make a savings plan, examine your expenses from the holidays. Take a look at how much you spent and charged to credit cards. Be sure to categorize the areas in which  you spent money, such as entertainment, gifts, and food/drink. Not only will this give you a better idea of what you spent money on, but it also reacquaints you with your accounts and gives you a great starting point for rebuilding your savings.

2)      Make a Game Plan to Tackle Debt

You are not the only one who is dealing with the New Year debt blues. However, if you want to eliminate debt quickly, you’ll need a plan. You should aim to pay off the debt on your credit cards within a few months. There are a few strategies that you can use to motivate yourself: First, pay off the card with the lowest balance on it or pay off the card with the highest interest rate. Try using our financial calculator to help you come up with a plan or contact a consultant for help. First Choice CU has a skilled staff that can assist you in digging yourself out of the Holiday Hole.

3)      Make a Budget and Stick to it

Categorize your needs and tighten your purse strings if you are serious about getting out of holiday debt fast. Make a budget that works for you factoring in how much of your debt you should be paying and stick to it. If you are finding that it’s hard to stay within your budget, set yourself a dollar amount and use cash. Once the cash is gone, then you have reached your spending limit.

Just like with any New Year’s resolution, there is no “one size fits all” solution. If you have any questions about saving or how to get out of debt it is usually best to ask a professional. Our representatives are available to assist you with all your financial needs. Although trying to save after the holidays can seem hard, we can help point you in the right direction to get your 2016 off to a great start.