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  • 1. What is the Temporary NCUA Insurance Coverage For Transaction Accounts? Views: 154 Featured Content
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    NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS All funds in a ‘‘noninterest-bearing transaction account’’ are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules. The term ‘‘noninterest-bearing transaction account&r  More...
  • 2. What's the difference between Dividend Rate and APY? Views: 2644
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    Dividend Rate is simple interest without compounding. For example, $10,000 @ 6.00 Dividend Rate for 2 years will produce $600 of interest per year (or $300 semi-annually, or $150 quarterly, or $50 monthly). APY (Annual Percentage Yield) is compounded interest (usually daily or monthly) calculated for 1 year (even if the term is shorter or longer ). For example, $10,000 @ 6.00 Dividend Rate for 2 years compounded monthly, produces a 6.17 APY which returns a total of $11,272.07 after 2 years. Some  More...
  • 3. The credit card you pick can save you money Views: 819
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    Terms of Use The credit card you pick can save you money Table of Contents: Credit Card Interest Rates How Much Will You Pay? Credit Card Shopper's Checklist Deciphering the Application Glossary For More Information Smart consumers comparison shop for credit, whether they're looking for a mortgage, an auto loan, or a credit card. Comparison shopping is important because it could save you money. When you're looking for a credit card, be sure to consider the costs and terms. They c  More...
  • 4. What is a mutual fund? Views: 775
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    Terms of Use: A mutual fund is created when a company brings together money from many people and invests it in stocks, bonds, or other securities. The advantage of investing in a mutual fund is that your investment is diversified among stocks and possibly bonds of several different companies depending on the type of mutual fund. Several companies offer different types of mutual funds. Investors in mutual funds buy shares in the mutual fund at the Net Asset Value (NAV) of the fund plus any s  More...
  • 5. How do I transfer my IRA from one financial institution to another? Views: 747
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    Terms of Use A rollover is when you withdraw funds from an IRA or plan and contribute those funds to the same or another IRA or plan. A trustee-to-trustee transfer (often called a direct transfer or direct rollover) is when you never receive the IRA or plan funds. They are transferred directly from one financial institution to another without you ever touching the money. The general rule is that when you take a distribution from an IRA (or other tax-deferred retirement account) that you in  More...
  • 6. What is common stock? Views: 695
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    Terms of Use: Common stock is an investment in the ownership, or equity, of a corporation. Common shareholders are usually entitled to vote on the selection of directors as well as other important corporate matters. They expect a return on their investment from the dividends paid by the corporation as well as anticipated appreciation in the market value of the stock as the company prospers. The common shareholders are owners, and their right to corporate assets on liquidation is junior to   More...
  • 7. How should I go about defining my investment goals? Views: 684
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    Terms of Use Define Your Goals This knowledge article is part of a series of knowledge articles aimed to help you define your roadmap to savings and investing. To review the table of contents for the articles, click here . What are the things you want to save and invest for … A home? A new car? Your education or that of a child? A comfortable retirement? The needs of your parents? All of these goals will cost money. To make sure that you will have enough money when you need it, follo  More...
  • 8. Can I get a credit report for free? Views: 644
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    Terms of Use Credit reports contain a wealth of information about your credit history. Consumers now can get a free copy of their credit report. It's important to review your credit report at least annually to ensure it is accurate and that you have not become a victim of identity fraud. A study by U.S. Public Interest Research Group found that one in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or or even a job. Some of th  More...
  • 9. What happens if I die without a will? Views: 636
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    Terms of Use: Not having a will to determine what happens to your property upon your death is foolish. Not having a will to determine what happens to your children upon your death is unconscionable. If you die without a will, state law will determine what happens to your property. As such, your property will be distributed to your spouse and children or to other relatives according to a statutory formula if you don't have a spouse or children. If no relatives can be found to inherit your propert  More...
  • 10. How can I see my credit report? Views: 618
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    Terms of Use There are three major credit reporting companies: Equifax , Experian , and TransUnion . Obtaining your credit report is as easy as calling or going to the internet and requesting one. It's a good idea to get copies from all three companies to ensure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, may be charged to issue credit reports but some states permit citizens to acquire a free one (see related links). ?On  More...
  • 11. What are some things that I should consider when shopping for a mortgage? Views: 577
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    Terms of Use Table of Contents 1. Obtain information from several lenders 2. Obtain all important cost information 3. Obtain the best deal that you can 4. Remember: Shop, compare, negotiate 5. Fair lending is required by law 6. Credit problems? 7. Glossary 1. Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you sh  More...
  • 12. What is a variable annuity and how does it work? Views: 575
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    Terms of Use: Variable annuities have become a part of the retirement and investment plans of many Americans. Before you buy a variable annuity, you should know some of the basics – and be prepared to ask your insurance agent, broker, financial planner, or other financial professional lots of questions about whether a variable annuity is right for you. This is a general description of variable annuities – what they are, how they work, and the charges you will pay. Before buying any v  More...
  • 13. Any suggestions for getting started with investing? Views: 556
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    Terms of Use Need some help finding the right path for your financial future? You've come to the right place. We've put together an itinerary that takes in all the basics for your journey to learn more about saving and investing. Traveling down the right road to achieving financial well-being is one of the most important trips that you'll ever make in life. You don't have to be a genius to do it … and you don't have to be rich … you just need to hit the road a  More...
  • 14. Basics about debt Views: 553
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    Terms of U se High debt and misuse of credit cards make it tough to save for retirement. Money that goes to pay interest, late fees, and old bills is money that could earn money for retirement and other goals. How much debt is too much debt? Debt isn't necessarily bad, but too much debt is. Add up what you pay monthly in car loans, student loans, credit card and charge card loans, personal loans - everything but your mortgage. Divide that total by the money you bring home each month. The r  More...
  • 15. Tons of Ways to Save Money Views: 530
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    Terms of Use Transportation Airline Fares Car Rental New Cars Used Cars Auto Leasing Gasoline Car Repairs Insurance Auto Insurance Homeowner/Renter Insurance Life Insurance Banking/Credit Checking Savings and Investment Products Credit Cards Auto Loans First Mortgage Loans Mortgage Refinancing Home Equity Loans Housing Home Purchase Renting a Place to Live Home Improvement Major Appliances Utilities Electricity Home Heating Telephone Service Other Food Purchased at Markets Prescription Drugs F  More...
  • 16. What things should I consider when buying auto insurance? Views: 515
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    Terms of Use There are five main considerations you need to take into account when picking an auto insurance company. Insurer financial stability Make sure that the company you buy from is financially stable so you know they will be around to pay any claims. The following companies rate insurance company strength: A.M. Best Company, Inc. Ambest Rd. Oldwick, NJ 08858 908-439-2200 http://www.ambest.com Moody’s Investor Services 99 Church Street New York, NY 10007 212-553-0300 http://ww  More...
  • 17. What things impact my credit score and what can I do to improve my credit score? Views: 503
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    Terms of Use Your FICO® scores, from Fair Isaac and Company ( FICO ), are the credit scores most lenders use to determine your credit risk. You have three FICO ® scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each credit score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Credit scores consider five main kinds of credit information. Listed from most   More...
  • 18. What are the primary things that I can have covered by an automobile insurance policy? Views: 499
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    Terms of Use 1. Bodily Injury Liability This coverage applies to injuries you, the designated driver or policyholder cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission. It’s very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued for a large sum of money. Definitely consider buying more than the state-required minimum to protect assets  More...
  • 19. What are the responsibilities of an executor? Views: 464
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    Terms of Use An executor is the person responsible for settling a deceased person's estate. As executor, your duties include inventorying, appraising and distributing assets; paying taxes; and settling debts owed by the deceased. You are legally obligated to act in the interests of the deceased, following the wishes expressed in his or her will. If all this sounds a bit overwhelming, keep in mind that you can hire professional help-for example, an attorney to help with the probate proce  More...
  • 20. What does aggregate deposit/loan balance mean? Views: 460
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    It is the combined total of all account or loan relationships with the credit union. If you have a $2000 VISA balance and a $3000 Secondary Savings Account balance, your aggregate balance is $2000 + $3000 = $5000.
  • 21. What are stock options? Views: 436
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    Terms of Use: Options are contracts that give you the non-binding right to purchase or sell a specific stock. All options have a strike price and an expiration month . Options are not available for all companies and every month. There are two types of options: calls and puts. Buying a call gives you the right to buy a certain stock at a certain price. Buying a put gives you the right to sell a certain stock at a certain price. Put and Call options expire in the expiration month after   More...
  • 22. How do I find out about COBRA coverage and how do I elect to take it? Views: 435
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    Terms of Use: Employers or health plan administrators must provide an initial general notice if you are entitled to COBRA benefits. You probably received the initial notice about COBRA coverage when you were hired. When you are no longer eligible for health coverage, your employer has to provide you with a specific notice regarding your rights to COBRA continuation benefits. Employers must notify their plan administrators within 30 days after an employee's termination or after a reduction in hou  More...
  • 23. What are the primary criteria considered when evaluating a mortgage application? Views: 432
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    Terms of Use There are four primary criteria reviewed in an application for a mortgage: Credit History - The best indicator of how well an applicant will pay their mortgage is how well they have handled their credit and housing expenses in the past. The last two years is especially critical. It is recommended that all borrowers obtain a copy of their credit history from a credit bureau and review it for errors prior to applying for a mortgage. Income - Borrowers must demonstrate sufficient in  More...
  • 24. What should I do if I do not get an acceptable offer from an insurance company to settle a claim? Views: 421
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    Terms of Use: Try the following steps if you are not satisfied with how your insurance claim is being handled: Let your agent or company representative know that you are unhappy. If this individual is unable to solve your problem, get the name and phone number of the head of the insurer's claims department. Your insurance company may also have a consumer complaint department that may be helpful. Be prepared to support your case. Send documents and a letter explaining why you are not satisfie  More...
  • 25. Should I close my credit card if I'm not using it? Views: 408
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    Terms of Use: With annual fees and interest rates on credit cards, you may be wondering whether to close out an account you're not using. Some are also concerned about identity theft as well as the need to simply control the amount of debt. Whatever your reason for considering closing a credit card account, here are some things to consider: If you close out a credit card that has an unpaid balance on it, your available credit (or credit limit) on that card goes to zero. Your credit score look  More...
All information provided through this site is intended to be accurate. However, there may be inaccuracies at times, which we will make every attempt to correct when found. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.