Hopefully you are a member of a Credit Union somewhere.  Really, I hope you’re a member of Resource One Credit Union.  However, I know that some of you can’t but still read my blogs.  This one is going to be dedicated to getting involved “politically” for your Credit Union’s sake. 

You enjoy many advantages by being a member of a Credit Union.  Perhaps at another time I will point out the obvious or not so obvious differences between banks and credit unions.  This blog is about getting behind your Credit Union and giving them your political support. (Your Vote Counts)

There are two topics that are coming up for debate in Congress between now and the first of next year.  This legislation could have a direct impact on your credit union’s bottom line and thus impact your wallet in the long run.  Those topics are Overdraft Protection and Interchange.  I will now attempt to explain this mess – bare with me.

Some members of Congress are trying to place very severe restrictions on overdraft protection.  Current proposals would limit overdraft coverage to once a month.  After that you’d be forced to incur NSF fees from both your financial institution and the merchant.  Overdraft protection is a lifeline when our members need it.  No one likes to pay a fee, but it’s far better than bouncing a check.  If Congress limits this service, then some of our members will turn to predatory lenders as an alternative.

The second topic for vote involves interchange.  Interchange, in short, is the amount of money charged for transactions that occur between retailers and financial institutions via electronic payment.  Currently, retailers or merchants bare the brunt financially for this exchange.  Electronic payment is a benefit to them, to make sure they get paid what is due.  The interchange legislation introduced would put undue burden of this exchange of funds back on the financial institution. What this means to you, the consumer, is that cost will utimately lead to higher banking costs.  You will probably start paying a usuage charge by your financial institution each and every time you use your debit or ATM card.

CALL TO ACTION

So what can you do???  

Over the next several weeks it’s critical that we be communicating to Congress in written form – letters and emails.  Click-on the link’s below to voice your concerns. 

Interchange legislation (HR 2328) 

Courtesy Pay/Overdraft Protection legislation (HR 3904)

Please use the following site to help with Coutesy Pay.

Please use the follwing site to help with Interchange.

- Phillip

After much waiting and anticipation, we will now offer financial education seminars to those who live in Northwest Harris County.  So, if you are a R1CU member/owner living in or around Houston - here is your 1st chance. 

Heck, if your not a member/owner we would love to have you there too.  Come out and experience what we have to offer our Resource One Credit Union family.  Please check out the classes tab for more information. 

Continue to follow often for future dates and seminar topics in the Houston community…you don’t want to miss these events.

Today is the end of the third quarter for many organizations.  It is that magic point in time where companies take a snap-shot and look at their performance over the past quarter.  This moment in time will cause many organizations to make key decisions as they try to end the rest of the year on the most positive note possible.  If you have been paying attention lately, then you have seen all kinds of reactions and speculations on the financial future of many things.  Whether it is the financial future of the country or an individual company, this time of year can get quite difficult. 

For numerous reasons, many folks have been effected by a downturn in the economy.  Heck, you can look at posts from me last October and we were talking about it then.  For most, this has been a rough year.  However, there have been a few out there that this downturn has had a lasting impact.  If you are one of those without a job due to this downturn, then you know exactly what I am talking about.  I do not know what kinds of numbers are rolling around right now for unemployment = 9% + or -.  However, if you are one of those effected and without a job that number represents you.  For those not in that number, then you can be glad that you have gainful employment. 

What I want for you to do right now is to think…are you ready?  Those of you with a job right now…what would you do if you went into work tomorrow and you got let go.  Some of you may be prepared for that reality.  However, due to recent surveys and statistics – I imagine that the large majority of folks would be stuck between a rock and a hard place. 

Hopefully, you have either started to prepare for “what could or might happen” due to this downturn in the economy.  I hope that you are one of those that have changed some of the ways in which you monitor and save money.   If you have done nothing yet, ask yourself that question I posed earlier again.  What would you do if…

- Phillip

A couple of weeks ago there was the reporting of a story where a Bank of America (BofA) customer had a horrible experience at his bank.  There are probably many horror stories floating around about poor service, but this one really took the cake.  In short, a customer at Bank of America needed to conduct a transaction at a branch.  BofA’s policy calls for certain actions with that type of transaction.  In this particular case in point, the transaction requires for the customer to submit a thumb print.  The horror story was when the customer informed the BofA employee and others in the branch that he did not have a thumb print.  (Okay horror may be too strong, but I used it for the dramatic effect).  Sounds strange but the man had no hands and used prosthetic devises.  The employees showed no outward thinking of their own and did not complete the transaction.  They could not get the thumb print required for the transaction’s completion.

Now, many of you have probably heard of this incident.  It was all over the news and Web.  I imagine it had the folks at BofA Corporate spinning plates and doing a dance to wrangle out of that one.  However, I wanted to point out a Credit Union Blog that addressed this issue with their peers and following.  I have a link to this post inserted here.  I am hoping that some of you would read it.  It is worth the three to five minutes that you will spend.

The lessons learned about customer service are invaluable to anyone who is in a service industry.  Heck, if you’re just a human being you will be the wiser for reading this other blog entry.

I hope you enjoy your reading and that you gain a great experience from this information.  I also hope you tell a few others about my blog so they can read this information for themselves.

- Phillip

I do not normally post a link to other articles to make up an entire blog. However, this article is a wonderful source of information and is worth the read.

Please check out this link…you need to stay informed!!!

- Phillip

Most folks like to say or think that the organization that they work for is the best.  Heck, we all have our favorite sports teams and all – “We’re # 1″.  You hear the fans chanting it from the stands.  Okay, yelling it from the stands.  Well, I can actually say that Resource One Credit Union is # 1. 

Resource One Credit Union has been named the Reader’s Choice, “Best Credit Union in Mesquite”.  This honor was bestowed upon us by the readers of Star Community Newpapers.  Out of over 4,000 ballots cast, we won in this category.  This newspaper, over the past 20 years, has awarded this honor to one organization in a specific category, and Resource One Credit Union was voted as Best Credit Union in Mesquite, Texas.

The real honor for Resource One Credit Union is that the community of Mesquite has voted us as the Best Credit Union.  That is what really matters here, not the award itself but that the community thinks so highly of our credit union.  

A special shout out goes to the employees of the Mesquite Branch who make it all happen every day.  If you get a chance, you should congratulate them on this achievement the next time you are around the branch.  Come out and experience what so many of our member/owners experience every day.

For complete details on all winners of the Reader’s Choice Award, you can pick-up the Reader’s Choice supplement in the Mesquite News Star Newspaper the last week of September.

We are # 1 - so are you at Resource One Credit Union!!!

- Phillip

642

Do you know what that number represents?

That is the number of new laws  that go into effect tomorrow, September 1, 2009.  Looks like our State Legislature was busy this past year, or session.  I should know more about how that stuff works.  Anyway, you can see that a lot of changes have come down the pipe.  So which ones will apply to you directly, well they all could at some point or another.  Hopefully, most of them will not impact you personally.

Go ahead and click-on the link above; if you have the next several days off of work and life to read all of those new laws.  So what should you do as a citizen of this great state to be informed?  Well, there are probably a zillion sites up and running with snippets here and there of the new legislation.  Here is one that I found that that you may find of good use.

Traffic & Criminal Laws

If you have time, try to Google the subject.  There are many resources out there to help you become better educated.  Remember that old saying, “Ignorance of the Law is No Excuse.”

- Phillip

Seems like this was the talk of the town.  Heck, you could even say the whole country.  The “Cash for Clunkers” program was launched just about a month ago.  The program was so successful that they even had to go back to the national piggy bank and get more funding.  CNN Money had a great follow-up piece today with lots of stats.

Depending on which side of the political fence you set on, you may think that the program was good for the economy or bad.  I don’t claim to know much either way on the subject.  But here is what I do know.  I know that I was about three months too early in buying my new vehicle.  Don’t you hate it when that happens?

I imagine that those who were able to get rid of there clunkers were mighty happy with the incentives.  I would have enjoyed another $3500 – $4500 off my purchase price.  But I had planned to make my purchase without the premise of getting an extra incentive.

Here is a question: How many people went out and took advantage of this program and put themselves into more personal financial peril.  That is the kind of stuff that comes across my mind.  Hopefully, everyone who just incurred another debt looked closely at their cash flow.  Perhaps the federal government will keep track of how many folks default on their new car notes.  (Yeah Right) 

My point for this whole exercise is for people to examine all the reasons why or why they should not trade in that used vehicle.  Something can be said for not having a car payment each month.  (Did I just say that outloud? Shhh – I work for a financial institution.)  From the video feeds on the news, some of those vehicles waiting for destruction did not look that bad.  I imagine the car dealerships liked the idea.  Good way to get rid of some of that new inventory, times have been tough lately.   That was the whole reason for this program in the first place. However, I suspect they never thought it would take so long for reimbursement.  Another silver lining is all those folks who sell car insurance.  Agents were probably frothing at the mouth over all the fees they could charge for writing up new policies.  Then you have all the extra incentives for writing policies for vehicles with higher replacement costs.  Did the consumer really think it all through when they heard about this deal? How much did their car insurance go up?  Yes, there is the gasoline savings – duh.  However, now they have a new debt – insurance just went up – paid fees for rewriting policies – new titles – and taxes…don’t forget the taxes.

Hindsight is most always 20/20 right???

Leaving on a positive note: Congratulations to all of you with new vehicles – enjoy them!!!

- Phillip

It is that time of year again.  Time when the kiddos go back to school and the carting around of those kids comes into play.  For the past so many years, our State Government has offered a tax free weekend.  That is a time when parents can take advantage of back to school items (tax free) at a distinctive advantage.  In past years, the government has had a specific list of items that get this tax free benefit.  Problem was that those items that you thought were on the list were in fact not on the list.  Folks have complained for years and someone in the State Legislature finally heard those concerns. 

This year school supplies are on the list of tax-free items.  (Hooray!!!)

Please take a look at the following website for complete details on what is eligible for tax-free status and what is not.

Good Luck – and let’s go shopping!!!

- Phillip

Wow, what a topic.  Anyone that is married has at one time or another had an argument, debate, or down and dirty talk about their finances.  It just comes with the territory.  If you have never had any of those types of discussions with your significant other, then y’all are the huge exception to the rule.  If that last sentence applies to you, then please sound off on this topic and school the rest of us.  What are your secrets to success?  I wish I had the answers to everyone’s marital and money problems.  I am a financial counselor who often gives guidance on this subject matter; or at least the financial part of the equation.   I have to remind my clients that I am not a marriage counselor.  What I have found over my career is that each financial situation is unique.  I have also found that each marital relationship is unique.  The lucky part for most though, is that many financial situations are similar enough in nature to one another that some good guidance can be given to the couple.  There are some basic assumptions one could garner from trusted literature on this subject matter.  Even then, one source says, “do this” and another trusted source says, “don’t do that”.  Give me a break – can you eat eggs or not eat eggs.  Sorry, I went out to far left field.  Hopefully, you get the point though.  It is difficult to cipher through all the information when you don’t know whom to trust.

So what would be some good guidance to follow or learn from?  I have found many sources to support how I approach finances and couples in question.  I have tried to bring fourth two differing opinions for comparison.  I like for folks to come up with their own conclusions.  However, I do like to make sure the message is still applicable to most folk’s financial situations.  Here is one Article that has some great information and would be worth the read.  In comparison on schools of thought, here is Another Article and it’s approach to the situation.

So you might be thinking to yourself, “What do you suggest couples do when it comes to marriage and money?”  Glad, you asked…here is what I think.

I think you know the dynamics of your relationship far better than any financial advisor or counselor.  I believe that you can get some basic information on how to “deal” with the situation from a trusted source.  However, in the end it all comes down to applying what you have learned about marriage and money from that source.  Like every other transformation you wish to make in your life, financial transformation is no different.  You can get guidance and have a plan, but nothing happens until you actually apply that guidance or plan.  This is the one thing that you really need to concentrate on for change.  The plan and guidance is the easy part, but the execution is the most critical step.  Some folks make a lot of money telling others, “How To” do something.  What a shame…get the most of your time and/or money.  You must execute on that guidance or plan.  Don’t just get the plan and do nothing with it.  The sad part is that most people have the knowledge already; they just decide to do nothing with it. 

So what do I believe on marriage and money?  Get some help from a trusted source, and come up with a game plan.  Then most importantly, execute that game plan for your marriage’s sake.  Money and marriage is a tough topic and should be treated that way by all involved.  If you should need some guidance to put together a plan, then please feel free to contact me.  My contact information can be found right next to this article on the side bar.

Good Luck,

- Phillip