Making Money Personal

Episode 62: Get Free Business Education with Goldman Sachs 10KSB Program | Tracy Gillick & Dina Akel

As a small business owner, it's important to align yourself with organizations who support you and your growth.
If you're ready to take your business to the next level, you'll want to listen in. We chat with Tracy Gillick, Outreach Specialist for Goldman Sachs 10,000 Small Business New Hampshire program and Dina Akel, CEO and Owner of Vieira Luxe, on how this no-cost education program can help business owners expand and grow their business. 
Links:
Learn more about the Goldman Sachs 10,000 Small Businesses (10KSB) program
Contact Tracy Gillick, Outreach Specialist for Goldman Sachs 10KSB
Email tgillick@ccsnh.edu
Call: 603-206-8189
Contact Dina Akel, Owner and CEO of Vieira Luxe 
 Explore online: vieiraluxe.com
Call: 781-923-0656
Visit the shop: 100 Main Street, Suite #4, Nashua, NH 03060
Own your own business? Learn all about Triangle Credit Union's business services
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
View episode transcript.

Do People Still Use Paper Checks? - Money Tip Tuesday

For many people today, it seems checks are becoming more and more a thing of the past. In fact, there are many people who don’t know how to write one. 
With the changing tools in banking and newer tech like digital payment and transfer capabilities, is there any real need for checks anymore?  
Links:
Contact us with any questions about getting started with Remote Deposit Capture
Watch our Remote Deposit Capture tutorial on YouTube
Read the article about recent check usage stats
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal Podcast. 
Contrary to popular belief, check use is not dead. Believe it or not, people are still writing and issuing checks.  
According to data from the Federal Reserve Board, roughly 11.2 billion checks were used in 2021. 
This stat might leave you wondering who even uses checks and why?  
Most of us use digital payment services that process payments for anything from groceries to paying back a friend for last night’s dinner. 
Services like Cash app, Venmo, PayPal and others are great for their convenience and swift transfer capabilities. You don’t have to wait long for the money to show up in your account so there’s no mystery why these apps are rapidly making check usage a thing of the past. 
But, even with the growing usage of those popular payment tools, checks are still being used.  
In fact, studies have shown that when people do use checks they’re using them mainly for larger purchases, particularly for rent payments, sometimes utilities or things like a car downpayment.  
The good thing is that even though checks aren’t as popular as they used to be banking tech has continued to update the process of how we interact with and deposit checks to keep up with the times. 
Originally checks would be written out to the receiver, physically brought to a teller at the bank and deposited in-person. But now, with tools like remote check deposit, you don’t even have to get off the couch to deposit your check, if you ever do receive one. 
This will save your not only time by avoiding a trip to the bank but also money by saving yourself on gas or other transport costs. 
Remote Deposit doesn’t cost anything at all. All you need is a mobile phone or computer, Internet connection and an online/mobile banking account. 
To access it, log into the account and select Remote Deposit.  
Follow the prompts to sign your check, take pics, or if you’re using a home computer, scan the check,  then upload it all within a few seconds. 
If you’d like to see an example of how it’s done, watch our tutorial video on YouTube for a step-by-step demonstration. The link will be in the show notes.  
In summary, checks haven’t disappeared entirely just yet and even though you all in on digital payment tools, you may still wind up receiving a paper check. If do, skip the trip to the bank and deposit it from home, or on the go with remote check deposit.  
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and make sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

3 Reasons Financial Literacy is Important - Money Tip Tuesday

Throughout our lifetime, finance plays a huge role—from counting pennies in preschool to making a mortgage payment on a house.
Finances can be overwhelming, but with the help of financial literacy tools you can build self-confidence in understanding the concepts of money management, debt prevention, and financial security.  
Links:
Watch our Budgeting 101 Webinar
Watch Financial Freedom: Your Path to Debt Free Living webinar
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Financial literacy resources overall offer advice to analyze, prioritize, and accomplish your financial goals. 
Let us break down why financial literacy is significant today: 
Learning Budgets and How to Save Money 
Saving money and creating a budget is the starting point in financial literacy. These tools provide a financial picture and explain the process of building a budget so you have a better understanding of how much you earn (income) impacts how much you spend (expenses). From charts to articles, financial literacy resources can provide a budget structure for you to prioritize and track your spending to make sure the budget remains healthy and balanced. Financial literacy resources will also offer suggestions towards important savings such as retirement and developing an emergency fund as well as saving for a bucket list vacation. 
If you’re new to budgeting and need a little guidance, watch our Budgeting 101 webinar available on our YouTube channel for an overview, explanation, and demonstration of how to work your very first budget. 
Understanding Credit, Payments, and Debt Prevention 
Once you understand budgeting and saving, you will learn more complex subjects like credit cards and loans. Financial literacy resources provide guidance and tips on various interest rates towards loans, how to make those payments, and avoid or pay off debt. Financial literacy resources apply the prior practices of saving money towards paying off any existing debt. 
If you’re looking for a practical way to start paying down your debt, watch our Financial Freedom: Your Path to Debt Free Living webinar on our YouTube channel to get a step-by-step presentation on how to structure your very own debt payoff plan. 
Recognizing & Protecting Yourself from Fraud 
Lastly, financial literacy resources provide alerts regarding constant fraud and detecting suspicious behaviors that come from fraudsters using emails, phone calls, and text messages. Financial articles provide important information on ways to keep your financial accounts safe such as checking your credit report, card transactions, or contacting your financial institution to confirm alerts and messages are from your financial institution and not from those trying to steal your identity. These kinds of communications are not only beneficial for you, but for your financial institution to be aware of these fraudulent attacks and spread the word with their organization and all their members. 
Financial literacy tools are educational resources that help you understand how to manage your money, make payments on time, and prevent financial fraud. More than likely, your financial organization provides articles, learning programs, or even games for the younger audience. Financial literacy resources can also provide different calculators to determine certain payments and yearly terms on things such as mortgages, loans, and debt consolidation. These resources advance your financial decisions and provide ease throughout your financial journey. 
Triangle Credit Union has dedicated a website for financial education and resources known as TCU University. You will find finance-related blogs, podcasts, YouTube videos, webinars, and events. To learn more about subjects like money management and debt prevention, visit triangleuniversity.org. 
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and make sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

How ITMs Improve Your Banking Experience - Money Tip Tuesday

As banking technology continues to advance, the focus of many institutions is on providing top quality interactions with greater flexibility and control for you, the user. With the implementation of Interactive Teller Machines (ITMs), the goal is to provide more services and convenience while still maintaining human interaction and engagement. 
With ITMs, you get the best of both worlds: the flexibility and convenience of self-service banking with the human service and interactions you may prefer. Stay tuned to learn more about the benefits of self-service banking. 
Links:
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Transript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Today’s banking tech (also known as financial or fin tech) is amazing. You can do so many banking transactions on your phone or computer. 
But what if you need to do something different that you can’t do online? You can call, visit a branch, or now, use an ITM, which is the next generation of ATMs.  
Okay, so they’re not the newest tech, they’ve been out since the 2010s, but they’re beginning to build momentum in the banking world. As of 2022 only 41% of consumers have used an ITM, and 56% don’t even know what one is.  
If you’re not sure what an ITM is or why you’d use one, here are a few things they do like an ATM and some additional capabilities for improved service.  
Like an ATM, all ITMs give you the capabilities to: 
Check account balances 
Deposit cash and checks 
Withdraw cash 
Transfer money 
But ITMs are more like upgraded ATMs and their greatest benefit is you can speak directly to a live person who can answer questions and provide many of the same services you can expect at the teller line 
You can make loan or credit card payments 
You can cash checks 
You can withdraw money without a debit card 
You can ask specific questions about your account information 
You can even ask their favorite food or what they did last weekend. 
When would you need to use an ITM? The short answer is any time you use a regular ATM or your branch drive-up and teller line service. Here are some examples: 
Use an ITM when you need cash in different denominations 
If you need different types of cash for a yard sale, budgeting purposes, or any other reason you don’t need to go to the teller line for that. 
ITMs can give you different options to choose from and can dispense smaller and larger bills depending on the machine. 
Use and ITM if there’s a long line in the branch 
If you’re at a branch and there’s a long line to get to the tellers, look for an ITM and pop over there. 
You’ll be able to do most transactions you’d do at the line, but all self-service. 
Many branch lobbies have an ITM right inside the building, so if you don’t want to wait for the next teller, step over to the ITM for faster service. 
Use an ITM if you’re on the go but don’t want to get out of your car 
With ITMs you can avoid going in the branch and use the machine like you would a regular drive-up.  
If you’re in a rush, need teller service, but don’t want to park to go into the branch, drive right on up to an ITM and you can still do the transactions you need with service from a live person. 
ITMs save you precious time and offer you more capabilities by offering a robust self-service banking experience with the ability to connect with a live person if needed. 
Next time you visit a branch or pass by an ITM, give it a try. You’ll love the experience.  
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and make sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

What You Should Know About Online Savings - Money Tip Tuesday

You probably already know that having a savings account is important. You can save up your money for your next big-ticket purchase, retirement, or an emergency fund. But did you know that there are loads of benefits to using an online savings account?
Here’s what you need to know about the benefits of online savings and what to look for. 
Links:
Learn more about the benefits of an Online Savings account
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
To begin with, not only does an online savings account keep your money safe, it can also help you build wealth. Financial institutions will often pay you interest for keeping your money with them. The interest rate, which is a percentage, will be multiplied by how much money you have in your online savings account. The financial institute will then add that amount of money to your savings.  
You’ll also want to look at the annual percentage yield, or APY. The APY is how much money you will make on your balance, with compounding included. 
In other words, when you are looking for a place to keep your savings, you’re going to want to compare different financial institutions’ online savings rates and APYs. The higher the interest rates, the more money you will make. Online savings typically offer a higher interest rate than a traditional savings account so if you’re looking to earn a higher yield, try an online savings account. 
Keep in mind that rates are subject to change and are usually based on the Federal Reserve, so you will want to keep a close eye to see if your rate decreases; if rates decrease, you may want to consider switching where you keep your money. 
Another benefit of online savings is simple convenience. You can access your funds quickly within your online or mobile banking and can transfer money to and from other accounts instantly. All you need for access is a device and an internet connection. This is especially useful if you have an emergency and need to move some money fast. You don’t need to wait in line at a bank or on hold on the phone. 
Having your money in an online savings account isn’t just convenient, it’s secure too. If your financial institution is FDIC-insured, your money is safe in case the institution fails. It is insured up to $250,000 per account. If you bank at a credit union, your money is insured for the same amount through the NCUA. Since it’s a strictly online account, it’s also secured through encryption, as well as multi-factor authentication, which makes it more difficult for fraudsters to steal your money. Online savings accounts are just as secure as your other financial accounts. 
One thing you’ll want to look out for when shopping are the online savings account fees and minimum balance requirements. Some financial institutions have monthly maintenance fees or fees if your balance drops below a certain amount. These fees can take away any interest you might have earned in your savings. Look for a financial institution with no fees on savings. You also want to check the minimum deposit requirements. Some online savings accounts can require a minimum amount of money to open the account, which can range anywhere from $100 to $5,000.  
Our sponsor, Triangle Credit Union, offers an online savings account with no monthly maintenance fees and only requires a minimum of $100 to open the account.  
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook and Instagram pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Episode 61: Business Funding and Planning Resources | Tuesday Perkins (SBA)

Business Funding and planning can be a stressful part of running a business. If you're new to the business world or a seasoned owner looking for more resources to expand your enterprise, this episode is for you.
In this episode I chat with Tuesday Perkins from the Small Business Administration about the many ways they work to provide the best tools and opportunities for anyone looking to start or grow a business. 
Links: 
Learn more about Small Business Administration and it's resources for NH businesses
Search the SBA calendar of events
Contact Tuesday Perkins at tuesday.perkins@sba.gov or call her at (603) 225-1404
Learn more about Triangle Credit Union's Commercial and Business Services
Check out some of these other podcast episodes about business resources:
Starting Your Business Relationship
Boosting Your Business Resources with SCORE
Why You Need a Business Exit Plan
Steps to Start Your Own Business
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
View episode transcript.
 
 

Features of Online and Mobile Banking - Money Tip Tuesday

Banking technology has evolved immensely over the years. What once began in the 1980’s with dial-up services to access accounts on your home computer has developed into the extensive, and somewhat essential, online and mobile banking we use today.
Links: 
Learn more about Triangle's Online Banking and Mobile Banking tools
Watch our Remote Deposit Capture tutorial
Learn more about our Mobile Banking app and it's features
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
Online Banking refers to transactions conducted through a financial institution's website via a web browser on any device with an internet connection (for example-- a computer, tablet, or smartphone). With online banking, you do not need to download an application which is why it’s a simple and popular option for many.  
Mobile Banking is typically conducted through a financial institution’s mobile app, however many FIs also offer some mobile banking capabilities through SMS texts. 
Online and Mobile banking is convenient for those who want to manage their finances from home or on-the-go. Both provide: 
Account Information 
Transaction History 
Fund Transfers
Bill Pay
Card Management
Budgeting Tools
and more!  
Online Banking and Mobile Banking offer similar tools and features to keep your banking experience easy and convenient.
If you’re new to online or mobile banking here are a few of the features you should consider setting up and using right away. 
Text Alerts. For those who don’t have a smartphone, text alerts allow credit union members to receive notifications directly to their phone with an SMS text when large deposits or large withdrawals are made, weekly account balance updates, or when their account balance falls below a specific amount, to name a few. To sign up for these notifications, log into your online banking account (on your computer) and enter your phone number.  
Remote Deposit Capture. Through your financial institution’s mobile app, you can use remote deposit capture to deposit a check without stepping a foot into a branch. RDC typically only takes a minute or two which makes it a popular option for those with busy lifestyles. If you don’t have a smartphone, you can still deposit checks from home through your online banking account using a scanner.   
Push Notifications. Similar to text alerts, push notifications can be enabled to alert you when specific actions occur on your account. These can include spending transaction notifications, low balance, large deposits or large withdrawals, etc. To enable push notifications, log into your bank or credit union’s mobile app and toggle these notifications on.  
Both mobile and online banking allow you to manage your money in ways that work best for you. If you haven’t created your online or mobile banking account yet, what are you waiting for? Take control of your finances today! 
Set it up now at trianglecu.org. 
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Why Not Get Paid Two Days Early? - Money Tip Tuesday

If someone offered to pay you earlier than expected, wouldn’t you be ecstatic? If you have Direct Deposit with your employer, then you may have the option of getting paid up to two days earlier! Listen to this tip to learn more.
Links:
Learn more about Triangle's checking accounts with Early Paycheck
Download the direct deposit form to get started
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Transcript:
This is Money Tip Tuesday from the Making Money Personal Podcast.
I know, getting paid up to two days early from your employer sounds too good to be true, but it is, in fact, true and here’s how it works: Most companies send payroll information up to two days before funds arrive. If your credit union offers Early Paycheck (or a similar product/service), the credit union can release your paycheck into your account early.
To take advantage of this, there are three requirements that must be available to you:
(1) You must have a direct deposit service set up with your credit union, which means your employer must offer direct deposit. If you’re not sure that your employer offers direct deposit, ask your HR department or manager if this is available to you.
If Direct Deposit is available, sign up as soon as possible. There are many benefits of Direct Deposit that will be presented later—at the top of list is Early Paycheck. Setting up Direct Deposit is simple. Fill out a Direct Deposit form, which you can get either from your credit union or employer. All forms pretty much have the same information but look a little different. You will need your routing number of your financial institution (this can be found on their website), the account number where you want your paycheck deposited (this is usually a savings or checking account), and a voided check.
(2) Your credit union or financial institution must participate in the early payment or paycheck option to have funds available for you. Availability of your payroll funds is based on the release of payment information. Sometimes there can be issues with the electronic transfers, so keep in mind that you may run into delays on occasion. If these issues are ongoing, you should contact your HR/Payroll Department or the credit union for additional information.
(3) Your company’s payroll must be on board with transferring the payroll files electronically. Many companies have third party services that process payroll for their employees. Payroll companies, like ADP, are consistent about processing and sending files in a timely manner.
Now that you know how it works, let’s go over some benefits of Early Paycheck with Direct Deposit: 
First, it’s all about cash flow. The sooner you have access to your paycheck, the better—whether that means you use it to pay bills or your best friend for picking up the dinner tab last night! 
Better cashflow usually makes it easier to manage your money because you know when funds are available to you. This is tremendously valuable when you are on a budget. Direct deposit makes your life so much easier! Your paycheck is automatically deposited at your credit union so you don’t have worry about remembering to deposit your check yourself! 
Plus, electronic fund transfers are safe and secure. You don’t have to think about where your paycheck is or losing it! You also have access to your funds faster.  When the electronic transfer is received and applied, your payroll funds hit your account without any hold restrictions, which means you can use your money as soon as it is deposited.If your employer offers Direct Deposit, take advantage of this huge time saver!
For those who may not have Direct Deposit available, we recommend Remote Deposit Capture (RDC). Most institutions require registration for this service, but once RDC is turned on, use your mobile banking to deposit checks from anywhere.
RDC is convenient. Just endorse your check (be sure to read the endorsement instructions within your app) and follow the photo prompts on your phone. The prompts will ask you to take a picture of the front and back sides of your check. Hit submit and you’ll get a confirmation that your check has been submitted to your institution.
For more information about RDC as an option, contact your credit union.
If you have any additional tips or would like us to cover a specific topic, email us at tcupodcast@trianglecu.org. 
For more great content, be sure to subscribe to our Making Money Personal podcast wherever you listen to podcasts and follow us on Facebook.
Special thanks to our sponsor, Triangle Credit Union and to you for tuning in!
Have a great day!

Top Reasons to Use Your Debit Card - Money Tip Tuesday

When it comes to payment options you may think that credit cards are the most popular ways to pay.  But you may be surprised that that’s not actually the case. If I told you debit cards are the top used payment method for Americans would that surprise you?  
Links:
Look into more credit/debit card statistics and trends
Read more about American household debt statistics
Learn more about our debit card features and benefits as well as Identity protection with our Better Checking account
Check out TCU University for more financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
I think it’s safe to say that we all love to spend money and we certainly have a lot of options to choose from when we do so.  
When it comes to paying credit and debit cards are the top preferred methods. But, which one do people use more?  
According to a 2023 Forbes survey, 54% of Americans use a debit card as a primary payment method. That same survey stated that only 36% use a credit card (physical or virtual). 
Why are debit cards so popular? Well, there are few reasons why people haven’t yet abandoned the debit card when they make purchases. 
Debit cards are more accessible. Because they're not dependent on a credit score, they’re available to people with lower or no scores at all. Even if your credit isn’t in great shape, you can still get one because all you need is a checking account. This makes them especially useful to teens and young people who haven’t established any credit yet. Debit cards give many people convenient access to their funds so they can pay online and in stores without needing cash or dare I even say it... a check.
One little caveat to remember though is that debit cards do not help you build credit so you’ll need to explore other options if you’re looking to establish or boost your credit score. 
Debit cards are just as convenient as credit cards. You can add to your phone’s wallet, use them in online checkouts and now the newest cards enable you to pay at contactless terminals. And just like many credit cards, you get access to card controls to turn it off and on, set up notifications when you make a purchase and set up travel alerts when you’re ready to venture across states or out of the country.
You can still get rewards. Everyone loves to gush about the cool rewards they get through their credit cards, but with a debit card you can get rewards too. Your debit card likely participates in a rewards program that gives you a percentage of cash back or other special offers just for using it with certain vendors. At Triangle, we offer a Purchase Rewards program where you can earn a percentage back when you activate the vendor offer and use your card with that vendor.
Debit cards don’t charge an annual fee. Popular credit cards that offer attractive rewards and offers typically come with an annual fee. The better the offers, usually the more expensive the fee. If you have one of these cards, you may be spending anywhere from $95 a year to over $400 a year. Debit cards don’t charge you anything to use them so you don’t have to worry about that annual surprise charge.
Debit cards are quick to replace. If you lose it, break it or anything happens to it it’s really easy to get a new one. At Triangle we have Debit on Demand which offers instant issue cards. If you need a new card just walk into a branch and within a short time you’ll walk out with a brand new one. Try doing that with a credit card.
And the last reason is probably the biggest one. Debit cards don’t contribute to debt. According to a Motley Fool survey, Americans are carrying over $17 trillion in debt, with just over 1 trillion of that being credit card debt. TransUnion reported that on average, individual card holders are carrying around $5,700 in credit card debt. If you’re debt averse or trying not to get deeper into debt, a debit card will be your best friend. Using a debit card forces you to pay closer attention to how much you’re spending to avoid overspending and makes it easier to maintain control of your finances. 
If you have a debit card but aren’t using it much. I hope this tip will help remind you to take it out and use it a little more.  
If you haven’t set one up yet here are just a few things to keep in mind when you get started. 
Remember to set up overdraft protection so you don’t get charged fees in case you accidentally charge more to your card than what’s available in your checking account. 
Make sure to register your debit card with an identity theft protection service like Triangle’s ID protect with our Better Checking account so it’ll be constantly monitored for fraud. 
Familiarize yourself with the card controls so you know how to turn your card off and on and to set notifications to stay on top of every transaction 
Last but not least, if you use a mobile wallet, remember to add your debit card so you can use it the next time you pay with your phone. 
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Is It Time To Move Your Money? - Money Tip Tuesday

If you’re with a big bank that requires you to carry a hefty balance in your checking to avoid a maintenance fee, is it time for you to move your money?
Listen to this tip to learn how switching to a credit union can save you from the struggle and annoyance of high bank fees.
Links:
Learn more about Triangle's checking accounts with no minimum balance
Learn about Triangle's credit union mission and core values
Read the Reuter's article about Bank of America's excessive fees 
Read the Investopedia article about the Benefits of Using a Credit Union
For more financial education tips and resources visit TCU University!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
 
Transcript:
I was recently in a meeting and one of our branch managers mentioned there were several new account openings at her branch during the week. When branch staff asked these new members how they heard of the credit union, their answers varied. Some provided feedback that they saw us at some community events, and another responded one of their family members had referred us to them.
What was interesting is that while they had varied reasons for how they heard about us, their answer to the next question was the same. Her question was: why are you moving from your current bank to the credit union? All three answered: I’m tired of the high minimum balance requirement on my checking account. They moved their money—if you’re with a big bank that requires you to carry a hefty balance in your checking to avoid a maintenance fee, is it time for you to move your money too?
This is Money Tip Tuesday from the Making Money Personal podcast.
A minimum deposit for a checking account is not uncommon. Most financial institutions require a minimum deposit to open an account—whether that money is deposited into a savings or a checking. It’s this initial funding that establishes your account and relationship with the financial institution. According to Forbes, you usually need to make an initial deposit between $25 and $100 to open a savings or checking account. For other deposit products, such as Certificates of Deposit or Money Markets, the minimum to open those accounts is higher and varies depending upon terms.
For higher yield deposit accounts, such as Money Markets or Online Savings, the minimums are traditionally higher. The issue most consumers have with high minimums rarely involves these types of deposit products.
The frustration most people have is not about the initial minimum deposit, it’s about the required minimum balance in the checking account to avoid the monthly maintenance fee; sadly, this amount, for some big banks, has increased to unreasonable levels.
Most consumers are looking for excellent value. That’s why people bank at credit unions—typically there are fewer fees, or low fees and competitive rates for both deposit and lending products.
If you go back to our three new members, they were all facing increased minimum daily balance requirements with their checking because the balance on their regular checking, which was not high yield checking, increased to $1000. This means their checking account minimum increased to a level they weren’t comfortable with (and for some consumers, a balance that is unaffordable), which is why they decided to move their money.
So, what happens if your balance falls below $1000? The short answer is you will be hit with a monthly maintenance fee, which opens up a whole other concern.
Big banks are notorious for imposing big fees. Bank of America (BOA) was fined $250 million, earlier this month, for a series of financial violations, including junk fees.
According to Reuters, “Bank of America reaped hundreds of millions of dollars by charging multiple fees to customers who did not have enough funds in their accounts from February 2018 until February 2022, the CFPB said in a statement. Consumers could not reasonably expect or understand they would be hit with $35 fees each time the bank declined to pay a single transaction, regulators said.”
If you find yourself at the mercy of big banking fees, and you’re tired of high minimum balance requirements on your accounts or transaction fees at the teller line, it’s time to move your finances to your local credit union because, honestly, we look at banking differently.
I work for a credit union, so I became a believer a long time ago, but for those who are exploring new options, the Credit Union movement was founded on the principle of “people helping people,” not feeing our members to death!
According to Investopedia, one of the top reasons to bank at a credit union is because of lower fees, “credit unions are free to pass surplus money to members in the form of fewer fees, more services, lower interest on loans, and higher dividends on deposits.”
Fees are the cost of doing business but for financial institutions with a conscience, there are limits. For instance, most credit unions are reluctant to raise fees and before any new fees are imposed, they are scrutinized at all management levels. Triangle Credit Union eliminated five fees this year; sadly we had to raise a loan origination fee because our costs increased exponentially.
If you’re already a member of a credit union, let me say, “Well done! You’re a financial genius!” If you aren’t, you’ve probably lost $16 while listening to this money tip! Just kidding.
Seriously, I have several friends who recently moved their accounts to a local credit union because of financial safety and soundness, lower minimum balance requirements in checking, and fewer fees. So, whether you’re just starting your financial journey or a seasoned professional with a great salary, credit unions are the right move.
Have any more great tips? If so, please contact us tcupodcast@trianglecu.org. For more great tips and full episodes, subscribe to the Making Money Personal podcast, wherever you listen to podcasts and follow us on Facebook!
Many thanks to our sponsor, Triangle Credit Union, and you—our listeners!
Have a great day everyone!