What Happens to Your Inactive Accounts? 

With the ease of transferring money between accounts today, it’s becoming more common for people to have financial accounts at multiple institutions. For example, you may have your primary checking and savings accounts at one place, a separate savings account at another institution, and an account with an online company like PayPal®.   While the ability to transfer money between accounts is convenient, maintaining multiple accounts can become challenging – especially if you have several accounts. If you stop using an account for a while, what happens to it? Better yet, what happens to the money in there?  Types of Inactive…

May 30, 2023We Are PEFCU No Comments
What Happens to Your Inactive Accounts? 

With the ease of transferring money between accounts today, it’s becoming more common for people to have financial accounts at multiple institutions. For example, you may have your primary checking and savings accounts at one place, a separate savings account at another institution, and an account with an online company like PayPal®.   While the ability to transfer money between accounts is convenient, maintaining multiple accounts can become challenging – especially if you have several accounts. If you stop using an account for a while, what happens to it? Better yet, what happens to the money in there?  Types of Inactive…

Share Certificates vs. Money Market Accounts: Understanding Your Options 

Share Certificates vs. Money Market Accounts: Understanding Your Options  Finding ways to save more money should always be a financial priority. However, you can only trim expenses so much before it feels like you’ve cut all the fun out of life. Luckily, boosting your savings doesn’t have to be so drastic. It all comes down to how you save – not necessarily how much you put aside.  For example, take a moment and glance at your account balances. Do you have a decent amount of money sitting in your savings or checking account(s)? If so, your savings strategy might be…

May 1, 2023Future Planning, Wallet Wins No Comments
Share Certificates vs. Money Market Accounts: Understanding Your Options 

Share Certificates vs. Money Market Accounts: Understanding Your Options  Finding ways to save more money should always be a financial priority. However, you can only trim expenses so much before it feels like you’ve cut all the fun out of life. Luckily, boosting your savings doesn’t have to be so drastic. It all comes down to how you save – not necessarily how much you put aside.  For example, take a moment and glance at your account balances. Do you have a decent amount of money sitting in your savings or checking account(s)? If so, your savings strategy might be…

8 Wise Money Moves to Make in Your 30s 

Much of your twenties is spent figuring out who you are and where you’re going in life. As you progress into your thirties, more pieces of that puzzle begin to fall into place. Perhaps you’re planning to get married or start a family. Maybe specific career goals are on your mind. Regardless, it’s often a period of significant personal growth.   Achieving many of these milestones also takes preparation. And your financial situation will often play a critical role. Building a solid financial foundation should be a priority, as it will pave the way for what’s next in life.   Use the…

May 1, 2023Wallet Wins No Comments
8 Wise Money Moves to Make in Your 30s 

Much of your twenties is spent figuring out who you are and where you’re going in life. As you progress into your thirties, more pieces of that puzzle begin to fall into place. Perhaps you’re planning to get married or start a family. Maybe specific career goals are on your mind. Regardless, it’s often a period of significant personal growth.   Achieving many of these milestones also takes preparation. And your financial situation will often play a critical role. Building a solid financial foundation should be a priority, as it will pave the way for what’s next in life.   Use the…

Fun Ways to Teach Kids About Money 

It’s never too early to begin teaching kids about money. Responsible money management is a vital skill they will carry throughout their lives. However, the subject isn’t always the most entertaining, especially for younger children. Many find it dull or have difficulty understanding the concepts.   Fortunately, there are many fun and engaging ways to educate your child about money. All it takes is a little time and some creativity. 1. Playing Games Think back to your childhood and the many board games that helped you understand how money works. Games like Monopoly and The Game of LIFE introduce young people to…

May 1, 2023Future Planning, Wallet Wins 2 Comments
Fun Ways to Teach Kids About Money 

It’s never too early to begin teaching kids about money. Responsible money management is a vital skill they will carry throughout their lives. However, the subject isn’t always the most entertaining, especially for younger children. Many find it dull or have difficulty understanding the concepts.   Fortunately, there are many fun and engaging ways to educate your child about money. All it takes is a little time and some creativity. 1. Playing Games Think back to your childhood and the many board games that helped you understand how money works. Games like Monopoly and The Game of LIFE introduce young people to…

How the Credit Union Keeps Your Money Safe 

Anytime there is news of a bank failure, it’s natural to be alarmed. For many, their minds immediately jump to the “too big to fail” bank debacles during the Great Recession. Others start to question whether their money is safe. Between the news headlines and mentions of the FDIC stepping in to cover potential losses, many begin to feel uneasy.  So, it leaves the questions “How safe is your money?” and “What steps does the credit union take to protect your funds?”   The short answer: Yes, every credit union member’s money is federally insured. But what sets credit unions apart…

May 1, 2023PEFCU Perks, We Are PEFCU 2 Comments
How the Credit Union Keeps Your Money Safe 

Anytime there is news of a bank failure, it’s natural to be alarmed. For many, their minds immediately jump to the “too big to fail” bank debacles during the Great Recession. Others start to question whether their money is safe. Between the news headlines and mentions of the FDIC stepping in to cover potential losses, many begin to feel uneasy.  So, it leaves the questions “How safe is your money?” and “What steps does the credit union take to protect your funds?”   The short answer: Yes, every credit union member’s money is federally insured. But what sets credit unions apart…

Understanding the Components of a Mortgage Payment 

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…

April 14, 2023Borrowing Basics No Comments
Understanding the Components of a Mortgage Payment 

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…

What is PMI (Private Mortgage Insurance)? 

One thing many first-time homebuyers are somewhat blindsided by is PMI (Private Mortgage Insurance). You may see it mentioned in some real estate advertisements, but not fully understand what it means. While PMI isn’t necessarily required for everyone, you should expect to pay it if you’re applying for a mortgage that isn’t backed by the government (FHA, VA, and USDA loans, for instance) or if your down payment is less than 20 percent of the value you’re borrowing.  Essentially PMI is protection for your lender. If you’re unable to make your payments, then the insurance helps lenders recover their losses.…

April 11, 2023Borrowing Basics No Comments
What is PMI (Private Mortgage Insurance)? 

One thing many first-time homebuyers are somewhat blindsided by is PMI (Private Mortgage Insurance). You may see it mentioned in some real estate advertisements, but not fully understand what it means. While PMI isn’t necessarily required for everyone, you should expect to pay it if you’re applying for a mortgage that isn’t backed by the government (FHA, VA, and USDA loans, for instance) or if your down payment is less than 20 percent of the value you’re borrowing.  Essentially PMI is protection for your lender. If you’re unable to make your payments, then the insurance helps lenders recover their losses.…

Why Volunteering Matters in Your Local Community 

Hi, it’s me, Alyssa, your community connection, and boy has it been a busy start to the year! 😊    I bet you’re wondering why it’s so important for an organization to give back to its local community. People are more likely to be loyal to organizations that give back to their community, whether it be through volunteerism, monetary donations, or event sponsorships.  While philanthropy is admirable, it also increases brand awareness. Working with other organizations expands our network and gets our credit union name and logo out in the public eye, where you typically wouldn’t see it otherwise. This…

April 6, 2023Community Engagement No Comments
Why Volunteering Matters in Your Local Community 

Hi, it’s me, Alyssa, your community connection, and boy has it been a busy start to the year! 😊    I bet you’re wondering why it’s so important for an organization to give back to its local community. People are more likely to be loyal to organizations that give back to their community, whether it be through volunteerism, monetary donations, or event sponsorships.  While philanthropy is admirable, it also increases brand awareness. Working with other organizations expands our network and gets our credit union name and logo out in the public eye, where you typically wouldn’t see it otherwise. This…

Financial Diets vs. Lifestyle Changes 

If you’ve ever tried to shed a few pounds, you know there are plenty of diets to choose from. And whether they’re dictating how much you can eat or what types of foods are acceptable, most diets have one thing in common – they’re unsustainable.  Sure, they might provide a quick fix to get you back in your favorite pair of jeans, but they won’t keep you healthy in the long term. The same “diets” are commonplace when it comes to finances. You can set goals to save more money or cut back on frivolous spending, but long-term success will…

April 6, 2023Borrowing Basics, Future Planning, Wallet Wins No Comments
Financial Diets vs. Lifestyle Changes 

If you’ve ever tried to shed a few pounds, you know there are plenty of diets to choose from. And whether they’re dictating how much you can eat or what types of foods are acceptable, most diets have one thing in common – they’re unsustainable.  Sure, they might provide a quick fix to get you back in your favorite pair of jeans, but they won’t keep you healthy in the long term. The same “diets” are commonplace when it comes to finances. You can set goals to save more money or cut back on frivolous spending, but long-term success will…

20% Down Isn’t Always Needed

We’re going to say it! YOU DON’T NEED TO SAVE 20% FOR A DOWN PAYMENT ON A HOME.   Let’s be honest. Saving 20%, especially in today’s economy, isn’t realistic. But purchasing a home can be a great financial decision that can reward you for years to come.   Buying a home is an investment in your future. Let’s say your rent is $1,500 monthly. If you keep that same rent for the next 30 years, you will have paid $540,000. And that’s being optimistic, considering rent tends to increase exponentially by the year! You wouldn’t get any of that money back…

March 30, 2023Borrowing Basics No Comments
20% Down Isn’t Always Needed

We’re going to say it! YOU DON’T NEED TO SAVE 20% FOR A DOWN PAYMENT ON A HOME.   Let’s be honest. Saving 20%, especially in today’s economy, isn’t realistic. But purchasing a home can be a great financial decision that can reward you for years to come.   Buying a home is an investment in your future. Let’s say your rent is $1,500 monthly. If you keep that same rent for the next 30 years, you will have paid $540,000. And that’s being optimistic, considering rent tends to increase exponentially by the year! You wouldn’t get any of that money back…