Tag Archives: Credit Union Difference

Member Moment : Ariel’s USAgencies Credit Union Story

At USAgencies, we understand more than ever that life, it happens. It is impossible to predict and prepare for every hurdle or event that life can throw our way. Which is why we make it a mission to stand by our members during the good, the bad, and the sad. The foundation of credit unions is built upon the philosophy of “People Helping People”, and we do everything we can to live that each and every day.

We were recently reminded by how this philosophy truly impacts our members when we spoke to one of our members about a difficult transition she recently went through. Ariel, who lost her husband earlier this year, reached out to let us know how USAgencies was there for her every step of the way. “When my husband passed, a lot of changes happened. Due to that, a payment we received was removed from our account. So not only was I a recent widow, I was beyond broke”, she said. “USAgencies understood this was beyond my control. They worked with me, they were patient, and did not pressure me”.

She went on to add, “I realized this credit union is built on heart, and take care of their own. I truly appreciate that I can rely on them, and trust that they have my best interest at heart”.  Being there for Ariel is something we would never think twice about. As she said, it is instilled in our core values to serve our members with not just integrity, but trustworthiness as well.

Ariel parted with, “I am so grateful for their support during the hardest time of my life”. Our Mission Statement here at USAgencies Credit Union is, ” We provide solutions to improve each member’s financial life”, and that is something we are proud to stand by day by day, with every member.


Want to share your USAgencies story? Connect with us today at social@usacu.org or via telephone at 503-275-0313. We can’t wait to hear from you!

Kids and Learning the Value of Money

“Children as young as three to five years of age are developing the basic skills and attitudes that lay the foundation for later financial well-being.” – Consumer Financial Protection Bureau
These skills are known as “executive function” and they lay the groundwork for future decision-making by building our capacity to plan for the future, focus attention, remember information, and manage multiple tasks. Although this sounds complicated, parents can play a pivotal role in facilitating their child’s development by talking with their children about basic money management ideas like earning, saving, planning, and spending that all rely on the elements of executive function.Parents can reinforce these ideas through play as well and “on the job training” so to speak, when they are out and about with their children in the neighborhood and/or the store.Here are some tips to get you started on the path of teaching your child smart money handling.

EARN

Share with your child that the way you get money is by working to earn it.

Describe your job to your child or, as you are out in the neighborhood or community, point out people who are working different jobs and describe what they do.

  • Point out people working like the bus driver, police officer, cashier, and your child’s teacher or caregiver.
  • Share that these individuals earn money for the work they do which helps them to pay for items like homes, food, clothes, etc.
  • Play pretend with your child and ask him or her to imagine working one of these jobs. What would the job be? What would the day-to-day work be? What would the money earned go toward?

SAVE

Once we get money it is important to think about putting some aside for the things we want in the future.

  • Start a piggy bank or saving jar with your child, have them help you decorate and label it, and put is someplace out in plain sight.
  • Practice sorting change with your child so that they start learning the names and values of coins and cash. Have them sort into categories of things you need to buy every day and things you want to save for in the future i.e. food, housing (now), vacation, large purchase (later).
  • When they receive money ask them to put all or part of it in the piggy bank or jar and have them tell you what they are saving for.

PLAN

It helps to pay attention, remember, and adjust.

  • Games help build skills that might not seem related to money management – but they form an important foundation.
  • Playing musical chairs or Simon Says help your child pay attention and make quick decisions.
  • Guessing games like 20 Questions or I Spy can help your child exercise his or her memory and think creatively.

SHOP

You need money to buy things and spending money always means making a choice.

  • As recommended above, help your child sort out change into their different denominations and help them to identify different coins and their value.
  • Encourage them to put some of them away in their piggy bank or savings jar and then talk about what they would like to spend the rest on.
  • When you are at the store or in the neighborhood point out to your child items that cost money, such as food, clothes, pets, cars, etc.
  • Talk about how your family decides what to buy and what to pass up and let him or her practice, too.
  • Give your child a few dollars and let him or her choose what to buy with what they have.

In collaboration with Money Smart Week


Ready to get your child a savings account? Connect with a Member Relationship Specialist today to get started at 503-275-0300 Option 3 or info@usacu.org. You and your child can also visit our branch located at 95 SW Taylor St., Portland, OR 97204. We cannot wait to see you!

What to Keep and What to Toss

It is Financial Literacy Month, and we are dedicated to bringing you tips and educational information on how to stay financially healthy.

Today we are talking about clutter.

How does clutter begin? A junk drawer with old batteries, gum and receipts? A desk full of abandoned paperwork? Pretty soon your dining room is looking like a thrift store with clutter all over the place, and you’re not even counting the garage or the attic!

The problem with clutter in your life is that it reduces your effectiveness. It gets in your way, impedes free movement, blocks progress and essentially keeps you from living your life at 100%.

Financial clutter is especially troublesome. Financial clutter can block your progress toward a clear financial path, and the cost can be tremendous if it keeps you from paying bills on time or leaves you vulnerable to identity theft. When you’re ready to clear the financial clutter, refer to these guidelines to help you decide what to keep and what to toss:

  • Keep sales receipts until the product warranty expires or until the return/exchange period expires. (If you need sales receipts for tax purposes, keep them for three years).
  • Keep ATM printouts for one month, or until you balance your checkbook. Then they may be thrown away.
  • Keep paycheck stubs until you have compared them to your W2s and annual social security statement (usually one year).
  • Keep paid utility bills for one year unless you’re using them for tax purposes (deductions for a home office, etc.). In that case you need to keep them for three years.
  • Keep cancelled checks for one year unless you’re using them for tax purposes. In that case you’ll need to keep them for three years.
  • Keep credit card receipts for one year unless you’re using them for tax purposes. In that case you’ll need to keep them for three years.
  • Keep bank statements for one year unless you’re using them for tax purposes. In that case you’ll need to keep them for three years. Keep quarterly investment statements until you receive your annual statement (usually one year).
  • Keep income tax returns for at least three years (six if you have multiple sources of income).
  • Keep paid medical bills and cancelled insurance policies for three years.
  • Keep records of selling a house for three years as documentation for Capital Gains Tax.
  • Keep records of selling stock for three years as documentation for Capital Gains Tax. Keep annual investment statements for three years after you sell your investment.
  • Keep records of satisfied loans for seven years.
  • Keep contracts as long as they remain active.
  • Keep insurance documents as long as they remain active.
  • Keep stock certificates and records as long as they remain active.
  • Keep property records as long as they remain active.
  • Keep records of pension and retirement plans as long as they remain active.
  • Keep marriage licenses forever.
  • Keep birth certificates forever.
  • Keep wills forever.
  • Keep adoption papers forever.
  • Keep death certificates forever.
  • Keep records of paid mortgages forever.

In collaboration with Money Management International


Questions? Connect with us by calling 503-275-0300 Option 3, or stop in our branch located at 95 SW Taylor St., Portland, OR 97204.

Spring Clean Your Finances

In collaboration with our friends at Consumer Financial Protection Bureau.

There is something about Spring that makes us feel like we have a fresh start. From the sunnier skies to the blooming flowers – this time of year always gives us a little extra boost to tidy up around or homes and yards. It is also important to take the time to do the same with our finances! Here are a few ways to get started on Spring Cleaning your finances.

1. Request a free credit report

You can request a free credit report  every 12 months from each of the three major consumer reporting companies (Equifax, Experian and TransUnion). Once you have your credit report, you can check for and correct any errors. This is especially important if you’re thinking of making any big purchases, like buying a new home. Our checklist will help you know what to look for in your credit report. Try setting a calendar reminder so you remember to check your credit reports on a regular basis. You can request all three reports at once or you can order one report at a time. By requesting the reports separately (for example, one every four months) you can monitor your credit report throughout the year.

Just like with the big three consumer reporting companies, you can also get free copies of your nationwide specialty consumer reports every 12 months from many of the specialty consumer reporting companies. Specialty consumer reporting companies collect and share information about employment history, medical records and payments, check writing, or insurance claims.

2. Address debt

If you’re facing a large debt or your payments are overdue, your first instinct may be to ignore the debt or hope it goes away. But, that will things worse and lead to more stress down the line. There are strategies that can help you make payments that work for your current financial situation.

First, review your bills and make sure you understand what you owe. Using automatic Bill Pay with your credit union, or utilizing a bill tracker can help you stay on top of your payment due dates.

Second, contact your lenders to see if alternative payment options are available. You may be able to change your due date so that a payment is due closer to when you receive your income.

3. Review your spending

Have you ever looked at your credit card bill and wondered where all those charges came from? Or, have you found yourself swiping your credit card for a purchase before you’ve had a chance to think about it?

Gain control over your credit card spending by taking a close look at your credit card purchases over the past couple months. If you’re looking to cut back, try breaking down necessary expenses vs. wants. Once you see how you’re spending, try creating a “rule to live by” to make sure you stay on track. These kinds of simple personal guidelines, such as using cash for smaller purchases, make it easier to stick to your goals over time.

You can also utilize money management tools to help keep all your finances in focus. By knowing all your accounts and tracking your budget all in one place, it can help reduce stress and give you peace of mind.

4. Save automatically

After checking your budget, you may see some more opportunities to boost your savings. For example:

  • If you have a credit union membership and direct deposit, you can arrange to automatically deposit some of your paycheck to a savings account every time you’re paid, instead of all of it going into a checking account.
  • You can check with your employer to see if it’s possible to split your paycheck into two accounts. You may also be able to transfer some of the money in your checking account into a savings account at another institution to keep it out of sight out of mind.

Did you know that nearly 46 percent of consumers indicated that they could not pay for an emergency expense of $400? When you save for unexpected expenses, you can handle them when they happen without having to skip other bills or borrow money. Start with $500 as your goal. This is enough to cover a lot of common emergencies, like car repairs, a plane ticket to care for a sick family member, or smaller medical costs.


Questions? Connect with our Member Relationship Specialists today at 503-275-0300 Option 3, send a secure message or chat with us when you log into your Online Banking! You can also stop by our branch located at 95 SW Taylor St., Portland, OR 97204 – we are here to help!

Letter from the CEO: We’re here to help!

At the beginning of 2019, the government shutdown added to a lot of members’ financial worries. As a credit union with a primary membership field of federal employees, we actively assisted our members who were affected by the government shutdown with our Furlough Assistance Program. Our goal is to provide members with some peace of mind, and we are always here and ready to help.

As a member-owned financial institution, we are here to serve our members by living up to our mission to provide solutions to improve each member’s financial life. We pride ourselves on things we do and won’t do, including how we won’t turn our backs to our members when they need us the most. Your financial wellbeing is and will always be our top priority.

Looking ahead, we will continue to provide our members free financial education and counseling to guide them in their financial success. It’s important to start building good financial saving and spending habits in our youth, and that is why we are excited to bring financial reality fairs to local high schools in 2019. The program will help students gain a good understanding of the benefits and importance of budgeting, and practice making sound financial decisions as an adult.

I would like to take this opportunity to thank our members for the trust they place in us, and thank you for being a part of USAgencies’ family!

Jim Lumpkin, President/CEO, USACU
Jim Lumpkin
President/CEO
USAgencies Credit Union