Why should you join a credit union?

Here are just a few of the reasons why you should be a First New York member!

1. Credit unions are focused on people, not profits. Credit unions operate by a “people helping people” philosophy that is hard to find at many other financial institutions.

2. Credit unions exist to serve people–including people of modest means.

3. Financial education is available to all members. Credit unions help members become better-educated consumers of financial services.

4. As not-for-profit institutions, credit unions offer better rates on credit cards–up to three percentage points lower than the average bank card rate.

5. Credit unions are available in places where banks typically aren’t, such as community development neighborhoods.

6. As a member of a credit union, no matter how much money you have on deposit, you have an equal voice in how your credit union is run.

7. Superior service, convenience, and technology. Credit union members receive the service convenience of today’s technology through telephone and online banking.

8. Your credit union can put you in business with a small business loan. Interested in becoming a credit union member? Just ask us. Call First New York at 518.393.1326 – press ‘2′ for information about becoming a member.

And NOW is the perfect time to join.  During the months of September and October we are having Membership Drive 2008, where new members have the chance to win up to $500 in free gas! Join today!

New Credit Card Podcast

Credit cards – we all have them and we use them – alot!

Our newest podcast review some tips on what to look for when shopping for a new credit card and ideas on how to use your cards wisely.  Here is the new podcast:

Credit Card Podcast

To listen to the podcast, click on the above link and the podcast will play in the blog player, or right click and save to your computer to play later.

For other available podcasts, vist the Podcast section of this blog.

Going to College? You Don’t Have to Leave Us!

Are you leaving town to attend college? You might think that means you need to leave First New York FCU behind, but we’d hate to see you go.

Once you join a credit union, you’re a member for life–no matter where life takes you. So even if you’re leaving the state to go to school, you can stay with us. We’re still here to help you with all your financial needs.

And with today’s technology, staying in contact with us and using credit union services is easier than ever. Visit us at www.firstnewyork.org for more information.

We enjoy having you as a member at First New York FCU, and we’d like to keep you with us. Contact a representative to learn more about how you can remain a member even though you aren’t in town.

Tip: Keep PINs Private

Personal identification numbers (PINs) are everywhere. They enable users to access automated teller machines, make purchases with their debit cards, shop from home, and even unlock their car doors. For each access, it makes sense to choose the same number–which means something to you, but not to anyone else – and more importantly – it’s easier to remember!

But, remember, that increases your vulnerability should you divulge or lose your PIN. Never carry your PIN with you or write it on your card, and don’t divulge it to anyone outside the family.

Remember, keep your personal identification number, personal!

Don’t Get Hooked by a Phishing Attack

If you have Internet access, you may be under attack–a phishing attack, that is. This high-tech scam involves three components:

Spoofing is creating a replica of an existing Web site.

Spamming is unsolicited, or “junk” e-mail.

Phishing is the act of using spoofing and spamming to lure unsuspecting victims, hoping to deceive you into disclosing your Social Security number, credit card and checking account numbers, passwords, or other sensitive information.

The Federal Trade Commission recommends the following tips to help you avoid getting hooked:

1. If you get a pop-up or e-mail message requesting personal or financial information, don’t reply or click on the link in the message. Legitimate companies won’t ask for this information.

2. Be cautious about opening attachments or downloading files from e-mail messages.

3. Never send personal information via e-mail. Look for a closed padlock at the bottom of your browser window, or a URL that begins with “https”–the “s” stands for secure. However, some phishers forge these security icons.

4. Review statements for accuracy as you receive them. If they’re late, call the company to confirm billing address and balance.

5. Use antivirus software and keep it up-to-date. Run a firewall, particularly if you have a broadband connection. Take advantage of free software “patches.”

6. Report suspicious activity to the FTC at www.ftc.gov, and forward suspicious messages to spam@uce.gov.

If you have any questions about phishing, or online fraud, give us a call at 393-1326 and press ‘2′.

 

The Purchasing Power of a Strong Credit History

Everyone, from college students to recent immigrants, is likely to need the purchasing power a solid credit record conveys. And if you’re married, but all credit is in your spouse’s name, you definitely should establish your own credit history.

Three national credit bureaus–Experian, TransUnion, and Equifax–track your financial behavior, so it’s important to pay your bills on time. Any delinquencies appear on your individual credit report, as does positive payment information. You’re entitled to a free copy of your credit report from each of the three bureaus annually, and can request copies at annualcreditreport.com.

When deciding whether to grant credit, lenders use credit scores calculated from the information in your credit report. Some employers and landlords also check credit scores when evaluating applicants. Your credit score is a number assessing the likelihood that you’ll pay back debt. The higher the number, the better; a high score indicates little risk of nonpayment while a lower score indicates more risk.

If you don’t yet have a credit history, start by opening a savings and checking account at First New York FCU. Show that you can handle it responsibly, then apply for a small loan. Department store and gasoline credit cards sometimes are easier to get than other cards.

You also might put your rent and utilities in your name–and be sure to pay on time. Make loan payments on time as well, and pay department store or gas card bills in full monthly. Each of these strategies will raise your credit score, and soon you’ll probably qualify for a credit card, and future lending needs.

Student Loans: More Affordable Than Ever

In the market for a student loan? You’re in luck. Student loans have low rates and don’t require credit checks or collateral.

Congress revived student loans by passing the College Cost Reduction and Access Act, which aims to make college more affordable for many families and students. The act lowers the interest rate for subsidized Stafford loans, and it also sets a schedule to gradually cut the interest rate in half by 2011.

But just how much will you need to borrow? First, calculate your approximate expenses for the year, including all fixed costs–tuition, room and board–and other indirect costs–personal expenses and transportation costs. A college can provide you with actual fixed costs and even may be able to give you typical indirect expenses at its campus. Or, use the College Board’s estimated in-state costs of tuition and fees for 2007-2008 as a guideline: $6,185 at a public college and $23,712 at a private college or university.

If college is a few years away, take today’s guideline and factor in annual increases. The 2007 College Board report on college pricing trends says college tuition costs increase, on average, more than 5% each year. Once you have an idea how much you’ll need for the year, you’re ready to do the math.

Take your estimated expenses and subtract scholarship/financial aid money you’ve received, savings, and any other money you plan to put toward expenses. The remaining amount is what you may consider borrowing.

For more information about student loans and other ways to help finance your college education, visit the credit union and talk to one of our loan officers. With rising college costs, it’s nice to know you’ll get a good deal on a student loan from First New York FCU.

 

Our blog in the news!

A big thank you goes out to the Times Union of Albany NY.  Recently they featured our blog, along with our other podcasts, in-school branches and youth initiatives, in the Capitaland Quarterly.

Here is a link to the article:

http://www.timesunion.com/AspStories/story.asp?storyID=675726

Going Greener With Your Next Car

This post isn’t talking about what color car you want – it’s about cars and the environment!

If you’re as worried about climate change on the planet as you are about climate control inside your car, it’s now easier to pick out the greenest vehicle that meets your needs and budget.  The U.S. Environmental Protection Agency (EPA)—which regulates tailpipe pollutants as well as measures gas mileage—has combined data from both roles into a new Green Vehicle Guide.  Consulting this and other Internet green car ratings will help you make a more informed decision.

If you look at EPA ratings, you can see which of the cars, vans, pickups, or SUVs you’re considering add least to your hometown air pollution as well as have the least impact on global warming.  And there’s a bonus: Cars with lower carbon dioxide emissions generally have higher gas mileage and so will cost you less to drive.

In trying to think green for your next car, here are some issues to consider:

• Look hard at how you use your vehicle.  Consider your actual automotive needs rather than just your wants.

• Choose the greenest in your category.  Even if the vehicles you’re interested in don’t show up in the EPA or other top ratings, remember that better gas mileage translates to lower emission of the greenhouse gas carbon dioxide.

• Don’t assume a hybrid is the only answer.  Though gas-electric hybrids top the mileage and green rating lists in most categories, you can find other green choices as well.

• Be alert for quirks in the EPA Rating.  Some vehicles flagged by the EPA as green standouts run most efficiently on E85 ethanol. Check here for E85 availability where you live; you’ll have to put in your zip code.

Greener choices–from small vehicles to large–are becoming available.  For the latest on hybrids and other green cars, visit Edmunds.com and click on Tips and Advice.

Tips to Avoid Late Fees

With late payment fees of $39 or more, credit card companies make millions of dollars a year just because we are a little late in making a payment.  What can you do?

The most important thing is to make your payment before the due date.  You will save on the late fee and it will help your credit score, which in turn will save you more money in your future lending needs.  Here are a few tips to help keep you on track and avoid paying late fees:

1.  Be aware of the rules of your credit card.  For example, many credit cards offer low rates, but if you are late by one day not only will you pay a late fee, but your rate will jump up, meaning it will cost you more money!

2.  If you are paying by mail, make sure you send the payment and payment coupon, at least a week before the due date.

3.  If you are paying by online bill payment, schedule your payment 2 or 3 days before your due date, to ensure that your payment is credited on time.

4.  If you find that your credit card payment comes at an inconvenient time, ask your credit card issuer to change the due date to assist you in managing your money.  Most credit card companies would be able to do this for you.

These are just a few common sense tips to help you manage your money and avoid paying fees when you don’t have to!