In this month’s newsletter, First Choice looks at a simple problem – better communication. More information isn’t always a bad thing, but too much from too many directions can be. How does First Choice plan on communicating with you effectively today, and into tomorrow? How do we plan on informing you without drowning in details and data?
We look at that, and more, in this issue…
From the Desk of the CEO -Information is not Communication
Many of you know that I have two boys. They are the joys of mine and my wife’s lives. At this point, they are still very young and very cute. Not a ton of back talk – although they may be as advanced with that as they are in other things.
The boys have always been wonderful. We delight in their intelligence. We love seeing the world through their eyes. We find them genuinely funny.
They have an innocence that restores your faith in humanity.
I remember with fondness making my children show everyone at such an early age how they mastered my phone and iPad. They could turn it on, swipe through apps, and find what they were looking for quickly and easily.
Clearly geniuses!
Six years later, if we allowed it, every meal would be interrupted with YouTube videos of kids playing with toys THAT WE OWN.
One of our biggest concerns now is that our kids learn how to communicate in ways that don’t involve their thumbs or a keyboard.
Don’t get me wrong…
We have gained so much over the years from technology and instant access to information. We have made the world a smaller place by knocking down figurative borders and as a result can experience so much more of life.
In fact, since starting this article my wife has reminded me of things I need to do via text. Since they are in written form, I have a better chance of actually doing them by referring to the text later.
There still need to be more
However, with all this advanced technology and information, we almost have too much coming at us at one time. We naturally build safeguards and roadblocks to protect us from the onslaught. There is never a sense that we are “missing out” on anything because we will just be able to search for it again. This continuous stream of information can actually impede communication. There is too much noise and it tends to deafen us to detail.
Communication is a two way street. Not only is there a message, but there must also be a willingness to receive and respond. There is a natural back-and-forth. Sometimes you need a little more feedback than a “like”.
How First Choice Communicates
At First Choice Federal Credit Union we are here for the back and forth of an actual conversation. Your personal financial journey is unique and so is the solutions we can present to best suit your needs.
At the credit union, we have a challenge when it comes to communication with you. We have to overcome your natural roadblocks, but still have things that we need you to know about from time-to-time.
By our next newsletter will be launching at least one, if not two, valuable products for you. How can we reach you without becoming noise?
Here are the ways we try and contact you.
* We communicate with you when you visit or call us.
* We have launched our secondary website (here) that is often updated to bring you relevant information that can be searched at any time.
* We may occasionally e-mail you to highlight some of the most recent changes or articles.
* We are very active on Facebook, trying to keep our members informed. We ask that you would like our page and if something particularly impacts you, please share it.
* We promise that we will never telephone you unless it is important to your account.
We love communicating with our members in any form.
Talk to you soon!– Michael Vatter, CEO of First Choice Federal Credit Union
Oh…that was as clear as mud!
So you just got this amazing deal on shoes. They will go perfectly with your new outfit. You almost forgot you had that bill pay scheduled to come out on Monday.
Thankfully you have a reserve.
Now as long as nothing else comes up…like your spouse using their debit card to get gas and now you don’t have enough money in your checking account.
Great…
Now how much is this going to cost you?
Well, it depends.
If you have the funds available in your savings account this will cost you just $5.00. If that is not available, we will look to see if you have Courtesy Pay Protection.
What is Courtesy Pay Protection?
We make Courtesy Pay available at our discretion to members to allow an account to be overdrawn by up to $500.00 to pay a presented item. Courtesy Pay overdrafts are assessed the same $30.00 fee you would be changed if the item were returned unpaid.
The benefit is that the item is paid and you avoid the cost, time, embarrassment and hassle of dealing with fallout from not paying the merchant.
NOW THAT IS HELPFUL!
Transactions made with your debit card are a little different. Unless they are recurring charges set up through your debit card, the transactions you make every day with your debit card at a point of sale or ATM do not have access to the Courtesy Pay overdraft limit and your swipe may be declined.
HOW CAN YOU AVOID THIS?
Complete an OPT-IN form you can find in any of our offices.
An Opt-In decision will allow you to access the Courtesy Pay overdraft limit if your swipe would otherwise be declined at the point of sale or ATM.
Of course, like other access to the Courtesy Pay overdraft limit, a $30.00 Courtesy Pay fee would be charged.
Sorting it all out – the bottom line
To recap, if you make a transaction and there isn’t enough money in your checking account, we will first look to transfer funds from your savings account. If there isn’t enough there to pay the item, we will access your Courtesy Pay overdraft limit to pay the item, if available.
If it is a debit or ATM transaction, and your have Opted-In, we will authorize payment of the item when you swipe (or insert your chip card). Only after all this will an item be returned unpaid or a swipe declined.
Just looking out for our members!
Honey, it’s the IRS for you!
April 15th is an important date on the calendar. The end of one thing and the start of something else. Accountants all over the US are happy to see 2019 Tax Season conclude and it signals the beginning of Tax Fraud Season.
Actually, these anxious thieves may have already started.
You may receive a call from someone pretending to be from the IRS claiming that you have made a grave error on your tax return. You still owe them another $2,500 for this year or else you will be subject to severe monetary fines and penalties up to and including jail time.
But you are “in luck”, if you agree to send them just $1,500 by tomorrow in Apple iTunes Gift Cards they will forgive the rest of your debt.
“Please don’t tell anyone about this special deal.” After all they are the IRS. They have a scary reputation to keep up.
There are a few things wrong with this statement.
Breakdown of how to spot a scam
The first thing is, the IRS doesn’t call. Their preferred method of contact is via the mail.
Secondly, while they may offer a settlement arrangement, it will always be in writing.
Third, they would NEVER want any other payment method than check.
Finally, they will not request that you keep any settlement agreement a secret.
These fraudsters are very convincing. This is what they do for a living and unfortunately, they are quite good at it. There is a common embarrassment that comes along with making a mistake, especially a financial one.
Financial matters are typically private, so it is only natural to have some of this shrouded in secrecy.
The most important thing to do is go with your gut. Keep your eyes wide open. If you feel uncomfortable, engage with someone for help.
We are always here if you need us.
If you’d like more information on this subject, you can review our article, “Honey, the IRS is on the phone”.
Congratulations on the graduations – or, Da, da, da, da…da, da, da, da, da, daaaa
Lots of Pomp and Circumstances for the graduating class of 2019.
Congratulations!
Soon will be the graduation ceremony, then the grad parties, then the shopping for your dorm room, then many tears and excitement.
Let your credit union help you get ready. You are going to need a savings and checking account. Both of which are free here at First Choice. There are no minimums in your checking account. Your savings account just needs to maintain the $10 balance that all members keep.
You better store some of that grad money in a safe place not in your hands. Trust us, you will thank us later when you need things like study pizza and rejuvenating coffee.
No matter your major, your institution, or your grades, college is a wonderful experience. We hope that you make the most of it and more than anything else, you learn how to learn and maximize your potential. Education is an investment into your very bright future!
Best of Luck and welcome to college!