Many times parents are hesitant to talk to their kids about certain topics.  Money should not be one of them.  Two thirds of children look to their parents for advice on managing their money and most of them are not getting anything.  Now whether or not your parents talked to you about saving money or paying your bills on time your kids are wanting to hear what you have to say.  In an article published by US News and World Reports, they say, “More than 1 and 5 teens don’t know that interest must be paid on borrowed money.  Fewer than a third know how to budget their money, and only 36% know how to open a savings account.”   This should scare you! Do you know what your kids know or don’t know about money?  Starting July 1, 2010 all Ohio schools are required to teach a financial literacy class to incoming freshman (Class of 2014).  The Ohio Credit Union League has done an AMAZING job at creating a site where parents and children/teens can go to learn about a ton of different topics, like budgeting and credit.  Check out all of the great information they have to offer and maybe, just maybe learn how to talk to your kids about money.

www.moneyandstuff.info

Have you dreamed of buying your first home?  Maybe it’s been a few years since you bought your last home and need a refresher.  BMI FCU has a great seminar available for everyone.

Please join us on 

Thursday, March 18,2010                                                    Dublin Branch                                                                     6pm-8pm

Please RSVP by calling Joe Corna at 707-4057 or by email at j_corna@bmifcu.org

We will have the professionals from Revealty and a special guest from WIN Home Inspection to talk about everything concerning buying a home.  Light refreshments will be provided.

Financial Thought for the day: BMiChange Jar (our electronic change jar earning 5%APY) has helped our members save over $85,000 since we started the program.  Are you using the  BMiChange Jar yet?

The 2010 CxPi ranks 133 organizations across 14 industries: Airlines, Banks, Credit Card Providers, Health Plans, Hotels, Insurance Firms, Internet Service Providers, Investment Firms, Parcel Shipping Services (new this year), PC Manufacturers, Retailers, TV Service Providers, Utilities (new this year), and Wireless Carriers.

While the average bank score dropped significantly from last year (down to 66%), credit unions actually moved even higher on the overall list and scored 85% on the index this year.

The CxPi is based on consumer evaluations during November 2009 across three areas: 1) meeting needs; 2) being easy to work with; and 3) enjoyability

BMI Federal Credit Union takes great pride in offering exceptional member service across the board.  After all, you are more than a customer at your credit union; You are a member/owner!

Special thanks to Bruce Temkin for sharing this information on his ”Customer Experience Matters” Blog.  You can read his entire post here.

And it’s right in line with Move Your Money’s focus on shifting resources away from too-big-to-fail banks toward institutions that invest in their communities. If individuals can make an impact by moving their money, how much more can cities do?

Read more about this at the Huffington Post.   And don’t forget to Move Your Money to BMI Federal Credit Union.

King asked Orman if credit unions are a better option for those interested in transferring their credit card balances to credit unions from a bank.

“Yes, yes, yes, yes,” Orman said. “Credit unions–especially ones that are federally chartered–the maximum interest rate they can charge you is 18%. Now, while that may sound like a very high interest rate, the truth of the matter is many of these banks today are charging 29.99% interest.”

“So here is what I am suggesting. I think the United States of America–all of you should start looking into credit union credit cards and do a balance transfer,” Orman said.

See entire transcript of the CUNA press release here.

“Given public opinion about banks right now — the label “vampire squid” was recently slapped on one particular investment bank, but it sums up the Q rating for the whole financial sector — this is a good time to be offering an alternative. But the nation’s 8,000 credit unions have more to recommend them than the mere fact that they are not banks. They also offer a fairly good value proposition, with higher savings yields and lower rates and fees. That may be why credit unions, which now have 92 million members, are seeing their fastest growth since 2003.”

You can read the entire article here. 

This is a great time to transfer your business to your credit union.  Give us a call and we’ll be glad to help.  After all, you are more than a customer at your credit union; you are a Member/Owner!

“There’s a new idea being pushed by some progressive activists: individuals with accounts at banks like Citigroup or Bank of America should take their money and move it into a local bank or credit union, where they are likely to pay fewer fees and get better service.”

Credit unions, for instance, offer lower fees, longer grace periods, and competitive interest rates.

Read the entire posting here.   This is a great time to go ahead and move your deposits (and loans) to BMI Federal Credit Union.  You are more than just a customer here; you are a Member/Owner!  And that makes all the difference in the world.