The Unbank Blog

Saving Money Is Easy

Connex Credit Union — Fri, 27 Jan 2012 16:16:46 +0000

Back in November, I held a contest to see what people’s best money saving tips were. I got some really great responses! By seeing all these tips, I learned that saving money is easy. I wanted to take the time to share some of the great tips I got with you all!

What money saving tips do you have to add to this great list?!

“Set a personal budget and monitor all income and spending throughout the week or month. This makes it easy to track spending habits and overall save some money!” – Matt

“I like to reuse water bottles so I don’t have to buy them as frequently.” – Amanda

“I have a reusable water bottle that I wash and refill.” – Kiana

“Save drink bottles and go to the bottle return at local supermarkets, gives extra cash to college students!” – Sierra

“Check your receipts! At supermarkets, I often get charged twice for a single item. If you notice that you got charged twice, ask for a refund. Also, read your credit card statements, and place every transaction! I just recovered $20.06 by disputing a faulty credit card transaction from a New Jersey gas station.” – Anton

“Have a plan of what you want to buy before going somewhere where you’ll spend money; like the grocery store” – Bianca

“Try not to go to the mall ever weekend!” – Taylor

“I try to avoid fast food/eating out as much as possible! Bagged lunch and dinner at home really saves!” – Margaret

“Keep track of all warranties.” – Megan

“Never go to the grocery store hungry! Stick to your list.” – Patrick

“No cable! Carpooling with my husband! Buying in bulk!” – Madeleine

“Unplug appliances, lamps, phone chargers, etc. when not in use, you could shave $ off your electric bill (i saved $20).” – Jessica

“Try not to buy anything at the grocery store that isn’t a staple without coupons!” – Adina

“The clothes dryer uses the most energy in the house. I dry my clothes on a rack in the basement and then toss them into the dryer when they’re about 90% dry. This cuts the drier time significantly” – Deena

Chris Whalen, VP of Unbanking

5 Tax Documents Most People Should Have

Connex Credit Union — Thu, 19 Jan 2012 17:28:41 +0000

As the W-2’s and other tax forms start making their way to your mailbox or inbox, Yahoo! Finance reminds us of five tax forms that most Americans shouldn’t be without. There are of course exceptions, but it doesn’t hurt to double check.

1. Form 1040
This is the standard form that you will actually file with the IRS. On this form you will find out if you owe the government or if they owe you.

2. Form W-2
This form comes from your employer. It tells you how much you made during the year and the amount of taxes that were withheld.

3. Form 1099
This form is for all different sorts of income, including but not limited to interest or investment earnings.

4. Annual Mortgage Statement (if you have a mortgage)
This form tells you how much interest you paid on your mortgage, which is tax deductible.

5. Last Year’s Tax Return (a useful reference and refresher)
You never know when last year’s information could come in handy.

Take a look at the video from a Yahoo! Finance expert, as she explains what each form is and why it’s important.

Watch video here.

As a reminder you can WIN & SAVE when you use Turbo Tax as a Connex Credit Union member! Just file your taxes with Turbo Tax through your online banking account and you’re entered to win $15,000! Plus Connex members exclusively save %15 off the regular price of Turbo Tax Federal products! Find out more about the contest here.

Do you prepare your own taxes or take them to an expert?

Chris Whalen, VP of Unbanking

The Home Stretch

Connex Credit Union — Tue, 10 Jan 2012 18:25:29 +0000

It’s a new year and the home stretch towards what I’ve been working four years for. Only four months stand between me and a degree. Also, only four months left of my internship here as the VP of Unbanking at Connex. I want to take this time to reflect on what I’ve learned and what my plans are for 2012.

Since starting in late August I can tell you that I’ve learned more about credit unions, banks, and social media than I ever thought I could. I found myself waking up and checking the latest news on the Bank of America debit card fee and Bank Transfer Day. I was also checking constantly for social media news and even going to social media meetings with national experts. It was definitely a busy year with Facebook, Twitter, YouTube, and Google+ all making changes to their platforms.

So far at Connex, I really got to see the human side of both Connex and other credit unions. When BOA and other major banks started making news of new fees, I saw Connex employees that were genuinely upset with the news. With our Bank Transfer Day announcements I saw the biggest surge in social media feedback since starting my internship. All of it was positive. People were really engaged with the Bank Transfer Day message. It was really great to see!

Looking ahead into 2012 I am very thrilled. We have some really exciting things planned! Have you noticed one change already? Yup, you got it! The Unbank Blog has been completely redesigned. Stay tuned though because we have contests and some very important (and exciting!) announcements planned for 2012!

What are you looking to get from Connex when it comes to social media? I want to help make your connections with us as fun and meaningful as I can!

Chris Whalen, VP of Unbanking

5 Really Cool Gift Ideas

Connex Credit Union — Tue, 13 Dec 2011 17:40:51 +0000

If you haven’t finished your holiday shopping yet, I’m sure you’re not alone. I am nowhere near done with my holiday shopping. I like to think hard about the gifts I give out. I try my best to be creative. Just recently, I came across this website that finds unique, interesting, and sometimes unusual products and tells you where they can be bought. With a fitting name the site is called www.thisiswhyimbroke.com. Below are 5 products I found on thisiswhyimbroke.com that I think would be great gift ideas for anyone! (I certainly wouldn’t mind getting them at least!)

1. Like/Dislike Stamps
Perfect for when red pen corrections just aren’t enough.

2. Run Away Alarm Clock
For those of us that need a little extra push in the morning to wake up.

3. The Cookie Popsicle
Could it really get any better than this?

4. Fish in Luxury
Fish deserve to live well too.

5. Water Jet Pack
Alright, this is cool. Who wouldn’t want this?!

Honestly if I got any of those gifts, I would be pretty darn happy.

What are some really cool gift ideas you have in your arsenal? What is the coolest gift you’ve ever gotten?

Chris Whalen, VP of Unbanking

5 Tips To Make Sure You’re Getting The Best Deal

Connex Credit Union — Mon, 05 Dec 2011 14:16:16 +0000

This holiday shopping season is sure to be full of deals and record setting sales. This year’s Black Friday brought in over 52 billion dollars to retailers. Sales can be exciting, but they aren’t always the best deals. Retailers have a habit for advertising their “lowest price ever” only to make it lower the following week. Sometimes the best sales are AFTER Black Friday and Cyber Monday. Here are 5 tips to help you make sure you’re getting the best deal this holiday shopping season.

1. Compare prices

Before you buy anything you should compare prices from different retailers. Look at all the flyers and check online. If you’re mobile savvy a great app is Google Shopper. This app is perfect for comparing prices right in the store. Just scan the barcode with your phone and Google searches the web for the item. You can sort by price low to high.

2. Be aware of the return and price match policies

Have you ever purchased something only to see the same exact item cheaper in a different store? It is important to know the store’s policies on returns and price matches. You want to make sure you have the freedom to get the lowest price. If you see a cheaper price, you should return the more expensive one after buying the better priced item. Many retailers either have an official or unofficial price match policy. If you can bring in proof of the lower price (sales flyer, coupon, dated price tag picture, etc.), most retailers will give you the difference. Be sure to read any and all fine print, since some deals cannot be price matched.

3. Coupons

The best source of coupons is in weekly flyers in the Sunday paper. However, most retailers will accept coupons printed from online. Some in-store coupons are only available to people who subscribe to a retailers e-mail lists. If you don’t like getting tons of sale e-mails every day, you are in luck. There is a blog called printable-coupons.blogspot.com that has a huge list of updated printable coupons from most major retailers. Do you prefer to shop online? If so, it is essential that you check retailmenot.com for the latest coupon codes before you submit any online order.

4. Get the math right

You’ve compared prices and have an envelope of coupons in your hands, so far so good. But coupons and sales can get tricky. You have one coupon that saves you $10 off $50 and another coupon that saves you %15 if you spend $100. Which one is actually the best deal? There are tons of calculators on the internet and for your mobile phone that are specifically designed for calculating and comparing the prices of sales and coupons. A great one for Android phones is simply called Discount Calculator.

5. Let the internet shop for you

Don’t have time to compare prices, clip coupons, or get to the store? No problem. An internet company called Shop It To Me will shop for you (currently only cloths). After setting up a free account, you can set search metrics like the types of cloths you’re looking for, what sizes, how much it should be discounted by, the brand, and the price range you’re willing to search in. Shop It To Me will search verified brand and department store websites from items that fit your metrics, and then e-mails you with a picture, price, and link to all the items that match.

How do you make sure you’re getting the best deals? Don’t forget, I’m giving away $50 on Facebook for my “How Do You Save Money” Sweepstakes!

Chris Whalen, VP of Unbanking

Source: http://money.cnn.com/2011/11/29/pf/holiday_sales/

Every Day Is Bank Transfer Day!

Connex Credit Union — Mon, 14 Nov 2011 16:56:08 +0000

Saturday, November 5^th was Bank Transfer Day. Over 40,000 new members joined credit unions all over the country that day. Since September 29^th over 650,000 people have ditched their banks and opened up memberships at their local credit unions. Ever since the big banks announced new fees on debit cards and checking accounts people have been in an uproar. So much of an uproar infact, Bank of America and Wells Fargo decided to ditch their debit card fee idea. The question of where will banks make up lost profits still has not been answered. Many wonder what will be next higher loan rates, lower savings rates, or even increased fees across the board. Why wait to find out?!

November 5^th is over, but that was just one day. At your local credit union every day is Bank Transfer Day!

Now I would like to throw in my two cents into the conversation. The purpose of a bank is to make a profit and create a return on the money they invest. However, banks have shareholders. The very nature of shareholders is to demand higher profits so they can get bigger payouts. This is a struggle that companies work hard to try and balance. Do they listen to their customers or do they listen to their shareholders?

I say why even bother waiting to see if a bank is going to be in your favor or the shareholders? Your local credit union doesn’t have shareholders to pay out to. By default a credit union works in their members’ best interest.

Do you still have any apprehensions about joining a credit union? If so, what are they?

Chris Whalen, VP of Unbanking

P.S. – I’m having a contest on my Facbook page! Share a money saving tip for a chance to win a $50 gift card! Hurry the contest ends on 12/09/11!

Are You Fed Up With Banks?

Connex Credit Union — Fri, 04 Nov 2011 20:43:48 +0000

These past few months banks have been coming out with all sorts of new fees. The people got their message heard and the “debit card fee” was abandoned by Bank of America and Wells Fargo. That is a good first step, but who knows what sort of new fees the big banks will think up next. Why not make the full transition out of banks into a credit union?! This Saturday, November 5^th is officially Brank Transfer Day!

Chris Whalen, Vice President of Unbanking

Don’t forget to “like” the UnbankVP at www.facebook.com/UnbankVP!

International Credit Union Day – Credit Unions Rule!

Connex Credit Union — Fri, 28 Oct 2011 13:44:14 +0000

Last Friday, October 21^st I celebrated International Credit Union Day (ICU Day) with Connex members. It was an exciting day getting to see 5 of Connex’s 7 branches. I was a little nervous at first to go to different branches where I wouldn’t know anyone, but everyone was really kind and welcoming.

In celebration of ICU Day and as a thank you for being a member I handed out Connex tape measures and pens. (And shamelessly plugged my Facebook page, cough cough)

Really though, ICU Day is all about appreciating members of credit unions. This year’s theme was “Credit Unions Build a Better World.” It seems like such a simple idea, but it really gets to the core of what credit unions are all about. We are here for our members and look out for their best interests. In a time when banks are inventing new fees and increasing existing ones, consumers really need a financial institution looking out for them. That is why credit unions rule!

Do you have any questions about credit unions? I would love to answer them!

Chris Whalen, Vice President of Unbanking

Perfect Time for Fall Activities

Connex Credit Union — Wed, 19 Oct 2011 16:14:54 +0000

It the midst of all the crazy news about bank fees, Wall Street protests, and everything else going on, I almost forgot it was fall. It is just about a month into the season and I haven’t done anything fall related! Just the other day when I was grocery shopping, I made sure to pick up some apple cider. Just so I could say I did something for fall. I decided to come up with a list of the top 10 fall activities I wanted to be sure to do this year!

Top 10 Fall 2011 Checklist

Carve a pumpkin
Go through a corn maze
Go apple picking
Eat fresh apple pie
Drink some warm cider
Go leaf watching
Go to a haunted house
Eat fresh pumpkin pie
Have a scary movie marathon
Drink as much pumpkin coffee as possible

Now these are just a few of the things that can be done during the autumn season. I’m pretty sure pumpkin carving is in my near future! And pumpkin coffee has been keeping me awake everyday!

What are you favorite fall activities? Have you done anything fall related this year?

Chris Whalen, VP of Unbanking

Don’t forget to follow me on Facebook!

New Checking Account Fees at Banks – Choose a Credit Union!

Connex Credit Union — Wed, 12 Oct 2011 14:34:19 +0000

If you’ve seen the news at all this week, you’ve probably noticed that Bank of America is going to start charging its customers $5 per month to use their debit cards. They aren’t the only ones with new checking account fees. Citi bank will also start charging $15 per month on certain checking accounts. According to CNN less than half of all checking accounts are without a monthly fee. Personally, I don’t think anyone should have to pay money to use their own money. Hopefully you feel the same way, and will join me as I Unbank.

Why is this Happening?!

Are Wall Street bankers getting a new hunger for greed? Not exactly. In 2010, the Dodd-Frank Financial Reform Bill was signed into law. An amendment by Senator Durbin proposed that the debit interchange charged by banks be capped and regulated by the Federal Reserve. Major banks can now only charge a fraction of the interchange they used to charge. Banks are now just moving the costs from retailers to their own customers to make up for lost profits. Shareholders have an expectation of the firms they invest in to make profits for them.

What is Interchange?

I’m going to try an explain interchange as simple as possible. Whenever you swipe your debit or credit card there is a fee charged by the banks to the retailer. This fee is in place to cover the costs of processing the transaction, and to protect against any fraud. Until recently, this fee had been unregulated by the government.

The Credit Union Difference!

Luckily it isn’t all doom and gloom in the financial world, because we have credit unions! Most credit unions have less than 10 billion dollars in revenue, which allows them to be exempt from many parts of the new law. This allows credit unions to continue to provide lower cost solutions for members. Not to mention that credit unions are non-profit organizations. This means that credit unions don’t have shareholders demanding large profits and payouts. Credit unions work in the best interest of their members.

Most credit unions have low or no fee checking accounts. A good example of this is Connex Credit Union’s Unbank Checking. I recently opened up an Unbank Checking account. My old bank will soon start charging me a monthly checking account fee. I switched to Connex’s Unbank Checking because there is no monthly fee! On top of that, if I keep it green by using direct deposit, online banking, e-statements, and my debit card Connex will give me a 2.50% APY return on my money! I’m now getting rewarded to use my debit card. There’s no such thing as a fee to use a debit card at Connex!

To Check Out Connex’s Unbank Checking Click Here!

Chris Whalen, VP of Unbanking

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