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At Pacific Service Credit Union, we believe that teaching children and young adults about money management instills important financial habits that last a lifetime.  That’s why we’ve designed a suite of products specifically suited to children and young adults.

And better yet, when you give the gift of membership by opening an account for anyone 21 years or younger before December 31, 2012, we’ll deposit $25 to help them get started.  Here are our age-specific products:

Savings Accounts
We believe it’s important to teach our children and grandchildren to save money.  For young adults, we’ve lowered our certificate minimums to only $100 to make it easier to maximize their earnings.  We also encourage members under age 21 to save by adding an extra $5 to their account when they deposit their birthday money with us.

FirstStep Checking
FirstStep Checking was created for members 23 and under.  It features no minimum balance requirement, no monthly fees and out-of-network ATM fee reimbursement up to $3 per transaction and $12 per month.  And it still has all the “frees” of our regular checking accounts like a Visa debit card, mobile banking, online banking, eStatements and bill pay.

Visa Platinum Starter Card
We also want to instill the importance of building a positive credit history.  That’s why we developed our Visa Platinum Starter Card program.  It features no annual fee and an initial $500 credit limit, which is low enough to manage for first-timers while they build a positive credit history.

First-Time Car Loan
Buying a car is likely in your young adult’s future.  They imagine color, style and features, but they also need to consider a low rate and an affordable monthly payment.  That’s where we come in.  Using a parent co-signer may help them qualify for our lowest rates.  That’s a huge benefit and a rare opportunity.

We know our kids have challenges ahead, but finding affordable financial services shouldn’t be one of them.  Check out our website devoted to our young adult members for more information.

If your child or grandchild isn’t already a Pacific Service CU member, it’s the perfect holiday gift.  Skip the “cash in a card” and give them financial benefits that last a lifetime.

You may also be interested in:

The “I want that!” lesson for kids
Young Adults and Money 101
Ten Ways for Young Adults to Build Credit

by Kristin, Vice President, Marketing

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Our 2011 blog, Top 10 Ways to Save Money, continues to be one of our most popular posts.  If you haven’t read it, check it out here.  If you already read it, back by popular demand, here are 10 more ways to save.

Couponing
Member Irene commented on our last blog about couponing.  Coupons can be a great way to save money.  By devoting a couple of hours per week, you can “clip” coupons, search online for deals, and organize your savings for easy use.  Often, making trips to multiple stores can add up to even bigger rewards.

Bulk Shopping
Shopping for items in bulk can also help you save.  The question to ask yourself is:  will you use it before it goes bad?  Buying meat in bulk can be a big savings, if you have a large enough freezer.  Package the meat in serving size freezer bags prior to storing and write “use by” dates on the bags to prioritize usage.  Other valuable bulk purchases are toiletries and household supplies, such as paper towels.

Discount Shopping
Member Karen commented that she shops at thrift stores for some items.  Great idea Karen!  Other options are garage sales, dollar stores and discount stores like Ross and Marshalls.

Gardening
Planting a garden is a great activity for families and supplies a bounty for the kitchen.  If you don’t think you have the space, containers are great for tomatoes, green beans, strawberries and more.  Buy starter plants to make it easier and don’t hesitate to ask questions at the nursery.

Split It
When you’re out with family or friends, how about splitting an entrée or sharing a couple appetizers and a dessert instead of a large and expensive meal?  It can trim your bill – plus, it’s fun!

Stick to Water
Improve your health and your wallet by cutting the extra juices, sodas, coffees, teas and sports drinks from your diet.  The high prices and high calories make it an easy way to tighten your belt.

Annual Household Expense Assessment
Investing time to analyze your spending is an important part of budgeting.  You could be spending more than you need to on bills like home insurance, car insurance, home phone service and cell phone.  Call your provider to ask for specials, discounts and to see if you’re still in the most appropriate plan for you.  They can assess your current situation and usage to see if they can save you money.

Save as You Go
Instead of being hit with those large expenses, try saving throughout the year.  You can setup multiple savings accounts in BranchLine using the “Open an Account” button.  Create one for property taxes, one for a vacation fund, one for a holiday fund – the possibilities are endless.  Setting up automatic transfers, payroll deduction or direct deposit to those accounts will help your savings grow effortlessly.

Keep a List
Shopping with a list can help keep you organized and curb impulse spending.  There are even phone applications that can help.  An app like Cozi Family Organizer lets your whole family share a list, so you’re never guessing, which can lead to overbuying.

Watch those Fees!
Avoid overdraft fees by being aware of your checking account balance.  You can setup overdraft protection and account alerts to notify you if your balance drops below a particular threshold.

Avoid ATM fees by using an ATM within your financial institution’s network – those $3 fees add up quickly.  With Pacific Service Credit Union, we have more than 30,000 free ATMs through the Co-op network and other participating partners.  Better yet, our Relationship Checking account reimburses fees from out-of-network institutions.

Avoid credit card annual fees.  Always read the credit card disclosure box prior to opening a card.  (Here are my tips on how to decipher those overwhelming disclosures.)  There are still cards out there with no annual fee, like our Visa Platinum Card.  Even our Visa Platinum Rewards card $25 annual fee is waived if you have our Relationship Checking account.

Those are my latest tips; share yours in the comments.  Good luck with your savings plan!

by Kristin, Vice President, Marketing

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What is bankruptcy?
Bankruptcy is the legal description for insolvency.  When a person or organization cannot repay their debts, they can file for bankruptcy with the court in an effort to gain temporary or permanent relief.  Reasons for filing personal bankruptcy are varied, but often focus on overextension of debt, medical costs or loss of a job.

There are two types of bankruptcies.  Chapter 7, or liquidation, allows a debtor to give up all of their assets for discharge of their debt.  Chapter 13, or debt adjustment, temporarily stops collection activities on accounts so the debtor can formulate a plan to pay back some or all debt obligations over a 3-5 year period.

Bankruptcy can be complicated.  There are income limitations, time period restrictions and legally-required financial counseling prior to filing.  Filing for bankruptcy will adversely impact your credit for 7-10 years.  During that time, you begin the process of rebuilding your credit and typically will pay higher interest rates to borrow.  Due to the complicated nature of bankruptcy, it is important to consult with a bankruptcy attorney for advice and guidance.

There are other options.
We understand that your family’s financial situation may seem impossible; however, bankruptcy is not your only solution.  Bankruptcy does not forgive all debts, so depending on your circumstances, it may or may not make sense for you.

We recommend you consider an alternative solution that includes budgeting, saving and planning for your future.  If you feel that you are overextended, speak with a professional.  Contact a non-profit financial counseling service, such as Take Charge America or Consumer Credit Counseling Service.  They will be your advocate.  Professional counselors will review your finances, set up a personalized program and can even deal directly with your creditors at no cost to you.

Taking charge of your financial situation can protect your assets, your credit rating and your future financial security.

You may also be interested in:
Avoiding Foreclosure
When you can’t make the loan payment
4 Steps to Living Debt Free

by Hemlata, AVP, Lending

Pacific Service CU cannot give legal advice.  Please consult your legal advisor for details.

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eStatements are a win-win for everyone.  Here are some reasons that savvy members choose “e.”

Reduce Waste
Receiving statements electronically is a great way to “go green” by eliminating the paper waste.

Speed
You’ll receive your statement several days sooner.  No more waiting for the mail, your email notification is sent as soon as statements are available.

Safety
Using eStatements can protect your account information.  Since there’s no paper, you can prevent mail tampering and the risks of maintaining paper records in your home.

Organization
You don’t have to file away your paper statement just in case you may one day need it and then search your house when you do.  We’ll store them for you clutter-free.  Whenever you need to reference your financial history, simply login to BranchLine.

Cheaper
eStatements are a cost savings for the Credit Union.  As a cooperatively-owned financial institution, when we save money, we put that money back into the organization for our members’ benefit.  We provide lower fees, lower loan rates and higher savings rates.  We also invest in ways to better serve our members, like home banking improvements, the shared branch network and mobile banking.

Starbucks
The best part is that the coffee’s on us.  Everyone loves a freebie, especially a dark, delicious cup of caffeine.  When you cancel your paper statement before August 31, 2012, we’ll send you a complimentary $5 Starbucks card.

It’s easy to cancel your paper statements.  Simply login to BranchLine, click eStatements and change your preference to “Cancel Paper.”  Or, use our simple two-click form right now.

You may also be interested in:

Using Online Channels to Prevent Fraud
What is Shared Branching?
What is Skip Pay?

by Kristin, Vice President, Marketing