Financial Literacy
What is APR vs APY?
What year were we founded?
1988
Who is the CEO of MUCCU/FMSCU?
Jim Schultheiss
ps he was an intern back in the 90s!
What is a wire?
Electronic transfer between financial institutions
Larger transfers $$$$$$
Generally have fees
Safest way to transfer funds
What is the difference between a credit union and bank?
Credit unions are nonprofits that you must be a member of in order to do your banking with them. And while a primary benefit of credit unions is often lower fees and better rates, banks may have more financial products to offer.
What is Financial Literacy?
Financial Literacy: The ability to understand and make use of a variety of financial skills as well as certain financial principles and concepts. It equips you to make better financial decisions and manage your money throughout the course of your life.
How many divisions do we have?
8: IT, HR, Finance, Accounting, Digital Marketing, Traditional Marketing, Loans, and BSA
What is a board of directors?
a group of volunteers elected to serve members’ interests. They focus on developing financial systems, setting loan rates, and enforcing policies to enhance their member’s economic well-being.
What is a CD?
Certificate of Deposits: Savings account that is untouchable for a period of time (term), but has a higher rate of return. We have 3, 6, and 12 month CDs with a minimum deposit of $500. We have special CD rates for alumni.
When was the first credit union founded?
Germany
Where is the safest place you can invest your money?
Credit Unions or Banks. While you may not get as good investment on your return, if the financial institution is federally insured, you will not lose your money!
Who is a founder of the Credit Union that also is on our Board of Directors?
Randi Thomas
Can members of fmscu access their accounts at muccu? what about vice versa?
Yes!
What is a Money Market Account?
MMA’s earn more higher yields than regular share accounts and still allow immediate access to your funds. The dividend rate may change frequently (variable). To earn dividends, you must keep at least $1000 in the account. Rates and yields normally increase as deposits progress through tiers.
What government entity oversees credit unions?
National Credit Union Administration
What is the 50-30-20 rule?
50% to needs (mortgage, rent, utilities, groceries, transportation)
30% on wants (entertainment)
20% savings (Rainy Day Fund)
What year did FMSCU merge with MUCCU?
2022
What year did MUCCU open?
1969
No!!!!
It is illegal to release banking information to a non-member! It does not matter the relationship
When did credit unions become popular in the United States?
During the Great Depression. Since many banks failed, they became a different way to get loans
There are 5 parts of a loan. Can you name 2 of them?
Principal Amount
Interest/Interest Rates
Security
Term
Fees
Before Armstrong was built, which building was FMSCU in?
Shriver Center
Where are the two locations?
31 Lynn Ave
5120 College Corner Pike
What is the difference between a credit card and debit card?
What are 3 out of 7 principles of credit unions?
Voluntary of open membership-non-profit
Democratic member control-board of directors/voting rights
Member economic participation-members
Autonomy and independence- member owned, not owned by shareholders
Financial education, training, and information
Cooperation among cooperatives-shared branching
Concern for the community