Show:
Financial Literacy
FMSCU
MUCCU
Teller Shift
Credit Union Movement
100

What is APR vs APY?

  • APR is the annual percentage rate on a savings or borrowing product and represents the cost someone pays each year to borrow money; this includes fees.
  • APY is the “actual rate” someone earns on a balance. Essentially, the APY measures the total amount someone pays in interest while taking the frequency of compounding into account.


100

What year were we founded?

1988

100

Who is the CEO of MUCCU/FMSCU?

Jim Schultheiss

ps he was an intern back in the 90s!

100

What is a wire?

  • Electronic transfer between financial institutions

  • Larger transfers $$$$$$

  • Generally have fees

  • Safest way to transfer funds

100

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.


200

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.

200

How many divisions do we have?

8: IT, HR, Finance, Accounting, Digital Marketing, Traditional Marketing, Loans, and BSA

200

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.

200

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.

200

When was the first credit union founded?

Germany

300

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!

300

Who is a founder of the Credit Union that also is on our Board of Directors?

Randi Thomas

300

Can members of fmscu access their accounts at muccu? what about vice versa?

Yes!

300

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.

300

What government entity oversees credit unions?

National Credit Union Administration


400

What is the 50-30-20 rule?

  • 50% to needs (mortgage, rent, utilities, groceries, transportation)

  • 30% on wants (entertainment)

  • 20% savings (Rainy Day Fund)

400

What year did FMSCU merge with MUCCU?

2022

400

What year did MUCCU open?

1969

400
A parent comes in and wants to know the balance on their daughter's account. The parent is not on the account? Can you give them the balance?

No!!!!

It is illegal to release banking information to a non-member! It does not matter the relationship 

400

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

500

There are 5 parts of a loan. Can you name 2 of them?

  • Principal Amount

  • Interest/Interest Rates

  • Security

  • Term

  • Fees

500

Before Armstrong was built, which building was FMSCU in?

Shriver Center

500

Where are the two locations?

31 Lynn Ave

5120 College Corner Pike

500

What is the difference between a credit card and debit card?

  • Credit cards provide the user with a line of credit that they can borrow against as needed and pay back later.
  • Debit cards are linked to the user's bank account and limited by how much money is in there.
  • Credit cards can be used to build credit, while debit cards can’t.
  • Credit cards offer better consumer protections against fraud compared with debit cards linked to a bank account.
500

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