Money Management
The most important lesson about money?
What is managing money effectively
Name an account you should have.
Checking, Saving, IRAs, CDs
What is instant gratification?
Immediate fulfillment of ones needs/desire.
Is INOVA a bank or a Credit Union?
Credit Union
What is the super power of credit unions?
Empathy
What is a great credit score?
>750
Why is it important to have an emergency fund account?
To prepare for emergencies such as car breakdown, appliances, layoffs, health etc
Name a tip for good money decision.
Start a saving or checking account
Budget
Work
Build credit early
Which promotion or offer does INOVA have for students?
$25 free money when you open a youth account. Anyone who is <17 years.
Why should one choose a credit union?
Lower fees
Member owned
Great member service
Community support
How does filing bankruptcy affect your credit?
Lowers your credit score
Name 2 ways on how you can deposit money into your account at INOVA?
In person-Teller
IBK/ATMs
Direct Deposit
Mobile Deposit
Transfer from another account
Name one money mistake that students make.
Not tracking expenses
Lack of goals
Not saving
Not building credit
How does INOVA support the community?
Offers Financial education
Sponsorship and fundraising
Employees volunteer time work in community organizations
Scholarship
What are the differences between a bank and a credit union?
CU are member owned
CU are non-for-profit
CU have lower fees
Name one of your current financial goal?
Be specific and tell us how you will accomplish it.
What is the difference between credit cards and debit cards?
Credit card is a loan, you pay each time you use the funds, you are charged interest fee or late fee
Debit card takes money out of your checking account.
How can you prevent an overdraft?
Check balances regularly
Budget
Link your account to another acc. such as a saving
Direct deposit
Keep cushion money
Get a line of credit loan
How many locations does INOVA have? Name 2 locations
6 locations
Corporate office- Downtown Elkhart
CR6
CR 17
Granger
Mishawaka/Main st.
Michigan City
What is the philosophy of the credit union movement?
People helping people!
What is compound interest?
Interest you earn on the principal combined with interest on that amount.
How can you prevent overdraft?
-Check you balance regularly
- Budget
-Set up a draw account
-Apply for a Line of credit
- Do not spend money that you do not have.
What are some solutions for debt payment?
Develop a debt payment plan
Follow a budget
Consolidate loan
Talk to GreenPath
Automate your payments
Increase your income
What is INOVA's mission statement?
To improve our members' financial wellbeing!
What are financial services/products offered at a CU?
Checking and saving accounts
Personal loans, business loans, auto loans
Mortgages
Investment options
Insurance