Qualstar Credit Union - Home

Qualstar's Website Gets a Makeover on August 17th!

2011-07-26T07:00:00Z

We’re updating the look and some of the functionality to better reflect how our members use our website as well as providing quick clicks to our most popular tools and links:

The whole page is wider.
Home Banking log-in area is front and center – this is the primary reason members come to our site.
Our most current rates are highlighted in the upper left corner so you’ll always know how competitive we are.
On the right hand side, we’re featuring our most popular quick links and tools.
The main menu has more direct navigation (e.g. from Borrowing to “Loans” and from Banking to “Accounts” and “Visa” is now it’s own page.)

Check it out! (Click on the image for a larger view.)

Important Notice: Third Party Mortgage Letters

2011-06-17T21:00:00Z

The most recent letter being circulated refers to a “Litigation Notification” stating that a claim against Qualstar has been filed for “improper Lender actions” and indicates the member may be a plaintiff. Please be aware that this letter is NOT accurate and should be considered a scam:
Litigation Notification SCAM Letter
Department of Financial Institutions Response

Basic mortgage information can be obtained by other companies from credit reporting agencies and in most cases these unsolicited offers are simply a means to get your business. However, we do want to stress the importance of being aware of any offer that might sound too good to be true. If you’re having trouble with payments or looking to refinance, we ask that you call us first so we can take a look at your overall financial situation and give you a realistic solution.

That’s what we’re here for!

Yes, you can SAVE MONEY when you travel!

2011-06-06T14:00:00Z

Don’t limit yourself to the local deals!
I wouldn’t consider myself a world traveler, but there are places that we like to go on a regular basis. Since I know we’re going to end up in these places (typically within the year), I keep an eye on the local deals available through Groupon, Living Social, Restaurant.com and other discount sites that communicate deals based on region. You may already get the daily alerts for the area you live or work, but you can also check out the sites for offers in other cities that you may be traveling to. The great thing about these sites is they have offers for just about anything, so based on the type of vacation you’re planning (adventure, family, spa, etc.) you’ll probably find a deal that applies, especially since they change daily. A lot of the discounts are good for up to a year (Restaurant.com certificates have NO expiration) so even if you are planning a trip in the next 6-12 months, a deal that pops up now will likely still have its value by the time you travel (but make sure you read the fine print!)

Coupons are everywhere!
When you get to your destination, especially if you are staying in a hotel, be sure to ask for any FREE local periodicals, coupon books, travel guides or magazines (the ones they put in the room, sometimes tucked away in the desk drawer.) A lot of these will have coupons or offers that you might not hear about anywhere else.

Go off the beaten (internet) path.
OK, so it’s not a revolutionary idea to go online to research the area you are traveling to, but a lot of the major travel sites only advertise the most popular tourist attractions that are saturated with visitors and tend to cost more to enjoy the experience. Be specific in your search – if you want FREE attractions, be sure to include that; if you’re looking for family-friendly, make sure your search applies. You might end up on a local site or even a Chamber of Commerce site instead of one of the “BIG” travel sites – and you never know what you might find!

I’d love to hear some other suggestions or creative ideas for saving money on vacation – feel free to share!

You may have canned food, batteries and bottled water, but will you be financially prepared in the event of an emergency?

2011-05-05T04:00:00Z

Keep some emergency cash on hand; in a place where you can easily access it, especially if you won’t be able to get to your home.

Fill your tank before it gets to ¼ tank, not when the gas light turns on – gas stations are often the first place people go if an emergency occurs.

Have a credit card with an available balance, just in case.

In the event cell service is interrupted or unavailable, have important contact numbers – like to your credit union – written down somewhere.

If for some reason you can’t get to a branch, or if we are unexpectedly closed, use remote services such as Home Banking, Mobile Banking, or STAR to keep tabs on your account and connected to your money.

Our financial partner, BALANCE also offers a Natural Disaster Financial Toolkit.

Feel free to share other ideas you may have, especially if there has been something that worked for you!

How to Avoid Fees Shouldn’t Be a Secret!

2011-03-25T04:00:00Z

While we do have certain fees in place to help minimize expenses to the credit union, we do our best to let members know what they can do to keep from ever having to pay the fee. Here are some examples of common fees that members can easily avoid:

Checking Account Fee: The easiest way to avoid this fee is to sign up for eStatements – not only does it eliminate you from being charged the fee, but it also helps reduce the amount of paper we use and you typically receive your statement sooner than regular mail. Other ways to avoid this fee: keep a $250 minimum balance throughout the month, or have an open loan.

Account Low Balance/Inactivity Fee: This fee is charged after 12 months of inactivity and combined balances less than $200 – therefore, simply doing regular transactions on your account prevents this fee from being charged. This can be a simple account transfer, or why not set up a direct deposit or payroll deduction to set aside some money for a rainy day!

Returned Item (Merchant) Fees: Even if you keep a check register or check your balance regularly, mistakes can happen – and you might end up without enough money in your account to cover all your purchases. Sometimes those transactions are returned to the merchant, who then charges their own fee (which can be as much as $30-$40 per item.) Courtesy Pay can help make sure your items are paid. Basic Courtesy Pay covers check and ACH transactions, but not debit/check card items. Extended Courtesy Pay covers the debit/check card transactions – so if you want to make sure those are also covered, let us know you want to opt-in for Extended Courtesy Pay coverage.

Premier Checking Fee: When you fall below the $2500 minimum balance within a month, this fee kicks in. Making sure your account stays above the minimum is as simple as a regular direct deposit or payroll deduction to keep your balance above $2500.

ATM Withdrawal Fees: Even with 10 FREE ATM withdrawals per month, you may find yourself in need of additional withdrawals. One way to eliminate the number of ATM fees you pay is to get cash back at the grocery store, gas station, or any other merchant that offers cash back with a purchase. Another common ATM fee you may not realize you are being charged is when withdrawals are made at machines that are not part of the Co-op Network – those fees are easily avoidable by using a Co-op ATM, and can save you upwards of $5 per transaction! And don’t forget, several 7-11 ATM kiosks, that provide withdrawal and other transactions, are part of the Shared Branching Network.

Excessive Withdrawal Fee: Each month you get three (3) withdrawals from Savings and six (6) from a Money Market, which works fine if you’re using those accounts for saving. But, if you’re using them more like a transaction account (a.k.a. checking) you’re going to find yourself paying that fee for each withdrawal over the limit. If you need more transactions than are allowed, you may want to consider opening a Simply Checking or Premier Checking account with debit/check card access.

We never want your account to be inconvenient, and fees are typically in place to help members use their accounts in the most efficient and cost-effective way. If the fees you pay are avoidable, let us help you manage your account in a way that will limit the fees you are paying – we’re here to help!

My FAVORITE Saving Resources

2010-12-28T00:00:00Z

Groupon – This online saving site offers “deals” each day, based on your area. It’s FREE to sign up for, and you can designate which area you want to see offers in, which is perfect if you’re traveling. I recently purchased Groupons for a brunch cruise (total savings $60), an overnight stay downtown Seattle WITH dinner voucher (total savings $120) and even bowling for the family (total savings $24.) The deals are posted early in the morning and are approved when a certain number of people commit to purchase it.

TIP: Be sure to check your area(s) early in the day because most deals have a limited quantity and some go fast.

Restaurant.com – Another site (FREE to join) where you can purchase various restaurant certificates in whatever area you are in. Certificates are available in $10, $25, $50 and $100 amounts – the minimum purchase requirements vary, depending on the participating restaurant. The certificates do have restrictions (e.g. doesn’t apply to alcohol, total must be before tip, can’t use more than one certificate at a restaurant in a 30-day period, etc.) so be sure to read the details before purchasing the certificate in case you don’t like the requirements. This is another site that you can purchase for various areas so if you’re going on vacation, be sure to stock up on savings for where you’re traveling to – I’ve even used them in Las Vegas!

TIP: Sign up for e-mail notifications – they ALWAYS run specials and you can usually get certificate for $2-$3 (I’ve never paid full price for a certificate!)

Seattle Moms Deal Finder – This is a site that I heard about on the local news one morning – they focus on deals that moms love (mostly kid-related) and are typically local stores and/or online merchants. They post info. and links so you can go directly to the merchant’s site or print a coupon from there (no registration necessary)!

TIP: If you’re on Facebook, “Like” them and you’ll see all their offers right on your Facebook page.

Coupon Pro – This is a website/blog, and I have “liked” them on Facebook so that’s where I typically see their offers. The savings from this site are all over the place – from online coupon codes, freebies, grocery coupons, complimentary samples, gift card give-aways and more! They’ll even tell you when an item is on sale at a particular store so you can use the coupon to get extra savings (and sometimes even get the item for FREE.)

TIP: You have to be quick with these offers since they usually are only available to a certain number of people, first come first served – BUT the Coupon Pro folks are really good about posting when a deal is “STILL ALIVE” or “DEAD.”

Sunday Paper Coupons – It may not be exciting or “technologically advanced” but I still enjoy getting the Sunday paper and checking out the coupons – in order to make the savings count, I only clip coupons for items that I would normally purchase. Beware of the great coupon for an item that will sit in your pantry because no one wants to try it!

TIP: Be sure to review your grocery store’s weekly flyer to see if you can combine a coupon with something that’s already on sale or you have a store coupon for (most stores will let you use one manufacturer’s coupon with a store coupon.)

There are a lot of other great savings resources out there – feel free to post and share some of your favorites!

Dining out with the kids doesn’t need to break the bank!

2009-09-25T18:00:00Z

Don’t get me wrong, I’m all for a good, home-cooked meal. But at the end of a long day, or on a special occasion, I’d like to give the stove (and myself) a break. And if I can do it without paying for the kids’ meals at all that’s even better!

Several local restaurants realize the frustration of paying for a meal that your child will probably only eat half of (if they’re really hungry). We all know what they actually want to do is get the adults through the door to eat (and pay for) a full meal – and some of them do this by showing us they understand the struggle of today’s parents.

As a result, the “Kids Eat FREE” offer was born! The offer of a free (or incredibly cheap) kid’s meal typically requires the purchase of a regular adult entrée, sometimes with a beverage, most times it’s for dine in only, and the cut-off age is typically 12 years. BUT at a lot of restaurants the kid’s meal (it has to be from the kids menu) comes with beverage, and sometimes even dessert! Check out these local restaurants¹ that have this great offer – you can click on each to find a location near you.

IHOP – Kids Eat Free , Daily, 4pm to 9pm (location participation can vary) Website
The Ram – Kids Eat for $1, Sundays (12 and under; includes carrot stix appetizer, beverage and dessert) Website
Shari’s – Kids Eat Free, ALL DAY Saturday & Sunday, Website
Zao – Kids Eat Free, Tuesdays (includes beverage) Website
Varsity Grill/Tacoma – Kids Eat Free, Daily (12 and under) Website
Las Margaritas/Kent – Kids Eat Free, Sundays
Denny’s – Kids Eat Free, Tuesdays & Saturdays, 4pm to 10pm (10 and under) Website
Las Margaritas/Redmond – Kids Meals are $1.99, Sundays (9 and under) Website
Rainforest Café/Southcenter – Kids Meals are $1.99, Wednesday, 5pm to closing Website
Ruby’s/Woodinville – Kids Eat Free, Wednesdays starting at 4pm Website

Feel free to share any other great kids’ meal deals you might know about!

¹ Please Note: The restaurants listed here were offering the Kids Meal Deals at the time this article was posted. You should always check with a restaurant prior to ordering to confirm the offer is still valid.

The CARD Act...we're here to answer your questions!

2010-02-21T00:00:00Z

The CARD Act has been put in place to protect consumers, so here are a few ways to stay on top of what is going on with credit cards (taken from info. at Bankrate.com):

Beware of the advance notification exceptions. A condition that requires 45 days’ advance notification of significant changes in terms took effect last year (08/20/2009.) It applies to fees and finance charges, as well as some rate increases, with exceptions of course. For example, it doesn’t require 45 days’ advance notice for credit limit decreases, or for penalty rates triggered by a 60-day late payment (if your card has those-Qualstar’s doesn’t), or expiration of a promotional rate. Read any notices you receive from your card issuers, and be sure to check your rate and credit limit each month when you get your statement.

Don’t fall into retroactive rate increase “loopholes.” As of Feb. 22, 2010, existing balances will be protected from a rate increase in most circumstances. With some cards (not Qualstar’s), if you miss the due date by two months or more, the annual percentage rate applied to that part of your balance can skyrocket. You can’t control impending rate changes, but you can make sure your payment arrives on time – automatic payments are the way to go!

Weigh the pros and cons of opting out. Along with the required advance notice of any change in terms, issuers must include an opt-out disclosure (which means you can choose to no longer use the card.) Opting out closes the card, and issuers must provide a repayment method “no less beneficial” than either a minimum 5-year payment plan, or a new minimum payment amount that is no more than twice the previous payment amount. Before you opt-out, make sure closing the card is really the way to go (as opposed to discontinue using it and keeping up the regular payments.)

Get permission to go over limit. Under the CARD Act, a purchase that exceeds the credit limit can’t trigger an over limit fee (Qualstar doesn’t charge an over limit fee) unless you have opted in to allow over limit transactions. If you need to go over limit for whatever reason, you can switch on your over limit privileges at any time by making the request in writing, orally, or online.

The best way to keep track of your card (and any changes) is to review your monthly statements carefully and be sure to read any communications from your issuer. If the new terms on your current card aren’t acceptable, you can shop for a new one. Keep in mind, credit union cards average 1.25% lower rates than other bank/finance company cards.

What other questions or comments do you have about the upcoming CARD Act changes?

More on the CARD Act in the media:
Wall Street Journal
CNN Money
Suze Orman on CBS

Is Managing Your Checking Account A Lost Art?

2011-02-11T00:00:00Z

Not knowing if there is enough in your account to cover your purchases can cost you. If you write a check for more than your account balance and do not have overdraft privileges, the check will bounce and you can be charged a nonsufficient funds fee (and possibly a merchant returned item fee.) If you cannot overdraw your account (based on how it is set up), you will be charged an overdraft fee for every transaction done while the funds are not available.

Following a few simple steps can help you avoid these expensive fees:

Check your account balance, regularly: If you keep tabs on your account balance, you will know if you have enough money to cover your purchases. You can check it any time of the day through Home Banking or Mobile Banking. Don’t forget to make note of any automatic payments that will be deducted before your next deposit and outstanding checks from your balance.

Have a balanced budget: If you regularly find yourself short on cash and need to overdraw to pay for essentials or unexpected things, look for ways to reduce your spending and/or increase your income. Overdrawing can provide immediate relief but can create more difficulties next month if you are facing the same cash flow shortfall plus you have to pay back the amount you overdrew. If overdrawing your account is the only option, make sure your account is set up for those occasions (see below.)

Use overdraft protection and/or coverage: Your best bet is to avoid overdrawing your account completely, but if it’s unavoidable you can make sure you’re covered with overdraft protection; it deducts or charges any amount you overdraw from your savings account, or Qualstar Visa credit card. Overdraft coverage will cover your purchases by paying them, overdrawing your account in the process, and charging a fee (which is added to the negative balance and must be paid back as well.)

Make sure your account is set up the best way to meet your needs: Choose the services that make sense for how you manage your account, and be informed of how your account will be affected if or when you make a purchase when funds are not available.

Your Qualstar account comes with all of the tools and resources you need to effectively manage your account. If you have some tips that you use to manage your own account, feel free to share them here!

Looking for more advice on money management? As a member of Qualstar, you have access to BALANCE, a free financial education and counseling service.¹

What can you do to protect your credit score?

2010-03-31T04:00:00Z

Before you do anything, it’s important to know how your score is calculated. Your credit-utilization ratio (the total of your card balances divided by the total credit limit on all of your cards) has traditionally been the second-most influential factor in your credit score. But now, that ratio may be the most influential factor in your credit score. For example, if you close cards you haven’t used in awhile without paying down the others, your total balance due becomes a higher percentage of your new, smaller, overall limit. Your credit-utilization ratio goes up. The best credit utilization is 0%; a good utilization ratio is less than 30%.

The best strategy is to pay down your balances before closing any credit card accounts to minimize the impact on your credit score.

Be on the lookout for these additional factors that can affect your credit score the most:

Your overall revolving debt. This is the amount of credit card debt you owe in relation to your available balances, both on an individual account basis and overall. Before, it accounted for 30% of your credit score; now it counts the same or even more. Contrary to popular belief, it is better to owe a smaller amount on several cards than to max one card to its limit. A good long-term approach is to keep your balances between 10% and 35% of your available credit, and definitely at 10% in the three-to-six month period before you apply for any sizable loan.
Your payment history. Before 2009 it accounted for 35% of your credit score. Your payment history is still a big factor, but may affect your score less than overall debt. Paying before the due date can mean the difference between an average and an exceptional credit score. Another thing to keep in mind, your most recent history is more important than what you did a few years ago.
The length of your credit history. Raise your score by keeping accounts open for more than seven years. The length of your credit history accounts for about 15% of your credit score. Instead of closing accounts, work toward paying them off and then let the accounts remain open so you can use them for small purchases that you pay off each month.
The number of inquiries and new debt in your records. Inquiries and new debt account for about 10% of your score. Fortunately, all mortgage inquiries within 30 days are grouped as one inquiry. Auto inquiries similarly have a 14-day limit. Since the formula changed in 2009, inquiries have less of an effect.
The kind of debt you incur. It’s still true that 10% of your score is based on the kind of debt you incur—installment debt (auto loans) and revolving debt (credit cards)—credit bureaus look more favorably on installment debt than revolving debt. Now you get points for successfully managing multiple types of debt (mortgage, auto loan, and credit cards).

As a financial institution, we feel it’s important for our members to understand how their credit score works – if you have additional questions or comments about staying on top of your score, let us know!

ABC, CBS and CNN are spreading the news about Credit Unions.

2009-12-25T08:00:00Z

Rather than tooting our own horn, we thought we would share some recent network news videos (see links below) about why it’s a good idea to choose a Credit Union – they do a great job of explaining the benefits of a Credit Union over a bank. And if you want to know more about the Qualstar difference, just let us know…we’re here to help!

ABC Video
CNN Video
CBS Video

Reduce Your Risk of Online Fraud

2009-05-19T15:00:00Z

Delete spam. Do not open it or reply to it, even to ask to be removed from a mailing list. Replying confirms to the senders that they have reached an active e-mail account.
Use caution when you click links in an e-mail message, text message, pop-up window, or instant message. Instead, type Web addresses in a Web browser, or use your online bookmarks.
Do not open e-mail attachments or click instant message download links, unless you know who sent the message and you were expecting the attachment or link.
Be cautious about providing your personal or financial information online. Do not fill out forms in e-mail messages that ask for personal or financial information.
Avoid using the same password for your bank and other important accounts.
Before you submit any personal or financial information to a Web site, check to see if the site uses encryption, a security measure that helps protect your data as it traverses the Internet. Signs include a Web address with https (“s” stands for secure) and a closed padlock symbol beside it or in the lower-right corner of the window.
Make sure your computer’s firewall is turned on and that you use antivirus software, which should also be regularly updated.
Check your account and credit card statements closely to identify and report any transactions that are not legitimate.
Never pay bills, bank, shop, or conduct other financial transactions on a public or shared computer, or over a public wireless network. If you do log on to public computers, look for computers on networks that require a password, which increases security.

In addition to the above safeguards, be alert about the e-mails you are receiving and replying to…

Generic introductions such as “Dear Customer,” which indicate that the sender does not know you and should not be trusted.
Alarming or urgent statements that require you to respond immediately.
Requests for personal or financial information, such as user names or passwords, credit card or bank account numbers, social security numbers, date of birth, or other information that can be used to steal your identity.
Misspellings and grammatical errors, including Web addresses. The Web address might look very similar to the address of a legitimate business, with a minor change. For example, instead of www.qualstarcu.com, the scammer might use www.qualstar.com.
The text of the link in the e-mail message is different from the Web address that you are directed to when you click the link. You can determine the actual Web address for a link by hovering over the link without clicking it. The Web address appears in a text box above the link.
The “From” line in the original e-mail message to you shows a different Web address than the one that appears when you try to reply to the message.

Another great way to stay on top of your potential risk is to share your experiences with others. Tell us what things you have done to keep your online information and accounts safe? How have you prevented thieves from stealing your identity? What scams and schemes have you successfully avoided – or maybe not successfully – so others don’t fall victim to the same?

Use Back-to-School Shopping as a Teachable Moment

2010-08-15T01:00:00Z

You can use back-to-school shopping to lay the foundation for sound money management habits these ways:

Set a realistic back-to-school budget with each child before you shop—use the ads in the Sunday paper as a guideline.
Take a copy of your budget when shopping and let your child enter in all of the actual expenses—paper works fine for young ones; teens might prefer to enter expenses in a cell phone.
Encourage kids to consider ways to cut costs through sales and coupons, and reward them for coming in under budget. Consider splitting the difference with them.
Teach your children to comparison shop and to avoid impulse buying. If it’s not on the list, don’t get it.

The first year is the toughest, so don’t give up if it doesn’t go smoothly. Consider any “discussions” as a success that you’ve struck a nerve. You can build on this experience to begin turning over more purchasing decisions to your student as he or she matures, using entertainment and clothing budgets as an example.

Just because school doesn’t start for a couple of weeks doesn’t mean your children couldn’t do with some real-school learning right now. And let us know what other opportunities you use as teachable moments!

¹ Article originally produced and posted by the Credit Union National Association

To opt-in or not to opt-in…that is the question!

2010-07-15T12:00:00Z

As a result of these changes, members are now required to “opt-in” or request that we cover daily debit/check card and ATM overdrafts. As a result, we now have two Courtesy Pay programs to choose from:

Basic Courtesy Pay¹ covers checks, recurring automatic payments, and ACH items.
Extended Courtesy Pay covers all of the above PLUS debit/check card transactions and ATM withdrawals.

We realize everyone manages their account differently and since it is your account, we are leaving the choice up to you. If you currently have Basic Courtesy Pay and would like to add Extended Courtesy Pay to your account, which would also cover daily debit/check card transactions and ATM withdrawals, you can contact us at 1-800-848-0018.

What You Need to Know About Overdrafts and Overdraft Fees

We are here to work with you to make sure your account is set up the way you prefer – so you can access it when and where you need it, and easily keep track of your hard-earned money. As always, please let us know if you have any questions.

¹ We notify you by mail when you qualify for our Basic Courtesy Pay service.

Put as much effort into your credit score as your golf game

2010-09-15T01:00:00Z

Money Magazine recently interviewed several individuals with high scores and asked them to share their success stories:

Chris, a stay-at-home dad, has a score of 813. He reads up on the elements that make up a FICO credit score and checks his number every three months.
Leland, 41, has a score of 806. The San Francisco Bay Area doctor checks his reports regularly. However, his score suffered from a single error until he had it corrected.
Brenda, 69, and Dick, 66, have matching scores of 818. The retired couple keeps balances low, charging less than 10% of their available credit. While this keeps their scores low, they also commit to never missing a payment. Payment history accounts for 35% of the FICO score, and making timely payments is the No. 1 way to improve a credit score.

FICO, the Minneapolis-based company that created the widely used credit score model, considers five elements when calculating a score:

Payment history
Amount owed
New credit
Amount of available credit
Types of credit used

myfico.com also offers information about the basic elements that determine a score. Know what’s on your report!

Those interested in reviewing their credit can request a free annual report from each of the three main credit bureaus (Experian, TransUnion, and Equifax) at AnnualCreditReport.com. – I recently did this and it took less than 30 minutes to access and review all three! But, watch out for businesses offering your “free credit report” that may also require that you sign up (and pay) for their credit monitoring service – make sure you’re getting the free report you are entitled to.

While an 800+ credit score may seem unreachable for some, pushing into the upper 700’s is on the minds of many and as your financial partner we have resources available to help you set and reach your goals. And, I invite you all to share some of the things you do to stay on top of your credit.