So, in the spirit of this all-American holiday, here are 4 reasons (for the 4th) why you should rethink your banking habits and declare yourself independent from the high fees, impersonal service, and cold corporate culture of big banks!

(1) It’s a simple fact that credit union fees, across the board, are generally lower than bank fees. According to a recent MSN article, “the nation’s credit unions count 90 million members, and their trade association estimates members save $8 billion a year thanks to better interest rates and reduced fees.”

That’s because credit unions are member-owned (owned by the people for the people) and they are not-for-profit financial cooperatives. This means that any profits the credit union makes are distributed back to the members in the form of lower fees and often lower interest rates. Compare that to the regular fee hikes (often hidden in the small print) at banks, which boost profits that are paid out to stockholders.

(2) Perhaps your bank was one of the many West Coast regional banks (like Washington Mutual) that was taken over by an East Coast “too big to fail” giant, and now, all the decision-making, power and money are heading back to New York. For many of us, it makes sense to do business instead with a West Coast regional bank or credit union, where decisions are made locally and the money we deposit stays in our community, driving the local economy, providing jobs, and giving support to the less fortunate.

(3) ATMs, ATMs, and more ATMs! So you think that you have access to more ATMs at a bank than a credit union? Well, think again! These days, by joining various ATM networks, credit unions are really on the money (so to speak) when it comes to surcharge-free ATM access. Tech CU, for example, offers members access to more than 60,000 surcharge free ATMs nationwide (in convenient places like Target, Walgreen’s, Costco and Chevron gas stations). That surpasses Bank of America’s network by more than 30,000 ATMs. And, we now offer free applications (like our new iPhone App and LocatorSearch) that allow members to locate and map the nearest ATM anywhere, anytime—even to your GPS system. With all those free ATMs around, there’s simply no reason you should EVER pay an ATM surcharge fee again.

(4) Customer service is truly king! Credit unions are directed by their members—not by stockholders, Wall Street or investors. This difference impacts the way people are treated when they walk into a financial center or talk to a customer service representative. And because most credit unions’ leadership is local, you’ll have an easier time reaching and speaking to a real person who can help you resolve any problems or issues that may arise. And by the way, when’s the last time you could pick up the phone and ask to speak to the CEO of Bank of America if you had an issue? At most credit unions, this happens regularly.

Well, there you have it. Four perfectly good reasons to go out this July and free yourself from high fees and poor service! Joining a credit union will give you many reasons to celebrate—so go have a glass of (ice) tea on us and start the revolt against big banks! Happy 4th everyone!

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Over his lifetime, he amassed a huge fortune from the sale of 61 million albums in the U.S., a decade-long run of his 3D attraction “Captain EO” at Disneyland theme parks, the acquisition of ATV Music (which owned the copyrights to the Beatles’song collection) and numerous other lucrative entertainment and music deals.

When Michael was accused of molesting a 13-year-old boy in 1993, his fortunes turned and he began spirally downward.  His then-publicist Michael Levine said to USA Today, “That kind of represents the beginning of the walk down a tragic path, financially, emotionally, spiritually, psychologically, legally.”

As Michael’s behavior became more bizarre over the years, his financial problems became ever more intense. While Michael made billions, according to accountants, he was spending as much as $20 to $30 million more per year than he earned. He also paid heavy fees for the numerous lawsuits he faced throughout the years.

To raise more cash, he began borrowing heavily and gave Sony the music publishing rights to ATV for $95 million. He then used his remaining half of the ATV assets to secure $200 million in loans from Bank of America. Michael also leaned on his famous and wealthy friends time and again to bail him out, only to turnaround and get back into a financial mess.

Just last year, he faced foreclosure on his Neverland Ranch (purchased in 1988 for $14.6 million).

In March, billionaire Philip Anschutz stepped in with his promotion company AEG Live and announced they would promote 50 shows in London as Michael’s comeback tour. (Many saw this as a last-ditch attempt by the singer to raise cash.) The tour, “This is It” was suppose to start July 8th and tickets sold out. When it was pushed back to March 2010, many wondered if Michael would even be able to do the tour. Now that he has passed, hundreds of thousands of ticket holders are left with tickets to “the greatest comeback” concert that sadly will never be.

For all his fame and money, Michael Jackson personified the old adage, “money can’t buy you happiness” And in the coming weeks, there will most assuredly be ongoing speculation about Michael, his life and strange behavior and ultimately, what killed him. Certainly, though, one of the most obvious and compelling lessons this very sad story reminds us is: In the end, it’s not how much you make that matters, it’s how well you manage it.

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These manufacturer incentives are just the starting point for your negotiations with the dealer. There are many behind-the-scenes dealer perks and other sales incentives that should factor into your negotiations. Consumer Reports does an excellent job of presenting all of these in a detailed table format (see link below). Knowing as much as you can about what makes up the pricing of a car will give you a good idea of how much room you have to negotiate on the sticker price.

Click here for Consumer Reports “Best New Car Deals” which includes a detailed table on care models, incentive expiration dates, MSRP, invoice price, customer rebates, dealer incentives, the CR Bottom Line Price and potential savings below MSRP.

Also, with large numbers of GM and Chrysler dealerships closing as a result of cutbacks made by their corporate parent companies, you can also get blow-out sale pricing from many Bay Area dealers who are trying to get rid of excess inventory.

Here’s another bonus: Hyundai, Ford and GM are offering payment protection plans that will make payments for buyers who lose their jobs. (Note that there are some exceptions to this so make sure you read the fine print). Most of these plans will go away at the end of June, though. Click here to read “Car Payment Protection Plans Ending Soon.”

So far, Japanese and European automakers haven’t done much in terms of trying to match the American incentive deals, but prices are at recessionary levels and so you can still get excellent discounts.

Here is a list of some of the deals being offered right now according to U.S. News and World Report Rankings & Reviews.

Source: U.S. News and World Reports.

RESOURCES

For even more resources on car deals, check out these articles:

• NewCars.com lists the latest rebates and incentives by your zip code and they offer reviews and information on new cars. Click here.
• U.S. News and World Report Rankings & Reviews’ Best Car Deals. Click here.
• They’ve also included an interactive slide show on “Best Cars for the Money.” Click here.
• Edmond’s offers a “Lowest True Cost to Own” ranking for vehicles each month. Click here for June.

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You may not think there isn’t much you can do, however, even the smallest of donations can make a difference. Your contribution could help a teacher buy classroom supplies, pay for “sports fees” for low-income student athletes or make it possible for your school to keep us with facility maintenance.

So why not use this summer to Save 4 Your School? Whether you save as an individual, a family or as a group, your donations will make a difference. Here are just a few suggestions to start you thinking. We’d love to hear about any ideas you have for creative fundraising. Leave them in our comments section below.

• Brick fundraising is an excellent way to raise funds and contributions when there’s a construction work that will be done. That’s not likely for many schools right now, but there’s no reason you couldn’t do the same with other materials. Why not create a fundraising quilt and put donor names on a quilt squares. The quilt is then displayed in the school when completed. How about fundraising rocks that are put in a school garden? Have kids and students paint a custom rock for each donor with their name. Or, you can do something as simple as painting a mural (services donated by a local artist) with donor names.
• I love this idea: Hold a barbeque for  your school this summer. Invite your friends, colleagues and neighbors for a summer barbeque. Let them know this is a fundraiser for your local school, and ask everyone if they would be willing to donate the cost of the meal ($5 to $10) to your school fund.
• Hold a Block Sale: Invite all your neighbors to join you this summer in clearing out your closets and garages, and hold a block sale. Donate all or a portion of the proceeds to your school.
• How about a good ole’ fashioned Watermelon eating contest? Why not work with a local restaurant or café to host a watermelon–eating contest. This type of fundraiser would likely spark the interest of community newspapers and perhaps even television stations (it’s a great visual). You won’t raise thousands, but you could raise hundreds, and with the publicity it could bring, you could get “extra” donations. Another option might be to hold an ice cream social at a local ice cream shop with a portion or all of the proceeds going to your school
• We’ll end with the simplest of things you can do: Save random change you end up with at the end of the day in a jar. (Try doing anything less that a $5 bill.) Once a month, head to Tech CU to deposit the money into your Tech CU Saving Challenge Account and indicate on your profile which school you’re saving for. By simply having the account, you could win additional cash prizes. Click here for more details.

If you have a favorite school that you want to help, then join us in Tech CU’s Save 4 Schools Savings Challenge. You could end up winning matching funds up to $500 from Tech CU. Click here for more details.

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Since this marks the two-year anniversary of Money Savvy, we thought it might be enlightening to take a look back at some of our favorite (and most helpful) posts. Check out some of the links below.

Also, if your teen is among the many trying to find a job this summer, (it’s tough having to compete with the many adults who are also looking for work), head over to our Grow Your Green savings blog where “Cash Cat” offers some helpful tips. Click here.

SAVING

Discover the Web Sites that Help You Save Big on Travel

Get Ready to Get Fiscally Fit!

Get Your Savings In Shape This Summer

How to Save Money on Summer Travel

Saving On Your Summer Vacation

Saving Your Money: What Are Your Goals?

Three Easy Steps to Building Your Savings in 2009

Winterize Now and Save on Winter Energy Bills Later

INVESTING AND RETIREMENT

Don’t Let Fear Get the Best of You; Talk to Your Financial Advisor

Manage Your Investments Without Losing Your Shirt

Social Security: Estimating Your Benefits At Retirement

CREDIT AND DEBT

Giving Credit Where Credit Is Due

The Prudent Borrower

Sweeping Credit Card Changes Give Consumers More Protection

HOME AND HEALTH

Conforming Loans: Could They Help You Save Money?

Fire Insurance and Your Home: Are You Protected?

For Homebuyers, Seller Concessions Can Make Today’s Lower House Prices Even More Attractive

Forget “Early To Bed, Early to Rise”—Health Savings Accounts

Obama’s Policies on Healthcare, Taxes and the Economy—How Will They Affect You?

TAXES

Going Paperless This Tax Season

New Tax Credits Available for Homebuyers in 2009

Refund Anticipation Loans Have Hidden Costs to Consumers

What’s the Deal with the Alternative Minimum Tax?

CREDIT UNION INDUSTRY

Nationalizing Banks: What Does it Really Mean?

The Top 5 Things Your Should Know About Credit Unions

Your Money Remains Safe With Credit Unions

GREEN SERVICES

E–Statements: Choosing to Bank Without Paper

On the Road (Again) With Mobile Banking

SECURITY

Fight Identity Theft With Your Finger

Identity Theft—The Real Danger May Not Be Online

Who’s Digging Through Your Trash

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HERE’S HOW THE NEW LAWS WILL AFFECT YOU

In general, the new act will make changes in following areas: it bans unfair rate increases, prevents unfair fee traps, requires plain language in plain sight for disclosures, increases accountability (by credit card issuers and the regulators responsible for monitoring them), and institutes protections for students and young people.

How will this be accomplished? By implementing some very specific new restrictions in the credit card market. Here are some of the most significant changes you will see. For a full listing, see our link in the “More Resources” section below.

• Contract terms must be clearly spelled out and stable for the first year—promotional rates may still be offered, but these rates must be clearly disclosed and last at least 6 months
• No more sudden changes to terms and conditions: Credit card companies must give at least 45 days notice if they are going to change terms and conditions
• Statements will be required to tell credit card holders how long it will take to pay off a balance and what it will cost in interest if they only make the minimum monthly payments
• Consumers will be given more time to understand and pay their statements: Companies will have to mail statements 21 days before payment is due, not 14
• “Late Fee Traps” such as weekend deadlines, due dates that change, etc. are now banned
• Retroactive rate hikes that appear on a bill suddenly will be stopped and retroactive rate increases due to late payment will be severely restricted
• Institutions will have to obtain a consumer’s permission to process transactions that would place the account over the limit—thus giving the consumer a way to avoid those fees
• Fees on sub–prime, low-limit credit cards will be “substantially restricted”
• There will be limits on fees on gift and stored value card and restrictions on inactivity fees unless the card has been inactive for at least 12 months
• Card issuers and universities are now required to disclose agreements with respect to the marketing or distribution of credit cards to students
• Every card company will have to post its credit card agreements online and those agreements will be monitored more closely by regulators
• Credit card issuers face increased penalties for those who violate these new restrictions

The new laws will bring about big change, but they are by no means a “free pass” for the consumer. “We expect consumers to live within their means and pay what they owe,” Obama emphasized in press statements. “But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives.”

MORE RESOURCES

For more details on the credit card reforms that are being put into place, go to the White House “Fact Sheet: Reforms to Protect American Credit Card Holders.”

To read more savings tips and to find out how Tech CU can help you Grow Your Green with our savings challenge, check out the Grow Your Green savings blog by clicking here.

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Excellent for Ease-of-Use and Last Minute Planning
Kayak.com

One of our favorite travel sites, Kayak.com, isn’t really a travel site at all. It’s a travel search engine—that’s what makes it so powerful. Kayak.com gives you the power to search more than 140 different travel sites all at once, often finding the cheapest fares and prices on hotels, cruises and rentals. Kayak.com then allows you to compare the results from your search in one place, filter and sort them. Once you’ve found the deal you want, you then click and buy directly from the airline or agency offering it.

Excellent for Finding the Lowest “Available” Airfares
Airfarewatchdog.com

Started by a travel journalist specializing in consumer issues, Airfarewatchdog.com is different than other airfare listing sites because it goes beyond just simply looking for the lowest fare. They do things like checking seat availability, listing smaller airlines and Southwest fares (the only site that does), listing international fares with taxes, showing fares from every conceivable airport and more.

For a full listing of the things that Airfarewatchdog.com does that other fare sites don’t, click here.

Excellent for Finding the Best Deals on Car Rentals
Hotwire.com and Auto Europe

If you’re looking for a good deal on a rental car, Hotwire.com consistently offers the lowest rates because they don’t disclose which rental company you’re dealing with until you’ve paid. Hotwire.com offers this same blind booking for hotels and airlines which can put people off, but with rental cars, you’ll get the same vehicle class regardless of the rental company you book with.

If you’re not comfortable with blind booking your rental car, Kayak.com also provides some of the best rental car rates on the Web and you get to choose the specific rental company you’re booking with.

For deals on international car rentals, try Auto Europe, a rental-car rate wholesaler that specializes in pre-paid international rentals. When you rent, be aware that overseas rental car companies (independent from Auto Europe) may try to tack on rental charges separate from your contract. If you think you’ve been charged unnecessarily, Auto Europe will help you dispute the charges. They also have a 24-hour customer service hotline.

Excellent for Cruises
Cruisemates.com and Cruise Compete

Looking to do a cruise this summer? Check out Cruisemates.com and Cruise Compete, consistently ranked the two best cruise sites on the Web. Cruisemates.com lists some of the best deals out there and even helps you with advice and tips on “the art of booking a cruise,” including things like finding the right cabin, theme ship and more.

Cruise Compete has hundreds of travel agents competing for your business. You simply give your email address, dates, ports and even the ship you want, and agents will send you their lowest prices to compare.

Excellent for Vacation Packages
Lastminute.com

For last minute vacation planning, Lastminute.com remains one of the best sites around. We call it the “oldie-but-goody” because it consistently offers the best package deals—airfare, hotel reservations, car rentals, activities and even airport parking. And, you can book your vacation as late as 3 hours in advance.

For additional tips and resources on summer vacation savings, read more of our Money Savvy blog posts.

Saving on Your Summer Vacation
How to Save Money on Summer Travel

Bon Voyage!

For more ways to save this summer and a chance to win cash prizes each month, check out our Tech CU Grow Your Green Great Savings Challenge.

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One of your best bets is to refer to the web site of the local visitors/tourism and convention bureau for the city or destination you’re traveling to. They are often an excellent resource for finding the latest hotel and attraction deals in an area, as well as coupons for everything from recreation to excursions to dining. Here are links to a few of the most popular U.S. vacation destinations:

• San Diego Travel Coupons
• Los Angeles’ Hottest Offers
• Seattle Coupons
• Travel Portland Special Offers
• Austin Offers
• NYC Go! (New York)
• Denver On Sale
• Boston Great Deals

If you’re traveling within California, check out the California Travel and Tourism Commission site, where you’ll find even more special deals and packages listed by region

But perhaps you haven’t made up your mind about where to go? For ideas, check out Travel + Leisure’s America’s Favorite Cities 2008.

T+L partnered with CNN Headline News and asked travelers to rank 25 top U.S. cities in 45 categories. More than 125,000 voiced their opinion. Oakland and San Jose didn’t make the list, but San Francisco did. In fact, San Francisco was a front–runner for the number one spot until we were edged out during the last week by Boston. Click here for more results.

Finally, if you’re looking for a “cheap” getaway, try the FamilyTravelForm.com web site where you’ll find their recommendations for the Top 10 (Cheap) Getaways for Family Travelers.

SAVE MORE WITH TECH CU’S GROW YOUR GREEN CHALLENGE

Need help saving for your vacation? Try Tech CU’s Grow Your Green Challenge. By participating, you could win extra money for your trip, like the $100 cash prize drawing we do each month. Congratulations to our April $100 winner, Jayshree, who’s a teacher saving for her classroom.

You’ll also find tips on how to save more. Click here for the latest post.

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It’s also the time when many head out to look for a new home. This spring, new homebuyers and homeowners who are thinking about refinancing have something extra to be excited about—historically low mortgage rates!

LOW MORTGAGE RATES SPUR REFINANCING

According to Freddie Mac’s Primary Mortgage Market Survey®, the first quarter of 2009 saw an average rate of 5.06 percent for 30-year conforming fixed-rate mortgages — that’s the lowest quarterly rates have been in 50 years!

Many homeowners are recognizing that bargains are to be had and are calling their broker. The result? A big surge in refinancing. According to the LA Times, “about 75 percent of new home loan applications are coming from borrowers seeking to refinance.”

Freddie Mac says that borrowers who refinanced their mortgages in the first quarter of this year saw an average savings of about $160 a month on a $200,000 loan.

Steve Donahue, AVP of Mortgage Origination for Tech CU says, “We anticipate rates to be low through the end of the year and expect a continued high volume in refinance mortgages.”

HOMEBUYERS TAKE ADVANTAGE OF BIG SAVINGS

These extremely low rates are also encouraging for those who are thinking about buying a new home. Pair that with significantly reduced home prices and you can save a bundle! (This spring, the median price for a home in the San Francisco Bay Area fell to below $300,000—that’s down about 46 percent from $548,000 a year earlier.)

“First-time homebuyers have been presented with a rare opportunity and need to take advantage of the depressed market and lower interest rates while they can,” says Donahue.

And don’t forget, the State of California and the Federal Government are offering new tax incentives to homebuyers for 2009. Click here to read our blog post on how you can save more on your home purchase.

With so many ways to save, that home you thought you’d never be able to buy may be just over the horizon.

If you’re in the market to buy a new home and want to get pre-approved or if you need help with refinancing, contact one of our Tech CU mortgage consultants or visit one of our financial centers.

MORE RESOURCES

The President’s Plan: Help for America’s Homeowner
For information on the President’s Plan to help homeowners modify their mortgages to a payment that is affordable, go to makinghomeaffordable.gov.

MORTGAGE TOOLS
Tech CU offers calculators and other home buying tools on our web site. Click here.

For more tips on how to save, check out Tech CU’s Grow Your Green blog.

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If there was ever a time when our schools needed our help, it’s now. As individuals, we may not be able to make much of a dent in that $5 billion budget cut, but we can do something for our local teachers and classrooms. Even small donations will help them buy pencils, paper, rulers, books and more for the children who need them most.

If you want to make a difference, then join us in Tech CU’s Save for Schools program which is part of our overall Grow Your Green Savings campaign. We’re encouraging parents, students and teachers (basically, anyone who wants to participate) to save for their local school with a grassroots fundraising effort this summer.

HOW DOES SAVE FOR SCHOOLS WORK?

With the Save for Schools, individuals or groups save money throughout the summer in a Tech CU Savings Challenge Account, and Tech CU will match the funds* of the account holder who saves the most through August 31st. In addition, you have a chance to add an additional $100 dollars each month to your savings through our monthly cash prize drawings.

Now is a great time to put your team together and get started with your Save for Schools fundraising—participation is easy.

1. Put together a team or simply decide to save as a family or individual
2. Open a Tech CU Savings Challenge Account, register online at our Grow Your Green community and indicate in your profile that your savings are for the Save for Schools program.
3. Save a minimum of $25 in your account each month, and you’ll be automatically entered into our monthly Grow Your Green cash prize drawings for a chance to win an extra $100
4. Encourage other school savers by sharing your progress—maybe even ask them to join your savings group!
5. The individual or team whose account saves the most by August 31st will receive a matching donation from Tech CU for their school (up to $500)
6. Winners will be announced the week of September 7th

For more information on to Tech CU’s Save for Schools program, go to www.growyourgreencampaign.com.

Anyone who lives, works or worships in the six counties of the Bay Area is eligible to open a Tech CU Savings Challenge Account and participate in Save for Schools.

*Tech CU will match funds up to $500

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