How many times have we yearned for “the good old days?” Raise your right hand if you think interest rates are contributing to the current volley of “tough times.”
The next time you are concerned about loan interest rates, consider the following:
The Prime Rate, the barometer that is often considered the cornerstone of rate pricing, is 5.00% today. How does today’s 5.00% Prime Rate compare with previous years?
Forty years ago today, the Prime Rate was at 6.50% and was on its way upward. By the way, the average price of a gallon of gasoline was $0.33 in 1968.
As a point of fact, the Prime Rate has been at or below 5.00% only a handful of times in our recent history. During the first six months of 1972 it hovered between 5.00% and 4.50%. The next time it was as low occurred during the period between November 2001 and December 2004. Since then, it spiraled up to 8.25% in June 2006 before beginning downward movements to today’s 5.00%.
So, in the past 40-years, the Prime Rate has been at or below 5.00% for only 40 months. Not even 3.5 years out of 40 years. Based solely upon interest rates, we are currently experiencing “The Good Old Days!”
These comparisons are not to infer that we, and our neighbors, don’t have problems. Certainly there are problems. Gasoline is at an all-time high. Many of our everyday products are made from, or with, petroleum. Thus, some prices are rising. Because of some foolish decisions made in the past, many mortgage lenders are afraid to finance houses (not so at Hawthorne!). House values are falling rapidly in many areas of the country (not so much in our immediate area).
However, none of the current problems will last forever. All present concerns are “fixable” or “livable.” The housing market will turn around and eventually be as robust as ever. Gasoline will either drop in price or we will find methods to become less reliant on it.
Tough times call for crafty economizing. Moving forward, the real action will be in how we let these difficult times impact our lives.
If you are not already a member, joining the credit union would be a step in the right direction. With lower fees and better rates you can increase your savings. Hawthorne offers a wide-range of loan opportunities for our members. From Cadillacs to Volvos, a dream home to a dream vacation, Hawthorne Credit Union has a loan to fit your needs - and always at an attractive loan rate.
Hawthorne also offers a wide variety of savings accounts that you can use to save for your future. Plus, your deposits are insured to $350,000 — the first $100,000 is federally insured by NCUA and the next $250,000 is privately insured by ESI. This is the highest combination of federal and private deposit insurance available to consumers.
Thursday, May 29, 2008
Tuesday, May 27, 2008
Time to start saving money by stamping out bill payment by mail.
More than ever before American’s have started using online banking to save time and money. The latest postal rate increase is a great excuse for those of us who have not connected yet, to also make the switch.
I started paying my bills online several years ago. Even though the cost savings was not significant enough to make a huge difference, the simplicity of the process and the time savings, made the minor learning curve well worth my effort.
The first-class postage rate is now 42 cents. If you're like most Americans, you pay 20 to 30 bills per month. So for those of you who are still "going postal," the 1-cent increase will cost you about 40 cents to 60 cents per month.
For the first time, bill payments made online exceed paper-check bill payments among online households, according to the 2007 Consumer Bill Payment Survey, just released by Harris Interactive and The Marketing Workshop. About 74% of households not pay at least one bill online.
Granted, online banking is hardly new. During the dot-com days, intrepid onliners used various financial-software packages, including Microsoft Money and Quicken, to help automate their bills and monthly statements.
But they had to learn the software. Then they printed lots of checks anyway, because most recipients weren't set up to receive electronic payments. And banks charged fees for online transactions. The software packages helped you categorize expenses and print neat checks, but they didn't save much time or money.
Now things have changed. It is as simple as a couple of keys strokes and a click of the mouse and you can be on your way to a simplified life, more financial control and some extra money in your account.
Click here to learn more about Hawthorne’s Online Banking and BillPayer.
I started paying my bills online several years ago. Even though the cost savings was not significant enough to make a huge difference, the simplicity of the process and the time savings, made the minor learning curve well worth my effort.
The first-class postage rate is now 42 cents. If you're like most Americans, you pay 20 to 30 bills per month. So for those of you who are still "going postal," the 1-cent increase will cost you about 40 cents to 60 cents per month.
For the first time, bill payments made online exceed paper-check bill payments among online households, according to the 2007 Consumer Bill Payment Survey, just released by Harris Interactive and The Marketing Workshop. About 74% of households not pay at least one bill online.
Granted, online banking is hardly new. During the dot-com days, intrepid onliners used various financial-software packages, including Microsoft Money and Quicken, to help automate their bills and monthly statements.
But they had to learn the software. Then they printed lots of checks anyway, because most recipients weren't set up to receive electronic payments. And banks charged fees for online transactions. The software packages helped you categorize expenses and print neat checks, but they didn't save much time or money.
Now things have changed. It is as simple as a couple of keys strokes and a click of the mouse and you can be on your way to a simplified life, more financial control and some extra money in your account.
Click here to learn more about Hawthorne’s Online Banking and BillPayer.
Hawthorne participates in the American Cancer Society’s “Relay for Life”!
It is that time of year again. Time for Hawthorne Credit Union to participate in our yearly event by sponsoring the American Cancer Society’s “Relay for Life”! Relay for Life raises money to fight cancer and raise awareness of cancer in the community. The relay for life honors cancer survivors, and remembers those who have lost their lives to cancer.
The fight against cancer continues to goes on. Unfortunately, most of us have been touched by this terrible illness and on this very special night that we can all come together to continue to fight again the disease and help others.
The Hawthorne Relay for Life of 2008 is now in the planning stages at Hawthorne. This year the event will be held on July 25 (rescheduled due to bad weather), at Naperville North High School.
Relay for Life is the American Cancer Society’s nationwide signature event. This 24-hour, overnight event raises money and awareness while serving as a celebration for cancer survivors, and a memorial for loved ones lost.
One great way to help Relay for Life participants honor survivors is to make a donation of any amount to the American Cancer Society Relay for Life. If you are interested please visit one of our branches.
The American Cancer Society Relay for Life raises hundreds of millions of dollars each year in the fight against cancer. Millions of people will walk or run through the night to raise money to fight cancer. Relay for Life builds awareness of this dreaded disease and makes a difference in the lives of those affected by cancer HERE AND NOW!
Below is a poem that I thought you might like to read. It helps us increase your awareness of what the Relay for Life is all about.
"Relay For Life - Bring Hope"
Caring For Cancer
Today, we honor our survivors and remember those who we have lost.
But every day, every year, there is progress.
Yesterday’s death sentence is today’s prognosis for a full recovery.
Yesterday’s HOPE is today’s CURE!
And so to honor those battling cancer with us today, we present each survivor with a seedling that they can “grow” with.
Each day, remember how far this tree has come, and how far you have come.
Each day, remember that this tree was once a seedling, and remember how you were once at the beginning of your treatments.
Each day, remember that curing cancer has become an eventuality, not an impossibility
The fight against cancer continues to goes on. Unfortunately, most of us have been touched by this terrible illness and on this very special night that we can all come together to continue to fight again the disease and help others.
The Hawthorne Relay for Life of 2008 is now in the planning stages at Hawthorne. This year the event will be held on July 25 (rescheduled due to bad weather), at Naperville North High School.
Relay for Life is the American Cancer Society’s nationwide signature event. This 24-hour, overnight event raises money and awareness while serving as a celebration for cancer survivors, and a memorial for loved ones lost.
One great way to help Relay for Life participants honor survivors is to make a donation of any amount to the American Cancer Society Relay for Life. If you are interested please visit one of our branches.
The American Cancer Society Relay for Life raises hundreds of millions of dollars each year in the fight against cancer. Millions of people will walk or run through the night to raise money to fight cancer. Relay for Life builds awareness of this dreaded disease and makes a difference in the lives of those affected by cancer HERE AND NOW!
Below is a poem that I thought you might like to read. It helps us increase your awareness of what the Relay for Life is all about.
"Relay For Life - Bring Hope"
Caring For Cancer
Today, we honor our survivors and remember those who we have lost.
But every day, every year, there is progress.
Yesterday’s death sentence is today’s prognosis for a full recovery.
Yesterday’s HOPE is today’s CURE!
And so to honor those battling cancer with us today, we present each survivor with a seedling that they can “grow” with.
Each day, remember how far this tree has come, and how far you have come.
Each day, remember that this tree was once a seedling, and remember how you were once at the beginning of your treatments.
Each day, remember that curing cancer has become an eventuality, not an impossibility
Friday, May 16, 2008
It's Time to Ditch your Bank for a Credit Union!
Are you getting ready to ditch your bank for a credit union? It’s about time! If you're sick of getting bombarded with fees, or caught off guard by hidden fees and earning lousy interest rates then now is the time to make a change. Who said that you needed to settle for a bank? Financial relief could be as close as the nearest credit union.
Because so many people are not sure about the differences between banks and credit unions, I'll highlight the most important distinctions for you and explain how credit unions deliver increased savings and better service to their members.
Credit unions operate in many ways like banks but there are some important distinctions. For example, credit union are not-for-profit, cooperative financial institutions. These institutions are managed and directed by members and a volunteer board.
Credit unions serve a specific field of membership defined by their charters. Anyone who falls within the credit union's common bond of affiliation, location or employment can become a member.
Credit unions are not-for-profit organizations and do not make a profit for a select group of stockholders. They are democratically controlled by their members who elect a volunteer Board of Directors from among the membership.
Credit unions also specialize in educating their members to help them achieve a better financial future. Whether it's young savers, college students, first time homebuyers or retirees, credit unions educate members on the best ways to manage their financial resources.
You may be asking yourself, am I eligible to join? Almost certainly! Virtually everyone in the United States can belong to a credit union, thanks to where they live, where they work or the associations to which they belong.
The nation's credit unions count 90 million members, and our trade association estimates members save $8 billion a year thanks to better interest rates and reduced fees. Credit-union-issued credit cards, for example, tend not to have annual fees or to charge punitive interest rates for a single late payment. Most credit unions offer free checking accounts, and penalties for overdrawing those accounts tend to be lower: a $25 or $29 fee is typical, compared with up to the $39 charged by banks.
These differences and the advantages to members of our community are why Hawthorne has joined the iBelong Campaign.
iBelong is a statewide effort by Credit unions across Illinois that are pooling their resources to spread the word about credit unions to consumers in our state. That’s because many consumers just don't know what they're missing by not belonging to a credit union. And those who already belong, may not realize that the reason they're so happy is because of the credit union difference; it’s our not-for-profit, member owned structure that makes us really focus on the needs of our members.
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. More than one hundred credit unions from across Illinois, many that compete in the same market, have pooled their funds to advertise together. This kind of cooperative spirit is rarely found in other industries.
You can check out the iBelong TV commercials. The campaign shows credit union members telling their stories of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Click here for details.
Because so many people are not sure about the differences between banks and credit unions, I'll highlight the most important distinctions for you and explain how credit unions deliver increased savings and better service to their members.
Credit unions operate in many ways like banks but there are some important distinctions. For example, credit union are not-for-profit, cooperative financial institutions. These institutions are managed and directed by members and a volunteer board.
Credit unions serve a specific field of membership defined by their charters. Anyone who falls within the credit union's common bond of affiliation, location or employment can become a member.
Credit unions are not-for-profit organizations and do not make a profit for a select group of stockholders. They are democratically controlled by their members who elect a volunteer Board of Directors from among the membership.
Credit unions also specialize in educating their members to help them achieve a better financial future. Whether it's young savers, college students, first time homebuyers or retirees, credit unions educate members on the best ways to manage their financial resources.
You may be asking yourself, am I eligible to join? Almost certainly! Virtually everyone in the United States can belong to a credit union, thanks to where they live, where they work or the associations to which they belong.
The nation's credit unions count 90 million members, and our trade association estimates members save $8 billion a year thanks to better interest rates and reduced fees. Credit-union-issued credit cards, for example, tend not to have annual fees or to charge punitive interest rates for a single late payment. Most credit unions offer free checking accounts, and penalties for overdrawing those accounts tend to be lower: a $25 or $29 fee is typical, compared with up to the $39 charged by banks.
These differences and the advantages to members of our community are why Hawthorne has joined the iBelong Campaign.
iBelong is a statewide effort by Credit unions across Illinois that are pooling their resources to spread the word about credit unions to consumers in our state. That’s because many consumers just don't know what they're missing by not belonging to a credit union. And those who already belong, may not realize that the reason they're so happy is because of the credit union difference; it’s our not-for-profit, member owned structure that makes us really focus on the needs of our members.
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. More than one hundred credit unions from across Illinois, many that compete in the same market, have pooled their funds to advertise together. This kind of cooperative spirit is rarely found in other industries.
You can check out the iBelong TV commercials. The campaign shows credit union members telling their stories of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Click here for details.
Tuesday, May 6, 2008
iBelong Hits the Airwaves!
About 30 minutes ago at 6:51 AM I heard our iBelong radio ad running on WLIT 93.9 FM, the Lite. It sounded wonderful – it was a very warm and positive message. I was so proud! Great time slot, too! I'm so happy that the credit unions of Illinois are pooling our resources to spread the word about credit unions to consumers in our state. So many consumers just don't know what they're missing by not belonging to a credit union. And others who already belong, probably don't realize that the reason they're so happy is because of the credit union difference - our not-for-profit, member owned structure that makes us really focus on the needs of our members.
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. Here we have hundreds of credit unions from across Illinois, many that compete in the same market, who have pooled their funds to advertise together. That's what I love about credit unions - we have a spirit of cooperation that is rarely found in other industries. Proof positive that we live up to our promise, I think.
Check out the TV commercials that are running for the next 3 weeks on cable stations through out the state. THe campaign shows credit union members telling their story of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Check that out at eHawthorne.org
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. Here we have hundreds of credit unions from across Illinois, many that compete in the same market, who have pooled their funds to advertise together. That's what I love about credit unions - we have a spirit of cooperation that is rarely found in other industries. Proof positive that we live up to our promise, I think.
Check out the TV commercials that are running for the next 3 weeks on cable stations through out the state. THe campaign shows credit union members telling their story of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Check that out at eHawthorne.org
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