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TRUITY CREDIT UNION: CREDIT CARDS AND IRA's · One on One With a Professional

• 0:06
  Speaker 1: Good morning, good morning, good morning, and welcome, welcome, welcome.
• 0:08
  Speaker 1: Media's time now for one on one with the pro.
• 0:11
  Speaker 1: But I'm a little out numbered here because we've got
• 0:13
  Speaker 1: two one and one. We've got two very very cool
• 0:15
  Speaker 1: pros here are going to tell us a lot about
• 0:17
  Speaker 1: the Credit Union biz. We have a mana Nichols, and
• 0:21
  Speaker 1: we have Eric Minton, and both of you have been
• 0:22
  Speaker 1: here before, so welcome back. This is going to be great.
• 0:26
  Speaker 1: We're going to be talking a lot about a credit
• 0:29
  Speaker 1: card promotion that's going on and also IRA benefits and
• 0:33
  Speaker 1: end of the year contribution. So let's start out with
• 0:37
  Speaker 1: credit card.
• 0:38
  Speaker 2: Yeah, so go on.
• 0:40
  Speaker 3: You know you've heard us talk about our credit cards
• 0:42
  Speaker 3: before and that we really offer a fantastic suite of
• 0:46
  Speaker 3: different cards. But currently we're really excited to be offering
• 0:50
  Speaker 3: a zero percent balanced transfer promotion for our existing card
• 0:53
  Speaker 3: holders unqualified card types. So if you've got a rate
• 0:58
  Speaker 3: or a signature card and you have balances elsewhere or
• 1:02
  Speaker 3: home improvements or trips or something that you'd like to
• 1:04
  Speaker 3: do through the end of March, you can take advantage
• 1:07
  Speaker 3: of a cash advance or balanced transfer and get zero
• 1:09
  Speaker 3: percent for twelve months.
• 1:11
  Speaker 2: Wow, we now how do we go about doing this.
• 1:14
  Speaker 3: You can come into a branch and ask them to
• 1:16
  Speaker 3: process your card. You can call in or send us
• 1:20
  Speaker 3: an email and we'll be happy to take care of
• 1:21
  Speaker 3: that for you.
• 1:22
  Speaker 1: Well, GIMII, that just sounds like the answer to a
• 1:25
  Speaker 1: lot of people's.
• 1:27
  Speaker 2: Top of the problems.
• 1:28
  Speaker 4: Absolutely.
• 1:31
  Speaker 1: Now, what's the benefit of having a Truity vis A
• 1:34
  Speaker 1: credit card is? If I don't already know?
• 1:36
  Speaker 3: Yeah, So with Truity, obviously you're getting local service. You
• 1:40
  Speaker 3: can call or come into a branch and you're going
• 1:42
  Speaker 3: to get someone in your community that can help you
• 1:44
  Speaker 3: with that. Several of our cards either offer extremely low
• 1:49
  Speaker 3: rates and or reward programs and so for purchases, you know,
• 1:55
  Speaker 3: you can earn a point per dollar and those are
• 1:58
  Speaker 3: redeemable for travel, little merchandise, cash back, statement credits. Lots
• 2:03
  Speaker 3: of different options there.
• 2:04
  Speaker 1: And I see here that we have multiple ways to
• 2:08
  Speaker 1: pay your credit card bill.
• 2:09
  Speaker 2: How do you do that?
• 2:10
  Speaker 4: Yeah?
• 2:11
  Speaker 2: I just used to say it here, take my.
• 2:12
  Speaker 3: Money exactly, Yeah, pay it online, you can mail it
• 2:15
  Speaker 3: through our processing center, you can come into a branch
• 2:18
  Speaker 3: make a payment with the faces that you know and
• 2:20
  Speaker 3: recognize over the phone. So again we make it really
• 2:24
  Speaker 3: easy to make those payments.
• 2:26
  Speaker 1: Now, Amanda, I keep hearing all these Points rewards.
• 2:29
  Speaker 2: You know, use the card, you're gonna you're gonna get things. Well,
• 2:32
  Speaker 2: what tell us all about the benefits.
• 2:35
  Speaker 3: I love our Points program and we've revamped it in
• 2:37
  Speaker 3: the last two years to really make it beneficial to
• 2:40
  Speaker 3: the members so you can redeem them for cash back,
• 2:43
  Speaker 3: which is my favorite. You know, my daughter's coming up
• 2:46
  Speaker 3: into senior year, and so I need all the extra
• 2:48
  Speaker 3: money I can get my money.
• 2:49
  Speaker 4: Your sister say, I'm a gift card person. We get
• 2:52
  Speaker 4: the gift cards and so every few years we just
• 2:54
  Speaker 4: get Amazon cards and it's like free money to shop
• 2:57
  Speaker 4: on Amazon.
• 2:58
  Speaker 2: Wow.
• 2:58
  Speaker 1: Yeah, So you guys, you really know what's going on here.
• 3:01
  Speaker 1: And I'm glad you're sharing this with folks because you know,
• 3:04
  Speaker 1: Amazon lives at my house.
• 3:06
  Speaker 4: Everybody's got an individual Amazon guy that comes to the.
• 3:09
  Speaker 1: House, stops by for pancakes, you know, So we got
• 3:14
  Speaker 1: that going on too. But you can use this for
• 3:17
  Speaker 1: for merchandise and all kinds of experiences travel, hotel.
• 3:20
  Speaker 2: Wow, it just.
• 3:21
  Speaker 3: Doesn't stop, it doesn't. Yeah. We really try to make
• 3:24
  Speaker 3: it so that our members get they accumulate rewards on
• 3:27
  Speaker 3: qualified cards. But then it's your choice of how you
• 3:30
  Speaker 3: want to redeem them, so you're not locked into you know,
• 3:33
  Speaker 3: do I only get cash back or do I only
• 3:35
  Speaker 3: get travel? You get to pick and choose how those
• 3:38
  Speaker 3: points are going to work for you.
• 3:39
  Speaker 1: I always felt sorry for the person that used their
• 3:42
  Speaker 1: credit card got all these travel points and they and
• 3:46
  Speaker 1: it was only good for like one airline and they had.
• 3:49
  Speaker 2: If we were flying. Yeah, so it was kind of
• 3:51
  Speaker 2: rough for those folks. That was the old days.
• 3:54
  Speaker 3: And our points are good for up to four years,
• 3:57
  Speaker 3: and so again you can really build them up and
• 3:59
  Speaker 3: then choose, you know, how and when it works for
• 4:02
  Speaker 3: you to redeem those. So, like Eric was saying, you know,
• 4:06
  Speaker 3: there's been years where I saved up my points for
• 4:07
  Speaker 3: the whole year, and that's how I did my Christmas
• 4:09
  Speaker 3: shopping was just totally off of that.
• 4:11
  Speaker 2: Fall a la la la.
• 4:14
  Speaker 1: And of course folks wonder about this, especially folks who
• 4:18
  Speaker 1: don't have credit cards. How does a credit card build
• 4:22
  Speaker 1: up your credit score or help you build credit? Yeah?
• 4:26
  Speaker 3: Do you want to take that one?
• 4:27
  Speaker 4: Yeah? So with credit cards, obviously it's an open tradeline.
• 4:30
  Speaker 4: When you put an application in get a proved for one.
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  Speaker 4: So that's going to show up on your credit report
• 4:34
  Speaker 4: and report every month for you. And so you know,
• 4:37
  Speaker 4: I always tell people it's a tool. It's not inherently
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  Speaker 4: good or bad. It's how you manage it, and so
• 4:42
  Speaker 4: you don't work for you. Yeah, And so when you
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  Speaker 4: know you're using that card in the way it's meant
• 4:47
  Speaker 4: to be used, you're going to start building a credit
• 4:50
  Speaker 4: score on that and build a little higher. The other
• 4:52
  Speaker 4: nice thing we have is our share secured credit card.
• 4:56
  Speaker 4: So people were like, how do I get credit if
• 4:59
  Speaker 4: I don't have credit? And so that's a card where
• 5:01
  Speaker 4: basically we can put money on hold. They put money
• 5:03
  Speaker 4: on deposit, we hold it, and then we give them
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  Speaker 4: a credit card basically for that money that's on hold
• 5:08
  Speaker 4: that they use as a regular credit card, and it
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  Speaker 4: reports the credit just like it would an auto loan
• 5:14
  Speaker 4: or a homelan because it's secured. And then at the
• 5:16
  Speaker 4: point in time you say, okay, I've got enough a score,
• 5:19
  Speaker 4: I pay my card off. We really step money back
• 5:21
  Speaker 4: to you and then you can apply for like a
• 5:24
  Speaker 4: regular card and now you've had that. So that's the
• 5:26
  Speaker 4: way you can get in and build credit and then
• 5:28
  Speaker 4: move into a more traditional credit card or if you
• 5:31
  Speaker 4: need that auto loan or something.
• 5:33
  Speaker 3: And like I said, with my daughter being a senior,
• 5:36
  Speaker 3: that's my plan when she turns eighteen, we'll do a
• 5:38
  Speaker 3: share secured card and start building her credit at eighteen.
• 5:42
  Speaker 1: So that's yeah, that's a good, great time to start. Wow,
• 5:45
  Speaker 1: this is good. This is great information.
• 5:47
  Speaker 2: Now Eric, unto you, we might be at the other
• 5:50
  Speaker 2: end of the spectrum.
• 5:51
  Speaker 1: Okay, we got our lives going here, yes, but sometime
• 5:55
  Speaker 1: down the road we're going to stop working. Yeah, and
• 5:58
  Speaker 1: we need to kind of plan for iras are quite popular.
• 6:02
  Speaker 2: Tell us about it.
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  Speaker 4: Yeah, So the Credit Union offers a wide variety of iras,
• 6:07
  Speaker 4: our traditional, our WROTH, our ESA which are like our
• 6:10
  Speaker 4: educational ones, and even health savings accounts on that.
• 6:13
  Speaker 2: Can you break those down forth? What's the traditional one?
• 6:15
  Speaker 4: So the traditional is kind of the more common one
• 6:17
  Speaker 4: that you see. This is what a lot of people
• 6:19
  Speaker 4: will open when they've retired and they might move their
• 6:22
  Speaker 4: four oh one K. So if they can't keep their
• 6:25
  Speaker 4: plan where it is, they need to move it. They
• 6:27
  Speaker 4: come over to us and we can open a traditional
• 6:29
  Speaker 4: IRA and those IRA funds come over. It's a non
• 6:33
  Speaker 4: taxable event because it's just a transfer of where it's
• 6:35
  Speaker 4: being housed, and so that's one that we see a
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  Speaker 4: lot of or you could just open one if you
• 6:41
  Speaker 4: like and contribute. But typically that is going to be
• 6:44
  Speaker 4: your pre tax money, so like you haven't been taxed
• 6:47
  Speaker 4: on it yet, so it's in there when you pull
• 6:49
  Speaker 4: it out, that's typically when you're going to see that.
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  Speaker 4: The WROTH is kind of the opposite to that in
• 6:54
  Speaker 4: some ways that that's after tax money. So that's money
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  Speaker 4: I've gotten in my paycheck I have and now you
• 7:00
  Speaker 4: know what, I want to put that into some type
• 7:01
  Speaker 4: of savings, let it grow and have it in the future.
• 7:04
  Speaker 4: You could do that, and then when you take from that,
• 7:06
  Speaker 4: since you've already paid taxes on that, essentially based on
• 7:08
  Speaker 4: your tax bracket, you may not have to pay taxes
• 7:11
  Speaker 4: on that withdraw.
• 7:12
  Speaker 2: Wow, there you go.
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  Speaker 4: And then the ESA is a way you can put
• 7:15
  Speaker 4: money away for savings for children, grandchildren. They can use
• 7:20
  Speaker 4: that and then if say they don't use it and
• 7:22
  Speaker 4: they didn't go to college or maybe they didn't need it,
• 7:24
  Speaker 4: they can actually transfer that to another family member on
• 7:28
  Speaker 4: that as well. And then we have our HSA's, which
• 7:31
  Speaker 4: are health savings accounts. You do have to have a
• 7:34
  Speaker 4: high deductible insurance plan in place, but you can contribute
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  Speaker 4: to that and then you can as often as you want,
• 7:42
  Speaker 4: and then that'll help you for those unexpected health expenses
• 7:45
  Speaker 4: you have throughout the year on that. And then of
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  Speaker 4: course with all of these there could be benefits tax savings.
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  Speaker 4: You know, we're coming to the end of the you know,
• 7:52
  Speaker 4: we had the end of the year, We're coming to
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  Speaker 4: tax time, and so you know, some people are making
• 7:57
  Speaker 4: those previous year contributions to help with taxes.
• 8:03
  Speaker 1: Now when we talk again about more of the benefits
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  Speaker 1: of the IRA, A lot of people I know are
• 8:08
  Speaker 1: saving up for retirement. I shall never retire, but I mean,
• 8:14
  Speaker 1: but most people do, and they have.
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  Speaker 2: When is a good time to start.
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  Speaker 4: Anytime, The sooner you start, the better because there's that compounding,
• 8:24
  Speaker 4: that compounding interest or dividends that are going to pay
• 8:28
  Speaker 4: in and that's where you're going to see your big
• 8:30
  Speaker 4: growth on that.
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  Speaker 2: Wow.
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  Speaker 4: So anytime, if you you know, and that's the nice
• 8:33
  Speaker 4: thing with an IRA is you could just you come
• 8:35
  Speaker 4: into some extra money, you can put it in your IRA.
• 8:39
  Speaker 2: Some people might be coming into five thousand dollars soon.
• 8:41
  Speaker 2: It's a good time.
• 8:42
  Speaker 4: Start right, Yeah, you never know. So, yeah, you can
• 8:44
  Speaker 4: put it in there and have a little nest egg
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  Speaker 4: working for you.
• 8:47
  Speaker 2: Wow.
• 8:48
  Speaker 3: I think most people can start contributing to four one
• 8:51
  Speaker 3: ks and iras at twenty one. Yeah, some four one
• 8:54
  Speaker 3: k's have age limitations. But I was talking to our
• 8:58
  Speaker 3: CFO recently and he was telling me, you know, the
• 9:00
  Speaker 3: difference between starting in your twenties and your thirties is
• 9:03
  Speaker 3: over five hundred thousand dollars by the time that you retire,
• 9:06
  Speaker 3: So a ten year difference that's a lot of money.
• 9:09
  Speaker 4: Is make or break.
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  Speaker 3: It could be the difference between you retiring a millionaire
• 9:13
  Speaker 3: or not so.
• 9:14
  Speaker 4: Or retiring at sixty verse seventy.
• 9:17
  Speaker 2: Oh yeah, yeah.
• 9:20
  Speaker 1: My brother did it at sixty two, and he says
• 9:23
  Speaker 1: that every day is on his calendar's Saturday till he
• 9:26
  Speaker 1: tells it differently.
• 9:27
  Speaker 4: I'm working towards that.
• 9:28
  Speaker 2: There you go.
• 9:29
  Speaker 1: But anyway, with the credit Union, you can have a
• 9:34
  Speaker 1: lot of different things that you can work with as
• 9:36
  Speaker 1: far as your IRA house.
• 9:38
  Speaker 4: Yeah, so you know, there's you know, if you we
• 9:42
  Speaker 4: have people come in and withdrew from their IRA, they
• 9:44
  Speaker 4: have unexpected expenses, so that comes in handy for them.
• 9:48
  Speaker 4: The hsas you know, we have people using they get
• 9:50
  Speaker 4: a debit card with that, so that because it's separate
• 9:53
  Speaker 4: and it's just for health, you know, we give them
• 9:55
  Speaker 4: a special debit card they can use that, so there's
• 9:57
  Speaker 4: no special like paperwork they got to do. They can
• 9:59
  Speaker 4: go pay for their medical stuff. And so that's really nice.
• 10:03
  Speaker 4: And it's not a use it or lose it type thing,
• 10:06
  Speaker 4: so it stays with you and moves with you. So
• 10:09
  Speaker 4: that's that's a nice benefit of that.
• 10:11
  Speaker 2: That's great.
• 10:12
  Speaker 1: Now, Amanda, we are Truity Credit Union. We functioned slightly
• 10:19
  Speaker 1: differently than other funny storing, housing whatever. And but who
• 10:29
  Speaker 1: owns Truity Credit Union.
• 10:32
  Speaker 3: We all do. So every member with a savings account
• 10:35
  Speaker 3: owns the credit union. You have a vote, you're invited
• 10:37
  Speaker 3: to our annual meeting to see what we're doing. You know,
• 10:41
  Speaker 3: our leaders are happy to talk to you if you
• 10:43
  Speaker 3: have concerns. But yeah, nope, if you've got that five
• 10:46
  Speaker 3: dollars savings account, you matter, and you're a member and
• 10:49
  Speaker 3: you're an owner.
• 10:50
  Speaker 2: How do you like that? Eric, good guy? I love it.
• 10:53
  Speaker 4: I love working there because I can tell you that
• 10:55
  Speaker 4: our leadership is really focused on the community and our
• 10:59
  Speaker 4: member and making sure we're doing right by them and
• 11:01
  Speaker 4: of course supporting our community. So I mean inside and out.
• 11:05
  Speaker 4: The Credit Union is a great place.
• 11:07
  Speaker 1: One of the things you just touched on about being
• 11:09
  Speaker 1: a part of the community. I can't go anywhere without
• 11:12
  Speaker 1: seeing somebody with a Truity polo, Truity bracket, Trudy button,
• 11:18
  Speaker 1: or something Truity on. Whenever I'm at a ballgame or
• 11:22
  Speaker 1: an event with the kids, or maybe it's a social
• 11:25
  Speaker 1: function or it's a fundraiser for one of our seventy
• 11:30
  Speaker 1: gazillion nonprofits that we have in Lockdown, but there's always
• 11:34
  Speaker 1: somebody from Truity there.
• 11:36
  Speaker 2: I just find that I can.
• 11:38
  Speaker 4: Yeah, we want to be invested in our community. And
• 11:40
  Speaker 4: you know, like Amanda said, like you have a credit
• 11:43
  Speaker 4: card with us, you come in and talk to us.
• 11:45
  Speaker 4: You're not talking to somebody over the phone or the internet.
• 11:47
  Speaker 4: Like we're invested in the community and here for our
• 11:51
  Speaker 4: our members in our community.
• 11:53
  Speaker 1: No are you downtown, Amanda, I am you have to
• 11:57
  Speaker 1: walk in to see that cool mural every three darn
• 12:00
  Speaker 1: I bet you there's something you knew that you find
• 12:02
  Speaker 1: about every week.
• 12:04
  Speaker 3: Absolutely, It's kind of like you turn around and you're like,
• 12:07
  Speaker 3: how have I been here sixteen years and I noticed that.
• 12:10
  Speaker 2: When did that come in?
• 12:13
  Speaker 1: But the people are so nice too, and homegrown right
• 12:17
  Speaker 1: here in the Bartlesville surrounding area. But I understand that
• 12:22
  Speaker 1: you made it easier. You have a new kind of.
• 12:24
  Speaker 2: A an ATM, but it's not an ATM.
• 12:27
  Speaker 4: It IM.
• 12:29
  Speaker 3: Yes, we're so excited. So an ITM functions as an
• 12:33
  Speaker 3: ATM would, so you can get money out. But with
• 12:36
  Speaker 3: the ITM you can also deposit money at that machine,
• 12:39
  Speaker 3: so cash or checks, and then if you need help,
• 12:43
  Speaker 3: you can tap the button to speak with a live person. Again,
• 12:46
  Speaker 3: you're getting someone local in our communities and they can
• 12:49
  Speaker 3: help you, whether it be make a loan payment, troubleshoot questions,
• 12:52
  Speaker 3: if your card's not working. It's amazing. So it's really
• 12:56
  Speaker 3: a you know, a little mini branch. And so we
• 13:00
  Speaker 3: have one at the south Side Branch on Highway seventy five,
• 13:02
  Speaker 3: and then just in the last couple of months, we
• 13:04
  Speaker 3: also added the one in Dewey, which is down the
• 13:07
  Speaker 3: street from my house. I am so excited and it.
• 13:10
  Speaker 4: Has been popular. We've had a lot of people use
• 13:12
  Speaker 4: it utilized that Dewey location and we've heard some good things.
• 13:15
  Speaker 4: So like Amanda said, it's almost like a mini branch.
• 13:18
  Speaker 4: So it is great to be able to reach out
• 13:21
  Speaker 4: there without having to do, you know, put a whole
• 13:23
  Speaker 4: branch in, but we can reach you know, doing now
• 13:26
  Speaker 4: a lot easier.
• 13:27
  Speaker 1: You have sort of like a branch on your phone
• 13:29
  Speaker 1: and on your computer down.
• 13:30
  Speaker 4: Yeah. Yeah. The mobile app, I mean is great. You
• 13:36
  Speaker 4: can do almost anything you need to do on that.
• 13:39
  Speaker 4: I check out, I don't know how many times a day,
• 13:41
  Speaker 4: transfer your money, you could make payments to your credit card,
• 13:44
  Speaker 4: contributions to different accounts, remote deposit capture, bill pay. There
• 13:50
  Speaker 4: is just endless things out there, as well as even
• 13:53
  Speaker 4: stuff to help you in like credit building. There's a
• 13:56
  Speaker 4: my Finance function that you can go in and see
• 13:59
  Speaker 4: what your credit score is. Even has the ability to
• 14:02
  Speaker 4: say if I do this, what should I see in
• 14:04
  Speaker 4: my credit score? Some financial checkups out there. So yeah,
• 14:07
  Speaker 4: it's a very robust app.
• 14:09
  Speaker 2: Man.
• 14:09
  Speaker 1: Can you even chat with somebody on there, just like
• 14:11
  Speaker 1: you're at the bank talking to it?
• 14:13
  Speaker 2: Tiller?
• 14:13
  Speaker 3: Absolutely.
• 14:14
  Speaker 1: So.
• 14:14
  Speaker 3: You can do secure messaging, so you can share information
• 14:17
  Speaker 3: that normally we would ask you not to share on
• 14:19
  Speaker 3: a public website. So you can send in a message
• 14:24
  Speaker 3: on the website. We actually also launched video chat, so
• 14:27
  Speaker 3: if you prefer to be able to chat with someone
• 14:29
  Speaker 3: face to face now, just go out to trudcu dot org,
• 14:33
  Speaker 3: click that button and you'll get someone that can chat
• 14:36
  Speaker 3: with you during our call center hours.
• 14:38
  Speaker 2: I want to thank you both for being here.
• 14:39
  Speaker 4: Thank you, thank you for having you, thanks for listening
• 14:45
  Speaker 4: to one on one