By Nikki Griggs, Marketing Manager, NAFCU Services.
What do Thomas Jefferson, Judy Garland, and Michael Jackson have in common? They each left a tremendous amount of debt behind when they died. With their wealth and assets, it’s easy to imagine the red tape and the burden this put on their loved ones.
But perhaps you’re thinking that a founding father and a couple of wealthy, out-of-touch celebrities may not be the most relatable trio. Fair enough. Then what about debt that is left behind by the average American today? Is it forgiven when someone unexpectedly dies?
It’s widely known that consumer debt has touched all generations culminating with 2009’s Great Recession. From Baby Boomers affected by the mortgage crisis to the Millenials’ huge student loan debt to the staggering credit card debt across the boards, many Americans find themselves in precarious financial straits. But what may be equally alarming and less known is the significant impact that a loved one’s debt can have on his or her survivors if arrangements had not been made for post mortem coverage. Read more
Originally posted on cuinsight.com.
Guest post written by Dennis Zuehlke, Compliance Manager, Ascensus
Ascensus is the NAFCU Services Preferred Partner for IRA, Retirement Plan, and Health Savings Account (HSA) Solutions Software, Training, Documents and Consulting.
The Obama administration has announced the creation of a new retirement savings account designed to target Americans not covered by a workplace retirement plan. The new accounts will be offered through employers and are expected to become available in late 2014.
President Obama announced the new myRA (“my Retirement Account”) program during his recent State of the Union address in which he called for a year of action to address issues of income inequality, vowing to make progress through executive action if Congress fails to act. Unlike his previous retirement savings proposals, Obama said the myRA program would not require Congressional action and thus, he gave the Treasury Department an executive order to finalize the development of the program by year-end. Read more
Originally posted on quantivate.com.
Guest post written by Andrea Tolentino, Operations Consultant, Quantivate
Quantivate is the NAFCU Services Preferred Partner for Vendor and Contract Management
The auditor just left your building telling you your organization needs an exercise program for business continuity and without one you would be in trouble next time around. You are thinking to yourself, how in the world am I going to be able to accomplish completing a scenario-based exercise by the end of the year? Especially with all of the other tasks I have to do?! There is no way!
You are in luck because here are my top five tips to getting your organization on the right track for exercising. Follow these tips and you will be set for exercise success. Read more
Originally posted on cuinsight.com.
Guest post written by Dan Green, Executive Vice President, Marketing, Mortgage Cadence, LLC
Mortgage Cadence, LLC is the NAFCU Services Preferred Partner for Mortgage Processing and Fulfillment Services.
In a recent blog post, I posed the “dreaded question”: Where do homebuyers come from? Quick review. They come from three places: non-owner/non-renters (NONRs), renters, and current homeowners. First-time homebuyers emerge from the first two categories while those interested in buying a different or another home come from the third. Pretty obvious, really, though the “dreaded question” is worth contemplating. We have been so focused on refinancing existing loans for the past several years, and now that it is coming to an end, it’s time to make way for those who should, for many reasons, be buying homes. The market has shifted its focus, and it’s time for us to shift our thinking.
They are not, however, buying homes—not first-timers or repeaters—though they should be. While the reasons the housing market has not yet rebounded since the end of the refinance boom are the same for both first-timers and repeaters, we’ll concentrate on the first-timers. Read more
Originally posted on Vantiv’s Blog.
Guest post written by Patty Walters, Senior Vice President of Merchant Products and Security for Vantiv.
Vantiv is presenting at NAFCU’s Technology and Security Conference, Feb. 11–13 in Las Vegas. Learn more »
In a recent Vantiv/Mercator study, only 15 percent of U.S. consumers said that they have an EMV equipped debit or credit card. That’s not surprising, since the industry is still in the early stages of rolling out EMV. What is surprising is that two-thirds of that group said that they have used their cards in chip mode in the U.S. That’s just about impossible, given the relatively small number of EMV terminals out there. It’s more likely that the chip-card owners used their cards in the traditional way by swiping the mag-stripe.
Still, that finding indicates that consumers are a little confused about EMV. (The study also found that one in five weren’t sure whether they actually had an EMV card.) But why shouldn’t they be confused? To them, this is a new and largely unexplained technology. Read more