Introducing Three Ways to LOVE Your Checking Account

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Kasasa (kah-sah-suh) is a FREE checking account with rewards you actually want, like high interest rates, refunds on ATM fees, cash back or music.

Beginning April 1, you can choose from:

Kasasa Cash – Cash in on interest rates you’d expect from a CD, not a checking account.

Kasasa Cash Back – Collect cold, hard cash when you make debit card purchases.

Kasasa Tunes- Get rewarded with iTunes® and Amazon® downloads to cash in for songs, movies, apps, and more.

No matter which account you choose you get free checking with no monthly service fee, a free debit card, free online banking, and no minimum balance.

To receive the Kasasa account benefits, you will need to meet easy monthly qualifications by doing things you’re probably already doing. These things include receiving an e-statement, accessing online banking once per month, and using a debit card to make electronic transactions twelve times per month. There’s never a penalty fee if you come up short on the monthly qualifications. Plus, get right back to earning your full Kasasa rewards the very next month!

Move your existing Parkside Credit Union checking account to one of our Kasasa Checking Accounts! It’s easy; call a Parkside Representative at 734.525.0700 or get started today.. Are you a new member? Open your new Kasasa Checking Account online today!

*Account approval, qualifications, limits and other requirements apply. See Parkside Credit Union for details.

 


Mortgage Meet & Greet

Realtor on Duty

Get answers to your real estate questions with NO OBLIGATION! No appointment necessary – just stop by and talk to our CU Realty Approved Agent. A representative from Mortgage Center will also be on site to answer questions about the mortgage process as well as provide information for home buyers. Brought to you courtesy of Mortgage Center and CU Realty Services.

Livonia Branch (3-5:30pm)                 Westland Branch (3:30-5pm) 
Friday, March 28                                Thursday, March 27
Friday, May 9                                     Thursday, May 8
Friday, June 20                                   Thursday, June 19

Ask about a 20% rebate when you buy or sell your home!

For more information, or if you are unable to attend, visit www.mortgagecenter.com/parkside


2014 Scholarships Now Available

Parkside Credit Union will award three (3) scholarships in the amount of $1,000 each. Members planning to attend an accredited institution following High School graduation should apply by May 9, 2014.

Criteria This scholarship seeks to recognize and reward those who demonstrate the following:

  • Has achieved a grade point of at least 2.0
  • Has been accepted into an accredited institution, community college, trade school, vocational school or university
  • Has described in a 150 ‐200 word essay their personal and educational goals

Documentation Requirements:

  • Complete essay – Do NOT include your name IN or ON the essay
  • Letter of acceptance from an accredited institution, community college, trade school, vocational school or university
  • High School transcript
  • List of community and/or school related involvement
  • Two (2) letters of recommendation from influencing adults (for example: teacher, coach, counselor, community leader, employer or other school staff members – may not be a relative of the applicant)

Submit required documents by May 9, 2014 to: Parkside Credit Union Attn: Scholarship Committee 36525 Plymouth Rd. Livonia, MI 48150

Please note: Late applications will not be accepted. Any incomplete application will be disqualified. At Parkside’s discretion, the scholarship will be paid to recipient, recipient’s guardian or directly to the educational institution the student is attending. Parkside employees, officials or their family members are ineligible. Scholarships will be awarded by July 31, 2014.


Annual Membership Meeting & Election of Directors

Parkside Credit Union will hold its Annual Membership Meeting on Wednesday, April 9, 2014. The meeting will be held at the Livonia Office of Parkside Credit Union beginning at 5:30 p.m.

The following individual has been nominated by the nominating committee to serve a three year term on the Parkside Credit Union Board of Directors.

Edward J. Leshinsky (Incumbent)
Running for a three year term expiring 2017

Qualifications:
-Member of the Board of Directors for 27 years
-Parkside Credit Union member for 36 years
-Current Chairman of the Board of Directors
-Occupation: Retired from Ford Motor Company

 

 


Boat? Bought!

Finance your boat today with Parkside Credit Union’s reduced rates on boat loans!

Make sure you’re ready to hit the water when the summer sun starts shining. The Detroit Boat Show at the COBO Center runs from February 15-23 and the Spring Boating Expo at the Suburban Collection Showplace runs from March 13-16.

For a limited time Parkside is offering rates as low as 2.25% APR* and no payments for 90 days on boat loans!

Applying is easy, simply fill out our online application or call us to apply over the phone at 734.525.0700.

*APR= Annual Percentage Rate. Rate based on 60 month term for qualified borrowers. Finance charges will continue to accrue on outstanding loan balance during 90 day period. Other rates and terms available for qualified borrowers. Not for existing Parkside Credit Union loans. Offer ends April 30, 2014.


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Relationship Rewards – Coming February 1st, 2014

On February 1, 2014, Parkside Credit Union is launching a new Relationship Rewards Program. The new program recognizes and rewards participation at Parkside CU. The more you use Parkside’s products and services, the lower fees and free services you receive. It’s that simple. As a member you will automatically be enrolled in the Relationship Rewards Program. There are no enrollment forms to fill out. Just start using Parkside CU for all your financial needs and you will automatically earn free services and discounts.

As a cooperative, Parkside depends on the participation of all member owners to remain financially healthy as a community based credit union. Member participation enables us to provide you with the best services available.

Start maximizing your rewards today by refinancing your first mortgage with us, applying for a home equity loan, finance a new car, or start taking advantage of It’s Me 24/7, Bill Payment and E-Statements. As February 1st draws closer stay tuned for more information about Relationship Rewards. Click here for more information.


Livonia and Westland Goodfellows Toy Donation

“No child without a Christmas.” This is the motto of the local Goodfellows, and it has been for years. Their goal is to provide food, toys, clothing and holiday cheer for residents who are struggling to provide for their families.

Last Christmas they were able to provide donates for 353 families with 821 children.

Parkside Credit Union is proud to participate in the Goodfellows Toy Donation this holiday season. Our Livonia and Westland offices have a collection box set up. You can stop into either branch any time before December 15 to drop off new, unwrapped toys.

Have a happy holiday season!


Auto Show Tickets on Sale!

Do you love going to the auto show and seeing the flashy new cars? Did you know you have access to discounted tickets from Parkside? Beginning December 2, both Parkside branches will be selling auto show tickets for $9 each. This is a savings of $4 per ticket!

The North American International Auto Show will be held January 13-26, 2014 at the COBO Center in Detroit. From January 18 through January 25, the auto show will be open to the public from 9 a.m. to 10 p.m. On Saturday, January 26, it will be open from 9 a.m. to 7 p.m.

If you have any questions, stop into either branch or call at 734.525.0700.


You could win $5,000 this Holiday Season!

Holiday Credit Card - 2013 10 - No Tag

There are countless reasons this season to use your Parkside Credit Union Visa Credit Card!

Make your Parkside Credit Union Visa® your go-to card for all of your purchases this holiday season. Every time you use your Parkside Credit Union Visa® Credit Card between November 1 and December 31, 2013, you will be automatically entered for a chance to win $5,000!

Don’t have a Parkside Credit Union Visa®? No problem, simply stop in one of our offices or call us at 734-525-0700 to apply!

For complete rules, see the Countless Reasons This Season Sweepstakes Official Rules.

For further details on Parkside Visa Credit Cards, see Credit Card Additional Information.


Skip your December Loan Payment!

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Skip-a-Payment 2013

Wish you could skip a loan payment? Now you can with Parkside’s Holiday Skip-a-Pay Program! Simply fill out the form below and return it to one of our offices on or before November 29, 2013 and you can skip your December loan payment. See form for details.

Skip-a-pay form. 2013.

 


Enroll in e-Statements Today!

e-statements

Receive your Account Statements Electronically

Reduce clutter and gain piece-of-mind knowing your statements are secure, password protected and only accessible through Online Banking. When you sign up you will enjoy receiving your statement earlier each month; e-Statements are generated two-to-five days earlier than paper statements. Save time digging through your paper files, e-Statements are available to be viewed through Online Banking 24/7 and are archived for up to three years. Best of all, e-Statements are FREE!

Enroll for e-Statements today via Online Banking, under the “Info Center” tab, then under “My Preferences”, click on “e-Statement options”. You can also enroll by contacting a Parkside representative during our regular business hours at 734-525-0700.


Parkside’s 60th Anniversary Celebration

Parkside Credit Union is proud to be celebrating its 60th anniversary this year!

Parkside60LogoFINAL

Parkside was founded on July 27, 1953 by 15 people under the name Parkside Livonia Credit Union. It was originally established to serve the employees of the Livonia Ford Transmission. The first branch was actually located on Amrhein Rd. in Livonia!

After merging with the Wayne Auto Assembly Federal Credit Union in 1980 and a few relocations, Parkside finally opened its doors to the community in June 2006. Now any person who lives, works, worships or goes to school within a 25 mile radius is able to enjoy the services offered by Parkside Credit Union.

In conjunction with the 60th anniversary, Parkside is holding two member appreciation days this month. The first one will be held on August 16 at the Livonia branch and the second one will be held August 23 at the Westland branch, both from 11 a.m. to 2 p.m. Enjoy free hot dogs, chips and beverages as well as free shredding!

Parkside is holding member appreciation days to thank you for being a member of our community, whether it has been for years or even just a few days. Since our members are what keep us going, we want to show you that we appreciate you.


Win a Samsung Galaxy Tab® 3!

Books. Backpack. Laptop and more…

Stressed out about back-to-school expenses? Parkside Credit Union can help with our Visa® Credit Cards!

Our cards feature non-variable rates as low as 8.99% APR*, no annual fee and a 28 day grace period** on purchase transactions.

Apply for a Parkside Visa from July 26 to September 19, 2013 and you will be entered to win a Samsung Galaxy Tab® 3!***

Stop in or call us today to apply!

*APR=Annual Percentage Rate. Rate and limit based on credit score for qualified borrowers.
**Grace Period for purchase transactions only and does not apply to cash advances.
***Official rules: Samsung Galaxy Tab 3

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Discounted Renaissance Festival Tickets

It’s time for the 2013 Michigan Renaissance Festival! Parkside is offering discounted tickets exclusively for our members, so you can enjoy the activities and save money! We are offering adult tickets at $14.50 and children at $7.50.

New this year Parkside members have the opportunity to purchase tickets online at www.michrenfest.com using the discount code “Park1”.  Online prices are $15.95 for Adults and $8.50 for Children.

The festival runs every weekend, including Labor Day weekend, from August 17th to September 29th. This year there are many new activities coming to the Renaissance Festival, including a full contact armored joust, throne of swords, exotic animal exhibit and 50 FREE kids’ activities. You can also enjoy the classic food and entertainment that the Renaissance Festival has always provided.

Every weekend offers a different theme filled with games, food and events. The first weekend is the Royal Pet & Ale Festival. The 7th annual pet fest features a new brunch buffet, pet vendors and artisan appreciations.

Parking is free and the festival will be held every weekend, rain or shine! To purchase your discounted tickets, stop in at a branch today or use the discounted ticket code online.


Parkside Partners with SaveUp

SaveUp Logo (color)

What it is
We know you are working hard to succeed financially and we want to reward you! That’s why we have partnered with SaveUp – a free online platform that rewards you for saving money and paying down debt!

How it works
SaveUp is easy to use: register all of your accounts on SaveUp’s website (checking, savings, credit cards, loans, monthly bills, etc.), earn credits when you save money or reduce your debt and win rewards by redeeming your credits to play games!

You can earn additional SaveUp credits by taking fun challenges and watching educational videos. Each day there are a variety of prizes you can redeem your credits to play for, including personal makeovers, savings deposits, vacations and much more.

Sign up
To sign up, go to www.parksidecu.org and click on the banner on the left side of the homepage, or go to www.saveup.com/parksidecu

More info
If you have any questions about SaveUp, feel free to contact a Parkside Representative or check out this video.

Parkside representatives will be available at both branches on Wednesday, July 3 and Friday, July 19 to help you sign up for SaveUp.


Don’t Tax My Credit Union

 

dont_tax_mycu_white_vertical

“Don’t Tax My Credit Union” is a national campaign working to make sure Congress doesn’t take away the credit union tax exemption status. If that exemption is removed, credit unions all over the country, including Parkside, will begin to be largely taxed. For every $1 in new taxes on credit unions, the government would take out $10 in benefits to credit union members. This tax would affect you, our member, the most. There isn’t any voting or bills being introduced yet, but we all need to work together to prevent the idea even coming on the table. We strongly encourage you to stand up and fight.

You can write your local legislators by:

  1. 1. Go to www.donttaxmycreditunion.org/take-action/
  2. 2. Click on “New? Register here” on the right side of the screen
  3. 3. Fill in your information and all required lines
  4. 4. Type in “Parkside” when asked for your credit union name
  5. 5. Select to send either an email or a letter to your local representatives
  6. 6. Use the subject line “Don’t Tax My Credit Union”
  7. 7. Submit

We thank you for your involvement and support.


2013 Discounted Cedar Point Tickets!

Parkside Credit Union is proud to once again offer our members discounted tickets to Cedar Point. Tickets are on sale now at both Parkside locations.

Prices are as follows:

Book1

*A Good Any Day ticket with a wristband for unlimited fountain drinks.  


First Time Auto Buyers

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Get into the Driver’s Seat!

At Parkside Credit Union, we’re on a mission to put first-time auto buyers in the driver’s seat of their very own ride! After all, we’re a financial partner committed to helping members at every age and stage of life. So if you’re a young adult, you can benefit from a Parkside Credit Union auto loan featuring…

 Affordable payments as low as $207 per month!*

As an added bonus, if you apply for a Parkside Credit Union auto loan between April 12, 2013 and June 30, 2013 you could win a Kindle Fire HD!

Stop dreaming and start driving today! Apply now! Simply visit a branch, give us a call or apply online at: http://www.parksidecu.org/resource-center/forms-applications/

 *Payment based on loan amount of $10,000, 8.75% Annual Percentage Rate and 60 month term. Other rates and terms available for qualified borrowers. Loan rates are based on credit score, loan term and model year of vehicle. Other terms and conditions may apply.
 

Kindle Fire HD Official Rules

 


Parkside on the Radio

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Parkside Credit Union will be featured on Radio Disney’s Backyard Show this Sunday from 6 a.m. to 6:30 a.m. on station AM 910.

Parkside’s CEO, Martin Carter, and Marketing Coordinator, Heather Gatewood, will be discussing some of the differences between Credit Unions and Banks and will give ideas for getting youth involved in financial literacy. We hope you’ll join us this Sunday!


Parkside Youth Celebration!

Parkside Credit Union celebrates youth in April!

stache your cash (2) hi res

This year we will be celebrating Youth Week April 4th, 5th and 6th. Special events will be held at each branch and will include mystery-themed fun, a photo opportunity, give-a-ways, and light refreshments.

Our Livonia Office Youth Celebration will be held Thursday, April 4th from 2 p.m. to 5 p.m. and our Westland Office Youth Celebration will be held April 5th from 2 p.m. to 5 p.m.

While you’re in, don’t forget to open a Youth Savings Account for your children or grandchildren! When you open a youth account with a $10 deposit we will match $10*! All you need to open the account is the child’s birth certificate and social security number.

Our final fun-filled event takes place Saturday, April 6th from noon-1:30 p.m. at the Westland Shopping Center (East Court). Radio Disney will be on site with fun prizes and activities – we hope to see you there!

Click here for the event Flyer: Youth Week Mall Event

*Limited time offer. Some restrictions may apply.

2013 Scholarships Now Available

Parkside Credit Union will award three (3) scholarships in the amount of $1,000 each. Members planning to attend an accredited institution following High School graduation should apply by May 3rd, 2013.

Criteria
This scholarship seeks to recognize and reward those who demonstrate the following:

  • Has achieved a grade point of at least 2.0
  • Has been accepted into an accredited institution, community college, trade school, vocational school or university
  • Has described in a 150 200 word essay their personal and educational goals

Documentation Requirements:

  • Complete essay – Do NOT include your name IN or ON the essay
  • Letter of acceptance from an accredited institution, community college, trade school, vocational school or university
  • High School transcript
  • List of community and/or school related involvement
  • Two (2) letters of recommendation from influencing adults (for example: teacher, coach, counselor, community leader, employer or other school staff members – may not be a relative of the applicant)

Submit required documents by May 3rd, 2013 to:
Parkside Credit Union
Attn: Scholarship Committee
36525 Plymouth Rd.
Livonia, MI 48150

Please note: Late applications will not be accepted. Any incomplete application will be disqualified. At Parkside’s discretion, the scholarship will be paid to recipient, recipient’s guardian or directly to the educational institution the student is attending. Parkside employees, officials or their family members are ineligible. Scholarships will be awarded by June 30, 2013.


Auto loan payments as low as $295* per month!

Did something at the Auto Show catch your eye?

Finance your new vehicle with Parkside and make monthly payments as low as $295* per month! Apply today in branch or over the phone.

Auto show promotion JPG

 

*2013 model years only. Payment based on $20,000, 1.99% annual percentage rate, 72 month term. For qualified borrowers. Other rates, terms and payment options available. Offer expires 03/31/2013.

 


Transfer your balance to our low-rate Visa ®

Fight the post-holiday bill blues by transferring a high-interest-rate credit card balance to your value-loaded Parkside Visa credit card! Our cards’ non-variable rates are designed to help you save serious cash. Did you open a department store credit card during your holiday shopping? Why pay high rates and fees with other credit card programs when you can transfer your balance to your Parkside credit card for no fee?

Click here for a printable balance transfer form.

Click here to see our account disclosures.


Holiday Hours

Parkside Credit Union will be closed the following days:

  • Monday, December 24th
  • Tuesday, December 25th
  • Monday, December 31st
  • Tuesday, January 1st

Please note our Westland location will have drive-thru hours on Saturday, December 22 and Saturday, December 29th from 8 a.m. to 12 noon.


Mobile and Text Banking are Here!

Go Mobile!

Parkside now offers both Mobile and Text Banking so you can access your account anytime, anywhere, right from the palm of your hand - how convenient is that?

 
Mobile vs. Text – What’s the difference?

Mobile Banking is meant for use on a smartphone or tablet. This mobile site is simply our online banking page reformatted for easier viewing on mobile devices. Our mobile site allows you to transfer money, view balances and see transaction history for all of your Parkside accounts.

Text Banking is available on any mobile phone with the ability to send and receive text messages. This service allows you to send text commands to receive the balances of your Parkside accounts through a text message reply. Text banking also allows you to set up one-way text alerts; for example, you can set up a notification to alert you when an ACH deposit or withdrawal hits your account.

How to sign up:

It’s easy! To use Mobile Banking, just grab your smartphone and open your web browser. Type in www.parksidecu.org and proceed to login as you would for online banking.

To enroll for Text Banking, login to online banking and click on the button “Go Mobile”, located on the It’s Me 247 toolbar. Next, select “Text Banking Home” to access the enrollment screens.

Questions?

Contact a Parkside representative with any questions. We can be reached during our regular business hours at info@parksidecu.org or 734.525.0700. Informational brochures on these products are now available at both of our branch locations.


Did you know?

Did you know Parkside Credit Union offers Safe Deposit Boxes at our Westland Office? For a low annual fee you can keep your most important documents and possessions safe from fire and burglary. Access your box as often as needed at no charge.

Best of all, our Safe Deposit Boxes are currently half off! Stop in ourWestlandlocation today to see the benefits of a Safe Deposit Box!

 

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2012 Discounted Cedar Point Tickets

Save on tickets to Cedar Point! With more than 70 rides, Cedar Point offers the ultimate in summer excitement. Parkside Credit Union has a variety of ticket options available to members at discounted rates! Check and compare!

Adult Junior/Senior 2 Day Ride & Slide
Parkside: $40.00 Parkside: $21.00 Parkside: $78.99
Cedar Point: $51.99 Cedar Point: $26.99 Cedar Point: $82.99

Anyone between the ages of 3-61 who is UNDER 48″ tall OR anyone age 62 or older qualifies for Junior/Senior pricing. Children age 2 and younger are free and do not require a ticket or season pass.


Family Movie Night at Westland Shopping Center

Watch “Despicable Me” for FREE with the whole family!

Saturday, June 9, 2012
7 p.m. – 10 p.m.
East Court

Enjoy free popcorn and water, as well as candy and fun activities! We hope to see you there!


Youth Week 2012

Is your child a Parkside Super Saver?

Join us Thursday, April 26 at our Livonia branch and Friday, April 27 at our Westland Branch for special National Credit Union Youth Week Super Saver Events! Your children will enjoy fun photo-ops and special treats provided by Parkside.

As always, when you open a Youth Account with a deposit of $10, Parkside will also deposit $10 into the account for your child. Whether your child already has a Parkside Youth Account or not, stop by either of our locations to join the fun!


2012 Scholarship Opportunity

This scholarship is intended to assist our members and members of the community in financing their education following graduation from high school.  Parkside will award four $500.00 scholarships to high school seniors for the purpose of: Tuition, books and fees.

Criteria:

This scholarship seeks to recognize and reward those who demonstrate the following:

  • Has achieved a grade point of at least 2.0
  • Has been accepted into an accredited institution, community college, trade school, vocational school or university
  • Has described in a 150 -200 word essay their personal and educational goals

Documentation Requirements:

  • Complete essay – Do NOT include your name ON or IN the essay
  • Complete this form
  • Letter of acceptance from an accredited institution, community college, trade school, vocational school or university
  • High school transcript
  • List of community and/or school related involvement
  • Two (2) letters of recommendation from influencing adults (for example:  teacher, coach, counselor, community leader, employer or other school staff members – may not be a related adult)

Submit required documents by May 15, 2012 to:

Parkside Credit Union, Attn:  Scholarship Committee
36525 Plymouth Rd., Livonia, MI  48150

Note:  Late applications will not be accepted.  Any incomplete application will be disqualified.  At Parkside’s discretion, the scholarship will be paid to recipient, recipient’s guardian or directly to the educational institution the student is attending.  Parkside employees, officials or their family members are ineligible.  Scholarships will be awarded by June 30, 2012.


Through The Eyes of a Child

Parkside Credit Union is proud to present Through the Eyes of a Child, a very special local school program with world-renowned photographer Monte Nagler.

Parkside Credit Union has teamed up with Westland Shopping Center and world- renowned photographer Monte Nagler to bring a very special learning experience to Livonia and Westland 3rd graders. Through this program both kids and adults alike will see that photos will truly speak a thousand words.

On March 29th and 30th 2012, Monte Nagler visited Grant and Hayes Elementary Schools in Livonia and Thomas Edison Elementary School in Westland. His purpose was to not only teach young children the art of photography, but to also inspire them.

Parkside Credit Union gave each student a disposable camera to take their own photos while keeping in mind everything that Mr. Nagler taught them. Then in two weeks, they will turn in their camera. Mr. Nagler will develop their film, and choose one photo that he thinks is the best from each child’s camera roll. Each of Monte’s chosen photos will be framed and on display at Westland Shopping Center in the near future on a yet to be determined date. Check back to our website for the official date and time.

Parkside Credit Union will also use these photos in a calendar for 2013, which will be free to all PCU members.

This event has received some publicity. Read the write up from the Detroit News here: Detroit News

And check out Grant Elementary Schools slideshow of Monte teaching the children here: Livonia Public Schools

Everyone is welcome to the ribbon cutting ceremony at Westland Shopping Center on a To Be Determined date in the near future. The photos will be on display for 2-4 weeks.

 


Low Interest VISA from Parkside Credit Union

Parkside Credit Union is happy to now offer a 8.99% Fixed Interest Rate Visa! A fixed interest rate this low is the lowest around. Other credit cards may offer 0% or 1.99% when you transfer a balance, but after a few months they can shoot up to rates around 23.99%. Our Visa is 8.99% all the time for the life of the Visa. No surprise rate hikes or gimmicks… Just straight up 8.99%

  • Competitive Rates
  • No annual fee
  • 28 day grace period on all purchases
  • Member Service Available 24/7
  • 24 – Hour ATM Cash Access
  • Administer locally, credit union staff available for individual service

Our Gold and Classic VISA’s also include:

  • Score Card Reward paints earned with every purchase and may be redeemed for travel or merchandise.

*Rate and limit based on credit score.

For more information, call 734.525.0700

 


Difference Between Credit Unions and Banks

Credit Unions Vs. Banks:  What is the Big Difference?

Why choose a credit union over a bank?  What are the advantages?  These are commonly asked questions.  Many people do not understand the difference between the two establishments. Therefore, they do not know which will best suit their needs. Both banks and credit unions are financial institutions, but that is about all they have in common.

First let’s explore banks. Banks do have some positive attributes. They are regulated by the government.  Depending on their charter, they are either regulated by the federal or state government much like credit unions.  Banks are also FDIC (Federal Deposit Insurance Corporation) insured. Knowing that these regulations and insurance are in place makes most people feel safer having their money at these institutions.

However, banks are also “for profit” organizations. Their main objective is high profits. As a customer of a bank, you are a means to an end. This does not mean that you will not get good customer service and be treated well. What it does mean is your business is supporting the overall financial well being of the stockholders or “owners” of the bank.  And banks have been so successful at making a profit that they have set record profit levels in the past decade. Lower profits for a bank means higher fees, higher loan rates or whatever it takes to get their profit margin back up.

Credit Unions, on the other hand, are a “not for profit” organization.  Their main objective is servicing their members with quality member service, lower fees and loan rates. They too are regulated by the federal or state government, also determined by their charter.  They too are insured, only they are supported by the NCUSIF (National Credit Union Share Insurance) which many feel to be a stronger fund than the FDIC.

Credit unions are owned by their membership.  In order to become a member, you must be eligible and this varies by individual credit union. Once you have an account at a credit union, you are a member and an owner.  You can run for the Board of Directors, have a voice in how that credit union operates. Because of this, credit unions work for the best interest of their members.  While it is true that credit unions can and do make a profit, these profits are turned into lower loan rates, lower fees, all of which benefit the members.

In conclusion, when looking at which financial institution you want to use, you must decide how you want to be viewed. If you want to be viewed as more than a dollar sign, a credit union is a great way to go. Because you are an owner, your voice will be heard.  You will be the most important thing, not high profits.


Schoolcraft Contest Winner

Parkside Credit Union was recently at Schoolcraft College’s School Daze event in which attendees could enter to win a $100 Visa Gift Card. We would like to congratulate Chris Vezima. He was randomly chosen to win. When asked what he will do with the money, he said that he plans to donate his winnings to a charity for wounded warriors. What a guy!

Thanks to Chris and all the others who entered our drawing. And congratulations again to Chris!


What Does Your Credit Score Mean?

Most financial institutions, including Parkside Credit Union, use the credit score of the loan applicant as part of the decision when both approving and pricing credit.  The credit score most used is the FICO score.  What goes into the credit score?  Data from your credit report is divided into five major categories.  The scoring factors on each category varies, some weighing more than others.

35 percent = Payment History:  Your account payment history of current vs. missed or late payments.  Also in this category are any public records.

30 percent = Amount Owed:  This compares the amount owed to the amount of credit available. The closer ones balance is to their revolving line of credit limit(s), the greater the risk is to the lender.

15percent = Length of Credit History:  It looks at how long you have had credit and the average age of credit and account activity.

10 percent = New Credit:  It reviews newly opened accounts as well as recent inquires.

10 percent = Types of Credit Used:  The mixture of credit, such as Mortgage, installment, and revolving.

Although you can’t raise your score overnight, there are things you can do to help to increase it fairly quickly. Things like, paying down your revolving lines, and making timely payments will help to increase your score the quickest.


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