For 54 years, credit unions have set aside
the third Thursday in October to celebrate International Credit
Union Day. Each year, it gives us an opportunity to remember
our proud history as we promote understanding and support for
the credit union difference. In 1848, Friedrich Raiffeisen,
mayor of Flammersfeld, Germany conceived of the idea for a
credit union to help ease the distress of farmers suffering
from the famine that had struck his district. Today, more than
112 million people belong to 37,000 credit unions around the
world.
Member service is the foundation of the credit
union movement. Whether a credit union is providing a loan
to help a member cover unexpected medical bills, giving financial
counseling to a member whose company closed its doors, or simply
offering a better deal on a used car loan, the credit union
is making a difference for its members and the community as
a whole.
In the 2002 American Banker/Gallup Consumer Survey,
credit unions ranked #1 again in consumer satisfaction – 18
years and counting. The survey gave credit unions higher ratings
than banks and other financial institutions on trustworthiness.
And we are first in service. The poll found more people who
use credit unions as their primary financial institution say
the quality of their service is improving compared to those
who use banks.
This International Credit Union Day, we are excited
to see how many people are helping show why we are the heart
of the community. Thank you for being part of the credit union
difference. Please tell us how we’re doing, and how we
can provide even better service in the future. Join us in celebrating
October 16.
Six Tips To Teach Your
Kids About Money
1. Use coin banks to help young children learn how
to identify coins and count money. Understanding the
value
of money usually takes place around the age of 9, but
you can start early by simply encouraging your younger
children
to recognize the differences between coins. A simple
sorting game with containers for different coins can
entertain
a 3-6 year-old for quite some time! 2. Include your children in monthly home accounting
tasks. School-aged children can begin by arranging your
checks by check number while the adult marks off the
cancelled checks.
3. Giving a weekly allowance to older children offers
a chance to learn how to budget, save and value money.
Help your children to understand how to budget by giving
them financial responsibilities to be included in their
allowance, such as paying for their own school lunch.
Be understanding and havealternatives such as short-term
loans for when your child makes a mistake and comes up
short!
4. Teach your children the reality of debt. “A
penny saved is a penny earned” is a valuable
lesson and will instill a deep sense of financial
responsibility in your children.
5. When helping your child to create savings and
a budget, label different containers. Make suggestions
for the containers, for example: “Spend,” “Save,” and “Share.” Remember
that children have a different experience of time, and
need to see results more quickly than adults. Seeing
quick results will give children satisfaction, as will
the experience of spending wisely and donating to others.
6. When the “Save” container fills up, take
a trip to the Credit Union. Let your child fill
out the deposit form, and watch their savings grow! You
can create a simple chart at home that shows the increase
in their savings with short- and long-term goals.
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The New Color of Money
Beginning this fall, the US Treasury will begin
to issue the next generation of US currency. These new bills
will feature subtle colors and new security features for the
$20, $50 and $100 bills, starting with the $20 bill late this
fall. The added color will both serve to help people identify
the different denominations of bills and will deter counterfeiting.
According to the Bureau of Engraving and Printing, “
each denomination will feature different symbols of freedom.
The $20 note will feature a large blue eagle in the background
and a small, metallic green eagle and shield.” The “NexGen” bills,
as they are called, will be the same size and have the same
overall look of the traditional bills, which will remain
in circulation.
To learn more about the NexGen bills, visit http://www.moneyfactory.com/newmoney/.
Attention Members
The Credit Union Supervisory Committee is conducting
its annual audit and account verification. Please compare
the enclosed statement with your own records as of September
30, 2003. If you note any discrepancy, please write to
our supervisory committee at:
Ms. Phyllis Weasner
712 Wissahickon Avenue
Lansdale, PA 19446
Please include a description of the discrepancy along
with your account number, and refer to North Penn Federal
Credit Union in your reply. If you DO NOT note any discrepancy,
no response is necessary.
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Time To Open Your Christmas Clubs
Our new Christmas Clubs for 2004 will begin October
20th. If you had a Christmas Club last year, you will automatically
be enrolled for the same amount in 2004 unless you notify us
to make a change. Anyone who wishes to start a Christmas Club
should send a slip indicating the amount you want deducted
weekly from payroll. If you do not have payroll deduction,
simply deposit what you want, when you want, to your account
and it will be there for Christmas shopping in 2004.
