A Message from Dan Mica, President and CEO of CUNA

Think Small and Local

Small financial insitutions and credit unions have been noticing deposit increases over the last three months. Americans are weary of big banks and many of their customers are turning to smaller, local financial institutions. 

While the other banks were failing, credit unions noticed an increase in small business customers and requests for housing loans. Credit unions are seeing growths of nearly 50% from last year. The smaller the financial institution, the more appealing it is to customers. Large banks can't compete with the deposit and loan rates that credit unions have to offer. 

The Economy Can't Trim Christmas Tree Sales

Although the economy is in a less than desirable position, Floridians are still going all out for Christmas. 

A drive in nearly any Florida neighborhood will tell you that there is nothing "depressive" about this Christmas. People are decorating with more lights and props than previous years and don't seem to be cutting back on tradition at all. 

Christmas tree sales are another example of this. So far, tree sales have survived the holiday spending cuts, despite initial fears of a slow season. 

The president of the Florida Christmas Tree Association explained this unexpected Christmas spirit by saying, "I think people just like to have a Christmas tree; it's not the most expensive part of Christmas, really, it's a symbol."

Of course, this is true. It just wouldn't be Christmas without a tree and some lights. 

Florida Tops Nation's Mortgage Loan Defaults

According to the Mortgage Bankers Association, Florida has one of the highest third quarter loan delinquencies in the nation. 

Florida topped the nation in subprime adjustable rate mortgage (ARM) foreclosures as well as prime and subprime fixed rate mortgage foreclosures. 

However, there are financial institutions in Florida who can help. 

Don't become another statistic, refinance your mortgage with Tropical Financial Credit Union. 

It's Official: US Recession Since December '07

On December 2, 2008, Economists announced that the US has been in a recession since last December.

In declaring that the economy has been in a downturn for the last twelve months, economists confirmed what many Americans have already been experiencing: job cuts, bank bailouts and depreciation of the dollar.

This economic news didn't seem to shock many Americans. It seemed more of a question of "when," rather than "if," a recession would be announced.

Obama Plans to Tackle the Economy

President-Elect, Barack Obama announced his plans for the economy yesterday. 

He plans to pass a massive two-year spending and tax-cutting recovery program and to create 2.5 million jobs for Americans through a stimulus.

This ambitious program will improve roads, bridges and schools, while incorporating the use of environmentally-friendly technology.

Couples "Stick It Out" In Tough Economic Times

Divorce filings are down 17% in Florida.

This may come as a shock due to the recent downturn in the economy. Wouldn't you think couples would be fighting more with the added stress stemming from a lower disposable income? While this may be the case, increased fighting is not resulting in divorce.

Statistics show that couples are staying together to ride out the economic storm. The only thing harder than living in an economic "recession" is living on a single income during a recession, especially if children are involved.

Some couples are even able to rekindle their relationship with the positive support a spouse can offer.

Credit Union Lending Rises as Bank Lending Freezes

More people are turning to credit unions for their lending needs as banks reject mortgages and loans.

Major banks are experiencing a general lending freeze, virtually eliminating the possibility for a mortgage or auto loan. Thankfully, your local credit union may be able to fulfill your lending needs - and for a lot less!

Because credit unions are smaller institutions with fewer members, they are able to evaluate loans on a case-by-case basis and decide if a member is eligible for a loan.

If your home was recently foreclosed or you have less than perfect credit, a loan from a credit union, like Tropical Financial, is a great option. TFCU will work with you to get the perfect mortgage or auto loan.

Loss of Confidence in Banks Spikes Credit Union Deposits

Today, more than ever, people want to know that their money is safe. 

The recent loss of confidence in commercial banking has resulted in an increase in Credit Union members. 

People all over America are closing their bank accounts and joining credit unions. 

A recent survey by the Credit Union National Association (CUNA) found that 1/4 of credit unions have experienced above-average growth in deposits over the last six weeks.

We're Still Lending!

We know times are tough right now. The economy is unstable, and we'll all concerned. That's why we wanted you to know that Tropical Financial Credit Union has been serving South Florida residents for over 70 years with personal high interest savings and checking accounts, support for small businesses and a variety of loans. If you need a new loan or to refinance an existing loan for your car, home, personal reasons or a small business - remember that Tropical Financial Credit Union is here for you. And don't forget, anyone who lives or works in South Florida can join. We are a not-for-profit organization, as are all credit unions. We serve our members with integrity and value - and pass all savings along to them in the form of great rates, higher interest and the truly caring customer service.

So, if you're in the market for a new loan or refinance, give us a call. We're still lending!

Beware the Mortgage Meltdown!

This Halloween, beware of goblins and ghouls - not the mortgage crisis.

Tropical Financial Credit Union ensures that your mortgage is safe with us.

Refinance your mortgage with TFCU today and save your home from a meltdown!

Meet Your Blogger

I have been blogging for a few weeks now, and I figured it was time to introduce myself!

My name is Mikhaila Clements, I am 20 years old and am currently attending Florida Atlantic University.

I am also a third generation TFCU member. My grandfather first started using Tropical Financial when he was working for Bell South nearly 40 years ago and my family has been with TFCU ever since.

TFCU has been right there with me for all of my money milestones. Looking back I can remember...

Getting my first ATM card
Getting my first visa debit card and then my second, third...and fourth replacements
Buying my car
Attending a free personal financial advising session before moving away for college
Establishing a personal line of credit to build my credit score
An endless amount of visits to TropicalFCU.org while I was living in Orlando, away from a TFCU branch - it's no wonder I moved back!

Despite all the memories at TFCU, the best thing is still the fact that when I walk in to my local Albertson's branch to deposit my check everyone knows my name and genuinely cares about how I am. With the hustle and bustle I encounter daily as a South Florida college student, it's nice to feel at home at my credit union.

Customers Need Not Worry - Money Is Safe

Please don't panic about your money - IT IS Safe! Tropical Financial is helping people understand this message and letting customers know they will be there to help get them through these tough times. Deposits at your credit union are federally insured up to at least $100,000 per account and up to $250,000 for certain retirement accounts by the NCUA’s National Credit Union Share Insurance Fund (NCUSIF).

If you have any questions, please stop by your local credit union for a full understanding.

5 Tips for Better Fuel Economy

Here are a few simple tips that can increase the gas mileage and performance of your car during these tough economic times:

1. Get an Oil Change - Regular oil changes (every 3 months or 3,000 miles) protect the engine from wear and tear and enhance your vehicle's performance.
2. Align and Rotate Tires - Poor alignment, low tire pressure and worn tires all add friction on the road, making your engine work harder and use more gas.
3. Lighten Your Load - You would be amazed how much weight a full trunk or back seat can add. Ditch the extra tools or books and see how much smoother and fuel efficient your car will run.
4. Carpool - Plan trips to the same place with friends, family or coworkers. Who wouldn't like a grocery shopping buddy or commute companion?
   
5. Slow Down - Driving within the speed limit improves car performance. Find the optimal speed for a certain gear range and watch your gas pump visits disappear.

Mortgage Refinance Offering for Commercial Business Owned Property

Tropical Financial Credit Union announces it is offering commercial mortgage rates starting at 5.99% on a 10-year term, amortized over 20 years.

TFCU has been providing financial services to individuals and businesses in South Florida for over 70 years. Check out the details on our website at www.TropicalFCU.org.

Come Join Us at a Coffee Talk Near You!

Throughout the month of October, TFCU will be hosting morning networking events at local branches. These "Coffee Talks" will showcase financial services offered to both individuals and businesses - and provide a welcoming environment to meet the local business owners in your area.

Come enjoy some coffee and breakfast, meet your TFCU branch staff, and network with other business people in your area. All compliments of Tropical Financial Credit Union.

Possible Federal Law to Protect Personal Records

With identity theft getting more and more commonplace, some think that the solution lies in a federal law to protect personal records.

2008 has already surpassed all of 2007 in terms of security breaches and there is no visible end in sight.

Congress has been cracking down on online identity thieves but no legislation has been passed to directly target them.

Florida is one of the few states which require businesses to notify customers if their information may have been stolen, but new legislation may take it a step further and expand this security to other states.

Homeless Pets

Parrots, Potbellied Pigs, Tarantullas, Snakes: Many exotic pets are finding themselves homeless on South Florida's streets.

Due to a recent decline in the economy, many families can no longer provide for their exotic pets and decide to release them. Other families are faced with foreclosure and are forced to move into apartments which may not allow pets.

Read more.

NAFCU 34th Annual Congressional Caucus

Hundreds of credit union CEOs and leaders gathered for the National Association of Federal Credit Unions (NAFCU) 34th Annual Congressional Caucus on September 15th.

"Without a doubt, the financial landscape presents many challenges today," said NAFCU President Fred Becker. "Recent developments underscore the value of credit unions in today's economy. As not-for-profit, member-driven financial institutions with a tradition of conservative financial practices, credit unions are continuing to demonstrate solid fundamentals."

Becker added, "Our caucus gives credit unions the opportunity to gain valuable insight from congressional representatives as well as the chance to update their representatives on issues that are vital to credit unions in their respective communities."

Over 15 members of Congress addressed the Caucus attendees.

NAFCU's 34th Annual Congressional Caucus runs from Sept. 15-17 at the Grand Hyatt Washington.

Read more and visit Tropical Financial Credit Union for more information.

Refinance Your Business-Occupied Real Estate Loan

Tropical Financial Credit Union has been serving South Florida since 1935 and has a SPECIAL OFFER for South Florida Business looking to refinance their Business-Occupied Real Estate Loan.

See the image below for details, or call today 888-261-8328, ext 7551.

Governor Launches "Accelerate Florida" Plan

Charlie Crist has approved several projects to boost Florida's economy.

The projects will create thousands of jobs while improving public services including roads, schools, parks and waterways.

Due to Florida's recent economic troubles, Crist decided it was time to take action. Read more about the "Accelerate Florida" Plan and get the most out of Florida's economy with Tropical Financial Credit Union.

Toll-Road Use Decreases

This year the average amount of drivers using toll-roads in Miami-Dade was reduced by over 10,000 drivers.

The explanation for this decrease in toll-road usage sites a poor economy and less truck traffic. Most weekday traffic has not fluctuated but Floridians are taking fewer weekend trips, thus cutting back on road usage.

The Miami-Dade Expressway, Sawgrass Expressway and Florida Turnpike have all reported a decrease in the number of drivers using their roads this year.

Read the whole story and protect your finances with Tropical Financial Credit Union.

What Florida Forgot to Put on "Back to School" Lists

This year Florida will not celebrate a "Back to School" sales tax-free holiday week.


Since 1998, Floridians have gotten used to most malls and chain stores being tax-free a week or so before school starts. However, this year Florida legislature did not approve of the tax holiday.

Many are wondering why Florida chose this year, of all years, to end the money saving and sales boosting week. Although many families and businesses would benefit from the tax break, Florida is looking towards which state funded programs, i.e. education, would bear the brunt of the tax holiday.

I suppose there isn't much point in Florida having a "Back to School" holiday if our state's educational system isn't up to par, but the tax break will surely be missed this year.

Read about other state's tax free holidays.

Let Tropical Financial Credit Union help you save money this "Back to School" season.

Save Money with Credit Unions

Check Out BankerSpank's Apple Commercial spoofs.

There are four videos so far all which deal with the differences between credit unions and banks.

See where your money goes with a bank:

Florida's Sinking Industry

NPR recently featured a story on Florida's sinking boating industry. The boating industry in Florida, California and Michigan have been hurting due to high gas prices and a recession style economy.

Luxury Yacht sales are down 30% in Florida because business owners and other people in the market for a yacht simply do not have the disposable income to run or purchase such luxury items.

Boat owners are finding difficulty in their efforts to run or sell their boats. With gas prices as high as they are, the cost of running a boat for a day has nearly doubled. Owners attempting to sell their boats find a market where people are cutting back on luxury goods and trying to make ends meet.

Tropical Financial Credit Union is here to help Florida's private yachtsmen and boat sales business owners.

South Florida's Speedy Economic Turnaround

South Floridians everywhere are hurting due to a weak economy and high gas prices.

Fortunately, due to tourism and trade, Florida might be one of the first states out of the slump.

There is no question that the economy is not what it once was. South Floridians are cutting back on dining out and entertainment, causing trouble in the retail and restaurant industries.

However, relief may be on its way. Although America's economy is not projected to turn around until the end of 2009, most of the US is not blessed with our tourism and South American trade industries.

South Florida's beaches, night life and restaurants draw both domestic and international travel yearly. European tourism this year is projected to be especially profitable due to the Euro's strength versus the Dollar, which should pump money into the South Florida's industries hurting the most.

The entire article is available on CBS4.com

Visit Tropical Financial Credit Union for more financial information

BauerFinancial Recommends Tropical Financial Credit Union As A Top Florida Credit Union

BauerFianancial, a credit union ratings firm recently announced Tropical Financial Credit Union among the top credit unions in the state of Florida. These ratings are based off information that is submitted to the government four times a year then converted into a star rating. TFCU recently revieved four out of five stars.

With branches in Palm Beach, Broawrd and Dade Counties, the Florida based credit union enables members to have complete access to traditional banking products such as mortgage loans, free checking accounts, CD's and other financial investments.

Tips on curbing everyday spending

Here are some useful (and very timely) financial tips from CNNMoney.com:



How to find savings in everyday spending habits:

• Use cash instead of credit cards. You'll be more aware of how much you're spending.


• Don't be afraid to buy second-hand goods. Used books, clothes and accessories can often be found online in good condition at a fraction of the retail price.


• Check cable, cell phone and banking statements for any services you may not need or even know you have.


• Shop around for better rates when your cell phone contract is up.


• Go online to comparison sites before making any big purchases.


• Learn to cook and rely less on eating out. Eating just a few extra meals a week at home can add up to significant savings over time.


• Try activities that don't cost money; hiking, card game nights, borrowing movies from the library, etc.


• Take your own snack/lunch to work.

South Florida Credit Union Raises Support For Children With Cancer

Tropical Financial Credit Union raised over $5,000 for children with cancer at their comedy cures event. The fundraiser, Comedy Cures Live! – A Night At The Improv. was held on May 15th at the Seminole Hard Rock in Ft. Lauderdale to offer support for children with cancer.

The South Florida Credit Union presented the check to the Children’s Cancer Caring Center. This is the only free pediatric oncology treatment and support center for children with cancer in the southeastern United States.

Money and marriage: 10 financial tips for couples

Here's a great article on banking and finance for married couples...

Practical Tips to help keep couples content

1. Communication

Communication is one of the key ingredients to a successful relationship and it applies to your finances as well. Be open and honest with your partner and be realistic about what you can and can't afford - to avoid conflict and issues later down the track.

2. Joint responsibility

Agree that your financial future is a joint responsibility - gone are the days where the male in the family is the sole breadwinner, many women are now jointly sharing this role. Discuss early on what you both want to achieve in terms of future financial goals, determine what these are and an achievable period of time that you want to reach these goals.

3. Managing Money

Women and men tend to have very different outlooks on the "best" way to spend money so it may help to set aside a percentage of money each month that is yours to spend how you choose. This way you are able to splurge on things you feel are important.

4. Monthly Budget

Prepare a monthly budget - this will help you to be realistic about costs and necessary bills/payments that need paying within a certain time frame. You could also look at keeping a spending diary.

5. Compromise

Like so many issues in a relationship, financial issues are best handled by compromise. Don't assume that the way you have been raised to think about and approach finances is ultimately the right one - compromise the way you manage your money so that you are both comfortable with the process.

6. Prioritise

Prioritising what is important to both you and your partner to help to avoid unnecessary stress or conflict in the future. Start by compiling lists of what you really need and what you want. Align your financial goals and objectives; prioritise what's important to you and plan ahead to secure a healthy financial future for you and your relationship.

7. Define Yours, Mine, and Ours

There are several options for couples to help them manage their finances more efficiently - joint or separate bank accounts or even a combination of both. It's important to determine what's the best option for you and your partner - consider the total amount of bills that need to be paid and when they need to be paid by, take into account additional living and social expenses, calculate additional costs including car and health insurance, child care and school fees and so on to determine which option suits you and your partner.

8. Bill Paying Habits

Paying bills is not everyone's idea of fun and games so make it easier on yourself and devise a system/s to save you time. Book in a "date night" with your partner each month, where you sit down and go through your bills and finances. To make it more relaxing order take-out so you don't have to worry about cooking and cleaning.

9. Emergency Funds

You never know what the future holds so it is always best to plan ahead and be prepared for emergencies where you may need some extra funds on hand. Set-up a joint or separate online high interest account, and transfer a set amount each time you get paid. That way you both won't be as tempted to spend it and you'll have some additional funds for those unexpected emergencies!

10. Team Work

Don't let money discussions rule your relationship, make sure you share the burden of your financial responsibilities equally, whether that means sitting down with your partner at the end of every month to go through bills and necessary payments, or splitting up the responsibilities - it takes two to tango!

Are you eligible to join Tropical Financial?

You are eligible to join Tropical Financial (proof of eligibility is required) if you live or work in Miami-Dade, Broward, Palm Beach, and Sarasota Counties or in the following zip codes:

33455 - Hobe Sound

33458 - Jupiter

33469 - Tequesta

33477 - Jupiter/ Tequesta (East)

33478 - Jupiter/Tequesta (West)


If you are interested in joining please call (305) 261-TFCU (8328), in Miami-Dade County, or 1-888-261-TFCU (8328) elsewhere. Or Apply Now!

More than 200 companies offer Tropical Financial membership as a benefit to their employees. These companies represent a wide-range of industries from telecommunications and utilities to healthcare and transportation. Companies that offer credit union membership to their employees receive special benefits such as credit union days, special promotional offers, newsletters and much more.

If you would like to offer the benefits of credit union membership as part of your corporate benefits package, just complete the Corporate Membership Request Form and send it to us. You will receive an enrollment package from us the next business day.
Current TFCU Select Employee Groups

How mortgages work

There are as many types of mortgages to choose from as there are types of houses to buy. In this article from Bankrate.com, you'll learn how to choose the mortgage that is right for you -- and what kind of lender to get it from.

There's a lot to learn, since there are all kinds of ways to finance your home. The article covers fixed-rate and adjustable-rate mortgages, as well as subprime mortgages for those who have credit problems. It also explains the less-well-known kinds -- jumbo, balloon and others. Finally, it discusses the different types of lends and tells you which ones are the best choices in different financial situations.

Read the entire article here.

Tips for Safe Banking Over the Internet

If you're like many Americans, you do a lot of shopping and other transactions, like paying bills, online. If you haven't already begun doing your banking online (and even if you have!), here are some useful tips on safe banking over the internet from the FDIC:

• Confirm that an Online Bank Is Legitimate and that Your Deposits Are Insured


• Read key information about the bank posted on its Web site.


• Protect yourself from fraudulent Web sites.


• Verify the bank’s insurance status.


• For insurance purposes, be aware that a bank may use different names for its online and traditional services; this does not mean you are dealing with separate banks.


• Know where to get more information about FDIC insurance.


• Look at your bank’s Web site for information about its security practices, or contact the bank directly.


• Remember that nonfinancial Web sites that are linked to your bank’s site are not FDIC-insured.

Read the complete article here.

Welcome to Tropical FCU's Blog!

We're excited to launch our new blog! We invite you to come back often for useful news, articles, advice, features and other tidbits related to banking, finance, the South Florida economy and much more.

***

Since 1935, Tropical Financial Credit Union has provided members and their families with a wide range of financial services at very competitive rates and terms. TFCU is a not-for-profit, member-owned and member-operated financial cooperative that helps members better manage their time and money. For more information, visit http://www.tropicalfcu.org/