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Target Data Breach Update

As you may have heard or read, Target announced in late December that as many as 40 million of its customers who used their credit and debit cards to make in-store purchases may have been affected by a data breach. And, on January 10th, 2014, they announced new details about the breach.  Target stated, “As part of our ongoing forensic investigation, it has been determined that certain guest information—separate from the payment card data previously disclosed—was taken from Target. This theft is not a new breach, but was uncovered as part of the ongoing investigation. At this time, the investigation has determined that the stolen information includes names, mailing addresses, phone numbers or email addresses for up to 70 million individuals.”

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The difference between Credit Unions and Banks

Mission: Credit unions are not-for-profit financial cooperatives that conduct business for the mutual benefit and general welfare of their member-owners. Banks are for-profit financial corporations who conduct business to maximize the price of its stock and profit for stockholders.

Philosophy: Credit unions promote thrift, savings and sound credit use to improve member’s lives. Banks focus on what generates profit for the Bank.

Community: Most credit unions are locally run as membership consists of specific people from employers, churches, schools or communities. Most banks are rarely locally run. Community banks are frequently sold to larger banks whose home office is seldom in the local community.

Ownership: Every member is an equal owner. People who purchase stock are the owners. These stockholders expect a return on their investment.

Leadership: Boards of Directors  for Credit unions are elected by the members and serve as volunteers.  Boards of Directors for banks are elected by the stockholders.  These bank directors are paid and legally bound to make decisions that benefit the stockholders, not the customer. Customers don’t have voting rights and have no authority in the overall governance of their bank.

Taxation: Credit unions are exempt from corporate income tax because they are not-for-profit cooperatives that return earnings back to members in the form of lower loan rates and higher deposit rates. Credit unions pay property, county, school, municipal, and employer taxes. Banks are taxed because they are designed as profit-making corporations. When they disburse profits, it is only to their stockholders.

The Difference Between Credit Unions and Banks

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Financial Institutions Target Teens for Credit Cards

Financial Services Target Teens If you're approaching your 20s, you must be feeling pretty special. Your mailbox fills up with credit card offers, department stores are eager to issue you their credit cards, and credit card companies set up special booths at schools each spring to help you fulfill your dream of an awesome spring break. What makes you so irresistible to credit card companies?

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Make the Most of Your Shopping Style

What's your shopping style?

Prestige shopper If the most important part of shopping is acquiring name-brand items, you are a prestige shopper. Save money by asking yourself if the item is worth the extra money, or if you're paying extra for a name brand. Impulse shopper If you buy things based on your moods, you are an impulse shopper. Walk away from items that you did not intend to buy when you entered the store. Think about whether you really need these products. If the answer is yes, and you have the money, return to the store and make the purchase.

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Make Financial Room for Baby

There’s no doubt that starting a family is a wonderful step in a couple’s life—and an expensive one. According to the U.S. Department of Agriculture, a middle-class family can expect to pay an estimated $184,000 to raise a baby from birth to age 17. While the financial responsibilities are only one piece of parenthood, they can’t be overlooked.

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