Wednesday, January 30, 2008

The Joy of Technology

While setting up this blog I decided to ad the Tag feature which was found on the right hand side of the screen. This was a interactive feature to allow live conversations. Unfortunately the Tag recently was subjected to some internet "spam" or unwarranted tag posts, whatever you would like to call it. This has led me to remove the tag feature from the blog.

I apologize for any entries that may have been posted to the Tag before I had a chance to address this issue.

As the blog evolves (and I learn more about content filtering) an interactive feature will be added once again. Stay tuned.

Monday, January 28, 2008

Choice Bank Sponsors 2007 UW Oshkosh Federal Reserve Challenge Team

On November 5, 2007, a team of UW Oshkosh business students competed in the Federal Reserve Challenge in Chicago. The team members, Virgina Pliska, Todd Johnston, Jonel Kristo, Alex Christenson, Adam Stern and Austin Spangler, made tremendous strides in terms of the quality of presentation and the performance in the question and answer session.

Although the team did not advance to the finals, they unanimously voted to see the finalists present and students competing again next year have many new ideas (in fact, they spent the first hour of the drive back to Wisconsin arguing about Federal Reserve Fund Futures). The team was very pleased to see they had identified the same major trends and factors pushing the macro-economy as the champion team from the University of Chicago.

The student reactions to the class and competition were extremely positive. They liked the group work and project orientation to the class and emphasized how much they learn from this form.

“To listen to the students discuss macro-economic issues and current events, debating with each other, weighting information and reaching conclusions was a wonderful experience and we are grateful for Choice Bank of Oshkosh making this possible”, stated Marianne Johnson, associate professor of economics at UW Oshkosh and the team adviser.

Tuesday, January 15, 2008

Rate shoppers beware!



We all know the old adage, "you can't believe everything you hear [or read]."


Yesterday another bank in Oshkosh advertised about their money market that "It's simply the best Money Market in town." What a great statement, if only it were true! Rate shoppers beware. Many rates out there appear to be great or will flat out tell you that they are great but unfortunately it is up to you to find out the truth behind the glamorous rate. Here are some things to watch out for when shopping for ways to invest your hard earned money:

Teaser rate: A very high but introductory rate used to entice customers into opening a CD, Money Market or Checking Account. The rate is usually adjustable and goes down over time. In the case of a CD, the rate will be good for the first given number of months and then drop for the remainder of the term.

Tier rates: A great advertised rate that is available only on balances over a given amount. An example of this would be a Money Market advertised at 4.15% which is only available on balances over $250,000.

Fine print: A great rate on a given account but the fine print tells you that you need to sign up for one or more of the following items to get the rate:
A new checking account
Direct deposit
Automatic withdrawal
Bill pay
Paperless statements
There may also be other terms or conditions:
ATM/Debit card usage requirements
Only available with a new account
Only available to new customers

Keep these things in mind the next time you are looking for a great rate. You deserve the best account that will give you the best return. Read the fine print, challenge rates that are too good to be true and don't be afraid to ask questions!

Tuesday, January 8, 2008

My Home



Tomorrow morning our fearless leader, Keith Pollnow, is going to be interviewing with Bob Burnell on WOSH AM Radio 1490 at 7:45 A.M. The topic is sub-prime mortgages. With the market today this is a huge topic of concern. I once had a marketing professor who would ask me just about every day how Choice Bank was being impacted by sub-prime lending. The truth is, community banks don't have many issues with this.

At Choice Bank our mortgage lenders will not put you into a mortgage that you cannot afford! I know first hand! About 2 years ago I sat down with our mortgage lender Chris Leitch to weigh the benefits of owning vs. renting. In detail we listed my income against my bills, the potential mortgage payments and the additional home owning costs (utilities etc...). Chris made sure that I could afford a home (I couldn't) before we even took the process any further.

A few months ago I sat down with Chris again. The tables had turned and this time, using the same method, Chris helped me find the mortgage payments I could handle. I have been in my beautiful new home for a little over a month.

Purchasing a home - especially your first home like me - is a lot of work, not to mention a huge financial decision. Whether you choose Choice Bank for your mortgage or go with someone else, make sure that your mortgage lender is working for YOU! You don't just need a mortgage, you need an entire financial plan!