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A couple consulting with woman about an auto refinance

Will Refinancing My Car Help Or Hurt My Credit Score?

Your credit score can impact many factors of your life. Everything from insurance and interest rates to how much you can borrow for a mortgage relies in some respect on your credit score. A great credit score can open many doors, but the opposite also holds true. 

Our life circumstances are constantly changing and sometimes it makes sense to think about refinancing your car or house. But if you’ve worked hard to improve your credit history in recent years, keep in mind that certain financial activities could hurt your credit score. 

Below we will be discussing whether refinancing your car …

Happy Couple at car dealership

Is 0% Financing The Best Rate You Can Get For An Auto Loan?

0% financing on a car loan almost sounds too good to be true. It seems like the best deal on the surface, but is it really?

The truth is, 0% financing through a dealership can actually cost more than a low APR loan through a credit union. For this reason, comparing auto loan interest rates and other loan terms before you buy is the wisest thing you can do. 

So what is a good APR for a car? How can you know you are getting the best deal? Read on to find out more about 0% financing and other more …

happy couple in front of their home

Three Good Reasons to Refinance Your Mortgage

Saving more on your mortgage doesn’t need to be difficult. Backed by historically low rates and community-based member service, refinancing your home mortgage with TEG FCU has never been easier!

1. To take advantage of lower interest rates

Refinancing a home loan with a lower mortgage rate can help you reduce your monthly payments and pay less interest over the life of the loan. The traditional rule of thumb says to refinance if your rate is at least 2% below your current rate. You might also be able to qualify for a better rate if your credit score has improved. …

Annual Report 2020

2021 Annual Meeting

Our 52nd Annual Meeting was held on Thursday, March 25, 2021.
You can view the live recording of our Annual Meeting and the Chairman of the Board’s Message in the video below!

You can view a copy of the 2020 Annual Report here.

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annual meeting

Annual Meeting 2021

Our Annual Meeting is an unique opportunity for credit union members to hear about our financial health and community impacts.

Time: 5:30 pm
Date: Thursday, March 25, 2021
Location: 1 Commerce Street

TEGFCU’s Annual Membership Meeting is more than just an event that happens once a year. It is a solid commitment by staff, members and volunteers to keep the credit union vibrant and growing. We invite all members to learn about the financial state of the credit union, and hear from our Board of Directors and Supervisory Committee.

Please note: We are keeping the meeting to a business agenda …

Needs versus Wants

Wants vs. Needs

What is a “want?” And what is a “need?” While everyone has their own wants and needs, being able to differentiate between the two can be difficult. Being able to clearly define each can help you improve your savings, which can help you build up an emergency fund, pay off debt, or fund long-term savings goals.

Generally speaking, a “need” is something you absolutely cannot live without. You need a roof over your head, for example. You need food, water and transportation to get to work.

You need electricity in your house, you need food to eat and you need …

Checklist with Blue Pen

Financial Checklist

As you prepare to pack up holiday decorations and say goodbye to an unprecedented year, don’t close the book on this year just yet. Set yourself up for success by reviewing your finances before January 1. Grab your favorite mug, fill it with hot chocolate, snuggle up by the fireplace, and review this end-of-year financial checklist to guide you toward a prosperous new year.

FINANCIAL CHECKLIST:

– Follow a Personal Finance Blog

    • Learn more about money management so you can improve your finances in the New Year. This might include checking out a library book or attending a financial seminar.
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Roll of money with a graduation cap on.

TEG 2022 Scholarship

TEG Federal Credit Union will award three $1,000.00 scholarships to graduating high school seniors who have demonstrated academic achievement and community service throughout their high school careers. From time to time TEG may, at its own discretion, add a fourth $1,000 scholarship to be awarded to a student who has demonstrated a commitment to personal excellence.

All Applicants Must Submit:

– A completed TEGFCU scholarship application.

Click here for the 2022 Electronic Scholarship Program Application

Click here for the 2022 PDF Scholarship Program Application

– A non-generic essay focused on this specific scholarship
– Two letters of recommendation
– High …

Financial Tips Kids Should Know

Four Finance Topics Every Kid Should Know

It’s never too early to learn how to handle your money. Imagine if your child were suddenly about to move out but never learned how to manage an income. The things kids need to now about finances are not that different than what adults need to know. However, it’s always better to think ahead and prepare your child for life away from the nest. Remember, these tips are pretty simple, so start early with your child and plan for the future.

Needs vs. Wants

This might be one of the more difficult concepts for younger people to grasp. There is …

Man leaning against bicycle on his cell phone

How Can I Protect Myself from Payment App Scams

Q: I love the convenience of payment apps, like Cash App and Venmo, but I’ve heard there’s been an increase in scams being pulled off within these apps. How can I continue to use my payment apps without compromising my safety?

A: Payment apps offer users the ability to effortlessly send payments to friends, making it easy to split the tab at a shared meal, buy a present for a mutual friend and quickly pay back a small loan. Unfortunately, though, scammers are using these apps to cheat people out of their money.

Here’s all you need to know about …

Complete Guide to Using a Credit Card

Your Guide to Using Credit Cards

Q: I’d love to improve my credit score, but I can’t get ahead of my monthly payments. I also find that my spending gets out of control when I’m paying with plastic. How do I use my credit cards responsibly?

A: Using your credit cards responsibly is a great way to boost your credit score and your financial wellness. Unfortunately, though, credit card issuers make it challenging to stay ahead of monthly payments and easy to fall into debt with credit card purchases. No worries, though; we are here to help!

Here’s all you need to know about responsible credit …

How to Read Your Paystub

How to Read a Paystub

Having your paycheck directly deposited into your checking account can be super-convenient, but it can also lead to being unfamiliar with your paystub. It’s important to review your paystub occasionally to check for possible errors and review the deductions, as your accountant suggests. No worries, though, we’re here to help! We’ll walk you through a typical paystub and break down all the numbers and information so, going forward, you can do it on your own.

Navigating your paystub

Before reviewing the actual numbers, let’s take a moment to explore how a paystub is structured.

A typical paystub will have your …


APY = Annual Percentage Yield ▪️ APR = Annual Percentage Rate ▪️ All rates and offers are subject to change without notice. ▪️ All financing is subject to approval and is based on an evaluation of credit history, so your rate may differ. ▪️ Please consult with qualified professionals to discuss your situation. ▪️ The calculators on the TEGFCU website are provided for educational purposes and results may differ based on the terms and conditions of specific products and may not apply to you.
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