At Community First, we believe in returning financial value to you through exceptional service and the sharing of financial information. That is why we are providing this special Member Education Page for you. Refer to it frequently to be kept updated on your credit union products and services and financial industry trends.
CommuNETe Pay Online Bill Pay User Guide
The Benefits of Checking
There are many benefits to opening and maintaining a checking account. Having a checking account allows you to write checks to pay bills or buy groceries. Checks are cheaper and more convenient than buying money orders and with the popularity of ATM/Debit cards, you don't even have to go to the Credit Union to withdraw money. In fact, you can use your debit card to make purchases online and in-person. A checking account also gives you the added benefit of having written proof that someone was paid. If there is a dispute, you can produce a cancelled check in your defense - something that carrying cash doesn't provide. Having a checking account is also safer. Instead of carrying cash, you carry a checkbook. If you lose your checkbook, you can tell the Credit Union and it will secure your account so that no one can write checks against your account.
Before opening a checking account, however, you will need to decide what type of account will provide you with the most benefits. Some checking accounts have no minimum balance requirements while others charge you if your account falls below a certain amount. There are checking accounts that allow you to write an unlimited number of checks each month and others that charge you for each check you write. Some checking accounts pay interest or dividends, others do not. The key is to find the checking account that best fits your needs and requirements.
How to Manage Your Checking Account Once You Open One
Once you open a checking account, you will need to maintain it. Keeping good records is vital. Use your check register or a computer software program to keep track of deposits, withdrawals and checks written. The key is to make sure you record each action made against your account so that you know exactly how much money is in your account at the end of the day. You'll also need to balance your account when you receive your monthly statement from the Credit Union. It's much easier to do this if you've kept good records.
Another key to good checking account management is to never write checks if you don't have money in your account to cover the checks written. Even if you'll deposit money before the check is presented to the Credit Union, don't do it. If the money isn't there to cover the check, your check 'bounces' which means it is returned to the presenting financial institution. You'll be charged a fee not only by your primary financial institution but by the presenting financial institution as well. More importantly, your checking account may be closed or you may lose your check writing privileges with certain merchants.
Look to Community First for all your checking solutions, call 472-8210/632-3995 or visit our offices today!
Debt Consolidation is an Option
Debt consolidation can be the key to your financial freedom. No one plans on being in financial ruins. It seems to sneak up on you when you least expect it. You work hard everyday to pay your bills and live a comfortable lifestyle. However, it seems that the harder you work the more bills you have to pay. No matter how much money you dish out to creditors, the bills never seem to decrease. Instead, every time you open your mail box there are more and more bills, with outrageous interest rates, late fees, enrollment fees and any other fees creditors can legally come up with. Before you know it, you're living paycheck to paycheck.
Why is it the more money we make the more money we spend?
In today's economy, everyone wants to live beyond their means. If you have satisfactory credit, you can. Creditors will harass you with catchy ads and flyers, stating all the benefits they have to offer. You're human so of course you're tempted. Eventually, one credit card turns into two, two into three, and so on. It is a fact that most young adults own at least 7 credit cards. It is also a fact that 90% of them will end up in debt. It's a materialistic world. There is no denying it. Millions of people suffer from financial stress, primarily due to overwhelming credit card bills, high interest rates and lack of budgeting.
Nevertheless, you shouldn't be punished for making a few financial mistakes. You deserve a second chance. Debt consolidation or a debt consolidation loan may be the solution you seek.
Call our Credit Department at 472-8210 for all your credit and lending needs today.
Youth Tips: Your VISA Check Card
Credit is a big responsibility to take on. The lender will want to know if you have the ability to repay the loan before they extend credit to you. It is important to understand while you are young the risks and benefits of credit. Your VISA Check Card can be a good first step toward establishing a good credit rating and proving yourself to be a good credit risk.
1. Your VISA Check Card may look like a credit card, but it's not. Instead it works like a plastic check anywhere VISA is accepted. You present your 'check card' and sign a sales slip for the amount of your purchase.
2. If you are at an automated terminal you will also need to know your PIN (Personal Identification Number) in order to complete your transaction. Instantly the money is withdrawn from your checking account electronically.
3. Your check card can also be used as an ATM card.
4. It is important that you understand that your check card is not a credit card. If you do not have the funds in your checking account to cover the purchase, then it will be denied.
5. This check card can only draw funds from your checking account if they are available at the time you are making the purchase.
Achieve your financial goals the smart way - sign up for a Youth Financial Success Kit from Community First. Designed specifically around the needs of young adults, the Kit gives you everything you need to better manage and begin building your personal finances. Find out more, call 472-8210 or 632-3995, or visit a Community First office near you and let one of our friendly Member Service Representatives assist you.
Stop Identity Theft!
The following information provided by the Federal Trade Commission (FTC)
Introduction
The 1990’s spawned a new variety of crooks called identity thieves. Their stock in trade? Your everyday transactions, which usually reveal bits of your personal information: your bank and credit card account numbers; your income; your Social Security number (SSN); or your name, address, and phone numbers. An identity thief obtains some piece of your sensitive information and uses it without your knowledge to commit fraud or theft.
Identity theft is a serious crime. People whose identities have been stolen can spend months or years — and their hard-earned money — cleaning up the mess the thieves have made of their good name and credit record. Some victims have lost job opportunities, been refused loans for education, housing or cars, or even been arrested for crimes they didn’t commit.
Can you prevent identity theft from occurring? As with any crime, you cannot completely control whether you will become a victim. But, according to the Federal Trade Commission (FTC), you can minimize your risk by managing your personal information cautiously and with heightened sensitivity.
How Identity Theft Occurs
Skilled identity thieves use a variety of methods to gain access to your personal information. For example: They get information from businesses or other institutions by:
-stealing records from their employer,
-bribing an employee who has access to these records, or
-hacking into the organization’s computers.
-They rummage through your trash, or the trash of businesses or dumps in a practice known as "dumpster diving."
-They obtain credit reports by abusing their employer’s authorized access to credit reports or by posing as a landlord, employer, or someone else who may have a legal right to the information.
-They steal credit and debit card numbers as your card is processed by using a special information storage device in a practice known as "skimming."
-They steal mail, including bank and credit card statements, pre-approved credit offers, new checks, or tax information.
Once identity thieves have your personal information, they may:
Go on spending sprees using your credit and debit card account numbers to buy "big-ticket" items like computers that they can easily sell.
Open a new credit card account, using your name, date of birth, and SSN. When they don’t pay the bills, the delinquent account is reported on your credit report.
Change the mailing address on your credit card account. The imposter then runs up charges on the account. Because the bills are being sent to the new address, it may take some time before you realize there’s a problem.
Counterfeit checks or debit cards, and drain your bank account.
File for bankruptcy under your name to avoid paying debts they’ve incurred, or to avoid eviction.
Give your name to the police during an arrest. If they are released and don’t show up for their court date, an arrest warrant could be issued in your name.
How Can I Tell if I’m a Victim of Identity Theft?
Monitor the balances of your financial accounts. Look for unexplained charges or withdrawals. Other indications of identity theft can be:
-failing to receive bills or other mail signaling an address change by the identity thief;
If an identity thief is opening new credit accounts in your name, these accounts are likely to show up on your credit report. You can find out by ordering a copy of your credit report from any of three major credit bureaus. If you find inaccurate information, check your reports from the other two credit bureaus. Of course, some inaccuracies on your credit reports may be because of computer, clerical, or other errors and may not be a result of identity theft. Note: If your personal information has been lost or stolen, you may want to check all of your reports more frequently for the first year. Federal law allows credit bureaus to charge you up to $9 for a copy of your credit report. Some states may allow a free report or reduced rates.
Managing Your Personal Information
So how can a responsible consumer minimize the risk of identity theft, as well as the potential for damage? When it involves your personal information, exercise caution and prudence.
Do It Now
Place passwords on your credit card, bank and phone accounts. Avoid using easily available information like your mother’s maiden name, your birth date, the last four digits of your SSN or your phone number, or a series of consecutive numbers. When you’re asked for your mother’s maiden name on an application for a new account, try using a password instead.
Secure personal information in your home, especially if you have roommates, employ outside help, or are having service work done in your home.
Ask about information security procedures in your workplace. Find out who has access to your personal information and verify that your records are kept in a secure location. Ask about the disposal procedures for those records as well.
Everyday Diligence
Don’t give out personal information on the phone, through the mail, or over the Internet unless you’ve initiated the contact or are sure you know who you’re dealing with. Identity thieves can be skilled liars, and may pose as representatives of banks, Internet service providers (ISPs), or even government agencies to get you to reveal identifying information. Before you divulge any personal information, confirm that you’re dealing with a legitimate representative of a legitimate organization. Double check by calling customer service using the number on your account statement or in the telephone book.
Guard your mail and trash from theft. Deposit outgoing mail in post office collection boxes or at your local post office instead of an unsecured mailbox. Remove mail from your mailbox promptly. If you’re planning to be away from home and can’t pick up your mail, call the U.S. Postal Service at 1-800-275-8777 to ask for a vacation hold. To thwart a thief who may pick through your trash or recycling bins, tear or shred your charge receipts, copies of credit applications or offers, insurance forms, physician statements, checks and bank statements, and expired charge cards.
Before revealing any identifying information (for example, on an application), ask how it will be used and secured, and whether it will be shared with others. Find out if you have a say about the use of your information. For example, can you choose to have it kept confidential?
Keep your Social Security card in a secure place and give your SSN only when absolutely necessary. Ask to use other types of identifiers when possible. If your state uses your SSN as your driver’s license number, ask to substitute another number.
Limit the identification information and the number of credit and debit cards that you carry to what you’ll actually need.
Keep your purse or wallet in a safe place at work.
Consider Your Computer
Your computer can be a goldmine of personal information to an identity thief. Here’s how you can safeguard your computer and the personal information it stores:
Update your virus protection software regularly. Computer viruses can have damaging effects, including introducing program code that causes your computer to send out files or other stored information. Look for security repairs and patches you can download from your operating system’s Web site.
Don’t download files from strangers or click on hyperlinks from people you don’t know. Opening a file could expose your system to a computer virus or a program that could hijack your modem.
Use a firewall, especially if you have a high-speed or "always on" connection to the Internet. The firewall allows you to limit uninvited access to your computer. Without a firewall, hackers can take over your computer and access sensitive information.
Use a secure browser — software that encrypts or scrambles information you send over the Internet — to guard the safety of your online transactions. When you’re submitting information, look for the "lock" icon on the status bar. It’s a symbol that your information is secure during transmission.
Try not to store financial information on your laptop unless absolutely necessary. If you do, use a "strong" password — that is, a combination of letters (upper and lower case), numbers, and symbols.
Avoid using an automatic log-in feature that saves your user name and password; and always log off when you’re finished. If your laptop gets stolen, the thief will have a hard time accessing sensitive information.
Delete any personal information stored on your computer before you dispose of it. Use a "wipe" utility program, which overwrites the entire hard drive and makes the files unrecoverable.
Read Web site privacy policies. They should answer questions about the access to and accuracy, security, and control of personal information the site collects, as well as how sensitive information will be used, and whether it will be provided to third parties.
A Special Word About Social Security Numbers
Very likely, your employer and financial institution will need your SSN for wage and tax reporting purposes. Other private businesses may ask you for your SSN to do a credit check, such as when you apply for a car loan. Sometimes, however, they simply want your SSN for general record keeping. If someone asks for your SSN, ask the following questions:
Why do you need it?
How will it be used?
How do you protect it from being stolen?
What will happen if I don’t give it to you?
If you don’t provide your SSN, some businesses may not provide you with the service or benefit you want. Getting satisfactory answers to your questions will help you to decide whether you want to share your SSN with the business.
If Your Identity Has Been Stolen
Even if you’ve been very careful about keeping your personal information to yourself, an identity thief can strike. If you suspect that your personal information has been used to commit fraud or theft, take the following four steps right away. Remember to follow up all calls in writing; send your letter by certified mail, return receipt requested, so you can document what the company received and when; and keep copies for your files.
1. Place a fraud alert on your credit reports and review your credit reports.
Call the toll-free fraud number of anyone of the three major credit bureaus to place a fraud alert on your credit report.This can help prevent an identity thief from opening additional accounts in your name. As soon as the credit bureau confirms your fraud alert, the other two credit bureaus will automatically be notified to place fraud alerts on your credit report, and all three reports will be sent to you free of charge.
Equifax — To report fraud, call:
1-800-525-6285, and write: P.O. Box 740241, Atlanta, GA 30374-0241
Experian — To report fraud, call:
1-888-EXPERIAN (397-3742), and write: P.O. Box 9532, Allen, TX 75013
TransUnion — To report fraud, call:
1-800-680-7289, and write: Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790
Once you receive your reports, review them carefully. Look for inquiries you didn’t initiate, accounts you didn’t open, and unexplained debts on your true accounts. You also should check that information such as your SSN, address(es), name or initial, and employers are correct. Inaccuracies in this information also may be due to typographical errors. Nevertheless, whether the inaccuracies are due to fraud or error, you should notify the credit bureau as soon as possible by telephone and in writing. You should continue to check your reports periodically, especially in the first year after you’ve discovered the theft, to make sure no new fraudulent activity has occurred. The automated "one-call" fraud alert process only works for the initial placement of your fraud alert. Orders for additional credit reports or renewals of your fraud alerts must be made separately at each of the three major credit bureaus.
2. Close any accounts that have been tampered with or opened fraudulently.
Credit Accounts
Credit accounts include all accounts with banks, credit card companies and other lenders, and phone companies, utilities, ISPs, and other service providers.
If you’re closing existing accounts and opening new ones, use new Personal Identification Numbers (PINs) and passwords.
If there are fraudulent charges or debits, ask the company about the following forms for disputing those transactions:
For new unauthorized accounts, ask if the company accepts the ID Theft Affidavit (available at www.ftc.gov/bcp/conline/pubs/credit/affidavit.pdf). If they don’t, ask the representative to send you the company’s fraud dispute forms.
For your existing accounts, ask the representative to send you the company’s fraud dispute forms.
If your ATM card has been lost, stolen or otherwise compromised, cancel the card as soon as you can. Get a new card with a new PIN.
Checks
If your checks have been stolen or misused, close the account and ask your bank to notify the appropriate check verification service. While no federal law limits your losses if someone steals your checks and forges your signature, state laws may protect you. Most states hold the bank responsible for losses from a forged check, but they also require you to take reasonable care of your account. For example, you may be held responsible for the forgery if you fail to notify the bank in a timely way that a check was lost or stolen. Contact your state banking or consumer protection agency for more information.
You also should contact these major check verification companies. Ask that retailers who use their databases not accept your checks.
TeleCheck — 1-800-710-9898 or 927-0188
Certegy, Inc. — 1-800-437-5120
International Check Services — 1-800-631-9656
Call SCAN (1-800-262-7771) to find out if the identity thief has been passing bad checks in your name.
3. File a report with your local police or the police in the community where the identity theft took place.
Keep a copy of the report. You may need it to validate your claims to creditors. If you can’t get a copy, at least get the report number.
4. File a complaint with the FTC.
By sharing your identity theft complaint with the FTC, you will provide important information that can help law enforcement officials track down identity thieves and stop them. The FTC also can refer victim complaints to other appropriate government agencies and companies for further action. The FTC enters the information you provide into our secure database.
To file a complaint or to learn more about the FTC’s Privacy Policy, visit www.consumer.gov/idtheft. If you don’t have access to the Internet, you can call the FTC’s Identity Theft Hotline: toll-free 1-877-IDTHEFT (438-4338); TDD: 202-326-2502; or write: Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580.
The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
A good credit rating is essential to borrowing the money you need for personal loans, mortgages, new/used auto financing, and all of your financial needs. The more you understand your credit score, the better you will be able to improve upon it and keep it positive. If you are just getting started establishing credit, this information will help you earn and maintain a good credit score.
-Mix of credit between installment loans and revolving credit cards.
-Moving revolving debt (credit cards) to installment debt (fixed loans).
It is never too late to start improving your credit. If you've got questions about how you can improve your credit, contact our Credit Department at 472-8210.
Community First is pleased to provide you several useful calculator tools to help you plan for your next personal, auto, or home loan, your retirement savings, and more. Calculators are for reference only and you should speak with a Member Service Representative or Credit Officer for specific details.
