What is identity theft? Identity theft occurs when someone uses your name, Social Security Number, date of birth, or other identifying information, without permission, to commit fraud. For example, someone may have committed identity theft by using your personal information to open a credit card account or get a loan in your name.

Some common signs of identity theft are:

• Bills that do not arrive as expected
• Unexpected credit cards or account statements
• Denials of credit for no apparent reason (e.g., for credit you did
  not apply for)
• Calls or letters about purchases you did not make
• Charges on your financial statements that you don't recognize
• Incorrect information on your credit reports - accounts or
  addresses you don't recognize or information that is inaccurate

To help protect your identity; monitoring your credit report is the single best way to spot signs of identity theft, such as errors and suspicious activity and accounts or addresses you don't recognize. Everyone is eligible to request a free copy of their credit report once every 12 months from each of the three credit bureaus by going to https://www.annualcreditreport.com/index.action. This is the only website to get a free copy. Also, to help monitor throughout the year, don’t request all three credit reports at the same time. A good practice would be to request from one credit bureau (Experian) then wait about four months to request from another one (TransUnion), then in another four months request from the last one (Equifax). This practice gives you a snapshot of your credit throughout the year.
If you think you may be a victim of identity theft you should place an initial fraud alert on your file as soon as you suspect you might be a victim of identity theft. You can do this online at the three credit reporting companies:

Equifax - www.equifax.com/CreditReportAssistance
Experian - www.experian.com/fraud
TransUnion - www.transunion.com/fraud

Some other steps you can take:

• Contact the security or fraud departments of each company where an account was opened or charged without your knowledge.
• Follow up in writing, with copies of supporting documents.
• Keep copies of documents and records of your conversations about the theft.
• Use the ID Theft Affidavit at https://www.identitytheft.gov/ to support your written statement. This website is the federal government’s one-stop resource for identity theft victims. The site provides streamlined checklists (https://www.identitytheft.gov/Steps) and sample letters to guide you through the recovery process by creating a Personal Recovery Plan. You can also find information on reporting misuse of your social security number, replacing government issued IDs and much more.
• Ask for verification that the disputed account has been dealt with and the fraudulent debts discharged.
• File a report with law enforcement officials to help you correct your credit report and deal with creditors who may want proof of the crime.
• Close the accounts that you know, or believe, have been tampered with or opened fraudulently.
• Report theft to the Consumer Financial Protection Bureau by submitting a complaint. Your complaint helps law enforcement officials across the country in their investigations. To find out more, visit the CFPB's website at www.consumerfinance.gov.

To find prevention tips and free resources on identity theft and protecting your identity go to https://www.consumer.ftc.gov/features/feature-0014-identity-theft. For practical technology industry tips go to www.OnGuardOnline.gov. This site helps you to be on guard against phishing and Internet fraud, how to secure your computer, and how to protect your personal information. This is free information that can be shared with family, friends and your community.  The more we know about protecting our identity, the harder we can make it for the bad guys!

Contact ECU Credit Union at 1-800-382-2400 or www.ecucreditunion.com for information about setting up a savings account for your children.

Authored by Joanne Yoder
 
Have you wondered about when to teach children about money? Having allowances can help children understand the concept of budgeting and saving, but you have to teach them.
 
The concepts of money and time can be hard for children to grasp. Research has shown, money education should be timely and ongoing or the information may not stick with them. To help with that, if you know your child will be receiving a check for their birthday, talk to them about saving or budgeting right before the check is received.
 
If you decide to give an allowance, start one as soon as your children start recognizing money's worth--kids do this fairly early. Janet Bodnar, deputy editor of Kiplinger's personal finance magazine in Washington, D.C., stresses two points in her book "Dollars & Sense for Kids":

• Don't give an allowance until children are old enough to manage it, or until your children are at least six years old. There's no need to rush things and preschoolers generally don't understand the abstract idea of money anyway. Once children start first grade they begin learning about money in school, so they know if they get a $1 bill each week, it's equivalent in value to ten dimes or four quarters.

 

• Keep the system simple so you can manage it. "Denying kids an allowance doesn't make it easier to limit the amount of money they get their hands on," says Bodnar. Because most children will get the money out of parents anyway, it's better to teach them how to manage it themselves than allow them to nickel and dime you to death. Plus, using an allowance gives parents and children more control over the children's finances.

 
Here are a few easy ways to help the next generation and teach children the importance of saving from a young age.  
 
Start with a Piggy Bank
A piggy bank is an easy way to teach kids the importance of saving. Let them know that the goal is to fill up the piggy bank with dollars and coins, until there is no room.

Open Up a Credit Union Youth Savings Account
Once the piggy bank is full, take your child to the credit union to open up a youth savings account for them. Have them count how much money is going to be deposited, to help them get physical understanding of how much money they have.

Use Savings Jars
When your children really want the latest and greatest toy or a new video game, let them know they will have to save up for it. Give them a jar with the picture of the item as a visual reminder. Offer them a small allowance each week in a denomination that encourages savings.

Weekly Money Saving Challenge for Kids
Another fun way for children to save is to set up a weekly money saving challenge. Each week your child can check off the amount and at the end of the year they will have saved $344.50. This is something they can do at home using a piggy bank, an envelope, a shoebox, or opening a savings account. If they choose, they can wait until the challenge is complete to open a savings account and deposit their savings. 

The savings chart can be a fun way for kids to watch their money grow! Click here to printout the Weekly Money Savings Challenge chart to help get your children started!

Contact ECU Credit Union at 1-800-382-2400 or www.ecucreditunion.com for information about setting up a savings account for your children.

January is a good time to take stock of your personal finances. You can make positive changes to your spending and saving habits, whether it's making a New Year's resolution to get spending under control, figuring out how to save for a down payment on a house, or analyzing your investment portfolio. Many people, however, don't know where to start.

Where are you now?
Start with a personal assessment. Ask yourself:

1. Do you track where your money goes?
2. Have you identified your spending leaks?
3. Do you have a written spending plan?
4. Do you have an emergency or rainy-day fund?
5. Do you live within your means?
6. Do you have written financial goals?

Know the difference
Many people think that if they don't overdraw on their checking account, they're doing just fine.
But that's not enough. Having a plan for different aspects of your financial life is essential.
Consider a plan where you:
* Budget … for short-term goals.
* Save … for medium-term goals.
* Invest … for long-term goals.

Do You Truly Value Your Money?
Before you make your next purchase calculate how many hours you have to work to pay for that item, is it worth it?
Do you value cash purchases differently than Credit Card or Debit Card purchases?  If so, why?

​Start a Savings Plan Today!

1. Set a savings plan goal for each quarter, write it down, and review it often.  If you need assistance establishing your goals contact us, we can help you create a custom savings chart 800-382-2400.
2. Contact ECU Credit Union to open a Christmas Club or 2nd Savings.
3. Start small and gradually increase your deposits each pay period.
4. Treat your savings deposit like a bill you must pay each pay period.
5. Review your statement every statement cycle to help reinforce your changed behavior.
6. Enjoy the success of achieving your goals and changing how you truly value your money. 

If you could go back and talk to your younger self (half the age you are now) what advice would you give yourself? 

Have you ever needed to know if a payment had cleared your account? Or have you been out shopping and you see a great pair of shoes, wondering do I have enough in my account to splurge? No need to wonder, all your account information can be found at your fingertips with ECU Credit Union’s Virtual Branch. You can have Access to your account information at home, around town or while on vacation. Just go to www.ecucreditunion.com, select Virtual C U and click on Virtual Branch Logon.
Virtual Branch allows you to set up mobile texts and/or email alerts, notifying you about low account balances and loan payment due dates for your ECU Credit Union accounts. You can make quick transfers between your ECU Credit Union accounts and send funds electronically to accounts outside of ECU Credit Union.
Have you ever found yourself searching for hours for a paper statement? Sign up for eStatements and keep your last 18 statements (starting from your eStatement signup date) with just a click away! No more worries about your statement getting lost in the mail or into the wrong hands.

Has there been a time you needed to send money to your child at college, pay the babysitter, pay your lawn service, or reimburse a friend for that fun outing? We offer a safe, secure way through Popmoney, a Person to Person Money Transfer opportunity. Popmoney, gives you an option to safely send, request or receive funds (payments) using only the recipient’s email address, mobile phone number, or account information.
Smart Phone Alert! ECU knows everyone loves APPs for quick access - check out our Touch Banking APP! Manage your money Anywhere, Anytime from your mobile device conveniently and securely. Check your account balances, view recent transactions, transfer money between your ECU Credit Union accounts, and find ATMs and Branch locations. The APP can be downloaded by going to iTunes or Google Play: Look for the Blue and White Touch Banking Icon. Contact the Credit Union for the APP Access Code.

NOTE: Your ECU account must have Virtual Branch activated to access your ECU Credit Union account using Touch Banking.
If your account already has Virtual Branch activated and you are having trouble logging on, try the Forgot Security Code? link to reset your security code. This feature sends a temporary security code to your email address. You are prompted to create a new one, when logging onto Virtual Branch using the temporary security code from your email. If you continue to have trouble with your logon, please give us a call.

Virtual Branch has a lot to offer right at your fingertips. When you are ready to make your financial life easier and want to add Virtual Branch to your account, you can complete the Account Change form; or call the Credit Union at 800-382-2400 and we can help you get started!

In my professional career, it’s important that I know the ins and outs about GAP Insurance.  However, I have found out the hard way that not everyone knows about GAP or if/when they should purchase it. GAP protection is insurance that covers the difference of what you “owe” on the car and what it is “worth” so that you do not go out of pocket in the event of a total loss.  And through the credit union, it only costs $400!  Most dealerships charge $795 or more!!  It’s a great deal and one of the many benefits of credit union membership. 

Recently, a good friend of mine bought a new car and within the first 6 months of ownership, the car was totaled.  When they bought the car they added on tire insurance, leather protection, and an extended warranty, but regrettably no GAP.  Sadly, when they received the settlement from the insurance company, it was $10,000 less than what they owed!  This is what I meant earlier by finding out the hard way. 

Now GAP isn’t for everyone.  If you are lucky enough to have an excellent trade and/or large down payment, GAP is most likely not something you would need.  However, if you are like most of us, you may find yourself in a scenario where it might be a good idea to purchase GAP on your next automobile loan.  

Financing all, or nearly all of the car purchase, will immediately put you upside down on the loan.  If you include the tax, license, and registration in your loan you will be borrowing more than the car is worth. Extras such as a warranty or an extended service plan will inflate the loan and you will very quickly owe more than the cars value.  This trend, coupled with the shift to longer loan terms of 72 or 84 months, and you will find that you won’t have equity in your car for a very long time.
​
GAP is a no-brainer!  The risk with any of these situations is that you will owe more on the loan than the car is worth.  If you were to encounter a total loss (by theft or accident) the insurance will only cover what the car is worth and not what you actually owe.
​
To GAP or not to GAP… now you know the answer!

Do you look for ways to stash away money for the holiday season and safeguard that money from yourself?   Then yes, a Christmas Club is still a good idea.

Christmas club accounts were established at the time of the Great Depression as a tool to save for the holidays.   It is a short-term savings account with a restriction.  If you withdraw the funds before the payout date, you pay a penalty.  The payout date at ECU Credit Union is September 30th.  Members are able to withdraw from their ECU Christmas Club account from October 1 through January 31 with no penalty.

Perhaps you want to save $500 by December 1? If you start saving in September, you could put aside about $42 a week to reach that goal.

With auto-deposit, you set aside money without having to think about it. When it’s time to start spending, you’ll have built a nice pot of fun money with minimal effort.  Ready to shop for decorations, gifts, party supplies or plan that holiday travel.
If time and funds are short, ECU also offers Holiday Loans and Visa Credit Cards.  Apply now to plan for that Black Friday shopping.
​
How would you spend your Christmas Club payout?

Bill Gates once said ‘the advance of technology is based on making it fit in so that you don’t really notice it, so it’s part of everyday life’. This statement rings true today, especially when considering the next generation of tech-savvy adults who are eager to experience that thrilling feeling of independence. The catch is.…..with this freedom comes great financial responsibility. Keeping a favorable account balance can be challenging with a busy lifestyle. Moving away from home can bring about new concerns on how to successfully maintain a checking account while getting the most out of today’s technology.
Graduates, what are some ways to ensure you have a ‘smart’ checking account? With numerous expenses popping up, overdraft fees are not an option, and flexibility with account handling is vital. Features like online banking, a mobile app, surcharge free ATM’s, and branch access should all be on your radar. ECU offers these features with little to no cost; and we enthusiastically promote these helpful tools to keep you at the top of your game! An ECU checking account is free with your payroll direct deposit; or with just a low $25 daily minimum balance. Having the ability to quickly check your balance, transfer funds, or make payments are all benefits for an on-the go generation. In addition, various services are offered to keep your account on the positive side! Ask ECU to assist in making favorable account behaviors second nature!

Parents, are you certain you have prepared your young adult with a solid account management plan for those day to day expenses?

What advice would you give a recent graduate to promote financial awareness?  

People who consider a credit card "free money" are headed for trouble.  I have found if you cannot pay your Credit Card balance in full every month you should not charge it.  Don’t be enticed to use your card to make a purchase just to earn Reward points unless you have the self-discipline to pay your credit card off every month or you may find yourself in trouble.   Here's an example:

​Hired as a co-op student at a credit union, Heather worked hard and received a promotion. She wanted new clothes, so she applied for a credit card. 

Heather paid the minimum monthly payment each month. Because of her payment record, the credit union agreed to raise her credit limit. Heather was off to Jamaica, where she used her credit card a lot. 

Heather paid down her credit card debt, then ran the balance up again--again and again. Five years later, Heather owed more than $5,000--and, technically, she still was paying for her Jamaica trip. It took Heather almost 12 years to finally paid off her credit card debt! Not only did she pay triple the amount charged, she was unable to save money. 

I feel credit card debt is one of the easiest ways to get yourself into financial trouble my advice is to be wary of the introductory and pre-approved offers, take your cards and place them in a secure inconvenient place and use them for emergency purchases only.  If the card is convenient to access you may fall for impulse buying.

Start slowly with your first credit card. A smart money management rule is to avoid paying interest on your credit card charges by paying the balance in full each month. That way you'll enjoy the convenience a credit card can bring, while avoiding unnecessary finance charges and debt that never seem to end. 

What advice do you have for Heather?