October 2014 - RMLEFCU Blog

29 Oct

Learn to Recognize Fraud and Protect Yourself

Financial fraud is always a concern. Cyber criminals continue to create increasingly sophisticated ways to steal from their innocent victims. In this article we aim to explain a few common methods of fraud and offer ways you can protect yourself.

Phishing

Phishing is the criminal attempt to steal your personal information through fraudulent texts, emails, snail mail, phone calls, etc. The criminals often pose as believable organizations, financial institutions, and even employers. They ask victims to provide or verify important pieces of personal information such as bank account numbers, social security numbers, or credit card numbers.

How to Protect Yourself – Your organizations do not need you to verify this information because they already have it! Be very wary of institutions that contact you. Before giving any information, ask to contact the institution in question directly to confirm. If this is a real issue, they will have no problem with your hesitation and appreciate your caution.

Texting Frauds

Smart phone texting fraud, also known as smishing, is a relatively new form of fraud made possible by the popularity of smart phones and their access to the Internet. Criminals will send a SMS message to a victim asking for an urgent response. Since people are used to quickly responding to texts, a victim typically does not realize they have been duped until it is too late. Also, websites typically look different on mobile devices which makes validating difficult.

How to Protect Yourself – Be vary wary of responding to urgent texts from unknown numbers or texts claiming to be a financial institution. Use the same precautions you would take against phishing and directly contact the institution in question.

7 Helpful Tricks to Help You Save for the Holidays

The holidays are an expensive time of year. Between travels, gift giving, and food costs your bank account can really take a hit. Here are some tips to help you save money leading up to and going through the holiday season.

Pack it in – If you don’t already pack a lunch to work, its time to start. Do you buy your coffee on the job? That $3 cup of coffee every day adds up. Especially when you can make coffee at home and bring it with you for a fraction of the cost. The same goes for water. You can save a bunch of money by refilling a water bottle rather than buying a soda from a vending machine. Plus, it’s good for you!
Cook what you have – While we are on the topic of food, cook what you have sitting in your cupboards! If you are like me, the cans of refried beans and boxes of rice seem to be multiplying in the drawers. Now is a great time to use up the non-perishables tying up your holiday cash. There will be plenty of time to indulge over the next couple months. Hate this idea? Donate your non-perishables to a food pantry so someone less fortunate can enjoy them.
Use a Rewards Card – Start using a RMLEFCU rewards credit or debit card for all your purchases and earn points. Redeem those points for electronics, gift cards, and other gifts. Put your spending to work twice!
Recycle your electronics – Have an old phone or a tablet you’re not using any more. Electronics recyclers like Gazelle or Glyde will pay good money for used devices that are sitting around unused in your home.
Plan Ahead – Planning your gift giving ahead of time will allow you to be more price conscious. Shop around, set limits on gift spending, and take advantage of crazy sales like Black Friday and Cyber Monday. When you scramble to buy gifts as the holidays approach you will undoubtedly overpay and overspend.
Second guess your purchases – This isn’t as fun as buying a new shirt or getting a tasty candy bar from that convenient vending machine down the hall but it can save you lots of money to spread more holiday cheer. Every time you pull out your wallet say to yourself: “Self, do I really need this?” You’ll be amazed at how well it works.
Get help from RMLEFCU! – At RMLEFCU we try to make the holidays easier where we can. If you really need some extra money during November and December, we can help.

Holiday Loan SlideBy – Skip a loan payment in November or December! Learn more and get the form in our quarterly newsletter The Dispatch.
RMLEFCU Holiday Loan – Need a little extra money. Borrow up to $2500 through December 31^st and take 12 months to repay. Interest rates start as low as 7.95% APR*. Call (303) 458-6660 for more information.
Get a HELOC – With rates as low as 3.25% APR** a Home Equity Line of Credit is another great way to get some cash for large purchases and home improvements. Currently we are running a great promotion. HELOCs of $10,000 or more will receive a Carnival Cruise for two! Why not just avoid the holidays all together and go to the Bahamas?

Gifts That Grow a Lifetime

It’s hard to know what to get kids these days. The hottest toys one week can be quickly discarded the next. However there is one gift you can get a child or grandchild that never goes out of fashion, and that is teaching them the value of saving.

Opening a Rocky Mountain Law Enforcement Federal Credit Union account for a child now will help them develop a habit of saving that will last a lifetime. Unfortunately too many people have learned (and some who still haven’t) their lessons concerning living outside of their means. Using credit cards irresponsibly and spending more than one has can have lasting negative impacts on someone’s financial future. Teaching a child about the benefits of saving and financial responsibility will benefit them throughout their entire lives. Set up a child for financial success with a RMLEFCU account.

Need some more reasons? Here are 5. Read More →