Archive for financial education

Beware of Phone Spoofing

Recently, we’ve learned that some members have received fraudulent calls that appear to be from the credit union that can put your account and funds at risk! This scam is known as Caller ID spoofing.

What is Caller ID spoofing? Caller ID spoofing is the process of changing the Caller ID to any number other than the actual calling number. The caller intentionally disguises the number they are calling from. 

How can you stop spoofing calls? While there’s nothing you can do to stop them, there are three very important steps you can take to prevent being a victim:

1. If in doubt, don’t answer it. You can call the number directly later to see if it was a real person or company.

2. Be diligent! Even if your caller ID shows a familiar number (perhaps a local area code), assume it is not a legitimate call. Be very cautious about giving any information to an unsolicited caller. If you are unsure, hang up, and call the person or business directly.

3. Block the calls.  Check with your phone carrier to see if they have a service or app that helps to identify and filter out spam calls. For instance, both AT&T and Verizon have apps that provide spam screening and/or fraud warnings.

Here’s an example of what has been happening: A member received a call that was spoofed with ACT 1st FCU’s actual phone number stating that their debit card was in jeopardy of fraud (the spam caller created urgency.)  The spammer stated that he would cancel the member’s card immediately, and expedite a new card the next day but wanted to verify the card number, account number, PIN number as well as other personal information. PLEASE NOTE:  The Credit Union will NEVER initiate a call to ask for your account number, card number and PIN number – we already have all that information.

If you receive a call similar to this, and you’re not sure it’s from us, hang up and call us directly regarding your account. And remember, you can manage your account directly with our Mobile App. It will send instant alerts for any transaction and allows you to remotely turn your debit card on and off for security.

5 Costly Car Loan Mistakes for 2024

Car buying can be a challenging experience and often comes with stress! We’ve compiled a list of some of the most common car-buying mistakes that can harm your financial health.
The next time you are car shopping, be prepared, and know what to avoid.

1. Don’t shop based on monthly payments.

Always think of the total purchase price versus what you can afford each month. When shopping at the dealership, don’t give the salesperson your monthly payment range. Instead, negotiate on the final purchase price of the vehicle. When you disclose how much you can “afford” each month, this leaves room for add ons and extra fees from the dealership, and you may be tempted to purchase a vehicle that exceeds your budget.

2. Avoid getting upside down.

If you own more on your current car than what it’s worth – resist the temptation to roll the negative balance into a new car loan. It’s better to live within your means and pay extra on the current car until you can build equity in your vehicle or break even.

3. Don’t be afraid to ask questions.

Question every fee, detail, and add-on you do not understand. When you walk away from the dealership, you will own the car and have full responsibility for the loan you take on.

4. Know your credit score before you go.

Don’t let the dealership define your creditworthiness. Your credit score determines the interest rate and loan terms offered to you. Let the credit union provide your credit score and loan prequalification before you shop. Just like you do not enter the grocery store without a form of payment, don’t shop for a car without your loan prearranged with the credit union. It will save you money and time!

5. Void high markups on add ons.

Credit Life & Disability, Gap Insurance, and Car Warranties are products sold thru the car dealership that often have a high markup. The credit union offers these at a much lower price as a benefit of your membership.

Ready to car shop? Let us help!

All ACT 1st FCU offices will be closed Monday, November 11th in observance of Veterans Day. Access your account 24/7 with online banking! Learn more