5 Reasons Why You Should Join A Credit Union

Without further ado, here are 5 reasons why you (and everyone you know) should join a credit union (specifically, U.S. Eagle). 

Keep Your Money Local

Yep, keep your money in New Mexico. The majority of credit unions are local. U.S. Eagle was founded in 1935 in a federal building located in downtown Albuquerque. 82 years and nine branches later, we’re still local and, we still have a branch downtown - see our sign atop the tallest building in New Mexico!  We aren't going anywhere, in fact, we are so close to one billion in assets, we can taste it. 

Not-For-Profit, Financial Cooperative

Breakdown: Credit unions use funds to pursue our mission and keep the lights on. Our mission is to improve the financial well-being of each members and the community we serve through trusted relationships. Our members are our owners!  Your voice is heard and your vote counts. Attend our Annual Meeting on the first Wednesday in May to learn more about your credit union.

Community Service

If you follow us on social media or read our newsletter, you know we are big on community. Check out our blog from August and see what we’ve been up to around town. Since most credit unions are local, we do our best to invest in our community. Whether it be through the financial support of a local baseball team, volunteering at a food drive, or hosting a bake sale – we do our best to ensure the success of our community. 

Service

No question is a dumb question. We want our members to succeed and one way we ensure their success is through our personalized service.  You will notice a different experience when you set foot inside a credit union. Our staff greets you warmly when you enter a branch, members can grab some coffee before speaking with their favorite teller, and receive assistance with confidence.

Favorable Rates, Low Fees

You got that right – our rates are favorable, after all, we distribute our profits back to our members through higher returns and lower fees. The fees we do have can be waved with qualifying products. Fees that are charged, are returned back to our members! 

U.S. Eagle in the Community

Giving back to the community is one way U.S. Eagle exhibits the credit union difference. We do our best to emulate the credit union philosophy of "People Helping People". 

Here are our community service initiatives for the month of August:

• Packaging Food:  Every other week, employees from different branches and departments head to Rio Grande Food Project to help package food for those who may not know where their next meal will come from. Rio Grande Food Project provides food and emergency support to working families, seniors, and people in need. Our employees spend their morning packaging beans, veggies, rice, and more for those in need. 

• Popcorn Sales: U.S. Eagle sells popcorn throughout the year with proceeds benefiting a local nonprofit organization. This month, members and nonmembers can purchase popcorn from our tellers for $2.50 with all proceeds going to the Alzheimer's Association New Mexico Chapter. Popcorn flavors include cheese, green chile cheese, cherry, green apple, and caramel. Treat your sweet tooth all for a good cause!

• School Supply Drive: Access to books, backpacks or the materials needed to learn is a challenge for New Mexican children and their families. U.S. Eagle is dedicated to helping those in need and are again hosting an in-branch school supply drive. In all our branches, members and non members can donate school-related goods or cash to helps students at La Luz Elementary and El Camino Real in Albuquerque, Adelante in Santa Fe, and Farmington Public Schools. These donations will go directly to the students in need.

• Blue Star Mothers Supply Drive: U.S. Eagle supports Rio Grande Valley Blue Star Mothers by hosting supply drives at our branches. Drives collect much needed supplies to send to our troops overseas. Supplies include: toothbrushes, shaving cream, packaged snacks, and of course, green chile! Make a soldier's day, drop off some supplies at any of our branches.

• Meals on Wheels: Every week, a pair of U.S. Eagle employees come together to deliver meals to residents around Albuquerque. They meet at the Meals on Wheels headquarters, pick up warm meals, and hit the road to ensure the meals are delivered. Our employees knock on the door and provide a delicious meal to someone in need. Recipients are thankful and look forward to seeing a friendly face. Meals on Wheels of Albuquerque is the only home delivered meal program in our area supporting special diets. They provide service to anyone of any age. 

• Casa Esperanza: Twice a month, U.S. Eagle employees come together to plan, purchase food, and prepare a meal for residents at Casa Esperanza. Employees meet at Casa Esperanza, cook, and mingle with residents as residents enjoy a home-cooked meal. Casa Esperanza provides appropriate housing and emotional support for patients and their families who are temporarily residing in Albuquerque while the patient receives treatment. A delicious meal and friendly conversation could be just what someone needs while enduring a difficult season. 

These are just a few examples of what your credit union does to help our community. When you buy a bag of green apple popcorn, donate a can of hatch green chile, provide colored pencils, or make a monetary donation, you're helping someone else in our community.Thank you to everyone who make these opportunities for us to help, possible. 

5 Habits To Help You Live Frugally

Check out these 5 tips sure to help you live frugally. How many of these habits do you practice?

1. Coupons

Remember when you were a kid and your Mom would drag you to the grocery store? She’d pull out a big book of papers and sort through them at the register. I would always wonder how much my mom would actually save by using coupons. The notorious “coupon book” actually is a great way to save money. Digital coupons may be a bit handier and greener, but cutting coupons can definitely help you save money during your weekly grocery shopping trip. Check your mail, newspaper, or the internet for coupons that could help you save hundreds annually. Also, make sure you shop around. Some places will price match with what you find in flyers or even online. Groupon also offers some really affordable deals for family fun!

2. Emergency Funds

If you follow along with our blog, you know we are big advocates of emergency savings. I know I sound like a broken record, but experts recommend saving six months’ worth of expenses. You never know what life will throw at you, and you want to be prepared for when it happens. Utilize automated payments, and have funds transferred to your savings account.

3. Buy in Bulk

Buy your groceries in bulk. Head to the nearest Costco or Sam’s Club and purchase your household needs and groceries at a lower price per item than you would at your grocer. If the cost is too much to buy in bulk, split it with a family member or friend.

4. Clean Sweep

Simplify your life. Do a clean sweep of your closet, attic, storage unit, or shed and have a garage sale. Take your gently used clothing to a thrift store and make some extra cash to add to your savings or for a fun night out with the family. Websites like Glyde are great for selling your old electronics that you no longer use! Poshmark is also a great app to sell gently used clothing.

5. Limit Eating Out

You never really know how much you spend eating out or purchasing Starbucks until you start adding up the transactions. For one month, record every time you eat out. You will probably be shocked at the total. Once you pick your jaw up from off of the floor and realize that this is fixable, you can start limiting the amount of times you eat out. Save money by simply bringing lunch to work, brewing coffee at home, or passing up a soft drink and ordering water at your next trip to a restaurant.

For more information on how to take control of your financial wellness, speak with a financial counselor through Balance. A financial counselor will help you avoid or resolve financial distress and establish personal financial control. 

5 Tips for Managing Your Credit Card

Time to talk credit cards. How well do you understand how credit cards work? Check out these 5 helpful tips sure to help you achieve credit card success.

1. Make your payments on time – pay off your balance

Always, always make your credit card payment on time, or even better – pay off your balance in full. If you miss a credit card payment, you’ll be hit with a late fee, and you’ll receive a nice ding to your credit score which could even result in a higher interest rate. Not good. If you tend to be on the forgetful side, use the automated payment feature. Your requested dollar amount will be withdrawn automatically from your bank account before the due date. No one is perfect – if you forget to make your payment, call your credit card company and see if they'll work with you. The worst could happen is they’ll say, “No”.

2. Pay over the minimum – don’t max out your card

If you can afford to pay over the minimum – do it. Even if it’s just ten dollars. This will decrease your credit card utilization. Try not to maintain a balance over 30% of your credit card maximum and never max out your credit card, it could damage your credit score. While you’re holding that new pair of Nikes in the store, ask yourself, “Do I really need a third pair of Nikes?” Probably not. Before making a purchase on your credit card, make sure you determine if it is a want or a need.

3. Ask for a higher limit

If you’ve been making your payments on time and maintaining a low balance, request for a higher limit on your credit card. A higher limit will boost your available credit, resulting in lower utilization.

4. Understand your credit score

Initially, understanding your credit score could be a little bit tricky. It’s important to check your credit score at least once a year. You can check your credit score for free and without penalty on Credit Karma. U.S. Eagle members also have access to Balance - free financial counseling to review debt management and credit scores. Click here to learn more.

5. Shop for a low rate

Make sure you do your research and find a credit card with a low rate. U.S. Eagle has a credit card suite with rates as low as 6.9%! And, don't forget about rewards. U.S. Eagle's Rewards! program allows you to accumulate points that you can redeem for name brand merchandise, travel services and experiences, entertainment and dining, and even gift cards. Find a credit card perfect for your lifestyle. And don't worry - U.S. Eagle has you protected with EMV chip technology which is easy to use, and prevents counterfeit and fraud. 

National Credit Union Youth Month Recap

Bad news first, then good news.

Bad News: National Credit Union Youth Month has come to a close. 

Good News: U.S. Eagle treats every month like National Credit Union Youth Month! 

U.S. Eagle had such a great month hosting financial literacy, posting fun contests on social media, organizing scavenger hunts, and participating in National Take Your Kid to Work Day! Here is a quick recap of all the activities and winners of April’s National Credit Union Youth Month.

Financial Literacy

Your credit union takes financial literacy very seriously. We strive to provide basic money management classes wherever there is a demand. This month, we provided multiple Mad City Money classes around the city. So, what's Mad City Money? Mad City Money is a real life simulation which gives students a sense of adulthood with income and bills to pay. Participants are assigned a temporary identity, including occupation, salary, debt, marital status, children, and more. They have to decide where they will live and how they will live, all while staying within budget.

Mad City Money at Warehouse 508

Social Media Contests

U.S. Eagle ❤s social. We had a blast hearing from our members via Facebook, Twitter, and Instagram! We posted questions and received such a great feedback from our followers.

 

 

Scavenger Hunt

You heard it right – we hosted scavenger hunts at our branches. Clues were posted all over social media, and the first child to find the hidden blue ticket won a VISA gift card!

Take Your Kid To Work Day

U.S. Eagle made sure to celebrate Take Your Kid To Work Day! About thirteen kids showed up bring and early to learn about the credit union difference. They met our President and CEO, Marsha Majors and THE Eagle! Kids played credit union bingo and learned about the different departments of the credit union. The day ended with the kids learning about the vital roles their parents play to make U.S. Eagle operate smoothly.

U.S. Eagle treats every month like National Credit Union Youth Month. We strive to offer financial literacy wherever there is a demand. We post financial tips and important articles on all our social media pages. Make sure to follow us or add us on Facebook, Twitter, Instagram, Snapchat, and LinkedIn! 

If you are interested in U.S. Eagle providing a Mad City Money experience for your class, please call Danielle Silva at 342-8875 or send an email to dsilva@useaglefcu.org  and schedule a complimentary financial literacy session for your students. 

National Credit Union Youth Month

April is National Credit Union Youth Month! Kids – the spotlight is on you! Credit Unions all across the nation designate this month to our youth. It highlights the understanding of basic financial concepts, such as saving and budgeting, and of course, the credit union difference!

U.S. Eagle is celebrating three ways:

1. Social Media Contests

If you haven’t already, “Like” us on Facebook and “Follow” us on Twitter! Every week we will be posting a financial question – submit your answer and you could win a VISA gift card.

2. Scavenger Hunt

Each week, we will be hiding a prize around one of our nine branches. Clues will be posted on our Facebook, Twitter, and Snapchat. When clues are provided, be the first to find and retrieve the object. Make sure you’re on the lookout for your chance to win a fun prize! There is one rule: you must be under the age of 18 to play. So, bring your grandchild, son, daughter, niece, or nephew and find the prize! Make sure you alert someone at our branch that you won our scavenger hunt! 

3. Balance  

Balance Financial Fitness Program is a free financial counseling service sponsored by U.S. Eagle. Financial counselors work with you to help avoid or resolve financial distress and establish personal financial control. Programs include debt and budget coaching, student loan coaching, credit report review, and more. Take advantage of this free program and let a Balance financial counselor help you develop a customized plan for achieving your financial goals! 

BYOB – Build Your Own Budget

And now for my next trick, I will successfully manage my money using just my budget!

If it were that easy, more people would budget. Budgeting is tricky. It’s one thing to notate and categorize expenses, but it’s a whole other ball game to cap your spending. For this month’s blog, I will show you how to BYOB using these five easy steps:

Step 1: Record your expenses. 

What does that entail? Write down every transaction you make – big or small. If you are tech savvy, start your budget on an Excel spreadsheet. Make sure you record the date, item or item description, place, and then identify whether or not the transaction is a debit or credit.

Debit: Money going out of your account

Credit: Money going into your account

Subtract the amount from your balance, or add the amount to your balance and you’re done! Now, on to the next step.

*Tip: Use “Google Sheets” to record your transactions on the go or at home!  There are also many apps available to help you with your budgeting needs.

Figure 1

Step 2: Categorize your expenses.

Recommended categories include: housing, transportation, food, personal care, healthcare, debt, utilities, and entertainment. Everyone is different, so feel free to create categories as you see fit.

Step 3: Cap it!

Now that you know where your money is going, figure out where you can decrease your spending or create a category amount you cannot surpass. You must discern between which purchases are “wants” and which purchases are “needs”. As much as you think that third Starbucks during the week is a “need”, it’s actually an extra $5.00 you could use to pay off debt or stick in your emergency savings account.

Here are the recommended budgeting guidelines according to the Credit Counseling Society:

In the figure below, you will notice where caps have been created for each category based on the amount spent the previous month. You will notice in Figure 1, the individual had an unexpected flat tire at the end of the month that put his account in the negative. The individual probably had to pull money out from savings in order to recover. For the next month, the cap of $100 for “Personal Care” and the cap of $300 for “Food” will prevent overspending.

Step 4: Create a master budget. 

The longer you track your expenses, the better idea you will have of how much money you should budget per category.  Some people eat out more, but spend less on personal care; other people enjoy traveling more than purchasing clothes. You can also decrease your spending in certain areas to pay off debt quicker. After a few months, you should be able to create a master budget to further assess your financial wellness.

Step 5: Keep calm and budget on.

Budgeting may be a little mundane...monotonous...etc., but, once you notice your checking account balance is never negative, your savings account is growing, AND YOUR DEBT IS DECREASING, you'll learn to love it. Are you up for the budget challenge?

Happy budgeting! 

New Year, New You.

Happy New Year! With a fresh new slate called “2017”, it’s time to plan your new year’s FINANCIAL resolutions. Check out these tips sure to help you improve your financial situation in 2017 and beyond. 

 1. BYOB – Build Your Own Budget. 

Do you even budget, bro? You may think you budget, but there is huge difference between keeping a balance in your head and writing things down. Keeping a monthly budget and noting every single transaction may seem like a tedious task, but it is the only way to fully understand your cash flow. If you’re not a paper and pen type of person, try using a spreadsheet and recording your monthly costs, or use a budgeting app to find out where your money is going. Maintaining this habit will allow you to set goals, adjust your spending, and most importantly, save your money.

 2. Check your credit score. 

Start the year off by checking your credit score. Checking your credit score will allow you to check for identity theft, review your credit history, and understand where you are at for future financial decisions, e.g. applying for a loan. Head to AnnualCreditReport.com and get your free annual credit report from all three reporting bureaus (Equifax, TransUnion, Experian). It will not hurt your credit score and it is free. Not the number you envisioned? Don’t get too discouraged, this is your year to change that. Easy ways to boost your score include paying over the minimum monthly payment, making payments on time, and maintaining low balances.

3. Build your emergency savings. 

Building an emergency savings isn’t a sprint, it’s a marathon, and it is never too late to start. Experts recommend savings up to six months’ worth of expenses. Once you BYOB, you can determine how much you can set aside per month to build your emergency savings. The purpose of an emergency savings fund is to provide back-up in case your car quits, your roof starts leaking, you lose your job, or there’s a health emergency. Don’t wait for something happen; be prepared for when it does happen.

 4. Automatic savings. 

A quick way to save money is to utilize automatic savings. Instead of manually moving money into your 401k or savings account, set up automatic savings. With everything going on in life, sometimes it is easy to forget to move your money from one account to the other. Head to your closest U.S. Eagle branch and set up an automatic withdraw or transfer biweekly, monthly, or quarterly. Watch your savings grow!

 5. Make Extra Income.

If you plan on making a big purchase this year, paying off a large amount of debt, or want to stash some extra cash into savings, making some extra income may be the best option for you. There are so many ways you can make some extra money, it just depends on how much time you have to dedicate and how much you want it. You can go through your closet and sell clothes you no longer wear, pick up a second job as an Uber or Lyft driver, or go outside the box and start blogging. If you live in a large home and have an extra room, consider posting it on AirBnB. Another option is turning a skill set into income. If you’re great at tennis, maybe you can offer lessons on weekends, or if cooking is more your style, offer classes after work! Options are endless.

 2017 is your year for financial success. Before you make a purchase, ask yourself, “Do I really need this pair of shoes?” Challenge yourself! For one month, don’t spend any money on eating out; instead, move it into your savings account. Sometimes, we don’t realize how much money we can save by removing something out of our lives, even if it is temporary. Happy New Year!

5 Favorite New Mexican Holiday Traditions

Let's talk tradition! What are our top five favorite New Mexican holiday traditions? We've listed them below.

1.       River of Lights

Wear a heavy jacket and some good walking shoes because you aren’t going to want to miss the River of Lights. With millions of twinkling lights and more than 500 displays, make sure you add this to your list of holiday activities. The River of Lights landed on MSN’s “The 15 Most Spectacular Holiday Lights Displays in the U.S.” and definitely deserves a spot! Grab the family, head to the BioPark and witness this magical display of lights for yourself.

2.       Luminarias

The most infamous of all Christmas decorations: Luminarias. You just need three things: brown bags, candles, and sand. Place them all around your house and yard, and you are set. Luminarias are basically a Christmas staple here in New Mexico! In fact, ABQ Ride has created a Luminaria Tour to highlight just how much we <3 luminarias.

3.       Nob Hill Shop and Stroll

Check some gifts off your list at Nob Hill Shop and Stroll. Central shuts down, and local businesses keep their doors open later. Nob Hill expects to see 8,000-10,000 people at this event. Customers come to shop, browse, and grab a bite!  

4.       Twinkle Light Parade

Congratulations are in order for this bright and twinkly occasion! The Twinkle Light Parade has been named #2 Best Holiday Parade in the country by USA Today.  This infamous New Mexican tradition features over 300,000 lights stretching over a mile, cool cars, firetrucks, and of course, Mr. and Mrs. Klaus! Bundle up and grab a canister of hot cocoa because you won’t want to miss Albuquerque’s biggest holiday parade.

5.       Biscochitos

What goes best with all four traditions mentioned above? Biscochitos. Everyone in New Mexico loves biscochitos especially right out of the oven! You can get them anywhere…even at U.S. Eagle. In fact, when you purchase biscochitos at any one of our branches, all proceeds will benefit local organizations. Delicious cookies all for a good cause.

Well, this concludes our top five favorite New Mexican Holiday traditions! We would love to learn about your family tradition around the holidays. Leave a comment and tell us your favorite tradition. Happy Holidays!

Casa Esperanza, Meals on Wheels, El Camino Real Academy: OH MY!

It’s time for a community service rewind.

As some of you may know, the credit union philosophy is “People Helping People”. We fulfill this philosophy every day through volunteering, fundraising, and donating.  In the spirit of Thanksgiving, we want to recap some of our major community service efforts throughout 2016. We are so thankful for our community and the opportunities we are provided to help out around New Mexico.

Every other Tuesday, a group of U.S. Eagle employees head down to Casa Esperanza to put their cooking skills to the test. Sometimes lasagna is on the menu, other times it’s tacos, or maybe we’ll just host a BBQ! In honor of Thanksgiving, we will be preparing a delicious Thanksgiving meal this week for those residing at Casa Esperanza. Casa Esperanza provides appropriate housing and emotional support for patients and their families who reside temporarily in Albuquerque while the patient receives treatment.

Every Wednesday, Team Eagle delivers delicious meals to local New Mexicans requiring special dietary needs. Meals on Wheels provides us with the opportunity to serve those in need around Albuquerque. Over 500 clients are served, and over 100,000 meals are delivered every year thanks to Meals on Wheels.

 Annually, we have a bake sale in October at all of our branches to raise money for Making Strides Against BreastCancer. Employees donate baked or purchased goods to display in our lobbies. Thanks to our members and employees, we were able to raise $1,526 through our bake sale and have a huge group of employees walk in support of Making Strides Against Breast Cancer. 

For our second year in a row, we were able to contribute $1,000 to El Camino Real Academy for their annual Thanksgiving meal provided to their students and their families.  This event provides students and their families with a healthy, fresh, and organic meal to celebrate Thanksgiving. It is an all-day event that everyone looks forward to!

Abrazos Family Support Services hosts an annual holiday dinner for families who may not be able to provide a home-cooked holiday meal. We were able to partner with Abrazos this year by providing a $500 donation to support their dinner. Thanks to Abrazos, the dinner will serve over 65 families and 300 people! Abrazos provides a variety of specialized educational, health, developmental, and parent support services that help families to meet the special needs of their infants, children, and adult family members with disabilities.

This year, our Jr. Board of Directors was able to volunteer at Galloping Grace Youth Ranch for their annual Pumpkin Patch. They stocked pumpkins, organized games, broke down corrals, moved bales of hay, childproofed the maze, and assisted with check-in. Galloping Grace Youth Ranch is a place where kids lead kids while learning how to raise livestock, grow crops, explore the outdoors, and enrich the community.

We are honored to assist organizations around New Mexico through donations, sponsorships, and volunteerism. Thank you to all of these wonderful organizations who ensure the sustainability of our community. Happy Thanksgiving!

The Authentic Difference

 

 

Every third Thursday of October since 1948, credit unions across the globe celebrate International Credit Union Day. For those of you who didn't know credit unions exist on a global scale - now you know. In fact, the first credit union was founded in Germany by Friedrich Raiffeisen. Moving on from my history lesson of the day, International Credit Union Day recognizes the history of the credit union movement and its achievements. This momentous day also celebrates the hard work of those who dedicate their lives to the credit union industry.

 

This year, the theme of International Credit Union Day is "The Authentic Difference". Not to toot our own horn, but there truly is an authentic difference in the credit union industry. Our goal is to serve our members and help them financially succeed. We do this as an organization, and each department has an integral role to make our members' experience as authentic as possible. Here is how some of our employees exhibit the authentic difference in their roles at U.S. Eagle:

 

Meet Theo. Theo has worked for U.S. Eagle for nearly 27 years! Theo was the "SEG Champ" back when the ball first started rolling. "SEG" stands for "Select Employee Group". In order to join U.S. Eagle you had to be a part of a select employee group or a family member of an employee. Theo added hundreds of SEGs so that all their employees and family members could truly experience the authentic credit union difference.

 

  

 

Meet Jeremy. Jeremy has worked for the credit union for almost three years and is one of our biggest cheerleaders! His favorite part of his job is helping people with their financial needs. Jeremy is passionate about the credit union movement and exhibits the authentic difference by providing the right services and products that will fit our members' lifestyles. Jeremy leaves work every day knowing he made a difference in someone's life.

 

 

Meet Patty. Patty has been working for U.S. Eagle for eleven years! Her favorite part about working for the credit union is the impact she has on families. Many families may be in need of guidance concerning financial situations. Her financial knowledge is continually developing and allows her to confidently give members different options that best fit their specific needs. Patty says the best part of learning is that it never stops - tomorrow is an endless day full of possibilities! Patty demonstrates the authentic difference to our members by helping them feel like a person and not a paycheck. She strives to offer them an experience of belonging and is always eager to share our meaningful mantra - "Where Everyone Belongs".

 

 

 

Meet Ina. Ina has been working for U.S. Eagle for nearly five years. Her favorite part about working for a credit union is how our organization lives out the credit union philosophy of "People Helping People". She recognizes how community-centered U.S. Eagle is and appreciates the many opportunities available to commit time to local non-profits. Ina exhibits the authentic difference through her position in human resources by ensuring our internal members are happy and confident in their position which allows better service for our external members. She is a trusted resource, her door is always open, and she commits daily to go above and beyond in her position.

 

Meet Diana. Diana has been lovin' life at U.S. Eagle for almost a year. Her favorite part of her job is interacting with our members and knowing that U.S. Eagle is helping them financially. Diana exhibits the authentic difference in a few ways. Farmington is such a tight knit community and everybody is familiar with one another. This allows Diana to demonstrate authenticity by acknowledging each member by their name and treating them as individual and not just a number. She welcomes them as soon as they walk through the door and treats them with kindness. Through membership interaction, Diana has become more outspoken and enjoys having important conversations with members to ensure their financial success.

 

Stop by any branch on Thursday, October 20th from 11:00 a.m. - 1:00 p.m. and celebrate International Credit Union Day with U.S.!

 

 

 

 

Beware of Fraudsters

Have you ever received an email from a random individual offering you a job, and even better – advance pay before you have even interviewed? What about receiving a message from someone who claims they are romantically interested in you and within days requests to deposit a check into your account with the promise to designate a portion of the cash to you?  Have you ever heard the saying, “If it’s too good to be true, it probably is”? Well that applies to these scenarios.

Recently, our Fraud Department has noticed an influx of our members falling prey to scams like these. Let me break down these two scenarios a little bit better.

Scenario 1: At some point in the past year or so, you have posted your resume on a job search engine. One day, you receive a job offer sent to your personal email describing a position the “employer” is pretty much giving to you with the promise of a paycheck before you even start. All you have to do is send your account information and you’re set! Should you send any of your information? NO. In fact, you should block the sender and report the email as spam.

Scenario 2: You have recently started online dating. After exchanging some messages with a promising contender for your heart, they ask if they can deposit a check into your account. Even better – since you two are exclusive, they want to provide you with some money for the trouble and have offered to deposit the check on their end using RDC (remote deposit capture). You agree and send them your login information. They download the app on their mobile device, deposit the check, and boom – your balance increases $5,000.  All you have to do is head to the credit union and withdraw the amount they want you to send to them. The things we do for love!

Both of these situations have one thing in common – you never meet the person on the receiving end. You never meet your “employer” nor do you ever meet your new “crush”. In the end, you’re the one with the negative balance in your account, and your information is in the hands of a scammer somewhere in the world.

So, what can you do to avoid these types of situations? Never give out any of your account information or personal information.  Stop all communication with the fraudster – they will be very persistent. These scams are common no matter what age you are. If you find yourself in a similar situation, please call our Fraud Department immediately at 505-342-8871.

Money Management vs. the Pythagorean Theorem

Growing up, kids and teens learn about the Pythagorean Theorem, ionic compounds, and how to diagram compound sentences. But after they finish school, do they actually remember all the information surrounding these topics? Maybe. How about actually applying these skills in the real world? Eh, probably not. Don’t get me wrong, the Pythagorean Theorem is great. I can’t say I have done much with it since I learned it back in middle school, but I am sure there are people out there that really enjoy solving problems using the Pythagorean. And, yes, I had to look up the spelling of that word. I think I am getting a little bit off topic. Back to financial literacy. So, why aren’t we teaching our children and teenagers how to balance their checkbook or how to manage their credit score - both skills that will last a lifetime. Most people apply these skills daily, and at least monthly.  Why don’t we teach our youth basic money management skills?

I know that first paragraph was kind of a downer, but there is good news. Your credit union (us, U.S. Eagle) tries to actively fix this problem to the best of our ability. We do this through financial literacy. We go into schools and organizations and actually talk with our youth about budgeting, understating credit, saving money, and more. We discuss these topics in their classrooms and engage them in conversation to help them learn about these basic financial concepts.

Now, my personal favorite financial literacy tool is “Mad City Money”. Kids love this game, as well as parents and you’ll see why. Mad City Money is a simulation that gives kids a taste of the real world. They have a family, bills, and a steady income. Participants must decide where they are going to live, how they are going to commute, what they are going to eat, and much more. They discover how much internet costs, how expensive groceries and eating out can be, and…how much diapers cost! I find parents who participate in this game sometimes enjoy it more than their kids…

Through these presentations and simulations, our youth are learning more about these important financial topics. They are engaged and they are having fun. This is one way we hold true to the credit union philosophy of “People Helping People”.  We encourage parents to bring in their kids or teens and teach them about the importance of saving their money in a savings account. Even if it just $5.00 per month. Getting into the habit of saving at a young age can really pay off in the long run.

 

If you are interested in facilitating financial literacy at your school or organization, please call Danielle at 505-342-8875.

 

 

12 Ways to Spend $1,000

Imagine $1,000 falls into your lap. How would you spend it? Or would you save it? Here are some ideas on what you should do with that extra cash.

Kick Debt Out the Door.

Take the responsible option and get rid of that $865 balance remaining on your credit card. This option may not be the most adventurous route, but it will definitely be a weight off your shoulders. It could also add an extra $50 to your monthly disposable income and you can say "Good-bye" to interest.

700/300

Ever heard of the 700/300 ratio? Me either, but this option may work the best for you. Pay off some debt with $700 and have some fun with $300; a conservative approach with a spin.

Upgrade Your Wardrobe.

This may be a great opportunity for you to upgrade your wardrobe. Maybe purchase a new suit or that new purse you’ve been eyeing at your favorite high-end store. A new suit or new purse are style staples and can also come in handy when you need to look professional.

Quick Getaway, Anyone?

Sometimes we just need a break to relax, recharge, and getaway. Use $1,000 for exactly this. Purchase a roundtrip flight, or gas up your car and head towards that destination you’ve always wanted to visit. Spend a couple nights in a hotel, experience the culture, eat some delicious food, and then make your way back home.

Save, Save, SAVE!

Some people may consider this a less exciting option, but for those who want to play it safe – invest your $1,000 in a money market account or share certificate. Make that  money work for you!
 

Electronic Upgrade, Please!

It seems like every day there is a new upgrade available for your laptop or your cell phone. Maybe it’s time to upgrade your computer. If it weighs over five pounds, then it’s time to get rid of that desktop still using dial-up and invest in a new laptop. Upgrading your cell phone to the latest and greatest is always useful and, well, fun! Our society uses and relies on mobile devices more and more every day. You can make purchases by paying with your phone, find your location within seconds, or take a photo - all on your 5in x 3in device. It’s a good idea to invest in something so present and usable in today’s age.

Save It for that Unexpected Expense that WILL Come Up Next Month.

This seems to always happen. You get some extra money, spend it, and then shortly after you conveniently get a flat tire. Well, say “NO” to that unexpected expense by saving your spare $1,000. When you find yourself at the dentist with a $500 bill, okay let’s be real, a $900 bill, guess what? You can cover that no prob. Be prepared for these situations that conveniently hit you at the most inconvenient times.

Redecorating; Hello New Walk-In Closet!

Tired of staring at that old couch? Are your wooden floors starting to look like potential firewood? Time to consider a mini-home remodel! Use your extra $1,000 to do some spring cleaning around your house. Maybe organize your closet, hire someone to shampoo your carpets, replace some old furniture, or hire a landscaper to make your backyard a jungle of beautiful vegetation. Did we hear some say, "Pool Day"?

Continuing Education.

Dust off your thinking cap and enroll in some classes to further your skillset. Maybe learn a new language, improve your graphic design skills, or take some cooking classes. Improve yourself mentally by taking on a new challenge.

Healthy YOU!

Take advantage of your extra cash by hiring a personal trainer or joining a gym. Gyms can be on the expensive side, add a personal trainer and a new diet and watch that total grow. Clean up your diet by purchasing organic or shopping at your local grower’s market. Your body will thank you!

Donate.

Give your extra cash to a charitable organization of your choice. The money will be much appreciated and you’ll feel good knowing you contributed to a worthy cause. Go all out and donate some of your time too!

Invest in a New Hobby.

 

Always wanted to learn pottery? Maybe gardening is more up your alley? Well the moment you’ve been waiting for is here – take on a new hobby with your spare cash. Escape your daily routine by cycling through the mountains or canoeing down the nearest river.


There are a lot of ways to spend $1,000. Just remember to weigh out the pros and cons, and make a decision that is right for you and your financial situation.