checking accounts Archives

9 Tips for ATM Safety

Using a compromised ATM can mean risking identity theft and/or having cash stolen. With this simple machine, all it takes is a few short minutes for a victim’s life to meet disaster.

Here are tips to help you keep your ATM transactions secure.

1. Keep your PIN private. Don’t share it with anyone and don’t write it down. It’s also a good idea to choose a unique PIN for all your accounts and to change it once a year.

2. Check the ATM for a card skimmer. A skimmer fits right over the card slot or keypad to read card information before passing it onto the criminal. Look for a skimmer by checking to see if the card slot feels loose, is colored differently or if the keypad is too thick or looks newer than the ATM.

3. Bring a buddy. A lone target is always more vulnerable. If possible, and especially if you’re using an ATM late at night, bring a friend along.

4. Be aware of your surroundings. As you use the machine, look for anything suspicious, like characters lurking nearby or dark cars parked in the area for far too long.

5. Use your body as a shield. Stand close to the machine to block it from view and cover the keypad with your hand while you input your PIN.

6. Have your debit card ready for use. Those precious few moments of searching for your card can give a criminal the time they need to make their move.

7. Put away all cash after your transaction. Never count cash in public; you can check that you’ve received the right amount when you’re safely in your car.

8. Lock all doors and roll up passenger windows when using a drive-thru ATM. If you’ll be remaining in your vehicle to complete your transaction, keep it as secure as possible.

9. Be sure to take your receipt. Don’t leave any evidence of your transaction.

If something or someone looks suspicious, cancel your transaction, grab your card, and leave the area as soon as you can.

Stay safe!

How do I Raise my Kids to be Financially Independent Adults?

Q: How do I help my kids become financially independent grown-ups?

A: Teaching your kids how to be financially independent will help smooth the transition into adulthood. It will also give them what they need to stay financially stable throughout life.

Here are some tips for raising kids to be financially independent adults.

Start with basic budgeting

Introduce your children to the concept of earning money and spending mindfully when they’re young, and build upon that as they grow up. Preteens can watch you work on an actual budget, and teens can even assist you in creating a budget for a large expense, like a family vacation. You can also help kids create a budget for how they plan to spend their own money.

Split the costs of “must-have” items

If your children are like most kids, they’re asking you for trending items they claim they must have; from a pair of designer jeans to the latest fad toy they insist everyone else already has.

A great compromise is to have your child pay half the cost of expensive trending items. They’ll likely quickly see that a “must-have” really isn’t when you’re footing half the bill.

Teach them about credit cards

If your child sees you using a credit or debit card often, teach them what’s behind that card. Show them your credit card bill when it arrives and talk about how you need to pay for all those expenses during the month, plus the possible interest. Teach them about debit cards, too, explaining how money is withdrawn from your checking account each time you swipe the card. You can also give older kids a quick rundown on credit scores, how they work and why they’re so important.

Talk openly about what they can expect in terms of support for the future

When your child is mature enough to talk about the future, discuss how much financial support you plan to offer while they attend college, immediately after graduation and into their adult years. Ask about their plans as well, paying attention to when they anticipate being financially independent.

You can bring up the topic of career paths, too. Help your child determine a basic budget for the lifestyle they plan to lead and assist them in narrowing down their career choices until they have just a few that will support their future life. Talk about student loans, too, and explain how crippling debt can be.

If you haven’t already, consider opening a Youth Savings Account for your child at High Point Federal Credit Union. This way they can get hands on experience with a financial account and understand the importance of putting money away. If they get an allowance, or are gifted money at some point, you can encourage them to put a certain percentage in their account. Stop by one of our branch locations, contact us, or call 800.854.6052 to discuss opening a Youth Savings Account.

Use the tips outlined above to help raise your child to be a financially independent adult.

Six Reasons to Switch to E-Statements

Quick, convenient, and clutter-free, E-statements are the way to secure your account info.

Your E-statements work similarly to paper statements, except for the fact that they’re delivered electronically. At the end of each statement period, you’ll get an email from your credit union informing you that your E-statement is ready to view through the online app or another secure means. Once you access the E-statement, you’ll find it has all the information you’re used to getting with your paper statements. You can also access your E-statement by logging into your online banking account, E-teller, or app at any time throughout the month.

Here are six reasons to consider switching to E-statements.

1. Check your accounts at a glance

With E-statements, there’s no need to wait for your monthly statement to arrive in the mail. With just a few clicks, you can check your account balance at any time, anywhere, using the mobile device of your choice.

2. Clear out the clutter

Why bother with piles of paperwork when you can access your accounts digitally? It’s neater, cleaner, and helps cut down on stuff flooding your mailbox.

3. Keep your information safer

With E-statements, you’ll never have to worry about losing a paper that has confidential banking information, or mistakenly tossing it into the trash where it can be nabbed by shady peeps.

4. Monitor your accounts for fraud

When you have instant access to your accounts throughout the month, it’s a lot easier to check for signs of fraud. Plus, when you spot the fraud sooner, you can take steps to stop and fix the damage earlier, giving you a better chance of a full recovery.

5. Eco-friendly

Less paper statements means less paper waste and fewer trees getting felled for something that will ultimately be tossed. Go green for the environment with E-statements!

6. Safe and secure storage

Filing cabinets are so last century. With E-statements, you’ll never stress about misplacing your account statements again. Your online banking portal or app acts as a convenient and secure filing cabinet, storing your account statements for access as needed.

Ready to make the switch to E-statements? Signing up is easy! Just follow the instructions on our mobile app, Mobile CU, or click on this link to get started. Hello, convenience!

Technology a Necessity in Today’s World

Whether you’re trying to keep up with younger family members or you’re trying to make an appointment for a COVID vaccination, like it or not, you need to be up on the latest technology.

Some devices may still be somewhat intimidating, but digital devices have become more user-friendly over the years.

If you can yell, “Alexa!” you have the ability to get the news and weather, find out where your delivery is and, more importantly, call for help just by using your voice.

Older adults and technology usage

According to AARP , people over age 50 are using smartphones, tablets, smart speakers and wearable devices as much as adults ages 18-49. Many say they use their devices daily, mostly for social media.

Those who are not adopting technology say there is a lack of knowledge and a presence of health problems, such as hearing and vision issues. Cost is also sometimes noted as a reason for shying away from buying that smartphone or Apple watch.

Most devices that are specifically designed for older people, such as wearable fall-detection devices, are viewed as a negative stereotype for aging.

Useful products for older adults

Charlotte Yeh, the chief medical officer at AARP, says technological devices geared toward older adults should not only focus on protecting their safety, but also give them a feeling of purpose and connection, as well as a positive view on aging.

Some examples of these products include the Amazon Alexa Care Hub, created for independent living with the security of knowing you’re connected to loved ones; and the BUDDY app for Fitbit smart watches to monitor and manage fall prediction, prevention and detection, medication schedules and reminders, GPS locations and emergency notifications, all with modern style.

Some libraries and township recreation departments provide free instruction on how to use tablets and e-readers, like Amazon Kindle. Check their schedules or grab your teenage grandkids to hook you up. Technology is a necessary part of today’s world, and once you embrace it, you’ll feel less isolated and more in control of your daily life.

Financial technology

Having the ability to manage your financial accounts without going into a branch is especially important for older adults. If you haven’t already, enroll in High Point FCU’s digital banking service, and enjoy 24/7 online account access! Learn about the benefits of digital banking here.

Micro-Deposit Scams

Scammers are always upping their game, and they’ve recently pulled out an old trick: the micro-deposit scam. Unfortunately, too many people have already fallen victim, and we don’t want anyone else getting caught in the trap. To that end, we’ve compiled this guide on micro-deposit scams, how they play out and what you can do if you’re targeted.

What is a micro-deposit?

Before we can explore the actual scam, it’s important to understand how a micro-deposit works.

Micro-deposits are small sums of money that are transferred online from one financial account to another. Their purpose is to verify if the account on the receiving end is actually the account the sender intended to reach. Micro-deposits are generally less than $1 and can be as small as $0.02. They are also typically deposited in pairs; within one to three business days of linking accounts, two micro-deposits should appear in your account.

As mentioned, micro-deposits are primarily used to verify account ownership. For example, if you’d like to link your checking account at Olean Area Federal Credit Union with an investment account, the investment brokerage firm will want to verify it’s sending your dividends to the correct account. Before sending any of your investment earnings, it’ll do a test run by sending a pair of micro-deposits to your checking account. You’ll be notified that the firm has sent these deposits, and asked to verify the amount of the deposit by logging into your newly linked account. Once you’ve completed this step, the brokerage account will withdraw the small amount of money sent through the micro-deposits and proceed with regular deposits of investment dividends, as planned.

How the scam plays out

In this scam, crooks will link brokerage accounts with strings of random numbers, hoping to hit a valid account. When a deposit is verified from an account, they will use additional information about the account holder to withdraw funds in addition to those deposited from the account that was verified. Then take the withdrawn funds as their own.

What to do if you’re targeted

Micro-deposits are small enough to fly under the radar and you may unknowingly verify one with an uninformed click. Here’s what to do if you’ve received a micro-deposit from an unknown source:

Don’t verify it. This way, the scammer won’t know they’ve hit an authentic account.
Do not click any links embedded in the verification request message or download any attachments.
Let us know you’ve been targeted.
Report the scam to the Federal Trade Commission at FTC.gov so they can do their part in catching the scammers.
Let your friends and family know about the circulating scam so they can be on the alert as well.

Scammers are using micro-deposits to gain access to consumer accounts, but Olean Area Federal Credit Union is doing everything possible to stop them before they can do any real damage. Together, we can beat the scammers at their game. Stay safe!

How Much Money Should I Keep in My Checking Account?

Most of us use our checking accounts on a daily basis. Every swipe of a debit card, every bill we pay and every personal check we write takes money out of our checking account.

But, how much money should we be keeping in these super-convenient accounts? Let’s find out.

What’s your magic number?

It’s best to have one to two months of living expenses in your checking account at all times. Some experts suggest adding 30 percent to that for an extra cushion.

To determine your exact living expenses, track your spending over several months, including all bills and discretionary spending.

Why keep that much money in your checking account?

Here are three reasons you want to keep your checking account well-padded at all times:

Avoid overdrafts. Even high-income earners can miscalculate their spending and end up with an overdrawn account. Why risk being charged overdraft fees for every transaction when you can easily avoid them? Here at Olean Area Federal Credit Union, you can sign up for overdraft privilege to help you avoid embarrassment and a merchant fee.

Provide a cushion for pre-authorization holds. Some merchants place a pre-authorization hold on your debit card until the transaction completes. These holds can reduce your available checking account balance by up to $100 per hold. Keeping your account well-funded allows you to comfortably accommodate the holds without fearing a negative balance.

Keep liquid funds available. A robust checking account means access to cash is just an ATM transaction away.

Can I be keeping too much money in my checking account?

Having an overstuffed checking account may mean you’re missing out on higher returns you can earn if you were to keep those same funds in a Olean Area Federal Credit Union Money Market Account or in a Share Certificate.

Once you’ve determined exactly how much money you should be keeping in your checking account, look into other options for the rest of your funds. Speak to a Member Service Representative at Olean Area Federal Credit Union to learn about our savings options to find out which is right for you.

If you dare

Now that your checking account numbers are worked out, you may want to consider an unconventional way of making money management simpler: Open two separate checking accounts.

Here’s how it works. You’ll open a second Olean Area Federal Credit Union Checking Account, and when your paycheck clears, transfer all the funds you need to pay your bills into your second account. If you have any bills linked to your previous checking account, be sure to update the information before they are due. This way, you’ll be paying all of your bills from one account. Best of all, with two accounts, you’ll be able to tell exactly how much spending money you have left each month without doing mathematical gymnastics.

It’s budgeting made simple!

All You Need to Know About Checking Accounts

Checking accounts offer easy and convenient access to your funds, and most financial institutions also allow an unlimited amount of monthly transactions.

Accessing your funds

Checking accounts are designed to be used for everyday expenses. You can access the funds in your account via debit card, paper check, ATM or in-branch withdrawals, online transfer or through online bill payment.

Maintenance fees

Many banks charge a monthly maintenance fee for checking accounts; sometimes as high as $25 a month. Fortunately, as a member of a credit union, you never have to worry about steep fees. Olean Area Federal Credit Union checking accounts have no fee as long as you have a monthly direct deposit, or maintain a $300 minimum balance. In the absence of a monthly direct deposit or a minimum balance of $300, there is a $3/month service charge.

For those who utilize electronic banking options and write fewer than five checks per month, the myE-Checking is an ideal choice. This account has no monthly fee as long as you have a debit card, E-teller and receive E-statements.

Interest rates

Most checking accounts offer a very low Annual Percentage Yield (APY) on deposited funds, or none at all. Institutions offering checking accounts with interest or dividends generally charge a monthly fee, which is higher for accounts having higher rates. They also generally require that a minimum balance be kept in the account at all times and/or a minimum number of monthly debit card transactions.

Click here to explore current Olean Area Federal Credit Union checking account rates.

Security

Funds kept in a checking account at a bank are federally insured by the FDIC for up to $250,000. Credit unions feature similar protection, with all federal credit unions offering government protection through the National Credit Union Share Insurance Fund (NCUSIF). State and private credit unions may be insured by the NCUSIF as well, or through their own state or private insurance. Olean Area Federal Credit Union is federally insured by the National Credit Union Administration (NCUA) to offer you complete protection for your funds.

Managing your checking account

Managing a checking account is as simple as 1-2-3:

1 – Know your balance at all times to avoid an overdrawn account.

2 – Automate your finances. Set up automatic bill payment through your checking account and you’ll never be late for a payment again. You can also consider automatic monthly transfers from your checking account to savings, so you never forget to do so.

3 – Keep your account funded with one to two months’ worth of living expenses at all times. This way, you’ll always have enough funds to cover your transactions without fear of your account being overdrawn.

You can learn more about our checking and other accounts at OleanAreaFCU.org. Not yet a member? Learn about our membership and apply online by clicking here.