SCU Blog

The Klontz Money Script Inventory

Wed, 20 Aug 2025 14:00:04 GMT

Uncovering Your Money Mindset: What the Klontz Money Script Inventory Can Teach You

Have you ever stopped to think about why you manage money the way you do?

Maybe you’re an obsessive saver who feels guilty spending even a dollar, or perhaps you find yourself swiping your credit card a little too freely, convinced that money is meant to be enjoyed. Whatever your financial habits, they didn’t come out of nowhere. In fact, much of our behavior around money is rooted in deeply held beliefs formed during childhood — long before we ever opened a bank account.

Understanding where these beliefs come from and how they affect our financial decisions is the first step to building a healthier relationship with money. That’s where the Klontz Money Script Inventory comes in.

�� What Is a “Money Script”?

Coined by Dr. Brad Klontz, a financial psychologist, a Money Script is an unconscious belief about money — typically learned early in life — that drives much of our financial behavior as adults. These beliefs are often emotionally charged and tied to our past experiences, especially those from our family or cultural background.

For example:

If you grew up in a household where money was always tight, you might now believe that money is scarce and should never be spent.
On the flip side, if you were raised in an environment where wealth was seen as a sign of success, you might feel pressured to spend in a way that projects affluence — even if it means going into debt.

These scripts aren’t inherently good or bad — but left unchecked, they can lead to habits that either support or sabotage your financial goals.

�� The Four Core Money Scripts

The Klontz Money Script Inventory breaks down these beliefs into four primary categories:

Money Avoidance
People with this script may believe that money is bad or that they don’t deserve to have it. They may avoid looking at their bank accounts, fear budgeting, or feel uncomfortable talking about finances.
Money Worship
This script reflects the belief that more money will solve all problems and lead to happiness. People with this mindset may overspend or prioritize wealth over emotional and relational wellbeing.
Money Status
Those with a Money Status script tend to link their self-worth with their financial success. They might associate money with social power or use spending to boost their self-image.
Money Vigilance
This is typically seen as the most financially healthy script. It includes a tendency to be alert, careful, and frugal with money — but taken to an extreme, it can lead to anxiety or an inability to enjoy financial success.

�� Why Knowing Your Script Matters

Knowing your Money Script gives you insight into how you emotionally relate to money — and how those feelings drive your day-to-day decisions. By identifying the beliefs you’ve carried with you, you can start to challenge the ones that are holding you back and reinforce the ones that serve you well.

For example:

A “money avoider” might benefit from working with a financial counselor to face fears and build a proactive plan.
A “money worshipper” might benefit from reframing their view of happiness and success to include values beyond wealth.

At Superior Credit Union , we believe financial wellness starts with self-awareness. That’s why we encourage our members to explore their money mindset using tools like the Klontz Money Script Inventory .

�� Take the Free Quiz

Ready to uncover your own Money Script?
You can take the free Klontz Money Script Inventory here:
�� https://www.bradklontz.com/moneyscriptstest

It only takes a few minutes, and the insights could last a lifetime.

Need help improving your relationship with money?
Stop by any of our three Superior Credit Union branches to speak with one of our friendly, knowledgeable staff. We're here to help you turn insight into action — and build a financial future you can feel confident about.

Debt Repayment: Snowball vs. Avalanche Methods

Mon, 11 Aug 2025 13:45:00 GMT

Snowball vs. Avalanche: Two Proven Strategies to Tackle Debt

When it comes to paying off debt, there’s no one-size-fits-all solution—but there are smart strategies that can help you take control and work toward a debt-free life. Two of the most popular approaches are the Debt Snowball and the Debt Avalanche methods. Each has its own strengths, and understanding the differences can help you choose the plan that best fits your personality, motivation style, and financial goals.

❄️ What Is the Debt Snowball Method?

The Debt Snowball method, popularized by personal finance expert Dave Ramsey, is all about momentum. You start by listing all your debts from smallest to largest balance , regardless of the interest rates. Then:

Make minimum payments on all debts except the smallest.
Use any extra funds in your budget to aggressively pay off that smallest debt.
Once it’s paid off, take the amount you were paying and apply it to the next-smallest debt— rolling your payments forward , like a snowball gaining speed and size.

✅ Pros of the Snowball Method :

Quick wins : Paying off small debts fast feels good and builds confidence.
Motivating : Seeing debts disappear keeps you energized.
Simple to implement : It’s easy to follow and doesn’t require complex math.

❌ Cons of the Snowball Method:

Interest costs more : You might end up paying more overall, because you’re not targeting high-interest debts first.

�� Learn More:

Dave Ramsey’s Guide to the Snowball Method

�� What Is the Debt Avalanche Method?

The Debt Avalanche method is designed for maximum interest savings . Instead of focusing on balance size, you focus on interest rate . Here's how it works:

List all debts from highest interest rate to lowest .
Continue making minimum payments on everything except the one with the highest interest .
Pay off the most expensive debt first, then move to the next-highest rate, and so on.

✅ Pros of the Avalanche Method:

Saves money : By eliminating high-interest debts first, you’ll pay less over time.
Faster repayment (mathematically) : More of your money goes to principal, not interest.

❌ Cons of the Avalanche Method:

Slower to feel progress : If your highest-interest debt is also your biggest, it may take a while to pay off your first account.
Requires discipline : You need to stay focused even when results take longer to appear.

�� Learn More:

�� Which Method Should You Choose?

That depends on your personality and motivation:

If you're the type who needs small victories to stay motivated, the Snowball Method may be the better fit.
If you're numbers-driven and want to pay the least amount of interest , go with the Avalanche Method .

Some people even use a hybrid approach : starting with a small snowball for motivation, then switching to avalanche to save money long-term.

�� A Final Tip: Budget First, Always

No matter which method you choose, the most important factor is your budget . Make sure you're spending within your means and not taking on more debt while you pay down existing balances. Try to:

Cut unnecessary expenses,
Build an emergency fund,
And avoid new credit unless absolutely necessary.

��‍♀️ The End Goal: Freedom from Debt

Whether you're rolling a snowball or triggering an avalanche, the ultimate reward is a life free from the stress of debt. Imagine what you could do with that monthly payment money once it’s yours again—save for a home, invest, travel, or simply rest easy knowing you're in control of your finances.

Need help creating a plan? At Superior Credit Union , our financial counselors can help you decide which method works best for your unique situation—and help you stay on track every step of the way.

Let me know if you’d like a shorter teaser post or a visual version of this for social media!

Understanding the Power of Attorney: What It Is and Why It Matters

Wed, 07 May 2025 13:45:00 GMT

At Superior Credit Union, we often assist members who present a Power of Attorney (POA) document — but we’ve found that many people are unclear about what a POA actually means, how it works, and why it’s so important to have one in place.

Simply put, a Power of Attorney is a legal document that authorizes a designated person (known as the agent ) to act on behalf of another person (the principal ). The agent can make financial, legal, or even health-related decisions for the principal, depending on the type of POA that has been created.

A Common Misunderstanding About POAs

One of the biggest misconceptions about a POA is that it only comes into effect when the principal is no longer capable of making decisions. In fact, in many cases, the opposite is true. A general Power of Attorney actually terminates when the principal becomes incapacitated, unless it is specifically made durable.

This is why understanding the different types of POAs — and how they work — is crucial.

Sometimes a POA can be both springing and durable: triggered by a specific event, and lasting throughout the principal’s life after activation.

Types of Power of Attorney

A POA can be tailored to fit a variety of situations and needs. Here are a few key types:

Durable Power of Attorney : This type remains effective even if the principal becomes incapacitated. It continues throughout the principal’s lifetime unless revoked.

Springing Power of Attorney : This POA only becomes effective after a specific event occurs — typically when the principal becomes incapacitated or otherwise unable to manage their affairs.

Real-Life Examples:

Jane and John : Jane is traveling abroad for two years and wants her son John to manage her financial affairs while she is away. She creates a springing POA that begins when she leaves the country and ends when she returns.

Dave and Sarah : Dave, an 87-year-old showing signs of dementia, wants to appoint his granddaughter Sarah to manage his financial responsibilities. He creates a durable POA, effective immediately, which will continue even if he becomes unable to make decisions himself.

General vs. Limited Power of Attorney

The scope of authority given to the agent can also vary:

General POA : Grants broad powers, allowing the agent to act on a wide range of financial and legal matters on behalf of the principal.

Limited POA : Restricts the agent’s authority to specific tasks, time periods, or situations.

In Jane’s case, her POA is limited — John’s authority only covers managing her finances while she’s out of the country. Meanwhile, Sarah holds a general POA, allowing her to handle all of Dave’s financial matters.

Setting Up a Power of Attorney

If you are considering setting up a POA, keep these important points in mind:

Follow your state’s legal requirements : Each state has its own laws regarding POAs, so be sure to research the necessary forms and regulations.
Clearly define the agent’s powers : Be specific about what the agent can and cannot do, and clearly describe any triggering events if it’s a springing POA.
Put it in writing and notarize it : A verbal agreement is not enough. Having a written and notarized POA provides legal protection for everyone involved and ensures that your agent can act swiftly and effectively on your behalf.

Final Thoughts...

Having a Power of Attorney in place can offer tremendous peace of mind — both for you and for those you trust to act on your behalf. Whether you're planning for the unexpected or simply need someone to manage your affairs while you're away, a POA is a powerful tool to help protect your interests and ensure your wishes are honored.

If you have questions about how a Power of Attorney might impact your financial relationship with Superior Credit Union, our team is always here to help guide you!

Benefits of Buying a Used Car

Wed, 23 Apr 2025 13:45:01 GMT

When it comes time to purchase a “new to you” vehicle, the options can feel overwhelming. Whether your current car just gave out unexpectedly or you're simply in need of an upgrade, shopping for a vehicle is a big decision—and one that often brings stress and uncertainty. At Superior Credit Union, we’re here to support you through all of life’s ups and downs. That’s why we’ve put together some of the top reasons why buying used might be the smart move for you.

1. Lower Prices

Let’s start with the most obvious benefit—cost. The price tag for a brand-new car can cause some serious sticker shock. According to MoneyGeek , the average cost of a new vehicle in 2024 was $48,401. That’s a hefty chunk of change, especially if the purchase wasn’t planned.

Compare that to the average cost of a used car. As of April 2025, CarEdge reports that used vehicles are averaging about $25,128. While used car prices are climbing slightly due to tax refund season, the difference in cost is still substantial—making used cars a much more budget-friendly option.

2. Lower Insurance Costs

The cost of owning a vehicle doesn’t end with the purchase. Insurance is another major expense to consider—and one where used cars often come out ahead. When buying new, especially if you’re financing the vehicle, your lender may require full coverage, which is considerably more expensive than basic state minimum insurance. According to MoneyGeek’s insurance report for Pennsylvania , full coverage averages $1,381 per year, while the state minimum costs about $425 annually. That’s a difference of nearly $1,000 a year—money that could be going toward savings, emergency funds, or even your next vacation.

3. Reduced Depreciation

Depreciation is the silent budget killer of new car ownership. Within the first year, a new car can lose 20% or more of its value. Over the first five years, that number can climb to a whopping 60% .

Why does this matter? Because it means the brand-new vehicle you just paid top dollar for might only be worth half of what you paid in a few short years. Factors like make and model, fuel efficiency, and market conditions all play a role. Kelley Blue Book ( KBB.com ) recommends considering vehicles that are just one model year older than new. You’ll save as much as 20% while still enjoying many of the same features and technology as a brand-new car. Plus, depreciation slows significantly after five years, so your money holds its value longer when you buy used.

4. Certified Pre-Owned Programs

Worried about the reliability of a used car? Certified Pre-Owned (CPO) programs might be the perfect middle ground. Many dealerships offer these programs for used vehicles that meet specific quality standards—usually lower mileage, clean maintenance history, and better overall condition.

CPO vehicles undergo a thorough inspection process and often come with added benefits like extended warranties and roadside assistance. According to Consumer Reports , CPO vehicles have 14% fewer issues than regular used cars, and typically cost only about 1.8% more .

So, while you’re saving by buying used, you can still enjoy extra peace of mind by choosing a CPO car.

Final Thoughts...

Purchasing a car—whether new or used—is always a major decision, but it doesn’t have to be a stressful one. At Superior Credit Union, we’re here to help you make smart financial choices that fit your life and your budget.

Thinking about financing a used vehicle? Talk to us about our competitive auto loan rates and get pre-approved today. Let us help you hit the road with confidence!

Tax Filing Checklist

Mon, 14 Apr 2025 22:00:00 GMT

Tax Checklist: Things to Remember

Tax season can feel overwhelming, but having a simple checklist can take a lot of the stress out of filing. Whether you're filing for the first time or just need a quick refresher, here are a few key steps to keep in mind this year.

1. Do You Need to File Taxes This Year?

Not everyone is required to file a tax return each year. Your income level, filing status, and age all play a role in determining whether or not you need to file. The IRS has a quick and easy tool to help you figure it out: irs.gov/individuals/check-if-you-need-to-file-a-tax-return .
If you’re still unsure, it’s always wise to speak with a tax professional.

2. Gather Your Documents

Before you dive into filing, make sure you have all your necessary documents ready:

Social Security Numbers or Taxpayer Identification Numbers (TIN) for everyone listed on your return
Your Adjusted Gross Income (AGI) and/or the exact amount from last year’s return
Any W-2s, 1099s, or other income documentation
Receipts or records for any deductions or credits you plan to claim
Documentation for self-employment or side jobs

For a full list of what you might need, check out irs.gov/filing/gather-your-documents .

3. File Your Taxes (On Time!)

Once you’ve confirmed you need to file and gathered your paperwork, it’s time to actually file. There are a variety of tax preparation software options available, so explore your choices and find what works best for you. And don’t forget:

File your federal return
File your state return
File your local return (if required)

4. Plan for Your Refund or Taxes Due

If you’re expecting a refund, the fastest way to receive it is by submitting your direct deposit information. Prefer a check? Double-check your mailing address to avoid delays. On the other hand, if you owe taxes, make arrangements to pay the balance by the due date. The IRS offers several payment options to fit different financial situations.

Still Need Help?

The IRS website, irs.gov , is a great resource with tools, forms, and answers for everything from basic tax questions to more complex scenarios. Whether you're filing solo or with help, it pays to be informed!

And remember—Superior Credit Union is here to support your financial journey all year long. If you have questions about setting up direct deposit, budgeting for taxes, or planning for next year, stop by or give us a call.

Avoiding Romance Scams This Valentine's Day

Thu, 13 Feb 2025 22:45:00 GMT

Avoiding Romance Scams, Protecting Your Heart and Wallet

In today's digital world, finding love online has become more common than ever. However, this rise in online connections has also led to an increase in romance scams. In 2023, the Federal Trade Commission (FTC) received 64,003 reports of romance scams, with reported losses totaling $1.14 billion and a median loss of $2,000 per person—the highest reported losses for any form of imposter scam. ( ftc.gov )

At Superior Credit Union, we want to help you protect both your heart and your wallet. Here’s what you need to know about romance scams and how to avoid them.

What is a Romance Scam?

A romance scam occurs when a fraudster creates a fake identity to build a relationship with someone online, gaining their trust before manipulating them into sending money or personal information. These scammers often use emotional tactics, claiming to need financial help for medical emergencies, travel expenses, or unexpected crises.

Red Flags of a Romance Scam

Be on the lookout for the common signs that someone may not be who they claim:

They move too fast – Scammers often press strong feelings quickly and may declare love after just a few conversations.
They avoid video calls or in-person meetings – They may make excuses about wrong overseas or having a poor internet connection.
They ask for money – A scammer will eventually request financial help, often in the form of wire transfers, gift cards, or cryptocurrency.
Their stories seem dramatic or inconsistent – Many scammers claim be in the military, working on an oil rig, or dealing with emergency.
They pressure you to keep the relationship private – Scammers often discourage victims from telling family and friends to avoid being exposed.

How to Protect Yourself

To keep yourself and your finances safe, follow these steps:

Be cautious with online relationships – If someone seems too good to be true, they might be.
Never send money to someone you haven’t met in person – No matter how convincing their story is, avoid giving financial assistance to an online acquaintance.
Do a reverse image search – Scammers of use stolen photos from social media or stock image websites.
Verify their identity – If they claim to be in the military or working for a particular company, check official sources to confirm.
Talk to someone you trust – If you’re unsure about an online relationship, discuss it with a friend or family member who can provide an outside perspective.
Report suspicious activity – If you suspect a romance scam, report it to the Federal Trade Commission (FTC) at reportfraud.ftc.gov or the FBI’s Internet Crime plaint Center at www.ic3.gov .

Stay Safe with Superior Credit Union

Your financial security is our priority at Superior Credit Union. If you ever receive an unusual financial request or suspect fraud, contact us immediately. We can help you recognize scams and take steps to protect your accounts. Love should never come at a financial cost—stay vigilant, trust your instincts and protect yourself from romance scams.

For more financial tips and security updates, visit our site or stop by yr local branch today!

Learn More...

To stay informed on common scams and fraud prevention, check out our scam Series of Blogs on our website.

Where In The Montco? Family Fun That Won't Break The Bank

Wed, 17 Jul 2024 13:00:08 GMT

The Dog Days of Summer Are Upon Us

It's summertime, and you know what that means. Children everywhere are running around screaming "I'm boreeeddd!". This isn't new or unusual, but as parents, what can we do about it without selling one of said children to bankroll a family outing? Luckily, Superior Credit Union is here to give you the inside scoop on some family friendly activities right in your backyard (Montgomery County, specifically) that are low cost or free. Links included!

A Special Note For EBT Cardholders

For anyone that has an EBT card, ACCESS Art-Reach is a program in PA, NJ, and DE that offers over 80 cultural sites and museums for as low as $2 per person. Visit their website for a full list and see how to make full use of your EBT card!

Savings Tips You Can Sink Your Teeth Into

Thu, 11 Jul 2024 13:00:01 GMT

Keep Your Money Safe With These Tips

Saving Money is difficult. Pennies don't seem to stretch as far as they used to, and everything seems to cost more than it did. Let's take the stress out of saving and give you some simple tricks to slowly build up your nest egg!

1. Deposit Your Change

Every time you cash a check or get change back from the store, throw it in a jar. As it fills up, take it right to the bank and deposit it into your savings account. If you can skip the jar altogether, and deposit those random cents when cashing your check, go for it. Before you know it, those pennies add up!

2. Examine Your Subscriptions

Pull a 3-month statement from all your accounts and see what subscription services you have coming out. Did you know about all of them? How many of them overlap or offer similar services? Are there any you can do away with? Cancelling unwanted subscriptions, then taking those funds you would have spent and putting them in savings, is an easy way to save without changing much in your bottom line. You are just spending your money wiser!

3. Automate Your Saving

If you are the type of person who always leaves the savings account for last on pay day, try automating it to be off the top. Set up a direct deposit from your employer for any amount, even as little as $5, to go right to your savings. Out of sight, out of mind!

4. Set Aside a Portion Of Your Raise

If you are in the fortunate position of getting a raise this year, considering tucking away a portion of that raise into your savings. Almost the same as suggestion #3, set up a deposit into your savings for a small bit of whatever increase you received. This way you are saving money and still have a little left to spend each pay cycle!

5. Try To Limit Unnecessary Fees

Take a look at previous bank statements. Do you often pay overdraft or NSF fees? Let's say over the course of three months you spend about $90 in bank fees (averaging $30/month). See where you can avoid these fees, and if you are successfully able to, put that extra $90 in your savings account!

Budgeting Tips For The Big Things

Tue, 09 Jul 2024 13:00:04 GMT

Tracking your spending is the first step toward greater financial awareness and, ultimately, toward financial health. However, mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple purchases each day?

We’ve outlined how to track your spending in 3 easy steps.

Choose Your Tools

Tracing every dollar’s journey isn’t easy, but with the right tools, you can make it quick and simple. Choose from one of the following money-tracking techniques:

Budgeting apps. If your life happens on your phone, you can download a budgeting app like YNAB or Mint to help you track your spending. Both apps allow you to allocate a specific amount of money for each spending category for each month, and will enable you to track your spending with just a few clicks. It’s important to note that YNAB is not a free app, but that it may be worth the price for users who want to take on a more active role in their money management.

Spreadsheet. If you like to see everything spelled out clearly, a spreadsheet might be a better choice for you. You’ll need to record every transaction, but if you prepare the sheet with all the spending categories you think you’ll need, this step shouldn’t take long at all.

The envelope system. If you’re a big cash spender, consider withdrawing the cash you think you’ll spend in a month (or in a week) and keeping it in an envelope designated for each category. When you need to make a purchase, just use money from the envelope.

Receipts. Hold onto every receipt from the purchases you make this month to help you track your spending.

Pencil and paper. Recording each purchase the old-fashioned way can help you make more mindful money choices throughout the day. Be sure to keep a steady supply of both writing instruments handy at all times so you never miss a purchase.

Review your checking account and credit card statements carefully

Along with one of the tools listed above, you can track the purchases you make using plastic by reviewing your monthly checking account and credit card statements at the end of the month. You may receive these in the mail, or you can access them online by logging into your account and downloading.

Review and categorize your purchases

At the end of the month, use your chosen tool to review all the purchases you’ve made throughout the month. If you’ve used an app or a spreadsheet, adding your purchases to find the total amount of money spent will be simple. The app or spreadsheet may have already helped you divide the money spent into separate categories as well. Similarly, if you’ve used the envelope system, you should know how much you spent on each kind of purchase this month. However, if you’ve chosen another method to track your spending, you’ll need to crunch some numbers to get an accurate picture of your spending habits.

When completing this step, don’t forget to include any automated payments you may rarely think about, such as subscription fees and insurance premiums.

The Bottom Line...

Tracking your spending and identifying your money drains is the first step toward greater financial awareness and responsibility. Use the tips outlined here to successfully master the skill of tracking your spending.

Managing Variable Expenses

Wed, 31 Jan 2024 15:15:00 GMT

What Are Variable Expenses?

Variable expenses often contrasted with the term "fixed expenses", are defined as bills that are a different amount every time. Think groceries, entertainment, or heating costs (because they are typically seasonal). These are all expenses you know you will have but never know exactly how much they will be. Many people struggle the most with variable expenses because it feels like there is no real way to prepare for them.

How do I track variable expenses?

Keeping track of variable expenses, and working them into your budget can be quite difficult. When you don't know how much an expense is going to cost you, how do you plan for it? Ideally, even if an expense is not the same amount every month, you can estimate the costs you will have within reason. To get a figure for each expense, try looking at what you have spent on that category over the past 6 to 12 months. Total that up, and divide by either 6 or 12 (the number of months you tallied). The figure you get is a good "starter" amount to set aside each month, allowing room either way for fluctuations. As time goes on, you will be able to get more precise with the amounts you budget for variable expenses.

How much of my budget should be variable expenses?

The short answer is "it depends". Generally, you should be budgeting about 50% of your income for expenses that you consider "needs" and 30% for "wants". There will likely be variable expenses in both of these categories. After you list all of your obligations, see where your variable expenses fall. Where can you regulate some of these, making them more 'fixed'? Which can you lower or eliminate? Your rent and basic housing needs are pretty stationary costs, but food and home energy costs can fluctuate, so remember to allow extra room whenever possible for those fluctuations.

The Bottom Line...

Variable expenses are tough to track, especially if they are intermittent in your budget. Looking back over trends from past months/years can help you get an idea of what to expect moving forward. Building some room in your budget to account for variations in these expenses is the key to staying financially stable.

Knowing Your Fixed Expenses

Wed, 24 Jan 2024 15:15:00 GMT

What are fixed expenses?

Fixed expenses are defined as any expense that comes regularly and is nearly (or exactly) the same cost every time. Fixed expenses are predictable, and are usually the first set of bills you will add to your budget (because you have them memorized). Think of rent/mortgage, cell phone, or subscription services. The term "fixed" is usually used in contrast to "variable" expenses, to describe bills like eating out or groceries, that change every time.

How to track fixed expenses

The easiest way to track your fixed expenses is to write them in a list or add them to your budgeting app. Many people know what they pay for each fixed expense, but never realize the total amount of them added together. That realization can be jarring and can make you want to revisit what you are paying for. Another misconception is that a fixed expense cannot be lowered. Just because a bill is the same every month does not mean that there is no room for adjustment. Sometimes going the extra mile to lower your fixed expenses can make a bigger dent in your budget than trying to eliminate extra expenditures.

How much should I spend on fixed expenses?

The point where you realize a fixed expense isn't interchangeable with a "need" is when you can successfully determine how much you should be spending on your fixed expenses. Try lumping your bills into categories so you can see where most of your fixed expenses fall. Most budgeting apps will do this for you. Depending on the budgeting method you are using, this will also inform where most of your funds should be going. Fixed bills like rent and utilities, along with other "needs" should make up about 50% of your budget. If 40% of your expenses are subscription services and other bills that can fall into the category of "entertainment or extras", that is your signal to re-evaluate where your hard-earned money is going.

The Bottom Line...

Fixed expenses are an essential part of life, and you will always have them. The skill of being successful financially is knowing what is "essential" and what isn't, and where you can cut down your fixed expenses within your budget.

Signs Your Budget Needs Tweaking

Wed, 17 Jan 2024 15:00:01 GMT

Is Your Budget Working?

We often have the best of intentions when creating a budget. We want to get our finances in order, or save for something big, or even pay down debt. What we do not realize is that a budget needs to be revisited regularly to remain effective. Here are some signs that it might be time to take a second look at your budget and make some adjustments.

You aren't sticking to it.

Developing a budget is a difficult task, but sticking to that budget is even harder. According to a NerdWallet study, of the 74% of Americans reporting to have a monthly budget, nearly 84% of them responded that they sometimes exceed it. Budgets are meant to reflect reality, but if you find, month after month, your bills and spending are very different than what you have planned, it may be time to make some changes. One good way to do this is to set up a payday routine. Experian outlines a great way to implement a payday routine as part of an overall successful budget. This gives you several times a month to evaluate the effectiveness of your budget in real life, and adjust as necessary. Another helpful thing you can do in conjunction with a budget and/or payday routine is to download a budgeting app. This is great for budgeting on the fly and being able to look at your finances at any moment. Forbes has announced the best budgeting apps of 2024 already this year. Some are free, some have a small fee, and there is one that will suit any type of budget/spender.

Fees are draining your account.

Are you finding that every month are you paying more in overdraft and NSF (non-sufficient funds) fees? This is a clear sign that you are living outside of your budget. In the final quarter of 2022, Americans paid $1.6 billion dollars in overdraft/NSF fees, states the CFPB . Consistently facing overdraft fees indicate your money management may need improvement. Take a look at your statements and find out where you are overspending. Is it during a certain time of the month? Consider setting up balance alerts with your financial institution to notify you when your balance falls below a certain amount.

Your credit card balances are going up instead of down.

If you are consistently putting things on credit to bridge the gap between pay periods, it may be a sign that you're living above your means. Credit card debt can carry significant costs in the way of interest charges. The average credit card interest rate is 24.08%, according to Forbes Advisor’s credit card rate report as of mid-March 2023. With the average American carrying about $5474 in credit card debt, that totals about $109 in interest for just one 30-day billing cycle. Paying down credit card debt should be a priority of a budget, versus increasing it. Take this opportunity to look at where and why your budget is falling short and adjust accordingly.

Your bills are often late or unpaid altogether.

For most, the whole point of a budget is to manage recurring bills while building a plan to pay down debt or prepare for the unexpected and varied expenses of life. If you have already created your budget, but are struggling to pay your bills on time (or at all), this signals a flaw somewhere in your budgeting process. Are you having a hard time keeping track of due dates? Are you plain forgetting that bills are due? Try setting up a calendar with all your due dates on it. Set up automatic payments if possible, hopefully taking the human error element out of the equation. If a lack of funds is the problem with paying your bills, then most definitely you want to work on creating a more sustainable budget.

The Bottom Line...

Budgeting can not have a "set it and forget it" approach. Yes, there are always expenses that typically do not change in cost, but life happens, and your needs change. Because of this and things like inflation and variable interest rates, you should expect to examine your budget at the very least monthly for changes. At that time you can see what's working, what isn't, and why. Keeping a working budget is your first step to financial success!

Gift Card Scams

Wed, 10 Jan 2024 15:27:17 GMT

In 2022, almost 49,000 people were conned out of nearly $228 million in gift card scams, says the FTC . This number is staggering, considering total gift card sales for 2023 were estimated at being almost $29.3 billion. That is a lot of money being stolen from the hands of hard working consumers. The rise in gift card scams isn't by chance. Cards like these are an easy target, as they are almost completely untraceable, meaning once the money is gone from the card, it is virtually impossible to recover or find out who stole it.

Empty Gift Cards?

The most popular form of gift card scam in 2023 was the "Gift Card Draining" scam. In this scenario the thief obtains a gift card's numbers and drains the funds from it before it is able to be used. The scammer can hack the card before it is even purchased, then put it back on the shelf! Then as soon as it is purchased and activated, the funds are wiped from the card, often times before it is even gifted by the purchaser. They do this several ways. One of the easiest ways is to take the card number and PIN, then spend the funds as soon as there is money loaded to them. Another way is to replace the barcode on the card, routing any funds directly to the hacker's bank account.

How do I avoid this?

The first tip to avoid nearly any scam is to be aware.

Before you purchase any gift card, look at it. Make sure the packaging is intact, and the protective tape covering the PIN is still there.
Look for any extra barcodes that don't seem to belong there. Scammers are using this to route the funds directly into their accounts instead of onto the card.
Try purchasing your gift cards from right at the register or near it. Stands located along aisles are more at risk of being hacked. It is much harder to scan a barcode and put the card back when it is right at the register.

Other Gift Card Scams

There are many other ways that a scammer can get funds from you using gift cards. In these instances, they find a way to convince you to purchase gift cards and give them the numbers. Most people think they could never be so gullible, however even some of the smartest consumers have been fooled by a suave scammer.

Some common stories used are:

They are from the government. Scammer will call saying they are from a government entity (IRS, FTC, SSA, etc.). You have past due taxes or fees that they are owed and you must pay NOW to avoid further action.
They are from tech support. You will get a call stating there is a virus on your computer or mobile device, and they need payment and/or remote access in order to save you from irreparable damages.
You won a prize! Scammers will call to tell you that you've won a prize, lottery, trip, giveaway. All you need to do is pay the taxes or upfront fees in order to receive this grand prize.
They are from a utility company. The caller states they are from a utility company, and threatens to shut off your services, demanding payment immediately to avoid these measures.

Some common tactics used are:

Urgency. The caller will press you to reject common sense thinking by forcing a sense of urgency on you. The feeling that you need to make an immediate decision often prevents you from thinking clearly.
Objection. The scammer will seem to have an answer for everything. They will know just enough information about you to be believable, and the phone call will likely catch you off guard, leaving you unprepared to ask questions that will be above objection.
Authority. They will direct you exactly where to buy and what you need to purchase. They will do so in such a way that consumers are often afraid to argue with someone in a position of authority.

Time Out!

If you are in a situation and any of this starts to sound familiar, STOP ! In most cases, immediately hanging up the phone will stop the situation right away and avoid any possible damage. If you have already given out personal information to the caller, now would be the time to start examining what might be at risk. Refer to our Fraud Prevention Checklist for steps you may want to take to ensure the safety of all your accounts. Change passwords if necessary, and keep an eye on your accounts and credit reports (all depending on how much information you gave the caller). Most importantly, the moment you realize the person you are talking to might be a scammer, stop what you are doing and hang up the phone.

The Bottom Line...

Getting scammed is not something we ever want to think about happening, but the reality is it's possible; no one is immune. Doing your best to know your surroundings, making smart choices, and pressing pause as soon as something feels off will ultimately save you time and headaches. Be your own best asset, educate yourself to reduce your risk of compromising personal sensitive information.

Two Factor Authentication

Wed, 03 Jan 2024 13:00:01 GMT

What is it?

Also known as two-step verification, dual-factor authentication, or multi-factor authentication, 2FA is a security process in which users provide two different authentication factors to identify/verify themselves before accessing sensitive information on a website or app.

Authentication Factors?

Logging in with a username and password is simply ineffective at keeping information safe. Having a secure authentication process will combine several authentication factors, typically something a user knows with something a user has or is . With each additional authentication factor, there is another layer of security protecting personal information from potential hackers and fraud.

Knowledge Factor - Something the user knows, such as a password, PIN, or passphrase.
Possession Factor - Something the user has. This can be a security token, a cell phone to receive a code, or an ID card to approve authorization requests.
Biometric Factor - Also known as inherence factor. Something inherent in the user's physical self, such as face ID, fingerprint, or voice ID.
Location/Time Factor - Logins can be restricted by location or window of time of attempt for added security.

How does it work?

User is prompted for login
1st factor is entered
User is prompted for 2nd factor
User must successfully complete both factors before entering site or app.

Methods of 2FA

One-time passcode sent to email or text
Authenticator apps such as Google Authenticator ( Android or iPhone ), Microsoft Authenticator ( Android or iPhone ), or Duo . This method is safer than an email or text passcode since it is not susceptible to email or SIM card attacks.
Security token (external hardware that is connected to the login, creates a unique passcode). This is by far the strongest method, as it does not use credentials that hackers can steal.

Why is 2FA Important?

Passwords alone are not enough to keep scammers from stealing your private information. Password fatigue (the overwhelming feeling of having to remember an excessive number of passwords) is becoming a real problem among users, and it is putting more and more accounts at risk. This is leading people to use weaker passwords, or reuse them across multiple accounts, exponentially increasing the damage that can be done. The simplest solution to this is to turn on 2FA on any accounts that contain sensitive information.

The Bottom Line...

More and more of our vital information is housed digitally, easily accessible at our fingertips. With this ease comes an increased risk of exposure, whether unintentional or at the hands of malicious hackers. The only thing consumers can do is be proactive when it comes to the security and safety of their information. Using tools like two-factor authentication can provide a much-needed layer of protection whenever logging in to a website or app.

Fraud Prevention Checklist

RStatzell@superiorcu.org (Rachel Statzell) — Sat, 18 Nov 2023 13:41:33 GMT

Here is a simple list of things you can accomplish today to protect yourself from fraud.

Why Is It Important?

Create strong passwords.

Passwords should be diverse in makeup and vary from login to login. This is your first layer of defense against fraud.

2. Keep your contact information up to date.

If your account is compromised, having your correct contact information means you are notified sooner of potentially fraudulent activity.

3. Enable app alerts

Enabling alerts to your apps can give you notice of unauthorized activity as soon as it happens.

4. Know what to look for in a scam.

Education is the key to preventing fraud. Know what to look for before you become a victim of fraud.

5. Know who has your information

Knowing what apps have your information stored can be the difference between an unexpected charge and a fraudulent one.

How?

Take a look at our blog HERE to get tips on creating strong passwords.

Visit our Contact Info update page to ensure your email, phone number, and address are all correct. Log in to any other accounts you may have to make sure your info is current also.

Read our blog on spotting a fake website and suspicious incoming scams.

The Bottom Line....

Keeping yourself free from fraud and scams is not an easy process, but with a few extra steps and some diligence, you can add multiple layers of protection to all of your personal accounts.

Black Friday Shopping Tips

Sat, 18 Nov 2023 13:34:31 GMT

Shopping On Black Friday Weekend

Back in 1910, Christmas shopping looked much different than it does now. Today, Black Friday turned into Black Friday weekend, we added in Small Business Saturday and Cyber Monday, and now retailers have turned holiday shopping into Black Friday Month. Almost daily there are new sales announcements and regular "lightning deals". The National Retail Federation is predicting all time high spending for this year, primarily thanks to online shopping outlets. We have the power at our fingertips, quite literally, this year so lets make the most of it! Here are four shopping tips to help you this holiday season.

The Bottom Line...

Holiday shopping is supposed to be fun. Just like Grandma's Thanksgiving feast, you can't just 'wing it' and hope for the best; that's how we all go to bed hungry. Plan a budget, shop smart, and save your receipts. This is the recipe for a great, hassle-free (-ish) shopping season. Aunt Margaret will thank you, your cousin in the garage will thank you, and your CVS friend will say 'I told you so'.

Good Password Hygiene

Thu, 09 Nov 2023 15:15:52 GMT

Do you use the same towel to dry your hair and your dishes?

If you wouldn't do that for personal hygiene, then you shouldn't do it for digital hygiene either. We don't take a "one size fits all" approach to many things in life, and our cybersecurity measures should be no different. Password hygiene is a term used to mean a set of guidelines that, when in use, will keep your password better protected from cybercrime. Here are some resources that you might find helpful in keeping your passwords squeaky clean!

In a recent poll , almost 52% of Americans use the same password for multiple accounts, with around 13% stating that they use the same password for ALL of their accounts! With these types of trends, our biggest suggestion is to avoid reusing passwords . Duplicating passwords across multiple platforms opens you up to getting hacked on many fronts. If a scammer finds out one password, they will for sure try to use that password on your other accounts. Keeping each account different stops them in their tracks.

As well as not reusing passwords, you should also change your passwords periodically . How often, though, is often enough? According to security giant McAfee, they say every three months is sufficient to deter attacks on your personal information. However, if you find yourself in a situation where your information has been compromised, passwords should be changed immediately. This is why it is important to remember Rule #1 (avoid reusing passwords), because whether it is quarterly or in the wake of a breach, having unique passwords for each account will only require one change instead of several .

When it comes time to change your password, consider the idea of using a passphrase instead of the typical "Uppercaselowercasenumbersymbol" approach. A passphrase is a series of words strung together to create a password. The Intercept did a great piece on the idea of creating passphrases using dice, making the process truly random. Useapassphrase.com also has a great passphrase creator, along with an "approximate crack time" to show you how secure each phrase could be. Remember, add in numbers and symbols to make your passphrase even stronger.

Whenever you are updating a password, it is also good practice to review your other account information. Make sure any names, addresses, and email addresses are correct, and as an added measure, set up two-factor authentication wherever possible. Consider this like throwing on that SPF 900 before heading onto the beach. It is an added layer of protection for your accounts and is one more thing a hacker needs to get through to get to your personal information.

With the need for so many passwords, as well as frequent password changes, experts suggest the use of a password manager to keep track of all of this information. Norton Password Manager is free, simple to use, and comes with a stellar reputation of being part of the Norton Suite of services. Dashlane is another service that has paid options, as well as a free Chrome extension that stores passwords right from your browser! Lastly, Avira Password Manager is another great option with a free membership that boasts cloud storage, password creation, and autofill for mobile and desktop browsers. The icing on the cake for password managers is that they require remembering only one password, and the rest the software keeps for you!

Still struggling to come up with strong passwords? Here are a few suggestions from a basic Google search that might be helpful to you.

LastPass - a simple password generator. Very customizable and user-friendly.
KeePass - an open-source password manager that's also completely free. It securely encrypts and stores your passwords on your device instead of the cloud, which is a great feature for users who prefer having full control over their credentials and data.
Avast - a simple, customizable password generator, with additional education and access of Avast's suite of products.

The Bottom Line...

Just like moisturizer and taking your vitamins are integral parts of a good overall personal hygiene regimen, having good password hygiene is key to keeping your personal information safe while browsing online.

Travel Scams

Wed, 08 Nov 2023 17:15:00 GMT

Fraud can happen at home or abroad...

Holiday getaways are becoming more popular, and it is important to remember that scams happen everywhere, even when you are on vacation. Here are five tips to keep you safe while traveling.

1. Offers of a "free vacation" - These have been around for a long time. You get an offer for a free vacation, all you need to do is pay the "fees and taxes". That doesn't mean it is free, does it? Scams like this hook people because they hear the word 'free' and don't ask many questions, but hand over their credit card numbers, personal info, and other details without thinking.

2 . Robocalls offering cheap getaways - Have you ever received a call that you won a contest you never entered? They offer you, as your prize, a cheap dream vacation. Robocalls trying to sell you something are illegal in the first place, so do you think their prizes are up to snuff? Probably not. Steer clear.

3. Bed and Breakfast Scam - This scam is harder to spot, but it can be very dangerous if you fall victim to it. Scammers will hijack (or just plain fabricate) an online listing for a vacation home for rent. The unsuspecting individual books it, pays for it, and shows up to find someone has already booked the same place with the actual owner, or the property does not even exist. Now you and your family are stuck on vacation with nowhere to stay. Always book from reputable sites, and if it looks too good to be true, it probably is.

4. Taxi Scam - Picture it, you come out of the airport, and there is a line of cabs. But there is one with a sign on the side that says "anywhere for $20". You think, hey, great deal! Nope. More than likely, where you need to go will cost much less. Or you get in a cab, and the driver claims the meter isn't working, but pressures you to "trust him". These taxi scams happen everywhere, and most victims never realize they just got taken for a very expensive cab ride.

5. Open Wi-fi Hubs - This last scam can be one of the most dangerous ones if it happens to you. Scammers will set up unrestricted wi-fi hubs all around major cities, and tourists will connect to it, not realizing that this gives scammers access to their entire phones! Always use password-protected connections, and check with the owners or staff of your accommodations to verify you're on the current wifi!

The Bottom Line...

Traveling is supposed to be a positive experience, but falling victim to a scam can turn it into a negative one. Take sufficient precautions prior to heading on vacation so you can have a stress-free experience.

Recognizing the Most Common Scams

Wed, 25 Oct 2023 17:56:30 GMT

Recognizing Scams...

As we always say, education is imperative when it comes to protecting yourself against fraud and scams. We have compiled a comprehensive list of scams and tips to help you learn more about the tactics scammers use to get your money.

The Bottom Line...

The bottom line to all things fraud is, if it doesn't make sense, don't do it. If the pieces don't fit together, and the information you're getting from the person on the other end puzzles you, STOP . Call your financial institution or another trusted financial advisor and see if you were put at risk. Research all claims made over the phone, in email, or over text. Look into overdue bills, fines, or alleged prizes. Doing so will save you many headaches in the future.

Spotting A Fake Website

RStatzell@superiorcu.org (Rachel Statzell) — Wed, 18 Oct 2023 14:50:05 GMT

Picture this...

You are searching around for a new pair of shoes. You find a GREAT deal, so you are about to check out and enter your debit card information.

Are you sure this website is legitimate? A common practice among scammers today is creating copycat websites to mimic (almost convincingly) popular retailers. Consumers visit these websites and willingly hand over their banking information, personal details, and much more without even realizing they aren't on the 'real' website. The biggest culprit is social media. Facebook marketplace and Instagram business accounts are popping up daily, and it is hard to sort through the duds to get to the 'real deal' retailers. Here are some things to look for in order to spot a fake website.

1. Take a look at the URL of the website

In doing research for this blog, I came across, pretty quickly, a fake Nike website. This was found on Facebook Marketplace, and advertises itself as a Nike retailer. The first thing to notice is the URL. While the real Nike website is nike[dot]com, take a look at the web address for this scam website. Some scammers will try to be clever and put a spin on the original retailer, for instance, nikee[dot]com or nikeshoes[dot]com. Others, like this website, don't even try to pretend they are the original retailer.

2. Look at the website design for inconsistencies or flaws

Although this website is fairly well made, there are a few signs that it is not an authentic Nike dealer. If you browse through the pages, you will see small typo's, missing or broken hyperlinks, and inconsistent font designs. While mixing fonts is not uncommon with legitimate websites, doing so mid-paragraph or sentence is a little odd. Take a look at the overall website and get the feel for it. Does it seem professionally made? Take this into consideration alongside all of our other suggestions when making your final decision on the authenticity of the website.

3. "Too good to be true" discounts

A quick review of Nike's website shows these sneakers retail for between $125.00 -$180.00. Currently, as of the writing of this blog, Nike also has a 20% discount sale on select styles. This website is selling the same shoes for a fraction of the cost. As a matter of fact, almost every item on this website is as much as 80%-85% off retail price. Let this be a big red flag that the authenticity of the website might be suspect. Another tactic that scammers will use when selling fake items is putting some trackers at the bottom of the listing. Usually, a timer counting down until a sale ends, or how many people are viewing the item, or "only XXX left!". This creates a sense of urgency to entice you to make an impulse purchase.

4. Minimal contact information, unusual payment methods, and/or stringent or non-existent return policy

Another great way to research if a website is legitimate or not is to look at their contact information, accepted payments, and return policy. Very often, if a website is set up with the intent of scamming you, it is not going to make it easy for you to get in touch with them. A "contact me" tab will usually be the most you will get, possibly with a generic email address to go along with it. Note here on our fake Nike website, on the Contact Us page, there is a broken Captcha hyperlink. Also, read the few lines before the form; they don't sound quite right, do they? This website's return policy reads a lot like a tax manual, with multiple rules and vague promises that maybe they will accept your return if you meet their unattainable requirements. Most larger retailers have a rather broad return policy, as their priority is keeping customers happy rather than fraudulently taking their money. Also, take a look at the section in bold in the return policy, which reads "...a product back unless it has been approved." This is what was referred to in tip #2 by the overall professionalism of the website. Simple spelling errors say a lot. Lastly, look over a website's accepted payment methods. We are in the era of P2P merchants, so having a half dozen or more acceptable payment methods is not unheard of. However, watch out for unusual methods being pushed by a retailer, such as Bitcoin or other less popular platforms. Notice on our scam site, another broken image link is below the Payment Methods paragraph.

5. Bad reviews or general low trustworthiness

Finding out if a website is reputable can be much easier thanks to a few dedicated websites. Sites like Who.Is , Scamadvisor , and even Google's safe browsing tool will help give you the added information you need to make a decision about the legitimacy of a website. When going to Scamadvisor, we can see that our fake website is just tanking in the confidence meter with a 1/100 and a note that caution is needed. Take heed if the retailer you are browsing shows up like this.

Additional websites you can visit to educate yourself on how to spot a scam website, or to report or research a possibly fraudulent website:

Better Business Bureau

BBB Scam Tracker

Scam Void

Google Safe Browsing Tool

Google Scam Website Reporter

Who.is

ScamAdvisor

What if my information has been compromised?

If you happen to be a victim of fraud, there are several steps you should take immediately to limit the damage a scammer can do and reduce your exposure to future fraud.

Contact your financial institution right away and let them know your information has been compromised
Make sure your debit/credit cards are deactivated, and new ones are issued. If your account/routing number has been compromised, consider closing the account and opening a new one.
Change any passwords to accounts where sensitive information exists. Start with banking apps and move outward from there.
Remove any software or apps that could potentially have been the culprit of compromising your information.
Have your phone or computer been looked at by your mobile carrier or a reputable PC repair company for any malicious 'leftovers'.

The Bottom Line...

When it comes to safe shopping/browsing online, educate yourself before putting your personal information out there. Never share sensitive information such as card numbers, account numbers, or PINs with any establishment that does not take your privacy seriously. Also, just because it comes from social media does not automatically make it trustworthy. Do the independent research on the user and website before handing over your card number. If by chance your information is compromised, act quickly to limit the damage.

Protecting Your Account: The Basics

Sat, 07 Oct 2023 15:33:51 GMT

Protecting your account is easy...

Years ago, protecting your personal financial information was as easy as keeping your checkbook and bank statements in a secure location, but today it isn't that simple. Technology has forced most people into doing their shopping, banking, and even record-keeping digitally. Moving from the 'paper and pencil' to 'password' age can be overwhelming. Here is are some quick and easy ways you can keep your information safe on the web, lowering the chances that fraud will invade your life.

Dynamic Passwords - The first line of defense to any account you have online is your username and password. Really, just your password is what matters. Nope, "password1234" no longer suffices; you have to get more creative. The best passwords have a variation of uppercase and lowercase, at least one number, and one symbol. Along these same lines are your security questions. Keep them unpredictable and difficult to guess whenever possible. Get creative with your answers!

Unpredictable PINs - Another security feature that should be a primary gatekeeper to your account is your pin. Typically, 4 digits, there are exactly 10,000 combinations of numbers to choose from. For the average person, that is more than enough to come up with something creative. We always seem to default to the easy PINs. Birthdays, anniversaries, or even the last 4 of our social security number. This is exactly what a hacker is going to try first. When choosing your pin, go for something that is outside of your personal life, something harder to guess. And beyond all that, NEVER GIVE OUT YOUR PIN TO ANYONE, ever.

Two Factor Authentication - Two-factor authentication is an added layer of security that is offered by most apps and websites. This is the practice of sending a one-time code to an email or phone number so that even if your password is stolen, there is another level of protection for your private information. It is suggested that you use this wherever it is offered.

Watch your Wi-Fi - Wherever we go, there is usually a wi-fi connection available. Some internet providers like Comcast advertise that there is always a hotspot open for their customers. It is very tempting to use a nearby connection if you are out and about and need a faster connection, but this is where you can unknowingly get yourself into trouble. By connecting to an insecure wi-fi, you are essentially opening up your entire device for hackers to look into and steal whatever they want. Go for reputable, password-protected wi-fi connections.

Keep your software up to date - Always ensure you are installing those software updates on your electronic devices. Most times, they are released with the latest enhancements to protect your phones and tablets from loopholes that hackers have found. These updates close those loopholes and provide yet another level of protection to your electronics.

Check your accounts frequently - The best way to see what is happening in your different accounts is to check them. By regularly checking the activity on all your accounts (more often than just when your statements come), you will catch any suspicious activity right away, before hackers have a chance to do major damage.

Use banking app features wisely - Coupled with tip #6, using the features provided by your financial institution or credit card app is an easy "set it and forget it" way to keep on top of your transactions. Many apps now have notification features that you can customize to let you know by text and/or email every time you make a purchase, or when a deposit/withdrawal exceeds a predetermined limit. This eliminates the need to check each of your accounts often, and you can still trust that you will know when unusual activity may happen. (Still check your accounts often, though!)

Use trusted apps - Fraud can come at a consumer from multiple fronts. One of the more popular ones right now is by deceiving users into thinking the website or app they are on is trusted and safe, or by creating copycat versions of popular websites and apps. We go into deeper detail about how to spot a fake website here. Whenever you are shopping online (through a website or app), check the web address, look for misspellings or other anomalies that will tip you off that wherever you are browsing is not authentic. If anything seems suspicious or off, uninstall the app and leave the website. Try again to find the trusted website or app that you were looking for.

Bottom line...

Protecting yourself against fraud can feel like an impossible task. By creating dynamic passwords and PINs, utilizing in-app safeguards, checking your account activity regularly, and going the extra mile before entering your payment information, you can create a space where you lower your overall risk of falling victim to fraud.

Introduction To Fraud

Wed, 04 Oct 2023 14:00:13 GMT

An Introduction to Fraud

What is fraud?

Fraud is a deceptive practice that is intended to result in personal or financial gain. Fraud involves a false representation of facts by intentionally withholding info or by the use of false statements. Basically, if you lie to gain something from another, it is fraud.

Over the course of the next several weeks, we will dive deep into the topic of fraud. How it looks, how it may affect you, and what you can do to prevent it. In a world where technology is evolving at an unprecedented pace, it can be incredibly difficult to stay on top of the constant barrage of threats to your personal and financial information. Hopefully, you will come out of this series with a basic knowledge of the concept of fraud as well as several ways to spot (and prevent) fraud from happening to you. In the unfortunate case that you do become of a victim of fraudulent activity, you will also know how to work with your financial institution to prevent any further damage.

Some examples of fraud:

Jane is browsing Facebook and sees an advertisement for a pair of shoes she really likes. She clicks the link and notices the shoes are 85% off retail value. She chooses her style, enters her card information, and checks out. After several weeks, she has never received the shoes. She tries to find a phone number for the company, but there isn't one, and the email she sends never gets returned. Later, she notices several other purchases on her statement that she did not authorize. This is fraud.
Bob gets a text from an unknown number stating that he has won a lottery. All he needs to do to claim his winning money is to pay a small processing fee to get the funds deposited into his account. Bob pays the fee and texts his bank account information to the person. Bob never received his "winnings", but he did lose the money on the fee, and a stranger has his bank account information. This is fraud.
Alex uses an online dating app and meets Maria. They text every day and really hit it off. Within the first month, Maria says she is going to be homeless and asks Alex for some money for a hotel room. Then she needs to fix her car, but is short $100. After another few months of this, Alex has given Maria almost $2000. Then, randomly, Maria disappears, and Alex never hears from her again. This is fraud.

Keep yourself safe and up to date...

Follow our social media for more posts coming soon! Each will outline a facet of fraud that you need to know about.

All About Credit Card Interest

RStatzell@superiorcu.org (Rachel Statzell) — Wed, 27 Sep 2023 18:00:00 GMT

The best way to avoid credit card interest...

The best way to avoid credit card interest is to pay off your balance, in full, at the end of every month. Unfortunately, that isn't always possible, and it is also not always that easy. Learning all the ins and outs of credit card interest is your best bet in avoiding paying more than you have to.

What Is Interest?

Interest is a fee that you are charged for the privilege of borrowing money from a credit card company. Often referred to as APR (Annual Percentage Rate), interest is usually calculated on a daily basis and then charged monthly at the end of every billing cycle. There can be many types of interest when dealing with credit cards, so it is important to read your terms and conditions carefully. Purchase APR refers to the interest you will pay on purchases you make, whereas cash advance APR is a separate interest rate attached to all cash advance transactions done with your credit card. There can also be an introductory or promotional APR , which is an interest rate offered to customers for a pre-determined period of time (usually a zero or very low APR for a short period of time). With these types of cards, there may be special conditions where this APR only applies to balance transfers , whereas on another credit card, these transfers carry their own special interest rate altogether.

How Is Interest Calculated?

If your APR is 17.99% , then:

17.99 ÷ 365 = 0.04928 =%0.049 per day

Given that information, if your balance at the end of Day 1 of your billing cycle is $600, then the additional interest accrued for that day would be $0.29 (600 x 0.049= 0.29), so your total balance at the end of day 1 is $600.29.

These cents add up.....

At the end of every billing cycle, all of this daily interest is totaled and billed to you. Any amount that you don't pay will carry over to the following period, including any unpaid interest. That means next month, you will be paying on the interest from last month as well as any carried over balance, and this month's interest. You can see how this can get out of hand pretty quickly. The only way to avoid paying interest is to pay your balance in full before the end of each billing cycle.

I paid my balance, but there was still interest. Why?

As an example, your bill is due August 15th, and your balance due is $350. You paid $50, but carried into the next cycle a balance of $300. On August 30th, you paid your $300 balance in full, but at the end of that billing period, you notice an interest charge. What happened? This is called residual interest.

If your APR is 17.99% , then :

17.99 ÷ 365 = 0.04928 = %0.049 per day

Your balance of $300 was there for 16 days .

$300 (balance) x .049 (daily interest) = $0.15 (added to balance per day)

Interest accrued over 16 days = $2.40

This example alone shows the importance of paying off the entire balance on or before the cycle due date. Although the charge is small, it can be easily avoided.

A final note on credit card interest...

It is always valuable to get to know the terms and conditions of your credit card. As we discussed in a previous blog , there can be multiple interest rates for different types of transactions, so knowing how much of your balance is comprised of different types of purchases is important to anticipating what you may pay in interest. Balance transfers, cash advances, and even a late payment can change the amount of interest you will be paying on your card, so know before you spend!

How to Pick The Best Credit Card

Wed, 20 Sep 2023 14:45:00 GMT

Choosing the best credit card for your needs can be a daunting task. It seems like every store, financial institution, and company has its own credit card, and it is difficult to sort through the duds to find the gem. Thankfully, we are here to help you determine what your needs are and then choose the best card to suit those needs.

Check Your Score

Before you dive into picking a new credit card, the first thing you should consider is checking your credit score. Ultimately, your credit score is what determines approval rating, interest rate, and other credit card perks you may be eligible for. Everyone is eligible for one free credit report every 12 months, and there are many places where you can get it, such as the ones listed below.

nerdwallet.com/lp/free-credit-score

creditsesame.com

annualcreditreport.com

After you are able to look at your credit report, you can begin working towards disputing errors and paying off debts that can quickly raise your credit score. This will put you in the best position to begin shopping around for your ideal credit card.

Decide What You Need

While you are working towards improving your score, you have to make a decision on what type of card you are looking for. Typically, there are three types of cards most consumers seek.

A credit-building card. These are usually secured credit cards (a card that requires you to use your own funds) and have a relatively low limit. The goal of these cards is to help the user improve their credit so they can later qualify for a card with better interest, higher limits, and/or better perks.
A low-interest card. Cards with a low or no-interest introductory rate are perfect for balance transfers from higher-interest cards. These cards offer great rates to start, and competitive rates after the introductory period. The downside is that they are more difficult to get for consumers with fair or poor credit. These are also great cards if you are looking for something to use in case of emergencies.

A card with points/perks/rewards. There are cards offered that, for every dollar you spend, you get some sort of reward. Whether it be airline miles, cash back (limited to types of merchants or purchases), or redeemable rewards. Credit cards with this type of perk usually have a higher APR, but the rewards are a bonus to purchases you would normally make anyway. For this type of card, it is best to pay off completely every month in order to get the most out of the benefits.

Ask Questions

After you have made the decision regarding what type of card you want, there are additional questions that need to be answered when looking deeper at individual cards. These questions largely vary, depending on what you will be using the card for.

For A Credit Builder Card

Does the card you're choosing actually build your credit? Make sure the credit card company reports out to the three credit bureaus regularly. Also, when you open the card, is there a fee? For an unsecured card, are you being asked to pay a $299 yearly fee for a $500 limit? Many credit builder cards do have a yearly fee (that is usually billed out monthly), so try to find the lowest fee that you can. For a secured card, try to find one that requires the lowest deposit, so you are making the most of the limited funds you may have. Lastly, are you later able to upgrade this card to a more competitive one?

For a Low-Interest Card

I f you are in a position where you want to transfer a high-interest credit card balance to something with low or no interest, you definitely want to ask several questions of the card you are considering. How long is the introductory rate, and then what does the rate change to? What is their balance transfer policy, and are there any additional fees associated with transferring your balance?

For A Rewards Card

The first question you want to ask yourself when choosing a card based on its reward system is, where do you shop most? If you are using the card for gas, look for a card with the most cash back or points on gas stations. The second thing you want to consider is how complicated it might be to use those rewards. For airline miles, are the a dozen hoops to jump through, blackout dates, or other fees to use your points? Some credit cards allow you to cash in your points with a few clicks; those are the cards you are looking for.

Tie-Breaker Factors

Welcome to the final step! You have done all the work to pick the credit card that is just right for you. Here are some factors to consider when you have multiple cards in mind and can't just pick one.

Are you automatically evaluated for limit increases periodically?

Do you earn interest on your secured deposit?
What are the late fees?
What is the penalty APR?
How low are the spending requirements to earn your rewards?
Do the rewards expire?

Credit Card Terms You Should Know

Wed, 06 Sep 2023 13:30:00 GMT

Get To Know Common Credit Card Terms

Helpful Links

5 Financial Habits You Need to Break Now

RStatzell@superiorcu.org (Rachel Statzell) — Mon, 28 Aug 2023 21:00:00 GMT

Break those bad habits now, before it's too late!

"...our value comes from things other than the objects we own..."

Convenience Spending: This is probably the single most dangerous bad habit that we ALL have. Life is busy, and almost every day we pay more for something because it is easily accessible. The convenience store down the street has milk, but it might be 3 dollars more than the grocery store.

The Solution: We get into this bad habit mostly because spending the 'right' way is much harder. Takeout is easier than cooking. Wawa is easier than the grocery store. So the solution will be more difficult as well. Enable the 'waiting period' on convenience purchases to see if they are truly necessary. Examine all purchases under $10 to see if they can be bought or made cheaper.

Wealth Signaling: 'Keeping up with the Joneses" is a habit ingrained in a lot of us today. Wealth signaling is the concept of having nice things because it shows others your value or status in life. The problem is, when we see someone with the newest car, we don't see the massive car payment or the lack of savings from the down payment. Wealth signaling is two-dimensional; therefore, it does not actually represent a person's innate worth.

The Solution: We need to focus on ourselves and our own personal definition of success. Is it being debt-free, or having a pre-owned car that is 100% paid off? Realizing that our value comes from things other than the objects we own frees us up to spend our money much more wisely.

Things to Consider When Opening A CD

Fri, 25 Aug 2023 17:45:12 GMT

Saving Money Should Be An Easy Decision

Is a Share Certificate Right for You?

If you've been steadily building your savings and are ready to see your money grow a little faster, you may be considering a Share Certificate. Similar to a Certificate of Deposit (CD) at a bank, a Share Certificate is a savings product offered by credit unions—like Superior Credit Union—that rewards you with higher interest in exchange for leaving your funds untouched for a set period of time.

Before opening a Share Certificate, it’s important to understand how it works and how it can support your financial goals. Here's what you should know:

What Is a Share Certificate?

A Share Certificate is essentially the credit union equivalent of a Certificate of Deposit (CD). Both products function similarly: you agree to deposit a fixed amount of money for a specific term, and in return, you earn a higher, fixed interest rate than you would with a standard savings account. The key difference is in the name and structure. Because credit unions are member-owned cooperatives, your deposit represents a “share” of ownership—hence the term Share Certificate. While banks offer CDs, credit unions offer Share Certificates with the same basic features but often better rates and member-focused terms.

1. What are you saving for?

Identifying your savings goal is the first step. Are you working toward a long-term goal like buying a home or funding education? Or are you looking to create a consistent stream of returns with staggered maturity dates? If you'd like a regular flow of funds becoming available over time, consider a Share Certificate ladder —a strategy that involves opening multiple certificates with varying terms. As each one matures, you can reinvest at the current rate, access your funds, or both.

2. Which term is best for your timeline?

Share Certificates are available in a range of terms, often from as short as 3 months to as long as 5 years or more. The longer the term, the higher the potential return. If you're saving for a specific purchase, choose a term that ends just before you’ll need the funds. If you're more focused on earning interest and don’t need immediate access, a longer-term Share Certificate may be a better fit.

3. How are you protected from interest rate changes?

One of the benefits of a Share Certificate is that your rate is locked in at the time of opening. At Superior Credit Union, your interest rate will not change, regardless of what happens in the market. If rates go down, you’re protected. If rates go up, you can reinvest at the new, higher rate once your certificate matures.

That’s why Share Certificates are considered low-risk—they offer stability, predictability, and guaranteed growth over time.

4. Can you add funds during the term?

Some credit unions offer Share Certificates that allow a one-time “top-off” or additional deposit during the term. Most do not, however, so it's important to ask before opening one. If you think you might want to increase your investment during the term, make sure to choose a certificate that offers this feature—or consider staggering your deposits through multiple certificates.

5. Will you need this money before maturity?

Share Certificates are best for funds you won’t need to touch until the end of the term. Withdrawing early typically results in a penalty that may reduce your earned interest—or even a portion of your principal in some cases. Be sure to select a term that aligns with your financial timeline, or talk to us about other flexible savings options if your situation might change.

Let’s Talk About It...

At Superior Credit Union, we’re committed to helping you make confident, informed financial choices. If you’re considering a Share Certificate, stop by any branch to speak with one of our knowledgeable team members. We’ll walk you through your options, explain the benefits, and help you find the term and rate that best fit your goals. Your savings should do more than sit still. Let’s make it work for you—with the power of a Share Certificate.

5 Things to Ask When Opening A Checking Account

Fri, 25 Aug 2023 17:45:11 GMT

Choose Your Institution Wisely, Or It Could Cost You!

It's time for you to open a checking account, but which one is the best? Here are 5 things to look out for when choosing a checking account!

Fees . This is a big one. You want to take a look at all the fees an institution will charge you to have a bank account. Look for things like paper statement fees, fees if you go negative in your account, bounced checks, or need a debit card replacement. If you aren't careful, the fees can add up and eat away at your money pretty quickly.

Minimum requirements Along the same lines as fees, are minimum requirements. Do you need to have direct deposit? Many institutions will have several checking accounts to choose from, each of which has its own assortment of requirements. The hard part is finding the one that fits your needs with requirements you feel you can meet. Is there a minimum balance necessary? And if those things are not met, what are the fees associated with it?

ATM Network We still live in a cash world, so access to your money is pivotal. Where will you get service charges for using an ATM, and where will you be able to pull out money free of charge? There may be a situation where having a checking account at a particular institution is just the right fit for you, but their ATM network is very small. Other things to look for are if they have shared branching abilities or other ways you can get to your funds, no matter where you are.

Technology Today, having an app is so important for a financial institution. What features are available through the app? What person-to-person platforms (such as #CashApp, #Venmo, etc.) do they support? Also, on their website, are there functions you can use, such as disputing a transaction or wire transfers digitally vs. coming into a branch?

Insurance Above all else, is your money insured? Banks should be protected through the #FDIC, and credit unions through the #NCUA.

At Superior Credit Union, we pride ourselves on having few fees, and only $5 to keep an account open. Our ATM Network is large, our mobile app extensive, and we are Federally Insured by the NCUA. All of that, plus the hometown relationship you can trust. Stop in to one of our branches and open a checking account today!

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Fri, 25 Aug 2023 17:45:09 GMT

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4 Reasons To Open a Vacation Account

Fri, 25 Aug 2023 17:45:08 GMT

Save Now To Have A Worry Free Getaway!

A vacation or travel account is an account with special rates or terms that encourage members to save for a large expenditure

Many financial institutions offer special rates or perks for vacation accounts. The interest rate may be better, and many only cash out once a year or when their savings goal is met. This encourages you to save as much as you can, while at the same time making these funds something you think about less. If you forget it's there, you won't spend it.

Opening an account for a vacation allows you to clearly see your progress toward your goal. If you set up automatic deposits, you can see your balance grow as you get closer to your vacation, and it can be a big motivator to throw additional funds into it whenever available.
Keeping vacation funds in a different "pot" than regular or emergency ones will stop you from accidentally spending earmarked funds, or even worse, it will discourage you from dipping into your emergency funds for vacation.
You can easily avoid vacation debt. Many people will put entire vacations on a credit card, then spend the rest of the year paying it off, with interest. When building a vacation fund, you can say goodbye to those interest payments and hello to a less stressful vacation.
Have a credit card with #travel rewards? Maximize your benefits and use it! With your saved vacation fund, you are then able to pay it off right away, before any interest accrues. Best of both worlds!

Vacations are supposed to be relaxing. Plan so you can enjoy it, without breaking the bank. Stop into any Superior Credit Union branch today to open up your Dream Vacation account, and enjoy .50% interest on the first $15,000 saved!