. . . And Stuff

Life Hacks and Other

Good Info.

5 Tips to Limit (or Completely Avoid) Overdraft Fees

Savings, checking and other accounts offered by your financial institution are important tools that impact your overall financial wellness. To improve confidence around healthy account practices, it’s important to understand the ins and outs of overdraft fees. Siouxland Federal Credit Union may charge overdraft fees when there is not enough money in your account to cover your transactions. The cost for overdraft fees varies by financial institution. The most recent research shows that on average, overdraft fees are typically around $35 per transaction.

Consider these tips to manage or reduce the chance of overdraft fees:

1. Know the Terms: Financial institutions are required under Federal law to disclose any fees they charge in connection with a deposit account. Ask your credit union or bank for disclosures and fee schedules of overdraft fees for any transaction that overdraws an account. Understand if the financial institution charges not-sufficient funds (NSF) fees, as well as continuous overdraft fees, or daily overdraft fees.

2. Track Account Balances: Get in the habit of regularly monitoring account balances which helps you avoid overdraft fees and NSF fees. Consider signing up for low balance alerts through your bank or credit union.

3. Link to a Savings Account: Linking a checking account to a savings account can help reduce the chance of overdraft fees. If your checking account is overdrawn, money is automatically withdrawn from the linked savings account to cover the transaction if there are sufficient funds in the savings account. Be sure to understand whether you will incur a transfer fee. In general, transfer fees are lower than overdraft fees.

4. Opt Out of Overdraft Coverage: It’s possible to reduce stress by opting out of overdraft coverage for debit card purchases or ATM withdrawals. Without overdraft coverage, your card will be declined if you don’t have enough money in your account to cover a debit or ATM withdrawal. When the transaction is not able to be completed, you won’t incur an overdraft fee.

5. Make a Plan: Many people find it useful to build a spending plan for your money. A simple spending plan makes it more likely that you will have enough money for what you need and the things important to you. Following the plan will also help you avoid a situation causing you financial stress such as overdraft fees.

This guide is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

Stop Social Security
related scams

National Slam the Scam Day

March 9, 2023

On National Slam the Scam Day and throughout the year, we give you the tools to recognize Social Security-related scams and stop scammers from stealing your money and personal information. Share scam information with your loved ones. Slam the Scam!

Recognize the four basic signs of a scam:

Scammers pretend to be from a familiar organization or agency, like the Social Security Administration. They may email attachments with official-looking logos, seals, signatures, or pictures of employee credentials.
Scammers mention a problem or a prize. They may say your Social Security number was involved in a crime or ask for personal information to process a benefit increase.
Scammers pressure you to act immediately. They may threaten you with arrest or legal action.
Scammers tell you to pay using a gift card, prepaid debit card, cryptocurrency, wire or money transfer, or by mailing cash. They may also tell you to transfer your money to a “safe” account.

Ignore scammers and report criminal behavior.
Report Social Security-related scams to the SSA Office of the Inspector General (OIG).

5 Ways to Improve Your Credit Score

BY: GREENPATH FINANCIAL WELLNESS

As you’re probably already aware, your credit score can impact your financial picture across several categories. Lenders evaluate your score in determining whether you’ll be approved for a loan or credit card, what interest rate they’ll charge, and even whether you’ll be eligible for job or security clearance.

If you need to give your credit a boost, we have five suggestions for helping you get back on track. But first: the basics.

What is a Credit Score?

A credit score uses historical information about a person’s past use of credit to calculate the likelihood that they will pay back what they owe on time and in full. Ranging from a low of 300 to a high of 850 (sometimes referred to as “perfect credit”), credit scores are calculated based on payment history, amount owed, length of credit history, types of credit used, and new applications for credit.

In general, a score of 660 and above would make a borrower eligible for credit with favorable interest rates. A score below 600 may result in difficulty getting approved for credit and is likely to be subject to high-interest rates.

If you don’t know your credit score, you can contact one of the three major credit bureaus; Equifax, Experian or Transunion.

5 Ways to Improve your Credit Score

1. Be punctual with payments.

Paying your bills on time is the biggest single factor used to calculate your credit score. Late payments, past due accounts, and accounts in collections have a negative impact on your credit. Always aim for consistent, timely payment (even it’s the minimum amount). Punctuality pays off: a positive payment history across 18 months or longer increases the likelihood that you’ll receive more favorable loan terms from lenders.

If you’re falling behind, be proactive in your financial planning. Create a realistic monthly budget that accounts for bills and everyday expenses like gas and groceries. Struggling to keep track of multiple bills? Consider automation. Automated payments can minimize late fees. If you know you will miss a due date, call your credit card company or lender. They may be able to help by moving your due date out.

2. Pay down your debt.

How much you owe is another big factor when it comes to credit score calculation. If you have a large amount of debt or are carrying balances on credit accounts for extended periods of time, it can negatively affect your score.Make it a goal to pay down your debt. Take inventory of any categories where you can reduce non-essential spending so that you pay a little extra on your credit accounts. A credit counselor can walk you through different options for dealing with debt and may be able to help you pay it off more quickly.

3. Don’t max out your credit limit.

The amount of credit you use (also called credit utilization) also affects your score. Our financial counselors suggest using less than 30 to 40% of your available credit. Spending above that threshold or carrying high balances relative to your credit limit will cause your score to fall. If you are using more of your credit limit than you would like, consider making adjustments in your budget and spending choices to reduce your overall reliance on credit.

Keep in mind that regularly utilizing small amounts of credit (and paying it off) will increase your score. People without established credit history typically receive lower credit scores.

4. Maintain good habits.

Your credit score is built on patterns over time, with an emphasis on more recent activity. Improving credit and rebuilding a credit score that has fallen will take some patience, but it can be done! Credit scores can and do change.

A history of timely payments and accounts that you have held for five years or longer have a positive effect on your credit score. Quickly opening multiple accounts, carrying high balances for a sustained period, or even closing unused accounts have a negative effect on your score.

Events like foreclosure and bankruptcy, while they serve an important purpose for those with severe debt, have a significant and lengthy impact on your credit score. (We are not lawyers, and this is not legal advice. If you are considering one of these options, we encourage you to consult a legal professional and to investigate other alternatives as well.)

5. Chat with a credit counselor.

While talking to a credit counselor won’t have a direct effect on your credit score, you can gain valuable insight and information. We will work with you to understand your financial situation, explore different options, and make a personalized plan. We can help you review and understand your credit report. If debt is preventing you from making progress, we can help you explore debt management plans and other options that can accelerate your path forward.

. . . And Stuff

Life Hacks and Other

Good Info.

5 Tips to Limit (or Completely Avoid) Overdraft Fees

Consider these tips to manage or reduce the chance of overdraft fees:

2. Track Account Balances: Get in the habit of regularly monitoring account balances which helps you avoid overdraft fees and NSF fees. Consider signing up for low balance alerts through your bank or credit union.

This guide is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

Stop Social Security
related scams

On National Slam the Scam Day and throughout the year, we give you the tools to recognize Social Security-related scams and stop scammers from stealing your money and personal information. Share scam information with your loved ones. Slam the Scam!

Recognize the four basic signs of a scam:

Scammers pretend to be from a familiar organization or agency, like the Social Security Administration. They may email attachments with official-looking logos, seals, signatures, or pictures of employee credentials.

Scammers mention a problem or a prize. They may say your Social Security number was involved in a crime or ask for personal information to process a benefit increase.

Scammers pressure you to act immediately. They may threaten you with arrest or legal action.

Scammers tell you to pay using a gift card, prepaid debit card, cryptocurrency, wire or money transfer, or by mailing cash. They may also tell you to transfer your money to a “safe” account.

Ignore scammers and report criminal behavior.
Report Social Security-related scams to the SSA Office of the Inspector General (OIG).

5 Ways to Improve Your Credit Score

BY: GREENPATH FINANCIAL WELLNESS

If you need to give your credit a boost, we have five suggestions for helping you get back on track. But first: the basics.

What is a Credit Score?

In general, a score of 660 and above would make a borrower eligible for credit with favorable interest rates. A score below 600 may result in difficulty getting approved for credit and is likely to be subject to high-interest rates.

If you don’t know your credit score, you can contact one of the three major credit bureaus; Equifax, Experian or Transunion.

1. Be punctual with payments.

2. Pay down your debt.

3. Don’t max out your credit limit.

Keep in mind that regularly utilizing small amounts of credit (and paying it off) will increase your score. People without established credit history typically receive lower credit scores.

4. Maintain good habits.

Your credit score is built on patterns over time, with an emphasis on more recent activity. Improving credit and rebuilding a credit score that has fallen will take some patience, but it can be done! Credit scores can and do change.

A history of timely payments and accounts that you have held for five years or longer have a positive effect on your credit score. Quickly opening multiple accounts, carrying high balances for a sustained period, or even closing unused accounts have a negative effect on your score.

5. Chat with a credit counselor.

. . . And Stuff

Life Hacks and Other

Good Info.

5 Tips to Limit (or Completely Avoid) Overdraft Fees

Consider these tips to manage or reduce the chance of overdraft fees:

2. Track Account Balances: Get in the habit of regularly monitoring account balances which helps you avoid overdraft fees and NSF fees. Consider signing up for low balance alerts through your bank or credit union.

This guide is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

Stop Social Security related scams

On National Slam the Scam Day and throughout the year, we give you the tools to recognize Social Security-related scams and stop scammers from stealing your money and personal information. Share scam information with your loved ones. Slam the Scam!

Recognize the four basic signs of a scam:

Scammers pretend to be from a familiar organization or agency, like the Social Security Administration. They may email attachments with official-looking logos, seals, signatures, or pictures of employee credentials.

Scammers mention a problem or a prize. They may say your Social Security number was involved in a crime or ask for personal information to process a benefit increase.

Scammers pressure you to act immediately. They may threaten you with arrest or legal action.

Scammers tell you to pay using a gift card, prepaid debit card, cryptocurrency, wire or money transfer, or by mailing cash. They may also tell you to transfer your money to a “safe” account.

Ignore scammers and report criminal behavior. Report Social Security-related scams to the SSA Office of the Inspector General (OIG).

5 Ways to Improve Your Credit Score

BY: GREENPATH FINANCIAL WELLNESS

If you need to give your credit a boost, we have five suggestions for helping you get back on track. But first: the basics.

What is a Credit Score?

In general, a score of 660 and above would make a borrower eligible for credit with favorable interest rates. A score below 600 may result in difficulty getting approved for credit and is likely to be subject to high-interest rates.

If you don’t know your credit score, you can contact one of the three major credit bureaus; Equifax, Experian or Transunion.

1. Be punctual with payments.

2. Pay down your debt.

3. Don’t max out your credit limit.

Keep in mind that regularly utilizing small amounts of credit (and paying it off) will increase your score. People without established credit history typically receive lower credit scores.

4. Maintain good habits.

Your credit score is built on patterns over time, with an emphasis on more recent activity. Improving credit and rebuilding a credit score that has fallen will take some patience, but it can be done! Credit scores can and do change.

A history of timely payments and accounts that you have held for five years or longer have a positive effect on your credit score. Quickly opening multiple accounts, carrying high balances for a sustained period, or even closing unused accounts have a negative effect on your score.

5. Chat with a credit counselor.

Stop Social Security
related scams

Ignore scammers and report criminal behavior.
Report Social Security-related scams to the SSA Office of the Inspector General (OIG).