MONEY TALK
SPRING 2021
PRESIDENT’S MESSAGE
A. Scott MacKnight, CEO/President The latest statistics on consumer fraud, as reported by the Federal Trade Commission (FTC), are alarming. According to 2020 FTC findings, there were 2.2 million fraud cases, with an estimated cost to US consumers of $3.3 billion in the past year. New Hampshire ranked #28 among the US with 10,092 reported cases. As a valued credit union member, I encourage you to remain vigilant in protecting yourself and your family from the growing numbers of scams and schemes. Triangle takes your financial safety seriously and, as such, we have implemented measures to combat fraudulent activity and prevent identify theft. First, if you have Better Checking, you have identity theft protection that includes fully managed recovery, a dedicated fraud specialist, identity fraud expense reimbursement up to $25,000, identity monitoring of over 1,000 databases, and access to a credit report every 90 days. Secondly, we offer several fraud prevention services that can be administered through your Smartphone, such as the TCU Cards App, Mobile Wallet, and Text Alerts. For more information on these types of services, I encourage you to read the Fraud Prevention article in this edition of MoneyTalk. Lastly, there are a series of educational resources available for you to learn more about ways in which you can protect yourself and your family; these resources include monthly emails, podcasts, and online workshops. Safeguarding your finances is a number one priority for us. We recognize the trust that you have placed in us. Please take advantage of the resources mentioned here and if you have any questions, email us through our secure Contact Us portal at trianglecu.org. On behalf of the Triangle team, I wish you a most enjoyable spring! Source: ftc.gov/data
MAXIMUM REFUND, GUARANTEED! Remember: Tax deadline extended With TurboTax, you’ll get your taxes done right and your biggest possible refund.^ Until May 17th, log into your online banking at trianglecu.org for more information on how to get started. ^Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.
UPCOMING WEBINARS & WORKSHOPS
APRIL
MAY
• The Pursuit of Potential Talk
• Estate & Retirement Planning
• Estate & Retirement Planning
• Making a Social Call: What You Need to Know about Social Security
• Medicare
• First Time Homebuyer Visit the events page at trianglecu.org for dates, times, and registration.
THE MANY USES OF A HELOC A Home Equity Line of Credit (HELOC) has unlimited benefits and uses. As a financial resource, a HELOC is based on the equity in your home. Equity is defined as the value of your property minus the loan balance; for example, your property value is $500,000 and your mortgage balance is $200,000 so you have an equity value of $300,000. A HELOC is a great option for debt consolidation, tuition and college expenses, upgrades or repairs to your home, auto repairs, or even a dream vacation. To get a better understanding of what a HELOC is and what it can be used for, the Making Money Personal podcast team interviewed one of Triangle’s Mortgage Originators, Ryan Campbell. In this episode, Ryan mentions the versatility of a HELOC and adds, “it is a great option for a safety net in case of unforeseen emergencies. You can think of it as a spare tire on your car—no one has ever complained about having it when their tire goes flat. I’m a homeowner, and over the past three years, I have had a water heater and a furnace both break. Having a line of credit, like our HELOC, at my disposal means it’s a quick and easy way to fix something and get your home back again.” When asked about the differences between a HELOC and home improvement loan, Ryan explains, “the HELOC has almost unlimited uses, whereas a Home Improvement loan is a niche product; it has to be used only for home repairs. To access the funds with a home improvement loan, you need to have a work order or an invoice for the work.
To learn more about HELOCs, you can scan the code above to listen to this episode. Join our community by subscribing on your favorite podcast app.
FRAUD PREVENTION
PROTECTING YOUR CREDIT & DEBIT CARD Using your credit or debit card to purchase gifts, groceries, and essential items is easy and convenient. Sometimes it can be a little too easy and you might make purchases on unsafe sites. It is important that your credit and/or debit card stays secure from fraudulent activity. Keep your cards safe in just 3 simple steps: 1. Download the TCU Cards app This free mobile app, available for Android and iOS devices, allows control over your card(s) from the palm of your hand. Our TCU Cards app features lock/temporary unlock capabilities for your card(s) when not in use and you can also report lost/stolen cards in the mobile app. 2. Enroll in Mobile Wallet This has become one of the most secure ways to make purchases with your debit and/or credit card, either in-store or online. By enrolling in Mobile Wallet, you receive the same benefits you would when you use your physical card, but with additional layers of security. Purchasing with Mobile Wallet also provides you with a contactless and quicker payment option when you shop in stores.
3. Sign up for fraud alert text messages Triangle Credit Union offers an advance fraud alert program via text message* that will notify you in real time when suspected fraudulent transactions are taking place on your account. Alerts provide quick communication to you when suspected fraudulent activity is occurring without an intrusive phone call from an unrecognized number. Interested in enrolling in the above programs or have questions? Please email us at memberservices@trianglecu.org or access Live Chat within Online and Mobile Banking. *Text messaging is available if the phone number on file is a cell number, otherwise the alert will be processed as a phone call.
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