Person holding phone using Savvy Money App

Credit Union Tools

March 1, 2023 amanda

Credit Union Tools

One of the benefits of being a Baptist Health Federal Credit Union member is that we are always updating our services to provide members with the financial tools. Below is a list of some of the features that you can utilize as a BHFCU member.

BHFCU MOBILE APP

The BHFCU Mobile App is a quick and easy way to do almost everything you can at the credit union from the convenience of your phone.

Transfer Funds
Send money to friends & family
Deposit Checks
Pay Bills
Setup Alerts
Order Checks
Secure Messaging
Bill Pay
Turn Your Debit Card ON or OFF
Check Your Credit Score (must be enrolled)

Our online banking services can always be access anywhere too! Just visit www.baptist-healthfcu.com to login to your account.

FREE CREDIT MONITORING

Did you know that you can check your Credit Score daily for free without harm? Features of this Credit Monitoring program include:

Credit Simulator: See what will happen to your score if you pay off a loan, obtain a loan, close your account, and more!
Special Offers: If you’re looking for a loan, our credit score program is the best place to start. You’ll receive custom financing offers made just for YOU based off of your credit score!
Report Unusual Activity: Your account will be monitored daily and any potential fraud alerts will be sent. This is especially helpful to watch out for identity theft and allows you to monitor the spending on your cards.
Credit & Savings Tips: Access powerful tips on managing your credit and debt wisely!

You must opt-in in order to receive free credit monitoring. This can be done using the BHFCU Mobile App or Online Banking.

Free ATM Access

BHFCU offers FREE Nationwide ATM Access via the www.moneypass.com network! If you’re traveling for work or vacation, find an ATM near you and skip the fees. Just go to www.moneypass.com and type in your location. MoneyPass will then show you nearby credit unions that will be surcharge-free!

Online Applications

Remember the days of filling out paperwork when opening an account or applying for a loan? Now THEY’RE OVER! BHFCU has a new online application process allowing members to quickly and easily open an account or obtain a loan.

Get the financing you need without mountains of paperwork involved! It just takes a few minutes. Ready to start the process? Visit our APPLICATION PAGE today!

Social Media

Follow us on Facebook and Instagram and stay updated on financial tips, holiday closings, special financing offers, current interest rates, and the positive impact that BHFCU is making in our community. We are actively involved in giving back and love sharing the “people helping people side”of our financial institution to our members.

E-Statements

Go green with e-statements. Choose paperless billing today!

E-Newsletters

Did you enjoy this blog content? If so subscribe to our monthly e-blasts. Once a month we send out an e-blast with current rates, specials, or helpful financial tips and tools. If you’d like more content like this SUBSCRIBE HERE.

We also use these e-blasts to notify members of any important credit union news such as urgent closings due to inclement weather or things such as technical difficulties

Note: We do not spam our members and will never sell your email address to anyone. This is a beneficial tool that we offer members and they may unsubscribe from our messages at any point.

Thank you for being a valued member of the credit union. We strive to keep our technology as up to date as possible and provide members with the tools they need to conduct financial transactions quickly and safely! If you have questions or would like to opt-in to any of these free services, feel free to call us today at 501-202-2373.

Education

FINANCIAL FRAUD

January 30, 2023 BHFCU

What is Financial Fraud?

Financial fraud is when someone takes your money or assets through deception or criminal activity. Fraud is now a $130 billion global financial issue due to the rise in digital interactions and records. According to the Federal Trade Commission, consumers lost more than $5.8 billion to fraud in 2021. This was a rise of 70% when compared to the previous year.

What are the Types of Financial Fraud?

CASH APP FRAUD

Cash apps, such as Zelle, Venmo, or PayPal make paying an individual easy when cash is not around. However, it is important to be aware of possible scams that can occur when using these apps. Always make sure you know the person you are paying. Use secure passwords and make sure that you stay signed out of these apps when finished. Never use public wifi when using these types of apps.

Due to the increase in scams occurring through Cash App, Venmo, and Zelle, BHFCU has implemented P2P (peer to peer) transfers through our mobile app and online banking platforms. You can security and easily transfer money to friends and family or account to account. Just make sure you have the right username, phone number, or identifier prior to sending.

If you haven’t already, download the BHFCU Mobile App today!

ELDER FRAUD

One out of every 5 individuals over the age of 65 have been a victim of financial fraud. Why are seniors targeted so frequently? Seniors are oftentimes more trusting, typically have financial savings, higher credit scores, and own their home. Elderly fraud can occur in a variety of ways. The FBI has listed some of the more popular scams that target the elderly.

Tech Support Scams: Criminals pose as a technology support representative and offer to fix non-existent computer issues.
Grandparent Scams: Criminals pose as a relative claiming to be in financial need.
Government Impersonation Scams: Criminals pose as government employees and threaten to arrest or prosecute victims unless they provide payment.
Home Repair Scams: Criminals appear in person and charge homeowners in advance for home improvement services that they never provide.

PHISHING SCHEMES

Phishing is a type of online scam that targets consumers by sending them an e-mail that appears to be from a well-known source. The email may include the companies name, logo, and contact information. One simple way to detect a phishing scam is by checking the email address that the message was sent from. Oftentimes these phishing emails will use a gmail or yahoo account. BHFCU sends out monthly e-blasts to alert members of current promotions or urgent message such as early closings. These messages will come from contact@baptist-healthfcu.com.

Any message sent from Baptist Health Federal Credit Union will end with @baptist-healthfcu.com

Sweetheart Scams

Sweetheart Scams typically start with a message from someone you don’t know on a dating app or social media account. The scammer sets up a profile, gets to know you, and then slowly lures you in to sending that person money. They may say they need money to travel and come see you, funds for an emergency, or even personal needs like paying rent. Visit CUInsight for more information on Sweetheart Scams and how to prevent them.

How Can I Protect Myself from Fraud?

1. Free Credit Monitoring

BHFCU offers a free credit monitoring program to allow members to monitor their credit score. This program monitors your your credit report daily and informs you if there are any big changes detected such as; a new account being opened, change in address or employment, a delinquency has been reported, or an inquiry has been made. This helps you keep an eye out for identity theft and monitor spending on your credit cards. Sign up for our Free Credit Monitoring today and setup alerts to help protect your accounts from fraud.

2. Review Accounts & Statements

Download the BHFCU app where you can continuously monitor your account activity, turn your debit card “On” and “Off”, message BHFCU directly through the app, and set up security alerts. If you notice any type of fraudulent spending on your account, call us immediately at 501-202-2373!

BHFCU will NEVER call or text you and ask for your personal information. If you are suspicious of a phone call that you have received, hang up and call BHFCU directly at 501-202-2373.

3.Make Sure the Company is Legitimate

Do not send money or give your account information to a company that you did not initiate contact with. Attackers will often reach out by phone, text, or email pretending that there is a problem with your account. Additionally they will pretend to represent a company you may have done business with in the past. Always verify that you know the person or company you are talking to. If you’re concerned, call them back at the company phone number to verify that it is a legitimate call.

4. Make Sure Websites are Secure

Look for the https:// or the security lock in the web address at the top of your internet browser. Never put any type of credit card information into a website that does not include these items as your information may not be secure.

If you think you’ve been a victim of fraud, contact us at 501-202-2373. If you would like more information on the types of common scams, crimes, and how to report them, visit the FBI Website.

Remember, Baptist Health Federal Credit Union is here for you! If you have questions about fraud or fraud prevention, give us a call at 501-202-2373!

Budgeting Checking Savings

Financial Wellness in 2023

January 3, 2023 BHFCU

What is Financial Wellness?

Did you know that two-thirds of Americans plan on making a financial New Year’s Resolution? However, only 20% of those are confident that they will be able to keep up with their goals. This year, instead of making a resolution, put your focus on financial wellness. What is financial wellness?

The simple definition is the ability to take care of your basic needs financially, both now and the proper management of finances for the future. The simple way to have financial wellness is to not spend more than your monthly income. But for many of us, that seems like a daunting task.

At BHFCU it is our goal to provide you with the tools you need to be financially well. Here are a few quick tips for members looking to improve their financial wellness in 2023.

Set a budget

One of the most basic steps in setting yourself up for financial wellness is setting a budget. Create a list of your expenses and compare that to your income. Are there areas that you can make changes? Look specifically for areas that you can save money each month. Do you have a lot of subscription services? Is that morning cup of designer coffee a necessity?

Don't forget to set some room in your budget for fun! You're more likely to stick to your budget if it meets all of your needs. Remember that your budget is there to help you maintain balance, pay down debts, and increase saving. As you pay down debts, revise your budget to better serve your current needs.

Pay DOWN Large Debts

Debt can be overwhelming! Which debt should be paid first? How much should you pay? When creating a budget, it is important to set aside extra funds to pay down large debts or those with the highest interest rates. Don't just budget the minimum monthly requirement, but always try and pay over that amount each month if possible. Consider refinancing loans with high interest rates. BHFCU offers the option to make no payment for 90 days when you refinance your auto, farm equipment, boat, RV, camper, or ATV loan, giving members the ability to use those 3 months of payments to put toward other needs!

Start Saving!

Did you know you can use Direct Deposit each month to have money from your paycheck put directly into a savings account. Doing this makes sure that the money is saved and not spent.

Plan for the future

While it may seem hard to plan 20 years from now when you’re struggling financially today, investing is still an important part of financial wellness. BHFCU offers IRA, CDs, and Life Insurance policies. Planning a life insurance payment into your monthly budget is an easy way to start saving for your future today.

increase your credit score

Your credit score determines your interest rate, which determines how much you’ll pay on your loan. BHFCU is now providing FREE Credit Monitoring without negatively impacting your credit score. Our program allows you to see what your credit score would be based on future payments and teaches you how to improve your credit score in the future.

refinance your home or auto loan

Refinancing is a great way to save money each month. If you’re paying a high interest rate on your home, auto, boat, RV, or camper loan, consider refinancing with BHFCU. When you refinance, you’ll make no payment for 90 days! That gives you 3 months to use the money that would have been spent on your loan, to put toward an urgent need.

EArn additional income

We find ourselves living in a world where you can work from anywhere, anytime! If money is placing a financial burden on your life, look for additional ways to bring in income using your unique skillsets. Are you creative? Consider looking at starting an Etsy Business or becoming a freelancer. Do you have a car? Put it to use by working for a delivery or pickup service during your free time. Interested in sports? There are paid positions such as a referee or coach that could be done on the evenings or weekends. Love fitness? Offer your services as a personal trainer. Whatever you're interested in, look for ways to use your talents and earn extra money in your spare time!

Financial wellness can often leak over into our physical and mental wellness. According to a Vericast study, 75% of consumers said the amount of money in their bank account, impacts their mental health. Money can, but should not have an impact on how you feel about yourself or your life decisions. Your financial wellness should not impact your emotional wellness. Always have a plan of how to change your spending if there is a change to your income. It is also important to save to ensure you have funds to cover emergency expenses. If you’re struggling with your financial situation, give us a call at 501-202-2373. We can discuss options like skipping a payment, refinancing, and lend a listening ear during your time of need.

Remember, you control your finances, your finances do not control you. Baptist Health Federal Credit Union is here for you! We want to assist as much as we can. If you have a financial question, are looking for ways to save, or have questions on creating a budget, give us a call at 501-202-2373!