Uncategorized – Baptist Health Federal Credit Union

October 13, 2023 amanda

Maintaining a good credit score is crucial before getting married for several reasons:

Financial Transparency and Trust: Marriage often involves merging finances. A good credit score indicates responsible financial behavior and promotes trust between partners. It shows that you manage debt and credit responsibly, which can be essential when sharing financial responsibilities.
Access to Credit and Loans: A good credit score makes it easier to qualify for loans, mortgages, and lines of credit. This can be especially important when buying a home, financing a car, or starting a business together.
Lower Interest Rates: A higher credit score usually leads to lower interest rates on loans and credit cards. This means you’ll pay less in interest over time, which can significantly impact your financial well-being.
Joint Financial Goals: Whether it’s saving for a house, starting a family, or planning for retirement, having good credit allows you to pursue these goals with more confidence and flexibility.
Emergency Situations: In times of crisis or unexpected expenses, a good credit score can be a lifeline. It provides access to credit that can be crucial for handling emergencies or unexpected financial challenges.
Qualifying for Rental Agreements: If you’re planning to rent a home or apartment together, a good credit score can make it easier to secure a lease. Landlords often check credit scores as part of the rental application process.
Insurance Premiums: In some cases, a good credit score can lead to lower insurance premiums. This is because insurers use credit scores as one of the factors in determining risk. As a BHFCU Member, you’ll have access to our special insurance discounts including Auto, Life, and Home Owners, Disability, GAP Protection, and Mechanical Repair coverage.
Avoiding Financial Stress: Poor credit can lead to financial stress and strain on a marriage. It can make it difficult to qualify for loans or even get a credit card. This can hinder your ability to achieve common goals.
Protecting Individual Credit Histories: While married couples share many financial responsibilities, maintaining individual credit scores is still important. If one partner’s credit score is significantly lower, it could impact the couple’s ability to get favorable terms on loans or credit.
Potential Impact on Children: If you plan to have children, your credit score can indirectly affect them. It can influence your ability to save for their education, provide a stable home, and meet their future financial needs.

BHFCU offerings FREE credit monitoring for all members. Make sure to opt-in through the BHFCU mobile app so that you can check your credit score anytime without harm. Not only that, but you’ll also receive custom rates and discounts based on your credit score. This can help you plan as a couple for things ike a new car, house, or obtaining personal loans. Learn more about our free Credit Score program today.

It’s worth noting that while individual credit scores don’t merge when you get married, your financial behavior as a couple can still impact your creditworthiness, especially if you open joint accounts or co-sign loans. Communication and transparency about your financial situations are crucial for a healthy financial partnership.

Remember, a good credit score is just one aspect of financial health. It’s important to also discuss spending habits, budgeting, saving, and long-term financial goals with your partner before and after getting married.

If you have questions about your credit score or how to opt-in to our free credit monitoring program, give us a call at 501-202-2373 today!

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Mike Gorman, CEO, Elected to HCUA

September 19, 2023 amanda

Congratulations to our CEO, Mike Gorman, on his election to a 3 year term on the Board of Directors for the Healthcare Credit Union Association (HCUA).

The Healthcare Credit Union Association is a national organization that promotes growth, viability, and unity of healthcare credit unions by maintaining a sharing and cooperative spirit among its members that serve the healthcare industry.

HCUA is governed by a Board of Directors elected by the member credit unions. The Board is comprised of healthcare credit union executives from across the US. You can learn more about the HCUA at www.hcua.org

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BHFCU Donates $2,500 to Baptist Health College Little Rock

September 15, 2023 amanda

LITTLE ROCK, Ark. – Baptist Health College Little Rock (BHCLR) received a $2,500 donation to the Student Emergency Fund from the Baptist Health Federal Credit Union (BHFCU). This fund ensures student’s financial needs are met in a time of crisis. Needs might include gas, groceries, diapers, bills car notes and rent.

“The Student Emergency Fund at BHCLR has been in existence for many years serving the students who are enrolled in all ten programs,” said Hope Coleman, academic and spiritual counselor at Baptist Health College Little Rock. “Money from this fund has helped students to buy gas to get them to campus for class, purchase groceries to feed their families, provide necessary supplies for single mothers and their infants and toddlers, cover electric and water bills, pay car notes before they get repossessed and pay for rent before being evicted. BHCLR is grateful to the Baptist Health Federal Credit Union for supporting our students and for the very generous gift they provided.”

BHFCU’s partnership with the college allows students to continue their education and pursue their career in health care despite barriers that arise.

“The BHFCU’s philosophy is built upon people helping people. The credit union could not be more proud and honored to carry on this philosophy by assisting with student’s needs as they become leaders in health care,” said Greg Hutchins, chief operations officer at Baptist Health Federal Credit Union. “We look forward to assisting with future needs.”

To make a donation to Baptist Health College Little Rock, visit https://bit.ly/bhcollegedonation to provide opportunities for future nurses and health care professionals.

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FRAUD SCEHMES

August 1, 2023 amanda

Fraud Schemes are On the Rise

We have been informed that BHFCU members have been receiving various versions of text messages regarding supposed transactions on their account and are being asked to sign in to verify the purchase. Remember always pay attention to the URL and make sure if you get a message claiming to be BHFCU that you do not open the text or click on any links.

BHFCU is not sending these text messages. BHFCU WILL NEVER CALL YOU AND ASK YOU FOR YOUR ACCOUNT INFORMATION OR PERSONAL DETAILS!

If you receive a suspicious claiming to be BHFCU, HANG UP! Then call the credit union back by dialing 501-202-2373. Make sure to report any suspicious calls or text messages that you receive immediately.

Don’t become a victim of fraud! The acceleration of new technology, growth of the internet, and social media has also led to a sharp rise in scams. Know how to protect yourself from fraud!

The first step in making sure that you are safe from fraud is to know the types. The Federal Communications Commission keeps an updated list of FRAUDS, SCAMS, and ALERTS. This list discusses phone scams, insurance scams, spoofing, robocalls, texting scams, and more!

As your trusted financial provider, we want to make sure that you are as informed as you can be on scams that may affect you as a credit union member. Here are a few important scams to know about:

1. SPOOFING

Spoofing is when a caller deliberately falsifies the information transmitted to your caller ID display to disguise their identity. Scammers often use neighbor spoofing so it appears that an incoming call is coming from a local number, or spoof a number from a company or a government agency that you may already know and trust. If you answer, they use scam scripts to try to steal your money or valuable personal information, which can be used in fraudulent activity. If you think you’ve been the victim of a spoofing scam, you can file a complaint with the FCC.

Don’t answer calls from unknown numbers. If you answer such a call, hang up immediately.
If you answer the phone and the caller – or a recording – asks you to hit a button to stop getting the calls, you should just hang up. Scammers often use this trick to identify potential targets.
Do not respond to any questions, especially those that can be answered with “Yes” or “No.”
Never give out personal information such as account numbers, Social Security numbers, mother’s maiden names, passwords or other identifying information in response to unexpected calls or if you are at all suspicious.
If you get an inquiry from someone who says they represent a company or a government agency, hang up and call the phone number on your account statement, in the phone book, or on the company’s or government agency’s website to verify the authenticity of the request. You will usually get a written statement in the mail before you get a phone call from a legitimate source, particularly if the caller is asking for a payment.
Use caution if you are being pressured for information immediately.
If you have a voice mail account with your phone service, be sure to set a password for it. Some voicemail services are preset to allow access if you call in from your own phone number. A hacker could spoof your home phone number and gain access to your voice mail if you do not set a password.
Talk to your phone company about call blocking tools and check into apps that you can download to your mobile device. The FCC allows phone companies to block robocalls by default based on reasonable analytics. More information about robocall blocking is available at fcc.gov/robocalls.

2. ROBOCALLS & TEXTS

Unwanted calls – including illegal and spoofed robocalls – are the FCC’s top consumer complaint and our top consumer protection priority. These include complaints from consumers whose numbers are being spoofed or whose calls are being mistakenly blocked or labeled as a possible scam call by a robocall blocking app or service.

You may not be able to tell right away if an incoming call is spoofed. Be aware: Caller ID showing a “local” number does not necessarily mean it is a local caller.
If you answer the phone and the caller – or a recording – asks you to hit a button to stop getting the calls, you should just hang up. Scammers often use this trick to identify potential targets.
Do not respond to any questions, especially those that can be answered with “Yes.”
Never give out personal information such as account numbers, Social Security numbers, mother’s maiden names, passwords or other identifying information in response to unexpected calls or if you are at all suspicious.
If you get an inquiry from someone who says they represent a company or a government agency, hang up and call the phone number on your account statement, in the phone book, or on the company’s or government agency’s website to verify the authenticity of the request. You will usually get a written statement in the mail before you get a phone call from a legitimate source, particularly if the caller is asking for a payment.
Use caution if you are being pressured for information immediately.
If you have a voice mail account with your phone service, be sure to set a password for it. Some voicemail services are preset to allow access if you call in from your own phone number. A hacker could spoof your home phone number and gain access to your voice mail if you do not set a password.
Talk to your phone company about call blocking tools they may have and check into apps that you can download to your mobile device to block unwanted calls.
If you use robocall-blocking technology already, it often helps to let that company know which numbers are producing unwanted calls so they can help block those calls for you and others.
To block telemarketing calls, register your number on the Do Not Call List. Legitimate telemarketers consult the list to avoid calling both landline and wireless phone numbers on the list.

3. 'ONE RING' PHONE SCAM

For illegal robocallers, the goal isn’t always getting you to answer. Sometimes, it’s getting you to call back.

Every so often, your phone may ring once and then stop. If that happens to you, and you do not recognize the number, do not return the call. You may be the target of a “one-ring” phone scam.

One-ring calls may appear to be from phone numbers somewhere in the United States, including three initial digits that resemble U.S. area codes. But savvy scammers often use international numbers from regions that also begin with three-digit codes – for example, “232” goes to Sierra Leone and “809” goes to the Dominican Republic. Scammers may also use spoofing techniques to further mask the number in your caller ID display.

If you call back, you risk being connected to a phone number outside the U.S. As a result, you may wind up being charged a fee for connecting, along with significant per-minute fees for as long as they can keep you on the phone. These charges may show up on your bill as premium services, international calling, or toll-calling.

Variations of this scam rely on phony voice-mail messages urging you to call a number with an unfamiliar area code to “schedule a delivery” or to notify you about a “sick” relative.

HOW TO AVOID THIS SCAM

Don’t answer or return any calls from numbers you don’t recognize.
Before calling unfamiliar numbers, check to see if the area code is international.
If you do not make international calls, ask your phone company to block outgoing international calls on your line.
Always be cautious, even if a number appears authentic.

4. AUTO WARRANTY SCAMS

If you own a vehicle and a phone, you may receive calls from scammers posing as representatives of a car dealer, manufacturer or insurer telling you that your auto warranty or insurance is about to expire. The call will include some sort of pitch for renewing your warranty or policy.

During the call – which often begins automated or pre-recorded – you may be instructed to press a certain number or stay on the line, then asked to provide personal information, which potentially can be used to defraud you.

What makes it particularly hard to discern if this type of call is fraudulent is that the scammer may have specific information about your particular car and warranty that they use to deceive you into thinking they are a legitimate caller.

First, do not provide any personal information, such as a social security number, credit card information, driver’s license number or bank account information to any caller unless you can verify you are dealing directly with a legitimate company with which you have an established business relationship. Telephone scammers are good at what they do and may imply that they work for a company you trust. Don’t fall for it. Be extremely cautious.
If you have caller ID you can screen incoming calls. Legitimate telemarketers are required to transmit or display their phone number and the name and/or the phone number of the company they’re representing. The display must include a phone number that you can call during regular business hours to ask that the company no longer call you.
You should be cautious even if a number appears authentic. Criminals may engage in caller ID “spoofing” – deliberately falsifying the information transmitted to your Caller ID display to disguise their identity. Avoid answering any calls you suspect may be spoofed.

In closing, remember that if you’re offered something too good to be true, it’s probably a scam. If someone asks you for personal information, hang up and call back. Most importantly, BHFCU WILL NEVER CALL YOU AND ASK YOU FOR YOUR ACCOUNT INFORMATION OR PERSONAL DETAILS. Do not give out information if you are concerned it may be a scammer.

If you receive a call like this, HANG UP! Then call the credit union back by dialing 501-202-2373. Make sure to report any suspicious calls that you receive immediately.