Posts by Francisco Saenz
Fraud Prevention and Security
The Internal Revenue Service (IRS) recently warned taxpayers and tax professionals about a new IRS impersonation scam email.
The email subject line may vary, but according to the IRS, recent examples use phrases like “Automatic Income Tax Reminder” or “Electronic Tax Return Reminder.” The emails include links that are meant to look like the IRS website with details about the taxpayer’s refund, electronic return or tax account. The emails contain a “temporary password” or “one-time password” that purports to grant access to the files. However, these are actually malicious files. Once the malware files are installed on your computer, scammers may be able to secretly download software that tracks every keystroke, giving the bad guys access to information like passwords to your financial accounts.
Don’t be fooled: The IRS does not send unsolicited emails and never emails taxpayers about the status of refunds.
KEEPING YOUR MONEY SAFE
Fraud and scams are realities in today’s world. Here are just a few of the most common schemes fraudsters may use:
“Is this too good to be true?” If it sounds too good to be true, it probably is. Read on for some typical fraud tactics.
- “Buy it now – this offer is only good today!”
- Pay first, before any of the details or contract are provided.
- Offers that discourage potential customers from taking the time to research the product or company thoroughly before purchasing.
- Offers in which a fee has to be paid to receive a large amount of money back.
Extremely alarming or threatening messages – threats of account closure and/or jail for yourself or a loved one. Fraudsters use fear in hopes that people will panic and be frightened into providing their personal information.
Promises of money for little or no effort. “Free” trips, life insurance, lottery winnings, etc. They ask you to pay a small processing charge in order to receive your money/gift.
Buy gift cards to pay for services/fees. A legitimate business will not ask for services to be paid with a gift card.
Email or text messages – claiming to need to verify or update your information. Never send your account numbers, card numbers, PIN(s), passwords, Social Security number(s), or any other personal identification information via text or email.
Love of your life (or a really good scam artist?). Be very cautious when a long-distance romance interest, a relative of a romantic love interest or anyone else that you know little about “needs money” or “has passed away and left you a large sum and you just have to send money to get it”.
How do I protect myself? Here are some ways to protect yourself.
PROTECT YOUR IDENTITY
Never share account or card information. This includes your internet banking login/password, account numbers, social security number, personal identification number(s)/PIN(s).
Do not provide personal information via email. Email is not a secure way to communicate.
Wait to “share”. Avoid posting on social media when you are on vacation and when you will be returning advertising that your home will be empty. Wait until you get back to post those fun photos!
Secure your mail. Place outgoing mail in a post office collection box and not in your own mailbox. If you are going to be away from home for more than a couple of days, have the US Post Office hold your mail. SRIFCU online banking and electronic statements are a great option!
Review your account regularly.
Safely dispose of personal information. Shred any documents that have personal or financial information.
Review your credit report annually. Request a free copy of your credit report at: www.annualcreditreport.com.
If you believe your identity and/or account information may have been compromised, contact the Federal Trade Commission immediately for guidance and to report identity theft.
How to protect your SRIFCU debit card from fraud and unauthorized transactions
HOW TO PROTECT YOUR SRIFCU DEBIT CARD FROM FRAUD AND UNAUTHORIZED TRANSACTIONS:
- Regularly review account transactions
- Do not provide your card number to via unsecure internet or to an unsecure website
- Log off any site after making a purchase with your card or close the browser completely
- Use a specific debit card tied to a specific account for online purchases only
- Track transactions carefully
- NEVER share your PIN with anyone
- Destroy old cards. Don’t throw them in the trash
- Protect your card as you would cash
- Use ATMs in well-lit and secure areas
- Shield the keypad when entering your PIN
What to do if you see transactions that you did not make?
- Contact the merchant immediately to discuss the charge and request reimbursement.
If the merchant will not provide a refund:
- Close your card: Call 800-986-3669 or stop by the branch to request that your card be closed immediately so no further transactions can be charged. A dispute form will also be provided for you to complete and submit.
SRI Federal Credit Union. Local Service. Global Reach.
On October 17, 2019, SRI Federal Credit Union will join with 56,000 credit unions around the world in celebration of International Credit Union (ICU) Day®.
There are 200+ million credit union members around the world—more than 100 million in the U.S. alone—and SRI Federal Credit Union joins them in celebration of the not-for-profit cooperative spirit that all credit unions share.
This cooperative spirit has led to life-changing opportunities for people all over the world who’ve wanted to start a small business, own a home or continue their education but were denied access to other financial institutions. In many parts of the world, people’s first taste of democracy is through their credit union, where “one member, one vote” is the governing structure.
At its most basic level, a credit union is people pooling their money to provide each other with affordable loans—it is literally people helping people. This is why we celebrate ICU Day. Because credit unions empower people, wherever they are in the world or life, to take control of their financial future.
Celebrate National Credit Union Day by referring a friend or family member. Remember that we will reward you for referring your friends or family. Referred new members will receive $50 when they open a new checking account. Referring members will also earn $50 for each qualified new member, up to $500 per year. Read here for more details. Spread the International Credit Union Day spirit and start earning Referral Rewards today!
Oktoberfest 2019
On Friday, October 4th Jump in your lederhosen and come to the credit union for some Oktoberfest celebrations! Join us from 2 pm – 5 pm for some beer, snacks, music, and fun! At the event, we will be pouring beer from The Palo Alto Brewing Company and serving up delicious snacks! As a bonus, for anyone who adds a direct deposit* into their SRIFCU account during the months of October and November will be entered to win a prize! On December 2nd three lucky members will be chosen! *Direct deposit must be a minimum of $500 to qualify for the drawing.
Congratulations to the Class of 2023 and their parents!
Preparing for college is an exciting time, but it can also be stressful as you start to tally the costs. College is expensive! Before you get overwhelmed, take a deep breath and take the process one step at a time. How much will it cost? By now you should have received information from your college of choice about your cost of attendance (COA). The COA outlines what you’ll be responsible for paying for one academic year, including room, board, books and other fees. Remember that your true cost of attendance may vary based on things such as your housing situation (a single room will usually cost more than a double shared with a roommate) or where you purchase your books (look for deals online or with used books). How do I pay for it? Now that you’ve reviewed the costs, how will you cover them? You should have filed your FAFSA earlier this year in order to find out how much financial aid you will receive from the government or your school. The government and your college will use your FAFSA information to decide how much financial aid you will receive. This aid will come in the form of scholarships and grants. Start with these options because they typically do not have to be repaid – in other words, free money for college! The next option for financial aid comes from federal student loans. Federal loans come with many options to help you or your parents fund your college education. They also offer great benefits such as fixed rates, deferment, and income-based repayment, to name a few. Still need more help paying for college? Don’t wait until your fall tuition bill is due – now is the time to look into your options for paying for college! For more information, or to apply click HERE.
Private student loans are the final option you should explore. These loans come from a private lender like SRI Federal Credit Union. Our Student Choice lending solution comes with low-interest rates, flexible repayment terms, and a convenient line of credit structure that allows you to get funding for your entire undergraduate career with just one application. By borrowing from a trusted, local lender, you’ll get a fair value loan with the personal service you’ve come to expect from your credit union.
Send Your Student Loan Debt On A Permanent Vacation!
Summer is heating up, and you may be wishing you could send your student loan debt on a permanent vacation! Relax – SRI Federal Credit Union can help you beat the heat when it comes to student loan payments. When you refinance and consolidate your private, federal, and even parent (PLUS) loans into one manageable loan, you’ll get the benefit of one convenient payment and could potentially lower your rate, saving money over the life of your loan!* Grab a refreshing drink and your favorite pool float, and check out these benefits: Refinancing your federal and/or private student loans can be a great way to consolidate payments and potentially save money on interest over time. However, refinancing may not be the best option for everyone. That’s why it’s important to research and discuss your options with an expert you can trust. Don’t let the stress of paying down student loans burn you up – your credit union has a cool solution! Visit srifcu.studentchoice.org to learn more and apply. *Subject to credit qualification and additional criteria, including graduating from an approved school. IMPORTANT NOTICE: By refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans. Please review this important disclosure for more information.
Find out how to get your FREE Popsicle!
On June 14th from 11 am to 4 pm the credit union will be giving away FREE Popsicles. Simply fill out the survey linked here, print out the confirmation page and bring it in.
Hope to see you on Friday, June 14th from 11 am to 4 pm.
Remember, with SRI FCU anything is popsicle! Popsicle Fun Facts: The Popsicle was invented by an 11-year-old who kept it secret for 18 years.
Save The Date!
All members and SRI International employees are invited to attend SRI Federal Credit Union’s 62nd Annual Meeting to celebrate the Credit Union’s success during 2018. The meeting will be held Wednesday, March 20th, at noon in the International Building of SRI. Let us share with you the Credit Union’s 2018 financial performance, accomplishments and featured products.
Back by popular demand, Apryll Held, our Mortgage Loan Specialist, will be on site to answer any mortgage related questions you may have. To speak with Apryll one-on-one, call us at 650-859-5477 to make an appointment. Availability is limited, so be sure to schedule your appointment before spaces run out!
We will have door prizes and giveaways that won’t disappoint! If you bring a guest who is eligible to join and they become a member both of you will be entered to win a special prize and both will receive $50 dollars! Following the meeting, we invite you to enjoy food and refreshments with other members and credit union staff.
Be sure to save the date, Wednesday, March 20th, at noon. See you there.
New Online Banking Update!
The new online banking update has been rolled out! Upon first sign-on, you’ll notice we now require a “One-Time Passcode” to access your account. Although the application looks the same, there are some new functions and enhanced security features.
New features include:
- One-Time Passcode – via Text, Email or Voice
- Email Change Alert – Now a standard feature, you’ll be notified if your email has been updated through online banking
- Member-to-Member Transfers now allow you to save a Payee (i.e. George’s Checking & George’s Savings)
- Update your contact info within online banking
- Improved Menu options
- Improved Account List View (upgraded from account tiles)
- Family Manager – Set up various access levels for everyone that needs to view your account. Stay tuned for more details!
We thank you for your patience and cooperation in helping us improve your online banking platform. As always, please contact us with any questions, comments or concerns you may have – we value your feedback!
We’re moving on up!
SRI Federal Credit Union is pleased to announce that we will soon be opening our new main branch. Our new above ground branch will still be located at 333 Ravenswood Ave in Menlo Park. Its new entrance will be located to the left of the SRI building “A” lobby.
The new branch features an open floor plan that creates a comfortable, inviting atmosphere designed to enhance conversation and connection. It will feature several digital installations that will display information ranging from financial literacy to special deals and rates. Included below are pictures of the beginning of the construction.
Come and join us to celebrate our grand opening on Monday, November 12, 2018, from 11 AM to 1 pm, in the breezeway between SRI’s HR hallway and the new branch entrance (look for the balloons). In addition to great door prizes, refreshments and lunch, SRI’s Fitness center will be doing signups for any SRI employees that have not signed up yet.
Want to see how it all turned out? Make sure to mark your calendars for the special day and stay tuned for more news coming soon.
We’ve Increased Our Savings Rates…Again!
With interest rates rising, it’s a good time to review your finances to understand the effect of rate increases on your accounts. SRI Federal Credit Union has all you need to maximize your dividend yields.
You may have noticed our Savings and Money Market rates had a jump in August, and now we’re complementing those eye-popping rates with stellar increases to all our Certificate rates in October! The rate increase is a healthy .25% across all Certificate rates! Now you can get a CD with a rate as high as 2.55% APY!
Remember that our Money Market rates are still very competitive (with rates as high as 1.50% APY). Don’t miss the opportunity to start earning more interest on the money that you already have, by transferring it over to our high rate Money Market account and Certificates. You could be earning 1.50% in your Money Market account, why not start today?
We would love to discuss all the options with you. Call us at 1-800-986-3669, email us at connect@srifcu.org or visit our branch.
*APY=Annual Percentage Yield