SRI Federal Credit Union Blog - Page 7 of 11

How much will that four-legged pal cost you?

Q: How much does it really cost to have a dog?

A: That ball of fur may be adorable, but having a dog doesn’t come cheap!

Here’s a rundown of what buying and owning a dog can cost.

Start-up costs

Buying a purebred will run you $500-$2K, but a dog from a shelter can cost as little as $50, or up to $200.

You’ll need some doggy gear, including a bed, a collar and leash, a feeding bowl and some toys. These will run you approximately $50.

Getting your dog trained can cost as little as $25 for a single class, or up to $300 for a full course of training and resource materials.

Getting your dog spayed or neutered can add $20-$300 to your initial costs. Licensing, vaccinations and a microchip will bring that total up by $110-$360.

Total one-time costs: $255-$3,060

Ongoing costs

Now you’ll need to consider what it costs to care for your pet each month.

Dog food

The cheapest dog food can cost less than a dollar a pound. But if going gourmet, expect to pay up to $1.60/lb.

The size of your dog also plays a role in the total food costs. A 3-pound pup will only need 1⅓ cups of food a day, compared to the 4½ cups of food a 100-pound beast will consume.

Finally, consider your dog’s dietary requirements. A bag of food for dogs with sensitive stomachs is $2.60/lb.

Total monthly cost: $20-80

Preventative health care and routine visits

All dogs will need some medication to prevent common conditions. Most vets also advise dog owners to bring their pets in for a wellness checkup at least once a year.

Total monthly cost: $20-80

Grooming and bathing

If you’ll be hiring someone to bathe and groom your doggy, these costs can add another $100 to your monthly dog costs.

Total monthly cost: $0-100

Doggy daycare, boarding, and walking

Doggy daycare averages $40/day, while overnight stays can cost $100 a night.

Professional dog-walking services can charge as much as $30 for every half-hour walk.

Total monthly cost: $0-600

After the initial costs, expect to pay anywhere from $40 to $960 a month in total dog costs.

That furry friend doesn’t come cheap! Make sure you can afford these new expenses before bringing your pet home.

Your Turn: How do you pay for your doggy expenses? Tell us about it in the comments.

Posted in Hello World

Beware of Gift Card Scams

Everyone loves a gift card for their favorite retailer or restaurant. It’s like getting money to spend in any way you please! Unfortunately, scammers also love gift cards, but for all the wrong reasons: They often use gift cards to pull off scams. Here’s what you need to know about gift card scams and how to avoid them.

How the scams play out

There are several ways scammers utilize gift cards to con victims out of their money:

The IRS gift card scam. In this scam, a target receives a threatening message that’s allegedly from the IRS and claiming they are at risk of arrest for tax evasion if they do not pay up immediately. However, they insist that payment can only be made in the form of a gift card. Often, the scammer will ask specifically for an iTunes gift card, because, as you know, the IRS always asks for tax payments in the form of digital music.
The tech support gift card scam. In this variation, a caller pretends to represent tech support at a recognized company, like Apple or Microsoft. They’ll insist there is something wrong with the victim’s computer and offer to “assist” in fixing the problem. Payment can be made with a gift card, of course. Lucky for you, there is nothing wrong with your computer, but you’ve just been targeted by a scam and are at risk of getting tricked.
The romance gift card scam. A new dating partner found through a dating website asks for money in the form of a gift card to help them out of a sticky situation. Believe them and you’ll lose both your date and your money.
The sweepstakes gift card scam. Congratulations — you’ve won a trip to the Cayman Islands! But first, you have to pay the small processing fee via gift card. Follow directions and you’ll never see that vacation or the money you spent on the gift card again.
The utility gift card scam. You don’t want your gas or electricity cut off, do you? If you don’t pay up with a gift card, the lights might just go out. They won’t, but if you fall for the call, you’ll be out the money you spent on the gift card.
The balance-check gift card scam. You spot a discounted gift card up for sale online and happily purchase the card. The seller will send you the card, but then ask you to read the numbers over the phone to confirm the balance. If you comply, the seller now has all the information they need to use up all the funds on the gift card.

How to spot a gift card scam

A little bit of knowledge goes a long way in recognizing gift card scams:

The IRS will never initiate correspondence by phone call, text message, or email. Instead, they will send a letter to taxpayers through the U.S. postal system.
No authentic business or government agency will insist on payment by gift card.
If you don’t recall entering a sweepstakes, chances are you didn’t win it either.
A caller or message claiming a matter is urgent and demands immediate action is nearly always a scam.

In general, gift cards should be used for purchases or to send as gifts, and not as payments. Also, as with all sensitive information, the numbers on your gift card should never be shared over the phone or online. Finally, it’s best to only purchase gift cards through reputable sellers or those that have excellent customer reviews and/or offer a cash-back guarantee.

If you’ve fallen victim to a gift card scam

If you’ve paid a scammer with a gift card or shared your gift card information after being taken by any of the above ruses or similar schemes, take immediate steps to mitigate the damage.

First, contact the company that issued the card as soon as possible. You can find the customer service number for most companies on the card itself or through a simple Google search. Tell the representative what happened. If you still have them, hold on to the receipt and the actual card for proof should it be required.

Next, if the scammer continues to contact you by phone, text message or email, do not engage further. Block the scammer’s number from your mobile device and mark their emails as spam.

Finally, report the incident to the Federal Trade Commission (FTC) and alert your family and friends about the scam.

Stay safe!

Posted in Fraud, Hello World

Your Complete Guide to Secure Mobile Banking

In response to the rise of mobile banking scams, the Consumer Financial Protection Bureau (CFPB) recently published new guidance on unauthorized electronic funds transfers or EFTs. With more people using electronic banking as a holdover from pandemic times, it’s important for consumers to be aware of its vulnerabilities and how to protect themselves from scams. Here’s what you need to know about the risks of mobile banking and how to stay safe.

What are the risks of mobile banking?

Banking through your mobile device is quick, convenient and efficient. There’s no longer a need to stop by the credit union on your way home from work to deposit checks, make a transfer or review your recent account history. Most banks and credit unions now allow you to do all that and more at any time, and from anywhere, using your phone and a mobile banking app.

Unfortunately, though, like all transactions that take place over the internet, mobile banking has some inherent risks. First, hackers can break into a phone and an account to steal money and information. Also, phishing scams that target people over the phone can trick them into sharing login information with scammers who may then hack into the account. Finally, bogus emails and messages appearing to be from your credit union can lead you to unknowingly install malware on your device.

Mobile banking scams can be difficult to spot and are frighteningly prevalent. In fact, according to a report by data science company Feedzai, the first quarter of 2021 saw a 159% increase in banking scams over the last quarter of 2020. This is likely due to the fact that the volume of banking transactions are returning to their pre-pandemic norm and many of them are happening online.

How to bank safely online

Instances of online fraud may be mounting, but that doesn’t mean you need to give up the convenience of mobile banking. Follow these protocols for online safety and bank with high confidence:

Use a VPN to hide your IP address. A VPN (virtual private network) will give you a private network, even when you’re using public Wi-Fi, thus preventing scammers from tracking and hacking your mobile device. It’s important to note that some VPNs can work so well that your own credit union won’t recognize you, so be sure to choose one that provides each user with a designated proxy IP. This enables select accounts to recognize the user while providing protection from hackers.
Always choose multi-factor authentication. Most money apps will require this, but if your chosen app allows you to make this choice, be sure to say yes to multi-factor authentication.
Never share your password or save it to your device. All of your passwords should be confidential, but the password you choose for an online banking app must be top secret. Don’t share your password with anyone. Follow suggested guidelines for choosing a strong password, including alternating between uppercase letters, lowercase letters, numbers and symbols; and choosing a unique password you don’t use elsewhere. Also, choose a security question that cannot be answered by searching through the personal information you post on your social media platforms.
Brush up on your knowledge of scams. It’s important to keep yourself updated on the latest banking scams and to know how to recognize a scam if you’re targeted. Never answer a text or email that asks for your account details, even if it appears to be from your credit union. Remember that Legitimate companies will never ask you to purchase gift cards as means of payment. Finally, always be wary of unsolicited phone calls and banking alerts.
Protect your phone. With the wealth of sensitive information it holds, a smartphone should be protected just like a desktop and laptop computer. Consider installing an antivirus app on your phone as well as a location-tracking app so you can find your phone if it gets lost. Be sure to lock your phone after using it, log out of the mobile banking app when you are done and always keep your phone in a safe place.

Mobile banking scams are on the rise, but by simply following the tips shared above, you can use your phone to bank with confidence, knowing your money and your information are safe.

Interested in downloading or finding out more about our secured mobile app, click here.

Posted in Hello World, Online Banking

Did You Know that We Offer RV loans?

If you’re thinking of road-tripping your next getaway, think RVs. Recreational vehicles and their close cousin, campervans, are growing increasingly popular as more families hit the road for a true American adventure that’s easier on the wallet and heavy on the fun. When purchasing an RV, you can go all out with a fully loaded luxury vehicle, or go the less costly route by opting for a campervan, also called a Class B motorhome. The best part is that our current New and Used RV Loan rates are 5.99% APR both up to 180-month term (15 years)!

If you’re still not convinced, here are seven reasons to buy an RV or a campervan:

1. Save money

With a means of transportation and a place to stay all rolled into one, an RV helps you save significantly on your vacation costs. Plus, when you travel with an on-the-go kitchen, you can stock up on staples before heading out to cut down on the money you’ll spend feeding your family while on the road. In fact, despite the cost of fuel, a 2018 study conducted by the CBRE Hotels Advisory Group found that RV vacations were anywhere from 27-61% less expensive than conventional getaways.

2. Privacy and comfort

Why fight for legroom on a crowded airplane when you can travel in a vehicle that gives you plenty of space to stretch your legs? Move around as much as you’d like (as long as you’re not in the driver’s seat), enjoy a private bathroom, and catch a few winks in the sleeping area, all while traveling to your destination. No unpacking and repacking the vehicle when you stop at hotels along the way or sleeping with your face pressed to the window while stopped at rest areas. What more could you ask for while traveling?

3. Increased flexibility

When you travel with your own means of transportation and a place to stay while on your vacation, there’s no need to be locked into specific dates for your getaway. Instead of working around the cheapest flights and hotel stays, you can come and go as you please and vacation on the schedule that works best for your family.

4. Explore more

Traveling by RV will give you the opportunity to take in the sights and sounds of each place you’ll pass through. You’ll enjoy every bit of picturesque scenery on your travels and have the leisure of stopping to watch a glorious sunset or a passing herd of deer.

5. Bring your pets along

No need to arrange pet sitters or to keep your furry friend in a carrier under an airline seat as your plane wings its way across the skies. When you travel by RV, you can bring your pets along and keep them nearly as comfortable as they’d be while at home. Plus, you’ll save on the cost of pet care while you’re gone, or footing the cost of an extra airline seat.

6. Tax benefits

In many states, owning an RV can mean enjoying significant tax benefits:

The homeowner’s deduction – if you claim your RV as your primary residence, you may be able to take the homeowner tax deduction for your vehicle.
Sales tax deduction – in many states, the sales tax you paid on the RV is tax-deductible for the year the RV was purchased.
Interest deduction – you may be able to deduct the interest you pay on your RV loan from your taxes.
Business tax deduction – you may be able to claim this deduction if you work from your RV.

Be sure to check with your accountant or tax advisor to see which of these tax benefits applies to you.

7. RV campgrounds are everywhere

You’ll find public, private, and government-owned campgrounds near major attractions all around the country. Fees can be as low as $30 a night, or as high as $150 for upscale resorts with amenities. Look up RV parks near your vacation destination here.

If you’re ready to take the plunge and purchase an RV or a campervan, look no further than SRI FCU! Our RV loans have affordable interest rates, reasonable payback terms, and easy eligibility requirements for qualifying members. Call, click or stop by SRI FCU today to take the first steps on the road trip of a lifetime!

Your Turn: Apply here!

Posted in Hello World, Loans

A Special Thanks From AFS-USA

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Treasury, and Small Business Administration implemented the Paycheck Protection Program in 2020. This was an effort to assist small business owners whose business operations had been adversely impacted by the COVID-19 pandemic crisis through a short-term loan relief program.

Posted in Hello World

Deciphering Financial Aid Award Letters

You’ve received your college acceptance letters – congratulations! If you’ve been accepted to multiple schools, one of the biggest determining factors for your final choice may be the out-of-pocket cost for each option. Along with your acceptance letters, you should receive an award letter outlining the financial aid for which you are eligible at each college.

IMPORTANT DEFINITIONS:
Award Letter – An offer sent from a college or university to the student that details how much financial support the student is eligible for. The award letter is sent following the student’s submission of the Free Application for Federal Student Aid (FAFSA) and application to attend a college or university.

Cost of Attendance (COA) – A figure provided by college financial aid offices that estimates the total costs of attending that particular school for a period of one year. Included in the estimate are expenses such as tuition, room and board, books and supplies, personal expenses and transportation. Keep in mind that some of these expenses are not set in stone! For example, your costs may be less if you opt to live in a double dorm room versus a single room; select a smaller meal plan; purchase used books, or do not park a car on campus.

Financial Aid – Your award letter provides a list of the aid for which you qualify at each school. You will let the school know which pieces of your financial aid package you wish to accept. (Hint: take the free money first!)

Types of Financial Aid Offered (not all are available to every student):

• Scholarships and Grants (FREE money for college!)
• Federal Direct Loans
• Federal Direct PLUS Loan
• Federal Work Study Program

Comparing Costs – Unfortunately, there is no standard layout for an award letter, so you will need to carefully look at each offer and be sure you are comparing apples to apples. What type of dorm room or meal plan does each school include in their COA? Do both include the cost of books? Are miscellaneous expenses or other fees broken down and labeled? If you’re not sure about any of the numbers, reach out to the school’s financial aid office for clarification.

Can I appeal the decision for my financial aid package?
Yes! You can always reach out to the financial aid office to discuss your award package, especially if your family’s situation has changed. The following situations can be taken into consideration:
• Recent unemployment of family member(s)
• Medical, dental, or nursing care expenses not covered by health insurance
• Changes in the family’s income and/or assets
• Disability/death or divorce
• Homeless youth
• Parents incarcerated

Need more information about paying for college?
You can also schedule a one-on-one consultation with our College Counselor! Send your questions to scholarhelp@studentchoice.org or visit our College Counselor page to access a submission form and more resources. You can also apply online here.

Posted in Hello World, Loans

64th Annual Meeting

SRI Federal Credit Union’s 64th Annual Meeting will be held virtually on Wednesday, March 17^that noon.

Posted in Hello World

Digital wallets: What are they and how do they work

Seeing people pay with their cellphones or watches has become the new normal. The days of printing out your boarding pass before you check into your flight are now in the past. Digital wallets are a new way to stay organized and safe.

Due to the coronavirus pandemic, digital payment adoption has seen a large increase. Because of its contactless nature, digital wallets have become popular with the number of cashless businesses in the U.S.

What is a digital wallet?

Digital wallets are a digital version of your financial accounts made easily accessible via computer, smartphone or smart device. In other words, this can eliminate the need to carry around your actual wallet and gives you a contingency plan in case you forget your actual wallet.

Currently, ApplePay, Google Pay, and Samsung Pay are three of the most popular digital wallets.

How digital wallets work

Before you get started with a digital wallet, you want to figure out which one you want to use. The device you use will normally dictate which digital wallet you go for. As an example, if you’re an iPhone or Apple Watch user then you’ll probably want to use ApplePay but if you’re an Android user you’ll want to use Google Pay or Samsung Pay.

Click here for instructions on how to add your SRIFCU Visa-branded credit or debit card to the digital wallet of your choice.

In order to make a contactless mobile payment, you simply have to authorize the digital wallet and hold it close enough to the card reader so that your information can be transmitted. Not all retailers accept mobile payments, but you can easily look for the contactless payment indicator on the retailer’s point-of-sale (POS) system or card reader. This symbol looks like a sideways WiFi icon.

What else can digital wallets do?

Digital wallets don’t only make paying for items quick and easy, they also help keep other important documents organized and easily accessible.

Here is a short list of items you can store in a digital wallet to stay organized:

Credit or debit cards
Boarding passes
Hotel reservations
Airbnb reservations
Concert tickets
Gift cards
Coupons
Loyalty rewards cards
Insurance cards

Are digital wallets safe?

A common concern is over safety and security. What happens if your phone gets stolen? Can hackers easily steal your information?

No — digital wallets are actually more secure than your physical cards.

This because mobile payments are heavily encrypted and tokenized, in other words, none of your actual card or account numbers are stored within the digital wallet.

How does that work?

When you add your information to a digital wallet, that information is then converted into a unique code via encryption that can only be accessed by authorized entities. Digital wallets go a step further by also adding in tokenization, which takes that sensitive encrypted data and replaces it with a non-sensitive digital equivalent known as a token. These unique tokens are randomly generated every time a user makes a payment and only the merchant can match this token to accept the payment.

Ultimately, your information is useless and unreadable to fraudsters when encryption and tokenization are used together.

Not only is your information more secure thanks to that technology, but also through user verification. This added layer of security is usually done by fingerprint, facial recognition or PIN.

Bottom line

Digital wallets offer an easy, quick and safe solution for virtual payments, tickets, gift cards and more. While this doesn’t mean you should leave your physical wallet at home, digital wallets and contactless payments will likely see an increase in adoption by U.S. consumers and merchants in the not so distant future.

Posted in Hello World, Online Banking

SRI FCU Virtual Annual Meeting 2020

SRI Federal Credit Union’s 63rd Annual Meeting will be held virtually on Wednesday, September 16^that noon.

Posted in Events, Hello World

We Are Here To Help

Amid ongoing concerns about the Coronavirus COVID-19, we want to reach out and share a few of the ways we are here to serve you during this time:

If you’ve been impacted by COVID-19 and need our support, we’re here to help. Send a message through online banking, contact us or call us at 1-800-9863669 to talk to one of our staff members for assistance. They will be happy to go over all your available options, such as Emergency loans, credit line increases, Special Student Loan Forbearance and Skip-A-Payments.

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How much will that four-legged pal cost you?

Beware of Gift Card Scams

Your Complete Guide to Secure Mobile Banking

Did You Know that We Offer RV loans?

A Special Thanks From AFS-USA

Deciphering Financial Aid Award Letters

64th Annual Meeting

Digital wallets: What are they and how do they work

SRI FCU Virtual Annual Meeting 2020

We Are Here To Help

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