What You Should be Doin’ Before There’s a Storm Brewin’

Put Your Life in a Box

We are just a few weeks into the 2011 hurricane season. It seems like every year predictions from NOAA (the National Oceanic and Atmospheric Administration) call for an active season. True, there have been a lot of named storms in recent years, but we've been pretty fortunate here in southern Alabama. That’s no reason not to heed the meteorological warnings. You may not realize it, but there are financial precautions you should take this time of year too.

Get a large plastic, water tight box. This is your disaster box. Keep all of your financial documents in it. If a window blows out or, heaven forbid, your house floods, you’ll need your financial papers to be safe and dry.

It’s also a good idea to keep some cash in this box. Not so much that you feel uneasy about having cash in the house, but enough to buy any necessities after the storm. It’s not uncommon for businesses to open soon after a disaster so they can help provide you with the necessities you may have forgotten to be prepared with. Trouble is the store may not have power, or a functioning credit/debit card reader. Be sure to break the $20 bills down somewhere. Any place that’s open after a hurricane is there to help, but they may not have a lot of small bills on hand to make change. You should also keep a credit card with little or no balance in this box. This way, if you need to make any emergency travel decisions, you’ll have money available to fund the trip.

Other things to include in your disaster box are copies of your home, health, and automotive insurance documents, medical records, bank account numbers, and social security cards.

It’s important to be sure your insurance policies are up to date. Most insurance companies won’t allow you to make changes to your policy once a storm has been announced. Be sure you’re protected. It’s always a good idea to have a video inventory of your home and property. Now’s a good time to make this year’s video, making sure to note product model numbers and other important information. If you have a computer, and who doesn’t, be sure to make a backup of all of your files onto a DVD, flash drive, or external hard drive. This should be kept in your disaster box as well.

We hope you won’t need to use your disaster box. It’s better to be prepared than, well, you know.

For more information on how to protect your finance during a storm, search the web. We’ve provided a lot of basic tips here, but your specific needs may require additional preparation. If you have any questions, stop by our website http://www.newhcu.org or connect with us on Facebook. We’re here for you, Alabama, now, and later.

Something's Phishy About This Email

In a recent post, we touched on the topic of phishing. It occurred to us, that a little touch wasn’t nearly enough information to help prepare and protect you from these malicious attacks. As a result, we’re going to spend an entire post discussing these scams. We’ll go over how to spot an attempt at phishing your information, phishing emails, spear phishing, and how to protect yourself.

If you recall, phishing is a scam, most commonly done via email, whereby a person tries to gain personal and or financial information from an unsuspecting individual. These emails usually masquerade as authentic correspondence from a bank, social network, or credit card company.

What is it about these emails that can help me know I’m being phished? They look legitimate, so people are willing to click through and provide sensitive information. The “from” field will almost certainly contain the name of a trusted source. This can be done by anyone in just a few seconds. The links contained within the email will also look legitimate, as it only takes a few clicks to make any text point to any web address.

A phishing attempt will also likely contain logos, colors, and disclaimers belonging to the trusted company. Probably the most common lead is to tell the recipient there have been security changes, usernames and passwords need to be updated, financial information is out of date, and the included link will make the process very easy. Sounds legit, right?

Spear phishing, as it’s come to be called, uses code to direct the recipient to the correct domain, but there is often a popup window over the website asking for information. Be careful with these. It’s best to click the “x” to close the window, rather than clicking cancel or OK.

There are a few things everyone can do to help ensure the phish hook doesn’t snag sensitive information. Read the email carefully. Phishers are often in other countries and their lack of English proficiency is usually evident in the text of the email. Look for improper grammar, spelling errors, and logos that just don’t look quite right. Be leery of strange subjects as well.

As we mentioned, hyperlinks can say pretty much whatever the composer wants. You may not know, however, that if you hover your mouse pointer over the link, the actual target address is displayed – most often in the lower left corner of the browser window. Hover over this link: http://www.ft.com/home/uk - You might expect to go to The Financial Times, but if you look in the bottom left of your browser, you might see that it's actually pointing to our website. The scammers are also notorious for registering domains that are confusingly similar to the one being spoofed. Look out for misspelled domains, hyphens, and periods within the domain name. While the last two aren’t necessarily sure-fire indicators the address is a spoof, they’re still red flags and worth close inspection.

The safest way to avoid being phished is to completely disregard these email messages. New Horizons Credit Union will not contact you via email for purposes other than simply sharing information. If you think you’ve received a spoofed email, call us at (251) 316-3240.

There is a seemingly endless stream of tips and tricks to help avoid being phished. We hope that this crash course has helped you to be just a little bit safer online. For more information, search the web, stop by our website http://www.newhcu.org or connect with us on facebook.

Identity Thieves: You don’t have to give them credit, they’ll take it

Identity theft, fraud, or cloning – call it what you will, it’s bad news. The FTC estimates as many as 9 million Americans have their identities stolen every year, and it’s easier than you may think. To add insult to injury, it’s not always as easily detected as we may like.

So, what exactly is identity theft? Identity theft happens when someone uses your personal information, such as your name, Social Security number, or credit card information without your knowledge or approval. With this information, an identity thief can commit any of a number of fraudulent acts. These include running up your credit card bills, emptying your bank account, applying for credit in your name, buying a home or renting an apartment on your credit, or even using your identity when arrested. It’s even possible for you to be arrested if the criminal commits an act using your identity. The list truly does go on and on. Identity thieves can even use one person’s Social Security number with a different person’s name; making the crime even harder to track.

How do they get the info?

You’re careful with your information, right? Well, at least you think you are. These people only need one window, and they can clear out the house. Some of the ways they might obtain your information are:

Rummaging through your trash – just because it’s covered in gravy or worse doesn’t mean it’s not gold to a garbage scavenger. A credit card receipt, a bill, or a cancelled check may find its way into your garbage – and then into the wrong, soiled hands. It’s a good idea to use a cross-cut shredder, or better yet, use these documents to start your grill or bonfire.

Skimming – this is a term given to using a device that stores your credit card information at the point of purchase. This is a shady operation and, unfortunately, it’s completely unavoidable and undetectable when it’s been implemented.

Phishing – this has nothing to do with a tasty mullet or the popular jam band. Identity thieves often pretend to be financial institutions or other trusted companies and utilize online pop-ups or emails to gain your trust and your information. A good popup blocker and spam filter are always a wise choice. Be careful online, the criminal never has to see you to steal from you.

Change of address – yes, it’s possible for a would-be criminal to submit a change of address form in your name. Once this has been done, all of your mail from a particular creditor or agency will come to the address that the thief has set up. This can go undetected for quite some time. With use of online billing on the rise, people are less apt to notice when a paper bill doesn’t come in the mail.

STOP, THIEF – the tried and true method of simply stealing a purse, wallet, or mail is still very much alive. Thieves also steal personnel records from employers if they can gain access. If not, they may try to bribe someone who does have access.

Baby blues – one of the most targeted groups for identity theft is babies. This portion of the population has everything necessary for a criminal to start life anew. The worst part is that this audience is the least likely to notice, at least for several years. Have you run a credit check on your toddler? Probably not.

So, how do you find out if you've been a victim?

The best way to find out is to keep track of your credit report. There are three major credit reporting agencies and it’s wise to check all three, often. In fact, you can obtain a report from them for free, once a year. It’s not uncommon for one agency to have information that another doesn’t. The sooner you detect that there’s been fraudulent activity, the better the chance you’ll be able to minimize the damage. The negative effects of identity theft can take years to resolve. Be careful and aware of what you’re doing with your information at all times. Look for secured connections when conducting business online. Web addresses on secured servers will often be preceded by https:// rather than the more common http://.

More information can be obtained from the Federal Trade Commission at ftc.gov You can also find out more at http://www.newhcu.org

Identity Thieves: You don’t have to give them credit, they’ll take it

Identity theft, fraud, or cloning – call it what you will, it’s bad news. The FTC estimates as many as 9 million Americans have their identities stolen every year, and it’s easier than you may think. To add insult to injury, it’s not always as easily detected as we may like.

So, what exactly is identity theft? Identity theft happens when someone uses your personal information, such as your name, Social Security number, or credit card information without your knowledge or approval. With this information, an identity thief can commit any of a number of fraudulent acts. These include running up your credit card bills, emptying your bank account, applying for credit in your name, buying a home or renting an apartment on your credit, or even using your identity when arrested. It’s even possible for you to be arrested if the criminal commits an act using your identity. The list truly does go on and on. Identity thieves can even use one person’s Social Security number with a different person’s name; making the crime even harder to track.

How do they get the info?

You’re careful with your information, right? Well, at least you think you are. These people only need one window, and they can clear out the house. Some of the ways they might obtain your information are:

Rummaging through your trash – just because it’s covered in gravy or worse doesn’t mean it’s not gold to a garbage scavenger. A credit card receipt, a bill, or a cancelled check may find its way into your garbage – and then into the wrong, soiled hands. It’s a good idea to use a cross-cut shredder, or better yet, use these documents to start your grill or bonfire.

Skimming – this is a term given to using a device that stores your credit card information at the point of purchase. This is a shady operation and, unfortunately, it’s completely unavoidable and undetectable when it’s been implemented.

Phishing – this has nothing to do with a tasty mullet or the popular jam band. Identity thieves often pretend to be financial institutions or other trusted companies and utilize online pop-ups or emails to gain your trust and your information. A good popup blocker and spam filter are always a wise choice. Be careful online, the criminal never has to see you to steal from you.

Change of address – yes, it’s possible for a would-be criminal to submit a change of address form in your name. Once this has been done, all of your mail from a particular creditor or agency will come to the address that the thief has set up. This can go undetected for quite some time. With use of online billing on the rise, people are less apt to notice when a paper bill doesn’t come in the mail.

STOP, THIEF – the tried and true method of simply stealing a purse, wallet, or mail is still very much alive. Thieves also steal personnel records from employers if they can gain access. If not, they may try to bribe someone who does have access.

Baby blues – one of the most targeted groups for identity theft is babies. This portion of the population has everything necessary for a criminal to start life anew. The worst part is that this audience is the least likely to notice, at least for several years. Have you run a credit check on your toddler? Probably not.

So, how do you find out if you've been a victim?

The best way to find out is to keep track of your credit report. There are three major credit reporting agencies and it’s wise to check all three, often. In fact, you can obtain a report from them for free, once a year. It’s not uncommon for one agency to have information that another doesn’t. The sooner you detect that there’s been fraudulent activity, the better the chance you’ll be able to minimize the damage. The negative effects of identity theft can take years to resolve. Be careful and aware of what you’re doing with your information at all times. Look for secured connections when conducting business online. Web addresses on secured servers will often be preceded by https:// rather than the more common http://.

More information can be obtained from the Federal Trade Commission at ftc.gov You can also find out more at http://www.newhcu.org

Repossess Your Freedom

It’s a beautiful spring Saturday morning. You and your significant other sip coffee while looking out onto your front lawn. The dew is glistening in the sunlight. Thousands of tiny prisms speckle the grass and the lone vehicle in the driveway. You each have a list of honey dos to accomplish this weekend.

“Do you think we should get a second vehicle?”

You look at one another. Both of you knowing that you’d benefit from a second vehicle; you start to consider the options. You could buy new, used from a dealer, used from a private seller or from a repo lot. Each has its benefits, but how do they stack up against one another? Here’s an abbreviated rundown.

New:
Some of the benefits to buying a new car are obvious: the selection allows you to find exactly what you’re looking for, new cars come with great warranties, and dealers and manufacturers often offer great incentives. Leading among the negative aspects of buying a new car is the fact that as soon as the paperwork is signed and you drive off of the lot there is a drastic depreciation. New cars lose up to $7000 or more, just by being purchased.

Used from a Dealer:
One of the biggest benefits of buying used from a dealer is that they often have vehicles with remaining manufacturer warranty or offer their own. Another benefit is that used cars on dealer lots have already suffered the pain of depreciation. There is generally a markup on these vehicles as opposed to buying from a private seller. This is to cover overhead and documentation. If your credit isn’t quite what you’d like it to be, many used dealers offer on-lot financing, though, this generally has a much higher interest rate than loans available at credit unions.

Used from a Private Seller:
If your budget is tight, and financing isn’t an option then buying from a private seller is a viable option. Granted, these vehicles generally don’t have any remaining dealer warranty, but if the owner has thoroughly kept record of maintenance and there are no signs of problems, then you’re likely safe with your decision to buy from an individual. Classified ads, ebay, and CraigsList – among many other websites – can be great resources when looking for a private seller vehicle.

Used from a Repo Lot:
Buying from a bank or credit union repo lot may seem like a last resort but, truthfully, it should be a first stop. The selection may not be as broad as you’d like, but if they have what you’re looking for then you’re in for a deal. These vehicles have been repossessed for lack of payment and can be purchased at deeply discounted rates. Often, the credit union will set a price, slightly above the payoff, and sell the vehicle at that price/OBO (or best offer). There may be remaining warranty and there is no depreciation to deal with.

Do you feel like your options have opened up? Did we miss something? Leave a comment below and let us know.

A Financial Institution that won’t put you in an Instituion

If you hide your money in your mattress, a coffee can in the backyard, or a bank, please reconsider. We believe that eventually everyone will realize that a credit union is the best place to keep and borrow money. The credit union motto is: Not for profit, not for charity, but for service. Can your mattress, coffee can, or bank live up to that sort of standard?

In the world of finance, credit unions stand alone in, what would seem to be, an oxymoron of a category… a non-profit financial institution? That’s right. Credit unions are not for profit cooperatives that are owned and directed by their members. They exist to provide a safe place for members to keep and borrow money at a reasonable rate.

Many banks are members of the Federal Deposit Insurance Corporation (FDIC) which insures customers’ deposits up to $250,000. This security is one of the factors that drives people to banks over credit unions. What they’re not aware of is the fact that many credit unions are members of the National Credit Union Share Insurance Fund (NCUSIF); a similar program which insures credit union members’ funds to the same $250,000 level but also has higher coverage available for different combinations of account types.

Credit unions are regulated by state and federal laws, just like banks, but they’re led by volunteer boards of directors who are elected from and by union members. In recent years, American taxpayer money has gone to “bailing out” several financial institutions; none of which were credit unions. In fact, not a single cent has ever been lost by a member of any federally insured credit union.

The credit union’s origin dates back to the mid-1800s when the first one was established in Germany. It wasn’t until 1908 that the first credit union opened in the United States in Manchester, New Hampshire. Today, there are approximately 100 million credit union members and that number is growing daily. Stop by any of our 8 Mobile or Baldwin county area branches to find out what we can do for you.