 It seems like credit card fraud is everywhere these days. The good news is that there are some simple things you can do to make you less vulnerable. Here are a few tips on how to avoid becoming the victim of credit card fraud:
Periodically review your credit reports. There are three main credit bureaus. Order your credit report from each of them at least once a year. Request copies of your credit report from TransUnion, Experian and Equifax. You can also obtain a free copy of your credit report. Properly discard documents. Cut up, shred, or otherwise destroy credit card statements, bank statements, pre-approved credit offers or any other documents that contain your personal information. Destroy credit card receipts, too. Limit identification pieces. Carry only essential identification pieces in your purse, wallet, backpack or car. Do not carry your Social Security card or your birth certificate with you unless absolutely necessary. Limit the number of credit cards you carry. Try to only carry one or two. Memorize your PIN and password numbers. Do not write them down. Make and keep copies of account numbers in a secure place. Guard your personal information. Don’t give out credit card or Social Security numbers to people you don’t know. Do not have your Social Security number printed on your checks or driver’s license  There’s no greater gift for a parent than spending time with family. This Father's Day, take dear ol' Dad on an adventure with you that he'll never forget! We have some ideas on how to spend a memorable weekend exploring with Dad over Father's Day or any day! For the camper ... Luckily Memphis is near some spectacular campgrounds for RV or tent camping. Some of our top picks go to: Meeman-Shelby Forest State Park. This park is the most visited state park in Tennessee and is a quick 20 minutes from Downtown Memphis! Bordered by the Mississippi River and containing 2 lakes, campers can do it all - hike, fish, bike, swim and visit the Meeman Museum and Nature Center. Chickasaw State Park. Located 80 miles west of Memphis in Henderson, TN, this beautiful campground is a noted bird watching site, but if Dad isn't into birds, there's horseback riding, gorgeous lakes for fishing, a golf course, and all kinds of programming and events all year. The park is undergoing renovations so expect an even better camping experience coming soon. Natchez Trace State Park. If Dad's a hiker, this park has hiking trails ranging from a one-half mile up to 4.5 miles, and a 40-mile overnight trail. The trails wind through the forest and fields and along the lakeshores and streams of the gorgeous Natchez Park. As an added bonus, there are plenty of historical sites to stop by along the journey there. For the boater ... Pickwick Lake. A local favorite, this is the perfect lake if you want to socialize with other boaters and enjoy its landmarks. At about 2 1/2 hours away from Memphis, Pickwick is the perfect getaway to take the family for the weekend and holidays. There are great local restaurants and the convenience of lots ofmarinas to store your boat. If you’re looking for smooth water to wakeboard, ski, or wakesurf, the Tombigbee waterway is the spot to find smooth water at all times. Sardis Lake, MS: Sardis is located about an hour away from Memphis making it one of the hot spots for the summer. The lake was built for flood water control purposes, but not many of the 5 million people that visit each year know this. The lake has and abundance of bass and is great for watersports and camping. Greers Ferry, AR: At just over 3 hours, this beautiful, clear-water lake is worth the extra effort to get there. During the summer, the lake turns into a mecca for boaters and fishermen. The cool, clear waters and awesome mountainous scenery make for a great weekend out on the water. For the ATVer ... While off-road vehicles aren't allowed in Tennessee state parks, there are nearby privately owned options for those who like a 4-wheeled thrill ride. Coon Creek Off-Road Park. Located in Dyersburg, about an hour-and-a-half’s drive from Memphis, hills and ravines cover more than 450 acres for lots of action-packed riding. Admission is $10 per day per person. Sugar Creek Trails. Just outside Millington, this 300-acre trail park has a motocross track, drag strip, mud bog, several trails and a creek. Riders may even camp at the site that is practice grounds for professional motocross team The Sugar Creek Boyz. Admission is $10 per ATV. The Wilderness Trails. DeSoto County riders looking for riding opportunities to the south can turn to The Wilderness Trails in Starkville. Covering 150 acres, the park includes nearly 10 miles of trails and an open riding area for riders of all skill levels. Admission is $15 per day, $35 monthly or $250 per year.y  Phishing is a form of fraud in which the attacker tries to gain information such as login credentials or account information by masquerading as a reputable entity or person in email, website or other communication channels.
Typically a victim receives a message that appears to have been sent by a known contact or organization. An attachment or links in the message may install a virus on the user’s device or direct them to a malicious website set up to trick them into divulging personal and financial information, such as passwords, social security numbers, account IDs or credit card details. SAFETY TIPS TO AVOID PHISHING Delete email and text messages that ask you to confirm or provide personal information (credit card and bank account numbers, Social Security numbers, passwords, etc.). Legitimate companies don’t ask for this information via email or text. The messages may appear to be from organizations you do business with – banks, for example. They might threaten to close your account or take other action if you don’t respond. Don’t reply, and don’t click on links or call phone numbers provided in the message, either. These messages direct you to spoof sites – sites that look real but whose purpose is to steal your information so a scammer can run up bills or commit crimes in your name. Area codes can mislead, too. Some scammers ask you to call a phone number to update your account or access a “refund.” But a local area code doesn’t guarantee that the caller is local. If you’re concerned about your account or need to reach an organization you do business with, call the number on your financial statements or on the back of your credit card.  Studies show that a high percentage of consumer credit reports contain errors so serious that those individuals could be denied credit.
What are the common errors? 1) Misspelled names 2) Wrong Social Security numbers 3) Inaccurate birth dates 4) Inaccurate information about a spouse 5) Out-of-date address 6) “Closed” accounts listed as “open” 7) The same mortgage or loan listed twice 8) Absence of major credit, loan, mortgage, or other accounts that could be used to demonstrate creditworthiness These errors may end up costing you big money and more. Lenders use credit reports to determine the interest rates on loans; the more creditworthy you appear on paper, the lower the rate you pay. Many people are surprised to learn that a potential employer turned them down for a job because of negative information on their credit report. Federal law, however, requires that the employer get your permission before pulling your report. The Fair Credit Reporting Act requires each of the “big three” credit reporting agencies—Experian, Equifax, and TransUnion—to provide you with one free copy of your credit report, at your request, once every 12 months. Go to annualcreditreport.com to request your reports.  Saving money is one of the most important aspects of building wealth and having a secure financial foundation. There are ways to empower the next generation with sound financial advice, and that starts by teaching children the importance of saving from a young age. If you are a parent, here are 5 ways to teach your children about saving money.
START WITH AN ALLOWANCE. Giving a child an allowance, even a small one, empowers them to start making choices about the money that they earn. Make them understand that receiving an allowance is their opportunity to save up for things they want. Consider giving your children weekly or monthly allowances starting as young as kindergarten. USE SAVINGS JAR. When your kids really want a new toy or trendy clothes, let them know they will have to save up for it. Give them a jar for each of their desired purchases and allot their allowance in a denomination that encourages savings. For example, if you give your child five dollars a week, give it to them in one dollar bills. They can save all their cash for one purchase, or they can contribute to different “jars” for various savings goals. CREATE A TIMELINE. Create a timeline so that your child can visualize when they will reach their goal. Let’s say you give them five dollars a week and they want to save up fifty dollars. If they saved one hundred percent of their allowance, they’d reach their goal in ten weeks, or roughly three months. Having a chart that they can mark off as they get close to their goals will help them understand how long it takes to save up for special purchases. LEAD BY EXAMPLE. Children learn by example, so the best way to teach your child about saving money is to save money yourself. Have your own jar of money that you put funds in regularly. When you’re out shopping, show your children how to discern between various prices and explain why buying one item makes better sense than another. TALK ABOUT IT. One of the most important things you can do is to have open conversations about money and the importance of saving. Money doesn’t have to be scary or a taboo. An innocent question such as “Are we rich?” can be answered in a way that emphasizes family values, such as hard work and responsible spending.  Phishing is a form of fraud in which the attacker tries to gain information such as login credentials or account information by masquerading as a reputable entity or person in email, website or other communication channels.
Typically a victim receives a message that appears to have been sent by a known contact or organization. An attachment or links in the message may install a virus on the user’s device or direct them to a malicious website set up to trick them into divulging personal and financial information, such as passwords, social security numbers, account IDs or credit card details. SAFETY TIPS TO AVOID PHISHING Delete email and text messages that ask you to confirm or provide personal information (credit card and bank account numbers, Social Security numbers, passwords, etc.). Legitimate companies don’t ask for this information via email or text. The messages may appear to be from organizations you do business with – banks, for example. They might threaten to close your account or take other action if you don’t respond. Don’t reply, and don’t click on links or call phone numbers provided in the message, either. These messages direct you to spoof sites – sites that look real but whose purpose is to steal your information so a scammer can run up bills or commit crimes in your name. Area codes can mislead, too. Some scammers ask you to call a phone number to update your account or access a “refund.” But a local area code doesn’t guarantee that the caller is local. If you’re concerned about your account or need to reach an organization you do business with, call the number on your financial statements or on the back of your credit card. LG&W Federal Credit Union proudly sponsored MLGW Administrative Professionals Day event on Friday, April 27 at the Neighborhood Christian Center on Jackson. In addition to giving a presentation on improving your credit score, the Credit Union provided the grand door prizes of two bicycles, as well as other fun give-aways. Congratulations to Shelby Collins and Alice Snell on winning the bicycles!
 The following article is from the Balance Financial Guide.
The freshness of spring motivates a lot of people to throw open the windows and doors, and do a thorough spring cleaning. It’s a great way to take stock of what you have, organize it so everything’s more accessible, and ditch the clutter that’s keeping you from enjoying your space. While you’re at it, why not dive into a bit of spring cleaning for your finances, too? Check Your Tax Withholding You just filed your income taxes. If you got a big tax refund, that’s the good news and the bad news: good that you didn’t have to write a check to the IRS, and bad because a big refund means you overpaid. Basically, you’ve been shorting your take home pay to give the government an interest-free loan. So, examine the personal allowances you claimed on the W-4 form you completed for your employer. If you’re consistently getting big tax refunds, it’s likely you’re claiming too many allowances and, thus, having more money than necessary withheld from your paycheck. Review Insurance Policies You want to make sure that you have the right types and amounts of coverage. For example, you may have purchased a home or gained other assets since you first took out your auto policy. If so, it may be wise to increase your liability coverage. It may cost you more in the short-term, but you’ll be glad you had proper coverage if you need to make a claim. On the flip side, if you have auto and home policies with different companies, you may be paying too much. Oftentimes, you can save by bundling both auto and home insurance policies with the same company. Evaluate Your Credit Cards If you’re carrying credit card balances, you’re throwing away money, so make a strategy to pay off that debt. Lots of credit card issuers want your business, and periodically run balance transfer promotions that let you consolidate your balances onto one card that carries a super-low rate for a fixed period of time – sometimes as low as 0%, with no balance transfer fee. If you’re able to do this, be sure to pay off the debt before the interest rate goes back up to the regular rate. And remember, don’t close those old credit card accounts, because that could ding your credit score. Instead, once you’re free of credit card debt, use all of your cards periodically to keep them active, and discipline yourself to pay off all your balances each month. Consolidate Retirement Accounts If you’ve been fortunate to work for companies that offer 401(k) retirement plans, you may have accumulated several accounts that are sprinkled among various employer-sponsored plans. While diversifying your investments is always a good idea, it’s easier to manage them if they’re consolidated in one place. You have a couple of options. Your current employer may allow you to rollover other accounts into your current 401(k), but only do that if your current plan offers low fees and solid investment choices. You can also roll over those old 401(k) accounts into an Individual Retirement Account (IRA), where you have a broad range of low-cost investment options. Just be sure you do a direct rollover, so you don’t incur any tax penalties. While the Credit Union was closed for President’s Day, staff had the chance to do something special in the community! As a part of our commitment to help others, LG&W Federal Credit Union’s staff were pleased to bake goodies for the families of the Ronald McDonald House. The Ronald McDonald House provides support for families with children who are sick. What a special day for us!  During the month of April 2018, members who switch from paper statements to e-statements will receive $5 in their account!
What is an e-statement? Instead of receiving a paper statement by mail, you will receive an email notifying you that your statement is available for viewing online. How do I sign up to receive e-statements? It's easy! Go to your Online Banking and click the option to receive e-statements. |
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