Take The 2023 America Saves Pledge

A common question we hear across the industry when it comes to saving… How do you save for so many things at once?

One of the most overwhelming parts of saving for everyday Americans is balancing saving for so many competing priorities.  

Not only do they need to save for short-term emergencies and opportunities, but also for future and long-term goals. Those long-term goals include major milestones like education, homeownership, and retirement.

2023 America Saves Week
Saving at Any Age | Friday, March 3, 2023

SAVING AT ANY AGE

Saving. Do you view it as an ongoing journey? Or do you consider saving as someplace you arrive at? At America Saves we are in the camp that saving is a habit, not a destination. And it’s a habit that can be formed at any age. Whether you are a parent trying to instill this habit in your children or you want to change your own saving behaviors, there are strategies that savers of all ages can develop.

Research tells us that children’s money habits are often formed by age seven so starting early to teach them about saving can have a huge impact. Many parents are accustomed to hearing frequent requests from their children about a toy, game, or piece of clothing that they “just have to have.” Sound familiar? Using these wants is a great way to help children learn to save.

Children can learn to set a saving goal and figure out how long it will take to save enough money for their goal. Create a fun system to track progress, provide regular encouragement, and use incentives such as matching funds. Talk about how it feels to see your money grow. And don’t forget to lead by example – show children how you are saving.

You can also give children the opportunity to make some decisions about their money. Empowering children from a young age to make choices about money they earn or receive as gifts is a great way to build that confidence.

For young adults, as they begin to earn a regular and potentially higher income, a strong foundation begins with basic understanding of the difference between needs and wants. The America Saves Spending and Saving Tool is an easy-to-use resource that provides a clear view of your finances and can be insightful in identifying essential and discretionary spending. The system of automatic saving, especially through paychecks with split deposit, can set young adults on the path to a lifelong saving habit.

It can be hard to stay motivated when setting aside money for something in the future no matter what your age. It’s easy to focus on what you want in the moment — we don’t want to wait to purchase that expensive pair of sneakers. We want to take a trip in the next three months. Retirement is so far off that it feels OK to spend more of your current income right now and catch up later. In each of these scenarios, we aren’t thinking about our future selves, just who we are and what we want today.

Thinking of our future self – what we will want, what we will be doing, what we will believe – is one way we can develop a saving mindset. Asking questions about our future selves helps us create a vision for our future. For example, consider:

• Where does your future self live?
• What does a typical day look like for your future?
• What hobbies does your future self enjoy?
• How much money does your future self earn?

Later go back and read your answers to see how they compare to the present. Having the ability to look ahead, even if it’s a short time in the future, is a great way to reinforce saving today for tomorrow. This exercise can be done at any age, even with children.

Journeys can take us on many different paths and saving journeys are no different. So stay with America Saves as you and your family embark on a new journey or resume one that encountered a detour. It’s never too late to #ThinkLikeASaver.

2023 America Saves Week
Paying Down Debt Is Saving | Thursday, March 2, 2023

PAYING DOWN DEBT IS SAVING

Making the decision to pay down debt, particularly consumer debt, can be mixed with emotion. You feel good about choosing to take concrete steps to pay off balances on credit cards, auto loans,student loans or other installment loans. On the other hand, you feel less positive about the amount of money you are directing into a savings account. Well, we’re here to show you how reducing debt is a form of saving, to give you strategies for the best way to do so that align with your personal situation, and to boost your financial confidence to keep you working toward your goals.

As you pay off your debt you are freeing up money, allowing you to direct those funds toward saving for something else that’s important to you – perhaps an emergency/opportunity fund, a vacation, home purchase, or retirement. This money is freed up as you spend less on interest, and possibly late fees, and lowering the debt balances themselves.

If you have more than one debt you want to pay off, for example an auto loan and a credit card balance, there are two main strategies to help you decide which debt to pay off first.

• The snowball method focuses on the balances of each loan. In this strategy, you make the minimum payment on all your loans except the one with the smallest balance. With this loan, you put as much money as you can toward it and when it is completely reduced you allocate that money to the next smallest balance. Your confidence gets a boost every time you see an account balance at zero.
• The avalanche method focuses on the interest rates of each loan. In this strategy, you pay the minimum payment on all your loans except the one with the highest interest rate. You apply any remaining money you have for debt repayment to the highest interest rate loan. By paying off the debt with the highest interest rate first you reduce the overall amount of interest you must pay.

You choose which method is right for you and your situation.

Once you are on a path to reducing your debt, reflect on the type of relationship you have with credit. Credit is a tool. When used wisely and with purpose, credit can help you achieve your financial goals and build financial confidence. Having a clear view on when and for what purpose you use credit is the foundation for a positive relationship.

Sometimes we’re told there are good types of debt (home mortgage) and bad debt (credit cards). This type of categorization is based only on the financial aspect and not the personal situation you are dealing with. It may feel better to ask yourself if the type of debt you are taking on is a good decision for you or not.

For example, when an emergency expense crops up, and it is large enough that it will deplete all or nearly all of your emergency savings, you may feel like you’re on shaky ground if another expense crops up before you can replenish your savings. So, you may weigh this option against using a combination of savings and credit based on what feels best for you in the situation.

Making purposeful choices about credit, something that you plan for financially and mentally can help you build more financial confidence.

2023 America Saves Week
Saving For Major Milestones | Wednesday, March 1, 2023

SAVING FOR MAJOR MILESTONES

What do homes, education, and retirement all have in common? They are major life milestones that require advance planning and saving large amounts of money. That amount of advance planning and money saved that is needed may make you doubt your ability to reach these goals. Even if you don’t feel that way today, you may have in the past or may in the future.

The good news is that there are ways to plan and save for these major milestones in a way that aligns with your values and current life situation and still sets you up for success. Keep in mind:

• Make a plan for how much you need to save and when you want to have that money saved. The America Saves Pledge and the Spending and Saving Tool are both resources that can help with your planning.
• Whenever you have more than one goal that you are working on at the same time, it’s important to prioritize them. Yes, you can save for retirement and education or retirement and home ownership at the same time. You just may need to allocate a greater percentage of your available money to save more for one goal over another.
• You get to decide which goal is the most important to you right now and you can use that decision to guide your plans. And this can change over time.
• When tough times happen, and they will at some point, it’s OK to set aside some saving goals. If you lose your job, you may need to forgo continuing to save for your retirement and child’s education until you find a new job.
• Do your research. Having the right information for your personal circumstances can help you more confidently plan and execute that plan.
• With retirement, you want to understand what savings vehicles you have access to through your employer before seeking resources for individual accounts. You also want to have a reliable calculation for the money you need saved and what the best investment options are for you.
• With home purchases it’s important to have an idea of the type of house you want and in what area so you can research prices. You also want to know your credit score to understand what types of mortgage rates you can qualify for.
• When saving for education, 529 College Saving Plans are one of the best options available as the money grows tax free and is not taxed when withdrawn if it is used for qualified expenses.
• With any of these goals, utilize automatic saving vehicles wherever possible. Typically, employer defined contribution retirement plans use automatic deductions from your paycheck. You can also direct an investment company or your financial institution to set aside money each month for retirement, home down payment or education accounts.

With all these goals, while the sooner you can start saving for them the less you will have to save each month, recognize that your situation will determine when you are able to start saving. Delaying when saving for education may mean you need to take out more in loans. Delaying saving for home ownership or retirement may mean you have to wait longer to buy a house or work longer before you retire. These are your choices to make.

Confidence comes with knowing you have done your research, consulted with professionals, examined your current situation, made some predictions for future saving opportunities, and recognized that as life unfolds you can adjust your plans.

2023 America Saves Week
Saving For The Unexpected | Tuesday, February 28, 2023

SAVING FOR THE UNEXPECTED

How often have you heard that saving for life’s unexpected events is very important and a necessary part of being financially prepared? Most likely A LOT!Accompanying this message often is the statement that you need three to six months of expenses in your emergency savings account.

For those of us who struggle with saving for the unexpected or are saving but don’t have that three to six months amount accumulated, our confidence might be shaken because we haven’t met this standard. And when we lack confidence, it can be even harder to get or stay motivated to save for those unexpected events or opportunities that arise.

Instead of focusing on what you haven’t accomplished, here are a few strategies to consider that may help you build your financial confidence and begin or continue on your path to saving for the unexpected.

• Set a goal of saving $500 for emergencies and once you reach this amount, set a new goal for another $500 and keep going. Reaching several smaller goals feels good and when we feel good, we’re more likely to remain committed to our plan.
• If you’re not sure exactly how much you can realistically save each month, try using the America Saves Spending and Saving Tool to get a clear view of your finances. Once you know exactly what your income and expenses are, you will be able to set a realistic timeframe for saving that first $500 or beyond.
• Consistency can help build confidence. Saving automatically every time you get paid is the easiest way to be a consistent saver, and consistency builds confidence. You can set up split deposit saving with your employer or your financial institution so that a portion of every paycheck goes directly into a dedicated savings account. When you are saving $10, $20, or some other amount every paycheck, you will see regular progress, building your confidence along the way.
• Instead of only focusing on the negative reasons for having an emergency savings account, think of it as saving for opportunities. Framing the reason you are saving in a more positive light may help you feel better about setting money aside. Not only are you saving to pay for car repairs, home expenses, or medical bills, tell yourself you are saving for an unplanned dinner out to celebrate a friend’s birthday or the chance to go see your favorite artist in concert. Those positive feelings can be motivating.
• Use the three to six months of expenses in a savings account as a guideline. Try not to become discouraged if you haven’t met this level. Instead, focus on what makes the most sense for you at this time, knowing that as your income grows and/or expenses decrease, your ability to save more and more quickly will change.

America Saves is here to help you get started on any of these strategies. Check out the 6 Steps to Establishing a Spending and Savings plan, take the America Saves Pledge, or listen to our Think Like A Saver podcast. We’re with you every step of the way on your savings journey.

2023 America Saves Week
Saving Automatically | Monday, February 27, 2023

SAVING AUTOMATICALLY

Do you ever find yourself wondering if there is a magic formula to saving

Does it seem that everyone around you knows the secret to saving successfully except you? It’s not unusual to feel unconfident about saving, no matter how much money you earn. Confidence doesn’t necessarily come with having a lot of money. Rather it comes from building healthy financial habits and using the resources you know are available to you – this is your financial confidence!

A great place to start building your financial confidence is to set up automatic savings. When you are saving a dedicated amount of money every week, every month, or on some other regular interval, you can begin to feel a sense of control over your saving habits. Whether you are saving just $5 or $10 a month or more, it’s the fact that you’re doing it automatically that is important.

Saving automatically is the formula for successful saving for anyone – including you. Getting started doesn’t have to be a hurdle either. Consider which one of the following two strategies would work best for you and follow the steps we’ve outlined.

1. Instructing your employer to split your directly deposited paycheck into two or more accounts at your financial institution with one account being a dedicated savings account.

2. Directing your financial institution to automatically transfer money into your savings account.

For option #1, contact your employer’s payroll department to set up split deposit, telling them how much you want to save per paycheck, and follow their instructions.

If you want to use option #2, contact your bank or credit union telling them when and how much money you want automatically transferred into your savings account.

By utilizing either of these automated saving methods you can feel confident about building a healthy habit of saving. Imagine how good it will feel to see money accumulating in your savings account on a consistent basis. Instead of that voice in your head telling you that saving is hard, you’ll be able to say with confidence, “I am saving regularly!”

America Saves has a number of resources that can help you get started saving automatically: 

• The Spending and Saving Tool to help you get a clear view of your finances and determine a realistic amount you can save regularly
• ThinkLikeASaver podcast where you can learn about making saving easier, saving in spite of inflation and many other topics designed to support your saving habit.
• The America Saves Pledge, which can help you make a saving plan and receive ongoing support through emails and text messages

So, remember your unique financial situation calls for you to make the choices that will work best for you and your family, which will ultimately increase your financial confidence and help you continue making informed choices throughout your saving journey!

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
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5 Tips to Spring Break On A Budget

It’s finally Spring Break, and you can’t wait to swap the library for the beach! However, this doesn’t mean you need to spend a fortune to have fun. Have a great time without hurting your budget by following these five Spring Break tips.

Check your school for discounts and help.

Lots of colleges offer on-campus travel agents who can help you plan your vacation right by snagging the best deals. Plus, your school may be able to get you special discounts.

Don’t pay full price.

Before booking any hotel stays, attractions or restaurants, check out couponing sites! You can also browse the tourist brochures for deals once you get to your hotel. Why pay full price if you don’t have to?

Fly for less.

Get the best flight deals by clearing your web browser cache before searching. Book on a Tuesday that’s six weeks before your flight for the time window offering the lowest prices. Also, consider flying mid-week for the best deals.

Use discount travel sites.

Many discount travel sites have apps you can download to help you with scheduling, pricing and organizing your trip. You’ll have access to exclusive deals, plus loads of suggestions for local tourist hotspots to help you plan your stay.

Dine in.

Don’t assume you need to eat each meal at another restaurant. Instead, stock up on basic supplies at the grocery and eat most of your meals in your hotel room. Take advantage of the continental breakfasts that many hotels offer. You can also pick up food from a street vendor for a fraction of the price.

Spring break doesn’t have to mean a break from budgeting. Plan ahead and choose wisely so you won’t be paying off your vacation all summer long. 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
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Home Sweet Home: AGCU’s Short Guide to Becoming a Homeowner!

Reading Time: 4.5 minutes

Jump to Section:

• What is affordable for you?
• Try using a mortgage calculator
• Do you know your local housing market?
• Considering all the housing options
• Do you know what home loan options there are?
• Article summary

At AGCU, we know that becoming a homeowner is a rite of passage for many individuals. But, the process can be daunting and complex for a lot of people. It involves making a significant financial commitment and accounting for a range of expenses including mortgage payments, insurance, taxes, and potential repairs or upgrades. 

To help navigate this process we have compiled five home-buying tips you should consider, all coming from industry-recognized experts and researched credible sources. Continue reading below!

Tip #1 – Determine Your Personal Affordability 

Before you begin your home search, it is important to determine what you can afford. A number of factors will influence this decision, including your location, income, credit score, and the size of the down payment you can make.

Investopedia contributor and finance writer Reyna Gobel recommends putting down a 20 percent down payment to avoid paying private mortgage insurance, as this will leave you with a loan that typically covers 80 percent of the home’s cost, which must be paid off over a period of 15-30 years.

When calculating affordability, it is also important to factor in any potential repairs or upgrades that may be needed to the home you are interested in. These expenses may include the following upgrades:

• Kitchen
• Resurfacing of the wood flooring
• Many any other surprises that come up during the buying process.

If you don’t think you’ll be able to afford it, then that should inform you to wait before continuing in the home-buying process.

Tip #2 – Use a Comprehensive Mortgage Calculator 

AGCU offers a mortgage calculator that can help you get a better understanding of what you can afford. To use this tool, you will need to input the following information:

• The price of the home you are considering
• The down payment
• The loan term
• Either the interest rate or your credit score

The calculator will then provide an estimate of your monthly mortgage payment, which includes the principal and interest, property taxes, and homeowners insurance. While this is not a guarantee of what you will be approved for, it can be a good starting point, especially if you are unsure of your budget.

Tip #3 – Thoroughly Research the Local Housing Market 

Timing is also important when it comes to purchasing a home. Mortgage rates can fluctuate throughout the year, so it is important to be aware of when interest rates are low and when prices are expected to rise. 

According to Gobel, the spring is often the best time to shop for a home, as many people are waiting for the school year to end before making a move. On the other hand, the fall is often the worst time to buy, as many people have already settled into their new homes.

Regardless of what time of year you decide to buy a home, make sure that your research accurately reflects that of the local area. Don’t make the mistake of making inaccurate comparisons. 

Tip #4 – Considering All Your Housing Options 

Before making a final decision, it is important to consider all of your housing options and assess whether homeownership is the right choice for you. Part of your personal assessment may involve the following:

• Creating a budget
• Looking at your debt-to-income ratio
• Considering all of the costs associated with homeownership.

After your assessment you may realize that renting is still your personal best option. Gobel suggests doing the math before making a final decision, and recommends subtracting the cost of your most expensive hobby or activity from your estimated monthly mortgage payment. If the balance is not enough, you may need to cut back on your spending or look for a less expensive home.

Tip #5 – Really Understand Home Loan Options

There are several home loan options available to potential homeowners, including fixed-rate loans, adjustable-rate loans, and FHA loans. These loans have varying interest rates, credit score requirements, and loan terms, so it is important to do your research and choose the option that is right for you. Additionally, it is important to consider your credit score, as this will influence your interest rate and your eligibility for certain types of loans.

Summary of Things to Consider for Home-Buying Readiness

At AGCU, we know homeownership is a major milestone and the journey towards it can be overwhelming. We hope our guide provides a roadmap for aspiring homeowners, starting with determining affordability and using a mortgage calculator to estimate monthly payments. 

Keep in mind that timing is extremely important in the home buying process, with interest rates and expected future home prices to keep in mind. Considering all options and weighing the costs of homeownership is crucial before making a final decision. 

Lastly, exploring various home loan options (with their different interest rates), factoring in credit score requirements, and understanding loan terms is necessary to finding the right fit. With keeping these tips in your mind, the journey towards homeownership can be a well-informed and successful one.

Learn more about Home Loans with AGCU, begin the Apply now, or contact our mortgage professionals at 866-508-2428, email mortgages@agcu.orgfor more information

Stay Cozy and Save Money: Homeowner’s Guide to Efficient Heating

Reading Time: 4 minutes

As the temperature drops, homeowners’ wallets start to freeze up with rising heating costs. This winter natural gas households can expect a 25% increase compared to last year, while those heating with electricity can expect a 6.5% hike, and those using oil or propane may face a 54% surge.

At AGCU, we care about sharing the best practical advice for homeowners to save money, no matter if they’ve used our home loan services or not. So, without any further ado let’s take a look at ten simple, practical ways to save money and be kinder to the environment this winter!

1. Stay Warm with Cozy Home Additions:

• Add rugs to flooring in bathrooms and other rooms to increase insulation.
• Dress in layers. Wear warm sweaters, socks, and flannel sheets to keep body heat inside.
• Incorporate blankets and throws into your decor to add extra layers of warmth, and use extra blankets and bedding for extra warmth at night.
• Use draft stoppers at the bottom of doors to prevent warm air from escaping and cold air from entering

2. Maintain Heating Equipment for Optimal Performance:

• Regularly clean or replace air filters (typically every 3 months) to improve indoor air quality and circulation.
• Check the pilot light on your furnace regularly to ensure it is lit and functioning properly.
• Keep the area around your furnace and other heating equipment clear and free of clutter to allow for proper air circulation.
• Regularly inspect and clean your chimney, flue or vent pipe to prevent blockages and ensure efficient operation.
• Check your ductwork for any leaks or damages and have them repaired as needed to prevent energy waste.
• Make sure your heating equipment is regularly maintained by a professional to ensure it is operating at peak efficiency, and address any issues promptly to avoid costly repairs in the future.

3. Adjust Thermostat for Energy Efficiency:

• Change the temperature by 7-10 degrees (e.g. 68°F) when you’re home and awake and to a lower temperature (e.g. 60°F) when you’re away or sleeping..
• Use a programmable thermostat to set temperature changes based on schedule. Try not to override your thermostat’s program, as this can reduce its effectiveness.
• Don’t turn the temperature down too low when leaving for extended periods to avoid frozen pipes.

4. Furnace Maintenance and Upgrades:

• Schedule a professional inspection to clean or upgrade your furnace. Regular maintenance is necessary to keep a furnace system working efficiently and safely.
• Switching to a newer, high-efficiency system can improve efficiency by up to 98%.
• Upgrades to the furnace system, such as a programmable thermostat or a zone control system, can improve energy efficiency.

5. Take Advantage of Utility Company Services and Tax Credits:

• Contact your utility company for a free home energy check-up.
• Participate in energy-saving programs offered by the utility company, such as peak-time rebates, where you may receive incentives for reducing energy consumption during high-demand periods.
• Take advantage of smart-thermostat programs that allow the utility company to automatically adjust your home’s temperature during off-peak hours to save energy and lower your costs.
• Check if your state or local government offers energy efficiency tax credits or rebates for HVAC upgrades or weatherization measures.

6. Seal Windows for Better Insulation:

• Detect air leaks with a candle test.
• Install window seals or sealing gaskets around the edges of the window to improve insulation and reduce air leaks.
• Consider adding window insulation foam, which can be sprayed into the gaps around windows for a more comprehensive seal.
• If you have old windows, consider upgrading to energy-efficient windows that have a higher R-value, which measures the window’s resistance to heat flow.
• Apply a clear silicone caulk around the exterior of the window to create a seal that will last for many years.
• Use draft stoppers to seal the bottom of windows, which can prevent cold air from entering the room through the bottom of the window.

7. Maximize Natural Light and Use Insulated Curtains:

• Open shades during sunlight hours to utilize natural heat.
• Close curtains at night to retain heat and prevent cold air from entering.
• Consider using insulated curtains for even better insulation.
• Consider installing a skylight or adding more windows to rooms that receive direct sunlight, to take advantage of the natural warmth from the sun.
• When selecting curtains or blinds, choose those made from insulating materials, such as heavy cotton or silk, to trap heat inside the room.
• Make sure that curtains or blinds fit snugly against the window frame and are not gaping, to reduce the amount of cold air that enters the room.

8. Use Space Heaters for Targeted Heating:

• Use plug-in space heaters to heat isolated areas instead of entire heating zones.
• Place heaters in open areas and keep away from flammables and children/pets.
• Close vents in unoccupied rooms to reduce heating output.
• Avoid overloading electrical outlets with multiple space heaters.
• Don’t use extension cords with space heaters, as they can overheat and cause fires.
• Don’t leave space heaters unattended or running overnight.
• Consider using space heaters with a thermostat to maintain a consistent room temperature.
• Turn off space heaters before leaving the room or going to sleep.

9. Upgrade to LED Light Bulbs and Unplug Devices:

• Switch to LED light bulbs for energy savings and longer lifespan.
• Unplug devices that are not in use to reduce energy consumption.
• Look for Energy Star certified LED bulbs to ensure you’re getting a high-quality, energy-saving option.
• Choose LED bulbs with a warm color temperature to create a cozy, inviting atmosphere in your home.
• Don’t forget to replace any outdoor lighting with LED options, too.
• Consider using a smart power strip to control multiple devices at once and save energy.
• Turn off lights when leaving a room to conserve energy and reduce your electric bill

10. Adjust Water Heater Temperature for Energy Efficiency:

• Change the temperature setting of your water heater to 120 degrees Fahrenheit.
• Many households have their water heaters set to 140 degrees, which is unnecessarily high and consumes more energy.
• Reducing the temperature to 120 degrees is safer for skin and easier on heating costs.
• Consider installing a low-flow showerhead, which can reduce hot water usage and help lower your energy bills.
• Wrap the tank of your water heater with an insulating blanket to improve its efficiency and reduce heat loss.

Don’t Wait to Weatherproof Your Home!

By following some of our helpful tips, we’re confident you’ll be able to say goodbye to sky-high heating bills and hello to a cozy, environmentally friendly home. By incorporating just a few of the simple solutions outlined in this article, you can make a huge impact on your wallet and the planet.

But let’s be real, being a homeowner is expensive enough, especially when Mother Nature decides to turn up the heat…or turn it off. So don’t let the weather dictate your finances and don’t wait to weatherproof your home! Today’s the day you can start using AGCU’s helpful tips and embrace cost-effective and eco-friendly solutions this winter.

Tax Scams and Security Tips

It’s tax season, so that, of course, means scams are rampant. Follow these tax security tips to help you stay safe and secure this time of year.

File your taxes early

By filing early, you reduce the window of opportunity for scammers to file a fake return using your info. If it’s too late for you to file early, consider filing for an extension to give yourself more time to prepare your return.

Keep your Social Security number (SSN) safe

Your SSN is a valuable piece of personal information for identity thieves. To keep it safe, avoid carrying your Social Security card with you and never unnecessarily share your SSN. When filling out tax forms, double-check your SSN to ensure it’s accurate. If you suspect your SSN has been compromised, contact the Social Security Administration ASAP! Additionally, if you receive a notice from the IRS suggesting that someone else has already filed a return using your SSN, contact the IRS and follow their instructions to resolve the issue.

Use strong, unique passwords when filing taxes

Your online tax accounts contain sensitive information, so it’s important to use strong passwords that are difficult to guess. It’s also essential to use different passwords for each account. This way, if one account is compromised, your other accounts won’t also be at risk. Finally, enable two-factor authentication whenever possible to add an extra layer of security to your accounts.

Be wary of phone scams

Phone scams are a common tactic used by scammers to trick people into revealing their personal and financial data. These scammers often pose as IRS agents and threaten legal action if you don’t pay an alleged tax debt immediately. If you receive a suspicious call, hang up and report it to the IRS.

Secure your mailbox

Identity thieves do more than just plunder your online info. They also look for sensitive information in mailboxes. Make sure your mailbox is secure and is emptied daily. For the best security, consider using a locked mailbox or a P.O. box for protecting your mail.

Use secure Wi-Fi networks

When filing your taxes online, be sure to use a secure Wi-Fi network to prevent hackers from intercepting your information. Avoid using public Wi-Fi networks, as they can be easily compromised. Instead, use a secure, password-protected Wi-Fi network you trust.

Beware of tax scams

Scammers love tax season, when there’s ample opportunity to trick people into revealing their personal and financial information. Be wary of any unsolicited emails, phone calls or text messages claiming to be from the IRS or other tax entities. Also, be skeptical of any promises of big refunds or threats of legal action. If it sounds too good to be true, or unbelievably urgent, it probably is.

With tax season upon us, it’s important to be aware of the various tax scams that could potentially steal your identity or money. Scammers love to take advantage of people during this time of year, so it’s crucial to stay informed and vigilant to protect yourself. In this article, we’ll explore some common types of tax scams and provide advice on how to avoid them.

1. Phishing scams

Phishing scams are one of the most common types of tax scams. Scammers will typically send out an email or text message posing as a legitimate tax authority such as the IRS. They’ll often use intimidating or urgent language, urging you to click on a link or download an attachment to avoid penalties or legal action.

However, the link or attachment will often lead to a fake website that looks like the real deal. The website will ask you to enter personal or financial information, such as your social security number or bank account details. Once you’ve provided this information, the scammers can use it to steal your identity or money.

To avoid falling victim to phishing scams, never click on links or download attachments from unsolicited emails or text messages. Always double-check the sender’s email address or phone number to ensure it’s legitimate, and never enter personal information into a website that you’re unsure of.

2. Fake tax preparer scams

Fake tax preparer scams involve scammers posing as legitimate tax preparers, often offering their services at a discounted rate. They’ll ask for personal and financial information to file your taxes, but instead, they’ll use this information to steal your identity or money.

To avoid fake tax preparer scams, be sure to research any tax preparer you’re considering using. Look for reviews or recommendations from trusted sources, and make sure the preparer has a valid Preparer Tax Identification Number (PTIN) issued by the IRS. Always ask for a quote before agreeing to use their services and be wary of any preparer who asks for payment upfront or promises an unusually large refund.

3. Phone scams

Phone scams involve scammers calling you and posing as an IRS agent, threatening legal action or arrest if you don’t pay an alleged tax debt immediately. They may ask for payment via wire transfer, prepaid debit card, or gift cards.

The IRS will never ask for payment over the phone, nor will they threaten legal action or arrest. If you receive a suspicious call, hang up immediately and report the scam to the IRS.

4. Identity theft scams

Identity theft scams involve scammers stealing your personal information, such as your social security number, and using it to file a fake tax return in your name. They’ll then collect the refund before you’ve even filed your real return.

To avoid identity theft scams, protect your personal information as much as possible. Avoid carrying your social security card with you, and never share your social security number unnecessarily. Always double-check your social security number on your tax forms, and file your tax return as early as possible to reduce the risk of someone filing a fake return in your name.

5. Refund scams

Refund scams involve scammers offering to help you get a larger refund than you’re entitled to. They may ask for payment upfront or a percentage of your refund.

To avoid refund scams, be wary of anyone promising unusually large refunds or asking for payment upfront. Always use a reputable tax preparer and check their credentials before using their services.

By staying vigilant and informed, you can protect yourself from the various tax scams that are out there. Remember to always verify the legitimacy of any communication claiming to be from the IRS or another tax agency, and never share your personal or financial information without verifying the authenticity of the request. By filing your taxes early, keeping your SSN safe, using strong passwords, being wary of phone scams, securing your mailbox, and using secure Wi-Fi networks, you can minimize the risk of falling victim to tax scams. Take the necessary precautions, and don’t hesitate to seek help if you suspect you have been targeted by a scammer. Stay safe this tax season!

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

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Anna Ard

Member Experience Team Lead

A true legacy story!

Anna Ard’s mother, Missy has worked here for over 20 years, so Anna feels as though she was raised inside of AGCU.

When we asked her what’s her favorite place to be, She told us, “It sounds cheesy, but honestly, I’m happiest at work!”

Anna’s job entails supporting tellers, being an advocate for our members, and helping contribute to the teller training manual!

She is a big fan of thrift store shopping, 90s Country Music, and the TV series ”Friends” and we wonder if she could

“BE any more awesome!?!”

What Does Banking With A Purpose Mean to You?

“It means providing excellent member experience and building relationships with our members and coworkers”

What is one thing that you wish people knew about your job?

“I wish our members and co-workers know how much I love my job, but I feel like they already know”

What’s the best piece of advice you have ever received?

My Aunt told me, “listen to everything and repeat nothing.”

Fun Fact About Anna!

Anna is an avid photographer, and her talents have earned her a second-place award in a national skills competition! 

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Prime Rate Update

You may have seen a recent adjustment to your loan interest rate. Due to the Federal Reserve federal funds interest rate increase on December 15, effective December 26, the new Assemblies of God Credit Union prime rate is moving to 7.50%.

What is the U.S. Prime Rate?

The United States Prime Rate is a commonly used interest rate in the banking system of the United States. The Prime Rate is the interest rate that financial institutions use to set rates for different types of loans, credit cards, and lines of credit. The published rate may also affect specific mortgage rates, like variable rate mortgages, home equity loans, and home equity lines of credit. The Prime Rate is consistent because financial institutions want to offer businesses and consumers loan profitable and competitive products. A consistent U.S. Prime Rate also makes it easier and more efficient for individuals and businesses to compare similar loan products offered by competing financial institutions.

What does the Prime Rate mean to you?

The Prime Rate rate can affect many areas of your life, including credit card interest rates, small business loans, mortgages, and personal loans. It serves as a baseline that most financial institutions use to determine what interest rate to give customers. Following updates on this rate will help you make important decisions, such as what type of loan or mortgage to choose or even what APR you should be looking for when opening a new credit card. AGCU may price loans to its members at, above, or below the prime rate.

Why does the Prime Rate change, and how often?

Usually, the U.S. Federal Reserve meets around six times a year to discuss the federal funds rate. Based on the economy’s current state and future projection path, the Federal Reserve may choose to increase or decrease the rate. From this meeting, the Federal Reserve announces their change to the federal funds rate, and financial institutions adjust their interest rates to follow the Federal Reserve’s decision. Because of the frequency of changes in the rate and its influence over loans, credit cards, and mortgages, it’s essential to check for updates routinely.

Questions?

Contact a loan officer today by calling (417) 831-4398 or fill out our contact form, and we will reach out to you.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose

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Certificate of Deposit Rates:*

*Minimum Deposit $1,000. Certificate dividends paid monthly. Rates accurate as of 10/25/2022.
APR = Annual Percentage Rate
APY = Annual Percentage Yield
Penalty may apply for early withdrawal. Rates subject to change.

Accounts are insured by the National Credit Union Administration (NCUA) to at least $250,000. Additional coverage of up to $250,000 per depositor for other types of accounts, such as IRAs, is also available. For more information about your account’s coverage, see the NCUA’s insurance estimator here or contact us. NCUA maintains one of the largest and strongest levels of financial reserves in America and is backed by the full faith and credit of the United States Government.

Contact one of our representatives today to open your account! Call (417) 831-4398 or CLICK HERE and we will contact you!

Avoiding Holiday Fraud

The festive season means fun with friends and family, goodwill, and giving. Sadly, ’tis also a prime time for cybercrooks to cook up nefarious schemes.

A few scams are specific to the holidays, but most are variations on everyday fraud, ramped up to match seasonal spikes in spending and web traffic. Not surprisingly, they often center on shopping, especially online. As real retailers roll out their seasonal deals, scammers seek to snare bargain-hunting shoppers with bogus websites and social media campaigns that impersonate major brands. These “spoofing” sites and fake posts entice you to spend money for products you’ll never receive.

Further, many are vehicles for harvesting credit card numbers and other personal data that criminals use to commit identity theft or sell on the dark web. Scammers may distribute malware-loaded links or attachments via supposed coupon offers or “order confirmation” emails. Fraud involving drained gift cards — hugely popular for both giving and receiving — also shift into high gear.

Warning Signs

• Huge discounts on hot gift items, especially when touted on social media posts or unfamiliar websites.
• Spelling errors or shoddy grammar on a shopping website or in an email or text.
• An unsolicited email that asks you to click on a link or download an app to access a deal or arrange a delivery.
• Pressure from a charity fundraiser to donate right away.

How to protect yourself from this scam

• Rather than clicking on a link from an email or text to a hot deal, go to your web browser and type in the web address of the company purportedly offering said great deal.
• Pay by credit card. This way you can dispute charges and limit the damage if the transaction was fraudulent.
• Buy gifts cards online directly from the issuing business instead of from a retail rack, where the cards can be tampered with. When receiving a gift card as a present, register it if that’s an option, and use it sooner rather than later.
• Avoid conducting any business online (making a purchase, donating, accessing password-protected sites) while using a public Wi-Fi network unless you employ a virtual private network (VPN).
• Pushy charities could be an indicator that the cause is bogus; legitimate charities will accept your donations on your own timeline.
• Anytime you are prompted to make a purchase or a donation by wire transfer or gift card, it is a scam.

If you believe you’ve been a victim, or your cards are lost or stolen

Report Fraud

To open a fraud case:  866.279.1399

CREDIT CARDS

To report fraud on your CREDIT card or if it has been lost or stolen, please call 1-800-558-3424. Representatives are available 24 hours a day, 365 days a year. (For missionaries who are unable to call 800 numbers, please call 1-701-461-0125.)

DEBIT CARDS

STEP 1:

Call the number below that applies to you.
Stateside (in the U.S.) Monday-Friday 8 a.m. – 5 p.m. : 1-833-933-1681
or during business hours call AGCU 866-508-2428

After Hours: 855-961-1602 and speak with Fraud Detection.

International: 1-812-647-9794

STEP 2:

ALWAYS call AGCU for a replacement card after reporting a lost or stolen card and speak with a Member Care Representative. Do not depend on email, speak to a person!

EMAIL SOLICITATION

AGCU will never solicit you for information about your account in an email or over the phone.

The NCUA (National Credit Union Administration) has no personal information on our membership. Email posing to be from the NCUA is false and an attempt to obtain your personal financial information.

If you have moved, we may contact you to verify your current address.

If you are suspicious of an email appearing to be from AGCU, please call us to verify its validity.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose

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