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2025 Scholarship Recipients

Melanie Tarrant on June 20, 2025

Congratulations to the recipients of our 2025 AGCU Scholarships!

Winners were announced Thursday, June 19 at the Annual Business Meeting held at Central Assembly. Every year we award scholarships to a number of Youth Account Members who are graduating from high school and plan to attend an accredited college or university in the fall of their graduation year. It’s just our way of thanking our youth account members who have chosen AGCU as their banking institution. If you would like to learn if you or a loved one qualify for an AGCU Scholarship, contact your local branch!

Javan Brown

Javan Brown

$3000 Scholarship
Javan is graduating from Trivium Preparatory Academy in Goodyear, Arizona, and plans to attend Barrett, The Honors College at Arizona State University as a Finance major. Javan volunteers at Mercy House Community Center and regularly helps organize food drives, back-to-school supply distribution and Christmas toy drives. He serves on the tech team and student ministries team at his church, as well as playing keyboard for the Youth Worship Team.

Jonathan Buck

Jonathan Buck

$3000 Scholarship
Jonathan is graduating from Allendale Academy in Clearwater, FL, and plans to attend Embry-Riddle Aeronautical University in Daytona Beach, FL as an Engineering Technology major.Since studying via distance learning overseas as a missionary, he has been unable to participate in school activities like most Americans. However, he was able to take part in several sports clubs like swimming, rollerblading, Krav Maga and archery. He has also taken piano lessons since 2012. Jonathan volunteers at Gospel Vision, an international ministry by creating Reels, Shorts and TikToks from weekly services and TV programs to post on social media.

Micah Hufman

Micah Hufman

$3000 Scholarship
Micah is graduating from Hillcrest High School in Springfield, Missouri, and plans to attend Ozark Technical College and study to be an aviation technician. He has been on the Varsity Soccer and Archery Golf teams throughout his high school career, as well as, participated in FFA, 4-H and JROTC while holding placement on the Honor Roll. Micah received the Military Order of the Purple Heart National Leadership Award in 2022 along with multiple other awards and achievements. He volunteers at Grant Beach Sports Association and his church. Micah is on several teams at church, including Media Team, Kids’ Ministry, Prayer Team and Events Team.

Carter McDaniel

Carter McDaniel

$3000 Scholarship
Carter is graduating from McDaniel Academy that he attends from his home in Springfield, MO and plans to attend Evangel University as a business major. He has participated in Classical Christian Academy Speech & Debate for the past 4 years and been part of the Lighthouse Chargers Baseball team. He is a tech volunteer at his church where he is active in the youth group and serves in the kids’ ministry in various roles. Additionally, he volunteers at community events for Convoy of Hope

Grace Whalen

Grace Whalen

$3000 Scholarship
Grace is graduating from New Covenant Academy in Springfield, Missouri, and plans to attend Southwest Baptist University to study nursing. There she has been on the volleyball team and part of the cheerleading squad. She was inducted into the National Honors Society in 2024. She has also served as the Student Council Art Commissioner at New Covenant Academy. She has helped at Nixa Community Center in her spare time as a volleyball coach and referee, as well as assisting teachers with tutoring elementary students in the A+ Program.

Flinton Evans

Flinton Evans

$1,000 Merrell K. Cooper Memorial Scholarship
Flinton is graduating from Logan-Rogersville High School in Rogersville, Missouri, and plans to attend Missouri State University as a criminal justice major. He is a member of the high school concert band and marching band. He has also competed on the trapshooting team at the varsity level. He is also Vice President of the Rogersville National Honors Society Chapter. He is involved with his church youth group and volunteers at the Least of These Food Pantry in Ozark, MO.

Robocalls: What You Need to Know (and How to Stop Them)

Melanie Tarrant on June 17, 2025

Robocalls: What You Need to Know (and How to Stop Them)

Robocalls: What You Need to Know (and How to Stop Them)

Robocalls have become a persistent and disruptive part of everyday life. Whether interrupting dinner or breaking focus at work, these automated calls often come from unfamiliar numbers and deliver pre-recorded messages that sound urgent or enticing. While some serve legitimate purposes, such as appointment reminders or school notifications,  many are cleverly disguised scams.

These fraudulent robocalls frequently impersonate government agencies, banks, or well-known companies in an attempt to steal personal information or trick individuals into sending money. As technology evolves, so do the tactics scammers use, making it more important than ever to stay informed.

This guide outlines what robocalls are, why they pose a serious risk, and what steps can be taken to avoid becoming a victim. Understanding the threat is the first step toward staying protected.

Why Are Robocalls Dangerous?

Robocalls are dangerous because they often serve as the gateway to fraud, identity theft, or financial scams. While some robocalls are legal and harmless, many are crafted by scammers looking to deceive individuals into giving up sensitive information like Social Security numbers, bank account details, or passwords. Answering a robocall, even without speaking, signals to scammers that the number is active. This confirmation can lead to a dramatic increase in the volume of scam calls received. Worse yet, interacting with the call, such as pressing a number or speaking, may connect the person to a live scammer or trigger the recording of their voice for potential misuse. Some robocalls even attempt to manipulate individuals into downloading malware or visiting harmful websites. In short, responding to a robocall can expose individuals to further targeting and increase their risk of being scammed.

How to Spot a Robocall

Robocalls can be sneaky, but there are several telltale signs that help distinguish them from legitimate phone calls. Scammers often use pressure tactics, unrealistic promises, or vague details to catch people off guard. Recognizing the warning signs early can prevent a costly mistake. If a call feels suspicious, it’s always better to hang up and verify independently. Here are some common red flags to watch for:

  • Pre-recorded messages that start as soon as the call connects
  • Caller ID spoofing, where the number looks local or familiar but isn’t
  • Urgent threats, such as legal action or arrest warnings
  • Unsolicited offers that sound too good to be true (e.g., free vacations, prizes)
  • Requests for sensitive information, like your Social Security number or bank details
  • Demands for payment via gift cards, wire transfers, or cryptocurrency
  • Pressure to act immediately, discouraging you from asking questions or hanging up

Spotting just one of these signs is often enough to indicate a robocall and the safest response is to hang up without engaging.

How to Avoid Becoming a Victim of Robocall Scams

The best defense against robocall scams is a combination of awareness and prevention. Never answer calls from unfamiliar numbers, and if you do accidentally pick up, avoid speaking, pressing any keys, or following the caller’s instructions. Be especially wary of calls that claim urgency, offer prizes, or request payment via gift cards or wire transfers — all are common red flags. Use call-blocking tools provided by your phone carrier or third-party apps to help filter out unwanted calls. Registering your number with the National Do Not Call Registry at donotcall.gov is another proactive step. Most importantly, never share personal or financial information over the phone unless you are absolutely sure of the caller’s identity and have initiated the conversation.

How to Stop RoboCalls

  • Register with the National Do Not Call Registry
  • Visit donotcall.gov to add your number.

Use Call-Blocking Tools:

  • Built-in options from your carrier (AT&T Call Protect, Verizon Call Filter, etc.)
  • Apps like Hiya, Nomorobo, or Truecaller
  • Enable Phone Features

Here’s what some common codes do:

  • *67: Blocks your number (caller ID shows “Private”)
  • *61: Blocks the last call (landline feature)
  • *82: Unblocks caller ID if you’ve previously hidden it

Change Your Number (If Necessary)

This is a last resort but may help if you’re getting dozens of robocalls daily.

What to Do If You Think You’ve Been Scammed

If you believe you’ve fallen victim to a robocall scam, it’s important to act quickly but stay calm. Start by hanging up immediately to prevent any further interaction. Contact your bank or credit union right away,  especially if you shared financial information, so they can monitor your accounts and take steps to protect your funds. AGCU members should report any compromised details directly to the credit union for immediate assistance. Check your recent transactions for any unauthorized charges or suspicious activity. It’s also important to report the scam to the proper authorities: file a complaint with the FTC Complaint Assistant and submit a robocall report to the FCC. Lastly, don’t keep it to yourself,  warn friends and family so they can stay vigilant and avoid similar scams. Sharing your experience could save someone else from becoming a victim.

Steps:

  • Let others know. Share the scam with friends or family so they can stay alert.
 

Protect Your Identity, Protect Your Finances

At AGCU, we care about your financial security. If you believe you’ve been targeted by a phone scam, contact us immediately. We’ll help you secure your accounts and stay safe from fraud.

Final Thoughts

Robocalls aren’t just annoying — they’re dangerous. By staying informed and taking proactive steps, you can avoid being their next victim. Save this guide, share it with your loved ones, and stay safe.

 

RoboCall FAQ

Can a robocall hack your phone?

Not directly — but if you follow their instructions (like downloading an app or visiting a malicious site), you could expose your device to malware or data theft.

Scammers may record your voice and use it to authorize charges or impersonate your consent. Avoid answering with personal affirmatives.

It could be due to:

  • Leaked data from online services
  • Number spoofing (scammers pretending to call from local numbers)
  • Recycled phone numbers with a scam history

Not easily, but they can collect public data tied to your number and use it in social engineering attacks.

  • Don’t Answer Unknown Calls. If it’s a legitimate caller, they’ll leave a message.
  • Don’t Press Any Numbers. Even pressing “1 to be removed” confirms your number is active.
  • Don’t Call Them Back. This can expose you to premium rate scams or confirm your number.

No, but if you follow their instructions or give away personal data, they can exploit that info.

You signal that your number is active and potentially connect with a live scammer.

It may help temporarily, but scammers may eventually find the new number.

Only if your device is compromised. Never install unknown apps or grant unnecessary permissions.

How to Avoid Rental Scams

Melanie Tarrant on May 19, 2025

You just saw an ad for the perfect housing rental. It’s located in the neighborhood you want, the monthly rent is lower than you’ve seen anywhere else and the landlord doesn’t require a credit check. It sounds too good to be true!

It may well be. According to the Federal Bureau of Investigation’s 2021 Internet Crime Report there were more than 11,500 internet crimes related to real estate/rentals. 

Watch Out for Rental Property Scams: What You Need to Know

Navigating the rental market is already stressful enough—finding the right home, meeting your budget, coordinating a move. But the increasing prevalence of rental property scams adds an unfortunate layer of risk. Fraudsters are getting more sophisticated, creating fake listings, impersonating landlords, and inventing new ways to trick prospective renters out of their hard-earned money.

At AGCU, we care about your financial safety and want to help you recognize, avoid, and report these scams. Let’s take a closer look at how rental scams work and what you can do to protect yourself.

 

🚨 Common Rental Scams to Watch For

Fraudulent rental activity comes in several forms. Here are some of the most common schemes:

1. Bogus Listings

Scammers steal photos and descriptions from legitimate listings—or create completely fake ones—for properties that aren’t actually for rent (or don’t exist at all). These listings often feature beautiful photos, appealing amenities, and rent prices that are significantly below market. The scammer will claim to be out of town or otherwise unavailable to show the property and will pressure you to send a deposit or application fee sight unseen.

✅ AGCU Tip: If the deal seems too good to be true, it usually is.

2. Payment Redirection (Spoofing)

In this scam, fraudsters impersonate a legitimate landlord or property manager—sometimes by hacking into their email account or mimicking it with a similar address. They then convince the renter to wire or transfer the rent or deposit into a fraudulent account.

✅ AGCU Tip: Always verify payment instructions through a second source, such as a phone call or verified company website.

3. Overpayment Scam

This one targets landlords. A scammer pretending to be a tenant sends a check for more than the agreed rent and asks the landlord to refund the excess. The original payment is fake and will bounce, but the refund goes through—leaving the landlord with a financial loss.

✅ AGCU Tip: Never refund overpayments. If something feels off, hold the funds until they fully clear.

⚠️ Red Flags That Signal a Scam

Be alert to these warning signs:

    • Unrealistically Low Rent: Rent that’s much lower than comparable properties in the area is a bait tactic.

    • Pressure to Act Fast: If the “landlord” says they have multiple applicants and urges you to pay immediately, slow down.

    • No In-Person Meeting: Scammers avoid face-to-face interaction. They’ll make excuses or claim they’re out of the country.

    • Unusual Payment Methods: Requests for gift cards, cryptocurrency, peer-to-peer transfers (like Venmo or Zelle), or wire transfers are suspicious.

    • No Lease or Paperwork: A legitimate rental agreement should include documentation with clear terms, contact info, and your rights as a tenant.

 

🛡️ How to Protect Yourself from Rental Scams

1. Verify the Listing’s Authenticity
Use a reverse image search to see if the photos have been lifted from another listing. Cross-check the property on multiple platforms to confirm consistency.

2. Tour the Property
Always request an in-person tour—or at least a live video walkthrough. Scammers often provide pre-recorded videos or stall when asked to meet.

3. Research the Landlord
Look up the landlord’s name, the company’s contact information, and whether they’re listed with the county assessor’s office as the property owner.

4. Pay Securely & Wisely
Avoid paying before signing a legitimate lease. Use traceable payment methods like checks or direct bank transfers to verified accounts. Never send money via gift cards or cryptocurrency.

5. Get Everything in Writing
From rent terms to deposit details, ensure every conversation is followed up with documentation. If they avoid putting things in writing, that’s a red flag.

🆘 If You’ve Been Targeted or Scammed

If you believe you’re a victim of a rental scam:

    1. Contact AGCU Immediately
      We may be able to help recover or stop a transaction if it hasn’t been processed yet.

    1. File a Police Report
      Notify your local law enforcement agency and provide all details and communications.

    1. Report to the Authorities

        • Internet Crime Complaint Center (IC3) at ic3.gov

        • Listing Platforms (Craigslist, Zillow, Facebook Marketplace, etc.) to remove the fraudulent posting.

    1. Monitor Your Accounts
      If you shared sensitive personal or financial info, consider monitoring your credit or placing a fraud alert on your accounts.

 

💬 Stay Vigilant. Stay Informed. Stay Safe.

At AGCU, we don’t just help you manage your money—we help you protect it. If something seems suspicious or too good to be true, we’re just a call, message, or video chat away. Reach out before making a payment you’re unsure about. It’s always better to double-check than to risk your finances.

🔗 Need help?
📞 Call us at 866-508-AGCU (Monday–Friday, 7:30 a.m.–5:00 p.m. CT)
📧 Email us at info@agcu.org
📹 Or use secure Video Banking

 

 

Fraudsters are creative—but awareness is your strongest defense. Let’s continue to build a safe, smart, and fraud-free financial future together.Avoiding

If you’re ready to ditch renting and invest in a home of your own, AGCU is here to help. Our Mortgage Team understands the journey to homeownership and is ready to walk you through every step. From pre-approval to closing, we’ll help you find a loan that fits your life—and your dreams. Contact us today and let’s make home happen.

AGCU Names Peter Shiner as New President & CEO

Melanie Tarrant on April 7, 2025

Springfield, Mo – April 7, 2025– The Assemblies of God Credit Union (AGCU) is pleased to announce the appointment of Peter Shiner as its new President and Chief Executive Officer. With over 15 years of leadership experience in federally insured credit unions and community banks, Shiner brings a strong background in strategic financial management, regulatory compliance, and capital markets expertise.

Shiner joined AGCU as Senior Vice President and Chief Risk Officer. His leadership has played a crucial role in strengthening AGCU’s positioning for long-term growth.

“I am honored to serve as AGCU’s next President and CEO,” said Shiner. “and I look forward to building a high-performing team that understands the power of relationships and values our members’ trust. Together, we will continue to expand our services, embrace new opportunities, and remain a faith-driven financial partner for our members.”

Peter and his wife, Whitney, along with their three young children, are excited to make Springfield their home. They look forward to becoming part of the community and embracing AGCU’s mission of serving members with integrity and care.

Prior to AGCU, Shiner held leadership positions at Performance Trust Capital Partners, First Entertainment Credit Union, and Academy Securities, where he advised executive teams and boards on risk management, investment strategies, and institutional growth. He has overseen multi-billion-dollar loan and fixed-income portfolios, executed over $6.5 billion in asset allocation strategies, and played a pivotal role in enhancing financial institutions’ balance sheet flexibility and growth.

“We are excited to welcome Peter Shiner as our new President and CEO,” said Bill Perkin, treasurer of the AGCU board of directors. “His strategic vision, deep financial expertise, and commitment to faith-based financial services make him the ideal leader to guide AGCU into the future. We look forward to his leadership as we continue to grow and serve our members with excellence.”

Shiner holds an MBA from Azusa Pacific University and a BA from Wheaton College. A former NCAA baseball athlete and Eagle Scout, he brings a disciplined, results-driven approach to leadership.

As CEO, Shiner will focus on expanding AGCU’s financial services, strengthening member engagement, and ensuring the credit union remains a trusted partner for churches, ministries, and individuals seeking financial solutions aligned with their values. 

For more information, visit www.agcu.org.

What is Banking With a Purpose?
Banking with a Purpose at AGCU goes beyond traditional financial services. It is about connecting your faith, family, and finances. Our mission is to improve the lives of our members by providing financial solutions for individuals, ministries, and businesses related to the Assemblies of God fellowship.

Our commitment includes giving back to the community. Each year, we tithe 10% of our annual earnings to support various initiatives, ranging from church planting, ministries and humanitarian projects to educational advancements and scholarships. Join us at AGCU and see how Banking with a Purpose can make a difference in your life and community.

Honoring Bruce Webb’s Leadership & Legacy at AGCU

Melanie Tarrant on April 2, 2025

After a decade of dedicated leadership, Bruce Webb is retiring as President & CEO of Assemblies of God Credit Union (AGCU) in Springfield, MO, Friday, April 4, 2025. His impact on our credit union and its mission has been profound.

Bruce joined AGCU in 2015, bringing 30 years of banking experience from Michigan and Minnesota, along with 40 years of involvement in the Assemblies of God fellowship. Upon arriving, he redefined AGCU’s vision: “To be the most relevant faith-based credit union in the world.” Over the past ten years, AGCU has lived out this vision, serving more than 18,000 members—including over 2,300 missionaries in 190 countries—while remaining deeply connected to the Assemblies of God fellowship.

“Bruce Webb’s leadership over the past decade has transformed AGCU, driving growth, innovation, and a stronger commitment to faith-based financial stewardship,” said Bill Perkin, treasurer, AGCU board of directors. “His vision and dedication have modernized our services and expanded our impact, leaving a lasting legacy. We are deeply grateful for his leadership and the foundation he has built for AGCU’s future.”

Under Bruce’s leadership, AGCU has reached remarkable milestones:

Growth & Expansion

  • Tripled in size, becoming the largest credit union in the greater Springfield, MO area
  • Ranked among the Top Five largest faith-based credit unions in the country
  • Named Missouri’s fastest-growing credit union in 2022 and ranked in the Top 1% of fastest-growing credit unions nationwide
  • Expanded membership eligibility from five states to all 50 states for Assemblies of God church adherents
  • Achieved an average 6% annual membership growth

Financial Strength

  • Recognized as one of the Top 100 Best Performing U.S. Credit Unions of 2022 by S&P Global Market Intelligence
  • Increased total deposits by 155% and loan balances by 245%
  • Grew revenue by 223%, capital by 125%, and net income by 373%

Community Impact & Mission Advancement

  • Donated over $2.5 million to education, ministry, and humanitarian causes
  • Became the second-largest PPP loan originator among Missouri credit unions (2020-2021)
  • Mortgage lending team ranked among the Top 10 in Springfield, MO
  • Expanded commercial, business, and church lending from $10 million to over $110 million

Innovation & Modernization

  • Introduced Video Banking, allowing members to connect via mobile, computer, or in-branch
  • Completed a full rebrand, including a new logo, bold new colors, and a refreshed tagline to reflect our mission and to strengthen our brand
  • Renovated all AGCU buildings, enhancing both exterior and interior spaces
  • Completed a banking software upgrade that added convenience and security for mobile and online users

Bruce’s vision and leadership have left an enduring legacy, ensuring a strong foundation for AGCU’s future. While he and his wife, Kimberley, will remain in Springfield, they look forward to spending more time with family—especially their four grandsons in southern Michigan.

Please join us in thanking Bruce for his years of service and leadership. We are deeply grateful for his impact on AGCU and the communities we serve.

With gratitude,
The AGCU Family

7 Tips For Avoiding Common Money Mistakes – And Fixing Them With AGCU

Melanie Tarrant on March 27, 2025

Managing your money doesn’t come with an instruction manual — and even the most financially responsible people make a few missteps. The good news? Most common money mistakes are easy to fix with a little awareness, a solid plan, and the right financial tools.

Here are some of the most common pitfalls — and how to avoid them using AGCU’s services to build a stronger financial future

Avoiding Common Money Mistakes

1. Ignoring Your Financial Situation

The Problem:
It’s easy to coast through daily life without knowing how much money is in your account, how much debt you owe, or even what your credit score is. But ignoring your finances can lead to overdrafts, missed payments, and a lack of savings when you need it most.

The Fix:
Take time to regularly check your balances, track spending, and monitor your progress toward financial goals. Budgeting apps, online banking tools, and simple spreadsheets can help you stay organized.

AGCU Solution:
Use Online & Mobile Banking to track your accounts anytime, anywhere. And make your money work harder with a FREE Loyalty Plus High Yield Checking Account — you’ll earn competitive interest just by managing your money well.

2. Not Having Clear Financial Goals

The Problem:
Without goals, it’s easy to spend impulsively and wonder where your money went. A lack of direction can lead to missed opportunities and little progress toward long-term dreams.

The Fix:
Set short-term and long-term goals — like building an emergency fund, saving for a home, or preparing for retirement. Goals help you focus your spending and stay motivated.

AGCU Solution:
Open a Savings Account to get started, or Money Market Account for higher returns and easy access to your funds. Planning for retirement? Consider an IRA to help your savings grow tax-advantaged over time.

3. Failing to Communicate About Money

The Problem:
Many couples or families avoid talking about money to prevent conflict — but this often leads to confusion, mismatched priorities, and financial stress.

The Fix:
Set time aside for open, honest money conversations. Align on spending habits, savings goals, and shared responsibilities to build trust and teamwork.

AGCU Solution:
Use Shared Accounts to make managing household finances easier, and explore tools like online bill pay and alerts to stay in sync and avoid surprises. All of these are included for FREE with AGCU Online and Mobile Banking.

4. Not Planning for Medical Expenses

The Problem:
Medical costs can pop up unexpectedly, and without a plan in place, they can derail your budget or lead to debt.

The Fix:
Start saving ahead for future health-related needs. A dedicated account helps ensure you’re financially prepared for out-of-pocket expenses.

AGCU Solution:
Open a Health Savings Account (HSA) to save pre-tax dollars for qualified medical expenses. Funds roll over year to year, and you stay in control of how and when they’re used.

5. Letting Savings Sit Idle

The Problem:
Many people leave money in basic accounts that don’t earn much interest — which means you’re missing out on potential growth.

The Fix:
Reevaluate where you’re storing your savings. Even small improvements in your interest rate can add up over time.

AGCU Solution:
Upgrade your savings strategy with a FREE Loyalty Plus High Yield Checking Account or Money Market Account. These options offer higher returns while keeping your money accessible. Or, if you won’t need immediate access to funds, consider a CD for more competitive rates.

6. Not Building an Emergency Fund

The Problem:
Life is unpredictable — and without an emergency fund, even a small surprise expense can throw off your finances or push you into debt.

The Fix:
Aim to save at least a few months’ worth of expenses. Set up automatic transfers to make saving consistent and painless.

AGCU Solution:
Start with an AGCU Savings Account, and set up recurring transfers from your checking account to grow your cushion over time.

7. Relying Too Much on Credit

The Problem:
It’s easy to fall into the habit of swiping now and worrying later. High-interest credit card debt can build quickly and make it harder to save.

The Fix:
Use credit responsibly, and focus on paying down high-interest balances first. Be mindful of your credit utilization to protect your credit score.

AGCU Solution:
AGCU offers low-rate credit cards and personal loans to help you manage or consolidate debt. Use these tools to regain control and reduce interest costs.

Start Smart, Stay Strong

Avoiding these common money mistakes can help you build financial stability and confidence. Whether you’re just starting your savings journey or optimizing your current strategy, AGCU offers tools to help you succeed every step of the way — from checking and savings accounts, to IRAs, Health Savings Accounts, credit cards, and more.

💡 Ready to take control of your financial future? Learn more about Banking with a Purpose and open an account today.

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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Is My Tax Refund Too Large?

Melanie Tarrant on March 12, 2025

Tax season is here, and if you’re expecting a big refund, you might be feeling like you hit the jackpot! But before you start planning how to spend that extra cash, it’s important to ask: Is my tax refund too big? Let’s break down what it means when you receive a large refund, why it may not be in your best interest, and what steps you can take to better manage your money throughout the year.

12 Steps to Financial Wellness-Step 3: Pay Down Debt

agcu2023 on March 4, 2025

12 Steps to Financial Wellness

12 Steps to Financial Freedom. -3 Pay Down Debt

Step 3: Pay Down Debt

You’ve tracked your spending, designed a budget for your monthly expenses, and you’re on a good path to financial wellness. In this next step, you’ll create a plan for paying down debt.

Consumer debt can be one of the biggest challenges to financial wellness. With some intentional action and commitment, reaching true financial wellness is possible.

Here’s how to pay down or off your debt in five simple steps.

  1. Organize your debt

List every credit card you own along with an outstanding balance. Jot down the amount owed to each card issuer. Next, list the interest rate of each card. Repeat these steps for other loans you may have as well.

  1. Choose your debt-crushing method

There are two approaches generally advised to folks who are seeking to get rid of their debt:

  • The snowball method involves paying off your smallest debt first, and then moving to the next-smallest until all debts have been fully paid.

  • The avalanche method involves getting rid of the debt that has the highest interest rate first before moving on to the debt with the next-highest rate until all debts are paid.

Choose the method that makes the most sense for your personal and financial circumstances.

  1. Maximize your payments

Once you’ve chosen your debt-crushing method, find ways to maximize your monthly payments. You can do this by trimming your spending in one budget category and channeling that money toward your debt. You can also find ways to get some extra cash for your payments, such as freelancing for hire.

  1. Consider a debt consolidation loan

When you consolidate debts to one low-interest loan, it’s a lot easier to manage the monthly payments. Plus, the savings in interest you won’t pay can be significant, especially if the new loan has a low-interest rate. If this approach sounds right for you, consider taking out a personal loan.

  1. Negotiate with your creditors

Many credit card companies will be willing to lower your interest rate once you prove you are serious about paying down debt. After kicking off your debt payment plan, it’s worthwhile to contact each credit card company to discuss options.

No matter which strategy you go with or the methods you use for paying off your debt, commit to not adding more debt onto your card while paying it down. Paying off a large amount of debt will take time and willpower, but living debt-free is key to financial wellness. Best of luck on your debt-crushing journey!

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

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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12 Steps to Financial Wellness-Step 2: Creating a Budget

agcu2023 on February 4, 2025

12 Steps to Financial Wellness

12 steps to financial freedom.- Step 2 Creating a Budget

Step 2: Creating A Budget

Budgets play a crucial role in promoting financial awareness, which leads to more responsible money choices.

Let’s take a look at how to create a budget and review some popular budgeting systems, as well as how they work.

Create a budget in 5 easy steps

  • Track your spending and income. This includes all your financial documents, like your account statements, bills and pay stubs. [If you’ve followed Step 1, you’ve already completed this step–nice work!]
  • Tally up your totals. Calculate the totals of your monthly expenses and all streams of income.
  • List your needs. Your needs include anything that is essential for living and basic functions, such as mortgage payments. As you list each need, write down its corresponding cost. Sum the total of all your needs when you’ve finished.
  • List your wants. This includes anything that is not essential for living, like entertainment costs. Here, too, note the monthly cost of each item on your list and add up the total when you’re done.
  • Assign dollar amounts to your expenses. Open a new spreadsheet and copy your list of expenses. Assign an appropriate dollar amount for each of these costs.
  • Review and tweak as necessary. You will likely need to adjust the amounts in each expense category at least once a year to keep your budget relevant.

Budgeting systems

While every kind of budget involves tracking expenses and committing to a maximum spending amount each month, there is a wide range of budgeting systems to fit every kind of personality and money management style.

  • The traditional budget.  doesn’t involve much more work than the steps described above. After working out a number for every expense category, you’ll simply need to track your spending throughout the month to ensure you’re sticking to the plan. You can use a spreadsheet for this purpose, or utilize one of the budgeting features in our Online Banking. AGCU has helpful budgeting tools with online banking. just log on to your account through our web portal and click on the “My Finance” tab. If your life happens on your phone, you use budgeting apps like YNAB or Mint to help you track your spending. Both apps allow you to allocate a specific amount of money for each spending category for each month and will enable you to track your spending with just a few clicks. It’s important to note that YNAB is not a free app, but that it may be worth the price for users who want to take on a more active role in their money management.
  • The money-envelope system. works similarly. However, instead of simply committing to sticking to your spending amounts for each expense category, you’ll withdraw the amount you plan to spend on all non-fixed expenses in cash at the start of the month. Divide the cash into separate envelopes, using one for each of these expenses. Then, withdraw cash from the appropriate envelope when making a purchase in that category. There’s no way to blow your budget with this system; when the money in the “Dining out” envelope runs dry, that’s all for this month!
  • The 50/30/20 budget. is simpler, but requires more discipline. Set aside 50 percent of your budget for your needs, 30 percent for wants and the remaining 20 percent for savings. Of course, you’ll need to make sure your income and expenses will work with this kind of budget. Does 50 percent of your income cover your needs? If yes, this budget allows for more individual choices each month and less accounting and tracking of expenses.
  • A well-designed budget can provide its creator with a sense of financial security and freedom. When you stick to a budget, you’ll always know you have enough to get through the month and save for the future. Start budgeting today!

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

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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Understanding AGCU’s Funds Availability Policy for ATM Deposits

Melanie Tarrant on January 17, 2025

Funds Availability Policy for ATM Deposits

AGCU is committed to serving your financial needs while ensuring the safety and reliability of your funds. To better protect your account and align with industry best practices, we’re updating our Funds Availability Policy for check deposits made at ATMs.  Checks deposited at ATMs will be subject to a standard 2-business-day hold. However, Treasury and cashier’s checks will be available the next business day, per federal regulations.

We understand this policy change may raise questions, so we’ve outlined key details below to help you understand why this adjustment is necessary and how it benefits you.

What Is a Funds Availability Hold?

When you deposit a check at an ATM, the funds are credited to your account immediately; however, this does not mean they are immediately available for withdrawal or use. A funds availability hold delays access to the deposited amount until the check can be reviewed and validated.

Why Are Funds Availability Holds Necessary?

Placing a temporary hold on check deposits serves several important purposes:

  • Fraud Prevention: Holds allow us time to validate the authenticity of a check, helping to protect you from fraud or losses due to counterfeit or invalid checks.
  • Avoiding Returned Checks: If a check you deposit is returned unpaid, the amount is deducted from your account. A hold period reduces the risk of fees or negative balances caused by returned checks.
  • Mitigating Losses: This practice is a standard measure in the financial industry to ensure responsible account management and to safeguard members’ funds.

When Will My Funds Be Available?

Here’s a breakdown of our updated policy:

  • Standard Check Deposits: Funds from checks deposited at AGCU ATMs will generally be available on the second business day after the deposit.
  • Treasury and Cashier’s Checks: These deposits will be available on the next business day, in compliance with federal regulations.
  • Partial Availability: A portion of the deposit, at least $225, may be available immediately or on the first business day after the deposit.

How Can I Access My Available Balance?

To check your available balance at any time:

What If I Need Funds Sooner?

We understand that unexpected financial needs can arise. If you need access to funds before the hold period ends, please reach out to a Member Care representative. In some cases, we may be able to expedite the availability of funds.

How to Manage Funds for Better Access

Here are a few tips to help you plan deposits and access funds more efficiently:

  1. Direct Deposit: Electronic deposits are often available immediately. Consider setting up direct deposit for regular payments like paychecks or Social Security benefits.
  2. Mobile Deposit: Using AGCU’s mobile app, you can deposit checks conveniently from your phone and may see funds released faster than ATM deposits.
  3. Branch Deposits: Depositing checks in person at an AGCU branch allows for immediate processing and may provide quicker availability.
  4. Overdraft Protection: Linking a savings account or overdraft line of credit can ensure you have funds available if you need them.

AGCU is committed to providing secure, accessible, and faith-centered financial solutions. Our Funds Availability Policy ensures your deposits are handled responsibly, protecting you and your account from potential risks.

For more details about our updated policy, feel free to review your account documents or speak with an AGCU representative.

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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