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.
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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.
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AGCU is Celebrating November with 30 Days of Thankfulness for our Church Heroes!

Thank you, Child Care Workers, Cleaning Crew, Sunday School Teachers, Musicians, Maintenance Team, Grounds Keepers, Sound Board Operators, Camera Crew, Bus Drivers, Greeters, Leaders, Staff, and Volunteers! You’re all HEROES to the church!

Tell us about your Church Heroes, and we will select $100 winners every Monday in November. Plus, one church will win $1,000!

CLICK HERE TO NOMINATE YOUR HERO!

12 Steps to Financial Wellness:

Step 12- Review and Tweak

Congratulations! You’ve reached the 12th and final step of the 12 steps to financial wellness. Here, we’ll review the previous steps and adjust this part of your financial health plan as necessary.

Step 1: Track your spending

Are you regularly tracking your spending? Knowing where your money is going will help you make more responsible spending decisions in the future.

Step 2: Create and stick to a budget

Budgets need to be reviewed and tweaked every few months or so to ensure they still work for present life circumstances. If your budget no longer works for you, tweak until it does.

Step 3: Pay down debt

Have you made as much progress in your debt-paying journey as you’d hoped to by this point? Can you beef up any payments to make debt disappear sooner?

Step 4: Talk money with your partner

Have you had the big money talk with your partner? Need to revisit any of the topics you’ve discussed, such as sharing accounts, dividing expenses and saving up for a shared dream?

Step 5: Spend mindfully

Review some of your recent purchases. Are you blowing money on stuff you don’t need instead of relieving stress in a healthier manner? If so, look for better ways to de-stress.

Step 6: Pay it forward

Are you remembering to pay it forward? The money, time and smiles we share are the only moments that are truly ours.

Step 7: Pay yourself first

Are you remembering to feed your savings? At this time, you may want to consider increasing the amount you’re regularly putting into savings by trimming some discretionary expenses.

Step 8: Know when and how to indulge

Are you remembering to work your just-for-fun expenses into your budget so you can indulge without guilt? Now is a good time to look back at your indulgences to figure out if they were really good uses for your money.

Step 9: Check your credit score

If you’ve been following the rules for boosting and maintaining a high credit score, like paying your bills on time, having several active cards, and keeping your credit utilization low, your score should have improved during these last few months.

Step 10: Think about retirement

Review your retirement accounts and assess whether your funds have reached the place you’d hoped they would by now.

Step 11: Start investing

Make sure your investments are performing well and that your assets are optimally diversified.

Step 12: Review your overall financial health

In this final step, you’ll review your financial health on a regular basis, just as you’ve done here.

Reviewing your financial health on a regular basis is an important part of staying financially fit.

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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8 Holiday Shopping Hacks to Help You Shop & Save

Ready, set… charge! The holiday shopping season is here. Among inflated prices, the rising cost of gas, and the urge to splurge, it can be tough to stick to your budget. Here are our top 8 holiday shopping hacks to keep your spending under budget.

Jump To:

• Make a Shopping List
• Price Shopping
• Shop With a Friend
• Use Rebates and Refunds
• Purchase Discounted Gift Cards
• Use Coupons
• Shop Early
• Black Friday Electronics Deals

1.  Make a Shopping List and Check It Twice

When you shop with a list in hand, and be mindful to stick to it, you can make responsible shopping decisions instead of buying every shiny thing that catches your eye.

2. Price Shopping By Comparing Prices

All it takes is a few quick online clicks or taps to check if an item is available for less. You can also use a price-checking app, like ShopSavvy, to search for the hottest deal.

3. Shop With a Friend

Grab an accountable friend to help you stay on track as you shop. Share your budget or which gifts you’ll be looking for on this trip. Ask them to gently remind you to stay within budget and on-plan as you browse.

4. Take Advantage Of Rebates and Refunds

Want to get paid to shop? When you make a purchase through a rebate app, like Earny or Rakuten, you get cashback for every purchase you make.

5. Buy Discounted Gift Cards

You can find discounted gift cards on sites, like Raise and CardCash, for big-name brands like Lowe’s, Starbucks, Amazon, and more.

6. Shop With Coupons

Before completing an online purchase, do a quick search of sites, like RetailMeNot, to check for available coupons that can lower the price. You can also use a browser extension, like Honey, which will automatically find and apply coupons while you shop online.

7. Shop Early

This year, with anticipated delivery delays and supply shortages, it’s best to tackle your holiday shopping early. Shopping with a clear head when the stores are well-stocked, will make it easier to stick to your budget.

8. Buy Electronics on Black Friday

The Black Friday deals you’ll find on TVs, laptops, audio equipment, and other electronics will likely be the best you’ll find all year.

Follow the tips outlined above to save big on gift shopping this year.

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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12 Steps to Financial Wellness:

Step 10- Plan for Retirement

It’s never too early – or too late – to start planning for your retirement. However, the more time you allow for your savings to grow, the bigger the nest egg you’ll have when it’s time to cash in.

Here’s how to get started on planning your retirement.

Set a target number

First, determine how much you’ll need to have saved to live comfortably and independently throughout your retirement. Experts advise taking your current living expenses and multiplying the number by 400 to identify the amount you’ll need to sustain yourself based on a 4% return.

Choose your retirement account strategy

Next, you’ll need to select a place to keep your retirement savings. There are many options to consider, some of which you may already have if you are, or have been, employed. Here’s a quick review of the two most common retirement accounts:

1. 401(k)

If you’re employed, you likely have a 401(k) that’s working toward collecting money for your retirement. Take advantage of this retirement tool by maximizing your contributions. Also, many employers match a portion of (or all) contributions you make, which is basically free money, to help your retirement savings grow tax-deferred.

2. IRA

There are two popular kinds of Individual Retirement Plans (IRA): conventional IRAs and Roth IRAs. A conventional IRA will let your money grow, tax-deferred, but withdrawals are taxable. A Roth IRA does not feature tax-deferred growth, but qualified withdrawals are not taxed. Like a 401(k), some employers match a portion of (or all) contributions. But, there are federal limits on how much money you are allowed to add to your IRA each year.

The table below shows a brief summary of the pros and cons of each retirement vehicle for easy comparison.

After you’ve selected your retirement fund, you’ll also need to choose somewhere to invest. With a bit of work and a lot of planning, you’ll have your future secured in the best way possible.

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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Home Equity Loan vs. HELOC: What’s the Difference?

One of the biggest perks of homeownership is the ability to build equity over time. You can use that equity to secure low-cost funds in the form of a second mortgage—either a one-time loan or a home equity line of credit (HELOC).

Home equity loans and HELOCs use the equity in your home—that is, the difference between your home’s value and your mortgage balance—as collateral. As the loans are secured against the equity value of your home, home equity loans offer extremely competitive interest rates—usually close to those of first mortgages. Compared with unsecured borrowing sources, such as credit cards, you’ll be paying less in financing fees for the same loan amount.

Home Equity Loans

A home equity loan, or second mortgage,  comes as a lump sum of cash. It’s an option if you need the money for a one-time expense, such as a wedding or a kitchen renovation. These loans usually offer fixed rates, so you know precisely what your monthly payments will be when you take one out. Learn about Second Mortgages here.

We offer a fixed rate option on our second mortgages with a maximum term of fifteen (15) years.
Several advantages of working with us on your loan:

• Low closing cost
• No pre-payment penalty
• Retained servicing (excludes 30 year fixed)
• Variety of payment options
• Cash-out refinances on specific mortgage plans

A HELOC Is…

A HELOC is a line of credit that revolves – similar to a credit card – and can be used for large expenses, unexpected expenses, home remodeling, debt consolidation(1) or the like. Like a credit card, each time you repay some or all of the money used from the HELOC, your credit line is correspondingly replenished.

A HELOC is a secured loan in that you are borrowing against the equity that has been built in your house. Typically, lenders will let you borrow from 80 to 95 percent of your home’s equity.

When you obtain a HELOC, you are given a draw period, or length of time during which your line of credit will stay open. Draw times typically average 10 years. After the draw period is over, you enter into the repayment period, which for qualified members, we offer a great rate with a maximum term of fifteen (15) years.

AGCU offers HELOC’s in the following Missouri counties: Greene, Dade, Polk, Dallas, Webster, Christian, Stone, Lawrence, and Taney.

A HELOC Works by…

Borrowers can apply for HELOCs through AGCU’s Home Loan Center. The lender will assess the borrower’s home LTV (loan-to-value) ratio, as well as their income, credit score and other debt. Like a home loan, HELOCs – once approved – include closing costs.  A Mortgage and HELOC document checklist is available here.

HELOCs typically have a variable rate which, in large part, will be based on the current prime rate. This means that when rates rise – as they have been lately – the rate on a HELOC will rise accordingly. Even so, the rate on a HELOC is usually lower than credit card rates.

Once the HELOC has been approved, the borrower begins the draw period. During this time, any money borrowed from the line of credit is repaid each month by interest-only payments, which may mean a lower monthly payment. When the draw period is over, the borrower moves to the repayment period, during which time the monthly payment begins to include principal plus interest for any money borrowed, meaning the monthly payment may increase.

The Phases of HELOCs

Most home equity credit lines have two phases. First, a draw period, often 10 years, during which you can access your available credit as you choose. Typically, HELOC contracts only require small, interest-only payments during the draw period, though you may have the option to pay extra and have it go toward the principal.

After the draw period ends, you can sometimes ask for an extension. Otherwise, the loan enters the repayment phase. From here on out, you can no longer access additional funds, and you make regular principal-plus-interest payments until the balance disappears. Most lenders have a 20-year repayment period after a 10-year draw period. During the repayment period, you must repay all the money you’ve borrowed, plus interest at a contracted rate. Some lenders may offer borrowers different types of repayment options for the repayment period.

AGCU Home Loan Center

Every borrower is different, and we offer a variety of products to meet your requirements. We make the mortgage process simple and straightforward by offering the latest in financial tools that enable you to make sound financial choices. Whatever your real estate lending needs are, AGCU is here to help you navigate the process. Call our team of mortgage professionals at 866-508-2428(AGCU) or email us for more information.

KEY TAKEAWAYS

• Home equity can be a great source of value for homeowners to access cash for renovations, large purchases, or alternative debt repayment.
• Home equity loans and lines of credit are secured against the value of your home equity, so lenders may be willing to offer rates that are lower than they do for most other types of personal loans.
• A home equity loan comes as a lump sum of cash, often with a fixed interest rate.
• A home equity line of credit is a revolving source of funds, much like a credit card, that you can access as you choose.
• Learn more about Home Equity Loans or Lines of Credit 

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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