Protect Yourself from Gift Card Scams

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Protect Yourself from Gift Card Scams

At COPFCU, your security is our top priority. Recently, there has been an increase in gift card scams targeting individuals through phone calls, emails, and text messages. We want to ensure you are aware of these scams and know how to protect yourself.

What is a Gift Card Scam?

Scammers often pose as trusted organizations or individuals, such as government agencies, well-known companies, or even friends and family. They ask victims to purchase gift cards and share the card numbers and PINs. Once this information is given, the scammer can use the gift card funds, making it nearly impossible to recover the money.

Important Reminders:

  • COPFCU and our fraud department will never ask you to purchase gift cards.
  • COPFCU will never request your account information over the phone, via email, or through text messages.
  • Do not provide personal or financial information to unsolicited callers.

How to Protect Yourself:

  • Be skeptical. If someone asks you to buy gift cards and provide the numbers, it is likely a scam.
  • Verify the source. If you receive a suspicious call, email, or text, contact the organization directly using a known, official phone number or website.
  • Report suspicious activity. If you think you’ve been targeted by a scam, contact the credit union immediately and report it to your local authorities.

For more information on how to protect yourself from scams, please visit our fraud resources page.

Navigating the Decision to Share Bank Accounts

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Navigating the Decision to Share Bank Accounts

Should You Say “I Do” to Shared Bank Accounts?

For newlyweds, the decision to merge finances by sharing a bank account can be a significant step towards building a life together. It’s a symbolic gesture of unity and partnership, representing shared goals, responsibilities, and dreams. However, it’s essential to weigh the advantages and potential challenges of joint accounts carefully before making the final decision.

Benefits of Sharing Bank Accounts

  • Financial Unity. Opening a joint bank account signifies a deeper level of financial partnership and commitment between you and your partner. It fosters a sense of unity and collaboration in managing finances, leading to greater transparency and shared responsibility.
  • Simplified Planning for the Future. Joint accounts enable newlyweds to plan for major life milestones, such as buying a home, starting a family, or saving for retirement, with a shared financial strategy.
  • Transparency and Trust. Opening a joint account encourages open communication about financial matters, helping newlyweds build trust and navigate financial decisions together.
  • Convenience in Shared Expenses. Consolidating your finances into a joint account simplifies financial management by centralizing income, expenses, and savings. It eliminates the need for multiple accounts and reduces administrative burdens associated with managing individual finances separately.

Potential Challenges of Sharing Bank Accounts

  • Loss of Individual Autonomy. Sharing a bank account requires a degree of financial compromise and may entail relinquishing some level of individual financial autonomy. This can lead to disagreements over spending habits, priorities, and decision-making authority.
  • Risk of Mismanagement. Differences in financial attitudes and behaviors between partners can increase the risk of mismanagement of shared funds. Conflicting spending habits or financial goals may lead to tensions and disagreements, potentially jeopardizing financial stability and relationship harmony.
  • Legal Implications. Joint bank accounts can present legal complexities in the event of separation or divorce. Asset division and financial settlements become more complicated, requiring careful planning and potentially legal assistance to navigate effectively.
  • Privacy Concerns. Sharing a bank account means both partners have access to each other’s financial transactions and account details, which could raise privacy concerns if not addressed openly.

Conclusion

In conclusion, whether you’re embarking on a new chapter of your life as a couple or reassessing your financial strategies, the decision to open a joint bank account should not be taken lightly. It’s essential to weigh the pros and cons carefully, considering factors such as financial compatibility, communication, and long-term goals. By doing so, you can make an informed decision that aligns with your values, aspirations, and vision for your financial future together.

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Member Appreciation

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Member Appreciation Celebration

Join us in Celebrating COPFCU Member Appreciation May 15th-18th

In May, we honor the tireless dedication of public servants who strive to enhance the quality of life in our communities, making them ideal places to live, work, and raise families.

  • International Firefighter’s Day – May 4th
  • Public Service Recognition Week – May 5-11th
  • National Teacher Appreciation Week – May 6-10th
  • National Police Week – May 12-18th

Recognizing that many of our members are actively engaged in these essential professions or have loved ones who serve, we invite you to join us in celebrating COPFCU Member Appreciation May 15th to 18th.

Get Ready for Your Chance to Win!

Enter for your chance to win one of 3 prizes by visiting our website May 15-18th. A pop-up entry page will appear when you visit copfcu.com, and a link will be available on our website. You may submit 1 entry per day for the prize of your choice.

Enjoy Free Lunch at Your Local Branch

Visit one of our branch locations for a free lunch during the days and times listed below. 

To our dedicated Law Enforcement, Firefighters, and Teachers: Your remarkable service is the cornerstone of our communities, and we extend our deepest gratitude. To all other valued members, we appreciate your confidence in COPFCU to support your family’s financial needs!

Contest Entry Period will run May 15th through May 18th, 2024.

View Official Contest Rules.

April is Financial Literacy Month

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Financial Literacy Month

April is Financial Literacy Month, and at COPFCU, we’re dedicated to helping our members strengthen their financial knowledge and skills. As a member-owned cooperative, we believe in the power of financial education to empower individuals and families to achieve their goals and dreams.

Enhance Your Financial Well-Being

Whether you’re just starting your journey to financial wellness or looking to enhance your existing knowledge, this month provides an excellent opportunity to expand your financial literacy and take control of your financial life. Here are some ways you can participate in Financial Literacy Month and enhance your financial well-being.

1. Educate Yourself

Take advantage of the wealth of resources available online, from informative articles and videos to interactive tools and courses. Look for topics that interest you, such as budgeting, investing, debt management, or retirement planning, and commit to learning something new each day.

2. Set Financial Goals

Take some time to reflect on your financial goals and aspirations. Whether it’s buying a home, saving for your children’s education, or retiring comfortably, clearly defined goals provide direction and motivation for your financial journey. Write down your goals, break them into manageable steps, and create a plan to achieve them.

3. Create a Budget

A budget is the foundation of a strong financial plan. Track your income and expenses to understand where your money is going each month. Identify areas where you can cut back on unnecessary spending and allocate more towards your savings goals. Remember, a budget is a flexible tool that can be adjusted as your circumstances change.

4. Build an Emergency Fund

Life is full of unexpected surprises, from car repairs to medical expenses. Having an emergency fund in place can provide peace of mind and protect you from financial setbacks. Aim to save enough to cover three to six months’ worth of living expenses in a readily accessible account.

5. Invest Wisely

Investing is a powerful tool for building wealth over the long term. Whether you’re saving for retirement or other financial goals, familiarize yourself with the different investment options available, such as stocks, bonds, mutual funds, and real estate. Consider consulting with a financial advisor to develop an investment strategy tailored to your risk tolerance and objectives.

6. Review Your Credit Regularly.

Given the vast volume of data circulating among companies and the three primary credit bureaus, errors are inevitable. This reality underscores the importance of obtaining your credit report annually, regardless of your prompt bill payments and strong credit record.

Consider adopting a strategic approach by examining your credit reports on a weekly basis. Utilizing resources like SavvyMoney, a free tool for members within the COPFCU mobile app and online banking, grants members real-time access to scores and reports year-round.

7. Stay Vigilant Against Fraud and Scams.

Each year, scam artists and identity thieves steal billions of dollars from unsuspecting individuals. Stay informed on the latest fraud scams and security alerts and learn how to promptly respond if you suspect fraudulent activity on your account.

8. Seek Assistance When Needed.

If you’re facing financial difficulties, reach out promptly to your credit union, bank, credit card issuer, utility provider, mortgage lender, or landlord. While asking for help may be challenging, it’s preferable to negotiate a payment plan rather than allowing the account to become delinquent.

Conclusion

This Financial Literacy Month, we invite you to join us in prioritizing your financial well-being and taking steps to build a brighter financial future. Whether you’re just starting your financial journey or looking to enhance your existing knowledge, COPFCU is here to support you every step of the way.

Additional Resources:

2024 COPFCU Scholarship Recipients

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2024 COPFCU Scholarship Recipients

We’re thrilled to announce the recipients of this year’s scholarship awards. These individuals have demonstrated outstanding academic achievements, leadership qualities, and a commitment to their communities. We’re proud to support their educational journeys and invest in their bright futures.

Irvin Specht Memorial Scholarship – $4,000

Recipient: Julia Abbott, Oak Hills High School
Attending: Thomas More University
Studying: Biochemistry, Pre-Dental & Spanish

View Essay

Emily Argo Memorial Scholarship – $4,000

Recipient: Casey Stone, LaSalle High School
Attending: University of Notre Dame
Studying: Aerospace Engineering

View Essay

Bright Futures Scholarship – $4,000

Recipient: Noah Denson, Northwest High School
Attending: University of Cincinnati
Studying: Business Operations & Management

View Essay

1st Runner Up Scholarship – $1,500

Recipient: Daphne McCabe, Roger Bacon High School
Attending: Undecided
Studying: Computer Science

View Essay

2nd Runner Up Scholarship – $1,500

Recipient: Casey Beck, University of Louisville
Attending: University of Louisville
Studying: Finance

View Essay

Should I Consolidate or Refinance My Student Loan Debt?

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Should I Consolidate or Refinance My Student Loan Debt?

Tips to consider for refinancing or consolidating student loans.

Refinancing or consolidating your student loans could be a good idea. But the only way you’ll know is if you understand the differences and similarities between them.

The Breakdown

Refinancing a loan combines either federal or private student loans (or a combination of both) into one, new private loan. When you refinance, it’s possible to save money by getting a lower interest rate. However, remember that if you refinance a federal loan, you can lose payment provisions, like income-based payments. By refinancing, you’ll also pay just one bill per month, which makes things easier. 

Consolidation is only available with federal student loans. Therefore, you can only combine multiple federal student loans into one, new federal loan. You won’t likely save any money, as your interest rate will be the weighted average of the loans you consolidate, but it may prove to be easier to manage because again, you’ll pay just one bill per month. Learn more at StudentAid.gov.

How They Work

Consolidation Loan: A Direct Consolidation Loan from the federal government allows you to consolidate multiple federal education loans into one loan.* The result is a single monthly payment for your federal student loans at one interest rate instead of multiple payments. A Direct Consolidation Loan has a fixed interest rate for the life of the loan and is only available for federal student loans.

Private Student Loan Refinance: Your credit union will pay off your existing student loans* (including federal and private) and combine them into a single new loan. You will then make a single loan payment to your credit union instead of multiple lenders. Borrowers may choose fixed or variable interest rates which are then set based on your financial and credit history.* By refinancing, you can potentially lower your interest rate or monthly payment depending on the repayment terms you select.

How to Decide

Refinancing and consolidating your student loans may be the right choice if:

  • You’re paying high interest rates on your student loans.
  • You have multiple federal or private student loan payments to make each month.
  • You have a good credit history or a strong co-signer.

You might want to consolidate if you have multiple federal loans and are not eligible for any federal debt payment program. On the other hand, you may consider refinancing if you have private student loans and are looking to save some cash.

Keep in Mind: Refinancing your student loans can be a great way to lower your interest rate, decrease your monthly payment and pay off your loan sooner. Just remember, when you refinance federal student loans into a private refi loan, you’ll lose access to any current or future federal benefits, such as potential debt cancellation or income-driven repayment options. It’s important to evaluate your options so that you can make educated decisions.

Explore these additional resources to help determine if refinancing could be right for you:

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Protect Yourself from Romance Scams This Valentine’s Day

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Protect Yourself from Romance Scams

Valentine’s Day is just around the corner. Protect your heart and your wallet this season by learning how to spot and avoid a Romance Scam.

What Are Romance Scams?

Romance scams, also known as “catfishing” scams, are a type of online fraud where criminals create fake romantic relationships with the intent of manipulating victims into sending money or providing personal information. 

With its emphasis on love and connection, Valentine’s Day provides a perfect backdrop for romance scammers to exploit vulnerable individuals. The desire for companionship and the pressure to create memorable experiences can sometimes cloud judgment, making people more susceptible to online deception.

Tactics Leveraged by Romance Scammers

Romance scammers employ various tactics to manipulate and deceive individuals for financial gain. It’s important to be aware of these tactics to protect yourself from falling victim to such scams.

1. Pseudo-Romantic Gestures

Scammers may use the allure of Valentine’s Day to intensify their deceit, claiming they want to make the occasion special by sending gifts or planning virtual celebrations.

2. Fake Declarations of Love

Scammers often accelerate their efforts to declare love and commitment, taking advantage of heightened emotions during Valentine’s Day.

3. Bogus Gift Requests

Scammers may request financial assistance for supposed Valentine’s Day surprises, exploiting the generosity and goodwill of their victims.

Protect Your Heart and Wallet

  1. Stay Skeptical of Strangers Online. Be cautious when engaging with individuals you’ve recently met online, especially around Valentine’s Day. Scammers often exploit the emotional atmosphere and intensify efforts during this season.
  2. Verify Their Identity. Use reverse image searches or other tools to confirm the authenticity of their profile pictures.
  3. Avoid Financial Transactions. Never send money to someone you haven’t met in person, regardless of the occasion. Legitimate partners respect your boundaries and won’t pressure you into financial transactions.
  4. Educate Yourself and Others. Spread awareness about the risks of romance scams, especially during Valentine’s Day. Share information about common tactics and red flags to help protect your friends and those you love.
  5. Report Scams. If you suspect you’re dealing with a romance scammer, report the incident to the platform where you met them and to your local authorities. This not only helps protect yourself but also prevents others from falling victim to the same deception.

While Valentine’s Day is a time to celebrate love and connection, it’s essential to approach online relationships with a discerning eye. Romance scams can happen to anyone, and awareness can be your greatest line of defense. By staying vigilant, questioning red flags and sharing information, you can protect yourself and your loved ones from falling victim to a romance scam.

Strategic Financial Resolutions for a Prosperous New Year

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Strategic Financial Resolutions for a Prosperous New Year

As we approach 2024, it’s time to usher in a new era of financial resolutions and well-being. Research indicates that only 9% of Americans stick to their New Year’s resolutions. To beat the odds, focus on addressing immediate needs and creating a clear vision for your financial goals. Motivation is key, so plunge into the new year with purpose and determination.

6 Strategies For Improving Your Finances in 2024

1. Automate Your Finances for Smooth Sailing

Start your financial makeover by setting up autopay for all your bills, from utilities to rent. This not only prevents late fees but also contributes positively to your credit score. Explore the option of automatic deposits into your savings account from your paycheck – a simple way to boost your monthly savings rate.

2. Supercharge Your Retirement Savings

Take a small yet impactful step toward a secure future by increasing your retirement contribution by 1%. If your employer offers a match, ensure you contribute enough to maximize this benefit – it’s essentially free money working in your favor.

3. Budget Makeover for Modern Living

Give your budget a contemporary twist. Review and adjust your budget to align with your current lifestyle and inflation rates. Fine-tune categories like food, utilities, rent or mortgage, and medical expenses for a more accurate reflection of your financial reality.

4. Embark on a “Savings Spree”

Inject excitement into saving with a “savings spree.” Save the dollar amount corresponding to each day of the month – $1 on the first day, $2 on the second, and so forth. By month’s end, you could find yourself with an extra $500 in savings.

5. Optimize Your Interest Rates

Ensure you’re getting the best bang for your buck by reviewing the interest rates on your accounts. Explore attractive deals on money market accounts and short-term savings certificates.

6. Monitor Your Credit Score

Your credit score plays a pivotal role in financial accomplishments. Stay informed by checking your credit report annually from Equifax, Experian, and TransUnion. Vigilance against potential identity fraud is crucial, and resources like AnnualCreditReport.com can help you stay on top of your credit health.

Make 2024 the year you take charge of your financial destiny. With strategic resolutions and proactive steps, you’ll set the stage for a prosperous and secure future.

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New Reporting Requirements for Businesses

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New Reporting Requirements for Businesses

Understanding The New Beneficial Ownership Information (BOI) Rule

In 2016, the Financial Crimes Enforcement Network (FinCEN) began requiring all financial institutions (FIs) – credit unions and banks alike – to collect Beneficial Ownership Information (BOI) for business customers.  The purpose of BOI reporting is to help FinCEN stop the formation of anonymous shell companies, and to prevent illicit crime.

Navigating The Changes: New Reporting Requirements For Small Businesses

On January 1, 2024, new businesses must actively submit their Beneficial Ownership Information (BOI) electronically to FinCEN via a database named BOSS (Beneficial Ownership Secure System). The reporting process entails providing essential details such as names, dates of birth, addresses, and other identifying information for individuals holding a significant stake in the company.

For existing businesses registered before January 1, 2004, the deadline for completing their BOI reporting is January 1, 2025.

Who Is A Beneficial Owner?

A beneficial owner is any individual who exercises substantial control over a company, or who owns or controls at least 25% of a company. 

Does My Company Have To Report Its Beneficial Owners?

While certain types of entities are exempt, small corporations or LLCs will likely need to actively report their beneficial ownership information to FinCEN. A key factor in determining whether your company will have to report is whether you had to file a document with your state’s Secretary of State, or similar office, to create your company.

Why Is Reporting BOI Important For Your Company?

  • Fines & Penalties. It’s important for businesses to comply with this rule to stay compliant. Failure to self-report BOI information can result in hefty fines and penalties.
  • Counteract Money Laundering & Fraud. The purpose of this new requirement is to help the government curb and detect money laundering, fraud and other illegal activities by making it more difficult for individuals to hide their involvement and stake in a business.
  • Legal Repercussions. Failure to comply may lead to legal proceedings actively initiated against the company to enforce compliance.

What Specific Information Must Be Reported?

To actively comply, a reporting company must provide: (1) its legal name and any trade name or DBA; (2) its address; (3) the jurisdiction in which it formed or registered, depending on whether it’s a U.S. or foreign company; and (4) its Taxpayer Identification Number (TIN).

For each of your company’s beneficial owners and each company applicant (if required), your company will need to provide the individual’s: (1) legal name; (2) birthdate; (3) address (in most cases, a home address); and (4) an identifying number from a driver’s license, passport, or other approved document for each individual, as well as an image of the document that the number is from.

What Resources Are Available To Learn More?

FinCEN has created many resources to help businesses understand and comply with the new rule.

Who Should I Contact For Questions?

If you have specific questions about FinCEN’s BOI reporting rule, you can contact FinCEN directly through:

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Home Warranty Scam Letters

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Home Warranty Scam Letters

COPFCU members have reported receiving letters in the mail stating that their property’s home warranty, secured by Cincinnati Police FCU, is about to expire. The letters then urge the member to respond by a certain date and warn that failure to do so could result in a potential loss of coverage.

After reviewing this letter, we can confirm that this is a scam.

Who are the letters come from and what do they say?

The letters may come from Home Warranty Department, Home Warranty Direct, or other similar companies. The letter presents a sense of urgency to the recipient with statements such as “Extremely Urgent & Time Sensitive Material” and “Immediate Response Requested.”

These letters may look similar to this example.

What should I do if I receive this letter?

If you receive a letter similar to this in the mail, please disregard the information and dispose of it immediately. Do not call the number or provide any personal information to the sender.

COPFCU will never ask for personal or account information over the phone. If you are in doubt about the origin of any communication you receive that references the credit union, please call us directly at 513.381.2677.