FAQs
- Account Management
How many days do I have to report and error that I find on my bank statement?
60 days How often should I balance my checking account?
Your checking account should be reconciled monthly. What do I need to open a checking account?
To open a checking account you will need the following: - Proof of who your are
- Social Security number
- The address of where you live
- State ID or a Driver’s license
- Money to fund the account
What is the difference between a credit union and a bank?
- A credit union is a member-owned, not-for-profit cooperative financial institution owned and operated by its members.
- A bank is a financial institution that accepts deposits and channels those deposits into lending activities. Banks are a fundamental component of the financial system.
What is the difference between a savings account and a checking account?
- Savings accounts are accounts maintained by retail financial institutions that pay interest but can not be used directly as money ( for example, by writing a check). A savings account let customers set aside a portion of their money while earning a monetary return.
- A checking account is maintained by retail financial institutions and is an easy way to pay bills, and it leaves a paper trail that the bills are paid.
What should I consider before opening a checking account?
Before opening a checking account ask yourself the following questions:
- Do you know how to write a check?
- Decide how many checks you will write in a month.
- Do you know how to balance a checkbook?
- How much money is required to keep in the account to cover monthly fees and your minimum balance?
Why should I open a checking account?
A checking account is a good way to keep track and manage your money. - Bankruptcy
Does bankruptcy affect my credit record?
Bankruptcy remains on your credit report for 10 years and has a negative effect on your credit score. What is bankruptcy?
Bankruptcy is a legally procedure that declares inability or impairment of ability of an individual or organization to pay its creditors, a court determines which debts must be paid and which debts are eliminated. While the bankrupt individual no longer has debt, he/she is unlikely to get new credit soon. - Identity Theft
If I am a victim of identity theft who should I contact?
Take the following four steps right away. Follow up all calls in writing; send your letter by certified mail; and request a return receipt, so you can document what the company received and when; and keep copies for your files. - Place a fraud alert on your credit reports and review your credit reports.
- Close the accounts that you know, or believe, have been tampered with or opened fraudulently.
- File a report with your local police or the police in the community where the identity theft took place.
- File a complaint with the Federal Trade Commission. You can file your complaint online at www.consumer.gov/idtheft. If you don’t have Internet access, call the FTC’s Identity Theft Hotline, toll-free: 1-877-IDTHEFT (438-4338): TTY: 1-866-653-4261; or write: Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580.
If my credit card is stolen or lost who should I notify?
The first thing you have to do is notify the credit card issuer. You should have contact information for your credit cards in a secure place with the card numbers. Immediately call the company, regardless of the time of day, and notify them that your card is missing. They will immediately cancel it. This will prevent any further transactions from being made on the card and may even help to catch the person if the card has been stolen.
You are liable for only $50 of fraudulent charges made on your credit card, according to federal law. However, most credit card issuers will not even charge you that amount. Following telephone notification that your card is missing, send the company a certified letter with details about the conversation you had about it with their representative.
- Managing Credit
Does bankruptcy affect my credit record?
Bankruptcy remains on your credit report for 10 years and has a negative effect on your credit score. How do I rebuild my credit history?
Start by cleaning up your credit report. Then, build credit by adding positive information to your record. Here are two suggestions:
- If your credit report is missing accounts you pay on time, send the credit bureaus a recent account statement and copies of canceled checks showing your payment history. Ask that these be added to your report. The credit bureau doesn't have to add this information, but often will.
- Creditors like to see evidence of stability, so if any of the following information is not in your report, send it to the bureaus and ask that it be added: your current employment, your previous employment (especially if you've been at your current job fewer than two years), your current residence, your telephone number (especially if it's unlisted), your date of birth, and your checking account number. Again, the credit bureau doesn't have to add these, but often will.
How long must I wait until the information is removed from my credit report?
Most negative information can appear in your credit report for seven years. This includes lawsuits, judgments against you, paid tax liens, accounts sent to collection, criminal records (except criminal convictions, which may be reported indefinitely), late payments, and overdue child support.
Some adverse information regarding certain types of student loans may be reported for more than seven years. Bankruptcies can stay in your credit report for up to ten years after the last activity (usually the date you received your discharge or the date the case was dismissed).
What is a FICO score?
A FICO score is a credit score derived from the credit model developed by Fair Isaac Corporation. The FICO score is the best-known credit score in the United States, the FICO score is calculated by all three of the major credit bureaus from reported information. What is considered a good FICO score?
A higher FICO score indicates better credit, and a FICO score below 600 is considered poor. The most important factor in determining a FICO score is past payment punctuality. Where do I go to get a copy of my credit report?
The three major credit bureaus are Equifax, Experian, and TransUnion, you can get a free copy of your report once a year, from each of the three major credit bureaus. To order your free report, go to www.annualcreditreport.com or call 877-322-8228.
The addresses for the credit reporting agencies are listed below:
Equifax
P.O. Box 740256
Atlanta, Georgia 30374
Experian
P.O. Box 9554
Allen, Texas 75013
TransUnion
P.O. Box 6790
Fullerton, CA92834- Retirement Planning
Is it important to contribute to an employer provided retirement plan?
Your employer’s retirement savings plan is an essential part of your future financial security. It is important to understand how your plan works and what benefits you will receive. What is a CD?
A certificate of deposit. A CD is a tool that locks your money in at a set interest rate for a certain period of time. The interest rate is usually higher than a normal savings account or a money market account, since you do not have access to the money for the length of the CD. Generally a CD is a very conservative way to save your money since the rate of return is so low on the account. What is the difference between a IRA and Roth IRA?
The way the U.S. Government treats the taxes. IRA’s contributions are tax deductible (depending on income level) and Roth IRA contributions are not tax deductible. What is the Rule of 72?
A method for approximation the number of years it takes an investment to double at a given compound interest rate; divide the interest rate into 72 , for example 12 years for a 6% return.