Pointers About Identity Theft

Tom Kjar

Here’s the thing. Too many people who have said, “It’ll never happen to me” have had it happen to them. Sorry, but it’s true. One event – the Equifax data breech a while back – exposed almost half the country to bad guys who squint a lot and haven’t shaved for a while.

Take Equifax up on their offer to check the “dark web” to see if your identity has been stolen and is out there for Squinty and the Gang to go shopping on your dime or worse. It’s fast and easy, it’s free and it won’t hurt your credit standing. And if the Equifax scan tells you your identity is out there go immediately to our FI-Q Lesson 13: Identity Theft to learn what to do and when. It’s free and waiting to be watched.

Sticking your head in the sand and saying, “It’ll never happen to me” just won’t cut it anymore. There’s too much of your future at stake.

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The Advantage of Being Non-Profit

Tom Kjar

There’s a reason why Creighton Federal and all credit unions are not-for-profit businesses.

Remember a few years ago when a very large banking system was found to have opened millions of accounts in its account holders’ names without their permission or even knowing it had happened until the news broke? Those accounts were opened because of pressure from above to “make the numbers” in order to be more profitable.

Being not-for-profit pretty much eliminates anything like that from happening. And, if we’re not focused on being more profitable we must be trying to do something else. Like taking care of our members any and every way we can. Sound reasonable?

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Why You Should Care About the People Who Take Care of Your Money

Tom Kjar

You might think that modern day personal banking is automatic because it’s handled by computers. To an extent, you’re right. 

But people have to be responsible for those computers and those banking systems you rely on. What if they don’t care about you or your money and they’re only interested in, say, keeping their jobs? Do you really want them taking care of your money and your access to it?

If you can get at Creighton Federal just about all the same stuff you can get at Behemo-bank, along with a healthy dose of customer service that means something, why would you stay with Behemo-bank? They don’t give a rat’s patoot about you. We do. Because we know the more we do for you the better it’ll be for both of us.

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When Smaller is Better

Tom Kjar

Most of us have been taught that bigger is better. I’m here to tell you, it ain’t necessarily so!

A lot of your personal banking today is done on your smart phone. But what happens when you run into a problem you can’t fix on your phone? Like getting locked out of your Internet banking? Make a call to Behemo-bank and you’ll get a calling tree and probably a run-around. Make a call to Creighton Federal and you’ll get LaShonda or another friendly, human voice. And a solution to your problem, maybe while you’re talking. 

That’s when smaller is better. We’re not perfect but that’s the kind of service we try to give every member every time.

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Left Your Debit Card at the Restaurant? Not to Worry.

Tom Kjar

There’s a TV commercial – you’ve probably seen it – where someone has left their debit card at a restaurant in New York or another big city. When they realize what’s happened the person casually picks up their smart phone and, with an app on the phone, locks their debit card so nobody else can use the card and drain their account.

Pretty cool stuff. Works with a big bank debit card in a big city. But here’s the thing. It works here in Omaha, too. With our Creighton Federal debit card and our SecurLOCK Equip app (Download the FREE app from the App Store or Google Play). And, yes, if you leave your debit card at some upscale bodega in New York it works there, too. I guess you could think of the money you didn’t lose as a kind of Buried Treasure.

So, why does this matter? It matters because we want our members’ money safe. It’s their money, not somebody else’s. And keeping their money safe is harder than you think. But that’s our worry. You just go on and have a good time.

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About Freezing Your Credit and Why You Should Think About It

Tom Kjar

A while back half the country – 143 million people – had their personal identities stolen. Social Security numbers, credit card numbers and a lot more. They were stolen from the “secure” files of Equifax, one of the three credit reporting agencies that are supposed to safeguard our personal information and provide lenders with a credit score based on our credit history. If your loan application is OK’d it’s because these guys have looked at how well you repay your debts and given your lender a number that says you’re OK.

Last fall, in response to the Equifax data breach Congress passed a law requiring Equifax and the other two, Experian and TransUnion, to place a “freeze” on any consumer’s credit file, if requested by that person, and not charge them for it, which they had in the past. Here’s the Buried Treasure in that. With a freeze on your credit file, the goons who inhabit the “dark web” can’t open a account in your name and run up a huge tab or buy a car with your name and SS# on the loan documents. That’s because lenders won’t be able to access your credit file because you’ve frozen it.

In other words, identity protection that’s free for the asking!

You have to contact Equifax, Experian and TransUnion individually but when you do they’re required to place a freeze on your account within 24 hours. All three have smart phone apps so you might be able to order the freeze online. And you’ll have to “unfreeze” your account if you’ll be applying for credit in the future. But it’s free and you should get it to protect yourself!

A credit freeze can’t undo the data breach but you know what they say. Better late than never.

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We Know Where the Buried Treasure is Buried

Tom Kjar

One of our long-time members needed some cash to cover storm repairs on her home. Not a problem. While processing her loan we asked permission to check her personal finances to see if we could find any “Buried Treasure.” She said OK and our loan officer went to work. Boy, did she.

By the time she was done she’d saved our long-time member over $650 a month in reduced payments. Here’s how she did it:

  • Paid off the existing higher-interest rate home mortgage and replaced it with a lower-interest rate Creighton Federal mortgage with nearly the same payoff date.
  • Paid off an existing high-interest rate credit card balance, consolidating it with the lower-interest rate Creighton Federal loan for home repairs.
  • Paid off, then replaced two higher-interest rate car loans with lower-interest rate Creighton Federal vehicle loans.

Our member was dumbfounded. She hadn’t even asked us to look. She didn’t have to. We do it all the time.

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A Question You’ll Probably Never Ask Yourself

Tom Kjar

If you can answer the following question you get a “high five” from all of us:

Q: How do credit unions differs from banks, especially big, mega banks? Here’s help: invest 3 minutes and 3 seconds watching Lesson 11, “Why a Credit Union is Not a Bank,” in our series of FREE lessons in personal finance. We call it FI-Q – stands for Financial IQ.

Think I’m nuts giving you help? I’m not nuts. I’m – what’s the $2 word – incenting – you to watch the FI-Q videos. I’ll be happy if you just watch Lesson 11. I’ll be ecstatic if you watch more. And you’ll be able to catch me in the Hubble telescope if you watch them all.

Look, we invest time and money in these video lessons and we want people – our members and non-members, too – to get smarter about their personal finances, saving money and protecting their identity. Believe me, there’s good stuff here. So, click here and get started.

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Reassuring Words About Setting Up a Budget

Tom Kjar

I’m not going to lecture you on why you should create and stick to a budget or how to do it. There’s plenty of information online and elsewhere for your reading pleasure.

No, instead I’m going to give you the single best reason to create a budget for yourself. And that reason is Freedom! The personal freedom that comes from not worrying about money. At least, not as much and, maybe, not at all.

Fear of running out of money before the next check is deposited is like a black cloud that follows you around. You can’t shake it, just like you can’t shake the fear of running low or – OMG – out of cash. Budgeting won’t put money into your checking account. It’ll keep money in your checking account and that’s just as good.

Here’s another good idea. Create a reasonable (as in do-able) budget and stick to it for a week. It’ll be easier than you think and you’re liable to find some “Buried Treasure” in your account when you’re done.

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A Thought About Debit Cards

Tom Kjar

Here’s burning question of the hour #1: Why do you need a debit card? Simple answer to burning question of the hour #1: Because you can use it like cash wherever VISA® and MasterCard® are accepted without carrying cash, so it’s a safer way to travel and spend. You’re buying/spending using the money in your checking account, you’re not borrowing money and having to pay interest on a credit card balance. That’s just smart.

And it brings up burning question of the hour #2: Why today do you need a checking account? Simple answer: Because that’s how you get a Creighton Federal debit card – can’t have one without a checking account (but paper checks are strictly optional). Besides, money in a Creighton Federal checking account is there when you need it, is safe from fire, flood and having some guy with quick hands relieve you of your cash when he brushes up against you in a crowd. And it lets you do all your banking electronically while costing you zip, ziltch, nada!

So, yes, you do need a debit card . . . and the checking account that goes with it. End of discussion.

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