Author: Compass Community Credit Union

Phone scams have been around almost as long as phones. Sadly, the prevalence of automated robocalls has exploded and appears to invade our lives almost daily. Three general warning signs your call may be a scam: You get an unsolicited call from someone claiming to work for a government agency or Microsoft. None of them …

Phone scams have been around almost as long as phones. Sadly, the prevalence of automated robocalls has exploded and appears to invade our lives almost daily.

Three general warning signs your call may be a scam:

You get an unsolicited call from someone claiming to work for a government agency or Microsoft. None of them will call you unless you have already contacted them.
The caller asks for your Social Security number or to “verify your identity” in any way.
The caller threatens consequences if you do not provide payment or personal information.

Beware of these particular scams that are sweeping the nation:

The IRS Swindle

A threatening phone caller “from the IRS” (or “from the Federal Reserve”) says you’re guilty of tax evasion and must pay the penalty at once with your credit or debit card, or else face jail time or revocation of your driver’s license. Some folks with complex financial lives may pay up, assuming they made a mistake on their taxes. Wrong—the IRS never demands payment over the phone. Self-defense: Don’t pay. Report the scam to the U.S. Treasury Inspector General’s office at 1-800-366-4484.

The “Family member” Scam

The person claims to be a family member in trouble and needs your help, asking you to send them money or use your credit card. You might be asked to guess who’s on the line. If so, don’t give out any names. You ask the caller to identify who they are. Then ask them to describe something you know only the real person would know like a special occasion or trip together, a gift you gave or received or something in your home that they would know. Self-defense: Be absolutely sure you know who you are speaking with and do not give out any information until you know for sure who it is you’re talking with.

The “Computer Crash” Con

You get a phone call from a self-described “computer security expert” who warns that your Windows PC or laptop may be infected with a fatal virus. You might be asked for money to protect your system or to remove this nonexistent malware. If you agree to download a fix or allow remote access to your computer, the crook can ask for your passwords—and may actually install malware that you then have to pay to get rid of. Self-defense: Hang up on this scammer. No legitimate IT security pro will ever cold-call you in this way.

America Saves Week

February 22, 2021February 22, 2021

America Saves Week was established in 2007 as a call for everyday Americans to commit to developing a habit of saving. It’s an initiative where credit unions can help members develop better financial habits. Compass Community Credit Union is proud to participate and provide financial resources to our members.

Each day of the week focuses on a different area of finances to help individuals and families address savings goals to achieve better financial stability, along with strategies for how they might get there. Click here to learn more.

Wheel and deal this Presidents’ Day

February 9, 2021February 9, 2021

What comes to mind when you think of Presidents’ Day? Besides a welcome day off for some of us, Presidents’ Day is actually a great time to buy a car!

Dealers everywhere offer great sales on both new and used vehicles. You can score great deals on last year’s models and new inventory is on display. So it’s the perfect time to go car shopping!

Plus, you’ll get up to 1% cashback, up to $500, when you finance or refinance your auto with Compass. This is for a limited time and certain restrictions apply so click here for details.

Make your next car buying process easier with a pre-approval for an auto loan from Compass. With our online application, you can be pre-approved in minutes. Then use your pre-approval to land a great deal!

Five simple steps to take now that can make tax filing easier later

January 7, 2021February 22, 2021

Welcome to 2021! That means that the 2020 fiscal year is over. While there’s nothing fun about filing tax returns or paying taxes, taking steps in January to organize your paperwork could help you avoid getting frustrated, frazzled, or befuddled come tax time. Here are 5 things you can do now:

1. Make a copy of last year’s tax return and attachments. With this to guide your tax prep, you’re less likely to forget a source of income or a deduction.

2. Collect the tax IDs you’ll need. This includes your dependents’ Social Security numbers and the SSN of anyone you employed (e.g., a babysitter, housecleaner, or nanny).

3. Create a file folder labeled “Income”. Use this folder to organize the following tax forms you should receive in January or early February:

W-2s and 1099-MISCs from employers
1099-INTs reporting interest income and 1099-DIVs for mutual fund or stock dividends
1099-Bs reporting brokerage transactions

4. If you typically itemize your deductions, start another folder labeled “Deductions”. Some of the information that goes here will come by mail; the rest you may need to supply yourself.

1098s reporting interest you paid on mortgages and equity loans (also real estate taxes, if included in your monthly mortgage payment)
A receipt for real estate taxes if you paid them yourself
A copy of your W-2s showing state and local income taxes you paid
A receipt for personal property tax from your town or the taxing authority
Receipts for charitable donations, including mileage
Receipts for medical expenses, including mileage
Receipts for bills incurred while job-seeking

5. Rev up your retirement saving. There’s still time before the April filing deadline to contribute to a Traditional IRA or Roth IRA. For details, search “IRA Contribution Limits” at www.IRS.gov. Don’t have an IRA yet? Ask us about our insured IRA options.

Compass Community Credit Union does not provide tax advice. We recommend consulting a qualified tax professional to determine how tax laws may apply to your situation.

How to bank without stepping foot in a bank (or credit union!)

November 11, 2020February 22, 2021

Keep track of your finances with Online/Mobile Banking.

During these times, having to social distance and avoid being near other people can be challenging. Especially when it comes to running errands like grocery shopping or doing routine banking tasks like depositing checks.

The good news is that Compass CCU’s e-Services allow you to keep track of and manage your money at all times — and you don’t even have to leave your house, much less visit a branch.

Simply sign up for Compass Online Banking or download the Compass Mobile Banking App for your smartphone. Once you enroll for one of these services, your log-in credentials will work for both platforms.

On both systems, you can view your balances, review your transactions, and even tag and attach a receipt to your transaction. You can also pay bills and transfer money to another person. Setting up alerts can help you avoid running low on funds and keep you on track.

What’s more, with the mobile app, you can even deposit checks remotely!

To get started with online banking, click here.

To use our mobile banking services, look for the Compass Community Credit Union Mobile Banking App on the Apple App Store or Google Play Store (for Android devices).

Making the most of COVID-19

October 19, 2020October 22, 2020

Tips for staying happy and healthy at home.

The global COVID-19 pandemic has thrown a wrench into virtually everyone’s 2020 plans.

While we’re all focused on trying to make ends meet and adjust to the “new normal” despite the social distancing measures still in effect across most of the world — not to mention the pandemic’s impact on the economy — we wanted to remind you not to overlook one of the most valuable assets of all: Your health, both physical and mental.

It’s all too easy to let your old exercise routine slip by the wayside when you’re focused on more pressing matters like paying bills and managing your child’s school day.

But you know the old saying, “Where there’s a will, there’s a way”? It’s true — we all need to make our health and happiness a priority. Especially in these challenging times.

If you’ve put “you time” on the back burner for the past few months, start small. Set aside 10-15 minutes for a walk, run, or even just sitting someplace quiet to read a book or listen to music. Make it a goal to get outside every day. It will boost your energy and help you to focus when it’s time to get back to work.

And if you’re among the millions of Americans that are now spending an unprecedented amount of time at home, you may also want to invest in your space by clearing out the clutter and livening things up with pictures, paint, or plants. It doesn’t have to be expensive — or extensive. Every bit helps!

It’s times like this that make a rainy-day fund seem like a good idea.

July 30, 2020October 22, 2020

A rainy-day fund may sound old-fashioned, but with what’s happening in the country right now, it’s probably something a lot of people wish they had.

And while now might not be the right time for you to start taking money out of your budget to sock away in a savings account, it may be a good time to sit down and figure out how you can start your rainy day fund when this is all over.

Basically, a rainy-day fund is having enough money in your savings to cover 3 to 6 months’ worth of living expenses. That means necessities like mortgage/rent payments, car payments, utility bills, food, credit card payments, and other bills you normally pay every month. So, for example, if your monthly expenses total $3,000, that means you’ll need to keep between $9,000 and $18,000 in a savings account to cover them in case of an emergency — like the one we’re experiencing right now.

Of course, most people can’t come up with that much money overnight. It’s a fund that you have to build up over time.

But where will all that extra money come from? Here are a few suggestions that might help: First, write down where all your money is going every week — even if it’s just for a pack of gum. Then look to see how much is spent on things you really need (a five-dollar cup of coffee isn’t a necessity). Now see if you can either cut out any frivolous spending or at least cut it back and take that money and use it to start your rainy-day fund. It may seem like nothing at first, but it can add up over time. Do the same with bigger purchases like clothes, entertainment, electronics (do you really need the latest version of that smart phone). Now take what you would spend on these items and add that to your fund as well. Another thing you can add is any extra cash left in your checking account at the end of the month.

We know that saving money isn’t the biggest thing on your mind right now. But we hope when this is all over, it will be. So, when the next rainy day comes, you’ll be ready for it — even if that rainy day lasts for weeks.

Tax Time

February 10, 2020May 2, 2020

It’s that time of year again. To make it a little less stressful, Compass has partnered with TurboTax. Now our members can save $15 on any paid service, have the ability to talk to a tax pro onscreen for advice, and be sure your returns are 100% accurate. Click on “Membership”, then “Member Benefits” to learn more.

Where did all my money go?

January 13, 2020May 2, 2020

If you find yourself running out of money before you run out of days until your next paycheck, you’re not alone. In fact, even people who earn tons of money find themselves in this situation every month. And the reason they do is because they have no idea where all their money went.

To figure that out, start with a money diary. Every time you buy or pay for something, write it down. This includes everything from your mortgage and car payment to something as small as a candy bar. Then at the end of the month, take a look and see where all your money is going. Now look to see which expenses you can reduce or eliminate — like that large cup of fancy coffee every morning.

Once you find and reduce frivolous expenditures, take that money you would normally spend on them and deposit it into your savings account for a rainy day fund.

Next, establish a budget. Most financial experts recommend the 50/30/20 budget. 50% of your after-tax dollars on necessities like a mortgage, groceries, and other bills. 30% on wants like clothing and eating out. And 20% on savings and debt repayment. Tracking expenses and living on a budget may take some getting used to in the beginning, but over time it will give you a better financial future.