Author Archives: VP of Marketing and Business Development Jessica

How to Avoid Summer Vacation Scams

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Summer is upon us, and after a long year – most of us are more than ready for a vacation. However, while we all look forward to that long-awaited break, it’s essential to be aware of the potential risks that can arise – such as summer vacation scams.

Scammers have developed sophisticated tricks to exploit travelers, especially during high-demand periods like the summer vacation season. Here’s how you can avoid being their next victim, and ensure a relaxing and trouble-free vacation.

Research Thoroughly

It’s no surprise many of us are looking online for travel deals — especially as inflation continues. According to a new McAfee Report, 56% of travelers say they’re using the internet to search for travel bargains, with 35% saying they would try new booking sites in order to snag a good price.

But in the world of the digital age, it’s easy to fall for ‘too good to be true’ deals or discounts when you’re eager for a break.

Make sure you are booking through a reputable travel agency or website. Look for reviews and ratings of the service or property you are interested in. Keep in mind, scam websites can often look quite legitimate – so make sure to look for secure URLs that begin with ‘https’ and be cautious of those asking for a bank transfer as the only payment method.

Be Wary of Unsolicited Offers

One common scam tactic involves sending unsolicited emails, texts, or even calls offering unbeatable vacation deals. These offers may look like they’re from well-known travel agencies or airlines, complete with logos and official looking email addresses. For instance, you may receive an email stating that you’ve “won a free trip” or “you’ve been selected for a heavily discounted luxury vacation.”

Be particularly cautious if these messages include a sense of urgency, such as “limited time offer” or “claim within the next 24 hours.” These are red flags that the offer could be a scam. Instead of clicking on any links or replying to these unsolicited offers, go directly to the travel company’s official website or contact them directly to verify the legitimacy of the offer. This extra step can save you from falling into a well-laid scam trap.

Use Secure Payment Methods

Scammers often ask for payment methods that are hard to trace, such as wire transfers or prepaid gift cards. Always use secure payment methods when booking your vacation. Credit cards offer the best protection against fraud, as they have built-in safeguards and allow you to dispute charges if you become a victim of a scam. At First Financial, we offer zero fraud liability for all our credit cards so you can have added backup on all your purchases. You can even earn perks like points for travel-related purchases when you use the First Financial Cash Plus Credit Card.*

Double Check Rental Listings

Renting a private home or apartment for your vacation can provide a more personal and unique experience than a hotel. However, it also comes with its risks. Scammers often list properties that they don’t own or that don’t even exist. To protect yourself, never pay outside of the platform you are booking through and always check for multiple photos and reviews of the property.

Get Everything in Writing

Avoid verbal agreements and get all details, including the total cost, cancellation policies, and what the package includes – in writing. This provides a record and helps you avoid unpleasant surprises during your vacation.

Consider a Travel Agent or Insurance

In an era of DIY travel planning, it’s easy to overlook the benefits of working with a professional travel agent. Reputable travel agents have the expertise and insider knowledge to help you navigate the vast sea of vacation options. They have established relationships with hotels, airlines, and tour operators – which means they can often offer packages and deals that you wouldn’t find on your own.

More importantly, a reliable travel agent provides an additional layer of security against potential scams. They vet the companies they work with, ensuring the legitimacy of your accommodations, flights, and other travel arrangements. It’s also important to consider getting travel insurance to cover unforeseen events such as trip cancellations, delays, or medical emergencies. Make sure to read the policy carefully to know what it covers.

Summer vacations should be about relaxation, fun, and making memories, not dealing with scams. While the tips above can help you avoid most scams, always remember that if something seems too good to be true – it probably is.

Stay safe and travel smart with First Financial. Let us help you navigate your financial journey with ease and security. Check out our First Scoop blog for more fraud prevention tips.

Happy travels!

*Your First Financial Visa® Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1.5% cash back based upon eligible purchases each quarter. APR varies up to 18%, when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.

Debunking Common Financial Myths

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In the world of personal finance, there are myths and misconceptions that can hinder our ability to make informed decisions and achieve our financial goals. By debunking these myths, we can gain clarity and navigate the complexities of personal finance more effectively. Keep reading as we explore common financial myths and the truth behind them!

Myth 1: Credit unions are just like banks.

Reality: Credit unions are member-owned, not-for-profit financial institutions. Credit unions prioritize the best interests of their members rather than generating profits for shareholders. At First Financial, for example – you can benefit from lower loan rates, personalized customer service, and access to a wide range of financial products tailored to meet your unique needs.*

Myth 2: Paying the minimum on your credit card statement is fine.

Reality: Paying the minimum balance on your statement actually costs you more in the long run. You’ll end up having to spend more on interest this way, which could double the cost of the items you purchased. Paying your credit card statement on time and in full every month can help improve your credit score and save money on interest too. See our handy guide on credit card mistakes to avoid to learn more.

Myth 3: Saving money is solely about setting cash aside.

Reality: While saving money is essential, there are various strategies to make your savings work harder for you. Exploring different savings products, such as high-yield savings accounts, certificates of deposit (CDs), or individual retirement accounts (IRAs) – can help you grow your savings over time and work towards your financial goals.

Myth 4: Loans are only for emergencies or significant purchases.

Reality: Loans can serve multiple purposes beyond emergencies or large purchases. They can be valuable tools to seize opportunities, consolidate debt, or invest in personal or business ventures. Understanding the different loan options available and their terms, can help you make informed decisions that align with your financial objectives.

Myth 5: Retirement planning is only for the wealthy.

Reality: Retirement planning is crucial for individuals at all income levels. Regardless of your current financial situation, developing a retirement strategy early on can help you secure a comfortable future. Here at our credit union, we offer the First Financial Investment & Retirement Center to help support your future through investments and insurance.**

By debunking these common financial myths, you can gain a better understanding of personal finance and make more informed decisions to achieve your financial goals. Whether it’s exploring savings and loan options, or planning for retirement – taking a proactive approach to your financial well-being is key.

Remember, knowledge is power – and First Financial is here to provide you with all the tools for your financial success. For more insights and tips on personal finance, check out our First Scoop Blog!

*$5 in a base savings account is your membership deposit and is required to remain in your base savings account at all times to be a member in good standing. All credit unions require a membership deposit. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

 **Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

When to Use Cash, Credit, or Debit

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Not every payment method is the same. At First Financial, we believe that understanding the tools you have at your disposal – including cash, credit, and debit – is vital to achieving financial wellness. By using the right payment method for the right situation, you can enhance your financial security, budget more effectively, and make your money work for you.

Cash: The Tangible Transaction

Even in this digital age, there are certain situations where cash remains king. These include:

  1. Small, Everyday Purchases: For small, incidental expenses like a cup of coffee or a quick snack, cash is a handy option. It helps keep track of your spending in a tangible way that digital forms of payment often can’t match.
  2. Budgeting Tool: Cash can be a powerful visual aid in budgeting. Physically dividing your cash into envelopes or jars for different expense categories can give a clearer picture of where your money is going. Plus, when it’s gone – it’s gone.
  3. In Case of Emergencies: Having some cash on hand for emergencies, such as power outages where digital payment systems may not work, can be a lifesaver.

Remember, while cash offers a direct, tangible way to control spending, it doesn’t provide any kind of record of your transactions or protection against theft.

Debit: A Bridge Between Cash and Credit

A debit card offers the convenience of a credit card, but works like cash because the funds are directly withdrawn from your checking account. It’s a useful tool when:

  1. Avoiding Debt: If you are concerned about overspending or accumulating debt, using a debit card can keep you within your means – because you can only spend what you have in your account.
  2. Digital Convenience: Debit cards offer the same ease and convenience as credit cards for online shopping and bill payments.
  3. ATM Withdrawals: Need cash in a hurry? Your debit card lets you access your money at ATMs.

While debit cards provide more record-keeping than cash and less risk of overspending than credit cards, they may not offer the same level of protection against fraudulent transactions as credit cards do. That’s why it’s essential to have both. At First Financial, you’ll be instantly issued a debit card when opening a checking account.* Our debit card offers great features like no annual fees and more!

Credit: The Power of Borrowing

Credit cards allow you to borrow money up to a certain limit in order to purchase items. They can be a powerful tool in your financial toolkit when used responsibly:

  1. Building Credit: Regular and responsible use of a credit card can help you build a positive credit history, potentially leading to lower loan interest rates and better terms in the future.
  2. Rewards and Perks: Many credit cards offer rewards such as cash back, travel points, or other perks based on your spending.
  3. Protection: Credit cards generally offer more robust protection against fraudulent transactions compared to debit cards.

The convenience of credit cards, however, can often lead to overspending and other common mistakes to avoid. It’s crucial to pay off your balance in full each month to avoid interest charges and potential debt accumulation.

Once you learn the tips and tricks to using a credit card, you’ll get to enjoy the benefits of having one. Whether you’re looking for a card with extra perks or are working on building your credit, we offer four different credit card options that will suit your needs. With our Visa® Cash Plus Credit Card, you can earn cash back on eligible purchases.**

Navigating Your Payment Options

Every payment method comes with its own strengths and weaknesses, and the best choice often depends on the situation. At First Financial, we’re here to help you navigate these decisions and make the most of your financial resources. Whether you’re choosing between cash, debit, or credit – our team is ready to support you with expert advice tailored to your individual financial circumstances and goals. Visit a local branch or call 732.312.1500 to get started.

As always, we encourage our members to spend wisely, budget regularly, and make informed decisions about their financial health. Stay tuned for more insights and tips on personal finance from us by subscribing to our First Scoop Blog!

*Debit Card must be linked to a First Financial Checking Account. Debit Cards are available for First Financial members with Checking Accounts only. A First Financial membership is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details.

 **Your First Financial Visa® Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based upon eligible purchases each quarter. APR varies up to 18%, when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.

What to Know About Disputing Your Credit Report

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Your credit report impacts almost every aspect of your financial life. If you ever want to purchase a home, take out a loan, or apply for a credit card – financial institutions will reference your credit report to determine your creditworthiness. That’s why it’s crucial to ensure the accuracy of the information on your credit report. We wanted to shed some light on disputing your credit report – should there ever be a discrepancy, and what the process looks like.

How to Dispute Your Credit Report

Disputing your credit report is a right guaranteed to you under the Fair Credit Reporting Act (FCRA). Here’s a step-by-step guide to help you navigate through the process, should you ever need to.

1. Obtain Your Credit Reports: The first step in this process is to get a copy of your credit reports. You are entitled to a free copy from each of the three major credit bureaus — Experian, Equifax, and TransUnion — once a year through AnnualCreditReport.com. We also offer a credit assessment tool on our website to help you get an idea of what yours may look like.

2. Review Your Reports: Go through each report meticulously, identifying any errors. These could include incorrect personal information, incorrect account details, fraudulent accounts opened, and outdated information.

3. Gather Evidence: If you find inaccuracies, gather supporting evidence to substantiate your claim. This could include bank statements, payment records, or correspondence from the creditor or collection agency.

4. File Your Dispute: Write a dispute letter to each credit bureau that is reporting the inaccurate information. Include your name and address, a detailed explanation of the dispute, and copies of supporting documents. TransUnion offers free online disputing services as well.

5. Follow-Up: After filing your dispute, the credit bureau has 30 days to investigate. They will contact the information provider, who will then need to investigate the dispute. If the provider finds the information is incorrect, they must notify all three credit bureaus to correct your credit file.

6. Review the Outcome: Once the investigation is complete, the credit bureau must provide you with the results and a free copy of your credit report if the dispute resulted in a change. You will want to review this report to ensure the corrections have been made.

Common Questions About Disputing a Credit Report

Understanding your credit report and the process of disputing it is important for the big picture of your financial future. Below are some common questions we’ve heard from some of our members.

How often should I review my credit report?

You should review your credit report at least once a year. However, if you are planning a significant financial move, such as purchasing a home – you should review your credit report several months in advance.

What should I do if a dispute is unsuccessful?

If your dispute was unsuccessful, but you still believe the information is incorrect – you can request that a statement of the dispute be included in your future credit reports. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB).

Can I have a third party dispute items on my behalf?

Yes, you can have a credit repair company dispute items on your behalf – but it’s important to understand that some companies might charge high fees for utilizing their services. It is often more beneficial and cost-effective to dispute any errors yourself.

How long does negative information stay on my credit report?

Most negative information will stay on your credit report for seven years, while bankruptcy information can stay on your report for up to ten years.

Does filing a dispute hurt my credit score?

No, filing a dispute does not hurt your credit score. However, if the dispute results in a change to your credit report, it could indirectly affect your credit score – either positively or negatively, depending on the nature of the change.

At First Financial, we encourage our members to take an active role in managing their credit so they can achieve their financial goals. We’re here to help throughout the process! Visit a local branch or call 732.312.1500 to learn more about ways to manage your credit score.

Related Article: Steps to Improving Your Credit Score

For more money advice, subscribe to our First Scoop blog.

Is it Love or a Ploy to Steal Your Cash? Romance and Online Dating Scams

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Have you been asked to send money to an online love before you’ve met in person? It may be a scam. Here’s what you need to know about romance and online dating scams.

Online Dating and Virtual Relationships Can Lead to Romance Scams

They say “love is blind.” This is especially true when it comes to looking for love online. Unfortunately, the popularity of online dating and using dating apps has created a new avenue for scammers to embed themselves into people’s daily lives with fake profiles and phony promises. Romance scams are growing in popularity, so if you are looking to meet someone online make sure you are not blinded by love and will notice if something seems fishy.

How Romance Scams Work

Scammers create fake profiles that are aimed at gaining your affection and trust. They may have an unusually high number of similar interests, and once you engage with them, they will contact you frequently with intense flattery to establish a quick relationship. The only caveat is that they can’t meet in person. They will provide excuses such as serving in the military or other remote commitments.

After spending weeks – or months – building a connection with you, they will eventually ask for money, typically through an electronic payment method that is fast and cannot be reversed (think P2P payment apps such as Venmo and Zelle). Common reasons include travel expenses to finally come see you, medical emergencies, or debt relief to start a new life together. They will make false promises about the future, but if you refuse – they’ll seemingly threaten your relationship and stir up guilt until you finally agree. This may take place during times when many people feel lonely, such as around Valentine’s Day or during the holidays. After you send the requested money, the scammer will disappear.

What You Can Do If a Scammer Targets You

If you suspect an online romance seems suspicious, make sure you slow down and ask questions. Try doing a Google image search with their photos to make sure they are not random pictures the scammer found online. If you believe you may be interacting with a scammer, report the user to the platform or app where you first made contact, and do not send them any money.

Were you the unfortunate victim of a financial scam? Here are a few things you can do to protect your identity and sensitive information:

  • Notify law enforcement including your local police department if applicable, or for an internet crime you can file a complaint with the FBI’s IC3 website.
  • Alert your financial institutions to ensure they aren’t processing requests for payments or other transactions like wire transfers without your confirmation.
  • Let the credit bureaus know so you can freeze your credit report and profile.
  • Change your passwords for any online accounts that may have been compromised.
  • Monitor your credit by subscribing to identity and credit monitoring services. These services will help you monitor your personal information such as your name, Social Security Number, linked bank accounts, and more.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

To learn more about scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. 

 

How to Prepare Before Buying Your Next Vehicle

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Buying a car is a big ticket purchase that shouldn’t be done without careful planning. It’s important to do your research and make an informed decision about the best possible vehicle purchase for you. Keep reading for ways to prepare before you buy your next ride.

Decide What You Need: Aside from your vehicle being able to get you to and from work, around town, or for after school pick-ups – think about what else you might use your car for. Do you have kids and need extra room and/or trunk space? If so, you might consider a larger vehicle like an SUV or mini van. Do you go on many long road trips, or is most of your driving done locally? All of these are important factors in determining the type of vehicle that would best suit you.

Figure Out What’s Realistic: Sure, maybe you’ve always wanted a luxury vehicle or a sports car – but practically speaking, will either of these fit your lifestyle and budget? You want to make sure you’re driving a car that fits into your monthly budget as well as with how you live and where you typically go.

Know Your Credit Score: The better your credit, the better your loan rate. Take advantage of viewing your free annual credit report before you visit the car dealership, and get a ballpark of what it might be (and also check for any errors on your credit report at the same time). If your credit score is low, you’ll most likely have a higher loan rate and have higher monthly payments throughout the life of your loan. Review how to boost your credit score in one of our previous blogs.

Have a Set Budget: Know what you can afford to spend monthly on a car payment and be ready to stand firm with that number once you walk into the car dealership. Auto loan payment calculators (like the ones on our website), are a great resource in helping you to determine what your monthly payments and the best loan term for you might be.

Search for Deals: Decide on a good time of year to buy your vehicle and see what types of sales and incentives might be out there. For example, toward the end of the summer into early autumn you might find many dealer clearance events as car dealerships try to sell the current year’s inventory before the new year’s inventory comes in. Long holiday weekends like Presidents’ Day and similar are also good times to search for vehicle sales at the dealership. If you’re local to Monmouth & Ocean Counties – be sure to check out our preferred dealers for your next car, and finance your auto loan through us!*

Do Your Research: Investigate the reputation and reliability of the vehicle you’re looking to buy. You’ll also want to thoroughly explore safety ratings, fuel economy, and whether it’s better to buy the car new or pre-owned. Certified pre-owned vehicles are typically only a couple years old with relatively low mileage, usually coming off a previous lease. These vehicles make for a great option because they come at a lower price, but still include dealer perks and warranties.

Also keep in mind, if you do decide to go with a used car – there are certain significant used vehicle maintenance items you’ll want to consider before purchasing:

  • Tires – Tires on a pre-owned vehicle should be inspected for wear and tear. A trick to check the state of the tires is to insert a penny into the groove with Abraham Lincoln’s head upside down. If the top of the head is visible, the tires need to be replaced. Should the tires soon need to be replaced, you’ll want to budget for anywhere between $150 to $200 per new tire.
  • Brakes – Most brake pads will last roughly 35,000 miles. If brake pads do need to be replaced factor in $150-$250 per axle, and even more if the car’s rotors need to be replaced as well.
  • Transmission Service – This item is more applicable to higher mileage vehicles that are above 120,000 miles. Check the manufacturer’s recommendation as well as the maintenance history of the vehicle. Transmission service at a typical quick lube place starts at around $79.99 and increases based on how much transmission fluid is needed.
  • Engine Coolant Flush – Many vehicles don’t recommend an engine coolant flush for 10 years or over 100,000 miles. Check the owner’s manual for the manufacturer’s suggestion. This is also applicable to a higher mileage used car, and will cost you around $100 if you do need this service.

If you’re in the market for a new or new-to-you ride, stop into any of our local branches or give us a call. You can also apply for an auto loan online 24/7. At First Financial, our auto loan rates are the same whether you plan to buy new or used, and we also have same-day approval decisions.* We’re happy to help you with any questions you might have about the car buying process!

*A $5 deposit in a base savings account is required for credit union membership before opening any account/loan. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information. APR = Annual Percentage Rate. Not all applicants will qualify, subject to credit approval. Additional terms and conditions may apply. Actual rate may vary based on credit worthiness and term. First Financial FCU maintains the right to not extend credit, after you respond, if we determine you do not meet our guidelines for creditworthiness. A First Financial membership is required to obtain an Auto Loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties.