Summer 2023 Newsletter

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We hope all our members and their families are enjoying a wonderful summer!

In a continued effort to go green, we’re publishing our quarterly member newsletter electronically – it can also be found on our website and social media sites. Paper copies will be available in our branches.

The Summer Newsletter features the following articles:

To view a copy of the member newsletter, click here.

Wishing you a great third quarter of the year!

Protect Your Small Business from Payment Scams

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It is often assumed that payment scams only happen to individuals, but small businesses are also frequent targets for scammers. These maneuvers can often go unnoticed because the scam is embedded within typical business operations. The best line of defense is knowing what to look for.

Here are three types of scams targeting small businesses:

Fake Invoices. A scammer will send a fake invoice hoping to trick a business owner, or one of their employees, into paying for products or services they never ordered or received. Their hope is that the invoice will blend in with the others and will be paid without anyone giving it a second look. The fake invoice could be for office supplies, domain hosting or other services, and it can arrive via email or regular mail.

Intentional Overpayments. A customer overpays for a product or service. That may not sound like a scam, but it can be. After overpaying with a check or credit card, the scammer contacts the business with an apology for the overpayment and asks for a refund of the excess amount through a digital payment, pre-loaded debit card, or a wire transfer. After the refund is completed, the business owner discovers that the original check has bounced, or the credit card used for the purchase was stolen. Now the business has issued a refund for a payment they never actually received.

In another scenario, the scammer claims to make an online payment for more than the amount due. They present a fake receipt for the purchase and claim that the funds are being held by the payment provider until the overpaid amount has been refunded. Like the scenario above, after the refund is issued, the original payment never comes through.

Office Supply Scam. A business receives an unexpected phone call from someone claiming to represent a reputable office supply company, perhaps one there is already an existing business relationship with. The caller tries to sell surplus merchandise at a reduced price, citing a cancellation or over-order by another purchaser. A payment is made, but the merchandise never arrives.

Here are ways businesses can protect themselves from these types of scams:

  • Pay close attention to invoices and other requests for payment. Make sure items have been received and services completed. Check with employees to verify who placed the order and confirm the payment should be processed.
  • Conduct regular audits of all financials and keep documentation for all orders and purchases. This will help to detect fake accounts and invoices.
  • Establish payment authorization procedures, including a multi-person approval process for transactions above a certain dollar amount.
  • Understand your payment options. Digital payments can be quick and efficient, but when purchasing goods or merchandise, a business credit card may be a better option. Many credit card companies offer built-in buyer protections for cardholders. Check the terms and conditions of your credit card to see what’s offered. Avoid paying any vendor using pre-paid debit cards and gift cards, which can be untraceable if the vendor doesn’t fulfill their commitment.
  • Educate employees. If the staff knows about these scams, they’ll be more likely to spot one and avoid falling victim.

Above all, slow down and ask questions. Never be rushed into making a payment. Urgency is a tactic scammers use to steal money before the victim has time to think it through.

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.

Summer Garage Sales: What to Buy and Avoid

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Throughout the summer, yard sales are a popular weekend activity for bargain hunters seeking hidden treasures at unbeatable prices. Whether you’re a seasoned yard sale enthusiast or a novice looking to make the most of your budget, it’s important to know what items to buy and what to avoid. Explore the world of yard sales through a money-saving lens, but make sure you consider what you should buy and what to avoid in order to save money in the long run.

What to Buy at a Yard Sale

Musical Instruments -Yard sales can be a goldmine for music enthusiasts. Look out for gently used instruments that are still in good condition. Consider testing them out or researching their value beforehand to ensure you’re getting a fair deal.

Kids’ Clothes – Children outgrow their clothes quickly, so purchasing second-hand items at yard sales can save you a bundle. Look for gently worn kids’ clothes, ensuring they are clean and free from stains or tears.

Kitchen Supplies – Yard sales often offer a wide range of kitchen supplies – such as cookware, utensils, and appliances. Take advantage of these deals to upgrade your kitchen without breaking the bank. Check for functionality and cleanliness before purchasing.

Picture Frames – Decorating your home can be expensive, but yard sales offer an affordable way to find unique picture frames. These can add a personal touch to your living space while saving you money.

Wooden Furniture – Well-made wooden furniture can last for years, be simple to spruce up, and you can find some real gems at yard sales. Look for sturdy pieces with minimal damage, and don’t be afraid to negotiate the price.

Sports and Exercise Gear – Stay active on a budget by browsing yard sales for sports equipment and exercise gear. Items like bicycles, tennis rackets, golf clubs, and weights can often be found at significantly reduced prices.

Books – Bookworms rejoice! Yard sales are a great place to find books at a fraction of their original cost. Dive into a wide variety of genres and expand your library without breaking the bank.

What Not to Buy at a Yard Sale

Open Puzzles and Games with Lots of Parts – While puzzles and games can be a fun addition to your leisure time, it’s best to avoid open boxes with potential missing pieces. Incomplete sets can be frustrating, so opt for sealed boxes or items where you can ensure all the parts are intact.

Electronics and Appliances You Can’t Test – Yard sales often feature electronic devices and appliances, but it’s a challenge to verify their functionality on the spot. Unless the seller allows you to test the item, it’s safer to skip these purchases to avoid potential disappointment and aggravation later on.

Mattresses and Plush Items That Can Carry Pests – While you may find seemingly good deals on mattresses or plush items like stuffed animals, be cautious. These items can harbor pests, such as bedbugs or dust mites. To ensure a hygienic purchase, it’s best to buy new when it comes to bedding and plush items.

Cosmetics – Personal care items like cosmetics should be purchased new to ensure safety and hygiene. Yard sale cosmetics may have expired or have been improperly stored, which can lead to skin irritation or even infections.

Cribs and Car Seats – Safety should always be a top priority, especially when it comes to items for infants and young children. Yard sale cribs and car seats may not meet the latest safety standards or could have hidden defects. It’s best to purchase these items new to ensure the utmost protection for your little ones.

Bike Helmets – Protective gear, such as bike helmets – should always be purchased new to ensure optimal safety. Helmets that have been previously used may not provide adequate protection in the event of an accident.

Non-stick Pans – Non-stick pans can wear down over time, potentially exposing harmful substances. It’s advisable to invest in new, high quality non-stick cookware to avoid any health risks.

Running Shoes – Athletic shoes form to the shape of the wearer’s feet over time. To provide proper support and prevent any foot-related issues, you should always purchase them new.

Yard sales can be a fantastic way to save money while finding unique and useful items. By knowing what to buy and what to avoid, you can make the most of your summer yard sale adventures. Remember to inspect items thoroughly, negotiate prices when appropriate, and prioritize safety when it comes to certain purchases. Happy bargain hunting!

At First Financial, your financial well-being is our top priority. We are dedicated to offering you resources and tools to assist you in reaching your financial goals. To begin your journey, stop by one of our local branches or dial 732.312.1500.

Don’t miss out on valuable money tips! Subscribe to our First Scoop blog for more insightful advice.

Financial Preparation Tips for Hurricane Season

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As hurricane season is underway (June 1st to November 30th), it’s essential to prioritize not only your physical safety but also your financial well-being. Natural disasters like hurricanes and tropical storms can have a devastating impact on your financial stability if you’re unprepared. However, with careful planning and the right strategies, you can mitigate potential risks and protect your financial future. Don’t wait until it’s too late – start preparing today to weather the storm with confidence.

Review Your Insurance Policies

Before a storm strikes, take the time to review your insurance policies. Check if your home, health, or other insurance coverage provides financial assistance for temporary shelter, replacement of belongings, or other essentials in case of extreme weather. Our partners at TruStage Insurance offer a comprehensive range of insurance products, including accidental death & dismemberment insurance, auto, life, and property coverage.** These products can help cover the cost of property or injury in the event of a natural disaster. Having a clear understanding of your coverage will give you peace of mind and help you make informed decisions during challenging times.

Conduct a Household Inventory

Creating a comprehensive household inventory is crucial for assessing potential losses and expediting insurance claims. Make a detailed list of your physical possessions, accompanied by photographs or videos. Include important information such as serial numbers, purchase receipts, and appraisals. Additionally, gather vital documents like Social Security and health insurance cards, prescription lists, and copies of essential financial and family records (deeds, titles, wills, birth and marriage certificates).

Keep Your Documents Safe and Accessible

Organizing and safeguarding your important documents is key to ensuring quick and easy access when needed. Invest in a lockable fireproof file box to store your documents securely. Keep it in a readily accessible place within your home, allowing you to grab it quickly in case of an evacuation or emergency. Remember to include some cash, as ATMs and banks may be inaccessible during emergencies and power outages. To find a First Financial or Co-Op surcharge free ATM location near you, click here. Store an extra set of house and car keys, as well as the key to any safe deposit box you may have.

Leverage Technology

Harness the power of technology to enhance your financial preparedness. At First Financial, we offer a user-friendly mobile app and online banking, which both allow you to access and reference your financial documents from anywhere.* By digitizing your important files and uploading them to a secure platform, you can ensure that even if physical copies are lost or damaged, you can still retrieve them quickly and efficiently.

Stay Informed and Aware

Knowledge is a vital asset when facing the aftermath of a hurricane. Bookmark helpful resources such as your local weather or the FTC, which provides valuable advice on recovery, your rights, and how to identify, avoid, and report scams in times of natural disaster. Staying informed will empower you to make smart decisions and protect yourself and your finances from potential fraud or exploitation.

Preparing for hurricane season goes beyond securing physical safety. Taking steps to ensure your financial readiness is equally crucial. By following these tips, you’ll be well-equipped to face hurricane season with confidence, knowing that your financial future is protected. Stay safe, stay prepared, and remember that we are here to support you every step of the way. For more financial advice, read our First Scoop blog!

*You must have an account at First Financial Federal Credit Union (serving Monmouth and Ocean Counties in NJ), and be enrolled in online banking, to use our mobile application. Standard data rates and charges may apply. 

 **TruStage insurance products and programs are made available through TruStage Insurance Agency, LLC. Life insurance and AD&D insurance are issued by CMFG Life Insurance Company. Auto and home insurance are issued by leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by your credit union.

Managing Finances and P2P Payments When You’re in a Wedding Party

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Weddings are a time of great joy. But let’s face it, they can also be a bit stressful – especially if you’re in the bridal party. Being in a wedding party can cost you around $1,000 by today’s standards. Here are a few ways to avoid going into debt once you’ve agreed to be there for your BFF on their big day and the surrounding events:

  • Communicate – Before you agree to be in the wedding party, communicate with the bride or groom about expectations and expenses. If you’re currently struggling financially and don’t think you can afford what might be expected of you, be up front and honest about it.
  • Save up – If potentially being in a bridal party is in your near future, start putting aside some money into savings now – every little bit helps. Once you’re asked and accept, definitely start socking away as much as your budget will allow (even if you have to temporarily forego some of your usual treats like meals out, daily coffee, Netflix, etc. and put that money into wedding savings).
  • It’s okay to say no if you really can’t afford something. If you truly can’t afford to be in a wedding party, it’s okay to say no – just do it as gently and kindly as possible and be completely honest. You can politely decline and if you felt you needed to, still thank them for asking you and send them a small gift or item from their registry. Or if you would like to accept but can’t afford a destination bachelor or bachelorette party which you know is in the works, be up front about that from the beginning.

Once you’ve accepted the invitation to participate in a wedding party, it’s time to start thinking about how you might pay for upcoming expenses. Person-to-person (P2P) payment apps are very popular these days, and can make organizing a bachelor or bachelorette party easier – and gifting for the wedding or bridal shower a breeze. It’s also a good idea to brush up on your P2P payment app safety first, before you start planning away.

How to Plan a Bachelor or Bachelorette Party using P2P Payment Apps

Your best friend is getting married and you’ve accepted to being the best man or maid of honor. You’re honored but also a bit nervous, because you want everything to be perfect – including their bachelor or bachelorette party.

Whether the guest of honor decides on a weekend getaway, a staycation closer to home, or a low-key night in, much of the party planning will probably rest with you. Once you’ve been given a list of possible locations, dates, and the invite list, you might want to start a group text or email to the invitees to get everyone on the same page regarding costs and expectations.

Some things to consider, save up for, and communicate may include:

  • Transportation costs: Plane tickets or carpooling to the destination.
  • Accommodation costs: Hotel or house rental.
  • Costs for various activities: Brewery/wine tasting, pool cabana, concert tickets, meals, etc.

Decide up front what the guest of honor will pay for and what the group will cover. It’s important to get everyone’s input because some may have tighter budgets than others, and you don’t want to put anyone in an uncomfortable position. According to a recent survey conducted by Savings.com, 43% of people don’t feel comfortable talking about money or financial status with their friends. This could be why 52% of respondents took on credit card debt and 39% opted out of some parts of the bachelor/bachelorette party due to high costs.

Consider taking an anonymous poll to help determine how much money guests would like to spend. Once that’s decided, how to split bachelor/bachelorette party costs and share expenses should be fairly easy. And that’s where P2P payment apps come in.

As one of the more popular peer-to-peer payment options, you might be surprised at how many guests already use the P2P payment app Zelle®. And those who don’t can most likely enroll through their bank or credit union’s mobile app with just an email address or U.S. mobile phone number. Once they enroll, they can now send money directly to your bank account, even if they bank somewhere different than you.1 As the host, you can easily send payment requests2 to others in the group for their share of the costs you’ve already agreed upon. Plus, money sent is typically available in minutes.1

When using a P2P app, it’s very important to make sure you know who you are sending money to – since once it’s sent, it can be extremely difficult to get it back (if at all) should it go to the wrong place. Always verify the contact’s user name, mobile phone number or email address prior to sending any P2P payment.

More Ways to Support the Happy Couple with P2P Payment Apps

Shower Gifts: P2P payments make it very easy to split the costs of group gifts for a bridal or wedding shower. Plus, splitting costs with coworkers, friends or other family members is a great way to afford those higher priced registry gifts for the happy couple.

The Perfect Wedding Gift: Is the couple trying to buy a new house or save for a dream honeymoon? Sending the gift of money is a great way to help support their goals, whatever they may be. And when you send them a gift using a P2P payment method, it’ll arrive right away if you’re pressed for time (think as soon as they say their “I do’s” on wedding day – simply open your P2P app, click on their contact and hit send!).

Learn more about how P2P payments like Zelle® work in our short video tutorial.

To learn more about P2P payment 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 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.