One-Minute Reads: Can Auto Loans Be Paid Off Early? 

Yes, in most cases, you can pay off a car loan early! Paying off your loan ahead of schedule can help you save on interest and free up your budget. However, it’s important to check your loan agreement for any prepayment penalties. Some lenders charge a fee for paying off a loan early, which could reduce or eliminate the savings you’d gain from paying it off faster. PEFCU does not charge a fee or a penalty for paying your auto loan off early.  If your loan doesn’t have prepayment penalties, making extra payments or paying more than the minimum can…

November 12, 2024One Minute Reads No Comments
One-Minute Reads: Can Auto Loans Be Paid Off Early? 

Yes, in most cases, you can pay off a car loan early! Paying off your loan ahead of schedule can help you save on interest and free up your budget. However, it’s important to check your loan agreement for any prepayment penalties. Some lenders charge a fee for paying off a loan early, which could reduce or eliminate the savings you’d gain from paying it off faster. PEFCU does not charge a fee or a penalty for paying your auto loan off early.  If your loan doesn’t have prepayment penalties, making extra payments or paying more than the minimum can…

One-Minute Reads: Are Credit Unions Nonprofit? 

Credit unions are not-for-profit organizations! Unlike banks, which aim to maximize profits for shareholders, credit unions exist to serve their members. Any earnings a credit union makes are returned to members in the form of better rates, lower fees, and enhanced services.  As member-owned institutions, credit unions are guided by their members’ best interests. Members have a say in how the credit union is run, typically by voting for a volunteer board of directors. This focus on people over profits is what sets credit unions apart.  Learn more about PEFCU here: https://www.pefcu.com/about/about-us/   

November 4, 2024One Minute Reads No Comments
One-Minute Reads: Are Credit Unions Nonprofit? 

Credit unions are not-for-profit organizations! Unlike banks, which aim to maximize profits for shareholders, credit unions exist to serve their members. Any earnings a credit union makes are returned to members in the form of better rates, lower fees, and enhanced services.  As member-owned institutions, credit unions are guided by their members’ best interests. Members have a say in how the credit union is run, typically by voting for a volunteer board of directors. This focus on people over profits is what sets credit unions apart.  Learn more about PEFCU here: https://www.pefcu.com/about/about-us/   

Fraud Alert: QR Code Scams

Many technological advancements are designed to simplify your life, providing an added layer of convenience to your everyday tasks. However, with new technology also comes the threat of exploitation by scammers. Unfortunately, this trend has stepped into the world of QR codes – stripping away protections once enjoyed by consumers.   QR codes are commonly used to share information quickly and easily with a simple snap of your phone’s camera. As businesses increasingly rely on this tool to communicate with their customers, criminals are stepping in to abuse these scenarios for their own gain.   In this article, we’ll highlight common QR…

October 29, 2024Security Center No Comments
Fraud Alert: QR Code Scams

Many technological advancements are designed to simplify your life, providing an added layer of convenience to your everyday tasks. However, with new technology also comes the threat of exploitation by scammers. Unfortunately, this trend has stepped into the world of QR codes – stripping away protections once enjoyed by consumers.   QR codes are commonly used to share information quickly and easily with a simple snap of your phone’s camera. As businesses increasingly rely on this tool to communicate with their customers, criminals are stepping in to abuse these scenarios for their own gain.   In this article, we’ll highlight common QR…

Your Ultimate Car Maintenance Checklist  

Most people don’t think of their car as a financial investment. It’s a means of transportation and part of your daily life. However, without proper maintenance and care, your vehicle could derail your finances with unexpected repair costs and more.   Most brand-new cars purchased today come with extensive warranties, and often include the first few years of maintenance. But what if you have a pre-owned or hand-me-down car that is an older model? Keeping your vehicle properly maintained is crucial to ensure your finances continue to run smoothly.  Here’s a guide that outlines standard vehicle performance checks. You can use…

October 25, 2024Future Planning No Comments
Your Ultimate Car Maintenance Checklist  

Most people don’t think of their car as a financial investment. It’s a means of transportation and part of your daily life. However, without proper maintenance and care, your vehicle could derail your finances with unexpected repair costs and more.   Most brand-new cars purchased today come with extensive warranties, and often include the first few years of maintenance. But what if you have a pre-owned or hand-me-down car that is an older model? Keeping your vehicle properly maintained is crucial to ensure your finances continue to run smoothly.  Here’s a guide that outlines standard vehicle performance checks. You can use…

One-Minute Read: Are Credit Union CDs Safe?

Credit unions call them “share certificates,” and yes, credit union share certificates are safe. Just like banks, credit unions insure their certificates. If your credit union is federally insured by the National Credit Union Administration (NCUA), your certificates are protected up to $250,000 per depositor, per account type, making them just as secure as bank CDs insured by the FDIC.  In addition to safety, credit unions often offer higher interest rates on certificates than traditional banks. So, not only is your money protected, but you could also see better returns on your investment. Click here to see current PEFCU certificate…

October 24, 2024Future Planning, One Minute Reads No Comments
One-Minute Read: Are Credit Union CDs Safe?

Credit unions call them “share certificates,” and yes, credit union share certificates are safe. Just like banks, credit unions insure their certificates. If your credit union is federally insured by the National Credit Union Administration (NCUA), your certificates are protected up to $250,000 per depositor, per account type, making them just as secure as bank CDs insured by the FDIC.  In addition to safety, credit unions often offer higher interest rates on certificates than traditional banks. So, not only is your money protected, but you could also see better returns on your investment. Click here to see current PEFCU certificate…

The Rise of Peer-to-Peer Payment Scams

With the advent of payment apps like CashApp, Venmo, and Zelle, sending and receiving money is now quicker and easier than ever. Whether splitting a dinner bill, sending a friend money for concert tickets, or handling your portion of rent and utilities, peer-to-peer payment apps provide convenient payment with just a few taps.   However, with convenience sometimes comes risk. A new scam is making the rounds targeting users of these peer-to-peer payment apps. This scam involves sending “accidental” payments to unsuspecting users. It may seem harmless at first glance, and you may even think, “What’s so bad about someone accidentally…

October 17, 2024Security Center No Comments
The Rise of Peer-to-Peer Payment Scams

With the advent of payment apps like CashApp, Venmo, and Zelle, sending and receiving money is now quicker and easier than ever. Whether splitting a dinner bill, sending a friend money for concert tickets, or handling your portion of rent and utilities, peer-to-peer payment apps provide convenient payment with just a few taps.   However, with convenience sometimes comes risk. A new scam is making the rounds targeting users of these peer-to-peer payment apps. This scam involves sending “accidental” payments to unsuspecting users. It may seem harmless at first glance, and you may even think, “What’s so bad about someone accidentally…

One Minute Read: Are Credit Union Credit Cards Better?

When deciding between a credit card from a credit union or from a big bank, it’s essential to look at the key differences. Credit unions are not-for-profit, meaning they typically offer lower interest rates and fewer fees. Many credit union credit cards come with better terms for balance transfers, rewards, and customer service tailored to their members.  Additionally, credit unions prioritize community and member well-being, so you’re more likely to experience personalized service. The PEFCU Visa® Credit Card offers 9.90% APR*, and you get one point per dollar on purchases. You can redeem points for merchandise, travel, gift cards, and…

October 8, 2024One Minute Reads No Comments
One Minute Read: Are Credit Union Credit Cards Better?

When deciding between a credit card from a credit union or from a big bank, it’s essential to look at the key differences. Credit unions are not-for-profit, meaning they typically offer lower interest rates and fewer fees. Many credit union credit cards come with better terms for balance transfers, rewards, and customer service tailored to their members.  Additionally, credit unions prioritize community and member well-being, so you’re more likely to experience personalized service. The PEFCU Visa® Credit Card offers 9.90% APR*, and you get one point per dollar on purchases. You can redeem points for merchandise, travel, gift cards, and…

Case Closed: Protecting Yourself from Court Scams

It’s unfortunate, but you must give it to them – scammers are creative. Just when you thought you’d seen every ploy in the book, a new wave of scams emerges that are hard to resist. Why? Because they threaten legal action right away.  Fraudsters are impersonating the courts, and their messages are very convincing. On top of that, it’s your curiosity and fear that drives you to follow their instructions. The best way to beat scammers and avoid their games is to understand how their schemes operate.     Understanding Court Scams   There are two common court scams making the rounds.…

October 2, 2024Security Center No Comments
Case Closed: Protecting Yourself from Court Scams

It’s unfortunate, but you must give it to them – scammers are creative. Just when you thought you’d seen every ploy in the book, a new wave of scams emerges that are hard to resist. Why? Because they threaten legal action right away.  Fraudsters are impersonating the courts, and their messages are very convincing. On top of that, it’s your curiosity and fear that drives you to follow their instructions. The best way to beat scammers and avoid their games is to understand how their schemes operate.     Understanding Court Scams   There are two common court scams making the rounds.…

Home Buying: Psychological Pitfalls to Overcome

Buying a home is a significant milestone, whether it’s your first time or you’re moving for a growing family. The journey is exciting but can also be exhausting and overwhelming at times. In an ideal world, your perfect home would be waiting for you at the perfect price. Unfortunately, reality often presents a more complex picture.  Finding the right home demands patience, energy, and compromise. Along the way, you may encounter obstacles that can take an emotional toll, making it easy to become discouraged or make hasty decisions that lead to financial missteps.  To navigate this journey successfully, it’s crucial…

September 24, 2024Future Planning No Comments
Home Buying: Psychological Pitfalls to Overcome

Buying a home is a significant milestone, whether it’s your first time or you’re moving for a growing family. The journey is exciting but can also be exhausting and overwhelming at times. In an ideal world, your perfect home would be waiting for you at the perfect price. Unfortunately, reality often presents a more complex picture.  Finding the right home demands patience, energy, and compromise. Along the way, you may encounter obstacles that can take an emotional toll, making it easy to become discouraged or make hasty decisions that lead to financial missteps.  To navigate this journey successfully, it’s crucial…

One-Minute Read: Can a Car Loan be Refinanced?

Absolutely! Refinancing an auto loan is a smart way to potentially lower your monthly payments, reduce your interest rate, or adjust your loan term to better fit your financial situation. If your credit score has increased or if rates have dropped since you received your loan, refinancing could be a great option.  At PEFCU, we make the refinancing process straightforward and convenient. By refinancing your auto loan with us, you can take advantage of our competitive rates and flexible terms*. Plus, you can apply easily at PEFCU.com.  Ready to see how much you could save? Visit our website today and…

September 17, 2024One Minute Reads, Wallet Wins No Comments
One-Minute Read: Can a Car Loan be Refinanced?

Absolutely! Refinancing an auto loan is a smart way to potentially lower your monthly payments, reduce your interest rate, or adjust your loan term to better fit your financial situation. If your credit score has increased or if rates have dropped since you received your loan, refinancing could be a great option.  At PEFCU, we make the refinancing process straightforward and convenient. By refinancing your auto loan with us, you can take advantage of our competitive rates and flexible terms*. Plus, you can apply easily at PEFCU.com.  Ready to see how much you could save? Visit our website today and…