Start the New Year Off Right: Debt Consolidation  

Ever feel like your debt is difficult to manage? You’re definitely not alone.  It’s easy to turn to credit cards to make ends meet (or even to get a bit carried away buying holiday gifts). But debt grows quickly, and dealing with all those payments, high-interest rates, and monthly statements can feel overwhelming. Fortunately, debt consolidation may offer a solution.  The New Year is the ideal time to take a look at debt consolidation — especially if you’ve gone on a holiday spending spree! When you’re ready to take control of your finances, here’s what you need to know about…

January 10, 2025Wallet Wins No Comments
Start the New Year Off Right: Debt Consolidation  

Ever feel like your debt is difficult to manage? You’re definitely not alone.  It’s easy to turn to credit cards to make ends meet (or even to get a bit carried away buying holiday gifts). But debt grows quickly, and dealing with all those payments, high-interest rates, and monthly statements can feel overwhelming. Fortunately, debt consolidation may offer a solution.  The New Year is the ideal time to take a look at debt consolidation — especially if you’ve gone on a holiday spending spree! When you’re ready to take control of your finances, here’s what you need to know about…

One Minute Reads: Can a Car Loan Be Transferred to Another Person?

When you’re looking to transfer a car loan to someone else, it’s natural to wonder if it’s even possible. The quick answer is: sometimes, but it depends on the lender.  Many lenders do not allow direct loan transfers, as the original borrower’s credit score and financial history were assessed when the loan was granted. However, there are a few options that can work similarly:  Refinancing: The person interested in taking over the loan can apply for a new loan in their name to pay off your remaining balance. They’ll need to meet the lender’s requirements, and if approved, they’ll be…

December 17, 2024One Minute Reads No Comments
One Minute Reads: Can a Car Loan Be Transferred to Another Person?

When you’re looking to transfer a car loan to someone else, it’s natural to wonder if it’s even possible. The quick answer is: sometimes, but it depends on the lender.  Many lenders do not allow direct loan transfers, as the original borrower’s credit score and financial history were assessed when the loan was granted. However, there are a few options that can work similarly:  Refinancing: The person interested in taking over the loan can apply for a new loan in their name to pay off your remaining balance. They’ll need to meet the lender’s requirements, and if approved, they’ll be…

Should You Leave Money in Peer-to-Peer Payment Apps?

Peer-to-peer payment apps like Cash App, PayPal, Venmo, and Zelle have made sending money between parties quicker and easier than ever before. With just a few taps, you can conveniently split dinner with a friend, pay a babysitter or landscaper, or send your portion of rent and utilities to a roommate.   But when someone sends you money, is it wise to leave those funds sitting idle in your app account? Or should you move them elsewhere? Keep reading to find out how to protect your money better and earn more at the same time.    Understanding Peer-to-Peer Payment Apps   Peer-to-peer…

December 17, 2024Wallet Wins No Comments
Should You Leave Money in Peer-to-Peer Payment Apps?

Peer-to-peer payment apps like Cash App, PayPal, Venmo, and Zelle have made sending money between parties quicker and easier than ever before. With just a few taps, you can conveniently split dinner with a friend, pay a babysitter or landscaper, or send your portion of rent and utilities to a roommate.   But when someone sends you money, is it wise to leave those funds sitting idle in your app account? Or should you move them elsewhere? Keep reading to find out how to protect your money better and earn more at the same time.    Understanding Peer-to-Peer Payment Apps   Peer-to-peer…

Staying Ahead of AI-Driven Fraud: How PEFCU Members Can Stay Protected

AI has introduced exciting innovations, but it also fuels a new wave of sophisticated scams. Generative AI enables fraudsters to create highly realistic fake content, like audio and video imitations, making phishing and other scams harder to detect. This technology can replicate voices convincingly with minimal audio, even from short social media clips, posing risks for everyone.  To counter these threats, PEFCU emphasizes proactive education. Regular training helps our staff stay sharp against new tactics, and we urge members to stay alert. Here are a few essential tips:  Verify Every Request: Always confirm the identity of callers or message senders.…

December 10, 2024Security Center No Comments
Staying Ahead of AI-Driven Fraud: How PEFCU Members Can Stay Protected

AI has introduced exciting innovations, but it also fuels a new wave of sophisticated scams. Generative AI enables fraudsters to create highly realistic fake content, like audio and video imitations, making phishing and other scams harder to detect. This technology can replicate voices convincingly with minimal audio, even from short social media clips, posing risks for everyone.  To counter these threats, PEFCU emphasizes proactive education. Regular training helps our staff stay sharp against new tactics, and we urge members to stay alert. Here are a few essential tips:  Verify Every Request: Always confirm the identity of callers or message senders.…

Be a Savvy Shopper This Holiday Season  

The holiday season is upon us, and the cheerful and festive atmosphere can be infectious! Between the lights, music, food, gifts, and spending time with loved ones, it can be the most joyful time of the year. It can also be the most expensive time of the year.   That’s why it’s more important than ever to check your list – and budget – twice! Even as prices continue to rise, there are still many ways to keep your spending in check and put huge smiles on the faces of friends and family.   In this article, we’ll help you become a…

November 27, 2024Wallet Wins No Comments
Be a Savvy Shopper This Holiday Season  

The holiday season is upon us, and the cheerful and festive atmosphere can be infectious! Between the lights, music, food, gifts, and spending time with loved ones, it can be the most joyful time of the year. It can also be the most expensive time of the year.   That’s why it’s more important than ever to check your list – and budget – twice! Even as prices continue to rise, there are still many ways to keep your spending in check and put huge smiles on the faces of friends and family.   In this article, we’ll help you become a…

Mortgage Closing Costs: A Guide for Homebuyers

Buying a home is one of the greatest investments you’ll make in your lifetime. Aside from the sale price of the home, there are other expenses that many first-time homebuyers tend to overlook, such as moving costs and furnishing your new place. However, one of the most significant and misunderstood figures is mortgage closing costs.   In this article, we’ll break down mortgage closing costs, detail how much you can expect to pay, and provide ways you can save on this expense.      What Are Closing Costs?   Purchasing a home is a semi-complex process that involves a multitude of parties. Aside…

November 20, 2024Future Planning No Comments
Mortgage Closing Costs: A Guide for Homebuyers

Buying a home is one of the greatest investments you’ll make in your lifetime. Aside from the sale price of the home, there are other expenses that many first-time homebuyers tend to overlook, such as moving costs and furnishing your new place. However, one of the most significant and misunderstood figures is mortgage closing costs.   In this article, we’ll break down mortgage closing costs, detail how much you can expect to pay, and provide ways you can save on this expense.      What Are Closing Costs?   Purchasing a home is a semi-complex process that involves a multitude of parties. Aside…

Credit Card Compromised? Here’s What to Do Next.

Imagine logging into your account to make your monthly credit card bill, and you come face-to-face with a slew of charges you did not make or authorize. Unfortunately, fraud happens. Despite top-of-the-line security on your accounts and the best identity practices, criminals still find a way.   Your first reaction to fraudulent credit card charges might be panic, fear, or anger. While emotional reactions are natural, it’s time to act logically and work toward solving the problem. Knowing the proper steps to take in the aftermath of credit card fraud can minimize damage and prevent future incidents.     Understanding Credit Card…

November 15, 2024Security Center No Comments
Credit Card Compromised? Here’s What to Do Next.

Imagine logging into your account to make your monthly credit card bill, and you come face-to-face with a slew of charges you did not make or authorize. Unfortunately, fraud happens. Despite top-of-the-line security on your accounts and the best identity practices, criminals still find a way.   Your first reaction to fraudulent credit card charges might be panic, fear, or anger. While emotional reactions are natural, it’s time to act logically and work toward solving the problem. Knowing the proper steps to take in the aftermath of credit card fraud can minimize damage and prevent future incidents.     Understanding Credit Card…

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…