Wallet Wins

Each industry has its own unique terminology, and insurance is no different. Below are 20 common insurance terms and definitions you may encounter when researching coverage for yourself, your family, or your personal assets.  Deductibles: A deductible is an amount you (the policyholder) agree to pay the insurance company before covering any losses. Along with your standard deductible, you’ll come across other types of deductibles for various losses, such as:  Earthquake  Flood  Wind  Hurricane  Hail  Collision Comprehensive  All-Peril Co-Pays: A co-pay is a form of coinsurance that is typically a flat fee you pay before receiving access to any medical treatment.…

At PEFCU, we aim to provide our members with financial education so you can live your best financial life. August 14 is National Financial Awareness (NFA) Day. It’s a great day to consciously think about your finances and make sure you’re on the right track. The origins of NFA Day are unknown, but the goal of it is to help people develop and instill good financial practices that will solidify their current financial status and serve them through retirement.  Taking control of your finances can seem overwhelming, but everyone has the capacity to learn sound financial principles and save up. Just making small changes to our daily habits can…

You don’t think it will ever happen to you — and then it does. You lost your wallet. And you didn’t even realize it was missing until you needed it the most.  You may naturally want to panic, but simply stay calm and take these ten steps:  Call Your Debit Card Issuer If your wallet is lost or stolen, this should be your first step: Call the financial institution that issued your debit card so that you can stop anyone who may have it from doing a lot of damage. If your PEFCU Visa® Debit Card is missing, you can call our Member Contact Center at (800) 226-6673…

Brought to you by KOFE, Knowledge of Financial Education The financial crisis caused by the COVID-19 pandemic has been tough on people’s finances and lives overall. Parents, in particular, have faced some monumental challenges—from how to balance homeschooling with remote work to how to manage childcare as they’re called back to the office. In response to these challenges, the American Rescue Plan Act of 2021 expanded the Child Tax Credit, offering advance payments that are set to begin July 15. If you are a parent with qualifying child dependents in your household, these advance payments may provide crucial funds that…

Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams Scammers take a stab at preying on the public health fears with COVID-19 schemes If you’re fully vaccinated against COVID-19 or will be vaccinated soon, you’re probably already feeling safer. However, once you receive both doses of the Pfizer or Moderna vaccine or the one-dose Johnson & Johnson, you may be at risk for a whole new threat: Scammers after your credit card number or other personally identifiable information (PII) for purposes of identity theft and fraudulent charges. That’s according to the U.S. Department of Justice (DOJ), which recently warned…

You may have a lot of balance transfer offers from credit card companies piling up in your inbox or mailbox, or popping up while surfing the net. Some may seem like junk mail, but if you’re in a financial bind, a balance transfer offer could seem like a lifeline. Now let’s find out if these ads really give you the whole truth.   Balance Transfers Move Debt Between Credit Cards  A balance transfer moves outstanding debt from one credit card to a new one. In exchange for moving the debt to a new card, the card issuer promises an incentive, which may be a promotional or introductory low, balance transfer fee waiver, or bonus rewards of some…

For some, discussing money with their young kids can be difficult. For some people, their own financial uncertainties are a barrier to teaching their children about money. Others just may not realize the importance of teaching financial responsibility to children early. Fortunately, as a PEFCU member, you have access to a variety of tools that can help you teach your young child important lessons about money that will help them live their best life.    Now is an ideal time to teach your school child valuable lessons about money. Here are some themes you can discuss:  How to make a budget. Using their allowance, teach your child to budget. A simple budget includes three categories: Savings, Charity, and Spending. Explain to them the importance of “saving some, giving some, and spending some.” It might help to label three different jars for each category as a visual to help your child understand where their money goes each week.…

How many times a day do you swipe your credit card? It’s common for most people to do this without thinking twice about it. From the coffee you pick up on your way to work to dining out for lunch, you may not realize just how often you’re spending money. The problem is, spending so frequently makes it difficult to save. From tapping your mobile device to making a purchase online, how much are you spending?  Spending Made Easy Makes Saving Difficult  Back when you had to pay in cash for everything, spending was much harder. These days, it’s too easy. You don’t even need to have your card in hand while shopping online, right now! While this helps you…