wwfcu_9ocxxop6 - Wayne Westland Federal Credit Union

Debit card fraud happens when someone else uses your card to make purchases without your permission. In 2024, losses from this kind of fraud hit about $6.2 billion in the U.S.—that’s roughly $19 per person and a 5% jump from last year. We’re here to share a few essential tips to help you lower your risk and keep your cash where it belongs.

Keep an Eye on Your Accounts. Make a habit of checking your account statements and recent transactions. If you see anything fishy, call your credit union right away to report it and get your card blocked. Remember, you generally have up to 60 days from your statement date to report any unauthorized charges. WWFCU’s online banking platform even lets you set up balance or transaction alerts for real-time updates.
Be Smart When Shopping Online. Online shopping is super convenient—but also a playground for fraudsters. Stick to websites that start with “HTTPS” (that little padlock means your connection is secure) and avoid clicking on sketchy ads or links on social media.
Watch Out for Phishing Scams. Scammers may send emails, texts, or calls pretending to be from trusted companies. If something feels off, don’t click on any links or share personal information—especially over the phone unless you initiated the call. Instead, verify by contacting the company directly using the official contact details from their website.
Use Secure ATMs. When you’re using an ATM, choose one in a busy, well-lit area. Give the machine a quick look—if anything seems off (like a card slot that feels loose or a keypad that looks unusual), don’t use it. Report any suspicious signs to your credit union immediately.
Try Digital Wallets. Apps like Apple Pay, Samsung Pay, or Google Pay add an extra layer of security by encrypting your card info and requiring a PIN for each transaction. Plus, you don’t have to carry your physical card around, which means there’s one less way for fraudsters to get to your data.
Protect Your Personal Info. Use strong, unique passwords for your online accounts and turn on two-factor authentication when you can. It might also be worth subscribing to a credit monitoring service so you can catch any unusual activity early.

At Wayne Westland Federal Credit Union, we’re committed to helping you keep your money safe. If you ever have questions or need a hand with fraud prevention, just drop us an email at financialsupport@wwfcu.org.

Stay vigilant and take care!

Sincerely,

Your Financial Gurus

Financial Wellness

Coming soon – Credit report insight at your fingertips!

February 20, 2025 wwfcu_9ocxxop6

Discover how easy it is to review, monitor, and improve your credit score with help from WWFCU!

Unlock More Financial Tools with Our Online & Mobile Banking
At Wayne Westland Federal Credit Union, we’re constantly working to bring you new ways to manage and improve your financial health. That’s why we’ve enhanced our online and mobile banking platform to give you access to powerful tools that make understanding and improving your credit easier than ever before.

Your Credit, Your Control
With our updated online banking dashboard, you will soon be able to access your full credit report, including your credit score, the factors that influence it, and a breakdown of your credit history. You’ll also be able to monitor your credit activity and sign up for personalized alerts, so you can stay on top of any changes or potential issues. All without worrying about any impact on your score!

Make Informed Decisions with the Credit Score Simulator
Our new credit score simulator is a game-changer for those looking to understand how their financial decisions can impact their credit score. Want to know how paying off a loan or applying for a new credit card might affect you? The simulator estimates the potential changes to your score, offering valuable insights as you plan your next move. While these are estimates, not exact calculations, it’s a great tool to help guide your financial decisions.

Personalized Loan Offers Tailored to You
As you monitor your credit, you’ll also receive personalized loan offers right on your online banking dashboard. Based on your credit profile, these offers are tailored to fit your needs, helping you make informed decisions when it comes to borrowing and managing debt.

We’re Here for You Every Step of the Way
At Wayne Westland Federal Credit Union, we’re committed to helping you reach your financial goals at a pace that’s right for you. Whether you’re just starting to build credit or looking to optimize your financial strategy, we’ve got you covered. In addition to this upgrade, we also offer access to Certified Financial Counselors who are available to guide you through every step of your financial journey. Call or visit us today—we’re here to help!

Your trusted partners,
WWFCU Financial Gurus

Financial Wellness

Becoming Debt Free

January 16, 2025 wwfcu_9ocxxop6

Happy New Year, and welcome to 2025! As we enter a new year, we celebrate Earth’s journey around the sun, which brings with it a sense of hope, new beginnings, and the opportunity for growth. Many people take this time to reflect on their lives and set resolutions, it could be trying a new hobby, focusing on personal health, or strengthening relationships with friends and family. One of the most common resolutions, however, is to take control of finances and work toward becoming debt-free. And for good reason: debt can have a significant impact on our mental and physical well-being. It can lead to stress, anxiety, depression, and even strain relationships. Most of us have experienced sleepless nights worrying about mounting debt. So, how can we take steps to break free from it?

Strategies for Becoming Debt-Free

One effective method for tackling debt is utilizing a balance transfer from high-interest credit cards to a lower-interest option. For example, our Wayne Westland Federal Credit Union Visa card offers a 0% interest rate for six months, including balance transfers, with no annual fees. This means that more of your payment goes directly toward reducing your balance, helping you pay off your debt faster.

Another popular debt repayment strategy is the “debt snowball” method. In this approach, you commit to paying a fixed dollar amount each month toward your debt. Typically, individuals start by tackling the smallest balances first, and as those are paid off, they shift their focus to larger debts. This method offers a sense of progress as small debts are eliminated, and it also eventually reduces the number of payments to manage each month.

Finally, a debt consolidation loan can be a game-changer. Combining multiple debts into one loan can simplify the repayment process and significantly reduce your monthly payment by lowering interest rates. Debt consolidation loans come in two main types: secured and unsecured. Secured loans are backed by collateral—such as a home or vehicle—and typically offer the lowest interest rates because they present less risk to the lender. Unsecured loans, on the other hand, do not require collateral and are based on your creditworthiness. Regardless of the type, a debt consolidation loan often results in a lower interest rate than most credit cards. Additionally, consolidating your debt can positively impact your credit score by improving your credit utilization ratio, which is one of the several factors in determining your score.

Steps to Take Control of Your Debt

If you are serious about becoming debt-free, avoid taking on new debt and remain committed to your plan. The first step is to temporarily lock away your credit cards to avoid the temptation of adding to your debt. Next, sit down and create a detailed budget to identify areas where you can free up extra money to accelerate debt repayment. The WWFCU Financial Gurus can help with this. They have the tools and knowledge to help you create a realistic budget that makes sense for your unique situation. Finally, establish a clear repayment plan—whether that is paying extra on your credit cards or focusing on your consolidation loan—and stick to it. If you commit to the budget or repayment plan only “sometimes”, you will not achieve the results you are hoping for.

The Benefits of Being Debt-Free

Imagine how life would look without the burden of debt. Think of all the things you could do for yourself and your loved ones if you were not spending hundreds of dollars each month on interest payments. You would experience less stress, fewer sleepless nights, and greater peace of mind. You could save more, give more, and enjoy a higher quality of life. Keep in mind, the debt did not accumulate overnight, so be patient with yourself. Seek support when needed and stay committed to your plan.

May 2025 be the year you take control of your finances and make significant progress toward becoming debt-free. Here’s to a year of growth, success, and financial freedom! Your Financial Gurus are here to help every step of the way!

Fraud Protection

Cybersecurity Safety Tips

December 20, 2024 wwfcu_9ocxxop6

The holiday season is here, and while most of us are busy spreading festive cheer, checking our holiday shopping lists, and preparing for family gatherings, it’s also the perfect time to talk about something that’s become more important than ever—cybersecurity.

With the rise in online shopping, banking, and social interactions, the holiday season unfortunately brings with it a spike in cybercrimes. From phishing scams to ransomware attacks, the threats are out there, and it’s crucial to protect yourself.

Luckily, your WWFCU Financial Gurus have put together a holiday security checklist to help you stay safe and secure online.

1. Password Protection: Your First Line of Defense

The foundation of online security is having strong, unique passwords for every account. It may sound simple, but you’d be surprised how many people reuse passwords across multiple sites, leaving them vulnerable to attacks.

Use unique passwords: Don’t repeat passwords. Each account should have its own distinct password to reduce the risk if one is compromised.
Make passwords long and complex: Aim for passwords that are at least 8-12 characters long, mixing uppercase letters, lowercase letters, numbers, and special characters.
Consider a password manager: Rather than writing down passwords or trying to remember them all, a password manager can securely store them. If you use Samsung or Apple products, these devices come with built-in password managers. If you don’t, you can easily download one from your app store.

2. Beware of Phishing, Smishing, and Social Engineering Scams

The holidays bring an uptick in cybercriminals trying to steal your sensitive information through deceptive tactics. Here are some of the most common scams you should watch for:

Phishing: This typically involves fraudulent emails that look like they come from trusted sources, such as banks or retailers. Before clicking on any link, hover over it to ensure the URL matches the official website. If it doesn’t, don’t click!
Smishing: Similar to phishing, but these scams target you with text messages. If you get an unexpected text or one that asks for personal information, think twice. It’s probably a scam.
Social Engineering: This is a trickier one because it preys on emotions. Cybercriminals may impersonate people or institutions you trust, creating a false scenario to gain your confidence. Common methods include pretexting (creating a fake story) or baiting (offering something for free to lure you in). If you receive a call from your bank asking for sensitive details, hang up and call the institution directly. A legitimate bank will never ask for such information over the phone.

3. Protect Yourself from Ransomware (Malware)

Ransomware is malicious software that locks you out of your files and demands payment to restore access. Often delivered through phishing or smishing, ransomware can wreak havoc on your devices.

Here’s how you can reduce the risk of falling victim to ransomware:

Be cautious with emails and texts: Don’t open attachments or click on links from unknown or suspicious senders.
Keep your software updated: Software updates often include critical security patches to fix vulnerabilities. Set your devices to update automatically whenever possible.
Back up your data: Make sure you regularly back up your important files to an external drive or cloud storage, so you don’t lose anything if an attack happens.

4. Secure Your Payment Information

Online shopping is one of the biggest conveniences of the holiday season, but it also comes with its share of risks. Fortunately, there are tools to help secure your payment information.

Use digital wallets: Services like Apple Pay, Samsung Pay, and Google Pay offer a secure way to pay without sharing your actual card number. These digital wallets use encrypted information, which protects your sensitive data when you make transactions.
Monitor your accounts: If you’re concerned about your payment information being compromised, consider setting up alerts for transactions or changes in your account balance.

5. Take Advantage of Security Features from Your Financial Institution

At Wayne Westland Federal Credit Union, we’re committed to helping you stay secure online. If you think your account has been compromised, don’t panic—we’ve got your back:

Turn cards on and off: You can easily disable your cards through our online banking platform if you suspect any suspicious activity.
Report lost or stolen cards instantly: Just click a button to block your card and prevent unauthorized transactions.
Set up alerts: Receive notifications when your balance falls below a certain amount or when a transaction exceeds a specified threshold.

We’re always here to help, whether it’s answering your cybersecurity questions or helping you set up alerts for your accounts. Just give us a call!

In Conclusion: Stay Safe This Holiday Season

As you check off the final items on your holiday shopping list and enjoy the festivities, remember that staying cyber-smart is key to a safe and secure season. By following these simple tips, you can enjoy peace of mind knowing that your personal information is protected.

Your Financial Gurus wish you a Happy Holiday season—and stay safe online!

Auto Loan Insurance

Auto Loans 101

November 15, 2024 wwfcu_9ocxxop6

Certainly, everyone will take different paths in life. But chances are every one of us will experience purchasing a vehicle at one time or another. Whether it’s brand new or just new to you, buying a car can be an intimidating process. The WWFCU Financial Gurus are here to help guide you through the financing aspects of making such a significant purchase.

Where do you start?

Before you start shopping for a car, take a good look at your monthly budget. You’ll want to have a realistic idea of a monthly payment you can comfortably afford. Don’t forget to consider the costs of car insurance, gas, and regular maintenance. If you need help with this, our certified financial counselors have the tools to assist you.

Saving for a downpayment on a vehicle is a great place to start as well. The less you have to finance on a vehicle, the lower your monthly payments will be. A down payment will also save you on the finance charges you will pay over during the term of the loan. Making a downpayment can sometimes help with your chances of approval too, or help you meet certain approval criteria like the max loan to value ratio lenders use. You can start small, try saving $10 per paycheck and increase it further when you’re comfortable.

Another great idea would be to get pre-approved for the loan. This will give you an idea of what the lender is willing to loan as well as if there will be any stipulations for your approval. For example, those borrowers with no credit history might need a co-signer to secure the pre-approval.

Next Steps

As mentioned earlier, keep in mind the added expense of car insurance. Before you commit to a vehicle, get a quote on car insurance to see how much it will cost you monthly to insure the vehicle. Is the cost of insurance in your budget or does it justify the purchase of the vehicle? It’s also a good idea to shop around a bit as well. Getting quotes through multiple insurance companies will ensure you find the best rate available and potentially take advantage of any discounts a company may be offering.

Did you know as a member of WWFCU you could save on car insurance? Under the “Member Benefits” section of our website, follow the link to get a fast and free quote for car insurance through our partnership with TruStage Insurance powered by Liberty Mutual. Link is included here as well! TruStage auto insurance – compare and save today

If you’re a first-time borrower, you may not have the credit history needed to secure the loan approval on your own. This is where having a co-signer can come into play. A co-signer is often a family member or close individual whose credit history, income, and debt to income ratio are added to the loan application to help potentially secure an approval. A qualified co-signer generally has five or more years of good credit history, a secure source of income, and low debt of their own. They are also taking on equal responsibility for making sure the loan is repaid in full, and the loan gets reported to their credit as well. If you choose to add a co-signer, it’s a good idea to make sure the monthly payments are realistic and that you will have no trouble making them, especially on time!

Recap

There are many factors to consider when buying a vehicle. The staff at WWFCU is here to help you decide which finance options are best for you! We will work with you to get you into a car with a monthly payment you can afford, and we can help you achieve your financial goals, big and small!

News you can use

Be on the lookout for our latest auto loan promotion beginning December 1^st to find out how you can get up to $300 cash back on an auto loan with WWFCU!!! And remember, WWFCU will not only match any competitor rate you’ve been approved for, but we will also BEAT that rate by 0.25%! So, make us your first choice for all your loan needs.

Sincerely,

Your Financial Gurus

Loans Rates

How To Understand Interest on Your New Loan

October 17, 2024 wwfcu_9ocxxop6

When you obtain a new loan, there are many things to consider. Can you afford the monthly payment? How long will it take to pay off the loan? One key factor in answering both questions is determining what your interest rate will be. The interest rate accounts for the full finance charges, or in simple terms, how much extra you will be paying back for borrowing the funds.

First, interest rates are dependent upon credit score, type of loan, and the length of term. You will typically see loans with collateral, such as auto or RV loans, offering lower rates because there is a piece of security involved. These loans present less risk and offer something a lender can attach a lien to, which increases the probability of repayment.

With unsecured loans, interest rates are based on the borrower’s credit worthiness or “signature.” This type of loan involves more potential risk to the lender and is therefore accompanied by higher interest rates.

In terms of credit scores, higher scores receive lower rates due to the borrower’s payment history and proven ability to pay back. The more positive credit history you have, the higher your score, which helps you qualify for lower rates due to being seen as an established borrower.

For ways to improve your credit score, check out our previous blog:
5 Tips for Improving Your Credit Score | Wayne Westland Federal Credit Union (wwfcu.org)

It is also important to understand how interest is calculated on your new accounts. This will tell you if you can pay more than the minimum payment or pay off early without any penalties or fees. Ask up front and make sure to read the fine print on your contract. If there is no prepayment penalty, paying extra towards your loan each month (if affordable) will help you save on the overall interest of the loan. This is due to the principal balance being paid down faster. Also, it is important to note that any modifications made to your loan (skip-a-pays, extensions, or deferrals) will increase your overall repayment term. Interest is still accruing during this modification period, so this will affect your overall finance charge as well.

WWFCU offers competitive rates on many loan products. We will also match or beat any rate, as well as offer refinance opportunities to help you save money! Another benefit is that WWFCU doesn’t charge any prepayment penalties or fees for early payoff on loans you finance with us. Speak to one of our representatives today to get a payment projection or loan application started.

Financial Wellness

What is a Certified Credit Union Financial Counselor (CCUFC)?

September 20, 2024 wwfcu_9ocxxop6

A Certified Credit Union Financial Counselor is a credit union professional certified by the Credit Union National Association (CUNA). Not only are these CCUFC’s available to provide financial education, but they can also help with methods to increase your credit and ways to efficiently pay down debts. They are skilled in constructing budget plans, finding ways to help you save money, and are always a nonjudgmental ear to listen to your concerns. All WWFCU members have access to these very knowledgeable Certified Financial Counselors free of charge.

Not only do the Financial Gurus provide advice on how to better understand your finances in their monthly blog, but they can also sit down with you to discuss the paths to reaching your financial goals one-on-one.

In this month’s blog we would like to take the opportunity to formally introduce ourselves to you and create a partnership that can help you increase your financial wellness. With a combined 65+ years’ experience in the financial industry, we are your Financial Gurus!

Melanie Grissom
Member Service Supervisor
Certified Credit Union Financial Counselor
NMLS ID 1960429
Melanie is our current Member Service Supervisor and has been with WWFCU for 19 years. She spent a decade in our Member Solutions Department working with members on payment arrangements and credit repair. She is now the head of our Lending Department and received her CCUFC certification in December 2020. She has led financial workshops for the community at the Westland Library and is DEI certified. Her diverse background in the financial industry helps her to educate members on everything from building credit to comparing loan products and rates, as well as budgeting and saving for the future. She has knowledge of all our loan products including auto loans, consolidations, and home equity lines of credit.

Jacqulyn Babinski
Senior Member Solutions Officer
Certified Credit Union Financial Counselor
Jacqulyn has worked for WWFCU since September of 2015, where she started in our call center. In June 2016, she moved to our Member Solutions department, where she is now our Senior Member Solutions Officer. Throughout her time in member solutions, she has helped our members with payment arrangements, financial hardships, and rebuilding credit. Jacqulyn received her Credit Union Financial Counselor certification in October 2023. She has been an outspoken advocate for youth financial education and has taken part in local school career day events with the goal of educating kids about credit unions and the importance of having good credit.

Nadia Ulicne
Member Service Representative
Certified Credit Union Financial Counselor
Nadia is celebrating her 4th anniversary this month with WWFCU and jumped right into our Member Service department. She moved to Michigan from Indiana and brought a wealth of financial industry knowledge and experience from a previous financial institution she worked at for almost six years. She received her CCUFC certificate last year and is dedicated to using her knowledge to help educate our members and to find options that work for everyone. You may catch Nadia answering phones helping the call center, covering our front desk, or in her office assisting members with their accounts, loans, and everything in between.

Matthew Barrette
Member Solutions Officer
Soon to be CCUFC
Matt is new to our organization but comes to us with 23 years of experience in the financial industry! Fourteen of those years have been within the credit union industry. He brings a great deal of knowledge and is currently studying to become a Certified Credit Union Financial Counselor. Most of his credit union background has revolved around lending, underwriting, credit counseling, and member service; but he has prior experience as a financial advisor before transitioning into the credit union space. He enjoys helping people and teaching others how to plan, save, and obtain their financial goals.

Credit Unions

Credit Union vs. Bank What’s The Difference?

August 16, 2024 wwfcu_9ocxxop6

As WWFCU continues to celebrate its 70th anniversary and we reflect over the years, one question that we always seem to hear is “what is the difference between a credit union versus a bank? Why should I want to do business with a credit union over a bank?” If you yourself have ever wondered this question, the Financial Gurus have your answer! Continue reading to find out what makes choosing a credit union for your financial needs the superior choice.

Banks = For Profit / Credit Unions = Not-for-Profit

One of the biggest differences between banks and credit unions is that banks are FOR profit, and credit unions are NON-profit. What does this mean exactly? Banks being for profit means that the income they make from their services, fees, etc. is paid to their shareholders. The credit union ideology is a little different. One of our core principles is being member driven, meaning all profits a credit union makes are reinvested back into the credit union, which also supports our “people helping people” philosophy. No Wall Street investors will gain from any profits a credit union makes. You the member will gain from these profits in the form of competitive interest rates, higher dividend rates, and lower fees just to name a few.

Credit unions were designed with the communities that they serve in mind. Many offer financial education and outreach, small business needs, and some may even have in school or store locations to better serve the community. WWFCU has offered several financial wellness classes at the Westland library and are planning more in the future. The well-being of our members and the community that we serve is our highest priority. We are always brainstorming to produce innovative ideas to help better serve our members.

Ownership

Did you know that credit unions are also member owned? Each of our members “owns” a share of the credit union, and with that you get a vote! Our board of directors consists of volunteers elected by our membership. Their role is to provide leadership and oversight to the credit union. Each year, members are invited to our annual meeting where they can join discussions and voice their opinions. Conversely, banks are governed by a paid board of directors and its shareholders. So, what is in the best interest for the account holders (members) is often overlooked for what is best for the shareholders. Their goal is to maximize profits to increase their wealth.

While WWFCU may have just one brick and mortar location, did you know you have a whole network of credit unions to access your account? WWFCU, as well as many other credit unions, is part of the Co-Op Shared Branch Network. This means we participate with other credit unions out of town and even out of state to allow you to perform transactions while you are on vacation, on a work trip, visiting family, or everything else in between. Utilize the shared branch locator on our website to find participating credit unions and ATMs across the country! With banks, if an emergency arises you face the burden of trying to find a location where you are traveling, and some banks are only found within certain regions in the country. The Co-Op Shared Branch Network gives you more flexibility with accessible options and convenience over a traditional bank.

Better Interest Rates with Credit Unions

Remember earlier when we mentioned one of the benefits of credit unions being not-for-profit allows us to offer our members lower interest rates? This one benefit alone could potentially save you hundreds or even thousands of dollars! The interest rate on loans through the credit union can average more than 2% lower than bank rates! Just think about the amount of interest that would save you over the term of your loan. Now more than ever, keeping your hard-earned dollars in your pocket is crucial. Check out some of our earlier blogs to learn about the importance of interest rates and the benefits of boosting your credit.

While there are many other differences between banks and credit unions, we hope these factors will reinforce your decision to become a member of WWFCU. You will also have peace of mind knowing that your funds are federally insured up to $250,000 through the National Credit Union Administration (NCUA). Credit unions were built to serve their members and communities with outstanding and personal customer service. We want to thank all our members, past, present, and future, for allowing us to serve your financial needs over the past 70 years and helping you to achieve your goals. Here’s to 70 more!

Sincerely,

Your Financial Gurus

Credit Cards Financial Wellness

Impulse Applying?

July 19, 2024 wwfcu_9ocxxop6

We’ve all been there, at a store getting ready to check out when the cashier asks, “Would you like to save 20% on your purchase today by applying for our in-store credit card?” Before you answer that question, here are a few vital things to ask yourself before applying for a credit card.

Do I NEED this card?
Do I shop at this store often enough to use the card?
What is the interest rate on this card and is there an annual fee?
Do I want a store specific card or a universal card I can use anywhere?
Is this REALLY worth the inquiry on my credit report?

Did you know each credit inquiry lowers your score roughly 15-30 points and will show on your credit report for 2 years. Opening new credit cards or “tradelines” can have a substantial effect on your credit score. If you are thinking about buying a home or a new car soon, remember multiple new tradelines may be seen as a negative by the lender and could result in a loan denial. While we recommend having a mix of different types of credit, you should also be cautious with the number of credit cards you open.

While the upfront discount may sound tempting, store credit cards commonly have annual percentage rates ranging from 25% to 30%!!! So, if you don’t pay it off every month you could end up paying a lot more for your purchases. Instead, check out the credit cards offered by your local community credit union. Most have more reasonable rates and offer incentives to their cardholders.

The WWFCU Financial Gurus recommend not to “impulse apply” but instead think about how adding new loans or credit cards will affect your long-term financial goals. Think of it as a “strategic plan” for your finances. If you would like to sit down with one of our Certified Financial Counselors to analyze your credit card situation, call us to schedule an appointment or stop by our lobby. We can provide financial coaching to find out what credit card may be right for you!

Don’t forget, WWFCU offers Visa credit cards with competitive rates, balance transfers, and 0% interest for the first 6 months. They also come with extra perks such as reward points, FREE Identity Theft monitoring and travel insurance. If you are in the market for a credit card to either build credit or to have for convenience, choose the one that will help you the most. Give us a call or stop by today to learn more!

Sincerely,

Your Financial Gurus

Investments

Estate Planning

June 21, 2024 wwfcu_9ocxxop6

End of life planning is one of those things that we all tend to put off. No one enjoys thinking about what will happen once they pass away or how they would like their estate handled. Having this difficult conversation with your loved ones is critical in expressing your wishes and how things are to be taken care of after your death. Your WWFCU Financial Gurus are here to help you start planning to ensure your final wishes are carried out as you intended.

The first step in getting your affairs in order is to take an inventory of your assets. Even if you think you don’t have enough assets to be considered an “estate”, you might be quite surprised at what you really do have. Remember to make sure you account for all tangible and intangible items such as:

Houses, land or other real estate.
Cars, boats, motorcycles, campers, ATV’s.
Jewelry, art, antiques or collectables.
Any bank accounts, share certificates or IRA’s.
Retirement plans like a 401K.
Life insurance policies, stocks or bonds.

Secondly, we also recommend compiling a list of all your outstanding liabilities like mortgages, lines of credit or other debts that might not have been paid off yet. Be sure to tell your loved ones where these lists are kept so they know what needs to be handled for you.

Additionally, making sure that your spouse or dependent’s financial needs are met is essential when considering your end-of-life planning. There are a few easy things you can do to make it easier for those loved ones you leave behind such as:

Start by writing a will, this may help with laying out your final wishes or even appointing someone who will take guardianship of your children or pets if something were to happen to you.
Check your life insurance policies to determine if you will have enough coverage to meet the needs of your dependents and/or spouse.
Make sure the beneficiaries listed on your financial accounts, IRA’s and life insurance policies are up to date.
Reassessing your estate plan after a big life event such as a wedding, birth of a child or divorce. If your circumstances change, your estate plan may need to be changed as well.

Power of Attorney

Consider appointing someone trusted to act as your Power of Attorney (POA). A general power of attorney gives someone the legal right to make decisions on your behalf. A few different kinds of power of attorney are:

A dual power of attorneygives two people the ability to act on your behalf but requires both parties to agree before signing off on decisions.
Durable power of attorneystays intact if you were to become incapacitated while a regular POA does not.
A medical power of attorneygives someone the ability to make medical decisions on your behalf if you are not able to do so yourself.
Financial power of attorneyallows someone to handle your financial affairs such as everyday banking transactions, buying and selling of real estate or moving assets into a trust account.

Trusts

Having a trust drawn up is beneficial in settling an estate without involving the probate court after someone passes away. Without a signed trust, it is up to the probate court to decide how your estate will be disbursed. The probate process can take months to complete and depending on the size of your estate can become very expensive. A legal trust ensures your assets go directly to your beneficiaries quicker than waiting for the court system to release them. There are several kinds of trust accounts that can be tailored to meet your specific needs, with all trusts falling under two categories – revocable and irrevocable.

A revocable trust is sometimes referred to as a living trust and is used for a few different reasons:

Protection in cases of incapacitation. If you have been diagnosed with a degenerative disease that will leave you unable to make financial decisions on your own, you can have someone you trust appointed as your trustee. This trustee will be able to handle your affairs and distribute your estate based on your wishes.
Confidentiality. Having your assets held in a trust will keep things private after death. If your estate goes into probate, it becomes a public record and available for anyone to see.
Takes Legal Precedence. A revocable trust goes into effect as soon as the papers are signed, and the trust is funded. Because a trust is set up when the person is living it makes it harder to contest in court.
Flexibility. A living trust gives you the option of making changes like removing or adding beneficiaries, assets or trustees.

Both a revocable and irrevocable trust can be used for the purposes listed above except on the matter of flexibility. Once an irrevocable trust has been funded by moving assets to it, the trust cannot be changed. Here at WWFCU, we only offer the option to open a Revocable Trust Account due to that reason.

Big News!

WWFCU has recently partnered with Trust & Will, a leading online estate planning platform who has helped over a million families create their estate plans. They offer affordable, convenient, and customizable options for state specific legal documents. And if you happen to have questions along the way, they have experts available to get you the answers you need. As a credit union member, you are entitled to a 20% discount on an estate plan. For more information visit www.wwfcu.org and under the member benefits tab you can find the link for Trust & Will.

At Wayne Westland Federal Credit Union, it is our mission to help our members reach their financial goals. We offer estate accounts, trust accounts and certified financial coaches who can help you make changes for your future and leave a legacy behind for your family. Schedule an appointment today and let us help start your path to financial success!

Sincerely,

Your Financial Grus

Credit Unions Loans

The Fair Credit Reporting Act (FCRA)

May 17, 2024 wwfcu_9ocxxop6

This year, Wayne Westland Federal Credit Union is proud to be celebrating 70 years of serving our community and building relationships with each of our members. Without you, we could not have made it to this incredible milestone. Over the past 70 years, our industry has undoubtedly seen many improvements made and regulations put into place. One of the most notable regulations took effect on April 25, 1971, encompassing all financial and consumer credit institutions: The Fair Credit Reporting Act (FCRA). The Financial Gurus are here to break down exactly what the FCRA is, and how it applies to you. Read on to find out more!

What Is the Fair Credit Reporting Act?

The FCRA is legislation originally developed and passed by Congress back in the 1970’s. Today, the Federal Trade Commission and the Consumer Financial Protection Bureau oversee and enforce the Act. The purpose of the Act is to promote the accuracy, fairness, and privacy of personal information in the following ways:

Regulate how consumers’ credit information is collected, shared, and used.
Gives consumers certain rights, such as the right to view and dispute information on their credit report.
Protect information collected by Consumer Reporting Agencies (Experian, Equifax, TransUnion, etc.)

So, what exactly does this mean for you? Anytime you are applying for a loan, credit card, mortgage, or even an apartment, these companies are pulling your credit and reviewing all the information provided to determine your creditworthiness. In some states, insurance companies and prospective employers can also review your credit to decide whether to offer you coverage or a position. The information on these reports includes the following:

Personal information – Name, date of birth, Social Security number, known address(es) & phone numbers, known employer(s)
Current account status on tradelines – paid, open, closed, delinquent, collection, etc.
Payment history on each tradeline
Tradeline limits and balances
Public records – bankruptcies, tax liens
Recent inquiries

The FCRA aims to ensure that this information is accurate, which is one reason why consumers are entitled to one free credit report per year through each of the major credit bureaus. Don’t forget, WWFCU offers FREE credit reports on the last Friday of every month! This is an essential step in making sure that the information contained in your credit report is correct. Confirming all reported information could mean the difference between an approval, or a denial of a loan application.

The FCRA also limits who can access your credit report and under what circumstances they can. Think credit unions, banks, landlords, insurance companies, government agencies, and debt collection companies. If you are applying for something, it is more than likely a report is being pulled.

What Your Rights Are Under the FCRA

The FCRA was created with the consumer in mind, so there are many rights you have under the Act. Some of these rights include, but are not limited to, the following:

You must be told if information listed on the report has been used against you – If your application for a loan, insurance policy, apartment, etc. was denied, they must disclose to you what reason(s) they had for doing so. They must also provide the name, address, and phone number of the agency that provided the information. For example, when the credit union unfortunately must deny a loan application, we will verbally tell the member as well as provide an “adverse action” form that has those same reasons listed, as well as their credit score, and what agency(s) to contact if you have any questions.

You have a right to know what is on your report – If a credit report was pulled on you, you have the right to know what information was listed and have a copy provided to you that is typically offered free of charge. WWFCU will always provide a copy of your credit report when requested, even if you are approved!

You have the right to know your credit score – A credit score is an indication of your creditworthiness and typically ranges from 300– 900. The higher the score, the higher your creditworthiness. Check out our earlier blogs about credit scores & tips on how to improve your credit!

You have the right to dispute information on your report – When reviewing your credit report, if you see any errors or tradelines you don’t recognize, you need to act quickly and dispute them with the credit bureaus.

For a full list of your rights, please click the link directly from the Fair Trade Commision:

https://www.consumer.ftc.gov/sites/default/files/articles/pdf/pdf-0096-fair-credit-reporting-act.pdf

Examples of Violations to the Act

WWFCU is committed to our members and complies with all regulations. However, we cannot speak for other businesses that collect and report this data. While violations are a rarity, they still can happen. Here are some examples of violations and what you can do if you have fallen victim.

Failing to Update/Reporting Old Information – Information on credit reports must be kept current, and it is the reporting agency’s responsibility to make sure they are consistently providing this information. Examples of this violation include the following:
Showing tradeline as “Active’ when it was closed out by the consumer
Reporting certain information that is more than 7 – 10 years old
Not discharging an account/debt that was included in a bankruptcy
Supplying/Reporting Inaccurate Information – Reporting agencies are expected to report only accurate information to the credit bureaus. Violations of this can include:
Reporting payment(s) as late when you paid on time
Reporting an inaccurate balance
Listing you as the “Primary Account Holder” when you are an “Authorized User”
Mixing Up Files – Do you share the same name as someone in your family? We all seem to know a “John” Jr. and “John” Sr. This is an example of when similar identification backgrounds get mixed up, and information is reported inaccurately. The son may have his father’s info showing on his credit report or vice versa. Other examples include:
Social Security numbers are similar to each other
Same last names with similar first names
Similar names with same city/zip code

More Information & Resources

The Financial Gurus hope you can now better understand what The Fair Credit Reporting Act is and how it affects you as a consumer. For additional information and resources about the Fair Credit Reporting Act, please visit the NCUA (National Credit Union Administration) website using the link provided below.

https://ncua.gov/regulation-supervision/manuals-guides/federal-consumer-financial-protection-guide/compliance-management/lending-regulations/fair-credit-reporting-act-regulation-v

Sincerely,

Your Financial Gurus

Credit Cards Debit Card Fraud Protection

How to Keep Your Cards Safe in the Digital Age

April 17, 2024 wwfcu_9ocxxop6

Technology has made huge advancements in the last few decades. While these improvements are exciting, they also bring new challenges and security risks. With increased cell phone usage, social media, and online shopping, fraudsters are finding more and more ways to steal our information. And as if that wasn’t enough, Artificial Intelligence (AI) has now entered the scene…

Protecting your personal information is critical, especially when it comes to direct links to your money- your debit and credit cards. Check out these suggestions from our WWFCU Financial Gurus for keeping your cards safe and secure.

Important Steps to Protecting Yourself from Plastic Card Fraud:

Do not give your card information to anyone else to use.
Choose secure passwords for any sites that store your card number. Enabling Multi-Factor Authentications (if available) on these websites also helps to protect against fraud.
Utilize ATM machines found at financial institutions whenever possible, as those are serviced and maintained regularly.
Use caution when buying goods or services via websites. Do some investigating to be sure the company is reputable. The Better Business Bureau and Consumer Financial Protection Bureau are great places to start!
Monitor your account often! This can be done easily using our online banking platform or mobile application. If you see a charge that you do not recognize, notify your financial institution immediately.
Watch for skimmers on card devices. If it looks suspicious or your card doesn’t insert easily, it is best to avoid using the machine.
If your card gets lost or stolen, report it right away!
When making purchases online, be sure to read the fine print carefully! Some less reputable merchants bury added charges or fees here.
Use caution when taking advantage of “pay only shipping” deals. These offers usually automatically enroll you with their service which has a monthly charge.
Make sure your network is secure before entering card numbers online (we don’t recommend using public Wi-Fi for any personal business).

Wayne Westland Federal Credit Union offers both Mastercard Debit cards and Visa Rewards credit cards to approved members. With both card types, you can turn them on or off within our online banking platform. Just look for the Card Management tab. This gives you the power to protect your cards when you aren’t using them. Lost or stolen cards can also be reported here as well. Additionally, you can call our office during business hours or toll-free 24/7 at 1-888-241-2510 to report a card lost or stolen.

Having both a credit card and a debit card with us is highly recommended! This way you have a backup in case your debit card is compromised and needs to be blocked, or vice versa. We can now create and issue debit and credit cards right in our branch, so in most cases there is no longer a wait to obtain your replacement card.

Other benefits of our Visa credit cards are Free Identity Theft Protection and credit monitoring, to keep your information and credit safe and secure, as well as 6-months interest free on balance transfers. You can apply for a WWFCU Visa on our website www.wwfcu.org, by visiting our branch, or contacting our call center directly. Our Financial Gurus are here to help you get started and answer any questions you may have about our plastic cards and how to keep them safe and secure!

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Author: wwfcu_9ocxxop6

Protecting Yourself from Debit Card Fraud: Simple Tips to Keep Your Money Safe

Coming soon – Credit report insight at your fingertips!

Becoming Debt Free

Cybersecurity Safety Tips

Auto Loans 101

How To Understand Interest on Your New Loan

What is a Certified Credit Union Financial Counselor (CCUFC)?

Credit Union vs. Bank What’s The Difference?

Impulse Applying?

Estate Planning

The Fair Credit Reporting Act (FCRA)

How to Keep Your Cards Safe in the Digital Age

wwfcu.org