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Red Crown Credit Union News

Red Crown School Debit Card Program

Sep 28, 2023 |

All Public School Debit Cards with the verbiage $24,500 donated in 2023.

Since 2017, Red Crown Credit Union has committed to a handful of Oklahoma public schools. Every time a Red Crown member uses their school debit card, Red Crown donates to the participating school.  

Our Debit Card Program focuses on engaging as many schools in our membership field as possible. Initially, Adair and Salina Public Schools were the first two districts that participated, but Pryor Public Schools followed closely behind. Today, we partner with eight schools, including Adair, Salina, Pryor, Locust Grove, Chouteau-Mazie, Sequoyah, Verdigris, and Claremore. The donation that is made to each school allows them to advance the education they provide to their students.  

In 2023, Red Crown donated $24,500 through the program, with each school receiving a different amount based on their card usage. Overall, Red Crown has donated over $77,000 through this program since 2017.

Over the next five years, we intend to expand the program by increasing our partnerships with more schools in our membership field. There is a significant opportunity for growth for all schools. The more cardholders, the larger the donation back to each school! Our members make this program possible, and we appreciate them for being members of Red Crown.

To get your school’s debit card and be a part of the yearly donation, visit www.redcrown.org/debit-cards

$24,000 Donation to the Coffee Bunker

Jul 27, 2023 |

People holding a donation check

People assume that coming home would be the easiest thing service members can do. Most members must stop and think, “What am I returning to?” What was once normal has become foreign; navigating it is complex.

Since 2022, Red Crown Credit Union has committed to the Coffee Bunker and its cause. Every time a Red Crown Credit Union member uses their VETS (Veterans Engaged in Tulsa’s Society) debit card, Red Crown Credit Union donates to the Coffee Bunker.

The Coffee Bunker has a mission to meet Veterans where they are by helping with the transition to family and community life. Immediate needs such as providing food, gas cards, bus passes, and transportation to medical appointments are met. The Bunker dives deeper by caring for the longer-term needs as well. These services include education and employment planning guidance, job skills training, and connection to employers.

Coffee Bunker Executive Director Michael Horton says, “The Bunker is a place for veterans to calm their spirits and their minds in preparation for and during what is often a long transition challenge. The Coffee Bunker community enables veterans to stay connected to their military family of origin. This community serves the purpose of helping veterans that are disconnected and isolated. The various transition services allow veterans to establish traction in their transition to civilian life.”

Being the first year of the Red Crown Credit Union and Coffee Bunker partnership, Mr. Horton wanted to share how it impacted their mission. “The Red Crown Credit Union VETS debit card significantly contributed to the Bunker this year. The contribution is financial, but it also helps the Bunker build goodwill in the community through relationships with the cardholders and widens exposure through various media.”

How can you take part?

Each swipe you make with a Red Crown VETS debit card impacts these service members and their families.

Get yours by visiting https://redcrown.org/vets/.

How to Improve Your Credit Score

Sep 21, 2022 |

The most common financial advice people get is, “Save money for an emergency fund!” “Pay down your debt!”, or “Don’t spend more than you can afford!”. That’s all good advice, but there is one more thing – credit score.

Your credit score determines a lot of things like loan and credit card accessibility and low interest rates. Your score can also help determine your cell phone plan, utilities, premiums for auto loans, home owner’s insurance, securing a job, and securing an apartment.

Here are some common FAQ’s about credit score:

How does it work?

To calculate your credit score, a scoring formula is used. The scoring formula is obtained by the three credit bureaus (TransUnion, Equifax, and Experian) suppling information that creates a score. The Consumer Financial Protection Bureau (CFPB) says a credit score predicts how likely you are to pay back a loan on time. Some of the factors that can make up your credit score are:

  • Your bill-paying history
  • Your current unpaid debt
  • The number and type of loan accounts you have
  • How long your loan accounts have been open
  • How much of your available credit you are using
  • New applications for credit
  • Whether you have had a debt sent to collection, a foreclosure, or bankruptcy, and how long ago

What is good credit?

FICO (The Fair Isaac Corporation) uses a formula that rates your credit score. Bankrate says that the FICO formula collects information about several areas of your financial life. They have created a model that divides the credit score into five categories.

  • Poor Credit: 300-579
  • Fair Credit: 580-669
  • Good Credit: 670-739
  • Very Good Credit: 740-799
  • Excellent Credit: 800-850

A good credit score is 670 and higher. At a 740 score, you will experience some benefits of having a higher credit score. To learn more about credit score categories, go to https://www.bankrate.com/finance/credit/what-is-a-fico-score.aspx.

How to build your credit?

Adapt good habits!

  • Paying Bills on Time: This is crucial to growing your score. Over a third of your credit score is determined by your payment history. You need to pay your bills on time to avoid a negative mark on your credit score.
  • Credit Utilization: Credit utilization is how much of your available credit you are using. To have good credit, you need to keep your credit utilization below 30%. If you go above the 30%, you will need to pay it off quickly.
  • Credit History: Lenders want to know that you can manage your credit accounts responsibly over a long period of time. Bankrate says that your credit report only tracks active credit accounts. Closing your oldest account will shorten your credit history. To help build good credit, do not close old accounts.
  • Pay Balances: Paying your balances in full will help grow your score. If you do carry a balance, try to pay it down quickly.

What can a good credit score get you?

  • Significant Savings on Interest Rates on Big Loans
  • Better Terms on Loan Products
  • Better Credit Cards
  • Insurance Discounts
  • More Housing Options
  • Security Deposit Waivers on Utilities

Conclusion

The bottom line is that your credit score is very important because today’s economy runs on credit. If you follow these tips about your credit score, you can achieve good credit.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on credit scores. Individual results may vary.

Credit Identity Theft

May 23, 2022 |

Did you know that in 2020 there were 1.4 million reports of identity theft? According to Mint.com, credit card fraud accounted for 393,207 of the nearly 1.4 million reports of identity theft.

Below is a story of how a Red Crown member was a victim of credit identity theft.

Our member received an email about opening a new line of credit from a credit card company. He became concerned about the email because he did not open a line of credit. His first step was to check his credit on an app. It showed the line of credit was open at Wells Fargo. He then called Wells Fargo’s Dispute Center and found out that he was a victim of credit identity theft.

An investigation showed that the criminal opened a line of credit at a furniture store. He created a fake license with the member’s information and knew his personal information. Luckily, the member was smart enough to know something was wrong and then followed the appropriate steps before it did any real damage to his finances.

Credit identity theft can happen when someone steals your personal information; driver’s license, social security number (SSN), birth date, and card information. You may fall victim to this type of theft without evening knowing. Some warning signs are: your credit score has changed, there are accounts on your credit report you did not open, and if collectors start calling you.

If you have fallen victim to credit identity theft, below are some things you should do:

Credit Report 

You should be monitoring your credit report to look for signs of fraud before there is a lot of damage. USA.gov suggests checking your credit report once per year. A free site you can use is annualcreditreport.com and a free app is Credit Karma.

Contact Credit Card Issuers Fraud Department 

The Federal Trade Commission (FTC) said the first step is to contact the company where the fraud took place. Once you know the company, call their fraud department or dispute center. They will be able to guide you on what to do next.

Credit Fraud Alert 

Your next step is placing a fraud alert on your credit report. The FTC says that a fraud alert will make it harder for someone to open a new credit account in your name. For example, a business must verify your identity before they open new credit in your name.

You can place a fraud alert on your credit reports once per year – free of charge. The credit bureaus are:

  • Experian: 888-397-3742
  • TransUnion: 800-680-7289
  • Equifax: 1-800-525-6285

Credit Freeze

You can place a credit freeze on your credit report. When you place a freeze, no one (including you) will be able to open a new credit account. This freeze will last until you remove it.

Account Alerts

A great precaution is to step up alerts on your accounts. The type of alerts you can receive depends on the financial institution. Some examples are minimum withdrawal alerts, log-in monitoring, etc.

Passwords

Make sure you change your passwords regularly. When creating a password, make it unique and not used for other accounts. The more complex the password is, the harder it is for identity thieves to guess it.

Conclusion

If you have fallen victim to identity theft, report it immediately to the Federal Trade Commission at https://www.identitytheft.gov/#/ or by phone at 1-877-438-4338. You should follow their recommended steps to make a recovery plan.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to prevent identity theft. Individual results may vary.

Taxpayer Identity Theft

Mar 15, 2022 |

 

 

 

 

 

 

 

 

Time has flown by – it’s already tax season! During tax season, scammers are on the prowl. In 2020, The IRS Criminal Investigation identified $2.3 billion in tax fraud. That is something you do not want to be victim of! Scammers have been known to pretend to be the IRS and may contact you by phone, email, text message, and mail. Below are some common types of scams.

Refund Recalculation Scam

In this situation, you will receive a text or email from an imposter saying that the IRS recalculated your tax refund and that they owe you more money. The email may have the IRS logo and a link for you to click on to submit a fake form for the refund. The link will ask you to provide your SSN, birthday, address, driver’s license number, and other personal information.

Tip: If the IRS did make a refund mistake, they will contact you through the mail first. They will never ask for financial or personal information through email. If you get an email, do not click on any links and delete the email.

Gift Card Scams

The gift card scam is becoming more common. The criminal will call saying that you owe the IRS money and if you do not pay a penalty fee, they will charge you with criminal activity. They will instruct you to purchase the gift cards from various stores and then the scammer will ask for the card’s number and pin.

Tip: The IRS will never call you about taxes you owe or penalties. No government agency will ever demand that you pay by a gift card.

NCUA/FDIC Needs Your Bank Information

NCUA is a federal institution that insures your money if your credit union fails (FDIC is the insurance corporation for banks). The scammer will contact you through emails, phone calls, letters, text messages, and social media asking for your bank information. Scammers will claim that they are the NCUA, to get your personal information to commit fraud.

Tip: The NCUA says that they do not send unsolicited correspondence asking for money, sensitive personal information, bank account information, card numbers, SSN and will never threaten you.

Tax Transcript Email Scam

Scammers will email you claiming to be the “IRS Online”. The email will contain an attachment that has your taxpayer’s tax transcript. A tax transcript is a summary of your tax return.

Tip: A tax transcript is a real thing from the IRS, but they will never email it to you. You will need to request it from the IRS and they will send it by mail.

These are just a few types of scams, but beware there are a lot more out there. Learn more about tax scams at https://www.irs.gov/newsroom/tax-scams-consumer-alerts.

Signs of Identity Theft

The IRS says that you may not know you’re a victim of identity theft until you’re notified by the IRS of a possible issue with your return.

Be alert to possible tax-related identity theft if:

  • You get a letter from the IRS inquiring about a suspicious tax return that you did not file.
  • You can’t e-file your tax return because of a duplicate Social Security Number.
  • You receive a tax transcript in the mail that you did not request.
  • You receive an IRS notice that an online account has been created in your name.
  • You receive an IRS notice that your existing online account has been accessed or disabled when you took no action.
  • You receive an IRS notice that you owe additional tax or refund offset or that you have had collection actions taken against you for a year you did not file a tax return.
  • IRS records indicate you received wages or other income from an employer you didn’t work for.
  • You’ve been assigned an Employer Identification Number, but you did not request an EIN.

Ways to Protect Yourself

  • Keep your SSN in a secure place.
  • Make sure your tax preparation services are a legit company.
  • File your taxes early.
  • If you file online, make sure you use a secure connection.
  • Don’t click on unknown links.
  • Don’t trust IRS calls, email, and text messages.
  • Don’t send personal information through social media.

Conclusion

If you have experienced tax fraud, visit the IRS taxpayer guide to tax fraud to learn what your next steps should be. If you have fallen victim to identity theft, report it immediately to the Federal Trade Commission at https://www.identitytheft.gov/#/ or by phone at 1-877-438-4338. You should follow their recommended steps to make a recovery plan.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to prevent fraud. Individual results may vary.

 

Oklahoma Credit Unions celebrate raising over $4 Million for Oklahoma Children’s Hospitals

Oct 19, 2021 |

Oklahoma credit unions have come together to support The Children’s Hospital Foundation (OKC) and The Children’s Hospital at Saint Francis (Tulsa). Credit Unions for Kids – Oklahoma have been making yearly donations to the hospital since 1997.

“In 1997, Credit Unions in Oklahoma started raising money for Credit Unions for Kids. The first year, we raised $13.98,” said Credit Unions for Kids – Oklahoma Treasure, Teresa Carter. “In 2020, we collectively raised $239,456 for the two Children’s Hospitals located in Oklahoma City and Tulsa. Our most successful year was 2019, when we raised $282,199” Carter stated.

Over the past 23 years, these credit unions have raised funds by hosting golf tournaments, selling candy bars, debit card interchange donations and many other events. These collective events have helped raise over $4 Million, which 100% of donations stay in Oklahoma.

“It gives me great pride that credit unions can come together to raise money for such great hospitals,” said Credit Unions for Kids – Oklahoma Chairperson, Jeremy Daggs. “It creates a community when credit unions can work together to achieve a goal and that goal is to help save lives.”

Dozens of Oklahoma Credit Unions have donated to this cause for the last 23 years and plan to keep raising money to support the two children’s hospitals in Oklahoma.

6 Tips to Save Money While on Vacation

Jun 10, 2021 |

It is safe to say we are all ready for a vacation! You might be dreaming of going to the beach, seeing a new city, or having a staycation. Whatever your dream vacation might be, we have six tips that will help you save money before and during this getaway.

Tip #1: Saving Early

Saving money might seem like a no-brainer, but people tend to forget. Start by opening a savings account. Next decide how much you can save on a regular basis and set up automatic transfers to your savings account. Finally, stay motived/excited by naming the savings account with the name of the vacation you’re going on.

Tip #2: Set a Budget

Creating a budget is based on an educated estimate – research is key. Start by researching flights, transportation, accommodations, food, and activities. The type of questions you should ask are:

  • How many times are you going to eat out?
  • What activities are on the top of your list?
  • Will you be shopping?
  • What area would you like to stay in?

These are basic questions to keep in mind when creating/researching a budget. Within each category, you can break down the expense more to help you create an overall and daily budget. Once a budget is final, you may want to add a little more cushion to the dollar amount to help you with any unforeseen expenses.

Tip #3: Flights

Flights can be expensive, but there are ways to make sure you do not overpay. First, plan your trip early. Depending on where you are going and what time, purchasing tickets in advance will help make them cheaper. Another factor to consider is that prices can be higher on certain days of the week or during tourism season. Be flexible with dates to avoid this. Second, look at different airlines and sites to help find the cheapest flight.

Tip #4: Accommodations

Finding a place to stay can be overwhelming. You do not want to overpay, but you want to be comfortable. An easy way to save money is by getting a hotel with just the basics or try renting an Airbnb.

Hotel 

Before booking a hotel, you will want to search for the best deals. It can be as simple as typing the hotel name into Google or using a site to compare prices. Please note, some sites may not include extra hotel expenses, so make sure you research.

Airbnb

One great thing about Airbnb is that it can be an inexpensive alternative to a hotel. It works well when you are traveling with friends or family because you can split the price. When searching for an Airbnb, make sure you are close to the activities you want to do to save money on transportation.

Another accommodation tip is to find a place that has a kitchen or an area to keep food. This will help cut down your food expense by not eating out so much.

Tip #5: Food

Food can be one of the best parts of traveling, but it can be expensive too. To save some money, limit the number of times you eat out. Go to the local grocery store and pick up snacks or items for breakfast or lunch. You can also eat where the locals eat. Typically, prices are cheaper at local spots compared to tourist locations. Another way to save on food is by not having alcoholic drinks. Drinks can be expensive. If you want to drink, limit the amount to help with cost.

Tip #6: Experiences

The worst part of going on vacation is the cost of tourist attractions. Check the community calendar for free events and find attractions with free days. Look for deals on Groupon, TripAdvisor, and other sites.

Conclusion

These tips will help you have a great and fun vacation without breaking the bank. Remember, saving early and researching is key to having a successful vacation.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to save money. Individual results may vary.

COVID-19 Scams

Apr 28, 2021 |

During the pandemic, there have been new opportunities for criminals to commit fraud by attempting to take advantage of people through COVID-19 scams. Knowledge about these scams can help you avoid being victimized. Red Crown has made a list of tips to keep you alert about COVID-19 fraud.

Unemployment Benefits

One major scheme that criminals are doing is taking someone’s personal information and filing unemployment claims. They are targeting employed people. People learn about this scam when they receive a notice from the unemployment benefits office or their employer.

If this happens to you, the quicker you act on the issue, the better! Click HERE to learn more about how to protect your finances/credit from this scam.

Relief Check Scams

The IRS has said they will be distributing the third round of relief checks the same way they did for the first round. The IRS saw scams with the last round and want you to be aware of some red flags. Below is what the IRS will not do:

  • Claim you received an overpayment and ask you to return the money.
  • Send you a password to use online to access or verify your account.
  • Contact you by email or social media to gather personal information.

One important thing to remember is that the IRS will first contact you by mail. For more information, go to the IRS website.

Vaccine and Treatment Scams

Criminals are now selling fake COVID-19 test kits and unapproved treatments through phone calls, social media, and at your door. Two scams you should be aware of are COVID-19 Testing Schemes and COVID-19 Treatment Schemes.

  • COVID-19 Testing Schemes: The scammer will say you are required to take a COVID-19 test. They will try to get your health insurance and other personal information. Once they have your information, they will bill the health insurance plan for tests/procedures that you did not get. The scammer will then receive money off those fake bills.
  • COVID-19 Treatment Schemes: These scammers are selling fake cures, treatments, and vaccines. They will ask for your health insurance information and other personal information. Approved treatment will not be communicated to the public this way. When approved treatments become available, you will not hear about them through a phone call, email, or online advertisement.

Never give your personal/health information to someone you do not know or trust. You should only share your information with a trusted medical professional.

For more information, go to https://www.fbi.gov/news/pressrel/press-releases/fbi-warns-of-emerging-health-care-fraud-schemes-related-to-covid-19-pandemic.

Other COVID-19 Related Scams

Fraudsters have always used emails, phone calls, or in-person methods to scam people. Below is a list of cons being used to get your medical/personal information:

  • Scammers are imitating the IRS through phone calls, emails, social media, and texts.
  • Robocalls making fraud offers to sell respiratory masks and other medical equipment/devices.
  • Fake emails to your personal/business account that appear to come from a trusted source.
  • Creating a non-existent charitable organization that is trying to get your money/or personal information. Make sure you do your research before clicking on links to donate.

Conclusion

Criminals will continue to find new methods to exploit people through COVID-19 scams. Remember, do not give out your personal or bank information – stay alert. For more information, go to fbi.gov/coronavirus and the FTC at FTC.gov/coronavirus.

*Red Crown Credit Union is not a financial advisor. The FBI, Consumer FTC, and IRS websites were used for writing this blog. This blog gives general ideas on ways to stay alert for COVID-19 fraud. Individual results may vary.

 

 

 

Tax Mistakes to Avoid

Mar 3, 2021 |

It’s tax season. Tax season can cause us to feel anxiety, stress, confusion, and/or procrastination. These can lead to mistakes on your tax return, which can lead to late filings and even some penalties. Red Crown wants to help you avoid all of this with some basic tips. When researching common tax mistakes, we found the following:

Incorrect Status

Selecting your status is a big part of determining how your taxes are calculated. Deciding your status can be easy if you are single with no children, but for people who are married, single parents, or even caretakers, it can sometimes be difficult.

If you need help figuring out what your status is, go to https://www.irs.gov/help/ita.

Social Security Number

Who would have thought that one of the most common mistakes in filing your taxes is putting the wrong Social Security Number (SSN)? The Internal Revenue Service (IRS) uses your SSN on your taxes to match what your employer and financial institutions have paid you. Putting in the wrong SSN happens more when you’re writing or typing your spouse’s and dependent’s numbers. Simple Tip: double check- then triple check to ensure that your information is correct.

Math

According to Block Advisors, there are about 2 million math mistakes made on taxes. The mistakes range from simple addition to complex calculations. These math errors can happen when people are doing their taxes by hand. Why go through all of that when you can use a free tax filing software at https://apps.irs.gove/app/freeFile/.

Incorrect Bank Numbers

If you get a refund, you have the option for your money to be refunded by direct deposit – it’s the fastest way to receive your money! By choosing direct deposit, your refund will go right into your bank account. To go this route, you will need the financial institution’s routing number and your account number. Again, to avoid this mistake and possible delays on receiving your money, double-check your numbers.

Unsigned Tax Return

You made it to the end and everything is correct! Make sure you don’t forget to sign your tax return. If you submit an unsigned return, the IRS considers it invalid and your return will not be processed. Also, don’t forget that both spouses must sign a joint return.

Missing the Deadline

Make sure you file on time! The normal deadline to file is April 15th of each year. Start early, get it done and filed to avoid penalties.

Conclusion

Taxes season is no fun, but if you take the time to understand your tax situation you can get it done and avoid costly, frustrating mistakes. There are many helpful tools on the internet, such as: https://www.irs.gov/. If you are member of Red Crown, you can use TurboTax online at a discounted price. Click here for more information.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to save money. Individual results may vary.