Making Money Personal

Triangle Credit Union
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Engaging in real talk about financial matters that affect your life and your community.

  1. 6d ago

    Cash Cushion 101: How Much Do You Really Need? - Money Tip Tuesday

    Have you ever checked your account balance and realized one unexpected expense could throw everything off track? Today, we're talking about the power of a cash cushion and how having a little extra money set aside can help you handle life's surprises with a lot less stress. Links: Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.  Have you ever checked your checking account balance and thought, “I know I have money… but how much of it can I actually spend?”  That’s where a cash cushion comes in.  A cash cushion is money you intentionally keep available to cover the unexpected — a larger-than-normal utility bill, a car repair, a medical expense, or simply a week when more bills hit your account than usual.  It’s not necessarily your emergency fund. It’s more like the financial buffer between your everyday spending and your larger savings goals.  Today, we’re talking about the ins and outs of a cash cushion, how much you might want to keep, and an important question: Should that money stay in your checking account, or should you keep it in a liquid savings account and move it over when you need it?    WHAT IS A CASH CUSHION? Let’s start with what a cash cushion actually does.  Think of your checking account as the place where your money comes and goes. Your paycheck comes in, bills go out, groceries are purchased, and everyday expenses are paid.  But if you keep your checking balance too close to zero, even a small surprise can throw things off.  A cash cushion gives you some breathing room.  For example, suppose you normally have $1,500 left in your checking account after your regular bills are paid. Instead of thinking, “I have $1,500 available to spend,” you might decide that $500 of that is your cash cushion.  That means your true spending balance is $1,000.  The $500 isn't money you plan to spend. It's there to absorb the unexpected.  And that distinction is important because a cash cushion is really about peace of mind and cash-flow management, not just having extra money sitting around.    HOW MUCH SHOULD YOU KEEP? So, how much should your cash cushion be?  There isn't one magic number.  A good starting point is to look at your typical monthly expenses and how predictable your income is.  If you have a steady paycheck and relatively predictable expenses, you might be comfortable with a smaller cushion — perhaps a few hundred dollars or enough to cover one or two unexpected expenses.  If your income fluctuates, you're self-employed, or your expenses vary significantly from month to month, you may want a larger cushion.  And remember: your cash cushion is different from your emergency fund.  An emergency fund is designed for bigger, less frequent financial emergencies — things like a major car repair, an extended period without income, or a significant unexpected expense.  Your cash cushion is more about the little financial surprises and timing issues that happen in everyday life.    CHECKING OR SAVINGS? Now we get to the big question.  Should your cash cushion actually sit in your checking account?  There are advantages to doing that.  First, it's extremely convenient. The money is already there, so you don't have to transfer anything when an unexpected expense pops up.  It can also help prevent overdrafts and give you a little breathing room between paychecks.  But there's one big downside:  Money that's sitting in your checking account can look like money that's available to spend.  You might tell yourself, “I have $2,000 in checking,” when really $500 of that is supposed to be your cushion.  And if you spend the cushion, you've defeated the purpose.  That's why another strategy is to keep your cash cushion in a liquid savings account — somewhere you can access the money quickly, but where it's separate from your everyday spending.  For example, you might decide that you want a $500 cushion.  Instead of keeping $500 extra in checking, you could keep your checking account at the amount you need for normal expenses and hold that $500 in savings.  When an unexpected expense comes up, you simply transfer the money from savings into checking.  This approach creates a little psychological separation between money I can spend and money I have available if I need it.    WHICH STRATEGY IS BETTER? So which option is better?  Honestly, it depends on how you manage money.  If you tend to spend whatever is sitting in your checking account, keeping your cushion in savings may be the better strategy.  It creates a boundary.  If you have excellent discipline and prefer the convenience of having everything immediately available, keeping a cushion in checking may work just fine.  You can even take a hybrid approach.  Maybe you keep $200 in checking as an immediate buffer and another $500 in liquid savings.  That way, you have a little flexibility without keeping a large amount of extra cash in your everyday account.  The key is to give every dollar a job.  If $500 is your cushion, mentally—and ideally physically—designate it as your cushion.  Don't count it as spending money.    THE CASH CUSHION RULE Here's a simple rule to remember:  Your checking account should help you manage today. Your savings account can help protect tomorrow.  Your cash cushion sits somewhere in between.  It's there to make today's financial surprises less stressful without forcing you to dip into your larger emergency savings.  And if you do use your cushion, make replenishing it a priority.  For example, if your $500 cushion gets used for an unexpected car repair, don't think of that as money that's simply gone.  Think of it as a signal: now I need to rebuild that $500 before the next surprise happens.  That's how a cash cushion becomes a habit rather than just a balance in your account.  At the end of the day, a cash cushion isn't about having a huge amount of money sitting around.  It's about creating margin in your finances.  Whether you keep it in checking or in a liquid savings account, the goal is the same: to give yourself room when life doesn't go exactly according to plan.  So take a look at your checking account today and ask yourself:  “How much of this money is actually available for me to spend — and how much should be left untouched as my cushion?”  Once you know that number, you're one step closer to making your money work with you instead of constantly worrying about whether you have enough.  Thanks for listening, and remember: a little financial breathing room can make a big difference.

  2. Sep 22

    Supercharge Your Savings with Certificates - Money Tip Tuesday

    In today’s financial climate, finding ways to cut spending and maximize savings is likely to be on everybody’s priority list. If you’re on the hunt for a way to get more for your money, look no further than your local credit union for a simple and safe way to grow your savings with certificates. Links: Learn more and explore certificates Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.  If you've been keeping your money in a regular savings account and wondering whether there's a way to earn more without taking on investment risk, a certificate may be worth considering.  Today, we'll cover how certificates work, why they can be a powerful savings tool, and what you should look for when comparing high-yield certificate options.  What Exactly Is a Certificate?  Let's start with the basics.  A certificate, also known by many as a CD or Certificate of Deposit at other financial institutions, is a savings product that allows you to deposit money for a fixed period of time, known as the term, in exchange for a fixed dividend or interest rate.  In simple terms, you're agreeing not to touch that money for a specific timeframe, such as 6 months, 12 months, 24 months, or longer. In return, the financial institution rewards you with a higher rate than you would typically earn in a standard savings account.  Think of it as getting paid a premium for your patience.  Unlike stock market investments, certificates aren't subject to market fluctuations. You know exactly how much you'll earn when the certificate matures, which can provide peace of mind and predictability.  Why Are Certificates Attractive Right Now?  One of the biggest benefits of certificates is their ability to lock in a guaranteed return.  When certificate rates are elevated, savers have an opportunity to secure that rate for months or even years.  Let's say you have money set aside for a future goal, perhaps a home down payment, a new vehicle, a wedding, or a general savings fund you don't expect to need immediately.  A certificate can help that money work harder while still preserving your principal.  That's a key distinction.  Unlike investing, certificates focus on capital preservation and predictable growth.  For many people, that's exactly what they want for short-term and medium-term savings goals.  Who Should Consider a Certificate?  Certificates can be especially valuable for people who:  Have cash sitting in a low-yield savings account. Are saving for a known goal within the next one to five years. Want guaranteed growth without market risk. Prefer a "set it and forget it" approach to saving. Are looking to diversify between savings and investment accounts.  Certificates can also help remove temptation.  Because the funds are committed for a defined term, you're less likely to dip into your savings for impulse purchases or non-essential expenses.  What Should You Look for When Comparing Certificates?  Not all certificates are created equal.  If you're shopping around, here are five things to pay attention to.  1. The Yield  Most people focus immediately on the advertised rate, and that's important. Higher yields generally mean your money will grow faster.  However, don't stop there. Make sure you're comparing similar terms. A 12-month certificate should be compared against other 12-month certificates, not a 36-month product.  It's also important to understand whether the quoted return is the annual percentage yield, or APY, since APY reflects the impact of compounding. The rate advertised may not necessarily be the annual percentage yield, so make sure you look closer to detect the difference.  2. The Length of the Term  Ask yourself:  "When will I need this money?" If you're saving for a vacation next summer, a five-year certificate probably isn't the best fit. The term should align with your financial goal and your expected timeline. The goal is to earn more while still maintaining access when you need it.  3. Early Withdrawal Penalties  A certificate is designed to be held until maturity. If you withdraw funds early, you'll typically face a penalty that reduces some of the earnings.  Before opening a certificate, understand:  How the penalty is calculated Whether any exceptions exist How much flexibility you'll have if circumstances change  A certificate should complement your emergency fund, not replace it.  4. Minimum Deposit Requirements  Some certificates require a large initial deposit, while others can be opened with relatively modest amounts. Don't assume you need thousands of dollars to get started. Many financial institutions offer options that are accessible to a wide range of savers.  5. Your Overall Savings Strategy  One mistake some savers make is putting all their available cash into a single certificate. Instead, think about how it will fit into your broader financial picture. It’s not typically worth it to put all savings funds into a certificate account.   Your savings strategy should include at least:  An emergency fund that's easily accessible A checking account for everyday expenses A regular savings account for short-term needs  That leaves things like certificates for more medium to longer-term savings goals.  Here's a bonus tip.  Many savvy savers use what's called a "certificate ladder." Instead of putting all your money into one certificate, you divide it among several certificates with different maturity dates.  For example:  One 12-month certificate One 24-month certificate One 36-month certificate  As each certificate matures, you can reinvest or use the funds based on your current needs. This strategy can provide a balance between earning competitive yields and maintaining flexibility.  Certificates may not be flashy, but they remain one of the most effective tools for growing savings safely and predictably.  If you're looking for guaranteed growth, want to protect your principal, and have specific savings goals on the horizon, a certificate could be an excellent addition to your financial toolkit.  Before opening one, make sure to consider the yield, term length, early withdrawal penalties, minimum deposit requirements, and how the certificate fits into your overall savings plan.  If you'd like to learn more about certificate options and how they can support your savings goals, you’re welcome to visit our website or contact us at Triangle Credit Union to determine which certificates might be right for your financial plan.  Until next time, keep saving smart and making your money work harder for you.

  3. Sep 15

    New vs. Used Car Financing: What Should You Know? - Money Tip Tuesday

    If you're in the market for a car, one of the first questions you'll face is whether to buy new or used. While most people focus on the sticker price, the financing side of the equation can have just as much impact on your monthly payment and overall cost.   Links: Looking for financing options? Check out our competitive auto rates Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.  In this tip, we're talking about one of the biggest financial decisions many of us make outside of buying a home: purchasing a vehicle. We’re going to break down the pros and cons of financing a new versus used vehicle and share some helpful statistics that could save you money.  Let's start with new vehicles.  The biggest advantage of buying new is predictability. New cars typically come with manufacturer warranties, the latest safety technology, and little to no maintenance concerns for the first several years.  When it comes to financing, new vehicles often qualify for lower interest rates than used vehicles because lenders view them as less risky. The Federal Reserve's auto loan data continues to show that financing costs for new vehicles generally run lower than rates offered on used vehicles. But there is a tradeoff.  Vehicle prices remain historically high. Industry data shows the average new vehicle transaction price is around $49,000, while the average used vehicle sells for roughly $26,000. That's a difference of more than $20,000.  And then there's depreciation.  A new vehicle begins losing value the moment you drive it off the lot. While depreciation varies by make and model, it's often the largest hidden cost of buying new.  Now let's talk about used vehicles.  The biggest benefit is affordability.  A lower purchase price usually means a smaller loan amount, a lower monthly payment, and potentially less money spent over the life of the loan.  You'll also avoid the steepest depreciation that typically occurs during a vehicle's first few years.  However, used vehicles can come with higher financing rates and potentially more maintenance expenses as the vehicle ages.  There's another factor worth mentioning. Cox Automotive, the largest automotive technology and services provider, reports that it expects used vehicle prices to remain relatively stable, and wholesale used vehicle values have even shown modest increases due to strong consumer demand and limited supply.  That means finding a great deal on a quality used vehicle may require a little extra research and patience.  Whether you're shopping for new or used, here are three questions to ask yourself:  First: How long do I plan to keep this vehicle?  If you tend to drive your cars for 10 years or longer, paying more upfront for a new vehicle may make sense because you'll spread that cost over many years of ownership.  Second: What's more important: payment or total cost?  A lower payment can be attractive, but extending your loan term can significantly increase the total amount paid in interest.  Third: How much vehicle can I comfortably afford?  Financial experts often recommend keeping total transportation costs, including the loan payment, insurance, fuel, and maintenance, within a reasonable percentage of your monthly income. Wallet Hub reports a percentage of around 10%-15% towards transportation as ideal for a healthy budget.   Remember, just because you qualify for a certain loan amount doesn't necessarily mean that's what fits comfortably into your budget.  Financing Tips for Any Vehicle Purchase  Before you head to the dealership, consider these money-saving tips:  Check your credit score before applying. Get pre-approved for financing so you understand your budget. Compare loan offers from multiple lenders. Focus on the total loan cost, not just the monthly payment. Consider refinancing later if your credit improves or rates decrease.  Even a small difference in your interest rate can save hundreds or even thousands of dollars over the life of your loan.  At the end of the day, there isn't a one-size-fits-all answer.  A new vehicle may offer lower financing rates, warranty protection, and the latest features. A used vehicle may provide substantial savings and a lower overall investment.  The key is understanding the full financial picture, including the purchase price, financing costs, depreciation, and long-term ownership expenses.  Remember, Triangle’s team is always available and willing to help you find the right financing option for your next car purchase. You’re welcome to visit any local branch or contact us online or over the phone.

  4. Sep 8

    5 Simple Ways to Boost Your Credit Score - Money Tip Tuesday

    What does your credit score really say about you? And more importantly, how can a few smart moves help you improve it? If you’re unhappy about your current score and looking for some ways to boost it a bit, or even a lot, keep listening because in this tip, we’re sharing some key things you can do to get that score you’ve always wanted.   Links: Get a free report at annualcreditreport.com Learn more about how to access your Better Checking account Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.  With interest rates still higher than many people have become used to over the last decade, your credit score can have a bigger impact on your wallet than ever before. Whether you're applying for a credit card, financing a vehicle, buying a home, or looking for a home equity loan, your credit score plays a major role in the rates and terms you receive.  The good news? Even small improvements to your score can make a difference.  Most credit scores range from 300 to 850. Generally speaking, a score of 670 or higher is considered good, 740 and above is very good, and 800-plus is excellent.  So, if your score could use a little help, here are five practical ways to start moving it in the right direction.  Tip number one: Give your credit a breather. Every time you apply for new credit, a hard inquiry may appear on your report. One application won't do much damage, but several in a short period can. If you're not actively shopping for a loan, consider pressing pause on new credit applications.  Tip number two: Make every payment on time. This remains the single most important factor affecting most credit scores. If remembering due dates is a challenge, set up automatic payments or reminders. Even one missed payment can have a lasting impact.  Tip number three: Lower your credit utilization. In simple terms, that's how much of your available credit you're using. If your cards are close to their limits, try paying down balances. Many financial experts recommend keeping utilization below 30%, and even lower is better.  Tip number four: Build credit strategically. If you're new to credit or rebuilding after a setback, a secured credit card or credit-builder loan may help. These tools can demonstrate responsible borrowing habits and gradually strengthen your credit profile.  Tip number five: Think carefully before closing old accounts. It may seem like closing unused cards is always a good idea, but older accounts can help establish a longer credit history. If a card has no annual fee and isn't causing problems, keeping it open may actually benefit your score.  One more quick reminder: Regularly review your credit report for errors. Incorrect information happens more often than people realize, and identifying an issue early can save time and frustration. Check out annualcreditreport.com for a free credit report or if you have a Better Checking account you have automatic access to a free credit report every 90 days. Just log into your Better checking app to take a look.   Building a stronger credit score doesn't happen overnight, but consistent habits can lead to meaningful results. Focus on paying on time, managing balances wisely, and being intentional about new credit.  If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.           Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.

  5. Sep 1

    Margin: Your Budget's Breathing Room - Money Tip Tuesday

    Struggling trying to find a little freedom in your budget because it's feeling way too tight, you just can't seem to get ahead? Don't fret because there's a factor that can help you get ahead if you can detect and leverage it. It's called margin and it's the key to advancing in a positive financial direction rather than falling farther behind.  Links: Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.   Have you ever looked at your budget and thought, “Where does all my money go?” You’re paying the bills, covering everyday expenses, making your minimum debt payments—and somehow, there never seems to be anything left over.  Today, we’re talking about a simple but powerful concept that can change the way you manage your money: margin.  So, what exactly is margin?  Margin is the money you have left after your income covers your essential expenses and regular financial commitments. Think of it as breathing room in your budget.  For example, if you bring home $4,000 a month and your necessary expenses total $3,600, you have $400 of margin.  That $400 is important because it gives you options.  Without margin, an unexpected expense—a car repair, medical bill, or higher-than-usual utility bill—can quickly lead to using a credit card or taking on additional debt.  But when you have margin, you have money available to handle those surprises without immediately reaching for credit.  And here's where margin becomes especially powerful: it can help you pay down debt faster.  Let's say you have $400 left over each month after your regular expenses. You could use that money to make an additional payment toward a credit card, personal loan, or other debt.  Even an extra $100 or $200 a month can make a meaningful difference over time.  But here's the important part: don't think of margin as money that you have to spend. Think of it as money you get to direct intentionally.  Maybe your first goal is building a small emergency savings cushion. Once you have that foundation, you can direct more of your monthly margin toward your highest-interest debt.  For example, imagine you have a credit card balance of $5,000 with a high interest rate. Your minimum payment may keep the account current, but it may take years to pay off the balance.  Adding an extra $200 to each payment every month can significantly accelerate your progress and reduce the amount of interest you pay over the life of the debt.  So, how do you create margin if your budget currently feels tight?  Start small.  Take a close look at your monthly spending and separate your expenses into three categories: needs, commitments, and wants.  Your needs might include housing, utilities, groceries, transportation, and insurance.  Your commitments could include debt payments, subscriptions, or other recurring expenses.  And then there are the wants—the purchases that aren't necessarily essential but that can add up over time.  Look for just a few areas where you can make small adjustments.  Maybe it's eating out one less time each week. Maybe you cancel a subscription you aren't using. Maybe you set a weekly spending limit for discretionary purchases.  You don't have to completely eliminate the things you enjoy. The goal is to create intentional spending so that some of your income has a purpose before you spend it.  And remember: margin isn't about being restrictive. It's about creating freedom.  When you have margin, you're less likely to live paycheck to paycheck. You have more flexibility when something unexpected happens. And you have an opportunity to make progress toward bigger financial goals.  So, if you're trying to pay down debt, don't just ask yourself, “How can I make a bigger debt payment?”  Ask yourself, “How can I create more margin in my monthly budget?”  Then give that margin a job.  Build your emergency savings. Pay down high-interest debt. Work toward a financial goal. Or eventually, give yourself room to save for something you've been putting off.  The goal isn't a perfect budget.  The goal is a budget that gives you breathing room, choices, and a path forward.  Because when you create margin, you're not just finding extra money.  You're creating financial flexibility—and putting yourself in a stronger position to take control of your debt and your financial future.  Thanks for listening, and remember: small changes can create meaningful progress when you make them consistently.

  6. Aug 25

    What to Do if You're a Victim of Check Fraud - Money Tip Tuesday

    It’s a moment none of us wants to experience. The moment we learn someone stole our identity. Our head swims with questions. How did this happen? Where did I go wrong? How do I go about fixing it? There are many ways thieves target us and steal our information. From data breaches to check fraud, the tactics vary, but what matters most in this time is knowing the right steps to take to resolve the issue as soon as possible.    Links: View and download the helpful Action Guide for step-by-step help with recovering from check fraud Learn more about the America Saves Pledge Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.   This week’s tip is a resource from the America Saves campaign focused on check fraud awareness and resolution.  Take a moment, listen in, and share it with others so they can be made aware of this ongoing financial threat.  Finding out you’ve been a victim of check fraud can feel overwhelming.   Maybe a check was stolen from the mail. Maybe your account shows a payment you never authorized. Or maybe you deposited a check that turned out to be fake.   No matter how it happened, one thing is true: acting quickly matters. The sooner you respond, the better your chance of limiting financial loss, protecting your account, and preventing further fraud.   If you think you’re a victim of check fraud, here are the steps to take.   Step 1: Contact Your Financial Institution Immediately   Your first call should be to your financial institution. Tell them:   What happened Which transaction looks suspicious When you noticed it    Your financial institution may be able to:   Place a stop payment Freeze your account Open an investigation Provide information needed to file a report with the authorities    Do not wait to “see if it clears up.” Time matters.      Step 2: Review Your Account for Other Fraud   Fraud may not stop at one transaction. Look through recent account activity for:   Other unfamiliar checks Unusual withdrawals New account changes you did not make    Review at least the last 30–60 days if possible. If your account information was stolen, criminals may attempt additional fraud.      Step 3: Document Everything   Keep records of:   Suspicious transactions Check numbers All related communications including calls, emails or text messages related to the fraud Police or fraud reports    Write down dates, names, and case numbers. This documentation can help if you need to dispute charges or file reports.      Step 4: File a Fraud Report   Depending on the situation, you may need to report the fraud to local authorities or other agencies. This can be especially important if:   Mail was stolen Identity theft is involved A scammer targeted you online    Ask your financial institution what reports they recommend. Keep copies of everything.      Step 5: Secure Your Account   If your account information has been compromised, your institution may recommend that you open a new account.   Take additional steps like:   Changing online banking passwords Updating PINs Reviewing linked payment accounts    If you use the same password elsewhere, update those too.      Step 6: Replace Compromised Checks   If physical checks were stolen:   Report the missing check numbers Store remaining checks securely Order new checks if needed    Do not continue using compromised check numbers.      Step 7: Watch for Identity Theft   A stolen check contains personal information. Watch for:   Unfamiliar credit activity Unexpected bills Collection notices New account openings    Continue monitoring your financial accounts regularly.      If You Deposited a Fake Check   If you deposited a fraudulent check as part of a scam, contact your financial institution immediately. Explain what happened. Even if the money appeared in your account, it may later be removed if the check is fake.   Remember: If someone asks you to send money back after depositing a check, that is a major warning sign.      How to Protect Yourself Going Forward   After fraud happens, it’s normal to feel cautious.   Moving forward:   Monitor your account weekly Use account alerts Mail checks securely Keep checks stored safely Be cautious with unexpected payments Ask questions before acting    Fraud can happen to anyone. What matters most is how quickly you respond and what you do next.   Final Takeaway   Check fraud can be frustrating and stressful, but you are not powerless. Quick action can help protect your money and reduce the impact. Knowledge is one of your strongest tools. Download this action guide for step-by-step help on what to do, who to contact, and how to protect your money moving forward.   Want to continue building your financial confidence and awareness? Take the America Saves Pledge today! We’ll send you tips, tools, and resources to help you save for what matters most to you.

  7. Aug 20

    Episode 94: Empowering Hispanic Students Through Scholarships | NH Hispanic Scholarship Fund

    In this episode we chat with Steve Drake, Executive Director at the New Hampshire Hispanic Scholarship Fund (NHHSF) about its mission, operations and impact on the NH and MA Hispanic communities. Links: NHHSF Website: https://nhhsf.org/ NHHSF contact page and social media: https://nhhsf.org/contact-us/ Contact Steve directly: sdrake@nhhsf.org Learn more about Triangle Credit Union: https://www.trianglecu.org/ Check out TCU University for financial education tips and resources: https://triangleuniversity.org/ Learn more about Triangle Credit Union: https://www.trianglecu.org/ AD: Learn more about how Triangle's 40-Year Mortgage program makes homeownership more affordable: https://www.trianglecu.org/borrow/mortgages/

  8. Aug 18

    How to Detect Check Fraud Early - Money Tip Tuesday

    Identity theft red flags are no joke. From a suspicious looking email, to an alarming text message, learning how to detect fraud before it happens is a critical skill we all need to develop. Detecting fraud before or even during an event can make a big difference in determining how much time and resources you’ll need to spend fixing the damage done.   Links: Download and use the Check Fraud Detection Checklist Learn more about and sign the America Saves Pledge Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.   This week we’re sharing a tip from the America Saves Check Fraud awareness campaign focused on how to detect fraud, particularly check fraud early, so you can act quickly to stop fraudsters in their tracks before too much damage is done. Take a moment, listen in, and share it with others so they can be made aware of this ongoing financial threat.  Whether a check was stolen from the mail, altered, forged, or used in a scam, the sooner you notice suspicious activity, the better your chances are of limiting financial loss and protecting your account. The challenge? Check fraud is not always obvious right away.   A payment may seem delayed. A check might clear for the wrong amount. Or you may notice a transaction you don’t recognize weeks later. That’s why regular account monitoring matters. Here’s how to spot the warning signs of check fraud and what to do if something doesn’t look right.   Warning Signs of Check Fraud   Fraud often leaves some clues. Knowing what to look for can help you act quickly.   1. A Check Hasn’t Been Cashed When You Expected It To   If you mailed a payment and it has not been processed within the normal timeframe, it is worth checking on. This does not always mean fraud, but it could mean the check was delayed, lost, or intercepted.    What to do: Start by contacting the person or company you paid, and confirm whether they’ve received it or not.    2. A Check Clears for the Wrong Amount   One of the clearest warning signs is a check clearing for more (or less) than you wrote it for. This may happen in cases of check washing or altered checks.   What to do: Compare your check register or payment records to your account statement, and review the check image. Most financial institutions provide them through online banking, or you can request them at your local branch or customer service line.     3. You See a Payment to Someone You Don’t Recognize   If your account shows a check made out to a person or business you did not authorize, that could be a sign of fraud. This may happen with forged or altered checks.   What to do: Review the transaction details immediately, and contact your financial institution right away    4. Missing Checks or Missing Mail   If checks from your checkbook are missing or you notice missing mail, it may signal theft. Stolen blank checks can be used fraudulently.   What to do: Secure your remaining checks; report missing checks to your financial institution and any missing mail to the post office.     5. Unfamiliar Withdrawals or Account Activity   Not all fraud appears as a check image. Sometimes fraud starts with stolen account information and shows up as other account activity.   What to do: Watch for small test transactions, unusual withdrawals or multiple failed payment attempts.    Simple Ways to Monitor Your Accounts   The best way to catch fraud early is to make account monitoring a regular habit. It does not have to take long.   Set Up Account Alerts   Most financial institutions allow you to set up alerts for withdrawals, deposits, checks clearing, low balances and large transactions. These alerts can help you spot suspicious activity quickly.    If you are not comfortable using mobile banking, ask your financial institution if they offer phone, text or email alerts.   Review Your Account Weekly   A quick weekly review can help you catch issues before they grow. Check for payments you don’t recognize, checks clearing for the wrong amount, or missing expected transactions. Even five minutes can help.   Check Your Cleared Check Images   Many financial institutions allow you to view images of checks that have cleared. Look for the correct payee, correct amount, and your actual signature. This can help spot altered or forged checks.   Keep a Simple Record of Checks You Send   Whether it’s a checkbook register, a notebook, or a note on your phone, tracking helps. Record the date you sent the payment, the amount and the recipients information. That makes it easier to compare later.   Be Careful with Unexpected Checks   If you receive a check you were not expecting, especially tied to a job, prize, or payment request….pause! Ask questions before depositing it. Unexpected money is often a warning sign.     What to Do If You Notice Something Suspicious   If you think something may be wrong, act quickly.   Step 1: Contact Your Financial Institution    Review what you’ve noticed with them. They can assist with freezing or flagging the account and transaction, place a stop payment or investigate the issue further. The sooner you contact them, the better.   Step 2: Gather Your Records   Collect check numbers, account statements, payment records, and any related emails, text, or related messages. Having information ready can speed up the process.   Step 3: Monitor Closely   After reporting suspicious activity, keep watching your account. Fraud sometimes happens in more than one transaction.   Step 4: Change Account Security If Needed   Depending on the situation, it may be recommend that you close your account and open a new one, update passwords or add extra account protections.    Early Action Can Make a Big Difference   Check fraud can be stressful but early detection gives you more options.   The key is simple:   Review your account regularly   Pay attention to missing or unusual transactions   Act quickly if something feels off    Small habits can help protect your money. Download our check fraud detection checklist to help monitor your account, track payments, and catch suspicious activity sooner.   If you’re ready to learn more about how small steps can help build your financial confidence, take the take the America Saves Pledge today. It’s a simple commitment to save for what matters most to you, one step at a time.

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Engaging in real talk about financial matters that affect your life and your community.

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  • Creator
    Triangle Credit Union
  • Years Active
    2018 - 2026
  • Episodes
    102
  • Rating
    Clean
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    Making Money Personal