Lost & Found. Do you have money out there?
There are several sites to check to see if you have money coming your way. Provided by the National Association of State Treasures, the site catalogs assets such as uncashed checks from corporations, financial institutions, insurance companies, and more. Treasury Hunt is mainly intended to help you reclaim unredeemed or lost paper savings bonds and securities. Treasury Hunt can also be useful if you believe you are the beneficiary of Treasury securities that have not been paid out to you. The U.S. Department of Labor is helping America’s workers and beneficiaries search for retirement plans that may still owe them benefits by establishing a public Retirement Savings Lost and Found Database through the SECURE 2.0 Act of 2022. This database serves as a centralized location to find lost or forgotten benefits and get information on how to obtain those funds. Learn about the tools and resources available for you to recover your hard-earned benefits. Ready to Find Your Unpaid Wages? If you think we may have recovered unpaid wages for you, use the Workers Owed Wages (WOW) application to search and claim them. For money left at an FDIC-insured bank : www.closedbanks.fdic.gov/funds.Orphaned Credit Union Accounts: www.ncua.gov.
5 Steps to Eliminating Debt
The first step to eliminating debt is understanding where you are. By developing a complete picture of your finances, you can confidently prioritize which debts to tackle first. Once you have an overview of your financial situation, it’s time to review spending habits and cut back on non-essential expenses. The more money you can free up, the more you can put towards your debt to pay it off faster. Third, choose a repayment plan. There are two strategies to consider: the snowball method and the avalanche method. The snowball method prioritizes paying off the smallest debt first, giving you the satisfaction of eliminating each debt item and the motivation to work towards the next. The avalanche method prioritizes the highest-interest debt first, helping you save money in the long run. Fourth, consider consolidation if you are juggling multiple debts with varying interest rates. Putting them together into one loan could simplify the repayment process. Streamlining your finances makes it easier to focus on long-term goals. Finally, keep moving forward and give yourself grace. Seek help from Brewery Credit Union. We have guided members to achieve many goals. Through open conversations and tailored action plans, we’ve helped members better their credit scores, enabling them to secure their first vehicle, home, and so much more. Brewery Credit Union is a better place to borrow and save!
AI and Machine Learning Fraud
The increased use of Artificial Intelligence (AI) and Machine Learning (ML) is one of the most significant trends predicted for 2025 in both perpetrating and combating fraud. AI and ML algorithms can analyze vast amounts of data at unprecedented speeds, making them powerful tools for detecting fraud patterns and anomalies. However, fraudsters are also leveraging these technologies to create more sophisticated schemes. As technology continues to evolve, cyber fraud is expected to grow in complexity and frequency. The increasing reliance on digital platforms for financial transactions, communication and data storage creates new vulnerabilities for cybercriminals to exploit your members. Credential stuffing, a cyber-attack where stolen usernames and passwords are used to gain unauthorized access to accounts, is expected to rise. Despite the increasing shift towards digital transactions, check fraud persists as a significant challenge and is set to evolve alongside technological advancements. In 2025, fraudsters will likely exploit sophisticated printing technologies and AI to produce counterfeit checks that are nearly indistinguishable from genuine ones. These counterfeit checks may replicate the design and security features of legitimate checks, making them more deceptive to both recipients and financial institutions. Learning about common phishing attack indicators (Avoiding Social Engineering and Phishing Attacks | CISA) and being wary of what information you share online can reduce your chances of becoming a victim. Collaboration and information sharing among financial institutions can also aid in detecting and preventing synthetic identity fraud. Moreover, it will be crucial to enhance the education of our members about the dangers of check fraud and the importance of protecting checkbooks and personal information. Promoting the use of electronic payments and providing guidelines on recognizing and reporting suspicious checks will play a key role in diminishing the incidence of check fraud.
8 Steps of Home Buying
Becoming a homeowner can be stressful. You are looking for the perfect home in the best neighborhood, and then, on top of it all, you need financing. We are going to give you a few tips to make the process easier for you. Whether this is your first home or your fifth, read on to make the process less stressful. Step 1: Understanding Your Credit Score Having good credit is extremely important when buying a home. Your credit score helps determine your mortgage interest rate, so the higher your score, the better. Here are a couple of resources to help you understand and improve your score: FICO Score Breakdown: Understanding Your Credit How to Escape “Finacial Quicksand” You can access your credit score in home banking using SAVVY MONEY. Step 2: Setting a Budget Think about what you think you can afford as a monthly payment. One rule of thumb is that your debt-to-income (DTI) ratio should not exceed 43%. To calculate your DTI, add your monthly debt payments and then divide that total by your gross monthly income, which is what you make before taxes and deductions. For example, if each month you pay $1,200 for your mortgage, $250 for your car, $300 for your student loans, and $100 for credit card debt, your monthly debt payments total $1,850. If your gross monthly income is $5,000, your debt-to-income is 37% ($1,850 divided by $5,000 is around 37% DTI). Debt to Income Calculator Stop 3: Get Pre-Qualified By getting pre-qualified for your mortgage loan, it will give both you and your Realtor an idea of your homebuying budge. When it comes a time to make an offer, you will know you are pre-qualified for the loan and know your monthly payment. To get pre-qualified for a Brewery CU Mortgage, call our team at 414-273-3170. Ask for Robert, our Mortgage Loan Specialist. Step 4: Find Your Dream Home Time to tour! With your Mortgage pre-qualification in hand, you can start shopping for and touring homes. Look at local listings, go online, and talk to your Realtor to find the right home for your needs. Step 5: Make an Offer This is a big step — and it pays to be prepared. Your real estate agent will provide guidance and help you write an offer to purchase. Step 6: Securing Your Loan Yahooo — an accepted offer! Now, you need to finalize the financing and choose the right Mortgage for you. There are fixed rates, adjustable rates, and several term options. You won’t need to navigate this step alone — the Brewery Mortgage Team will help determine which financing option works best for you. Step 7: Get an Inspection You need a professional inspection of the home before closing. This step can uncover any unseen (and potentially costly) issues with the home, so don’t skip it. Step 8: Closing Time You are officially a homeowner when the papers are signed and the deal is done. Getting into your new home is a bigaccomplishment. Congrats! Our Mortgage team is here for you every step of the way, to ease the stress of buying a home. Get started today.
Stop Social Security-Related Scams
Recognize the four basic signs of a scam. You should always hang up on scammers and consider reporting fraudulent or criminal behavior. If in doubt on a call, hang up and call the Social Security office direct from a number you know is legitimate. You can report Social Security-related scams to the SSA’s web site at www.ssa.gov/scam. As always, if you have any questions about scams or think you may have been a victim of a scammer, please call or stop by one of the Brewery Credit Union branches.
Smart Ways to Shop Safely Online
If you are scammed…
Precautions for all Need to get in touch with one of the three major credit bureaus?Use the links and contact information below to submit disputes and fix errors on your credit reports. EquifaxEquifax.com ExperianExperian.com TransUnionTransUnion.com(800) 916-8800
Unlock your financial potential with our Credit Score feature. Get SavvyMoney!
Did you know 1 in 3 credit reports have errors? Are you one of them? Don’t let errors impact your credit score! Our FREE credit score solution allows you to review, download, and dispute errors anytime, anywhere. Take control of your financial health – enroll now and check today! Brewery Credit Union’s SavvyMoney Credit Score is available through online and mobile banking. SavvyMoney Credit Score is a free service offered to help you understand your credit score, give access to your full credit report, provide credit monitoring alerts, simulate and learn ways to improve your score and see ways you can save money on new and existing loans. Click here to learn more
