Spring 2020
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In This Issue: A Note From the CEO Scam Tip: Check Those Dates How to Build Better Credit Get Ahead With Financial Coaches Save With TurboTax Money Market: A Better Way to Save Be a Smarter Homebuyer Spring Cypress Is Now Open Holiday Closures
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A NOTE FROM THE CEO
A NOTE FROM THE CEO Ahh, spring, the perfect time to reflect on growth and change. At Resource One Credit Union, we are poised for a year of growth, which means our members are as well. Spend some time this spring enjoying those budding flowers, but then let us get to work, together. If springtime has you thinking about tackling big life projects like getting married, graduating college or finding your next home, turn to Resource One Credit Union. Our new home loan experience combines streamlined technology with our talented, local mortgage advisors to make the home-buying process uncomplicated and, dare we say it? Fun. Chat with one of our mortgage advisors to learn more about how you can get prequalified – then, start shopping. Check out our mortgage solutions website to find out how we can help you purchase a home, refinance your current mortgage or tap into your home’s equity to tackle some big home improvement projects this spring. You should also turn to Resource One if you’re in the market for a new or used car or looking to refinance your current auto loan at a lower rate. Maybe you need something practical, like a minivan for your growing family, or just want a new toy to cruise through town with. We’ve got car loans, college grad auto loans, first-time buyer auto loans, motorcycle loans and so much more, so you know you’re getting exactly what’s right for you. We know life changes as quickly as the seasons, and we want to be there for all the big – and small – changes you make in yours. Here’s to a spring filled with new possibilities made into reality with a little help from Resource One. And, as always, thank you for trusting us with all your financial needs. Sincerely, Mary Beth Spuck President/CEO
SCAM WATCH
Double-check the year
Another year, another scam to watch out for. Scammers are using the abbreviated version of 2020 to postdate checks and even legal documents. It’s simple to change “20” into any past or future dates such as “2005” or even “2021.” “Why is this so bad?” you might be asking. Scammers can use this technique to attempt to collect upon "past debits" or even change payment date agreements. Checks dated for the future can be cashed without your knowledge, potentially putting you in a financial bind. Start this year off strong and protect your finances by writing “2020” on all dated items.
Scam Tip:
HOW TO BUILD BETTER CREDIT
Beginning the credit-building process can sometimes be challenging. You are put in a place where you either have no credit or, due to certain circumstances, you have a less-than-desirable score. You’re left questioning, “How do I get a loan when I’m stuck in this position?” One easy way to begin the process of building or rebuilding credit is to use a Credit Builder Loan. This loan is designed to build credit and help save in one swoop, and the best part about it is that this loan does not rely on a credit score for approval. How does it work? After getting approval, the funds go into a secure account until the term is complete. This means you will not receive the funds until after the loan is paid off. The way this loan is set up might seem reverse from a typical loan, but let one of our members tell you how this helped him: “I started out wanting a newer car, but I had ZERO loan history, no down payment and my credit score was about 300. I was originally declined for the loan with the option of starting a Credit Builder with the hope of helping jump-start my credit score. $500 and six months later, I had a small down payment and a score in the 600 range. At this time, I applied again for the auto loan and got approved! I settled for a used car for the next few months in hopes of raising my score more, establishing more payment history and focused on getting a car I truly wanted. Six months and another Credit Builder Loan later, I had $1,000 saved and a whopping score in the 700 range. I got pre-approved again with a better rate and more than enough money to buy the car I wanted. When I talk to anyone with credit issues, I suggest the Credit Builder Loan. It turned my life around.” – Dustin R. If you are interested in learning more or would like to start your credit building journey, check out our website for more information or visit a location today.
SAVE TO WIN!
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GET AHEAD WITH FINANCIAL COACHES
Over the past 50 years, the number and complexity of financial issues that ordinary people face have grown dramatically. Not only is there a tremendous array of financial products and services to sort through, but there are also many more responsibilities to shoulder, including the responsibility to ensure and protect one’s own lifelong financial security. There is also a greatly expanded need for assistance that is both objective and applied. For most people, even the best seminars, courses, books or websites cannot satisfy the need for competent assistance useful to their individual situation and needs. Financial counseling (coaching) is the help-oriented and personalized solution that many of our members are seeking. The sole aim of financial counseling is to serve the best financial interest of the member with total honesty and objectivity in the belief that what is good for the member will be good for the credit union. Perhaps you need help in: clarifying an issue exploring alternatives weighing options making a decision gaining some direction getting through a particularly rough time planning for the future Our Financial Coaching Program is the embodiment of our mission: Helping members achieve their financial goals by being a trusted provider of valued and cost effective financial services. If you need guidance and want reliable and truly unbiased help in sorting our finances, Resource One has 48 Financial Coaches who are willing and able to serve. Odds are there is one near you – right now.
GET YOUR MAXIMUM REFUND
Plus, Special Savings on TurboTax Tax time doesn’t have to be stressful! With TurboTax®, you’ll get your biggest possible refund fast and your taxes done right. PLUS, credit union members save up to $15 on TurboTax federal products, all through tax season. TurboTax makes it easy to find the best solution for your unique tax situation. Simple filer? Homeowner? Independent contractor, freelancer or side-gigger? TurboTax has a product that is right for you. File with confidence, knowing that TurboTax guarantees 100% accurate calculations and runs thousands of error checks as you go. And if you need help, TurboTax has it: from answers online anytime, to unlimited advice and a final review from a CPA or Enrolled Agent with TurboTax Live. Save on TurboTax today! Try it for free and pay only when you’re ready to file. Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited-time offer for TurboTax 2019. Discount applies to TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.
*APY= Annual Percentage Yield. Minimum balance to open is $2,500. Minimum balance to earn is $2,500. Fees could reduce earnings on the account. A penalty will or may be imposed for early withdrawal of funds. Federal Regulation D limits the number of withdrawals you may make from your Money Market account. During any calendar month, no more than six withdrawals by check, debit card or automatic transaction. APY is accurate as of February 4, 2020. Rates are subject to change without notice. Restrictions may apply; see credit union for details.
MONEY MARKET: A BETTER WAY TO SAVE
Looking for a way to earn interest on your money while keeping it accessible? A Money Market account is one of the best savings accounts for earning higher interest rates. Unlike Certificates of Deposit (also known as CDs), your funds are not locked in, and you do not receive penalties for withdrawing from it. Benefits of having a Money Market account include: Dividends earned on balances. No penalties for early withdrawal. Deposits can be made at your convenience at any time for any amount. Funds can be automatically transferred from any available savings share with overdraft transfer service. Ability to access your money at any time. All you need to open your account is $2,500, and you can start earning 1.26% APY* on a monthly basis. For more information, stop by one of our locations or give us a call at 800-375-3674. Federally insured by the NCUA.
BE A SMARTER HOMEBUYER Spring is near, and that means home-buying season is right around the corner. Whether you are looking for your first home or your third, the home-buying process can be challenging. Here are some tips our mortgage officers recommend when purchasing: When you do decide the right time to start, make sure to get preapproval on your mortgage loan. This will help you determine your price range and make it easier to find a home in your budget. Hire a realtor. A realtor is knowledgeable, well-educated and experienced with the sales process. Your realtor is your advocate. They act as a “buffer” in negotiations with all parties in the entire process. They can negotiate the terms of the sale, seller concessions and specific conditions within the contract and will help with necessary paperwork and disclosures. The realtor will also submit and negotiate the offer when you find the right house. Don’t make any life-changing decisions during the home-buying process. For instance, quitting or switching your job, co-signing on a loan or making large purchases. Since your lender has to verify your employment, pay and additional information, this causes the process to halt and maybe even start over. Lastly, invest in a home inspector. They will provide you with information you will need to know before buying the property. If the inspector does find an issue with the house, you can use this as a bargaining tool to get the seller to lower their asking price. In the end, this could end up saving you thousands. Get started on your next mortgage loan by calling us at 800-375-3674 and setting up an appointment with one of our Mortgage Loan Officers.
Spring Cypress Is Now Open
We are proud to announce our Spring Cypress location is now open. The new branch is located at 8720 Spring Cypress Road in Spring, TX. The more spacious and convenient location replaces our branch previously located at Tomball Parkway and Spring Cypress Road. This space is designed to meet all of your financial needs, including offices for mortgage and commercial services. This location also includes six drive-up teller lanes and a drive-up ATM. If you are in the area, please stop by for a free cup of coffee and see everything our new location has to offer.
Memorial Day – Monday, May 25 View last quarters newsletter here.
Federally insured by NCUA.
800-375-3674