Get More Bank for Your Buck How to Take Full Advantage of Your Financial Institution
Whether you’re banking with a credit union or a national giant, your financial institution likely offers more resources, account options, and saving plans than you’re using — or even aware of. As one NerdWallet article puts it, “Banks and credit unions continue to find new ways to both delight and confound customers.” If you focus on the delights, you can get more bang for your buck out of the financial institution you’re already using. Plus, there’s a good chance you’ll pick up new ways to stretch your retirement fund, grow your investments, and pass nest eggs to your grandkids along the way. Take these two easy steps to get started. 1. Get Clicking Even for someone with plenty of internet savvy, bank websites can be intimidating. Most are filled with tabs and portals that overwhelm customers, causing them to limit their interactions to plugging in a username and password to check their balance. Don’t fall into that trap! If you want to get a complete picture of what your bank has to offer, its website is the place to start. Next time you log
in, set aside an hour or two to explore the site tab by tab. Take note of products and services you might
not be using, like mobile banking apps, 24-hour hotlines, continuing education, and additional account options and their interest rates. Some financial institutions offer a free online learning center, with seminars, and informative articles and videos. 2. Schedule a Sit-Down If your bank has a brick-and-mortar location near you, make a point to visit it. While there, take the time to learn about the latest updates from the reading materials on offer, make an appointment with a financial analyst, or speak with a bank teller. It’s in your bank’s interest to see your accounts grow, so representatives are happy to help. If you’ve already explored your bank’s website, this is the time to ask follow-up questions on what you found or make a financial move in a new direction. Whether you’ve decided on a 529 plan or a high-interest checking account, your banking representative can make it happen.
4 Tips Everyone Can Use Phone scams are as common as ever. Scammers just keep calling, hoping you will give
them sensitive financial information. One of the most common scams is the IRS scam: The person on the line says they’re with the IRS and claims that you owe money. If you don’t pay, they warn, you will be arrested. Owing money and
to the tune of $184 million. Those aged 50–59 ranked second with a loss of $168 million.
If you are ever called by someone asking for or demanding money, there are steps you can take to protect yourself. 1. If someone calls claiming to be with the IRS, hang up immediately. Don’t waste your time. The IRS will never call you. Should the IRS legitimately need to contact you, they will send you a certified letter. 2. If you get a call from someone claiming to be with a government agency such as the Social Security Administration and they ask for your Social Security number or other sensitive information, hang up. The SSAwill never cold-call you. They will reach out via mail first like the IRS. 3. If, at any time, you are asked to sendmoney via wire transfer or a gift card, the caller is a scammer. No legitimate government agency or a business will call you out of the blue asking for money. Scammers love gift cards because they are largely untraceable and, once they have the money, there is almost no way to get it back. 4. Lastly, stay rational over the phone. The scare tactics used by scammers can be effective, and scammers prey on this fact. Should the person on the phone use scare tactics on you (such as threats of an arrest or lawsuit), simply hang up.
being arrested is a scary thought, but it’s a lie. Scammers rely on fear tactics to get their victims to pay up.
Of course, this is just one example. Scammers use all kinds of lies to trick people, but the goal is the same every time: they want money. Sometimes they will demand a wire transfer or ask for an Apple iTunes gift card, a Google Play Store gift card, or another similar gift card. The Federal Trade Commission (FTC) reports that consumers lost over $488 million to scammers in 2018. Unfortunately, that means the scammers’ tactics do work. The FTC also says that people aged 60–69 are among those who lost the most money to phone scams,
2
MichiganEstatePlans.com • 888.487.6150
Made with FlippingBook Annual report