Fall 2020
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In This Issue: A Note From the CEO Scam Watch: Targeting Students Save on Back-to-School Shopping Home Buying and Mortgage Class Celebrating Milestones Amid COVID-19 Resource One Pays It Forward Tap Into Your Home's Equity You Can Do Better Than 0% Holiday Closures
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A NOTE FROM THE CEO
Change Is an Opportunity to Grow Together It seems as though each month that passes in 2020, a new circumstance arises. In this sea of changes, I just want our members to know that we stand with you. With each new trial or tribulation, our communities grow stronger and work together to foster a better tomorrow. As news of the COVID-19 pandemic continues to evolve, we realize the virus is touching us all in very real, if different, ways. Our hearts are with everyone directly affected by this situation. We are here for you if you are facing financial distress due to the pandemic. Our team is committed to alleviating your financial hardship with various services available to you. Sign up for financial coaching or access our free financial education resources on our website. Our team understands change is a domino effect that can start with one small act of kindness. To help make a change in our communities, we have been participating in a Pay it Forward challenge. Our employees have been donating to local charities, local small businesses, and essential workers. As a partner in the community, we are here to serve the ones who reside in it. Please do not hesitate to reach out to us for any of your financial needs or questions you may have. My warmest regards, Mary Beth Spuck President/CEO
COVID-19 Scams Target College Students
When it comes to internet scams, you might not think our tech-savvy youth would be easy targets. Scammers are currently using a phishing technique to send emails from a “financial department” with info about COVID-19 financial aid relief. The scammers ask the student to log in to their school account by using a link in the email to access more information. Keeping the email vague makes it harder to detect normal phishing tells like typos or lack of branding. Before you click on any links or forward the email, make sure to verify any information provided, like the company’s phone number, email, or address. Also, look out for grammar, typos, and lack of information regarding the sender, such as the name of the school or typical branding from legitimate emails you have received. Lastly, when in doubt, contact the school directly. They will be able to tell you if any emails have been sent to you or the student body. While this scam is targeted to students, this advice can be used for any store, vendor, or company that might be used as a cover to steal from you. Be active in reviewing your emails and wary of anything that seems to come out of nowhere or in general feels unusual.
SAVE TO WIN!
10 Ways to Save on Back-to-School Shopping
According to the National Retail Federation, the average American household spends $685 on back-to-school shopping for children in elementary through high school and $943 for young people going to college. That is a lot of money, and we want to help you keep more of yours. Here are 10 ways to save this fall and throughout the year: Create a checklist of items and stick to it. Before you begin shopping, empty your kids’ backpacks to see what was left over from the previous year. Mark those items off your checklist and then buy only the items remaining. Check to see if your state has a tax-free shopping holiday. Some states hold tax-free holidays multiple times per year for particular products. Check out www.taxadmin.org/sales-tax-holidays to see if your state is one of them. Consider shopping without the kids. They’re more likely to fall for the strategically placed items stores want you to buy. Backpacks and notepads with your kids’ favorite superhero or Disney character can be 30% more expensive than generic ones. If your children insist they need an expensive, trendy backpack, buy stickers, patches, or pins and have them decorate their less expensive gear themselves. Comparison shop online before going into stores. This way, you know you are getting the best deals. Plus, you will save on time and gas money not having to run around. Give your kids a clothing budget and a list of necessities. You decide what items they must have. Then, with the remainder of the budgeted money, let them choose what they want. Set up email alerts for sales. Websites like Dealnews.com, Bensbargains.com, and thekrazycouponlady.com will let you know when coupons or great deals are available for specific items. Buy school supplies in bulk. Although you will have a large initial expense, the supplies will be cheaper in the long run, and you will have them on hand for several months. Follow your favorite stores and brands on social media. You will be one of the first to find out when stores are offering deals and special promotions. Go to secondhand stores. Many secondhand stores have great clothing for a low price, and many of the items have the original tag still attached. If your child insists on name-brand clothing, many resale shops carry only trendy and high-end clothing. Start with a GoogleTM search and see what is available near you. Wait until August or September to buy your school supplies. That’s when the prices drop significantly. You can even buy supplies for the following year.
Mortgage loans are complex, and many people have no idea what to expect when starting the process. That is why Resource One is offering virtual classes led by our mortgage professionals. Learn more about the mortgage process from start to finish and get tips from the pros on how to make your home loan work best for you. Classes currently break down home buying and refinancing loans. Sign up for one of our classes and not only ask our team any questions you might have, but learn about how these loans can be used to their fullest capacity. All of our virtual guests will receive a special coupon for their next mortgage. So, join us from the comfort of your couch and let us educate you on your next big purchase. Space is limited on classes. If the class you’re interested in is full, you can also sign up to get notifications of future classes.
FIND A CLASS
Free Class: Understanding Home Buying and Mortgages
We’ll give you a special coupon on closing costs for attending!
Celebrating Milestones Amid the Coronavirus Pandemic
As the coronavirus pandemic continues to disrupt life and cancel plans around the world, people are finding creative ways to celebrate. From drive-by weddings to birthday car parades and virtual graduation ceremonies, there are so many ways you can celebrate while still maintaining proper social distancing. Let’s take a look at some of the ways you can commemorate life’s happier moments during the coronavirus pandemic. Party on! Car Parades Car parades have been happening to commemorate weddings, birthdays, graduations, baby showers, and more. In a fun twist, some people are theming their parades and having participants decorate their vehicles to match the theme. The hosts will sometimes decorate their home and lawn while having guests drive by in their decorated cars to wave and offer their well wishes. Take it outside Some celebrations, especially those surrounding older people or the otherwise vulnerable, are taking place outdoors. Family members gather outside the home of their loved one for singing, playing instruments, holding up signs, and shouting, “I love you!” or “Happy birthday!” as the quarantined celebrity watches from the safety of their home. Some merrymakers will also use sidewalk chalk to scrawl personalized notes on the pavement near the VIP’s home. Zoom This videoconferencing platform has become a host to thousands of business meetings, classes, and long-distance visits each day. But some people are turning to the app to host their virtual celebrations as well. If you are looking to celebrate a birthday, one great idea is for guests to send gifts ahead of the event for the host to open while everyone watches.
The rules of the game may have changed, but the milestones that make life go on cannot be stopped by a global pandemic. Here’s to continued celebrations for all of life’s most precious moments.
SCAM WATCH
Resource One Pays It Forward
During the months of June and July, our employees participated in a Pay It Forward challenge. During this challenge, participants performed acts of kindness within our communities. Employees were free to choose where they wished to donate funds, whether it be a charity, small local business, essential workers, or even to someone who was suffering during the pandemic. Some employees worked individually while others worked together to pool funds to make larger donations. Here are some of the stories we received from the Pay It Forward challenge: “Our team donated 249 pounds of food to a great local cause, Good Samaritans.” “The first thing I did was cook meals for the homeless, which I try to do every Sunday. As I was passing out the food, I gave out at least $5 with each of the meals.” “The Houston team donated $300 to Kids Meals, Inc. This organization's mission is to feed children under age six who don’t have access to free meal programs.” “I bought a gift card while I was in line at the grocery store. I asked the clerk to give it to the lady behind me who was putting items back because she didn’t have enough money.” “The Accounting team donated $200 to the Genesis Women’s Shelter, a shelter for domestic violence victims.” “Our team purchased a gift certificate from a local pizza and pasta restaurant in my neighborhood that has seen a huge decrease in business since COVID-19. Additionally, the certificate was delivered to my local fire station ... with enough on the card for all three shifts to enjoy dinner or lunch. The restaurant and firefighters were both appreciative of the challenge and us helping support our local communities.”
As another hot summer weathers on, perhaps you have started to see the effects of your home's cracking foundation. Or maybe all that time spent at home has you envisioning new ideas to reinvent your space. It is also possible, with many of us at home, you are noticing some areas of your house needing more TLC to make it feel like a home. Whatever you may be needing, a Home Equity Loan can make it happen. First, “what is home equity?” Home equity is the difference between the market value of the homeowner’s current property and the outstanding balance on the loan. The best way to explain this is with a simple equation: (HOME VALUE) – (PRINCIPAL OWED) = HOME EQUITY Depending on the project, there are two types of Home Equity Loans you could try out. One is a lump sum, given to you directly to use. The other option is receiving funds in small installments that you can pull out as needed. To get started on the process, or to learn about Resource One’s home equity options, give us a call. NMLS 533124 HOME MORTGAGE DISCLOSURE ACT NOTICE The HMDA data about our residential mortgage lending is available for review. The data shows geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be inspected. To receive a copy of this data, send a written request to Resource One Credit Union, P.O. Box 660077, Dallas, TX 75266-0077.
Tackle Projects with Your Home's Equity
When it comes to auto loans, a 0% interest rate is a head turner. But it's not always the best deal. Car dealerships generally advertise 0% offers in the summer when they're looking to make room in the showroom for newer models. The offers come from financing arms of the large auto manufacturers, who, unlike traditional lenders, profit directly off the sale of the car and don't necessarily need the interest revenue. But like any great deal, there's a catch. The New York Times reports only about 10% of consumers actually qualify for 0% interest loans, which require pristine credit — usually a FICO® score of 720 or higher. And the loans typically are reserved for a limited number of models and are not available if you're shopping for a used car, which obviously tends to cost less than newer models. These 0% loans often are paired with shorter terms, which cost you less overall but mean a higher monthly payment. Before you head to the dealership, keep these points in mind: Look at all available deals Check for other offers, such as cash back. If you can get a rebate — which lowers the overall price of the car — paired with a low-interest loan, it may save you more than the 0% financing. So be sure to crunch the numbers. You can find a number of online calculators to help you. Price auto products Many times, the products added to your auto loan at the dealership are more expensive than at a credit union. For instance, at Resource One, you could save up to $2,400 by adding our Vehicle Service Contract and DentGuard® Ultra* on your auto loan rather than getting them at the dealership. As an added bonus, you now have the option of Unemployment Payment Protection* to give yourself peace of mind when the unexpected happens. Get preapproved for a loan at your credit union Heading to the dealership with a firm offer in hand will give you a point of comparison and put you in a stronger negotiating position. *Offer applies to consumer loans only; commercial vehicles and commercial loans do not qualify. Payment example: Estimated monthly payment of $19.24 per $1,000 borrowed at 5.80% Annual Percentage Rate for 60 months. Savings calculated by comparing back-end auto products with the average price of dealers offering the same or similar products. All loans subject to approval. Restrictions may apply; see credit union for details.
You Can Do Better Than 0%
Labor Day Monday, September 7 Credit Union All-Staff Training Day Monday, October 12 Veterans Day Wednesday, November 11 Thanksgiving Day Thursday, November 26 Christmas Eve (early closure) Thursday, December 24, closing at 1 PM Christmas Day Friday, December 25 Day After Christmas Saturday, December 26 New Year’s Eve (early closure) Thursday, December 31, closing at 1 PM Read last quarter's issue here.
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