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Secure your Mobile Wallet

Secure your Mobile Wallet

May 19, 2022

There are many mobile applications that allow you to carry out most of your personal finance transactions online and on the go. To keep your financial data safe, keep these security tips in mind:
  • Enable a passcode/password on your phone. This will ensure that no one else can simply pick up your phone and access your personal information.
  • Enable the auto-lock feature on your phone. This will lock your phone after a certain period of inactivity. Use auto-lock with a password to make sure no one else can access your phone.
  • Make sure your security software is up-to-date. When your network carrier sends you alerts that a security or operating system update is available, download it as soon as possible.
  • Watch for fake texts or other messages telling you to go to a site or call in. Spam messages can open the door to malware, which software hackers use to disrupt computer operation, gather sensitive information, or gain access to private computer systems.
  • Only install applications from trusted sources. Use Google Play Store or Apple App Store and avoid installing apps from unknown sources.
  • Avoid public Wi-Fi. The information you send over public Wi-Fi can potentially be seen by others using the network—including hackers. Instead, use your mobile carrier’s network when accessing confidential information.
  • Turn off Bluetooth and Wi-fi when not in use. Leaving them on when you are out in public leaves your phone vulnerable to hackers. Only connect to trusted networks.
Download the free Cornerstone CU App from GooglePlay or the App Store.
 
 

Benefits of Health Savings Accounts

Benefits of Health Savings Accounts

May 3, 2022

Health savings accounts (HSAs) are tax-advantaged savings accounts that were created to help people save for future medical expenses. You can use an HSA to cover deductible expenses, co-pays, and—for yourself, your spouse, and your dependents. Read more by clicking link above.
 

Enjoy the Convenience of Mobile Banking & eStatements

Enjoy the Convenience of Mobile Banking & eStatements

April 21, 2022

You probably know that you are able to safely access your credit union accounts or transfer money anytime from your computer or smartphone, but maybe you're not aware of all of the conveniences and security of mobile banking. Click the title above for full article.

Retirement Products & Terms to Know

Retirement Products & Terms to Know

April 20, 2022

Retirement Products and Terms to Know
Planning for retirement doesn’t have to be difficult or confusing. Here's a list of retirement terms that can help clarify questions you may have:
401(k): Retirement savings plan funded by employee contributions and, often, by partially matching contributions from the employer. Most 401(k) contributions are made on a tax-deferred basis. Interest, dividends, and capital gains generally accumulate tax-free until you withdraw them. Click link above for the rest of the article. 
 

Should I Offer Financial Support for my Adult Child?

Should I Offer Financial Support for my Adult Child?

April 11, 2022

Q: My adult child is going through some financial difficulties. I’d love to help them out of this tight spot, but I’m wondering if this is a wise choice. Should I offer financial support to my adult child?

A: In recent years, newly minted adults have become more dependent on their parents. According to a report by Merrill, more than three-quarters of parents in the U.S. provide financial support to their adult children. This includes allowing their kids to live at home, covering student loan bills, paying for their phone/data plans and more. This development is likely due to high amounts of student loan debt, low starting salaries and the increasing cost of housing. All of these factors, and more, make finances especially challenging for many young adults. Of course, parents will naturally want what’s best for their children, so they are often quick to offer financial assistance.  Read more.

A Personal Debt Assessment: Your Financial Life Preserver

A Personal Debt Assessment: Your Financial Life Preserver

February 22, 2022

Do you feel like you're drowning in debt? Trust your instincts. The national average credit card debt per household is $5,700. About 41.2% of households carry a balance on credit cards from month to month. Our reliance on plastic and other forms of credit makes life difficult for families struggling to make ends meet.

Even if you're still in shallow water, a personal debt assessment may be just the financial life preserver you need to keep your debt from spiraling out of control. How do you know if you need a debt assessment? Ask yourself whether you're experiencing these warning signs:
 

Take a Facebook Quiz and Scammers may take your ID info

Take a Facebook Quiz and Scammers may take your ID info

February 3, 2022

ID thieves may use your right answers for all the wrong reasons
Rockford, IL – Feb. 1, 2022 – Social media is used as a fun distraction for some people and taking a Facebook quiz may seem like a harmless way to pass the time. But are you giving away more information than you think? Better Business Bureau says “yes.”

Not all social media quizzes are data collection scams; however, BBB cautions users to be careful about what they share online and check the account's privacy settings.

“Specific, personal information about you is a gold mine for con artists,” says Dennis Horton, director of the Rockford Regional Office of the Better Business Bureau. “Social media data and quiz answers can be used to steal identity or enable a scammer to impersonate you to your friends and family.”

When the Chips are Down, Some Car Warranty Frauds May Rip You Off

When the Chips are Down, Some Car Warranty Frauds May Rip You Off

January 18, 2022

Rockford, IL – January 18, 2022 – Production of new cars is down, and prices are up. That situation has prompted many consumers who are in the market for a new vehicle to keep what they have. There are many highly rated and legitimate car warranty companies that provide valuable services. Consumers count on these safeguards to help cover repairs of major components, engines, transmissions, etc. Not all warranties are bogus, however these conditions have created the perfect opening for auto warranty scammers.

“Car warranty scammers try to take advantage of vehicle owners’ fears that, someday, they’ll have to pay a lot of money to replace a broken or worn-out part,” says Dennis Horton, director of the Rockford Regional Office of the Better Business Bureau.

Compound Interest - What is it?

Compound Interest - What is it?

January 6, 2022

Why not make your money work for you? One of the easiest ways is to take advantage of compound interest. Here's how it works to help you increase your savings and keep your debt low. When you open an interest-bearing account (like savings, CDs, IRAs), your credit union pays you interest on the money you deposit, as well as on the interest it earns. Basically, you earn interest on the interest. Albert Einstein is claimed to have said that compound interest “is the 8th wonder of the world.” Ben Franklin described it this way: “Money makes money. And the money that money makes, makes money.” Read more.
 

Money Market Know-how

Money Market Know-how

December 13, 2021

At Cornerstone CU, we offer our members a wide variety of financial products and services to help you manage, save and grow your money. Savings accounts and share certificates are the ideal choice for money you won’t need to access for a while, and checking accounts are the perfect home for funds to cover day-to-day expenses. However, you may be seeking an account that blends the best of savings and checking accounts. Money market accounts offer many of the convenient features of checking accounts along with an attractive rate of return to help your money grow.
 
Click on title above for all you need to know about money market accounts: