Don’t Sweat It–Shred It!

Why make it easy for thieves to get their hands on your sensitive information? Thwart dumpster divers by shredding papers containing confidential information–particularly Social Security numbers, credit card offers, and statements. It only takes seconds to shred, but months or even years to clear your record once scammers set up fraudulent accounts in your name.

Be safe, not sorry!

Turn to Someone You Can Trust

“People helping people” is the fundamental philosophy on which credit unions were built. More consumers are discovering that credit unions have some important characteristics not always found at other financial institutions, such as personal service and customer advocacy.

Data from Forrester Research Inc. show that four out of the five largest U.S. banks fall in the bottom 25% of all financial service firms in terms of customer advocacy, according to the 2007 Customer Advocacy Rankings. Americans often are wary of doing business with large profit-driven financial organizations–they believe these companies only are interested in their own bottom lines.

Credit unions, however, continue to remain near the top of the rankings. Members trust their credit unions, which are not-for-profit organizations. Members know the people at their credit union care about them and have the members’ best interest at heart.

When you become a member of First New York Federal Credit Union, you’ll always have a place where you belong. We offer a wide variety of programs and services designed to meet the unique needs of our members. Our customer-focused staff will be here to assist you face to face, and answer any questions you may have.

Whether it’s to open a new account, to ask about a loan, or for any of your financial needs, stop in and see us today. We are here for you!

Phishing Scam Alert

Important Information Regarding a phishing attempt by fraudsters posing as CUNA (Credit Union National Association)

We have been made aware of a phishing scam that recently targeted credit union members and may be circulating throughout the country. We have reports of First New York FCU members receiving an e-mail stating that the credit union is offering a new service to our members and that one of our members can be chosen to win a $300 reward.  THIS IS A FRAUDULENT PHISHING SCAM which directs the recipient to access an online form and record debit card information. 

PLEASE DO NOT RESPOND TO THIS E-MAIL OR PROVIDE ANY SPECIFIC MEMBER INFORMATION TO THIS REQUEST.

If you have any questions regarding this scam, or if you think you may have been a victim, call us at 518-393-1326 and press ‘2′ to speak with a Member Service Specialist.

How to Pick the Right Card for College

Going to college this fall? You’ve heard it before and you’ll hear it again: Stay away from the credit card solicitors on campus. But, if you’re looking to build a positive credit history and increase personal responsibility and independence, a credit card may be right for you.

There is no perfect one-size-fits-all credit card, so make sure you pick the card that suits your spending habits. How do you plan on using the credit card? Will you be paying your bill in full each month, or will you carry a balance? These are important questions to ask yourself before you find the card best suited to you.

• If you pay in full each month: The interest rate won’t matter as much, so take advantage of a card that offers rewards. Also be sure to look for a low or no annual fee.
• If you’re going to carry a balance: Make sure to find a card with a low APR (annual percentage rate), the interest rate charged if you carry a balance. Many cards offer low introductory rates. If you don’t have a credit history, you might have to settle for a card with an interest rate around 16% to 17%. You’ll do better at your credit union!

Make sure you know whether the card has a grace period–otherwise known as a “free period.” This is the time in which you have to pay the bill before the interest-rate clock starts ticking–if you do not carry a balance. If your grace period is zero days, you pay interest from the moment you make a purchase, whether you carry a balance or not.

Finally, it’s important to read the fine print before signing up for any credit card. Watch for hidden fees–some cards require that you maintain a balance on the card or you’ll be charged a fee. And create a realistic budget so you can stay out of debt.

The answer – Contact First New York today! We’ve got a card that will suit your needs, that has a great rate AND you can monitor your account and pay your bill online!

Parents: A Teen’s Job Brings Teachable Moments

Everyone remembers the first job that they had as a teenager. It could have been as a babysitter or bagging groceries at the local supermarket.

When your teenagers land first jobs, stop and remember what you learned from your first job. Take advantage of teachable moments to help establish a solid money management foundation. Establish who pays for what, which reinforces the value of a dollar and shows that “wants” come with a higher price tag. By learning how to live within their means and taking on more responsibility, they’ll gain self-confidence. And a job is the best way to develop a good work ethic–which can last a lifetime.

New Credit Card Podcast

Credit cards – we all have them and we use them – alot!

Our newest podcast review some tips on what to look for when shopping for a new credit card and ideas on how to use your cards wisely.  Here is the new podcast:

Credit Card Podcast

To listen to the podcast, click on the above link and the podcast will play in the blog player, or right click and save to your computer to play later.

For other available podcasts, vist the Podcast section of this blog.