Online Safety Podcast

May 23, 2008

In today’s electronic age, thieves are using that technology in an attempt at scamming money from unsuspecting consumers.

Our podcast talks about some common scams, how they work and what you can do to prevent them.

To listen to the podcast, click the play button in the blog podcast player, or right click the link and save the MP3 version to play later.

Online Safety Podcast

For other podcasts from First New York FCU, check out the podcasts section of this blog.


Bill Payment & E-bills

May 16, 2008

Time and money.  These are two things we don’t have enough of!  Online bill payment and E-bills can help with both.

First New York FCU has begun offering a new online bill payment and E-bill service, which can help save time by allowing members the ability to pay bills without writing a check, and also by receiving bills online, through our First OnLine service.

You can save money… because it’s FREE!  So, you don’t need to worry about not having stamps or checks to pay your bills.

Online bill payment and E-bill is secure, and by receiving your bills online, you are helping to save the environment by reducing paper statements.

To sign up, visit www.firstnewyork.org, logon to First OnLine and click on the bill payment button. 


The Benefits of Starting a Roth IRA Early

May 8, 2008

According to a Callahan and Associates Web-based survey, individuals between the ages of 18 and 39 are most likely to open an Individual Retirement Account (IRA). These individuals recognize the importance of starting early to save for retirement.

IRA rules don’t have a minimum age requirement, so any young person who has earned income is eligible to open an IRA. Because earned income is the key to qualifying for a Roth, generally, a young adult or even a child would have to be working part time for an employer who collected taxes and reported the earnings to the IRS.

How big are the benefits of starting early? If a 19-year-old began contributing $1,500 each year to a Roth IRA, by age 68 he or she would have about $608,000, assuming an average annual return of 7%.

Money is taxed going into a Roth IRA and accrues interest until it can be withdrawn, completely tax-free, beginning at age 59 ½.  While that may be a long way off for young investors, certain withdrawals can be made earlier, including a $10,000 for a down payment on a first home.

For more information on a Roth IRA, contact First New York Federal Credit Union!