Preventing Identity Theft During Tax Season

Now is the time of year when many of us are doing our taxes, which makes this the perfect time to learn what identity theft is and how to protect yourself.

Identity theft is defined by the NCUA as, “A crime where a thief steals your personal information such as your full name or Social Security number to commit fraud.” Identity theft is a serious crime that can disrupt your finances, credit history, and reputation and it can be incredibly hard to detect. Most victims are unaware of what’s going on until it’s already happened. It will take time, money, and patience to resolve, so the best way to combat identity theft is through prevention.

Take the First Steps

It’s important to take some basic first steps to protect your personal information. Don’t open unrecognized emails and always shred important documents. Additionally, make sure you monitor your billing cycles and statements, protect your PINS and passwords, and only carry the minimum amount ID information and credit cards on your person at all times.

These may seem like small insignificant things to do, but identity theft can only be detected early through monitoring the little aspects of your money and personal information. While protecting your personal information is a great place to start, do you know how to recognize and prevent becoming a victim of tax identity theft?

Recognizing Identity Theft

According to mycreditunion.gov, tax identity thieves may use your SSN to get a tax refund or even a job, so if the IRS sends you a notice saying that their records show:

• You were paid by an employer you don’t know
• More than one tax return was filed using your Social Security number

Here are some steps you can take to prevent tax identity theft:

1. Get an Identity Protection PIN from the IRS
   The IP PIN is a number that is assigned by the IRS to eligible taxpayers and helps prevent the misuse of your SSN. Learn more about an IP PIN from the IRS here. 
2. Check your mail and bank statements every month
   If you find any irregularities or find and purchases you didn’t make, contact your bank immediately to report the activity. 
3. Monitor your credit reports
   Do you know why your credit report matters or what’s even on it? Do you know how to obtain your three free credit reports every year? Find all these answers from the NCUA’s Credit Reports and Credit Scores educational information. 
4. Your bank or credit union may offer identity theft resources.
   Most banks and credit unions will offer services and materials to help you safeguard your accounts. 

What to do if you think you may be the victim of tax identity theft:

According to the NCUA, the IRS prevents $24 billion in cases in which it’s able to detect and prevent fraud every year, and in 2013, the IRS paid about $5.8 billion in fraudulent tax refunds. If you think you may be the victim of tax identity theft or have been notified by the IRS that something is wrong, contact the IRS Identity Protection Specialized Unit at 1-800-908-4490 to report the fraud. Then, you’ll need to send a copy of your police report or an IRS ID Theft Affidavit Form 14039 and proof of your identity, such as a copy of your Social Security card, driver’s license or passport.


If you get emails claiming to be the IRS, forward it to phishing@irs.gov. The IRS NEVER contacts individuals for the first time via email, social media, or text. Finally, click here for other steps you can take to repair identity theft.

Keep Track of Your Finances with Mobile Banking

Mobile banking is more popular than ever. It’s a convenient way to keep track of your finances from almost anywhere! Wherever you have access to the web, you will have easy access to your accounts.

Learn how to use First Choice Credit Union’s mobile banking app and some safety and performance tips below:

Download the First Choice Credit Union

If you don’t already have our app, download it today! It’s available for both iOS and Android devices. Search for First Choice Credit Union in the Apple or Google Play store - depending on your device. Safety tip - Ensure the app has the First Choice star.

Log Into Your Account Through the App

Enter your online banking credentials to access the app. Secure your mobile device with a strong password or pin. Keep it extra secure by using a password management program. Some even sync passwords from your laptop or desktop to your phone!

The Features of Mobile Banking

After securely logging in, you will have access to several features. View your account balance anytime you want. Easily pay bills and transfer funds whenever needed from the mobile app. Check and verify your transaction history. Safety tip: Only log into your mobile app while on your data network or a secured WiFi network.

Always Log Out of the App

After you’ve completed your mobile banking, remember to log out. Although it may be easier to stay logged into the mobile app, it is not recommended. This simple step will keep your banking information protected if your phone is ever stolen or lost.


Now you know how easy it is to use the First Choice Credit Union app for mobile banking. Following these tips – including the safety tips – will help you stay in the know at all times with your financial accounts.

If you have any further questions on mobile banking, contact us today.

Do Not Be a Victim! How to Protect Yourself From Scams

There are many scammers in the world, and just as many ways to be scammed. Recently, our credit union members have called us and reported receiving a letter in the mail with a check in it. This is just one example of many ways you can fall victim to a scam. If you received this letter, DO NOT CASH THE CHECK and throw it away. At First Choice Credit Union, we want you and your personal information to stay safe. Here are 3 ways to protect yourself from scams.

Learn About The Different Types of Scams

Scams often try to glean information from you that can be later used against you. This can result in identity theft, private information release, and financial hacking. Read about common types of scams and how to identify them here. It is unbelievable the ways people prey on the vulnerable; do not let yourself be one of them! The old adage really applies here: if it is too good to be true, it isn't.

Keep Personal Information Safe – Even from Family

One of the most exploited groups of people are actually the elderly. Sadly, over 90% of elderly abuse is committed by a family member. It is so important to keep your personal information safe from even relatives. Do not give your social security number, credit card number, checking account number, or any other financially identifying information freely.

No Transactions With a Person or Business You Do Not Trust

A good rule of thumb to protect yourself from scams is never involve yourself in a transaction involving a business you have never heard of. If a salesman solicits at your doorstep, do not open the door. If a pop-up advertises on your computer browser, do not click the ad. If you get a phone call asking for personal information, do not divulge anything. If you did not seek out and initiate the transaction, be skeptical of what you are doing.

These three tips will go a long way in protecting yourself, but there's still more you can do. Learn as much as you can about scams and then protect your loved ones by educating them, too. Click here to learn about what to do if you are involved in a scam as a credit union member.

How to Spend Your Tax Return Wisely

When your tax return comes in, you are undoubtedly tempted to spend it on some big ticket item on your wish list. Perhaps you have been waiting to buy a new sofa or you would like to take a vacation. The average taxpayer receives a refund around $3,000 and that is a good chunk of change. The wisest ways to utilize that money are listed below.

Pay Off Debt

The number one thing you should do with your tax return is pay off high interest debt. Any loan or debt you owe incurring more than 5% interest should be paid down as quickly as you can. Credit card debt is especially detrimental, as it can make it very difficult to get ahead and bringing down your credit score. Not only will paying off that debt feel like a relief, but you will be grateful every month when your overdue bill does not come in the mail.

Make Home Improvements

The home improvements you should spend your tax return on are the ones which will give you the highest return on investment. These are not improvements like heated tile floors or new kitchen cabinets, they are the kind that will increase your home's efficiency and decrease your ownership costs for months – or even years – to come. Adding insulation to your home's attic if necessary, replacing old appliances with energy efficient ones, or installing new windows are some of the wisest home improvements. In the long run, the money you spent on these improvements will find its way back in your pocket.

Save it For a Rainy Day

The majority of Americans do not have enough money in savings to protect themselves against sudden setbacks. An emergency fund should always hold 3-6 months of your expenses in the event you lose your job, incur medical bills, have a large car repair, or have to pay for something unexpected. First Choice Credit Union has great savings account options and can meet with you to determine how large of an emergency fund you should have.


It can be hard to refrain from purchasing a wish list item with your tax refund! However, if you choose to spend your tax return wisely through one of these three avenues, you future self will thank you.

2017 Financial Resolutions For Your Age Group

On New Year’s Eve, the world whispers resolutions to each other. Too many of these good intended resolutions are never achieved because they are not specific, attainable, or timely. First Choice Credit Union is here to help with clear, achievable financial resolutions for the New Year geared towards your age group.

18-25 Years Old

At this point, your financial situation is probably pretty bleak. Whether you went to college or not, you are likely starting at zero (or below that). In 2017, your financial resolution should be to open a checking and savings account with a trustworthy bank. First Choice Credit Union is a great option because we offer more competitive interest rates than the big banks do. Also, start building your credit by opening a credit card, paying on your student loans, or applying for an auto loan. At First Choice Credit Union, we offer 36-72 month car loans with up to 100% financing!

26-35 Years Old

Now is the time to save rigorously, even as you are starting to put down roots. Save money for an emergency fund, for a down payment on a house, or even for retirement. Your financial resolution this year should be to save as much of your income as you can. Dollars saved at this point in your life will stretch a long way. So save 3-6 months of your expenses for a rainy day, accumulate enough to put 20% down on a conventional mortgage loan, and take advantage of your employer's 401k retirement plan.

35-50 Years Old

Your New Year’s resolution for 2017 can be a little more fun. You have put in the time saving money, worked hard to earn your home, car, and other possessions. Your financial resolution is to make one of your dreams a reality. Perhaps you have wanted to travel across Europe, or buy a small vacation home, or purchase a seaworthy boat. Make one of your financial wishes come true this year!

50-75 Years Old

As you begin to enter the senior years of life, financial stresses can become all too real. In 2017, be sure you have your retirement situation planned out, your savings growing at a steady rate, and your living will written and filed. If you have questions, turn to your bank or financial adviser for assistance, we are here to help you!

No matter what your age, we hope First Choice Credit Union has helped you find a resolution for 2017 that will make your life better. Achieve success by making your resolve towards something specific, attainable, and timely. All of us at First Choice Credit Union are wishing you the happiest New Year!

Family Financial Resolutions for 2017

As the New Year approaches, it is time to reflect on and reform your life. First Choice Credit Union wants to help with some positive resolutions you can keep in 2017. These financial resolutions for you and your family are geared towards securing a bright future for your home, health, and happiness.

Save For Retirement

The question of when to start saving for retirement is always answered the same way: yesterday. If you haven't already begun a 401k or similar retirement investment plan, you owe it to your family to get started. When retirement age rolls around, you do not want your children to be burdened with the task of taking care of you financially.

Write Your Living Will

If you have children or a house or anything of importance to pass on when you die, you must write a will. Wills are not very expensive and they can save your family a huge headache if anything should suddenly happen to you. As the saying goes, it is better to be safe than sorry. Writing your will is a financial responsibility often overlooked by young families.

Talk With Your Kids About Finances

It comes as no surprise that the majority of parents do not talk with their children about money nearly often or honestly enough. Your children can learn to be better with money if you make financial conversations a resolution in your home. This article is a great guide to introducing finance and monetary lessons from age 3-18. It even includes activities that will drive the lessons home with your kids.

Create An Emergency Fund

Families can often feel the stress of stretching their dollars. However, if there's one thing it is important to save for, it is an emergency fund of 3 to 6 months worth of your family's expenses. If catastrophe hits your family or the breadwinner loses their job, this emergency fund will ensure your family never feels the extreme stress of surviving on nothing.

These four financial resolutions will help you secure a successful future for your children and life. Do not let another year go by without improving your financial situation! For any questions or help with financial matters, please visit First Choice Credit Union; we love making a difference in our members' lives.

Spring Cleaning for Your Finacnes

Spring has finally sprung, and with spring comes cleaning - time to bring out the cleaning supplies. Your house isn’t the only thing that needs organizing, your finances could probably use a little cleaning as well. Here are a few tips on how to dust off the old checkbook:

Budget Evaluation

Start by looking over your budget. Being aware and in control of your budget is the most important part of being financially fit. Decide if there are areas of your budget that you can trim down or areas that may need more funding. With the changing seasons, your savings goals are bound to change. In the spring, people are more prone to think about home improvement expenses, vehicle upgrades, summer vacations, etc. Your budget should reflect these changes.

Consolidate Accounts and Transactions

Do you have multiple accounts with different banks or credit unions? Consolidate these accounts so they are easier to keep track of and manage. While you are at it, go over your transactions to ensure that you initiated all of them. Not only is this a good habit to protect your finances, it also can reveal areas in which you need to cut back. You might find that you spend too much each month on certain items, like expensive coffee, dining out, new clothing, or other vices.

Less Paper, Less Mess

Check to see if your accounts give the option to go paperless. By switching to e-statements, you will not only be cutting down on the amount of paperwork in your home but e-statements are more eco-friendly. You also won’t need to worry about your personal account information being sent through the mail.

These are just a few ways to clean up your finances and give you a nice spring into the new season! If for any reason you need some help starting the  cleanup process for your accounts, come on in and talk to one of First Choice Credit Union’s associates or give us a call at (561) 641-0100 and we would be happy to help you out. Happy cleaning!