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Archive for month: March, 2020

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  • Phishing
March 27, 2020
27 Mar 2020

Beware of Coronavirus Scams

Beware of coronavirus related scams –
Phishing Emails, Texts and Phone Calls

Unfortunately cyber criminals are taking advantage of the coronavirus (COVID-19) situation to gain access to email, social media and financial accounts. Additionally, malware attacks are expected to increase with the increased volume of coronavirus-related email communications.

We encourage you to be extra vigilant when opening emails especially those that contain links and/or attachments. Be on the lookout for emails purporting to be from the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC) or other credible organizations. Such phishing emails could seem highly convincing with logos and email formats that may appear credible.

Take the following precautions when handling emails:
• Look closely at the sender’s email address and domain
• Do not assume it is legitimate because it displays a corporate logo
• Do not open attachments from sources you do not recognize
• Do not click on any links in the email; instead visit the organization’s website, if needed
• Beware of demands for personal information
• Avoid phishing scams by keeping your anti-malware and anti-virus software up to date on your computer
• Go directly to the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) for the most recent information on the coronavirus, rather than obtaining information from emails and other sources that may not be legitimate.
• Watch out for advertisements or “investment opportunities” around coronavirus prevention, treatment, or cures. Consult a medical professional for questions about prevention and treatment.

Additionally, be aware of texts and phone calls offering medical testing, vaccines, treatments or alerts about critical supply shortages.

• Such calls may come from telephone numbers that are in a strange or unexpected format
• Such calls often involve caller ID spoofing (when a scammer uses a fake number so the call looks like it’s coming from a local caller) and automated systems to make it difficult for legal authorities to monitor, trace or block
• URLs in the texts may not be fully displayed, making it difficult to identify if a log-on screen is legitimate

Consider experienced relief organizations that are better equipped than new charities to fulfill relief promises and deliver aid. You can visit give.org to verify organizations.

The Ohio Department of Health and local health districts are also great resources for coronavirus updates at the city, county and state level. As Ohioans take steps to prepare for and limit the spread of coronavirus, it’s important to use the same caution when obtaining information about the virus and responding to the needs that arise in order to provide relief and assistance during the outbreak.

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  • Housing Market
March 26, 2020
26 Mar 2020

Is it a Good Idea to Buy a House During a Pandemic?

With the coronavirus pandemic pushing the global economy toward recession, is it a good time to buy a house?

Interest rates are low and the slowing market may lead to eased credit qualifications. If you’re planning to live in your house for a while, you’re not in danger of being laid off and you’ll still have a savings cushion left after the purchase, it might be a good idea for you.

The coronavirus outbreak that has swept through the world while wreaking havoc on the national and global economy has given rise to dozens of financial questions. The uncertainty that characterizes this time is confusing the average American and financial experts alike. No one can say when this pandemic will come to an end, or what kind of lasting impact it will have on the economy. Experts can only look at past economic crises and downturns to try to predict what the short-term and long-term financial future will look like in the United States.

Let’s take a look at the mid-pandemic housing market and explore the wisdom of purchasing a home during a time of economic instability.

What does the current housing market look like?

In a twist of irony, the home sales of February 2020 were the strongest they’ve been in the country since 2007, topping 5 million sales. Factors like falling interest rates and a booming economy contributed to the thriving housing market, but two months later, experts already are seeing a decline in the buying trend.

Lawrence Yun, the chief economist of the National Association of Realtors, says the market has turned sharply, adding, “The coronavirus has undoubtedly slowed buyer traffic and it is difficult to predict what short-term effects the pandemic will have on future sales.”

This downturn has likely been triggered by the economic devastation caused by the outbreak, including widespread job insecurity, thousands of shuttered businesses and millions of employees on leave from work for an indefinite period of time due to statewide and self-imposed quarantines.

The decrease in home sales is also likely due to practical reasons. When people are worried about their health and they’re trying to create a semblance of normal life while essentially being confined to their homes, it’s difficult for them to think about purchasing a new one. Meeting with potential sellers and real estate agents and looking at properties is also complicated when trying to maintain social distancing.

No one knows when the spread of the coronavirus will ease, but when it does, and normal life resumes, the market may see an increase in sales.

Does it make financial sense to buy a house now?

A dwindling housing market does not automatically mean this isn’t a good time to buy a house. In fact, times of financial uncertainty generally lead to falling mortgage rates and the ease of credit qualifications. Mortgage rates have already reached a record low of 3.13 percent in the beginning of March, prompting some buyers to rush into new home purchases. The rate, however, has since jumped back up to 3.65 percent, though it is still relatively low and may fall again.

It takes more than just a favorable mortgage rate to make a home purchase a sensible decision.

Some market experts believe the coronavirus pandemic will cause an eventual spike in home sales as buyers, fearing a recession, will want the stability and control that homeownership brings. A fixed-rate mortgage will not be subject to the peaks and valleys of a volatile national interest rate. It can also help the owner feel secure if job loss and unemployment become the norm.

Before you jump into a home purchase at this time, you may want to take a step back and look at your entire financial picture. Consider the following factors:

• How stable is your income? If you have any reason to believe you might be facing a layoff, you may want to hold off on your purchase. Your mortgage will need to be paid each month, regardless of your employment status
• How long do you plan on living in this home? If you anticipate living in your new home until you’ve paid off your mortgage, it can be a great time to buy a house at a low interest rate; however, if you plan on selling within the next few years, you may come out at a loss due to a falling housing market and an unstable economy.
• Will you have savings left after going through with the purchase? As the economy heads toward a probable recession, this is not the best time to be without a savings cushion.

The coronavirus outbreak has destroyed all kinds of plans, from vacations to weddings, parties and more. That doesn’t mean you need to put your plans of buying a house on hold. If you can comfortably afford the purchase and your income isn’t threatened by the economic instability, the favorable interest rates and looser qualifications can make this a good time to buy a new home.

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  • Scampost
March 25, 2020
25 Mar 2020

Coronavirus Scams – Be Aware!

Here are some tips to help you keep the scammers at bay:
• Hang up on robocalls. Don’t press any numbers. Scammers are using illegal robocalls to pitch everything
• Ignore online offers for vaccinations and home test kits.
• Fact-check information. Scammers, and sometimes well-meaning people, share information that hasn’t been verified.
• Know who you’re buying from. Online sellers may claim to have in-demand products, like cleaning, household, and health and medical supplies when, in fact, they don’t.
• Don’t respond to texts and emails about checks from the government. Anyone who tells you they can get you the money now is a scammer.
• Don’t click on links from sources you don’t know. They could download viruses onto your computer or device.
• Watch for emails claiming to be from the Centers for Disease Control and Prevention (CDC) or experts saying they have information about the virus.
• Do your homework when it comes to donations, whether through charities or crowdfunding sites. Don’t let anyone rush you into making a donation.
• There have been reports about scammers pretending to be government workers calling about stimulus checks. The government will not call, text, or email regarding any type of check or payment.

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  • Qa 5 Ways To Spring Clean Your Finances
March 23, 2020
23 Mar 2020

How to Work from Home

The coronavirus pandemic has taken the world as we know it and turned it upside down. Hospitals are scrambling to meet the needs of their patients as the federal and local governments are issuing stricter guidelines to help stop the spread of the virus.

Shopping malls that were filled with crowds just a week ago now stand vacant. Universities and schools have emptied out and students are continuing their education online to diminish the spread of the virus. Small businesses have shuttered their doors as they choose their health and the health and safety of their customers over profit.

As part of this upheaval, millions of Americans have been sent home from work with laptops in hand and strict instructions to remotely tend to their usual workload. Unfortunately, this can prove to be a lot harder than it sounds. If you find yourself struggling to complete your workload from home during the outbreak, we can help!

Here are some tips on how to stay focused, on-task and productive as you work from home.

Create a workstation. Propping up your pillows and working in bed can sound like a good idea until you find yourself nodding off in front of your computer screen. To keep your brain focused and in “working mode,” it’s best to designate one area of your home to serve as your workstation as you wait out the outbreak. Keep the area clean and stocked with all the supplies you may need during your work hours.

Set your hours. A major boon of working from home is choosing your own hours — but this can backfire quickly. Lack of a proper schedule is the biggest enemy of the procrastinator. To keep from finding yourself with a huge amount of work to complete in an impossibly short amount of time, set up working hours and stick to them. If there are children home with you, work around their routine by scheduling your work hours during naptime or late at night when they’re asleep.

Collaborate. For most of us, home is where we unwind and kick off our shoes after a long day of work. Keeping focused and staying on task when working in your own comfortable surroundings can be super-challenging. Bring home some of the motivational work atmosphere by collaborating with your colleagues as much as possible. Utilize video conferencing to swap ideas, plan long-term projects and communicate on platforms like Slack, which is created just for this purpose.

Get rid of all distractions. It can be hard to keep your mind on work when each beep of the phone brings more horrific news and updates about the spread of the coronavirus. If you can, hide or shut off your phone during your work hours. If that’s not possible, consider turning off your notifications and social media apps. You can also use an app, like ColdTurkey, which makes it easy to minimize distractible apps and websites on your phone.

 

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  • Jeansphotos 01 2017 Pic 69
March 23, 2020
23 Mar 2020

Fun Activities to do with Your Kids at Home

It isn’t easy to be holed up at home with just your family for company. After two days, you may be thinking there isn’t enough coffee or chocolate in this world for a parent who’s stuck home with their kids for weeks at a time. As the parent, though, you have the unique opportunity to set the tone in your home and decide if these weeks will be a nightmare for everyone, or filled with precious memory-making and family-bonding activities.

Here are some fun activities to keep your kids busy while you wait out the pandemic at home:

Marshmallow Tinker-Toys: For a fun twist on the classic building toy, take pretzel sticks and mini-marshmallows and let your child build a world of sweetness. Have them create pretzel-marshmallow people, houses and towns. It’s creative, sticky fun, and best of all, when they’re done, they can eat their sweet creations!

Puppet Shows: All you need for the show of a lifetime is a cardboard box, some Popsicle sticks, old socks (which may have lost their match) and markers for decorating. If you have googly eyes in the house, glue them on for more realistic-looking sock puppets. Have your child entertain you, or be the entertainer — either way works. Let the show begin!

Scrapbook: Spend some quality time reliving precious memories by digging out the scrapbooking supplies and old photos to create a timeless masterpiece together.

Move over, glitter; this new painting technique makes designs that are just as pretty and twice as fun! Lay a piece of cardstock on top of some old newspapers. Have your child draw patterns on the paper using Elmer’s glue. The glue lines should be on the thick side. Next, pour table salt over the wet glue, making sure all the glue is covered in salt. You can speed up this step by tilting your paper after pouring the salt. Shake off all excess salt. Now, using watercolors, let your kids paint the salt! This works best if the paint is a bit watery so the brush doesn’t have to touch the salt too often; it can simply drip onto the paper. When your child is done painting, they’ll be left with a spectacular, super-cool design!

Teach a Household Skill: Instead of complaining about the endless housework, enlist your child’s help! Even very small children can help sort laundry, load the washing machine and press the buttons to turn it on (with your supervision, of course). Have the older ones help you bake, letting them put their math skills to use by adding fractions in recipes. And, of course, everyone cleans up their own messes when the day is done!

Simon Says, “Draw!”:  Give this old favorite a twist by breaking out the craft supplies. Set up a table with paper, crayons, markers, stamps and any other fun coloring supplies you have in your house. Seat your kids around the table and begin an intense game of Simon Says, only instead of movements, instruct your kids to draw something on their papers. You can have them draw basic shapes in specific colors, or something more complex if they’re a little older. Anyone who messes up is out of the game!

Balloon Ping-Pong: No need for a bulky ping-pong table! Just tape large popsicle sticks to the backs of paper plates, blow up a balloon and have your preschoolers play ping-pong with their makeshift paddles over your empty kitchen table!

Let it Snow!: It’s been a snowless winter in many parts of the country, but that doesn’t mean you can’t bring the blizzard home. Whip up a batch of homemade snow while you’re stuck inside during the COVID-19 outbreak. Let your kids have a blast creating a winter wonderland that’s almost as good as the real thing. In a large pan or bin, mix 3 cups of baking soda with ½ cup hair conditioner. Note: If you don’t have enough baking soda on hand, you can also use shaving cream for your “snow.” Keep on stirring until the mixture turns cold, soft and feels like … snow!  Dig out the toy cars, small beach shovels and collections of Little People or Playmobil people and let the fun begin!

Scavenger Hunt: If your kids are bouncing off the walls from being cooped up at home, have them let off some steam with a good old-fashioned scavenger hunt. Set up hints around the house and have them race from clue to clue searching for the treasure you’ve hidden for them. If your kids are too young to read, this can work with picture clues as well. The “treasure” can be a special treat you have in the house, a new game or art supply you’ve been saving or their favorite stuffed teddy.

No, it isn’t easy to be holed up at home with your kids. But, with some creativity and a positive attitude (and lots of coffee and chocolate), you can fill this challenging time with warm memories your children will treasure for the rest of their lives.

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  • Hardshippost
March 19, 2020
19 Mar 2020

Coronavirus Hardship? We are here to help.

For members who are experiencing financial hardship because of a layoff or health problems due to Coronavirus (COVID-19), please contact us. We will do our best to identify options and solutions to help you with your specific needs.

Please do not hesitate to reach out if you need assistance. You can visit us online at www.educu.org, or you may call our Service Center Team at 614-221- 9376 or toll-free at 866-628-6446. We are committed to providing quality service, care, and attention to our members. And we believe that our member’s financial best interests come first…always.

Thank you very much for your membership.

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  • Mid adult woman reading bills while making online payment at home
March 19, 2020
19 Mar 2020

Tax Deadline Delayed

This information is informational only, please contact the IRS for the most up-to-date tax deadlines.

As part of the government’s efforts to help avoid a recession, Treasury Secretary Steven Mnuchin announced that the tax deadline would be pushed off by a full 90 days.

Here’s what this announcement means for taxpayers:

Under normal circumstances, taxes are due by April 15. If tax filers cannot complete their taxes in time, they can request a 6-month extension without getting a failure-to-file penalty. Tax extensions are granted easily, but they don’t buy the filer more time to pay any taxes due to the IRS. The extension is only for submitting their returns. Any tax money that is paid after the 15th is generally subject to penalties and interest.

This year, things have changed. Taxes must still be filed by April 15 unless an extension is requested, as usual; however, the IRS will not be requiring taxpayers to pay their 2019 taxes until July 15. There will also be no penalties or interest for this delayed payment.

The administration believes this move will be a welcome relief for the millions of taxpayers whose income streams have been adversely affected by the COVID-19 outbreak. They are also hopeful that this delay, which will leave an estimated $300 billion in the battered economy, will give it a better chance at recovery.

For tax filers who are anticipating a refund this year, it may not pay to request an extension and file late. An extra pile of cash, no matter how small, can really come in handy for those who are out of work. Signing up for direct deposit of refunds can help struggling taxpayers get that much-needed money as quickly as possible.

It’s also important to note that, while the federal government has granted this nationwide extension on tax bills, state taxes remain subject to the deadlines of their own governments. In light of the upheaval caused by the coronavirus outbreak, many states are offering their own extensions.

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  • Hero Students Budget Planner
  • Hero Students Budget Planner
March 19, 2020
19 Mar 2020

Financial Dos and Don’ts During the Coronavirus Outbreak

 

Since the coronavirus has landed on American shores, each day seems to bring more devastating news about the state of our economy. What steps should you be taking to protect your personal finances during this time?

The coronavirus outbreak has already generated severe consequences for the national and global economies — and experts say we’re only seeing the beginning of the pandemic’s financial fallout. The virus ended one of the longest bull markets in history, as the stock market plunged by a full 25 percent in one volatile month. In fact, it saw its worst day since 1987. More than that, businesses have been adversely affected by the outbreak in many ways: production lines have been put on hold as the delivery chain is disrupted indefinitely; the global-wide halt on travel has caused tremendous losses for the tourism and airline industries; sports and entertainment industries have taken huge hits; and countless other business lines have been negatively impacted by a dearth of supplies, decreased spending and a shortage of personnel due to quarantines or school closures.

With all this uncertainty, it’s easy to fall into a panic and wonder if there are some concrete steps you should be taking to save your personal finances from impending ruin. Here are some practical dos and don’ts to help you maintain financial stability and peace of mind during this time.

Don’t: Panic by selling all your investments 

Both seasoned investors with robust portfolios and those simply worried about their retirement accounts can find it nerve-racking to see their investments drop in value by as much as 10 percent a day. It may seem like a smart idea to sell out just to spare investments from further loss, but financial experts say otherwise. According to The Motley Fool, most sectors of the economy will recover quickly as soon as the outbreak clears. For example, consumers may not be purchasing shoes or cruise tickets now, but they will likely do so when it is safe to shop and travel again. While the global and national economy may not bounce back for a while, experts are hopeful that individual business sectors will recover quickly.

Do: Trim your spending

The thriving economy the country has enjoyed for a while has prompted a gradual lifestyle inflation for many people. As the economy heads toward a probable recession, this can be a good time to get that inflation in check. Work bonuses, raises and promotions are not handed out as freely during a recession as they were in recent years. Some people may even find themselves without a job as companies are forced to lay off workers in an effort to stay solvent. Trimming discretionary spending now can be good practice for making it through the month on a smaller income. It’s also a good idea to squirrel away some of that money for a rainy day.

Don’t: Put your money before your health 

Financial wellness is important, but physical health should always take priority. If you’re feeling unwell, and especially if you’re exhibiting any of the symptoms of the coronavirus — such as fever, coughing and shortness of breath — call in sick to work. Do the same if you’ve been exposed to someone who has tested positive for COVID-19 in the past 14 days. Don’t let financial considerations come before your health and the health of those you come into contact with each day.

As part of a package of executive orders to help mitigate the financial fallout of the coronavirus, President Donald Trump has announced that all employees are entitled to two weeks of full paid leave if they are unable to work because of the coronavirus. This includes contracting the actual virus, self-quarantining for fear of having been exposed to the virus and caring for a family member who has contracted the virus, or for children who are home due to school closures. Be sure to take advantage of this offer by making your health paramount.

Similarly, doctor visits can cost a pretty penny, but when necessary, should always outweigh financial concerns. A co-pay or insurance deductible is a small price to pay for your health.

Do: Consider a refinance

The silver lining of an economic environment like this is falling interest rates. As of March 17, the average interest rate on a 30-year fixed-rate mortgage is 3.3%, down from approximately 4.5% of a year ago. Refinancing an existing mortgage at this lower rate can potentially save homeowners several hundreds of dollars a month. That extra breathing room in a budget can be a real boon in case of salary cuts or even a layoff during a recession.

Be sure to work out the numbers carefully before considering this move since a refinance isn’t cost-free. [You can speak to an MSRP at Education First CU to learn about your options.]

The coronavirus has already impacted the economy tremendously, and will likely continue to do so for a while. Keep your own finances safe by remaining calm, putting your health first and taking some of the practical steps mentioned above.

 

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  • 101717830 175816825.530x298
March 19, 2020
19 Mar 2020

The President is Suspending Student Loan Interest; Here’s What it Means

On Friday, March 13, President Donald Trump announced he would be freezing student loan interest as part of a package of emergency executive actions designed to mitigate the economic fallout from the coronavirus outbreak. The unprecedented move will provide relief to the 42 million-plus Americans who owe more than $1.5 trillion in outstanding federal student loans.

Since this announcement, there has been much confusion about what this freeze actually means for student loan borrowers. To help clear up some confusion, Education First CU has answered some of the most common questions about the freeze.

What does a student loan interest freeze mean?

With the president’s student loan freeze in effect, no further interest will accrue on certain

federal student loans until further notice. Borrowers will only be responsible for paying the principal payments due on the loan for as long as the freeze is in effect.

Which loans are included in the freeze?

The interest freeze only applies to student loans that are “held by federal government agencies,” such as the U.S. Department of Education and its contracted student loan servicers. Loans issued by private borrowers are not subject to the federal interest freeze (unless indicated by the lender). In addition, some federally guaranteed student loans, including federal Perkins loans and FFEL-program loans, may not be subject to the interest freeze if they are not held by a federal government agency.

How long will the freeze be in effect? 

As part of the administration’s relief efforts during the coronavirus outbreak, the interest freeze is temporary. It will be implemented automatically and continue until the policy is officially changed. The end date for the freeze has not yet been determined.

Does the interest freeze include any student loan payment relief? 

The student loan interest freeze does not include any student loan payment relief. College graduates who are paying off their student loans must continue to make their monthly payments as usual. The move only affects the interest on qualifying federal student loans going forward.

How does the freeze affect borrowers who have already accrued a significant amount of outstanding interest?   

All outstanding, non-capitalized interest must be paid before payments made during the freeze will apply to loan principal.

If the borrower has defaulted on their loan, the “forced collections” implemented in case of default will continue as usual. This includes the borrowers being subject to wage garnishment, offset of Social Security payments and automatic confiscation of federal and state tax refunds.

Trump’s interest rate freeze will halt balance growth and reduce the cost of repayment for some borrowers; however, it will not provide direct student loan relief for borrowers who are struggling to meet their loan payments due to lost income because of the coronavirus outbreak.

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  • 53218962 10158259899533989 7871119047046201344 N
March 6, 2020
06 Mar 2020

Today is National Employee Appreciation Day!

It’s National Employee Appreciation Day! Shout out to our fabulous staff who keeps Education First running smoothly day in and day out.

We have some of the best employees any credit union could have! Our staff is what makes Education First the excellent organization it has become over the years. Our staff is a team… dedicated to serving the financial best interests of our members and doing all we can to help them to achieve financial peace of mind. Our members deserve it.

Two of our board members have shared some quotes about their experience with the Credit Union’s employees:

“I brought my Godchildren in to add money to their savings accounts that they had earned from achieving good grades.  They had no experience handling their own money and were shy about what to do and say. Evelyn helped us, and she was supportive yet patient and waited for them to state their business. She gently led them to understand that they needed their identification card, account number, and pin. Then I shared that the 5th grader told me that he’d gone to JA Biz-town, where he told his classmate that he should be the CEO.

Asking his classmate, “Do you have a savings account. . . . I didn’t think so!” Thank you! 

This same young man added more money on a subsequent visit, just happened to meet Mike in the lobby. Mike took the time to stop, meet, and encourage him. The 5th grade JA Biztown CEO, shyly met the EFCU CEO. By the way, thanks for taking my phone call from the ECUC, and calming me down.”

– Julie Didlick, Education First Credit Union Board Member

 

“I love coming into the Downtown office and Schrock Road office! Everyone greets me and makes sure I am doing well. These employees are our best assets!”

– Barbara Overholser, Education First Board Chair

 

We would love to hear from our members today! Any positive feedback about our Credit Union staff that you would like to share?

 

 

 

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