Archive for the ‘ Debit Cards ’ Category

7 Banking Tips for Young Millennials


Once you start receiving your first paychecks after graduation, knowing how to spend or save your money wisely can be tough. While you may be able to do your banking with just a few taps on your phone, managing money well is much more complicated. Here are a few tips to help you get started.

1. Budget using apps

Tracking how much you spend weekly and monthly shows you where your money goes and how you can save more. You can use a budgeting tool or app that tracks your cash automatically or one where you enter information manually. Choose an app that lets you spend as little or as much time on budgeting as you want. From there, you can identify your total fixed expenses, such as rent and car payments, and more-flexible costs such as shopping and dining out.

2. Set up automatic transfers to savings

When you have a rough idea of how much you can save regularly, create a recurring transfer from your checking account to a savings account. By making savings automatic, you can get used to spending “below your means” and never have to worry about remembering to transfer.

3. Avoid overdrawing your checking account

Before you pay rent or spend any other big chunk of money, take a look at your checking account’s available balance. This can prevent you from spending more than you have in your account. If you overdraw, you may be charged a fee.

4. Establish credit

Student loans and credit cards can help you build good credit — as long as you stay current on monthly payments and don’t overuse your cards. Your credit score, which shows how responsible you are with credit, is an important factor that lenders check before approving car loans and mortgages. The better your score, the lower the interest rate you may be eligible for.

5. Repay debts strategically

If you have debts from multiple credit cards and student loans, pay the minimum on each and then contribute more to your higher-interest debts. By making those a priority, you can reduce how much interest you’re paying faster than by treating all debts the same.

6. Start an emergency fund

Being financially prepared in case of health emergencies or unexpected unemployment can save you from going into debt. Have a separate savings account just for this purpose; don’t mix it up with your regular savings. A good rule of thumb is to save enough to pay three to six months’ worth of living expenses.

7. Set long-term savings goals

Consider saving for retirement in an employer-sponsored 401(k) plan or individual retirement account. When you start saving early, you take advantage of compounded returns to make more money off your contributions overall.

From smart budgeting to setting goals, make good money choices now. Since time is on your side, you can benefit from building credit and saving early to be ready for big financial decisions in the future.

Source: NerdWallet, Inc.


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How to Be a Money-Smart Graduate Student


Whether you’ll be pursuing a master’s degree in English literature or a Ph.D. in chemical engineering this fall, life as a graduate student likely will require a good deal of thriftiness. But that doesn’t mean you have to limit yourself to a steady diet of instant noodles and cereal for the foreseeable future.

Here’s a look at several sustainable ways that grad students can maximize their stipends or other income and cut costs in the process.

Find a roommate

Sharing a house or an apartment with others may have taken some getting used to as an undergraduate. By now, though, you’re probably a seasoned veteran. And that’s a good thing, since finding a roommate is still one of the best ways to save money.

As well as being able to write a smaller rent check every month, you may also want to divvy up utilities and split groceries. Consider using an app like Roomi to find someone who has similar attitudes toward noise and cleanliness, which can reduce tension down the road.

Catch the bus

Unlike your first college stint, you probably won’t be running back and forth between the far corners of your school’s campus to get to class. In grad school, you’ll probably spend most of your time in one or two buildings. A car, therefore, may not be essential. Instead, use a bike or hop on public transportation. Many schools offer subsidized transit passes to lighten the load on students’ finances.

Use student discounts

It can be disheartening to create a budget only to find that there isn’t much money left over for meals out or nights at the neighborhood bar. But if you take advantage of student discounts — and memorize that bar’s happy hour schedule — having a good time doesn’t have to put a major dent in your wallet.

From movie theaters to museums, many places offer student discounts. Although saving a couple of bucks may not seem like much, it’ll make a difference over time. This extra cash can then be put toward your future, either by eliminating debt or saving for retirement.

Tackle debt, save what you can

Only about 1 in 10 millennials say they feel “very confident” that they’ll have enough cash for retirement, according to a recent survey. If you’re worried about running out of money during your later years, consider starting to set aside some of your income now. A good amount to shoot for is about 10% of your monthly earnings.

You’ll also be doing your future self a huge favor by slashing as much credit card or student loan debt as possible. Also, do your best not to rack up any new consumer debt. Use your plastic only in emergencies.

The bottom line

Pursuing an advanced degree can be an incredibly rewarding experience, but not financially, at least not right away. It’s therefore essential to take advantage of all the breaks you can get, such as subsidized transportation passes and other student discounts. That way, the only thing you’ll graduate with is more knowledge, and not mountains of credit card debt.

Source: NerdWallet, Inc.


For more information about Graduate Loans and other student loans, visit the our student loans web page or our Student Choice website.

Tips for Avoiding Debit Card Fraud


For many people, debit cards are the perfect plastic. They offer most of the conveniences of credit cards with no risk of accumulating debt.

But like credit cards, debit cards are vulnerable to rip-off artists. And debit card fraud is particularly scary because thieves can withdraw money directly from your checking account.

Here’s how debit fraud happens and how to protect yourself.

How identity thieves operate

Debit card fraud can be sophisticated or old-school. Thieves use techniques including:

  • Hacking- When you bank or shop on public Wi-Fi networks, hackers can use keylogging software to capture everything you type, including your name, debit card account number and PIN.
  • Phishing- Be wary of messages soliciting your account information. Emails can look like they’re from legitimate sources but actually be from scammers. If you click on an embedded link and enter your personal information, that data can go straight to criminals.
  • Skimming- Identity thieves can retrieve account data from your card’s magnetic strip using a device called a skimmer, which they can stash in ATMs and store card readers. They can then use that data to produce counterfeit cards.
  • Spying- Plain old spying is still going strong. Criminals can plant cameras near ATMs or simply look over your shoulder as you take out your card and enter your PIN. They can also pretend to be good Samaritans, offering to help you remove a stuck card from an ATM slot.

Smart ways to protect yourself

Adopt these simple habits to greatly reduce your odds of falling victim to debit card fraud:

  • Be careful online- Shop and bank on secure websites with private Wi-Fi. If you must shop or bank in public, download a virtual private network to protect your privacy.
  • Monitor your accounts- Review your statements and sign up for text or email alerts so you can catch debit card fraud attempts early.
  • Don’t ignore data breach notifications- The majority of identity theft victims received warnings that their accounts might have been breached but did nothing. If you get one of these messages, change your PIN and ask your provider to change your debit card number. You can also ask one of the major credit card bureaus to place a fraud alert on your file.
  • Inspect card readers and ATMs- Don’t use card slots that look dirty or show evidence of tampering, such as scratches, glue or debris. And steer clear of machines with strange instructions, such as “Enter PIN twice.”
  • Cover your card- When using your debit card or typing your PIN at an ATM, block the view with your other hand. Go to a different location entirely if suspicious people are hanging around the ATM, and if your card gets stuck, notify the financial institution directly rather than accepting “help” from strangers.

Even if you’ve taken precautions, debit card fraud can still happen. If your card gets hacked, don’t panic. Tell your financial institution right away so you won’t be held responsible for unauthorized charges, and file a complaint with the Federal Trade Commission.

Source: NerdWallet, Inc.


For more information on how to safeguard your financial information, visit the Members 1st Fraud & Security Center page.

To learn more about how to set up text, email, and other alerts to protect your cards, visit the Members 1st Card Control page.

Understanding Mobile Payments


What once seemed a fanciful or even silly idea — that instead of cash or a card we’d use our phones to pay for stuff — is becoming the norm. Mobile-based payments in the U.S. are projected to reach $142 billion in 2019.

While that’s a lot of growth, mobile payments still make up a tiny fraction of retail commerce. In 2015 they accounted for only 0.2% of in-store sales in the U.S. And that might be because the technology is still somewhat new and perhaps confusing.

Here’s a quick look at mobile payment: how it works, who the major players are and how secure these transactions are.

How it works

Mobile payments really took off in 2014 with the introduction of Apple Pay®. Since then, a number of competitors have popped up, including Samsung Pay® and Google Pay®.

As their names suggest, these mobile payment services are tied to specific devices. Apple Pay works only on newer iPhones and the Apple Watch, and Samsung Pay requires later Galaxy and Note models. Google Pay requires an Android device.

With mobile payments, your smartphone acts as a proxy for your credit card, debit card, loyalty card or metro card. The card info is read into the phone either by taking its picture or by manually entering the number and expiration date.

Apple Pay, Samsung Pay and Google Pay all make use of near field communication (NFC). NFC enables two electronic devices, one of them typically mobile, to communicate via close proximity – say, by tapping the phone to a credit card/phone reader.

Samsung Pay also uses a technology called magnetic secure transmission, which makes it compatible with existing card readers that are not NFC-enabled.

What about security?

Mobile payment systems use a host of security measures to protect transactions from hackers. Each card registered on your phone is assigned a token, usually a string of numbers that represents your 16-digit credit or debit card number. This means your card number is never transmitted or revealed; the token is used to process the payment. It’s similar to how EMV or “chip” cards work, if you’ve come across those.

To complete a transaction, you will also need to input a PIN, use a fingerprint scan, or sign, depending on the particular payment service and the sophistication of the terminal at the checkout counter.

The risk with mobile payments ultimately lies with your accounts, not the payment devices. For example, some financial institutions don’t always have the best procedures to verify that the person adding a debit or credit card to a mobile payment service is the account holder. That makes it possible for thieves to use stolen account information in their own mobile payment app.

Cases of fraud have also been reported in connection with so-called peer-to-peer payment systems that were developed primarily to allow friends and family to send and receive money. In the case of Venmo, a division of eBay’s PayPal, users have reported unauthorized withdrawals that apparently took place as a result of weak authentication controls that let hackers take over accounts.

Many of us already carry our phones everywhere we go, and as more Americans embrace the technology, it’s likely more retailers will install mobile payment readers. Knowing the ins and outs is important before you jump in as well.

Source: NerdWallet, Inc.


The Visa® credit and debit cards offered by Members 1st Federal Credit Union are globally accepted and feature built-in chip (EMV) technology to provide you with an enhanced level of security. Our cards are also compatible with Apple Pay®Google Pay and Samsung Pay® on select smartphones, which means you don’t even have to pull out your Visa card when paying for purchases at the checkout terminal.

To learn more about the Members 1st Mobile Wallet, click here.

To learn more about the Members 1st Visa Credit Cards, click here


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