Unlock the path to personal financial fitness by securing your virtual seat at one of our free webinars, where you can gain invaluable insights into financial education, learn more about credit reports, and discover effective strategies to prevent fraud. Our webinars are packed with useful info and are open to everyone. Just make sure to reserve your virtual seat.

Check out the list of upcoming webinars here.

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Holiday spending is often a spending plan-buster. The expenses can be numerous: presents, wrapping paper, cards, decorations, food, and travel, to name a few. Yet very few people have an unlimited holiday budget. If you do not have the funds to buy everything you want, there is no need to despair. A little bit of creativity and energy can get you through the holidays without draining your wallet.  Check out these tips on ways you can lower your holiday spending.

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The holiday season is a time for joy, celebration, and togetherness, but it can also be a period of stress, both financially and mentally. With the right planning and a few smart strategies, you can make the holidays a breeze while keeping your budget in check and your mental well-being intact. Here are some tips to help you navigate this festive season smoothly.

The post Tips to Make the Holidays a Breeze Financially and Mentally appeared first on Northern Credit Union.

Click here to get started on your holiday budget.

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Common Types of Imposter Scams:

Romance or Friend in Need Scams

You’ve probably heard the phrase “Love can make you do crazy things”. Well, fraudsters have heard it too and what they love is to use vulnerability from emotions to get ahold of your hard-earned money. These relationships typically begin and take place online either through dating websites, apps or through email correspondence. Things will start out normal but as they gain your trust, things will quickly change. They’ll share a story designed to pull at your heartstrings, one of the most common ones being a sick relative who can no longer pay for medical assistance. They may ask for smaller amounts of money consistently over time or one large amount all at once. Either way, the money is likely not going where they claim it is.

Impersonating a Real-Life Friend or Relative

Some scammers will put in the time to build a new relationship with you, but others will jump right over this step and instead pose as someone you already know which is what we call impersonation fraud. An example of this is receiving a text from someone claiming to be your friend or relative. They’ll say their phone died so they are using someone else’s and will give you an account number to transfer money to or ask for your card information so they can get home or get out of a tough situation. They will create a sense of urgency, not allowing time for you to reach out to the real person they are claiming to be.

Computer and Internet Repair

When it comes to technology, not everyone can be an IT genius, which is why we rely on the help of others with our gadgets. Scammers use this to their advantage by posing as someone trying to help repair your computer. These scams normally start by receiving a phone call from someone claiming to be with a tech security or internet provider letting you know your device has a virus or your internet is down. They need access to your computer to fix it or want to compensate you for the inconvenience and just need your bank account number to transfer the funds. Either way, by providing them your information you’ve welcomed them into your finances and given them an opening to take what they can.

How to Protect Yourself from Imposter Scams:

• Don’t answer calls from unknown numbers. If a number outside your contacts is calling, they can always leave a voicemail. This automatically deters some scammers since they’re likely calling a list of numbers and will just move on to their next call.
• Listen to your instincts. If your head is contradicting your heart, that’s a sign something isn’t quite right. It’s natural to want to help someone, but make sure everything about the story makes sense and funds are sent in the safest way, such as through a legitimate non-profit donation.
• Take time to think. If someone is asking for money or your information right away, not giving you time to pause and think, it is likely because they’re lying. If they get agitated when you ask for some time to think and get back to you, it’s because they don’t want you to think about it too much.
• Ask for a second opinion. If you are thinking of sending money or your information to someone but something feels a little off, seek the opinion of someone else. Confide in a long-time friend or family member about what’s going on as they can help you see things clearly, without emotions taking over. If someone is claiming to be a company, call their official number to make sure you’re really speaking to a representative of theirs.

At Northern, your peace of mind is our top priority. If you have any questions about account security or if you think your personal information has fallen into the wrong hands, and you may be a victim of imposter fraud, contact us by calling 315.782.0155, connect with us via Video Banking or visit any of our relationship centers.

The post Understanding Imposter Scams appeared first on Northern Credit Union.

If you’re experiencing the negative impact of a temporary workforce layoff or other financial hardship, please reach out to us and ask about our Financial Relief Program and other options available to help, including:

1. 30-day Loan Deferment. Members with existing Northern Credit Union loans may apply for a 30-day, free-of-charge payment deferment.
2. Refinance or debt consolidation.* Qualified members may apply to refinance an existing Northern loan or loans from other financial institutions.
3. Financial Counseling. Northern Credit Union’s partnership with BALANCE Financial Fitness® allows members to receive assistance on various personal financial management topics, such as creating a budget, debt management and other personal finance matters. Free financial counseling is also available.

People helping people is not just a slogan. It’s something we believe in, and something we live every day.  It is what drives us in service of you and what will always drive our decisions.

Any or all of these elements are available to members and non-members**, so please share these with your family and friends. Additionally, we encourage everyone to contact any other creditors directly for more detailed information about relief programs and terms they may have available.

If you have questions about these programs and your eligibility or other options, please call 315.782.0155, connect with us via Video Banking or visit your local relationship center.

* Underwriting guidelines apply. **Non-members must be eligible for membership at Northern or Countryside Credit Union. To view membership guidelines click here.

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Thank you for allowing us to be your partner and giving us the opportunity to exemplify Northern’s and the credit union industry’s philosophy of “people helping people.”

For decades, our products, services and commitment to our communities have aimed to make a positive impact for those we serve.

Among many highlights in 2022 we were able to:

• Donate more than $206,000 to 137 charitable causes in our local communities.
• Helped 214 families achieve their goal of homeownership.
• Prevented $935,698 in fraud for our members.
• Provided members with financial guidance including deferment and forbearances, financial counseling, and refinance opportunities.
• Merge with Countryside Federal Credit Union in East Syracuse with a successful member vote.

Read more highlights in our 2022 Annual Report.

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Are you ready for an unforgettable adventure at the Enchanted Forest Water Safari?

We’ve got a special treat just for you!  Enjoy summer fun and savings when you use our discount code at checkout on the Water Safari website!  Plus, get an extra $5 off per ticket when you send us a photo of your receipt through an Online or Mobile Banking message. We’ll deposit it right in your account!

To receive your exclusive discount code log into Online & Mobile Banking, give us a call or stop into any of our relationship centers!

Just one of the many ways we thank you for being a member!

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• What Is Inflation? Inflation is an economic term that refers to a rise in the prices of goods and services over time. It’s when there is too much money chasing too few goods, which leads to an increase in prices. Inflation can have both positive and negative effects on the economy, and when it comes to buying or selling a house.

How Does Inflation Affect The Housing Market?

• Impact On House Prices. Inflation can lead to higher housing costs because, as more people look for homes, demand increases, and therefore, so do home values. At the same time, existing homeowners also see a rise in the value of their property. Not only that, but inflation can also increase the price of rent. Because of all these factors, homeowners see the appreciation of their homes over time.
• Impact On Mortgage Rates. Inflation also impacts financial institutions which usually results in an increase in mortgage rates. As a result, borrowers may be required to pay more each month than they would if inflation were not an issue. Keep in mind that refinancing your mortgage for a lower monthly payment is always an option down the road once rates go down.
• Impact On Home Affordability. When inflation increases, the cost of living also rises, which reduces the disposable income available for people seeking homes. On the positive side, deposit product dividends (such as interest checking and share certificates) typically increase during times of inflation, providing the opportunity to earn more interest while saving up for a home to help combat the higher cost of living.

Should You Buy A House During Inflation?

Ultimately, this important decision must be made depending on your specific needs at the time. To help determine the right next step for you and your family, let’s take a look at the pros and cons of buying a house during inflation.

• The Pros: One advantage of buying a home during inflation that you might not immediately consider is the potential for having more purchasing power today. If inflation continues to rise, your money will be worth less and less, giving you less purchasing power than before. It’s important to remember that even with inflation, now might still be the best time to buy if inflation is expected to increase.

Another important point to note is with the increase of housing prices during inflation, rent prices tend to increase as well. If you purchase a home at this time, what you pay for your monthly mortgage payment may end up being less than what you would pay to rent.

• The Cons: On the other hand, buying a home during periods of high inflation can be riskier. It is important to buy a house that fits your budget and does not put you in a tight place financially.  While we would all love a crystal ball, no one can perfectly predict when inflation will ease up, which can result in falling housing prices. In other words, your home could potentially lose equity. This is the risk all homeowners take when purchasing real estate at any time.

Tips for Buying A Home During Inflation

If you’re ready to move forward with purchasing a house, congratulations! Here are some tips to help you along the way.

1. Research Beforehand. It’s essential to do your research before buying a home so you can get the best deal possible (like a meet-or-beat guarantee). It’s wise to talk with lenders or real estate agents who can provide helpful insight into financing options available during periods of high inflation.
2. Work With A Trusted Home Lender. Pick a loan partner you trust, so you will have someone who will understand your full picture and long-term goals and keep you informed throughout the process.
3. Compare Options. Take some time to compare different options when shopping for a home loan, such as fixed-rate mortgages versus adjustable-rate mortgages or conventional loans versus FHA/VA loans for first-time buyers. This will help ensure you find an option that meets both your financial needs and goals.
4. Boost Your Credit Score. If possible, pay down debt before applying for financing to improve your chances of approval at better interest rates and other attractive terms and conditions. Don’t have a perfect credit score? Don’t worry, financial institutions like Northern look at more than income and credit scores when reviewing mortgage applications but rather use local decision-making to help our members get into the home of their dreams.
5. Consider Buying Soon To Lock In Today’s Prices. Another reason why it might be beneficial to buy a house now rather than waiting until later is that prices could continue rising. This is true regardless of when you decide to buy a house. Keep in mind, that the increasing demand brought about by economic uncertainty can create higher levels of inflation. Locking in prices today could save you money in the long run if rates continue to rise.

Get In Contact With Us At Northern Credit Union

At Northern, we offer competitive mortgage and loan options to help make homeownership more attainable—even when inflation is on the rise. Our team of experienced lenders can provide personalized advice and guidance tailored to your individual financial needs and goals. We’ll work with you to ensure you’re making an informed decision about investing in real estate during these uncertain times.

Above all, we’re here to help you realize your dreams by providing you with affordable lending solutions even during difficult times like those brought upon by higher levels of inflation. If you’re ready to get the ball rolling with purchasing your new home, contact us today and let us help you make the home-buying experience as easy as possible.

The post Should You Buy A House During Inflation? appeared first on Northern Credit Union.

Your peace of mind is our top priority and that’s why we’re sharing what keeps your savings safe at Northern:

• Your money is insured. All New York credit unions offer a safe place for members to save their money and all deposits up to $250,000 per individual depositor are protected and insured by the National Credit Union Share Insurance Fund. This works much like banks FDIC insurance. No one has ever lost a single penny of insured share deposits within the credit union system. Check the security of your funds with the NCUA Share Insurance Calculator or contact the NCUA Consumer Assistance Center​​​​​​​.
• All New York Credit Unions are regularly examined. Financial regulators thoroughly review credit union practices to ensure proper management, and to maintain the safety and soundness of members’ money. Credit unions are also subject to very strict regulations limiting permissible investments. Your money is protected with us no matter what’s happening on Wall Street or with the economy.
• Credit unions are unable to make as high of risk investments as banks. As a not-for-profit financial institution, Northern has historically invested excess funds in very low to no risk options, such as overnight advances and guaranteed government securities.
• We’re member-owned with a wide membership base. At Northern and Countryside, you’re part of something bigger, a local and strong community of over 40,000 members that believes in lending a hand and giving back. When you bank with a credit union, you’re part of a cooperative owned by the people and have a stake and equal voice in our future direction. We have no outside shareholders and all of our decisions are made locally.
• Better returns on your savings. Your money won’t earn any interest under your mattress but can grow right before your eyes in interest-earning savings or checking accounts. Plus, our checking accounts offer great perks like ATM fee refunds and cashback or dividends. You can even set up direct deposit and automatic transfers to separate accounts and shares, making it easier than ever to build your nest egg.
• Dedicated team to help with your financial goals. As a not-for-profit community-focused credit union we aren’t focused on generating profit for the bottom line, but instead on providing an institution for member-owners to gain information and professional guidance to make the best possible financial decisions for their families.
• You’ll feel less tempted to spend it! Having a stack of money before your eyes can feel good but so does spending it. You know what they say, out of sight, out of mind and it never hurts to remove the temptation to spend money that you might need for emergencies later.

Thinking of keeping your money at home instead? Consider these risks before taking your money home:

• Higher risk of losing your money. You could lose your hard earn savings to fire, theft, or water damage, which is not insured by homeowners or renters insurance.
• More time spent and room for error managing bills. Keeping large amounts of cash could prevent you from paying essential bills from home like your mortgage, car payment, or electricity bill or cause you to make multiple trips to deposit money needed for automatic payments. At Northern and Countryside, we make banking simple with tailored solutions and advanced technology designed to save you time, so you can focus on what matters most.
• Feel safer not carrying cash. Has your wallet ever been stolen? A stolen debit card means calling us to deactivate it or quickly disabling it on the mobile app and getting a new one. Stolen cash means you’re probably never going to see that money again.
• You could accidentally throw it away or forget where it is. In 2009, a woman in Tel Aviv gave her mom a new mattress and threw away the old one. There was just one problem – the mom had hidden $1 million of her savings inside the old one.

Your financial well-being is the “why” for our existence – your why, is our why, and we’re committed to helping you reach your goals. Whether that’s through the dream of homeownership, your first vehicle or credit card, earning a college degree, providing your daughter or son with their dream wedding, or getting through tough times. We’re committed to being your partner, and we’re here when you need us most. We owe our success to you, our loyal and valued member-owners and we are so grateful for that! If you have any questions or concerns over the safety of your money, please reach out to us.

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