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Debt Consolidation Guide Are you making payments on multiple credit accounts or loans every month? Did the holiday season pile on more debt? If so, we know that keeping track of due dates, minimum payment amounts, and more can be confusing, especially in these cases. We also know that it has the potential to result in late or missed payments. In some situations, it may be beneficial to take out a debt consolidation loan, which you can use to pay off your outstanding debts and be left with a single loan to pay off. But is it the right strategy for you? Let’s take a look at a few different factors and find out. Do you have several high-interest loans? You should only be considering a debt consolidation loan if you currently have multiple loans! Do you have a good credit score? If you have a good score, chances are you will qualify for a debt consolidation loan at a lower interest rate than you currently have. Should you have a lower score, your first step should be to determine how a debt consolidation loan will compare with your existing debts. Is your debt small or is it overwhelming? If your debt is small and it’s likely to be paid in six months to a year, you’re unlikely to benefit from a consolidation loan. On the other hand, if you’re struggling with many large debts, you may benefit from exploring longer-term personal loans. Is money tight right now? If money is too tight, a debt consolidation loan could be the answer. Why? Because a consolidation loan can combine your payments so you only need to make one payment. A member service officer can discuss helpful options such as lengthening terms or reducing rates. Curious what a debt consolidation loan could look like for you? Access our free debt consolidation calculator at flcu.org/calculators on our website. To review your situation and receive helpful advice specific to your needs, call or visit a branch today!
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Avoiding Tax Scams Each year, the Internal Revenue Service (IRS) releases a list of the most common tax scams: the “Dirty Dozen.” You can visit irs.gov/newsroom/dirty-dozen for more details, but in the meantime, check out a few of the most recent scams. Email and Text Scams: Taxpayers should be aware of fake communication arriving in the form of an unsolicited text or email. The two main types are Phishing and Smishing. Phishing is an email sent fraudulently claiming to come from the IRS or another legitimate organization. Smishing is a text message using the same technique. The IRS will never initiate contact with taxpayers by email, text, or social media regarding a bill or refund, so do not click on communication claiming to be from the IRS. Unscrupulous Tax Return Preparers: While most tax preparers are trustworthy, be cautious of those who refuse to sign the tax returns they prepare – this is a huge red flag. It is law that anyone paid to prepare federal returns must sign them with their name and Preparer Tax Identification Number (PTIN), and not doing so could suggest a preparer looking to make undue profit. Fake Charities: Scammers frequently exploit tragedies, setting up fake entities to prey upon the public’s kindness. Typically, scams asking for donations toward disaster relief occur via phone. Taxpayers should research charities prior to contributing, not feeling pushed to give right away, as established charities will be grateful for donations whenever they come through. Social Media Scams: Social media can circulate inaccurate or misleading tax information, and unfortunately, sometimes people provide bad advice that can lure good taxpayers into compromising tax situations. Some recent examples of bad tax advice on social media involve tax documents like Form W-2 or Form 8944. Both schemes involve encouraging people to submit false information in hopes of getting a refund. Remember, there is no secret way to fill out a form to receive a larger refund that you are not entitled to. For more fraud prevention tips and information, especially advice that may pertain to your Florida Credit Union accounts, please visit flcu.org/efraud-prevention.
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4 Reasons to Switch to eStatments Our goal at FCU is to become more eco-friendly. Enrolling in eStatements is not only an impactful way to do your part for the environment, but it is also a smart choice for your financial protection. What are eStatements? eStatements are electronic bank statements. Access them using a notification link delivered by email and in your online banking account immediately after they become available. Why should I switch to eStatements? 1. Enhanced Security. Paper statements are more susceptible to theft or loss, heightening the possibility of mail fraud and identity theft. Simply put, eStatements provide extra security. 2. Convenience at Your Fingertips. Your statements are easily accessible through FCU Anywhere online and mobile banking. Electronic statements are available days earlier than paper statements, so you can view, download or print them at your convenience. 3. Cost Savings. Printing and mailing paper statements are a costly resource, so eStatements save money. As a credit union, every penny we save goes back to our members in the form of lower rate loans, a higher return on savings, lower fees, and better service to members. 4. Reduce Your Carbon Footprint. By enrolling in eStatements, you assist in our efforts to help the environment and contribute to a greener planet. Electronic statements help save trees, reduces the chemical usage, and saves on the fuel needed to transport and deliver paper statements. How do I switch to eStatements? Switching to paperless is easy! Once registered with FCU Anywhere online and mobile banking, choose from 2 options: 1. Desktop: Login to FCU Anywhere > Select Accounts > View Statements > Subscribe 2. Mobile: Login to FCU Anywhere > Select More > View Statements > Settings > Subscribe For more information visit your local branch or call 1-800-284-1144.
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Join Us for Our 69th Annual Meeting We’re owned by members, and your support has allowed us to grow year after year. Please join us to celebrate another successful year of service! Tuesday, February 27, 2024 at 6:00 p.m. Hotel Indigo 5020 SW 30th Lane Gainesville, FL 32608 Any changes to the time or location of the Annual Meeting will be posted in branches and on our website at flcu.org/events. Board Nominations: Mr. Andrew Sutherland and Mr. Lynn P. Jones, Sr.
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Love FCU? Leave us a Review! If you received excellent service or want to give your favorite employee a shout-out, please leave a review on Google or Facebook for your local FCU branch!
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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. FCUMKEM0997-0224
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The information contained in this email (the “Content”) is provided for informational and educational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Content is not intended to be and does not constitute financial, investment, tax or accounting advice or a solicitation to buy or sell securities. The Content is necessarily general in nature and is not specific to you or anyone else. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX OR ACCOUNTING ADVISORS BEFORE IMPLEMENTING ANY ADVICE INCLUDED IN THE CONTENT. By viewing or utilizing the Content, you agree that you will not hold Marquis Software Solutions, Inc., Florida Credit Union or their affiliates or agents responsible for loss or damages resulting from the Content.
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