Consumer Tips

» Find out about online security with this consumer publication (PDF) from the National Credit Union Administration
» Learn how to stay safe when using ATMs
» Visit the U.S. Government's consumer Web site
» Find out how to protect and improve your credit score (PDF)
» Find consumer news and tips from Consumer Federation of America
» Need help understanding and managing your 401(k)? Try this survival kit from the non-profit Alliance for Investor Education.
» Enjoy Home and Family Finance Online, a credit union magazine that helps you save money

Tired of junk mail?

• To opt out of receiving prescreened credit card offers, call: 888-5-OPTOUT (1-888-567-8688). The three major credit bureaus use the same toll-free number to let consumers choose not to receive pre-screened credit offers.
• Experian offers consumers the opportunity to have their names removed from lists that are used for marketing and promotional purposes. To have your name removed from Experian's marketing lists, call 800-407-1088.
• The Direct Marketing Association’s (DMA) Mail, Email and Telephone Preference Services allow consumers to opt out of direct mail marketing, email marketing and/or telemarketing solicitations from many national companies. Because your name will not be on their lists, it also means that these companies can't rent or sell your name to other companies. To remove your name from many national direct mail lists, write:
  DMA Mail Preference Service
  P. O. Box 9008
  Farmingdale, NY 11735-9008
• To remove your name from many national direct e-mail lists, visit www.e-mps.org
• To avoid unwanted phone calls from many national marketers, send your name, address and telephone number to:
  DMA Telephone Preference Service
  P. O. Box 9014
  Farmingdale, NY 11735-9014
• For more information, visit the DMA.

How to keep important papers safe
No one knows when a disaster will strike. But if one does, do you know where your Social Security cards, insurance records, property titles, and wills are? It's important to keep and know where all your financial records are in case of fire, flood, or other disaster. Bankrate.com (Sept. 18) has some tips to help you organize your financial records:

• Decide where you'll file or keep the papers. File them in safe deposit box or a fireproof box/safe;
• Collect all papers related to financial transactions;
• Create copies and store them in separate places. For example, keep one set of copies at home and another in a safe deposit box;
• Make a list of phone numbers and account numbers you will need to access financial documents such as credit union statements or life insurance policies;
• If you record your financial information in a personal finance management computer program like Quicken, back it up regularly and store the back-up disk(s) in a fireproof location;
• Document your personal possessions. Some people videotape or take pictures of their house and possessions;
• Inform the appropriate people where important information is located in case you're not available;
• Make sure you have adequate homeowner's insurance before a disaster strikes; and
• Create an emergency savings fund. Experts recommend having at least three months of expenses in an emergency savings account. Talk with someone at Alabama Credit Union today to start your emergency fund.

It's tax check-up time
NORTH PALM BEACH, Fla. — It's never too early to start preparing for the tax season ahead. Experts recommend taking a few minutes in December to do a quick tax check-up to increase your dividends in April. Bankrate.com suggests to check the following:

• Check your paycheck withholding. If you don't have enough taxes taken out, you could end up owing the Internal Revenue Service (IRS). If you got married, had a child, or bought a house during the last year, it's especially important to check and adjust your withholding.
• If you're paying on a mortgage, make your January payment in December. By accelerating the payment, you get an additional deduction for the interest paid.
• Keep in mind that if you contribute to a flexible spending account and you still have some money in it, you'll lose it in the next few weeks unless you use it — it can't be carried over into the next year.
• Medical and dental expenses can help reduce your tax bill, but only if you have enough of them. IRS rules say you can't count these deductions unless they exceed 7.5% of your adjusted gross income. For example, if you make $50,000, that means you must have unreimbursed medical costs of more than $3,750 to receive any tax benefit. If you've delayed that elective surgery because of cost, try to have it done before year's end so you can increase the medical deductibility amount (cosmetic surgery doesn't count).
• Prepay some miscellaneous expenses such as union or professional dues, tax preparation and investment advisory fees, legal and accounting fees, or job-related and educational expenses. These can help reduce your taxes, but they must meet 2% of your adjusted income.
• Don't forget you can deduct donations to charities. Itemized gifts of cash or goods can be deducted to lower your tax bill.

For more information, read "Benefit From Your Work" in the Home & Family Finance Resource Center.

Stay safe when using ATMs
Security tips at walk-up ATMs:

• Always observe your surroundings before conducting an ATM transaction. Observe the entire area from inside your car before getting out. If anyone or anything appears to be suspicious, leave the area at once.
• If an ATM is obstructed from view or poorly lit, go to another ATM. It is a good idea to take along a companion when using an ATM, especially at night.
• Minimize time spent at the ATM by having your card out and ready to use. Do not let anyone see how much money you withdrew, and never count your money at the ATM.
• Never allow a stranger to assist you in conducting an ATM transaction, even if you have trouble or your card is stuck.
• Stand between the ATM and anyone waiting to use the terminal so that others cannot see your secret code or transaction amount.
• If you see anyone or anything suspicious while conducting a transaction, cancel your transaction and leave immediately.
• Look for possible fraudulent devices attached to the ATM. If the ATM looks different or appears to have any attachments over the card slot or PIN pad, do not use the ATM.

Security tips at drive-up ATMs:

• Keep the doors locked, windows up and engine running at all times when waiting in line at a drive-up ATM.
• Leave enough room between cars to allow for a quick exit should it become necessary.
• Before lowering the window to use the ATM, observe the entire surrounding area. If anyone or anything appears to be suspicious, drive away at once.
• Minimize time spent at the ATM by having your card out and ready to use. Once your transaction is complete, take your money, card and receipt, and immediately drive away from the terminal.
• While conducting a transaction, if anyone or anything appears suspicious, cancel your transaction and leave immediately.
• If anyone follows you after you have completed your ATM transaction, go immediately to a crowded, well-lit area and call the police.

Cures for holiday debt hangover
AGAWAM, Mass. (1/16/03) — Happy New Year! Have you recovered from all the holiday cheer? You may just have a relapse when those holiday bills start arriving. Luckily, there are some good remedies for that classic holiday debt hangover.

Begin by taking a deep breath — then gather all of your outstanding bills. Determining exactly how much you owe is the first step toward getting your finances under control. Many people procrastinate when it comes to opening those credit card bills, but the longer you wait, the worse the situation may become.

Next, develop a workable plan for paying off your debt. Try ranking your credit cards by interest rate and make them your top priority. If you can't afford to make large payments, pay the minimum amount. For your credit rating's sake, never neglect a credit card payment.

If one of your New Year's resolutions was to begin saving, start now and stick to it. One way to save for the 2003 holidays is to open a holiday club account at your credit union. Each month, a specified amount of money is withdrawn from your share draft or savings account and is put in your holiday club account. The money accumulates and by the end of the year, a nice lump sum is "released" to you just in time for the holidays.

If all else fails, get help. If you are finding it hard to repay holiday debts, consider contacting a credit counselor. Call your credit union for more information on credit counseling and how to manage your finances.

For more information, read "Seeking Help in a Crowded Field: Check Out Credit Counselors" in the Home & Family Finance Resource Center under the "credit" category.