Elder Financial Abuse

Elder financial abuse is the theft or embezzlement of money or any other property
from an elder. It can be as simple as taking money from a wallet and as complex
as manipulating a victim into turning over property to an abuser. This form of abuse
can be devastating because an elder victim’s life savings can disappear in the blink
of an eye, leaving them unable to provide for their needs and afraid of what an
uncertain tomorrow will bring.

It's sad, but estimates show that millions of seniors are victimized by financial abuse each year. The most frequent type of elder abuse is perpetrated by a family member who uses the resources of an elderly relative for their own benefit. Signs of elder financial abuse include unpaid bills, missing valuables, comments from the elderly person and isolation.

If you are or know a victim of elder financial abuse, you can call the Elder Abuse Hotline of the Maine Department of Health and Human Services Adult Protective Services Division at         1-800-624-8404.

Mobile Banking Q&A

Q - I got a new phone for Christmas and I can no longer access my accounts on mobile banking.

A- Most likely you have too many devices registered for mobile banking. For security purposes, we limit the total number of devices you can access via mobile banking to five devices (per membership account).

Look how quickly the number of devices can add up:

1.    Your old phone
2.    Your spouse’s phone
3.    A tablet
4.    Mobile web browser for you
5.    Mobile web browser for your spouse

That’s five. Add a new phone (or a new tablet) and you will encounter problems trying to access mobile banking. By limiting the number of devices that can access your accounts we are protecting you from unauthorized access by identity thieves. Simply call the Credit Union and a Member Service Representative can remove an older device so you can use the new one.

It’s also important to remember that every time you register a new device you will be asked to add a one-time PIN (sent via email) to your existing password. This also helps prevent unauthorized access to your accounts. You only have a limited amount of time to use this one-time PIN. If you forget to use it before it expires, you will need to call the Credit Union to have it reset.

Health Savings Accounts (HSAs): Is an HSA Right for You?

Health Savings Accounts (HSAs) are similar to personal savings accounts, but the money in them is used to pay for health care expenses. You own and control the money in your Health Savings Account.

To open an HSA, you must meet the following qualifications:

•    You must be under age 65 

•    You must carry a high-deductible health insurance plan; this high deductible health plan must be your only health insurance  - you can’t be covered by any other health insurance.

High-deductible plans don’t start paying until you’ve spent at least $1,250 (for an individual) and $2,500 (for a family) of your own money on health care expenses. While the deductible is high with this type of plan, the premium is typically lower for high-deductible plans than for traditional plans.

Some potential advantages of an HSA are:

•    You decide how much money to set aside for health care costs.

•    You control how your HSA money is spent.

•    Your employer may contribute to your HSA, but you own the account and the money is yours even if you change jobs.

•    Any unused money at the end of the year rolls over (stays in your account) to the next year

•    You don’t pay taxes on money going into your HSA

If you think a Health Savings Plan is right for you, please visit one of our Member Service Representatives who will assist you through the process.

Stay on Top of Your Account Activity

Are you suffering from security breach burnout in the wake of the recent hacker attacks at Shaw’s and Home Depot?  You may have even been one of the unfortunate ones to have had your card compromised at some point.

Unfortunately, once you have swiped your card at a store, you no longer have control over the safety of your card information. However, you can help prevent fraud by keeping the following in mind:\

1. Never share your PIN number with anyone.
2. Never write your PIN on your card.
3. Never keep your PIN with your card.
4. Monitor your accounts regularly for any unauthorized activity through our online home banking or mobile banking. This will allow you to verify that what is being debited from your account was actually authorized by you.
5. Keep track of ALL transactions. Use a checkbook register even if you do not use checks.
6. Contact the Credit Union immediately if you suspect unauthorized activity on your account. This will allow the Credit Union to immediately block your card and investigate the activity.
7. NEVER RESPOND to strange phone calls, text messages or emails asking for personal and/or card information. 

There is no way to prevent all fraud, but by following the above steps, you can be proactive and help us prevent fraud.

My debit card is expiring soon. When will I receive my new card?

Generally, your new debit card is mailed to you the month PRIOR to it expiring. For security reasons, your debit card will arrive in a plain, unmarked envelope with only the Credit Union’s address on it. It is easy to mistake this envelope for junk mail, so be on the lookout.

FYI:  your debit card is valid until the end of the expired month.

Surf Dude and Shared Branching

Will you be SURFing during your summer vacation? With the Surcharge Free ATM network offered by the Lisbon Credit Union,along with other participating Maine Credit Unions, you can withdraw money from your accounts with us at an ATM from York to Fort Kent, and a lot of places in between! It’s one of the many convenient benefits of your Membership with the Credit Union, and it’s what makes credit unions different from banks.

Shared Branching offers even more convenience. At participating credit unions, you can perform many of the transactions you would normally do at your Credit Union. Surfing or swimming in Wells? Camping in Farmington? Sailing in Rockland? There’s a shared branching credit union in all of these locations, and many more! Shared Branching even reaches beyond our state border and covers you coast to coast. Visit co-opsharedbranch.org to find a location
wherever you may be traveling this summer.

Your Path to Financial Success

Today’s world can be harsh. Every day we face obstacles that drain us emotionally, physically, and financially. We somehow seem to muster up enough strength to get through the emotionally and physically trying times, but what happens when there is just NO money left? Fear, depression, and avoidance are common ways to handle financial difficulties.  It doesn’t have to be that way. Taking control, making a plan and asking for help are the best ways in which to deal with financial problems. Below are some ways to make a financial crisis easier to manage and produce positive results:

Track Your Spending: If your budget continuously comes up short, take a week or two and log all your purchases and spending. This will highlight areas that are draining your wallet. You just might be surprised to see how much you’re spending in a week on unnecessary items.

Make a Priority List: Sit down and make a list of all your “Must Haves.” Make sure to include the due dates and weekly expenses for each.  This list should include housing, utilities, and any expense needed to secure a roof over your head. Account for a vehicle, gas, and related travel expenses so that you can make it to work to earn that next paycheck. Also, debts with monthly payments, like credit cards or loans, should be listed. Keeping these on track will ensure no added fees, no increased interest rates, and no aggressive collection action. Food and personal items will also need to be calculated. Be honest with yourself… it’s your list!

Construct a Plan: Your Priority List will allow you to start making a financial plan. You will know what needs to be paid and when. You can start to budget individual debts weekly or biweekly depending on your pay schedule. It helps to make a plan on paper. If you see it, it will happen!

Talk About It: If, after making a plan, you are coming up short, be open and honest about it. Every credit union, bank, and utility company has a Debt Resolution or Collections Department. People are in place to help you! Making contact with these people will ensure a productive working relationship. Most have programs or ways in which to make it easier for you to make payment. Establishing an open line of communication is a great way to work through budgeting shortages, past due balances and avoiding aggressive collection action. We all know how hard it is in today’s world and it is okay to ask for help.

Debt Management Companies: There are companies that extend their services to help you create budgeting plans. Be sure to research which company you choose to work with. One trusted company is Money Management International, with offices in Auburn, South Portland and Bangor.

Your Credit Union encourages a proactive approach to financial hardship. We understand the stresses of life and that there seems to never be enough money to go around. We have a knowledgeable Collection Department ready and willing to help you. Contact us with any questions or to discuss an appropriate course of action for you. You may reach our Collection Department at 207-353-4144.
Just remember, where there is a will, there is a way!

Article written by: Tracy (Lisbon Credit Union Loan Collector)