Financial Tips

Simple Tips to Protect Yourself from Identity Theft

As fraud becomes more prevalent and fraudsters become more creative, it’s important to arm yourself with the tools to help protect you and your loved ones. The four steps below focus on how you can create obstacles to make it harder for fraudsters to garner your personal data and/or transact business using your hard-earned money:

Always password protect your digital properties, no matter what. And, when selecting passwords, it’s important to choose different passwords for each account, so if a fraudster is able to access one of your digital properties, they may not be able to access others.

Use complex passwords with a mixture of numbers, symbols and letters, upper and lower case. Refrain from using your telephone number, address, birthdate, or names of relatives, as these are the first things fraudsters will try.

If you suspect someone is attempting to get access to one of your digital properties, change your password immediately. You also may want to create a schedule so that you remember to change your passwords periodically throughout the year for added protection.

Slow down and be cautious as you go through your inbox and text messages, as identity thieves routinely send emails and text messages to phish for information. Moving too quickly may cause you to click on something that is not legitimate, leading you to provide your information on a fraudulent site. You should also consider enabling multi-factor identification when possible. That way, if fraudsters try to change your credentials, you may have an opportunity to stop it.

Fraudulent correspondence often use a generic opening, something like “Dear account holder”, instead of using your actual name. They typically have a sense of urgency, including subtle threats like “confirm your username” or “your account has been overcharged or frozen”. Often times they will use incorrect spelling or grammar.

If you feel compelled to respond right away, leave the text or email completely. Do not click on any links.

If the correspondence claims to be from your financial institution, call them directly using the telephone number on the back of one of your debit or credit cards.

If you accidentally click a link or open a suspicious document, call your financial institution immediately and change any/all passwords associated with the institution referenced.

Monitoring your financial transactions with alerts makes it especially hard for fraudsters to get away with multiple purchases. Real-time alerts will let you know as soon as a transaction is made, allowing you to know if and when an unauthorized transaction is made. If you receive an alert about a transaction you did not conduct, reach out to your financial institution immediately so they can monitor your account and decline transactions and/or close your card and order a replacement.

In addition to staying knowledgeable of current fraud tactics and implementing good security habits, it may be beneficial for you to purchase an Identity Theft Protection Membership.

Here are some of the things an ID Theft Protection Membership can do for you:

• Provide insurance coverage
• Monitor your credit reports
• Monitor your SSN, Email and Phone
• Assess your risk
• Provide access to a resolution team
• Dark web monitoring
• Alerts for new financial applications in your name

You can compare different ID theft protection companies and plans or see if your financial institution or workplace has options in place for you. For instance, Wheelhouse Credit Union Members can receive a free 30-day ID Theft Protection Membership and up to 30% the plans through Financial Lock. Learn more about the Financial Lock offer here.

Should You Add a Solar Battery to Your Home?

With many San Diego homes utilizing solar panels, and blackouts being more regular, it may be a good time for you to consider a solar battery system for your home. To help you decide if it’s the right time for you, we’ve put together this Solar Battery Quick Guide. (Download the Visual Quick Guide here.)

Living in the Golden State means there is an abundance of solar energy to harness. This typically results in solar panels generating more energy than you need on a day-to-day basis. This is why solar batteries are a great option for San Diegans who want to have electricity to utilize during blackouts, or “when you need more electricity than your solar panels are producing (later in the day or at nighttime).¹”

Like solar panels, solar batteries may be eligible for a federal solar tax credit (ITC). The tax credit mirrors that of the solar panels, which means the sooner you get your solar battery, the better. Systems installed in 2020 may qualify for a 26% tax credit; whereas in 2021 the ITC maxes out at 22%, and in 2022 it plummets to 0%.

In addition to the ITC, you may be able to take advantage of California’s Self-Generation Incentive Program (SGIP), which makes SDG&E customers eligible for a rebate on their energy storage system. The General Market rebate is approximately $250 per kilowatt-hour (kWh) stored in your solar battery. Some people may qualify for the Equity rebate of up to $850/kWh or the Equity Resiliency rebate of up to $1,000/kWh. For more details on the SGIP Residential Rebates, visit the SGIP website.

With more planned blackouts and unforeseen power outages, solar batteries can provide the protection and reliability you want to keep the lights on in your home. Energy storage systems also offer flexibility for you to use stored energy during costly Time-of-Use (TOU) hours, thus avoiding an expensive electric bill.

Download the Visual Solar Battery Quick Guide here

Is a 0% Auto Loan Good for You?

Crazy question, right? It sounds great. But getting a zero percent loan can actually cost you more money compared to a low interest rate loan. If the dealership gives you the option of a 0% loan or a rebate of some amount, you may end up paying less for the vehicle by taking the rebate and financing through a low-rate loan.

First, Some Math
Some dealerships are offering rebates up to $12,000 off MSRP for select vehicles.¹ That’s a lot of money you could save! Of course, a rebate of that amount is less common than a rebate of a few thousand dollars, so let’s use a more practical example:

You’re looking at a car for $24,000 and you can either take a 0% loan or receive a rebate of $5,000. If you take the 0%, you pay the $24,000 in the long run. If you take the $5,000 rebate and finance a loan for $19,000 at an interest rate of 2.69% APR* for 66-months, you will end up paying $1,461.42 in interest, or $20,461.42 total.

As you can see, in the long run, you saved a few thousand dollars by taking the rebate over the 0% loan. Of course, this won’t always be the case and the details of your circumstances will differ. The point here is to not jump in to a 0% interest loan without comparing your options.

To help you explore your options, feel free to use our “Compare Two Vehicle Loans” calculator or call one of our Member Service Representatives at 619-297-4835.