financial resouces

At RESCU, we believe financial education is essential to building long-term stability and confidence for our members. Providing access to clear, practical financial knowledge empowers individuals and families to make informed decisions, navigate life’s challenges, and achieve their financial goals.

We are committed to equipping our members with the tools and resources they need to succeed. Through personalized guidance, digital banking tools, budgeting resources, credit-building programs, and ongoing educational opportunities, we strive to support every member at every stage of their financial journey.

By investing in financial education, we strengthen not only individual financial well-being, but also the resilience of the communities we serve.

 Money Basics Part 1

The Money Basics Guide to Budgeting and Savings

Developing a budget can feel scary for many consumers. It requires you to be proactive about your financial situation and for many people, it can be hard to face. But having a budget is crucial to managing your money, staying out of debt, and ultimately building wealth. More than anything, budgeting helps you to keep track of what money is coming in and what money is going out of your pocket—also known as your income and expenses.

The Money Basics Guide to Savings and Checking Accounts

Establishing a savings and checking account is one of the first steps in establishing your financial foundation. These accounts allow you to deposit, store, and your withdrawal money. To learn more about account features and the things you need to know to manage your accounts wisely, check out this guide.

The Money Basics Guide to Building and Maintaining Credit

Understanding how to build and maintain good credit can feel intimidating, especially if you've experienced financial setbacks along the way. This guide is designed to teach you the basics so you can protect yourself from credit errors and fraud, while also building good money habits that make credit work in your favor.

Money Basics Part 2

The Money Basics Guide to Savings and Checking Accounts

Establishing a savings and checking account is one of the first steps in establishing your financial foundation. These accounts allow you to deposit, store, and your withdrawal money. To learn more about account features and the things you need to know to manage your accounts wisely, check out this guide.

Additional information go to https://mycreditunion.gov/brochure-publications/brochure/money-basics-guide-savings-and-checking-accounts

Money Basics Part 3

The Money Basics Guide to Building and Maintaining Credit

Understanding how to build and maintain good credit can feel intimidating, especially if you've experienced financial setbacks along the way. This guide is designed to teach you the basics so you can protect yourself from credit errors and fraud, while also building good money habits that make credit work in your favor.

Additional information go to https://mycreditunion.gov/brochure-publications/brochure/money-basics-guide-building-and-maintaining-credit

Overdraft or Overdrawn

What is an Overdraft?

When the amount of money withdrawn from a checking or share draft account that is greater than the amount actually available in the account, the excess is known as an overdraft and the account is said to be overdrawn or to overdraw your account.

The overdrawn balance on your account must be paid immediately.

RESCU does not offer a formal overdraft protection program. However, if you do not have sufficient funds available when a transaction is presented, an overdraft fee may be charged to your account.

In certain cases—such as non-card-based transactions—a fee of $25.00 will be assessed and the transaction may be returned to the sender.

Please be advised that continued overdrafts may result in the suspension or closure of services, including but not limited to:

  • Debit Card access

  • Checking account privileges

  • Remote deposit services

These actions may be taken at the discretion of the credit union.

If you have questions regarding your account balance or would like assistance in avoiding future overdrafts, please contact RESCU for support.

Why Reviewing Your Monthly Account Statement

Would you know your rights if you found unauthorized transactions on your monthly checking account statement? When you find unauthorized transactions on your checking account statement there are some actions you must take to avoid liability for subsequent unauthorized transfers. This is where knowing and understanding your rights under the following is an external link to a website belonging to a private organization or commercial entity. Electronic Fund Transfer Act (EFTA)(Opens new window) will save you time and money!

What are the Timeframes for Disputing Unauthorized Transactions?

Under the EFTA, you can dispute an unauthorized transaction by notifying your credit union no later than 60 days after it sends your periodic statement. Your notice should include information that explains why you believe the transaction is unauthorized, and the date and amount of the transaction. When the credit union receives a sufficient notice of an unauthorized transaction from you, the credit union will investigate and report its findings to you. If a credit union does not conclude its investigation within 10 business days, it may take up to 45 days as long as it provisionally credits your account in the amount of the alleged unauthorized transaction. If the credit union finds that no unauthorized transaction occurred, it will send you a written report within three business days after completing its investigation. The report should note your right to request the documents the credit union relied on in making its determination. Upon your request, the credit union should promptly provide copies of the documents. The credit union may also reverse any provisional credit if it determines that no unauthorized transaction occurred.

What Should I Do?

What to do when you discover unauthorized transactions on your checking account statement?

  • Act as soon as possible when you notice unauthorized transactions on monthly checking account statement.  

  • Report the unauthorized transaction(s) to your credit union.

  • If the credit union’s investigation takes more than 10 business days, ensure that the credit union gives you the disputed funds as a provisional credit until they conclude the investigation.

  • Monitor the credit union’s response to you. Keep in mind a dispute investigation may take up to 45 days in some cases, but the credit union should inform you of its investigation results within three (3) business days of the conclusion of the investigation.  

Managing Debt

Creating a Plan of Action to Manage Debt

Debt can feel overwhelming, but with the right strategy you can manage and reduce the financial burden and take control of your financial situation. Start by assessing your current situation. For a clear picture, make a list of your outstanding debts, including the interest rate or APR and payment schedule for each debt. Next, create a budget that outlines your income and expenses. Lastly, adjust your expenses to find extra money to devote to debt reduction. Seeking additional income sources can also expedite the repayment process. Remember, managing debt is a gradual process. With determination and a solid plan, you can work towards a more secure financial future.

What is Credit Counseling & Debt Relief?

If you’re struggling with significant credit card debt and can’t work out a repayment plan with your creditors on your own, consider contacting a debt relief service like credit counseling or debt settlement. Credit counseling services, often offered by nonprofit organizations, advise you on managing your money and debts. They may offer free educational materials and workshops. An initial counseling session typically lasts an hour, with an offer for follow-up sessions.

Be aware that “nonprofit” status doesn’t guarantee that services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which they may hide, or urge their clients to make "voluntary" contributions that can cause more debt. Debt relief programs, also known as debt settlement, are typically offered by for-profit companies, and involve negotiating with your creditors to pay a “settlement” to resolve your debt — a lump sum that is less than the full amount that you owe. However, debt relief isn’t guaranteed, and it comes with risks, such as a lower credit score, substantial fees and potentially lawsuits.

Credit Counseling & Debt Relief Services

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides, how much it costs, and how long it may take to get the results they promised. Look for an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate non-profit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts and help you develop a budget. Their counselors are certified and trained in consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you and help you develop a personalized plan to solve your money problems.

If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a Debt Management Plan (DMP). In a DMP, your creditors may agree to lower your interest rates or waive certain fees, but it’s essential to check with all your creditors to be sure they offer these concessions. A successful DMP requires you to make regular, timely payments; it could take 48 months or more to complete your DMP.

Bankruptcy

Personal bankruptcy also may be an option, although its consequences are long-lasting and far-reaching. The two main types of personal bankruptcy are: Chapter 13 and Chapter 7, both filed in federal bankruptcy court. Filing fees are several hundred dollars.

• Chapter 13 allows individuals with a steady income to keep property, like a mortgaged house or a car that they might otherwise lose through the bankruptcy process. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during three to five years, rather than surrender any property.

• Chapter 7 is known as straight bankruptcy. This can often eliminate most debt.

You should speak with an experienced bankruptcy attorney to help you understand your options and next steps.

Using a Debt Management Plan

With a Debt Management Plan (DMP), you deposit money each month with the credit counseling organization. It uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Secured loans, child support, alimony, fines, taxes, and some student loan obligations are not eligible to be included in a DMP.

You May Pay a Service Fee for Credit Counseling

Credit counseling costs vary depending on the state and company. It starts with a free consultation to review your credit and finances. They may also offer free resources or workshops on topics like housing, student loans, or tax debt counseling. If you enroll in a Debt Management Plan (DMP), the initial setup and monthly fees are usually low. You may qualify to eliminate fees based on your total income and federal limits.

Your Access to Credit Is Limited

When enrolled in a DMP, your access to credit will likely be restricted. To understand when you can regain access to credit, it’s important to communicate with your credit counseling organization. Ask them for a detailed timeline of your DMP, including how long it will take to pay off debt and when you might be able to apply for a new credit.

Debt Relief and Credit Repair Scams

Avoid any debt relief organization — whether it’s credit counseling, debt settlement, or any other service — that: charges any fees before it settles your debts or enters you into a Debt Management Plan (DMP) plan; pressures you to make "voluntary contributions," which are essentially fees; touts a "new government program" to bail out personal credit card debt; guarantees it can make your unsecured debt go away; tells you to stop communicating with your creditors, but doesn’t explain the serious consequences; tells you it can stop all debt collection calls and lawsuits; and guarantees that your unsecured debts can be paid off for pennies on the dollar.

If you experience a scam with a credit repair or debt relief organization, you can file a complaint with the Federal Trade Commission (FTC). Although the FTC cannot resolve individual complaints, your complaint will be filed into a secure online database, which is used by many local, state, federal and international law agencies.

 

 

 

 

 

Information courtesy of mycreditunion.gov

 
 

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