The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Six Signs It Is A Scam
Presentation at Mid Oregon’s Annual Meeting
On Saturday, February 9th, Mid Oregon Credit Union held its 62nd Annual Meeting at The Riverhouse on the Deschutes Convention Center. Almost 200 people braved blizzard-like conditions to attend, and they were treated to a very informative presentation.
Billie McNeely, State Elder Financial Exploitation Specialist with the State of Oregon Adult Protective Services, engaged the audience with “Six Signs It Is A Scam”. Below, we are sharing the main points of her presention.
1. Scammers Contact You “Out Of The Blue”
It could be a knock on the door, a phone call, or a piece of mail you weren’t expecting. For example, you didn’t think you owed the IRS or a debt collection agency money, but they called claiming you could be in trouble if you don’t pay.
2. Scammers Claim There Is An “Emergency”
A scam might warn that if you don’t respond immediately your prize winnings will be lost, or that a relative or friend is in trouble in a foreign country. If something prompts immediate action, be cautious.
3. Scammers Ask For Your Personal Information
Scammers often pose as banks, healthcare providers and government officials asking for identifying personal or financial information. Anytime someone asks you for this information, be suspicious!
4. Scammers Want You To Wire Money
You may be asked to wire money or purchase pre-paid debit cards. This is the easiest way for scam artists to get their hands on your money, and it’s almost impossible to get it back once it has been sent. Don’t do it!
5. Scammers Tell You To Keep It “Secret”
By asking you to keep a transaction secret, scammers know you won’t have to respond to questions from family and friends who might see through the scam. Check with someone you trust before acting.
6. Scammers Make It Sound Too Good To Be True
If it seems too good to be true, it probably is! Above all, use this simple mantra to help you detect and avoid scams. It’s always better to be cautious than to be a victim.
Mid Oregon is very concerned about our members and the communities of Central Oregon. For additional resources and information, visit our Security and Fraud Center, and stay up-to-date with Stickley on Security.
For more information on scams, or to file a complaint, contact the Oregon Department of Justice online at www.oregonconsumer.gov or call 1-877-877-9392.
2018—A year of growth and strength
We predicted that 2018 might be our best year yet, and we weren’t disappointed! Our team stayed very focused, funding a record number of member loans and exceeding even our own high expectations. We also attracted new members to our institution at rates that far exceed our region’s population growth. This demonstrates that a growing number of Central Oregonians are looking to bring their financial business to a local provider, and we welcome them to Mid Oregon to receive the best value for their money.
Our brisk lending demand, coupled with a rising rate environment, enabled us to re-vamp our deposit offerings to help you boost your returns and ensure that our institution is poised for continued healthy lending levels over the long term. We’ve rolled out special Share Certificate offers, and introduced our enhanced Premium Interest Checking and High Yield accounts. These accounts will help you get the best return on your deposits, and hopefully encourage you to consider keeping more of your deposit dollars local.
Relationships are about more than loans and deposits, and our commitment to giving back to the community hasn’t wavered. Last fall, we celebrated the opening of the first student-run branch in Central Oregon—located at La Pine High School. This tiny branch is a mighty one—providing critical school-to-career experiences for high school students, while offering opportunities for the entire student body to gain needed financial literacy skills that they’ll need when they head out into the “real world.”
Lastly, 2018 ended on a challenging note for many of our members affected by the partial federal government shutdown. Mid Oregon responded quickly by offering no- or low-interest temporary loans, waived fees on skipped loan payments, and other resources to support local federal employees in our community who are experiencing work furloughs. We’ll be here as long as they need our help.
We wish you the very best in 2019, and thank you for being a part of Mid Oregon Credit Union!
Bill Anderson
CEO, Mid Oregon Credit Union
Seven Ways to Use Your Tax Refund
Seven Ways to Use Your Tax Refund
If you’re expecting a tax refund this year, now is a best time to start planning how you’ll use that extra money. The best uses are to pare down debt and bulk up your savings. Here are seven ways to use your tax refund. For instance, you can:
- Open an emergency fund or add to your existing one. Aim to save enough to cover three to six months of expenses for those unexpected emergencies, like your car breaks down, your refrigerator dies, or you lose your job. Put your tax refund into a savings account opened specifically for these emergencies. Three to six months is a big hurdle if you are just beginning. Aim for at least $1,000 if that is all you can do.
- Fund your IRA. You can make up to a $5,500 contribution ($6,500 if you’re 50 or older) to a Roth or a traditional individual retirement account (IRA) for tax year 2018. Mid Oregon has both kinds of IRA accounts- learn more by visiting our Deposit Account webpage, and click on the IRA/HSA tab.
- Open a 529 plan. If you save for your child’s college education in a 529 plan, you may get a tax deduction for your efforts. Visit SavingforCollege to find out more. Mid Oregon Financial Services has 529 options for you, visit their webpage for more details.
- HSA Accounts. If you are have a high-deductable health plan, starting or building your Health Savings Account (HSA) is a great option. HSA accounts let you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in an (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs. HSA funds roll over year to year if you don’t spend them. An HSA may earn interest, which is not taxable. Mid Oregon has a great HSA Account, with a debit card and no monthly fees. To learn more about HSAs, visit HealthCare.gov, and to learn about Mid Oregon’s account, visit our Deposit Account webpage, and click on the IRA/HSA tab.
- Take a class to improve your career prospects. If you think you lack certain skills to get ahead in your career, use the refund to purchase classes to learn those skills. You may be able to deduct those expenses from your taxes using the Lifetime Learning Credit. Central Oregon Community College (COCC) is a great place to start for adult career development.
- Pay off debt. Use your refund to pay off any high-interest-rate credit card debt you may have. Try to pay off the debt in full so you can stop getting interest charges added to your balance every month.
- Start a Savers Club account. This account lets you save for holiday spending year-round so you don’t have to rely on credit cards in December. It is also flexible enough to use for vacation savings, property taxes, and many more expenses. If your employer offers direct deposit, make saving even easier by having a set amount automatically deposited to this account. To learn about Mid Oregon’s Savers Club account, visit our Deposit Account web page, and click on the Certificates tab.