Month: February 2018

New Online Banking Security Feature

On By mutualcuIn SecurityLeave a comment

 Releasing Tuesday, February 27, 2018

Beginning on Tuesday, February 27, 2018, the Mutual Credit Union Online Banking service will offer a new security feature. This added step in the login process helps safeguard your personal information by adding another layer of identity verification to online financial interactions. The protection of your personal information is of the utmost importance to us.

How does this new security feature work?
When logging into online banking on your computer, you will receive a message (text or voice) on your phone with a 4-digit code. You will be asked to enter this 4-digit code to complete the login process on your computer. NOTE: This feature requires a simple setup, but it takes the place of answering security questions when logging into online banking. This feature does NOT apply to our mobile app.

When will this new feature begin?
Starting Tuesday, February 27, 2018, when you log into online banking on a computer, you will be asked to set up your verification phone number.

How do I set up this feature?
After you enter your username and password, you will see the screen below:

  • You can choose a phone number that is currently listed on your account, or add another number of your choice.  It will save up to 5 phone numbers on your account.
  • Choose your Notification preference (Text or Call).
  • Click “Save”, and you will receive two text or voice messages: one notifying you that alerts are activated, and the other with a 4-digit code to verify the phone number.  Instructions for Opting Out of this service are also listed in the first text.  All verification codes will be 4-digit codes.
  • You are now set up for this security feature!

Important notes:

  • All verification messages will come from the same 5-digit phone number (28369).
  • The 4-digit verification code will be different each time you receive an alert.
  • Once you are signed up, you can update your phone number: Log into online banking, go to Settings > Security and Alerts > Identity Verification Phones.

The 4-digit verification code is only active for 5 minutes.  If it takes you longer than 5 minutes to enter the code and authenticate your account then please go back into your online banking and generate another verification code.

To make changes to your profile and phone settings from a mobile device login to the http://www.mutualcu.org website using “Safari,” “Chrome”, “Explorer”, or “Edge” internet browsers and then access Online Banking.

Please let us know should you have any further questions by calling 877-457-3654. We are pleased to be able to offer this level of security and account protection to our members. We appreciate your trust in Mutual Credit Union as your primary choice in financial institutions.

6 Common Tax Mistakes To Avoid

On By mutualcuIn Financial LessonsLeave a comment

6 Common Tax Mistakes To Avoid

Feb 15, 2018

It’s that time of year again! Get ready to break out the calculator and pencils; dig out the enormous pile of receipts, tax forms, and pay stubs, and get to work. Whether you choose to go it alone, use a tax-prep computer program or hand it all over to an accountant, start with checking out our handy list of common mistakes people make on their tax returns.

1.) Faulty math
One of the most common errors on filed taxes is math mistakes. A small miscalculation can throw off all your numbers and get you into trouble with the IRS. However, you choose to prepare your taxes, be sure to triple-check the math before filing.
2.) Name changes and misspellings
When preparing your taxes, you’re thinking about numbers, but don’t forget to pay attention to everything else on your form! If you use a name that’s different than the one the IRS has on file for your Social Security number, or even if you spell it wrong, that can mean trouble for you and your taxes. If you’ve recently changed your legal name, be sure to let the Social Security Administration know.
3.) Omitting extra income
Many people neglect to include secondary sources of income on their tax forms. This may include freelance work and any other side work they may have done throughout the year. If you’ve taken any side jobs in 2017, fill out a 1099-MISC and file it along with your taxes.
4.) Deducting funds donated to charity
Charity laws are complicated! First, only donations given to an organization with a tax-exempt status can be deducted from your taxes. Second, if you’ve donated food items or used clothing, they had to have been in decent shape to be eligible for a write-off. Finally, calculate the value of your non-monetary donations according to what they would be worth if you’d sell them now. Don’t forget to include those charity tax receipts when you file!
5.) Using the most recent tax laws
The current administration has made some major changes to the tax code. While most of these changes won’t take effect until you file your first taxes for 2018, there are some changes that are effective for this year, including the following:
  • The standard deduction increased to $6,350 for single, $9,350 for the head of household, and $12,700 for married filing jointly.
  • The maximum earned income tax credit increased to $6,318.
  • The maximum income limit for the EITC increased to $53,930.
  • The foreign earned income deduction increased to $102,100.
  • Annual deductible amounts for Health Savings Accounts increased for individuals only, to $3,400.
6.) Signing your forms
If you’re filing through the USPS, be sure to put your signature wherever necessary, and get a mailing receipt. If filing online, you can use a PIN instead. Most places that require a signature will need to be dated as well.
Check your forms for errors before submitting and file with confidence!
Your Turn: Have you ever made a major blooper on your taxes? Share it with us so we can learn from your mistake!
SOURCES:
Content courtesy of CU Content