Checking out at the grocery and left your wallet at home? Relax; you can still pay your way!  Dig out your phone, choose the mobile wallet app of your choice, thumb out the amount you owe and pay the cashier. Or, just hold out your watch until the payment clears. Checkout, done!

The app market is full of mobile wallet apps allowing you to make a payment without touching a card by using near-field communication, or NFC. Any participating retailer or merchant terminal that is NFC-enabled can accept payment from these apps.  While most mobile wallet transactions are unlimited, some financial institutions cap these transactions at $50.

Mobile wallet apps keep your information secure by using tokenization, which creates a one-time security code for each transaction and protects against data breaches.

Let’s take a look at some of the most popular mobile wallet apps on the market.

1. Julius Caesar introduced the first calendar leap year in 46 B.C.  

The Earth takes exactly 365 days, five hours, 48 minutes and 45 seconds to circle the sun. The occasional Feb. 29 ensures we don’t lose six hours every year.

2. Leap year babies are called “leapers” or “leaplings.” 

You’d get a special name, too, if you had to wait four years to celebrate your birthday.

3. Feb. 29 has traditionally been a day on which women were allowed to propose to men. 

Sounds hopelessly outdated for the 21st century, but this is the way it has worked in many cultures for centuries!

4. Some cultures consider Feb. 29 an unlucky day.

In Italy, people say, “Anno bisesto, anno funesto,” which translates as, “leap year, doom year.”

In some countries, like Greece, people warn against planning weddings during leap years.

5. Feb. 29 is not really a legal day.

Many companies don’t recognize Leap Day as a “valid day.” They make leapers choose

Feb. 28 or March 1 as their birthday instead.

6. Lots of people work for free on Feb. 29. 

Most employees who are paid fixed monthly incomes will work for free on Feb. 29 because their wages are likely not calculated to include the extra day.

7. There are two “Leap Year Capitals of the World.”

If you want to celebrate this special day in a big way, head to Texas — or New Mexico. Anthony, Texas and Anthony, New Mexico both claim the title “Leap Year Capital,” while holding lavish, multi-day celebrations each leap year.

Your Turn: Do you know a leaper? Tell us when and how you celebrate in the comments.

It may be a new year and a new decade, but scammers are still looking to con you out of your money. In fact, experts are warning of a new scam that is as simple as changing the date on a personal check, financial document, or another important paper.

Here’s what you can do to protect yourself:

The 2020 scam

The newest scam of the decade involves the dates on important documents. Most of us are accustomed to abbreviating the date by using the last two digits anytime we need to write it. For example, if we were dating a document for March 2, 2019, we might write it out as 3/2/19.

While it was fine to do so in the past, continuing this practice in 2020 can be problematic. With the two sets of digits that make up the new year being identical, abbreviating the date on important documents opens us up to all sorts of scams. It only takes a few seconds for a scammer to change the “20” on a document to “2021” or to “2019.” This can lead to multiple problems for the document signer.

What kind of damage can be caused by this scam?  

There are endless ways that date modification can be employed in a scam.

First, let’s take a look at what happens if the date is changed to an earlier year. If a scammer gets their hands on a check that was made out to you and decides to backdate it, the check may no longer be valid. Similarly, if you signed a legal document or a contract this year and a scammer adds “19” to the end of the “20” that you wrote to indicate the year, it now looks like you signed this document in 2019. As a result, your contract may no longer be valid. If this scam is pulled off on paperwork for an outstanding debt, your debt will now appear to be overdue. Thanks to this ruse, you might be charged late fees for a loan that is not yet due, or you may be charged a monthly fee for a time when you did not yet owe any payments.

The other way this scam can be executed is for the date to be changed to a future year. To pull this off, criminals will use the “20” you scrawled for the year, and change it to “2021” or later. If someone signed a document agreeing to start paying you for services you rendered in 2020, they can make it appear as if they don’t owe you any money until next year. Also, if you’ve neglected to pay a debt that is already past the statute of limitations, a scammer can modify the year on the relevant documents to make it appear as if you are still accountable for the debt.

While this scam is as new as the new year, and it’s still too early to know what kind of damage it can cause, financial experts agree that the threat is very real and precautions should be taken.

Avoiding this scam

As scams go, the 2020 scam is fairly easy to prevent. As you work on breaking free of bad habits and making improvements, add this to your list of New Year’s resolutions: Don’t abbreviate the year. Train yourself to write out “2020” in its entirety anytime you need to date a check, financial document or important paperwork of any kind. This simple precaution will keep you from falling victim to a date manipulation scam. It’s also a good idea to write out the full month when dating an important document, especially in January and February, since “1” and “2” can easily be changed to look like you wrote 10, 11, or 12 as the month. The stroke of a pen can push off the date on your document by nine full months or more.

Remember: the habit that was harmless in 2019 could make you vulnerable to fraud in 2020.

Your Turn: Can you think of any other ways scammers can manipulate a date to their benefit? Tell us about it in the comments.

Press Release

Thursday, February 13, 2020

 

Vicksburg, Miss. – – Mutual Credit Union is pleased to recognize Rae Perry, V.P. of Human Resources for her recent achievement. In January of 2020, Rae received her SHRM-CP (Society of Human Resources Management – Certified Professional) designation. President of Mutual Credit Union, Michael Mathews said this of Rae, “Human Resource Management is a key function in any organization.  Rae has demonstrated her knowledge and desire to ensure Mutual exceeds expectations in all aspects of our operations.”

Rae joined the Mutual Credit Union team in 2017 as the VP of Human Resources. She is a Vicksburg native and is an experienced Human Resources professional, with a focus on employee benefits, onboarding, and handbook development.  She has received her certification as a Credit Union HR Compliance Professional and received her designation as an SHRM-CP.

She earned a Master of Science in Instructional Technology and a Bachelor of Business Administration in Management from Mississippi State University. During her free time, she enjoys traveling with her husband James, cooking, volunteering with the Meals on Wheels program, and attending Mississippi State sporting events.

For more information about Mutual Credit Union please follow this link to our webpage. For additional questions, please contact the marketing department at marketing@mutualcu.org or by calling (601) 636-7523 ext. 1226.

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Myth #1: Debit is always better than credit. 

The real deal: Credit cards may actually be the payment method of choice on occasion. First, many credit cards offer rewards in the form of travel miles, cash back, and other bonuses. Second, building and maintaining a strong credit history is crucial for your financial wellness; the best way to achieve this is by using your credit cards and paying your bills on time. Finally, lots of credit cards offer purchase protection, which makes them the smarter payment method for big-ticket items. 

Myth #2: Buy a home at all costs. 

The real deal: For many people, including those who are not yet ready to put down roots or who anticipate a career change that necessitates moving across state lines, renting a home or apartment might be the better choice. It can also be a financially expedient option if you live in a super-expensive area. 

Myth #3: Investing is for rich people. 

The real deal: Anyone with a small pile of funds can get a foothold in the stock market. A smart investment strategy puts you on the track to financial independence. 

Myth #4: My partner manages our finances, so I don’t need to think about money. 

The real deal: While it is fine for one partner to actively manage the family’s money, it is crucial for both partners to be aware of the state of the family finances. They both should also be capable of managing household expenses and investments if something were to happen to their partner. 

Myth #5: Credit cards will get me through any financial crisis. 

The real deal: Depending on credit cards to get you through a financial emergency is the perfect way to dig into a deep pit of debt. Thanks to interest, you’ll be paying back a lot more than you spend. 

Credit cards should not be relied upon for a real financial emergency, such as a job loss, divorce or illness. It’s best to build an emergency fund with three to six months’ worth of living expenses so that you’re completely covered in case the unexpected happens. 

Myth #6: I’m so young; I don’t need to think about retirement. 

The real deal: The younger you are when you start building your retirement fund, the less you’ll be required to put away each month, and the more you’ll save by the time you’re ready to retire. Gift yourself with a comfortable retirement by maxing out your 401K contributions and/or opening an IRA or another retirement fund. Start today and let compound interest work its magic! 

Myth #7: I have enough money in my account for my expenses, so I don’t need to budget.  

The real deal: Budgeting is for everyone, regardless of their financial standing. A budget will force you to make responsible money choices, and ensure  that you’re fully aware of the state of your finances at all times. 

Your Turn: Which money myths have you bought into in the past? Tell us about it in the comments.

 

SOURCES:

https://www.google.com/amp/s/www.thenest.com/content/amphtml/money-myths

https://www.listenmoneymatters.com/top-10-money-myths/

https://www.daveramsey.com/blog/foolish-money-myths

https://www.fidelity.com/viewpoints/personal-finance/6-money-myths