Beware of Recent Text Scams – posted November 1, 2023
Our credit union wants to alert you about a text messaging scam that is impacting members across Maine. If you receive an unsolicited text message from someone claiming to be with a Maine-based credit union about a suspicious online purchase made with your debit card, do not click any links in the message!
As a friendly reminder, you should never click on links received in emails or text messages from people you do not know. Anytime you receive an alert about a financial transaction from someone other than your trusted credit union, be wary! This is a big red flag for fraud. Our credit union will never contact you by phone, text, or email and ask you to verify your banking account number, passwords, Social Security number, or other personal information. Always reach out to our credit union at the number listed on our website if you are uncertain about a communication or need assistance.
Protecting Your ATM Card
- Always protect your ATM card and keep it in a safe place, just like you would cash, credit cards or checks.
- Do not leave your ATM card lying around the house or on your desk at work. No one should have access to the card but you. Immediately notify the credit union if it is lost or stolen.
- Keep your Personal Identification Number (PIN) a secret. Never write it down anywhere, especially on your ATM card.
- Never give any information about your ATM card or PIN over the telephone. For example, if you receive a call, supposedly from the credit union or possibly the police, wanting to verify your PIN, do not give that information. Notify the police immediately.
Using an ATM
- Be aware of your surroundings, particularly at night. If you observe or sense suspicious persons or circumstances, do not use the machine at that time.
- Have your ATM card ready and in your hand as you approach the ATM. Don’t wait to get to the ATM and then take your card out of your wallet or purse.
- Visually inspect the ATM for possible skimming devices. Potential indicators can include sticky residue or evidence of an adhesive used by criminals to affix the device, scratches, damaged or crooked pieces, loose or extra attachments on the card slot, or noticeable resistance when pressing the keypad.
- Be careful that no one can see you enter your PIN at the ATM. Use your other hand or body to shield the ATM keyboard as you enter your PIN into the ATM.
- To keep your account information confidential, always take your receipts or transaction records with you.
- Do not count or visually display any money you received from the ATM. Immediately put your money into your pocket or purse and count it later.
- If you are using a drive-up ATM, be sure passenger windows are rolled up and all doors are locked. If you leave your car and walk to the ATM, lock your car.
Special Precautions for Using an ATM at Night
- Park close to the ATM in a well-lighted area.
- Take another person with you, if at all possible.
- If the lights at the ATM are not working, don’t use it.
- If shrubbery has overgrown or a tree blocks the view, select another ATM and notify the credit union.
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The True Cost of Car Ownership
(From the Financial Literacy Blog) – It costs money for people to get around—whether it’s by taking public transportation, renting a vehicle, using ride-hailing services, or buying a car. For those who choose to buy a vehicle, it’s likely to be one of the most expensive purchases they’ll ever make, with home-buying being the most costly. While the upfront cost of a car gets the most attention, it’s important for people to know that there are additional costs that add up over time. Other than the interest rate on the financing, here are some additional costs people should consider before purchasing a vehicle:
Registration and Excise Tax
By law, everyone is required to register their vehicle annually in the State of Maine, regardless of whether the vehicle is purchased new or used. The yearly cost of registration is $35. When an individual visits their town office or city hall to make their registration payment, they’re also charged an agent fee, with costs varying. The fee is usually around $5. These costs don’t end there, however. To complete the registration process, car owners need to pay an excise tax on their vehicle. In Maine, the excise tax is based on the manufacturer’s suggested retail price (MSRP) of the vehicle when it was sold new. In the first year that a car is registered, an excise tax of $24 per $1,000 of MRSP is charged. The price declines each year of the vehicle’s life until its sixth year and subsequent years, where the charge is $4 per $1,000 of MSRP. For example, if someone purchased a new vehicle for $30,000 and registered it for the first time, they would pay the following:
$30,000 / $1,000 = $30
$30 x $24 = $720
Their total excise tax in the first year would be $720. If they were registering the vehicle for the sixth or subsequent year, they would pay the following:
$30,000 / $1,000 = $30
$30 x $4 = $120
Their total excise tax in the sixth or any subsequent year would be $120.
Insurance
Auto insurance protects people from having to pay the full cost of vehicle repairs, a replacement vehicle, or medical expenses following an accident. In Maine, it is against the law to operate a vehicle without paying for auto insurance. The average annual cost of auto insurance in the Pine Tree State is $294 for minimum insurance and $965 for full coverage. While full coverage is more expensive every year, having better insurance could save someone a lot of money in the event of a total loss due to theft or an accident.
Gasoline
While the cost of fuel may seem insignificant to some when they’re purchasing a vehicle, it’s important to understand the cost of gasoline can quickly add up. With fuel costs at nearly $4 per gallon across Maine, visits to the pump can quickly break a budget. On average, people are spending $131 on gasoline for their vehicle each month. For those looking to save on gas prices, read our blog here.
Maintenance
Keeping a vehicle running smoothly is an ongoing expense. Between oil changes, new tires, battery replacements, new windshield wipers, services, and more, car owners should budget for regular maintenance and upkeep. According to a study by AAA, a new car’s routine maintenance and repairs could cost an average of $0.09 per mile. If someone drives around 10,000 miles per year, that comes to $900. The older the vehicle, the more costly it is to maintain. That is because parts wear down over time and need to be replaced more often than on a new vehicle.
Parking
If someone lives in the city, it’s likely they’ll need to factor parking costs into their budget. Monthly parking garage passes in Portland are around $140, with meters charging around $2.50 per hour. Car owners in rural areas likely won’t have to factor these costs in, but anyone living or working in the city should plan for recurring parking expenses.
Know Your Costs
The bottom line is that the advertised price of a vehicle is just one consideration when determining the true cost of car ownership. Adding up the cost of registration and excise tax, insurance, gasoline, maintenance, and parking can help people get a better sense of the true cost.
Members who participated in the 2022 Membership Survey rated Maine Solutions FCU with 100% satisfaction!!!
Additionally, we are pleased to announce that member Michael Davis is the 2022 Membership Survey Raffle winner. Congratulations to Mike, and thank you to all members who participated in the survey.
Maine Solutions Federal Credit Union, in South Portland, Maine, is a member owned organization providing our credit union family a wide range of financial services to meet their needs in a friendly and efficient manner.