Budgeting can seem like an overwhelming process if you're unsure of the basics to get started. Questions such as "What do I track?" - "How long should I budget for?" - "What happens if I don't balance?" might come to mind. You can reduce the stress of getting started on your budget by checking out our newest Video Clip on budgeting and the M & M activity from the video. It's a fun and simple way to learn from your own home on your own time.  Make sure to stop by one of our offices for the M & M's and pick up your worksheets or click here for a copy of the worksheet.

Angie Pidde, Training Coordinator

Why does it matter?  What will happen to me?

When you present a check to a Financial Institution (FI) to cash or deposit, the FI processes the check through the Federal Reserve System.  The vast majority of the time, the check moves through the system and the check is honored by the FI in which it was drawn.  Occasionally the check is not honored, there are many reasons why - fraud and insufficient funds are the two most common.

As the person that presented the check to the FI to be cashed or deposited, you are responsible for the funds that check represents.  Should a check not be honored by the FI on which it was drawn, again, you remain responsible.  It has been estimated that the annual losses due to check fraud are in the billions.  See www.ckfraud.org/ckfraud.html for more information.

To protect our members at SPFCU, we may place holds on checks which are presented for deposit.  A check hold allows time for your check to be processed through the Federal Reserve System.  We take check holds very seriously; our Member Service Representatives (MSR's) are trained to look for clues that a check may not be valid.

Following is a brief list of items our MSR's may ask of you or look at when accepting checks for either cash and/or deposit:

• Is the check a large dollar amount?
• Is the check from a well known place? Who is the check from?
• Where is the check drawn from?
• Was this a check you were expecting?
• Is this a credit card check?
• Where is the cashier's check drawn from? Does the check look altered?

Based on the answer to any one of these questions will determine whether we place a hold on a check.  There are few situations that are more difficult than to inform a member that a check they deposited; and possibly spent, has been returned to us unpaid.  It is for your protection that we look at and question the check at times to give you the best member service possible; for we are looking out for you, our member!

Shana Micheels, Compliance/Human Resources

The education system in our country today places an emphasis on many very important subjects: English, History, Math, Industrial Arts, Science, Family and Consumer Science, Physical Education and Health - financial topics seem to be forgotten about in the education system. SouthPoint Federal Credit Union feels it's very important as part of our "members helping members" mission to educate our members on savings, checking, budgeting - to name a few. For those teenagers in attendance, the workshop was led by somebody different than their parents, grandparents or teacher.  Setting a strong financial foundation as a teenager and young adult will lead to a much higher probablitity of being able to do such things as purchasing a home, car, camper, etc in the future.  Having the flexibility and peace of mind knowing these opportunities are out there as a result of doing the right thing at an early age is huge. If we can influence a small number of folks in a positive way in regards to their finances, that will go a long way in helping shape the reminder of their adult lives.

SouthPoint employees are involved in various educational activities throughout the year and within our field of membership.  We are actively involved with Junior Achievement, volunteering in the various school systems and also having a one on one setting within our retail branches - Sleepy Eye, Springfield and New Ulm.  If you have a need for financial education or would like to partner with SouthPoint Federal Credit Union in offering an opportunity to share ideas, please contact the credit union at (877) 794-6712.

Jeff Anderson, Financial Services Representative

In the digital age that we live in, there have been advances made in technologies that make our lives simpler, but we must be aware that these technologies have their drawbacks.  Let's take a moment to think about cell phones, internet, e-mail, and many other electronic devices that we have.  Where would we be today if these did not exist?  Along with the increased convenience that these technologies bring, comes the risk that the data being transmitted or shared can fall into the wrong hands.  Many times data can be compromised via hidden software from a downloadable computer file or bogus e-mail requesting your personal data, more specifically, your financial institution information.

SouthPoint is committed to keeping our member's information safe and secure.  With the above mentioned conveniences that we have come accustomed to, SouthPoint has changed the way in which we deliver our products and services.  Our online banking, call center, and telephone banking systems allow members to access their account from the friendly confines of their home, reducing the face to face interaction we have been accustomed to over the years.  This increases the opportunity for identity theft attacks, many of which happen routinely to members and their financial institutions across the country.

Fraudsters are becoming more cunning in the ways they carry out their crimes.  We are always looking for new ways to verify the identity of our members when they call in or make a request via chat, e-mail or fax.  We ask specific verification questions to identify who we are speaking to.  In an effort to further increase the identification process, SouthPoint may ask some out of wallet or off statement questions, answers to these questions may not be found on your statement or would not be able to be found in an average person's wallet.  These questions are used to stop an attempt to perform transactions on an account in which a fraudster may have stolen a member's personal information.  The information asked for by the out of wallet questions is data that is not considered public record, and would be specific to each member.

Identity theft is a real concern.  As a financial institution, we are on the front line in the battle against fraud.  The continued measures that SouthPoint takes to identify our members are another way of keeping their information safe and secure.  Who knows what the digital age will bring us in the next 5, 10 or 20 years, but rest assured that SouthPoint will be at the forefront of keeping our member's account information protected.  

Brian Goblirsch, Finance Specialist