women holding money and a jar of money

Budgeting Basics: How to Create and Stick to a Personal Budget

Creating a personal budget is the cornerstone of financial success. It empowers you to track your income, expenses, and savings goals, ensuring you’re in control of your finances. Here are a few steps that you can take to help you create and stick to a budget:

Start Simple: Track Your Monthly Expenses
Keep track of all of your expenses for a month. Record everything you spend money on, from rent and groceries to dining out and entertainment. This process helps you understand where your money is going and can help identify areas where you can cut back on your spending.

Calculate Your Monthly Income:
Next, determine your monthly income. Include all sources of income, such as wages, freelance earnings, and passive income. Knowing how much money you have coming in allows you to allocate it effectively.

Categorize Your Spending:
Once you have a clear picture of your income and expenses, categorize your spending into fixed expenses (rent and utilities) and variable expenses (groceries and entertainment). Allocate a specific amount to each category based on your priorities and financial goals. You could also have fixed or variable expenses that do not impact your budget on a monthly basis, such as your homeowners’ or car insurance premium, or an annual subscription or membership fee.

Track Your Progress:
Use budgeting tools or apps to streamline the process and track your progress. Many apps categorize your spending automatically and provide insights into your financial habits, making it easier to stay on track.

Find New Ways to Save
You can also save on regular or unexpected expenses by taking advantage of the benefits included with your Natco Kasasa Cash, Kasasa Cash Back, and Kasasa Saver accounts. Your account provides access to a complete suite of identity protection, including comprehensive monitoring services to help you spot and stop fraud early.

Stay Flexible: Review and Adjust Your Budget
Regularly review and adjust your budget as needed. Life changes, such as a job change, moving, or unexpected expenses, may require revisions to your budget. Flexibility is key to long-term budgeting success. Sticking to a budget isn’t always easy! Remember to cultivate discipline and consistency. You can stick to your budget by avoiding impulse purchases, prioritizing needs over wants, and staying committed to your financial goals.

Remember, every dollar you save brings you closer to financial freedom. Looking for ways that you can save even more? We’re only a click, tap, or phone call away. Reach out today – we are here to provide you with personalized guidance and can help find the financial products and services that meet your needs.

Natco 80 years 1944-2024

80th Anniversary Celebration

Natco Credit Union has provided financial services to members of our community for the past 80 years! We’ve planned a variety of things during our anniversary month as a way to say THANK YOU to our members. We invite you to join the fun.

Tuesday, 10/1 –

  • Natco gnome scavenger hunt begins on Facebook (see full details below)
  • Clues given for one location each day of the month
  • Personal loan promotion begins – as low as 8.0% APR or .80% off qualified rate (available through 10/31)

 

Monday, 10/7 –

  • Take advantage of our week-long auto loan offer – Receive $80 for any ‘new to Natco’ auto loan or loan preapproved during the week and closed within 30 days. $5,000 minimum loan. See details and full disclaimer here.
  • Radio remote with KICKS 96 at East from 1:00 to 3:00
    • Take advantage of our 80th Anniversary Auto Loan. CLICK for details.
    • Stop by during the remote to receive Natco swag
    • Get entered for a chance to win a Natco raffle basket
    • Submit your name for a chance to be entered into the KICKS 96 Drive-Away 2024 promotion. Full details here.

 

Thursday, 10/10 –

  • Anniversary celebration in each Natco office
  • Members who stop in any of our three offices will receive an 80th anniversary coffee mug
  • Treats in each office

 

 

Natco Gnome Scavenger Hunt

 

After a five-year hiatus, the Natco gnome is returning to help us celebrate our 80th anniversary! He’ll make daily appearances throughout October in one of the seven counties we serve. You can win prizes by figuring out where he is and sharing selfies with him!

 

Follow our Facebook page for daily location clues, posted at 8:30 a.m. throughout October.

Here’s how you can join the fun and earn chances to win:

  • Identify his location each day. Complete this form by midnight the same day to earn one entry per day when you correctly identify the location.
The next day, we’ll reveal where he was in a follow-up post on Facebook.
  • Earn one entry per day when you share the location post on Facebook by midnight of that day.

Earn extra entries….

  • Take a selfie at any of the locations the Natco gnome has been at during the month (make sure we can clearly identify the location in the background). Send your photo and name to us through
    Messenger or to natco@natcocu.org. Earn one entry for each photo taken and submitted at a participating location.*

 

  • To earn a bonus entry, print the Natco gnome and include him in your selfie in front of the location(s). Send your photo and name to us through Messenger or to natco@natcocu.orgEarn one entry for each selfie taken with the printed Natco gnome at a participating location and submitted by midnight on 10/31. Maximum of 31 entries.*

 

  • The Natco gnome will be available in each Natco office throughout October. Snap a selfie with him and send it to us through Messenger or to natco@natcocu.org. Don’t forget to include your name. Limited to one entry during the month.*

At the beginning of November, we’ll hold a raffle for exciting prizes and cash! Join the fun and help us celebrate! Natco employees and volunteers are excluded from this competition.

 

*By sending Natco Credit Union your photo, you agree to allow us to share it on social media and in other marketing.

 

 

unlock your credit score

Credit Scores

WHAT IS A CREDIT SCORE?

A credit score, ranging from 300 to 850, reflects your money management skills. Higher scores indicate better credit health. A good score is typically 700 or higher, and scores above 760 often secure the best rates. Credit agencies update scores monthly, though timing varies.

 

HOW IS A CREDIT SCORE CALCULATED?

Credit scores are calculated using several factors:

  • Payment History (35%):
    Timely payments boost your score.
  • Credit Utilization (30%):
    Using less of your available credit is better.
  • Length of Credit History (15%):
    A longer credit history is advantageous.
  • Credit Mix (10%):
    A diverse credit portfolio is beneficial.
  • New Credit (10%):
    Frequent credit applications can lower your score.

 

WHY YOUR CREDIT SCORE MATTERS

  • Credit Approval: Higher scores improve your chances of approval and lower interest rates.
  • Interest Rates: Better scores mean lower rates on loans and credit cards.
  • Renting: Landlords may check your score to decide on your rental application.
  • Utilities: A good score might reduce deposits for services.
  • Job Opportunities: Some employers review credit scores for positions handling finances.

 

TIPS TO IMPROVE YOUR CREDIT SCORE

  1. Pay bills on time.
  2. Pay down credit card balances.
  3. Diversify your credit types.
  4. Keep old accounts open.
  5. Regularly check your credit reports.
  6. Address any credit report issues.
  7. Request credit limit increases.
  8. Limit new credit inquiries and accounts.
  9. Check your credit report annually and dispute errors.
  10. Monitor for identity theft.

 

BUILDING CREDIT WITHOUT DEBIT

  • Credit-builder loans: Funds are deposited into a savings account you access after payments.
  • Secured credit cards: Backed by a cash deposit, offering a line of credit.

Once your credit score is above 700, explore ways to save money by refinancing loans or reviewing insurance rates, as excellent credit can lead to better deals.

image of a credit card

Trust your intuition before falling victim. One member was recently scammed out of tens of thousands of dollars.

We have been informed that one of our members was recently targeted in a phishing attack and was scammed out of tens of thousands of dollars between multiple accounts with two local financial institutions. This member received an email from Norton regarding a balance of $442 due for anti-virus software. Rather than clicking the link, she called the phone number included in the email. Using caution before clicking links is always recommended, however, the phone number given in the email was manned by the scammers.

These scam artists convinced her to initially pay $9,000. They continued to communicate with her and scammed her out of an additional $46,500. Because she provided her home address, they showed up at her home address to collect money. Feeling confident she had fallen victim to a scam, she contacted us for assistance. After an event like this occurs, the first step we take is to close the account and open a new one. Local and Federal agencies were immediately notified and are working on the case.

Trust your intuition if something feels wrong or doesn’t add up and be cautious to provide personal information. Please keep an eye out for any signs of a phishing attack.

The FBI estimates more than $34 billion has been lost within the last five years from Internet scams. Most of these crimes are phishing attacks.

Typically, you’ll receive an email that appears to come from a trusted, well-known company. The email will most likely warn you of a serious problem needing immediate attention. It will then encourage you to click a link to visit the company’s website.

In a phishing scam, you might be directed to a fake website that looks exactly like the real thing. You might be asked to update your account information or provide details for verification purposes, such as you social security number, account number, or password.

If you provide any of this information, you might be a victim of identity theft. Here are a few ways to protect yourself:

  1. Never provide sensitive information in response to an unsolicited request. This could be over the phone, on the Internet, or via email. If you did not initiate the communication, you should not provide any information.
  2. If you believe the attempt might be legitimate, contact the company yourself. You can find phone numbers and website information online using a trusted search engine.
  3. Never provide your password over the phone or in response to an unsolicited email. A financial institution will never ask you to verify your account information online, but thieves with your account number can use this to log into your account using the password provided.
  4.  Review account statements regularly to ensure all charges are correct. If you haven’t received an expected account statement, contact your financial institution to find out why.

If you do become a victim of a phishing attack, contact your financial institution and the police immediately.

man holding phone that has an alert image

Beware of Scams: Protecting Your Personal Information

At Natco Credit Union, your security and privacy are our top priorities. Recently, we’ve become aware of concerning posts on Facebook and Meta AI Messenger regarding class-action lawsuits and settlements supposedly involving our institution. We urge all our members to exercise caution before divulging any personal information and to thoroughly research and understand who they are sharing sensitive data with.

Let’s dissect the situation:

The Facebook Post:
There’s a sponsored post from Jennings PLLC circulating on Facebook. While the post mentions our credit union, it’s essential to recognize it for what it is – lawyer advertising. A quick investigation reveals that Jennings PLLC operates out of Little Rock, AR, with attorneys licensed in Indiana. This post is merely an attempt to attract potential clients, and it’s crucial not to jump to conclusions based on such advertisements.

The Meta AI Conversation:
One member has reported receiving a response through Meta AI Messenger. This message alleged that Natco Credit Union has settled a class-action lawsuit, despite no official notification of such legal action against us. It’s evident that scammers are exploiting the reach of platforms like Meta AI to spread false information and potentially lure unsuspecting individuals into scams.

While Facebook advertising and Meta AI present powerful tools for reaching targeted audiences, they can also be manipulated by scammers. It’s essential to adopt a skeptical mindset and exercise caution when encountering offers or claims that seem too good to be true.

Here are some steps you can take to protect yourself:

1. Verify Sources:
Before trusting any information or providing personal details, research the source thoroughly. Check official websites, contact numbers, and reviews to confirm legitimacy.

2. Stay Informed:
Keep yourself updated on common scams and tactics used by fraudsters. Knowledge is your best defense against falling victim to deception.

3. Protect Personal Information:
Be cautious about sharing sensitive information online, especially in response to unsolicited messages or advertisements.

4. Report Suspicious Activity:
If you encounter any suspicious posts, messages, or advertisements claiming to involve our credit union, please report them immediately to us and the platform’s administrators.

At Natco, we remain committed to safeguarding your financial well-being and privacy. By staying vigilant and informed, together, we can combat scams and protect our community from fraudulent activities. If you have any concerns or questions regarding this matter, please don’t hesitate to reach out to us. Your security is our priority.

2024 Best of the Best Award Best New Member Experience

Natco Recognized Among the Best of the Best

Natco Credit Union wins esteemed awards again this year from CU Solutions Group!

MemberXP, a leading CX program offered through CU Solutions Group, has named Natco Credit Union as one of their 2024 Best of the Best award winners!

The Best of the Best award is given annually to credit unions that consistently provide extraordinary service based on reports from their own members. Only the highest-performing credit unions using the MemberXP program are selected to receive this incredible honor. In 2023, over 300,000 MemberXP surveys were completed nationwide among nearly 8 million credit union members, spanning all 50 U.S. states and Canada.

The annual competition focuses on two universal CX metrics – Net Promoter Score (NPS)® and Member Effort Score (MES). The top 25% of performers in each financial experience category receive the Best of the Best awards.

Natco Credit Union was awarded for Consumer Loan Experience and New Member Experience.

2024 Best of the Best Award Best New Member Experience

2024 Best of the Best Award Best Loan Experience

 

“Fostering member loyalty amidst growing competition from financial institutions and Fintechs is a formidable challenge,” affirmed David Dean, COO for CU Solutions Group and leader of the MemberXP business unit. “However, credit unions that successfully engage members and harness their valuable insights not only distinguish themselves, but also wield the power to catalyze positive change within the organization. The recipients of this award attentively listened to the needs and desires of their members and took decisive actions based on that feedback, leading to remarkable results. Congratulations to this year’s member experience leaders.”

Natco Credit Union 2023 Annual Meeting

2023 Annual Meeting Wrap Up

The 2023 Annual Meeting was successfully held on Tuesday, February 27th. The meeting was called to order at 5:35 pm. by Chairman David Nutty. Sixty members were in attendance.

Those in attendance were provided with a printed version of the annual meeting booklet. An electronic version of it can be found here.

We want to recognize the volunteers who serve on our Board of Directors and Supervisory Committee.

BOARD OF DIRECTORS
Chairman, David Nutty
Vice Chairman, Mike Helms
Secretary, Jack Buckland
Treasurer, Cindy Duke
Director, Pam Pearson
Director, Carl Rhinehart
Director, Linda Sherrow

SUPERVISORY COMMITTEE
Chairman, Daniel Wandersee
Committee member, Dan Jennings
Committee member, Donna Kitchel
Committee member, Paul Weiss

Terms for four volunteers ended and all were reelected. Thanks again to David Nutty, Cindy Duke, Dan Jennings, and Donna Kitchel.

The following reports were given for the 2023 calendar year.

Chairman of the Board’s Report
Treasurer’s Report
Natco Community Empowerment Center’s Report
Loan Review Committee Report
Supervisory Committee Report

The credit union donated $1,000 each to the Sylvan Nook Food Pantry (Richmond) and the Crosspointe Biker Church Mobile Pantry (Connersville). Pastor Mike Ballard and Pastor Chris Lovett were present to accept the donations.

Those in attendance also had the opportunity to win cash door prizes ($500 in total split between 13 envelopes). At random, we also gave away a $100 gift card to Gallo’s, a $100 gift card to The Old Richmond Inn, and 55 inch TV.

The annual meeting concluded at 6:30 p.m.

picture of laptop and gavel

2023 Annual Meeting

Our 2023 Annual Meeting will be held on Tuesday, February 27, 2024.

Central Christian Church
4511 National Road West, Richmond

Seating available at 5:15 p.m.

Meeting begins at 5:30 p.m.

Only members listed first on the account will receive chances to win door prizes. Joint owners are not eligible. Must be present to win. A cookie and a bottle of water will be provided.

Grinch

Card Draining Scam

Nobody wants to be scammed, especially during the holidays when these scammers are out here swiping presents from folks. Gift cards are a go-to for many but watch out for this ‘card draining’ scam – it’s turning those cards into useless pieces of plastic with no monetary value.

These sneaky crooks are snatching up stacks of gift cards from stores, jotting down the card number and PIN or activation code. Then, they slyly put them back on the shelves, knowing holiday shoppers will grab them for gifts and load them with money. And get this – they know most folks won’t spend the cash right away. So, by the time someone tries to use them, these fraudsters have already spent the money, leaving the recipient with a worthless card and the person who bought it feeling pretty frustrated.

If you’re thinking of purchasing some gift cards, be on the lookout. Check for scratches, scuff marks, or missing bits on the card. These scammers are next-level, even opening cards that are in the protective cardboard and then resealing them before placing them back on store shelves.

They’re not just stopping at card numbers – they’re getting the PINs too, hiding under that silver foil. And they’re replacing it with a sticker that’s practically identical. Sneaky, right?

Here are tips to help you avoid falling victim to this scam:

  1. Give the card a good once-over, especially near the barcode for any signs of tampering.
  2. Make sure the gift card is still sealed, and the PIN or activation code cover is untouched.
  3. Check that the whole card is in one piece, and no one’s messed with the activation code.
  4. Hang on to that store receipt, just in case you find out the card’s been messed with.
  5. If you do spot anything fishy, report it to the gift card company ASAP, freeze those funds, and ask for a refund.

Stay sharp when you’re buying gift cards – these scammers are like the Grinch trying to ruin your holiday vibes!

Best. Day. Ever!

Best. Day. Ever! – November 3rd

What is purple, a cape, and is all about making our world, and specifically our community, a better place? YOUR credit union and its employees!

Natco has partnered with Kasasa, Charlie Rocket, and other participating institutions to make Friday, November 3rd the BEST DAY EVER!

Our goal is to collectively achieve 100,000 RANDOM ACTS OF KINDNESS in a short amount of time.

You might spot Natco staff out in our local communities on Friday, November 3rd talking with people to share some ‘warm and fuzzies’ through hundreds of random acts of kindness.

We can’t wait to talk to people, hear their story, learn how a simple gesture brightens their day, take pictures with you, and see how people help us reach the collective goal by ‘paying it forward’ by sharing another act of kindness with someone else. Sharing that experience with us is key.

There are multiple ways to help our mission to bring the Best Day Ever to our community:

  • Join our event and complete acts of kindness with us!
  • Complete your own act(s) of kindness from wherever you choose – home, online, even during the bustle of your busy day. Kindness doesn’t need to take a lot of effort!
  • Help us spread kindness by getting the word out! Raise awareness of our mission to promote positivity on Facebook.
  • However you wish to participate, make sure you post it to Facebook using #NatcoCares and #KasasaLove and tagging @natcocreditunion and @askforkasasa. It will count toward the 100,000 acts of kindness goal across the nation.
  • You can also email us details of your experience and photos to natco@natcocu.org. This will allow us to count your act of kindness toward the collective goal and share your experience and photos to our Facebook page.

To help us track the total nationwide acts of kindness, visit KasasaLove.com and click the button for each act of kindness you share with someone!