Protect Your Independence

For most of us, having our own car gives us a sense of freedom. It allows us to go where we want, when we want. Having a car, however, can also be costly – especially if you have mechanical issues, lose your source of income but still have car payments, and/or if your car is stolen or totaled in an accident.

That’s when Payment Protection, Mechanical Repair Coverage (MRC) and Guaranteed Asset Protection (GAP) come in handy and can help protect your independence.

And the great news is that credit unions, like Wheelhouse, offer these products at a very low-cost compared to dealers. Here’s how they work:

Payment Protectionx

Payment Protection provides relief from the financial burden of delinquency, default, or foreclosure if death, disability or involuntary unemployment should unexpectedly happen to you. Payment Protection will pay your loan payments, relieving you and your family’s worries about paying loans during a time of reduced income.

Guaranteed Asset Protectionx

Guaranteed Asset Protection (GAP) protects your vehicle loan, should your car get stolen or totaled in an accident, GAP will help pay the difference between what you owe and the value of your vehicle.

Mechanical Repair Coveragex

Mechanical Repair Coverage (MRC) can help deflect the risk of costly repairs. With different coverage levels and deductibles to choose from, you can find the plan that best fits your budget. MRC can come with rental reimbursement, emergency roadside assistance, and more.

What’s also great is that these products can be applied to other types of consumer loans, including credit cards, recreational vehicle and motorcycle loans, to name a few. Add protection to your loan when you apply through Wheelhouse today.

Speak to a Wheelhouse Representative About Your Options
 
xPurchase of Payment Protection, Mechanical Repair Coverage (MRC) and Guaranteed Asset Protection (GAP) is voluntary and will not affect an application or the terms and conditions of a loan. Payment Protection, MRC and GAP are not insured by the NCUA nor an obligation or guaranteed by Wheelhouse Credit Union.

Financial Tips for 2020

5 Reasons to Get Solar Today

As homeowners, we are always looking for new ways to reduce our monthly expenses yet increase the value of our home. Installing solar on your home does both, and more. So, to share our passion for going Green and to help you decide on Solar, we are wrapping up our 20 Financial Tips for 2020 with five reasons to get solar today.

1. Reduce Your Electricity Bills

When you install solar panels on your home, you will generate power for the life of your panels (25+ years) and cover your energy consumption each and every month, sometimes covering more than 100% of your usage. Plus, you can feed that extra energy back into the grid for credit on your electric bill.

2. Increase Your Property Value

Experts have found that homes with solar systems have higher property values and sell more quickly than homes without.

3. Shield Yourself From Increased Energy Costs

Having your own solar energy system allows you to fix your electricity rate and protects you against unanticipated increases in energy costs.

4. Take Advantage of the Tax Credit Extension

At the end of 2016, a five year extension made tax credits available through 2021, on a sliding scale. From 2016 through 2019, the tax credit was 30 percent of the system’s cost. This year, solar owners can deduct 26 percent of the cost of the system from their taxes. The percentage drops to 22 percent in 2021, and then again to 0 percent for residential systems and 10 percent for commercial systems in 2022. So, if you are thinking about installing solar and want to make the most out of its tax deduction, 2020 is the time to buy.

Learn more about claiming Solar Tax Credit.

5. Protect our Environment

Creating your own energy is a wonderful way to reduce your carbon footprint and help reduce greenhouse gases in our community.

Financial Tips for 2020

Security: Keep Yourself, and Your Finances, Safe

As part of our 20 Financial Tips for 2020 series, we want to make sure you have the tips and tools to keep yourself, and your finances, safe.

1. Keep Your Private Information, Private

We never think we will become a victim of fraud until it’s too late. That’s why, it is important to always be cautious when you are contacted and prompted for personal information. A common fraud tactic is to impersonate a financial representative and make-up a scenario, such as there being fraud on your account, to encourage you to release private information.

Since your financial institution may indeed contact you, it is important to distinguish what they will not ask you for. At Wheelhouse Credit Union, we will never call you and ask you for:

  • Your Digital Banking username and/or password
  • Your Wheelhouse account number
  • Your Debit or Credit Card number, CVV, or PIN

If you are unsure of the caller’s identity, you should always hang up the phone and contact the institution directly. It is important to note, fraudsters may be using ‘line-tapping’ to stay connected after you hang up. This may allow them to remain on the line during your next call, or redirect it back to them. However, it is believed that line-tapping only remains in effect for several minutes after the initial call.

Therefore, we recommend you wait 5 to 10 minutes before calling the institution directly, or call immediately from another line.

2. Set Strong Passwords or Use an Alternative Method.

This is SO important, we cannot stress it enough. Here are a few dos and don’ts when setting up your passwords:

  • Do use 15+ characters. A great way to do this is to make up a sentence that you can remember. The longer the password, the better.
  • Do swap out letters with numbers, symbols and a mix of uppercase and lowercase.
  • Do have different passwords for each account. If a hacker gets your password from one platform/application, they can try and use it across your other platforms. If you have a different password on these platforms, you will reduce the chance of them getting in.
  • Do change your passwords every 3 to 6 months, depending on complexity.
  • Don’t use obvious numbers like your birthday, your wedding date, or your address.
  • Don’t use obvious words like your child’s name, your last name, or commonly used words.
  • Don’t use the same password across multiple platforms.
  • Don’t recycle old passwords. Your old passwords were likely less strong and more simplified. These passwords may have been breached at some point without you knowing. It is best to avoid this and just create new passwords.

Do you have a hard time remember passwords? Consider using a secure password management system such as Bitwarden or a tool such as a YubiKey.

3. Protect Your Personal Identification Number (PIN)
  • Be alert when making purchases
  • Pull hard on card scanners to make sure that a skimmer is not attached
  • Check for cameras that may be picking up your PIN
  • Cover the keypad when typing in your PIN
  • Look for anyone nearby that may be glancing over your shoulder
  • When possible, use metal keypads over silicone to protect from infrared readers
4. Use a Digital Wallet

Generally speaking, digital wallet applications are better secured than your physical credit or debit card. This is because the digital wallet app provides a unique, one-time code whenever you make a purchase. This code can only be used for that specific purchase, which means if a hacker got the code, they wouldn’t be able to use it. By using a code, it also eliminates the need for card details to be transferred, preventing an employee and/or a potential hacker from receiving your card details. To learn more about the security of digital wallets, you can check out this article on DefendingDigital.

5. Be Wary of Public WiFi

Public WiFi is both convenient and dangerous. The number one tip to remember when you are connected to public WiFi is to avoid making any financial transactions or logging into any financial account. You may want to consider using a Virtual Private Network (VPN) for an extra layer of security when using public WiFi. You can learn more about VPNs and see a provider comparison here.

For more information on security and common fraud tactics, visit WheelhouseCU.com/security.

You are leaving Wheelhouse Credit Union’s website. Links that may be accessed via this site are for the convenience of informational purposes only. Any products and services accessed through this link are not provided or guaranteed by Wheelhouse Credit Union. The site you are about to visit may have a privacy policy that is different than Wheelhouse Credit Union’s. Please review their privacy policy. Wheelhouse Credit Union does not endorse the content contained in these sites, nor the organizations publishing those sites, and hereby disclaims any responsibility for such content.

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