2-Step Verification – Making Your Online Login More Secure

 

We have made our online banking more secure by improving the way you log-in to your account. With the implementation of a 2-step verification process, we have added an extra layer of protection to ensure you are the only person who can access your online banking. Enrollment will be open to Members starting in late January 2022.

What is 2-step verification?

2-step verification is an enhanced security measure to your online login process which adds an extra layer of security to your account.

After you enter your password, a one-time use verification code will be sent by text message or email to the registered mobile phone number or email address associated with your online banking profile. The code must be entered during your login attempt to access your online account.

What do you need to do?

Members will be required to enroll in 2-step verification as early as late January 2022. When enrollment opens you will need to do the following:

• Log-in to your online banking account
• Complete the Enable 2-Step Verification enrollment questions
• Enter your email address or mobile phone number to receive your verification code
• Enter the verification code sent to you by text or email to complete the registration

What will change?

Once your mobile phone number and email address have been verified and your online profile has been updated you will no longer need to answer your security questions when you login to the UCU online or mobile banking platforms.

You will only be asked to enter a verification code when confirmation of your identity is needed, such as when you log in online from an unfamiliar device or log in from a new location.

Year-End Financial Checklist

 As 2021 comes to a close it is a time to reflect on the year that passed and make plans for the year ahead. While you may be preparing for the festive holiday season it is important to stay on top of your finances. So take some time to review your overall financial situation and make plans that will set you up for financial success in 2022.

Use this simple checklist to prepare your finances for the New Year.

Review Your General Finances

Take a closer look at your general finances to make sure they are in line with your financial goals.

• Emergency Fund – do you have a well-funded plan with enough cash on hand to cover your expenses for up to 6 months if you lose your job?
• Insurance Coverage – do you have adequate insurance protection against unexpected events?
• Estate Planning – do you have a retirement plan and an updated will?
• Debt Plan – have you created a schedule to pay off your debts and are you on track with your payments?
• Credit Report – have you checked your credit score/standing this year?

Rebalance Portfolio

The year-end is a good time to review your investment portfolio to make sure your asset allocation – the mix of volatile and stable funds – is in line with your financial goals.  Based on tax planning and other strategies – you may want to adjust the holdings in your portfolio. A UCU Wealth Strategies investment specialist could help you navigate the uncertainty and provide clear advice to keep your investment portfolio on track.

Maximize your Investment Accounts

• RRSP - Know your RRSP contribution limits and maximize your RRSP contribution by taking advantage of unused limits from previous tax years - which are carried forward to this current year. You have until March 1, 2022, to contribute to your RRSP in order to generate a tax credit for this 2021 year.
• RRIF - If you are retiring soon or about to turn 71 then you are required to convert your RRSP into a RRIF (Registered Retirement Income Fund).
• RESP - The contribution deadline for RESPs is December 31. If your beneficiary is under 17, your contributions will qualify you for the Canada Education Savings Grant – which is grant money the Government adds to your RESP contributions.
• TFSA - Withdraw any planned funds before the end of the year –and the amount of your withdrawal will be added back to your contribution room on January 1 of the New Year. 

Budget and Automatic Savings

Review your monthly budget – income, expenses and savings – and see if you can trim some expenses to create more savings. If you don’t have a budget, now would be a good time to create one – it will help you stay on track to achieve your financial goals.

To boost your savings – consider opening a high-interest savings account like ucublu, or an investment account like a TFSA.  Set up automatic contributions directing part of your income to your savings or investment account and watch your savings grow.

For more information about investment options please visit the UCU Wealth Strategies website

Tips for Managing your Holiday Spending

The holiday season is in high gear with eagerly anticipated family celebrations just around the corner. While this year’s holiday season is marked by a return to normality, the joy of Christmas gift buying is also putting some pressure on many to overspend. You can sidestep the pressure and enjoy this holiday season without the added financial stress by prioritizing budget planning.

Before you begin your holiday shopping consider these tips to manage your holiday spending.

Create a realistic budget

The simplest and most efficient way to keep your holiday spending under control is to create a budget. Start by determining the total amount you can afford to spend - then set a hard spending limit to ensure you stay on track. There are many tools available to help you generate a budget. You can use a spreadsheet, or go high-tech and use one of the many budgeting apps available on your phone.

Look at all your holiday expenses

Gift buying is a major expense during the holiday season but it is not the only expense you need to keep track of. Take into account all of your holiday spending needs when creating your budget - such as the cost of decorations, food and even travel expenses. Having an overview of your total expenditure will help you stay on track and keep your spending within your budget.

Set a per-person spending limit

To keep your spending under control set a per-person spending limit for everyone on your list. If your budget is tight consider talking to your family members to set spending limits for each person. Also, pooling your money with others to buy a larger group gift may be an alternative cost-effective option this holiday season.

Shop with a list

To keep impulse buying at bay make a separate list for each holiday spending category and carry each list with you when you shop. Take the time to research gift prices and shop at stores with the lowest prices. A detailed shopping list will keep your shopping organized and on budget.

Buy with a UCU Collabria Rewards Credit Card

Shopping with a credit card gives you more security from potential fraud than using a debit card or paying with cash. And if you have a UCU Collabria Rewards Credit Card you can start earning reward points on everyday purchases – turning each dollar spent into a reward point. UCU Collabria Centra Gold Mastercard is a great credit card option offering both a low rate and reward points. You can learn more about UCU Collabria credit cards here.

Track your holiday spending

When you start your holiday shopping don’t forget to keep track of all your expenses. Tracking your spending is the best way to ensure you stick to your budget. Each time you make a purchase subtract the amount from your holiday budget total. This running calculation will let you know if your spending is within your budget  – making it easier to make adjustments between your budget categories if needed.

Plan for next year’s holiday spending

Set a plan for next year’s holiday spending to ensure you stay on track and not become overwhelmed by the high cost of the holidays. Build better year-round spending habits by setting aside monthly savings earmarked specifically for holiday spending. Consider opening a ucublu higher interest savings account where you can earn more interest while saving for next year’s holidays.

More information about ucublu can be found on our website.