December 2024 News
Give Kids the Gift of a Financial Head Start
Now that the holidays are upon us, you may be wondering what gifts to give your children or younger relatives. You could always buy them toys that they may or may not like, or clothing essentials like socks and underwear, or even gift cards to their favorite retailers. But what gets many kids excited is receiving good old-fashioned cash. Now you may think cash is impersonal, but there is a way to make a cash gift so much more.
By gifting a child with a crisp $50 bill, not only will it bring a smile to their face, but it will also give them an opportunity to make their money grow while instilling good savings habits. Consider opening a Youth Savings account for them (available to members aged 24 years or younger. Those under the age of 18 must have an adult as a joint owner on the account). Your child can even participate in making a deposit or withdrawal when you are at a branch—which allows them to see and experience what happens with money. Opening a savings account in their name is a great way to allow them to practice good savings habits.
Our Youth CD can help make your child’s long-term savings goals a reality with a great interest rate, a minimum opening deposit of just $50, a convenient 12-month term, and the ability to add funds during the term of their CD. Available to members aged 24 years or younger. Those under the age of 18 must have an adult as a joint owner on the account.
Get $100 when you open a Student Checking account!
If you have teens, there’s no better time to set them up for success with a student checking account. Our free Student Checking Account (available to members aged 13–24) is the perfect account for day-to-day money management. Your teen will receive a free Visa® debit card, access to mobile banking, and no monthly maintenance fees or minimum balance requirements.
Plus, for a limited time, when you open your first Student Checking account at any Bellco branch, you’ll receive a $100 bonus!*
To learn more about Bellco youth accounts, visit our Youth Accounts page at Bellco.org.
Visa is a registered trademark of Visa International Service Association.
*To receive the $100 bonus, you must (a) be or become a Bellco member, (b) qualify for your first checking account of any kind with Bellco, (c) be aged 13-24 (persons under the age of 18 must have an adult as a joint owner on the account), and (d) open a new Student Checking account, which is subject to approval, by 12/31/2024. Limit of one bonus per account. The cash bonus will be deposited into the new checking account within 60 days of account opening, as long as the account is in good standing (i.e., is not overdrawn) at the time the bonus is paid.s Brighton East Branch located at 22 S. 50th Avenue, Brighton, CO 80601 during the sweepstakes period. Sweepstakes Period: November 18, 2024, at 9:01am MT, to November 23, 2024, at 12:59pm MT.
Ensure Your Contact Information is Up To Date
Whether you’re dining out with friends, attending holiday events, or looking for last-minute bargains, please know that Bellco is committed to keeping your financial information safe and secure so you can enjoy peace of mind anytime—including the holiday season.
One of the ways we do this is by providing instant notifications to help resolve issues in a timely manner should you ever have account accessibility problems, debit card issues, or concerns about fraud. To ensure you can receive notifications and alerts, you’ll first want to confirm that your contact information on file at Bellco is up to date.
Simply log in to Online Banking, click on the person icon in the top right corner, select Settings from the drop-down, and then Contact to review your information. If you find any incomplete or inaccurate information, you can easily update the info yourself, including your address, mobile phone number, email address, and more. If you haven’t already provided one, include a mobile phone number to allow important Bellco alerts. For your security, if you make a change to some of your personal information, we use multi-factor authentication to confirm those changes, and you will also receive a confirmation notification after you’ve completed the process.
Once your personal info is up to date, you’ll be able to receive important notifications about your accounts via email or text—whether or not fraud may be involved. For alerts not considered fraud, you should always respond as soon as possible to the notification in order to avoid having your card blocked. In instances where there is suspected fraud, if you do not respond to the alert, your card will get automatically blocked.
If you believe you have received a fraudulent communication or you suspect fraud on your account, you can use our Report Fraudulent Activity Form, which can be used to report identity theft, phishing scams, suspicious emails, text messages, phone calls, or other presumed fraudulent incidents related to Bellco.
As always, you can contact Bellco Member Services at 1-800-BELLCO-1 if you need further information or assistance..
Why Mortgage Rates Lag Behind Fed’s Rate
Due to the Federal Reserve cutting interest rates by 0.75% since September, many people expected mortgage rates to drop right away. But that hasn’t happened, so why are mortgage rates staying higher than expected?
The Fed controls the federal funds rate, which is the interest rate banks use to borrow money from each other overnight. When the Fed lowers this rate, it often causes other rates, like the Prime Rate (the rate banks charge their best customers), to go down too. This affects loans with variable rates, such as adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs).
However, fixed mortgage rates don’t follow the Fed’s rate cuts as closely. These rates are more influenced by the yield on the 10-year U.S. Treasury bond. When the yield on these bonds goes up, fixed mortgage rates tend to rise; when it goes down, fixed mortgage rates generally follow.
The Fed only controls the federal funds rate, not the rates for longer-term loans like mortgages. Those rates are influenced by the bond market, which looks at factors like inflation, unemployment, and economic growth to determine the interest rates investors are willing to accept.
So, even though the Fed has lowered its rates, mortgage rates can still remain steady or even rise, depending on what’s happening in the bond market.
For homebuyers, affordability is key right now. Although rates aren’t as low as they were a few years ago, they are still better than what we’ve seen in recent history. If you’re thinking about buying a home, keep in mind that interest rates will continue to change. If they drop further, refinancing options will become available.
If you have questions about mortgages, feel free to reach out to Bellco Home Loans for more info at BellcoHomeLoans.com.
Bellco Home Loans is a joint venture between Bellco Credit Union and Guild Mortgage Company, LLC, an independent mortgage lender that has helped families attain home ownership since 1960. Bellco Home Loans, LLC is an affiliate of Guild Mortgage Company LLC. Guild Mortgage Company LLC; Equal Housing Opportunity; Company NMLS ID 2085298
Fraud Dept. Scam Targets Bellco Members
We are aware of a “fraud department” text scam that has been targeting Bellco members. In this scam, the fraudsters send a fake text message pretending to be from Bellco’s Fraud Dept. asking the member if they are aware of a fake charge on their Bellco account.
Once the member responds to the text, the fraudsters call right back and try to convince the member they represent Bellco Fraud, and they need the member’s help to stop or reverse the fake charge.
The fraudster will ask the member to confirm their identity and will often ask for their online banking username and password, debit/credit card information, and even Social Security number. With this info, the fraudster will perform Zelle® transactions, online wires, and card transactions. For some of these transactions, Multifactor Authentication (MFA) codes will be sent to the member’s phone. The fraudster can then gain those MFA codes from the member to authorize the fraudulent transactions.
As a reminder, Bellco will never text or call and ask for your personal banking information. If you think your account security has been compromised, please contact our Fraud Department at 303-689-7548.
