May 2024 News
Spring Into a New Backyard With ChoiceLine
Springtime in Colorado is all about renewal. New flowers, new tree growth, new warmer (for the most part) temps. Which makes it a great time to be outdoors—especially knowing that summer is just around the corner, promising afternoon and evening barbecues and get-togethers. So why not think about rejuvenating your home’s outdoor space?
Whether you’re looking to refresh a current deck or patio or build an entirely new outdoor-living space, the return on your investment (how much you could gain if you were to sell your home) could be worth your while depending on the project’s cost. Which makes it one of the better projects to focus on this spring.
And if you’re concerned about how to fund it, we’ve got a great solution: a Bellco Home Equity ChoiceLine. Right now, we’re offering a fixed APR as low as 6.99% on an advance of $10,000 or more*. If you’ve been in your house for a while, you’ve probably accrued a fair amount of equity, which means a sizeable line of credit for your outdoor-renewal project. Plus, it’s possible you can claim the interest on your taxes next year! (Be sure to consult with a tax advisor regarding the deductibility of your interest.)
So what are you waiting for? Turn your plans into a new backyard today!
*LIMITED TIME OFFER. The 6.99% APR for the Fixed Rate offer is available to anyone who qualifies and advances at least $10,000.00 from the available line of credit at the time the Fixed Rate Subaccount is opened. Conditions and restrictions apply, including those related to CLTV and credit score. This offer can end at any time. If you don’t qualify for the promotional rate, the APR for fixed-rate advances will be set using the fixed rate Bellco is offering at the time you fix the rate based on your credit score, combined loan to value, and lien position at the time the loan is closed. This fixed rate will be in effect for the whole term of the applicable fixed-rate subaccount, which cannot exceed the remaining term of the loan. Variable APR for well-qualified borrowers as of May 1, 2024 is 874% and is subject to change without notice. Maximum APR for variable rate advance is 21%. Variable rate may change after account opening. Property must be insured, owner occupied (primary or secondary), and located in Colorado. Membership required. All loans subject to approval.
How to Recognize Impersonation Scams
Impersonation scams are on the rise, and chances are, if they haven’t already, fraudsters could soon target you. That’s why it’s important to understand what these scams look like, how to avoid them, and what to do if you fall victim to one.
With impersonation scams, the imposter will email, text, or call claiming to be someone from the government, a business, or your financial institution—or even someone you know. If they’re calling or texting, they will frequently adapt the caller ID to appear as though they’re using an official business number. If they’re using email, they steal official logos and colors to appear as realistic as possible. The scammers will tell a variety of stories; they’ll try to convince you that you owe money, you will soon get in trouble if you don’t pay a bill, a payment you received was too much and you need to return it, you’ve won a sweepstakes but need to pay a fee to receive your prize, you’re supposed to receive an inheritance but you need to pay taxes on it first, your computer needs tech support, or a loved one needs your immediate help.
Most of these scams are characterized by a sense of urgency—the imposter will try to pressure you to act quickly. They frequently demand payment by wire transfer, gift card, or cryptocurrency, which helps them launder the money and makes it nearly impossible for you to recover it. To avoid being sucked into the scam, be sure to slow things down and take time to check out some details.
- The government will only initiate communication through the regular mail; any other form of initial communication is not from a representative of the IRS or Social Security.
- If someone is pretending to be a relative in distress (note that some sophisticated scammers are even using AI to fake loved ones’ voices), call that person directly, using the number you know is theirs, not the one the scammer is giving you. (In these situations, they’ll use a line like, “My phone is broken/lost/stolen, so don’t call me on it; only use this number.”)
- Remember that tech support people won’t contact you out of the blue. If you’re feeling pressured to give them access to your computer, hang up the phone and contact tech support you trust.
- If you’re being told you’ve won a prize or will receive an inheritance, don’t pay “fees” for it, and check in with a mutual connection you trust to see if they think you were in line to inherit.
- If you’re being directed to a website, don’t use any link they might send; look up the URL or phone number yourself. And be sure not to download any attachments from someone you don’t know.
Scammers are very good at fooling people, and once they’ve succeeded, they’ll likely try to do it again. If you’ve been a victim of an impersonation scam, don’t fall prey a second time. Contact the Federal Trade Commission at 1-877-382-4357 or online at ftc.gov/complaint.
If you believe you are a victim of fraud in relation to your Bellco accounts, please contact Bellco’s Fraud Department at 303-689-7548.
Easily Manage Your Bellco Debit & Credit Cards
We are always working on ways to provide our members with more convenient tools and services whether it’s in branches or through online and mobile banking—it’s also true for our debit and credit cards. For instance, did you know that it’s now simpler than ever to manage your debit and credit cards all in one place?
Whether you’re looking to manage your Bellco debit or credit card, you can now access both in Online Banking by navigating to the Cards tab, then selecting Manage Cards from the drop-down menu. Both types of cards share a majority of the same management tools. Here are some the tools you can take advantage of for both:
MANAGE CARD ALERTS
Locations—Set alerts for transactions that occur at different locations, domestically and internationally.
Transaction Limits—Set alerts to send whenever the transaction amount exceeds the limits you’ve set.
Transaction Types—Set alerts for the types of transactions you want to be notified about as well as the types of merchants.
MANAGE CARD CONTROLS
Locations— Set the controls for your device location so you can block in-store or international transactions.
Transaction Limits—Set transaction limits to deny a transaction when the amount exceeds the limits you’ve set.
Transaction Types—Set transaction types that you want to block. Deny transactions for the types of merchants you want to block.
MORE OPTIONS
- Place a temporary block on your card or unblock your card at any time.
- While traveling, provide us with your plans to prevent potential card interruptions
- Replace your card, whether it was lost, stolen, or damaged.
- Easily update your PIN safely and securely (debit cards only).
For a step-by-step guide on how to manage your debit an credit card preferences, click below to learn more and get started.
5 Common Misconceptions About Insurance
We know absolutely everything there is to know about insurance. All right, fib number one, out of the way. The truth is, insurance is complex, and most insurance professionals still learn something new about the industry on a regular basis. Unfortunately, it has become nearly impossible to separate insurance-fact from fiction.
To help, we have compiled a list of some of the most common misconceptions in the insurance industry:
At age 25, your insurance rates drop dramatically.
While age 25 can have relevancy in the insurance industry, it is not directly tied to reducing costs. It can happen, but age is only one factor amongst several that determine the cost of insurance. Getting the most competitive rate is a gradual process that reflects good driving more than turning a year older.
“Full Coverage” means my policy covers everything.
Ok, the name is deceiving. In reality, “full coverage” auto insurance means the policy includes comprehensive and collision coverage. Those options provide coverage to your vehicle in the event of a covered loss, whether you were at fault or not. With a liability-only, your insurance policy will not offer coverage to repair your vehicle.
Insurance rates are negotiable.
Not by a long shot! Insurance rates are determined by compiling numerous data points into a complex equation. Once calculated, there isn’t a way to change the rates without altering the coverage. Each person has unique rating factors, and each insurance company will interpret those characteristics differently.
All insurance companies offer the same policies.
Maybe the most well-established myth on the list. But, just like any other product, there is a difference from company to company. The details lie within the policy language and structure. While all the quotes may look the same, the experience received can be very different from provider to provider. It is essential to work with a professional to research a company before trusting them for protection.
Living with someone doesn’t impact my insurance coverage.
Most insurance companies require spouses, significant others, even roommates living in the same household to be reflected on an insurance policy in some capacity. Done correctly, this can actually be an advantage. But not identifying all household drivers can lead to coverage denials, policy cancellation, even price adjustments.
At The Insurance Loft, our goal is to educate our clients about how insurance really works. No games, no gimmicks, just real insurance experts with a passion for helping our community. So when your ready for smarter insurance, work with one of our experts to review more than 15 different insurance carriers to find the right solution for you.
Click to schedule your complimentary review or get a quote online to activate an expert insurance advisor right here in Colorado. Prefer to talk with an advisor? Give us a call at 1-888-808-6475 or schedule an appointment!
