View Full Page: Prioritize Your Bills During A Financial Crunch

If you are in a financial crunch, a great way to work around it until you are back on your feet is to prioritize your bills. The first thing you need to do is get all your bills laid out in front of you to visually see what is owed each month. Then, order your bills from high priority, like basic needs, to low priority, debt you may be able to push off until you are on more stable ground.    

Secured Vs. Unsecured Debt

A great way to divvy up your debt further into the high, medium, and low priorities is to see which are secured and which are unsecured. A secured debt is backed by collateral that will guarantee it. When you do not pay the debt, your collateral could be taken away. For example, a mortgage is secured because the home is your collateral. This secured debt will need to be placed under your high-priority bills to pay.

An unsecured debt does not have collateral supporting it. While still important to pay this debt, you have some breathing room because there is no collateral that can be repossessed. An example of this is your credit card debt. There are consequences to not paying your credit card bill like paying interest and possibly late fees. Plus that missed payment will go on your credit report, but you will not lose your home. Your credit card bill can therefore go under a low priority bill category.      

High Priority Bills

These bills are the items you must pay on time because there are serious repercussions for not paying them. A great deal of these bills will fall under your basic needs, like shelter and food.

1. Food
2. Housing
3. Utilities
4. Other Secured Debt

Medium Priority Bills

When you have a bill that needs to be paid as soon as you can to prevent it from becoming a problem, but it will not cause outrageous consequences, it can go under your medium priority category. Once you have paid all your high-priority bills, the extra money you have should go to these items.

1. Car Insurance (unless legally required)
2. Medical Bills
3. Vehicle Loan Payment (not the primary mode of transportation)
4. Student Loans

Low Priority Bills

Your low-priority bills will not cause immediate or devastating effects if they are not paid right away. These bills can be pushed off till you are in a better financial spot.    

1. Credit Cards
2. Department or Gas Cards
3. Subscriptions
4. Other Unsecured Debt

Each of these bills may be a higher or lower priority for you. It is all based on your financial situation. As you prioritize your bills, contact the creditors about your situation prior to missing a payment. They may have payment options to help you during this time and will be more willing to help if you inform them in advance. Velocity Community Credit Union is here for you during your ups and downs. Contact us today for ways we can help you, from lending to savings options.

Source: Green Path, Nerd Wallet

View Full Page: Business Checking

Business Checking

With a business money market account, you can earn a higher return on your cash while still retaining easy access to your funds. The more you deposit, the more you earn when you maintain a minimum balance.

Check Rates

Business Lending

Coming later this year.

Merchant Services

We are proud to partner with Total Merchant Concepts (TMC) because of their integrity and elevated level of service. Visit our Merchant Services page to see all they have to offer.

Learn More

Payroll Services

If you need help with payroll, taxes, HR, and benefits, we can help! Through our partnership with TMC, you can have the power of ADP® at your disposal.

Learn More

Business Credit Cards

Coming later this year.

Retirement Planning

Gary Henderson, Investment Consultant with Velocity Community Investment Services, is happy to speak with you about retirement planning options for you and your employees.

Learn More

Online & Mobile Banking

Manage your banking at your convenience with online and mobile banking for your business.

Learn More

View Full Page: Business Account Fees

Business Account Fees

1. Transactions include debits and credits (excluding ATM/POS transactions and internal transfers), deposits, checks cleared, and checks deposited.
2. Non-proprietary ATMs may charge an additional fee which will be disclosed at the time of the transaction.

View Full Page: Lease

All You Need For Your Lease

Velocity Community Credit Union is a progressive, full-service financial institution that is passionate about helping its members. With your lease, you now have access to our full suite of products to meet all of your financial needs. Our staff will work tirelessly each day to ensure your 100% complete satisfaction. All the leases we service are originated through local dealerships.

Lease Payment Options

We have many options for making your payments; our goal is to make it as easy as possible. Pay directly from another financial institution by using the “Pay” button in the top right corner of this page to make a payment from another financial institution (Automate payments for free or pay a low fee for a one-time payment).

You can also pay your loan through:

Lease Services & Pay Off Options

Services

View Full Page: 6 Ways To Build Your Credit Score

A credit score is a 3-digit number that represents a person’s creditworthiness. The higher the score, the better for you. Your credit score affects more than just your ability to get loans. Insurance companies, potential employers, rental property companies, and more may all pull your credit to see if they want to work with you. If you are looking for a loan, you can be approved for lower interest rates with a higher credit score. When starting out, you don’t immediately get “A” credit. So how do you build your credit score? Here are some of the ways to easily build your credit score!   

Review Your Credit

Before you start to build your credit score, review your credit report. You can pull your credit report from each bureau once a year for free on annualcreditreport.com. Since there are three bureaus (Experian, Transunion, Equifax), you can pull your credit report three times each year. Don’t order your credit reports from each bureau all at once. Staggering the free reports is a great way to monitor your credit report throughout the year.

Besides seeing where you are with your credit, you should review your credit reports for any errors. An error on your credit report can pull your score down, and it isn’t even reflecting your true behavior. If you find an error, submit a dispute to the credit bureau. Disputes can be submitted online through the agency’s portal.  

Build a Credit History

To start building your credit score, you must have lines of credit open. When just starting out or trying to rebuild your credit, credit builder loans are a great way to start moving the needle up. Whatever amount of money you choose to borrow, that amount is held in your savings account until your loan is repaid. Once the loan is repaid, the balance of the savings account is available to use. This is a great way to establish positive payment history to help build your credit rating.  

Another great loan to help build your credit is a secured credit card. Like the credit builder loan, whatever amount you choose for your limit, a deposit of that amount will be held in your savings and earn dividends. Pay your bill on time each month and once your credit score goes up, you can switch your card over to a non-secured card and your deposit will be available for your use.    

Mix Up Your Loan Profile

Lines of credit are important if you want to see your score improve, but you also need to make sure that the loans you have vary in type because credit mix affects 10% of your score. It is important to have both secured and non-secured loans in your profile. A secured loan is when you have collateral to back the loan up. For example, a car loan is secure because you have a car to cover the loan if you default on it.

A non-secured loan does not have any collateral backing up your request, so it is a little riskier for the lender. An example is student loans because the lender can not come back to you and repossess your education. Having a mix of both secured and non-secured loans shows the lender that you are well rounded and will increase your credit score.    

Maintain older credit lines

The age of your credit accounts affects 15% of your score, so don’t be so quick to close your older credit accounts even if you aren’t using them. Lenders like to see an older average credit age because it shows them you have more experience with paying back your loans. Don’t forget they may be oldies, but they are still goodies!

Plus, if you close older credit cards that you do not use anymore, your available credit will go down and your credit utilization will go up. The goal is to keep your credit utilization at 30% or less. But when you close your older accounts it makes it look as though you have less usage, so whatever you have on other cards impacts your utilization ratio at a higher rate. To help with your credit utilization ratio, ask to increase your limit. Just remember increasing your limit won’t help if you increase your spending as well.   

 Limit How Often You Apply For New Accounts

As you add new accounts to your profile, remember to not go over the top. Make sure not to submit credit applications back-to-back. Every time you apply for a loan, you get a hard inquiry on your credit report that can affect your score by as much as 10%. Hard inquiries affect your credit score negatively for as long as a few months to two years. Make sure when you are applying for a loan that you need it and it will benefit your credit score in the long run.    

Pay Your Bills On Time

Last but not least, payment history has a 35% impact on determining your credit score. It is important to keep your bills organized and pay them on time. A great way to make sure you pay your bills on time is to set up due date alerts. This way, you will know when a bill is coming due and have a plan for it. You can also set up automatic bill pay through your bank account. Bill Pay takes away the concern of potentially being late on a payment because it automatically comes out of your account.

To build your credit score, make sure to keep these tips in mind. If you are patient and just keep working at it, you will be set for any credit need in the future.

View Full Page: 5 Benefits of Online Banking In Palm Beach County!

You’re constantly on the go, and checking your balance and paying bills at the financial institution might not always be convenient. Velocity Community Credit Union’s mobile banking app and online banking allow you to do this and more—when and where it’s convenient for you. Start using online banking in Palm Beach County today to:

Review Your Account Details

You can conveniently review your account information and transactions from home in real-time! All you have to do is log into your online banking or mobile app and you can see updates where ever you are in the world. With 24/7 access, there is no concern about making it into a financial institution before the doors close. This is the easiest way to check whether a transaction has cleared or catch unauthorized activity on your account. You have the freedom to look over your account information when it is convenient to you.  

Manage Credit Cards

Financial institutions are adding ways to simplify your credit card management into clicks of a button. This will help you protect yourself from fraud and ease the process of getting a new card. Lost card? As you toss your room looking for it, open your mobile app and switch the card off. When you find it, switch it back on just as easily. If you realize it is lost or maybe it was stolen, report it through your online banking account and order your replacement card. With these additional management controls, your banking is truly in your hands. 

Pay Bills

Paying bills is stressful enough without needing to call or go into your financial institution to make sure everything is good to go. Online banking simplifies the process by allowing you to set up automatic payments and keep it all organized in one spot. To begin making payments in Velocity Community Credit Union Bill Pay, just log in to online banking, add a payee, the amount, and the scheduled date, then you are all set!  

Transfer Money Between Accounts

Instead of driving to your financial institution to transfer money between accounts, just log in to online banking. When transferring money to accounts within the same financial institution, you can get it as early as the same day. You can also transfer to accounts outside your financial institution but it may take a couple of days. This is perfect for transferring between different savings accounts, especially, if you are focused on a specific saving goal. Transfer the money from the comfort of your own home and go on about your day! 

Deposit Checks With the Mobile App

Getting a check is always great, but it is hard to have the time to swing by the branch. Open up your mobile app and use it to deposit your check to your account without heading to an ATM or branch. All you have to do is take a picture of the front of the check, fill out the back, take a picture of the back, and click deposit.  

For more information, visit Velocity Community Credit Union, or call us at (561) 775-2525.

Source: Forbes

View Full Page: eBanking

View Full Page: Zelle

Send and Receive
Money with Zelle^®

Zelle is a convenient way to send money right from your mobile banking app or online banking account.

Whether it’s saving you a trip to the ATM or taking out the guesswork of divvying up the cost of the lunch tab, Zelle is a fast, safe and easy way to send and request money with friends, family and others you trust².
Money is sent directly to the recipient’s account and is typically available in minutes¹, and all you need to send money is the recipient’s email address or U.S. mobile phone number.

Watch Our Video

Mobilize your money
with Zelle.

SEND

Send money

fast in just a

few steps.

REQUEST

Settle up with

roommates, friends

and more, regardless

of where they bank².

SPLIT

Easily divide the

cost of the dinner check,

coffee and more.

Enroll in Zelle^® Now

1. Login to Bill Pay
2. Select Send Money with Zelle^®
3. Select or enter a new Contact
4. Enter Amount

Frequently Asked Questions

What is ZELLE?

Zelle is a fast, safe and easy way to send money directly between almost any bank accounts in the U.S., typically within minutes¹. With just an email address or U.S. mobile phone number, you can send money
to people you trust, regardless of where they bank².

Who can I send money to with ZELLE?

You can send money to friends, family and others you trust².

Since money is sent directly from your bank account to another person’s bank account within minutes¹, it’s important to only send money to people you trust, and always ensure you’ve used the correct
email address or U.S. mobile number.

HOW DO I USE ZELLE?

You can send, request, or receive money with Zelle.

1. To get started, log into Velocity Community Credit Union’s online banking or mobile app, navigate to Move Money in Online Banking or More in Mobile Banking, and select “Send Money with Zelle^®“.
   Accept terms and conditions, enter your email address or U.S. mobile phone number, receive a one-time verification code, enter it, and you’re ready to start sending and receiving with Zelle.
2. To send money using Zelle, simply add a trusted recipient’s email address or U.S. mobile phone number, enter the amount you’d like to send and an optional note, review, then hit “Send.” In most
   cases, the money is available to your recipient in minutes¹.
3. To request money using Zelle, choose “Request,” select the individual(s) from whom you’d like to request money, enter the amount you’d like to request, include an optional note, review and hit
   “Request”³.
4. To receive money, just share your enrolled email address or U.S. mobile phone number with a friend and ask them to send you money with Zelle.

Someone sent me money with Zelle, how do I receive it?

If you have already enrolled with Zelle, you do not need to take any further action. The money will move directly into your bank account, typically within minutes¹.

If you have not yet enrolled with Zelle, follow these steps:

1. Click on the link provided in the payment notification you received via email or text message.
2. Select Velocity Community Credit Union.
3. Follow the instructions provided on the page to enroll and receive your payment. Pay attention to the email address or U.S. mobile number where you received the payment notification – you should enroll with Zelle using
   that email address or U.S. mobile number where you received the notification to ensure you receive your money.

What types of payments can I make with Zelle?

Zelle is a great way to send money to family, friends, and people you are familiar with such as your personal trainer, babysitter or neighbor².

Since money is sent directly from your bank account to another person’s bank account within minutes¹, Zelle should only be used to send money to friends, family and others you trust.

Neither Velocity Community Credit Union nor Zelle offers a protection program for any authorized payments made with Zelle – for example, if you do not receive the item you paid for or the item is not as
described or as you expected.

How do I get started?

It’s easy — Zelle is already available within Velocity Community Credit Union’s mobile banking app and online banking! Check our app or sign-in online and follow a few simple steps to enroll with Zelle today.

What if I want to send money to someone whose financial institution doesn’t offer Zelle?

You can find a full list of participating banks and credit unions live with Zelle here.

If your recipient’s financial institution isn’t on the list, don’t worry! The list of participating financial institutions is always growing, and your recipient can still use Zelle by downloading the Zelle app
for Android and iOS.

To enroll with the Zelle app, your recipient will enter their basic contact information, an email address and U.S. mobile number, and a Visa^® or Mastercard^® debit card with a U.S. based
account (does not include U.S. territories). Zelle does not accept debit cards associated with international deposit accounts or any credit cards.

How does Zelle work?

When you enroll with Zelle through your online banking or mobile banking app, your name, the name of your credit union, and the email address or U.S. mobile number you enrolled is shared with Zelle (no sensitive
account details are shared – those stay with Velocity Community Credit Union).

When someone sends money to your enrolled email address or U.S. mobile number, Zelle looks up the email address or mobile number in its “directory” and notifies Velocity Community Credit Union of the incoming
payment. Velocity Community Credit Union then directs the payment into your bank account, all while keeping your sensitive account details private.

Can I use Zelle internationally?

In order to use Zelle, the sender and recipient’s bank accounts must be based in the U.S.

Can I cancel a payment?

You can only cancel a payment if the person you sent money to hasn’t yet enrolled with Zelle. To check whether the payment is still pending because the recipient hasn’t yet enrolled, you can go to your activity
page, choose the payment you want to cancel, and then select “Cancel This Payment.”

If the person you sent money to has already enrolled with Zelle, the money is sent directly to their bank account and cannot be canceled. This is why it’s important to only send money to people you trust, and
always ensure you’ve used the correct email address or U.S. mobile number when sending money.

If you sent money to the wrong person, we recommend contacting the recipient and requesting the money back. If you aren’t able to get your money back, please call payment services at (561) 775-2525 or
toll-free at (800) 872-4517 so we can help you.

Scheduled or recurring payments sent directly to your recipient’s account number (instead of an email address or mobile number) are made available by Velocity Community Credit Union but are a separate service from Zelle and
can take 1 – 3 business days to process.

You can cancel a payment that is scheduled in advance if the money has not already been deducted from your account.

How long does it take to receive money with Zelle?

Money sent with Zelle is typically available to an enrolled recipient within minutes¹.

If you send money to someone who isn’t enrolled with Zelle, they will receive a notification prompting them to enroll. After enrollment, the money will be available in your recipient’s account, and will be
available typically within minutes¹.

If your payment is pending, we recommend confirming that the person you sent money to has enrolled with Zelle and that you entered the correct email address or U.S. mobile phone number.

If you’re waiting to receive money, you should check to see if you’ve received a payment notification via email or text message. If you haven’t received a payment notification, we recommend following up with
the sender to confirm they entered the correct email address or U.S. mobile phone number.

Still having trouble? Please contact payment services at (561) 775-2525 or toll-free at (800) 872-4517.

Will the person I send money to be notified?

Yes! They will receive a notification via email or text message.

Is my information secure?

Keeping your money and information safe is a top priority for Velocity Community Credit Union. When you use Zelle within our mobile app or online banking, your information is protected with the same technology we use
to keep your bank account safe.

I’m unsure about using Zelle to pay someone I don’t know. What should I do?

If you don’t know the person, or aren’t sure you will get what you paid for (for example, items bought from an online bidding or sales site), you should not use Zelle for these types of transactions.

These transactions are potentially high risk (just like sending cash to a person you don’t know is high risk). Neither Velocity Community Credit Union nor Zelle offers a protection program for any authorized payments
made with Zelle – for example, if you do not receive the item you paid for or the item is not as described or as you expected.

What if I get an error message when I try to enroll an email address or U.S. mobile number?

Your email address or U.S. mobile phone number may already be enrolled with Zelle at another bank or credit union. Call our payment services team at (561) 775-2525 or toll-free at (800) 872-4517 and ask them
to move your email address or U.S. mobile phone number to Velocity Community Credit Union so you can use it for Zelle.

Once member support moves your email address or U.S. mobile phone number, it will be connected to your Velocity Community Credit Union account so you can start sending and receiving money with Zelle through the Velocity
Community Credit Union mobile banking app and online banking. Please call Velocity Community Credit Union’s payment services team at (561) 775-2525 or toll-free at (800) 872-4517  for help.

SEE MORE FAQs

Don’t have our mobile app?
Download it for free:

App Store is a service mark of Apple Inc. Apple and the Apple logo are trademarks of Apple Inc, registered in the U.S. and other countries. Android, Google Play, and the Google Play logo are trademarks of Google Inc. Data charges may apply.
Check with your mobile phone carrier for details.Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

¹ Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.

² Must have a bank account in the U.S. to use Zelle. Must be 18 years of age or older to use Zelle.

³ In order to send payment requests or split payment requests to a U.S. mobile number, the mobile number must already be enrolled with Zelle.

Copyright © 2020 Velocity Community Credit Union. All rights reserved.

View Full Page: MemberPLUS

View Full Page: Fees