Newsletter
Fall 2023
President's Message
How to Maximize Your Savings
Make your money go further. Get the scoop on savings options that give you higher yields than a traditional savings account while providing you with flexible access to your money.
Feature
People Can Change—So Can Digital Banking
If you haven't made the switch, take another look at mobile and online banking. Learn why these tools have become so popular for everyday money management and how Mountain America is keeping security top of mind.
Feature
Stop Before You Wire
Wire fraud schemes are on the rise. Learn the warning signs for the most common scams and find out how to protect yourself and your loved ones.
Giveaway
Win a New Smartphone
Enter for your chance to win an iPhone 15 or Galaxy S23! Earn entries in a variety of ways through November.
Updates
In Case You Missed It
Get all the news you may have missed, including recent financial articles, inspiring stories and podcast episodes from Mountain America.
Stay in the Loop
Receive notifications and other special offers on your phone.
Discover financial tips and guidance.
Receive limited-time promotions, giveaways and discounts.
Get the latest product information.
1/5
How to Maximize
Your Savings
Sterling Nielsen, President/CEO
It’s no secret that the last decade of lower interest rates made obtaining loans more affordable. But those same rates also made it harder for savers to accrue dividends and increase their savings. With today’s rates, there are excellent opportunities for savers to earn more. Here’s how.
Evaluate your savings goals
The first step to maximizing your savings is to know why you are saving. Once you know your goals, you can review the account’s dividend rate and funds’ accessibility to decide which type of savings account will help you best reach those goals.
Savings accounts for growth
I use money market and certificate accounts to earn higher yields than traditional savings accounts. These savings options are also insured by the NCUA to ensure the safety of your deposit.
These high-yield savings accounts offer a balance between safety and funds accessibility. They work well for those looking to build an emergency fund that covers three to six months of living expenses. These accounts:
- Allow the accountholder to make transactions (deposits and withdrawals).
- Are popular for individuals seeking both safety and higher yields.
- Allow your money to grow faster depending on the deposit amount.
- Are excellent for shorter-term goals (less than six months).
Standard certificate accounts are fixed-term accounts for those with a specific deposit timeframe in mind. Standard certificates offer the following benefits and conditions:
- Get account terms ranging from six months to five years.
- Earn higher yields than traditional savings and money market accounts.
- Requires a commitment to leave the funds in the account until the term ends to avoid a penalty.
Funds accessibility
It can be tempting to put as much money as possible into certificate accounts with higher yields. However, it’s important to assess your overall financial needs. If you think you will need access to your deposit before the maturity date, a money market account is a safer choice. You won’t earn as much in dividends, but you will also avoid paying a penalty.
Certificate laddering
One way to mitigate the risk of inaccessiblity is by building a certificate ladder. This technique involves staggering the maturity dates of certificates.
.svg)
By spreading out the investment across multiple certificates with varying maturity periods, you can ensure consistent access to funds at regular intervals.This approach minimizes the likelihood of having all your funds tied up in long-term investments.
For example, instead of placing your savings in one 36-month certificate, you would allocate your funds into certificates that mature in six months, 12 months, 24 months and 36 months. This creates a ladder where a portion of your investment becomes accessible at each maturity milestone.
This effectively reduces the risk of locking up funds for an extended period, while also making the most of the benefits of longer-term investments. Certificate laddering not only enhances financial security by ensuring a steady stream of available funds but also allows you to adapt to changing economic conditions and seize opportunities that may arise.
How much should I save?
If you don’t know where to start, try to budget 10–20% of your net income for your savings goals. Review your budget to decide how much you can save and which type of account works best for you.
Open an account
Simply log in at macu.com or on the mobile app, select Loans & New Accounts, and then select New Savings or Certificate.
If you would like to discuss the best way to maximize your savings, visit a branch or call our service center at 1-800-748-4302. You can also schedule a free appointment with a financial guide to set up a more in-depth strategy. We’re here to guide you forward.
People Can Change—So Can Digital Banking
For years you’ve been hearing about the speed and convenience of digital banking. If you’ve been hesitant to make the switch, now is the perfect time. Not only has the technology come a long way, increased security features and improved ease of use have made digital banking the preferred choice to manage your finances.
Did you know?
As of 2022, 78% of U.S. adults prefer managing their money through a mobile app or website.1 We’ve also seen a huge increase in mobile banking, with 43.5% of Americans choosing it as their primary method for account access (up from only 15.1% in 2017).2
Here are four reasons digital banking is on the rise:
1More institutions offer comprehensive mobile apps
The Mountain America app is a cut above thanks to these additional features:
- Card manager
Freeze your debit or credit card, set PINs and view full card details, even before you receive a physical card. - Free credit score access
View your credit report, see credit alerts and explore how financial choices could change your score. - Alerts
Receive notifications about balances, account activity, loan payments and cleared deposits.
2Opening accounts digitally is easier
Consider opening these accounts through our mobile app or online banking:
- Certificate
Our certificate rates are sky-high right now! - MyStyle® Checking
Receive a suite of extra benefits, such as rewards, mobile phone protection and loan rate discounts.3 - Rewards credit card
Earn rewards points on every purchase, then redeem your points for things like travel rebates, gift cards and event tickets.4 - Home loan
Buy, refinance or tap into existing equity with a low-rate home loan.
3Transfers are faster and more simple
At Mountain America, you have the freedom to transfer funds wherever you do business:
- External transfers
Move money between your Mountain America account and accounts you have at other financial institutions. - Quick Payments
Make Mountain America loan payments from a checking account at another financial institution.
4Security and fraud detection have improved
Arguably, the biggest deterrent to faster digital banking growth has been concerns about safety. Consumers haven’t fully trusted the security of mobile banking apps.
As a Mountain America member, you can enjoy peace of mind knowing our digital banking platform offers the following safety features:
- Built-in encryption
We use advanced encryption technology to keep your data private. - Multi-factor authentication
This feature adds another layer of security in the form of a code sent via text, email or authenticator app. - Alerts
Be notified of suspicious activity in near-real time. - Biometric login
Simply scan your fingerprint or face to log in to the mobile app. It’s faster than entering a password—and more secure.
While speed and convenience are high on everyone’s list, we know security for our members has to be the top priority. From bot detection to advanced behavioral biometrics, Mountain America invests in technology to continually improve our secure digital banking experiences.”
—Kelly Albiston, Chief Technology Officer
Download the app
2. Bankrate: Digital Banking Trends in 2023
3. Terms, conditions and exclusions apply. Some benefits require no-cost registration/activation. Loan rate discount valid on select new loans only.
4. Loans on approved credit.
Stop Before You Wire
Wire fraud red flags
Scammers and fraudsters are looking for any opportunity to trick consumers into sending money or sharing private information. Don't be a victim of fraud—never deposit or send money to someone you don't know or haven't met in person.
This includes depositing checks and sending money back out through a wire transfer or other electronic means. If someone tells you a wire is the only way to pay, that's a huge red flag.
Be on the lookout for these wire fraud warning signs:
The person requesting the wire pressures or threatens you.
You receive an unexpected wire request via email.
Someone sends you money and asks you to wire all or part of it to someone else.
The nefarious nine
Click the cards below to see some of the most common wire scams.
IRS
IRS
Someone contacts you claiming you owe the IRS back taxes or penalties and asks you to send a payment via wire transfer. They demand immediate payment and threaten to arrest you or foreclose on your home.
Rentals
Rentals
A fraudster creates a fake listing for an apartment (or Airbnb, VRBO, etc.) and asks you to wire money for the security deposit, application fee or first month’s rent. Always be sure to visit the property before you sign a lease. For vacation rentals, only pay with a credit card through their official website.
Job offers
Job offers
Someone creates a fake job listing to mine your personal and bank account information. They might also offer you a job as a mystery shopper for a wire transfer company, sending you a fake check to fund the wire. It's a huge red flag if an “employer” asks you to pay them in advance for training, a background check or equipment.
Fake checks
Fake checks
Someone sends you a check and instructs you to wire some of the money back to them or someone else. When the check is discovered to be fake, you will be required to cover the amount of the wire. In other instances, scammers will overpay for something you are selling online and then ask you to wire the difference back to them.
Investments
Investments
Beware of scammers asking you to wire funds to invest in an opportunity to make a lot of money quickly. They will usually pressure you to act fast, promising high returns. These transactions may involve cryptocurrency or international wire transfers.
Romance
Romance
If you have cultivated a relationship with someone online you have never met in person (or over video chat), never wire them money. Catfishers will often request funds for a medical emergency or to buy a ticket to visit you—then make you feel guilty or threaten you when you refuse to pay.
Family emergencies
Family emergencies
A scammer poses as a loved one in an emergency situation (hospital, jail, etc.). They will usually ask you to keep the incident a secret and send money as soon as possible, often through a wire transfer or gift cards.
Online shopping
Online shopping
Never wire money to someone who is trying to sell you something online or over the phone. Immediately report them to the FTC. To purchase goods and services, a credit card is a safer bet. If it ends up being a scam, you are more likely to get your money back.
Sweepstakes and prizes
Sweepstakes and prizes
Someone notifies you that you’ve won a lottery, sweepstakes, prize or trip and asks you to wire money to cover fees or taxes before you can collect your winnings. Alternatively, they might send you a fake check with your “winnings” and ask you to wire money back to them to cover taxes or fees.
Spread the word!
Mountain America deploys many fraud prevention strategies to protect our members. Share these wire fraud warning signs with your friends and family, and visit our fraud hub for more ways to protect yourself from scams.
Win a New Smartphone
Ways to earn entries
- Earn one (1) entry/chance to win for completing the entry form or texting IPHONE or GALAXY to 205-850-0291.
- Earn five (5) additional entries for opting in to SMS messages from Mountain America.
- Earn five (5) additional entries for enrolling in alerts via online or mobile banking.
- Earn five (5) additional entries for adding a Mountain America debit or credit card to a mobile wallet.
Entry form
In Case You Missed It
Catch up on important community announcements, interesting podcasts and financial articles.
Mountain America—The official credit union of the Phoenix Suns
Cheer for the Sun Devils® at Mountain America Stadium
Five daily habits to keep your finances on track
Why Halloween is the best time
Insurance basics that make a difference
The extraordinary adventures of Jenn Drummond
Arizona Driveshaft—Racing to be the best
The freedom of an Airstream
Organ donor receives a Dream Team surprise
Subscribe
The Mountain America newsletter has gone 100% digital. To subscribe, submit the form and we'll send you an email as each quarterly issue is released.
