Author Archives: VP of Marketing and Business Development Jessica

Calls About a Loan You Never Applied For? What to Know

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Have you recently received a call (or many) claiming you have a pending loan application you never submitted? You’re not alone. Many consumers have reported getting these types of calls and while they might sound legitimate, they’re often a sign of a scam or an unethical sales tactic.

What’s Really Going On

If you’re getting calls about loans you never applied for, it’s usually one of two things:

  1. A scammer attempting to steal your personal information. These callers may say they need to “verify your identity” or “finish your loan application,” and ask for sensitive information like your Social Security Number, bank account details, or date of birth. Once shared, that information can be used to commit identity theft or fraud in your name.
  2. A high-pressure sales pitch from a questionable lender. Some companies use aggressive marketing tactics to contact consumers who never inquired about a loan, hoping to push them into accepting an offer on the spot. They may use phrases like “you’ve been preapproved” or “your loan is ready for funding,” to create a false sense of urgency.

Red Flags to Watch Out For

Be cautious if the caller:

  • Asks for personal information over the phone, especially if it’s out of the blue and you haven’t applied for any loans.
  • Pressures you to act immediately or threatens penalties for “not completing” your loan application.
  • Claims to represent a well-known lender, but can’t provide clear verification.
  • Uses generic or suspicious contact information (such as a Gmail address or a masked phone number).

What to Do if You Get One of These Calls

  • Hang up and don’t share personal information. Never confirm your identity or provide sensitive details, unless you initiated the call to a lender you are working with on a known loan application.
  • Verify directly with your financial institution. If you’re unsure, call your bank or credit union using a verified number from their website.
  • Report the scam. You can file a complaint with the Federal Trade Commission (FTC) at reportfraud.ftc.gov or your state’s consumer protection office.
  • Monitor your credit reports. Check your reports regularly for new accounts or inquiries you don’t recognize. You can do this for free at annualcreditreport.com.

Protect Yourself with a Trusted Lender

When you need a loan, always work with a reputable financial institution that prioritizes your safety and privacy. At First Financial, we’ll never contact you out of the blue asking for personal information or pressure you about a loan you didn’t apply for. Our team takes fraud prevention seriously and is here to help you navigate your financial needs with confidence.

Stay informed. Stay secure. And remember, when it comes to unexpected loan calls – it’s always better to hang up and dial your trusted lender directly, than to hand over your personal or financial information to a fraudster.

If you’re ever unsure about a loan offer or you’d like to explore legitimate borrowing options, visit us at firstffcu.com or contact our team directly. Keep Thinking First!

Retire with a Spending Plan

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Do you have a spending plan in place for when you retire? Many retirees worry about outliving their money. It’s important to have a strategy for withdrawing and using your retirement assets.

First, you’ll need to determine a practical, yearly withdrawal amount. Some households adopt the 4% rule, which entails removing 4% from their savings annually. That rule, however, has its critics, many of whom feel it can backfire in a volatile market. Some retirees try to withdraw a set dollar amount annually. Others withdraw a fixed percentage of their portfolio or aim to live off its interest rather than its principal. There is also the “bucket” approach, in which a retiree withdraws cash to live on from an account that would be “refilled” with investment earnings from other accounts.

Second, keep in mind the order in which you withdraw from your accounts. It may be preferable to withdraw income from your taxable investment accounts first. That way, you can give your tax-deferred accounts a chance to grow and compound further. Generally, withdrawals from tax-deferred retirement accounts are required at age 72. Because the taxable income resulting from these mandatory withdrawals may put you in a higher tax bracket, one option is to start allowing withdrawals from these accounts earlier (after age 59 1/2) – the smaller the account balance, the smaller the mandatory withdrawal becomes.

As your retirement progresses, you’ll want to review your strategy. Life events, investment returns, inflation and other factors may call for adjustments. The key is to have a plan in place that you can then modify as needed.

Contact us today to learn more about developing a savings strategy that’s right for you.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.  You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial, LLC

Tracking #485871

The Differences Between a Will, Living Will, Trust, and Power of Attorney

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In addition to a power of attorney, there are several other documents that are critical to consider when getting your estate in order. Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or incapacitation. The main benefit of estate planning is that it ensures your wishes are carried out when you are no longer able to do so, making you feel more organized and confident that your loved ones won’t be unnecessarily burdened in the future. We will discuss some of the potential benefits of specific documents that can be included in an estate plan, such as a will, living will, and trust – as well as revisit some of the benefits of a power of attorney.

Wills

A Will is a legal document that outlines how you’d like your assets distributed after your death. It allows you to name an executor who will manage your estate, pay any debt and distribute your assets. You can also designate guardians for minor children. For business owners, a will can help successfully and efficiently transition assets.

A main benefit of a will is that although it does not avoid the probate process, it can make things much easier. Legally speaking, anything that speeds up the process of physical asset distribution can minimize fees and make things easier for everyone involved. It can also eliminate any potential family disputes over who gets which assets. However, it’s important to remember that a will is only a roadmap. It’s best to make sure that all of your financial assets and valuable possessions (like a home or a car) have beneficiaries named in other documents besides the will.

Living Wills

A living will, also known as an advanced healthcare directive, states your wishes regarding life-prolonging medical treatments. It comes into play only when an individual faces a life-threatening condition and is unable to communicate their desires for treatment.

One of the main benefits of a living will is that it speaks for you when you become incapacitated or unable to communicate – it states your desires for medical treatment if you are unable to make those decisions yourself. Without a living will, decisions regarding medical care become the responsibility of a spouse, family members, or other third parties. These individuals may be unaware of your desires if they are unwritten.1

Trusts

A trust is a legal entity that can “own” assets. The document looks much like a will, and includes instructions for who is to handle final affairs and who is to receive the deceased’s assets. There are many types of trusts.

Today, many people use a revocable living trust instead of a will in their estate plan because of this benefit – it avoids court interference at death and at incapacity. For a living trust to work properly, you must transfer your assets into it. Titles must be changed from your “individual” name to the name of your trust. Because your name is no longer on any titles, there is no reason for the court to get involved if you become incapacitated or when you pass away. This makes it easy for a trustee or successor trustee, to step in and manage your financial affairs. Another benefit of a trust is that it is private, whereas a will is not because it goes into public records.

Power of Attorney

Typically, a power of attorney (POA) is a document that authorizes someone to handle financial and some legal decisions when you become incapacitated. Anyone you trust, such as a family member or friend, can serve in this role for you. You can even designate more than one person, assigning different responsibilities to each.

It’s important to have a power of attorney, because it will allow the person you assign to act on your behalf when you are unable to do so yourself. Without a power of attorney, a court may be left to decide what happens to your assets if you are found to be mentally incompetent, and the court’s decision may not be what you intended. A POA can give your agent the power to transact real estate, perform financial transactions, and make other legal decisions as if he or she were you. It’s important to reiterate that you assign this person – meaning you can select a person whom you believe will be able to carry out your wishes and ensure your affairs are kept in order.

Estate plans are not “one-size-fits-all.” It is up to you to determine which components are best for you and your loved ones. Although it might feel overwhelming, starting with one or many of these items will give you peace of mind in knowing you have taken the first step to creating your estate plan.

Should you be thinking about your financial future and retirement, as well as estate planning – the First Financial Investment & Retirement Center will be hosting an exclusive no-cost virtual seminar on the Transitions to Retirement featuring a bonus segment on Estate Planning, on Wednesday, October 8th at 6pm.

(697533-1 and 622155)

You can register for this session from the link above or by contacting Maureen McGreevy, LPL Financial Advisor at 732.312.1534 or emailing maureen.mcgreevy@lplfinancial.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This information is not intended to be a substitute for individualized legal advice or estate planning advice. Please consult your legal or estate planning advisor regarding your specific situation.

Sources:

  1. Investopedia.com, February 17, 2025

LPL tracking #’s referenced: 1-05375681, 676252, 653950, 513868

Unemployment Scams: How to Protect Yourself

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Unemployment benefits are meant to help people without a job during tough times. Unfortunately, scammers have been known to sometimes take advantage of the system by filing for these benefits using someone else’s personal information. Even if you never applied for unemployment, you could suddenly receive benefits notices, tax forms, or even payments tied to your identity. That’s a big red flag. Keep reading to learn how to spot an unemployment scam and ways you can protect yourself and your finances.

How to Spot an Unemployment Scam

There are often a few telltale signs something isn’t right. If you applied for unemployment, you might find that your application was denied because someone already filed under your name, or that your benefits were approved – but the money never arrived.

If you didn’t apply, you may receive letters from the state unemployment office, a notice from your employer that someone used your identity, or even a 1099-G tax form showing unemployment income you never received. In some cases, money may even show up in your bank account, followed by a call from someone claiming it was a mistake.

Why This Matters

Unemployment scams often lead to bigger problems. Identity thieves may use your personal details to commit other types of fraud, damage your credit, or create headaches at tax time. If you do ever need unemployment benefits in the future, your claim could also be delayed or denied.

How to Protect Yourself

To avoid an unemployment scam from happening to you:

  • Only share sensitive information like your Social Security Number or bank details through official, trusted channels.
  • Always file for unemployment directly through your state’s unemployment agency website.
  • Monitor your credit reports for suspicious activity and consider freezing your credit if you suspect fraud.
  • Watch for IRS forms that don’t match your situation, such as a 1099-G for benefits you didn’t receive.
  • Report suspicious activity right away to your state unemployment office, your employer, and the FTC.

First Financial is Here for You

At First Financial, we take your security seriously. Our team works around the clock to protect our members’ accounts, monitor unusual activity, and provide resources if you think you’ve been a victim of fraud. If you ever suspect an unemployment scam or identity theft regarding one of your First Financial accounts, reach out to us immediately – we’re always here to help safeguard your finances.

Stay up to date on the latest in scams by subscribing to our First Scoop Blog, and following along with our Important Alerts and Scams articles.

Budget Friendly Fall Activities for Kids

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Autumn is the perfect season for family fun. Crisp air, colorful leaves, and plenty of opportunities to create lasting memories without stretching your wallet. At First Financial, we know that keeping kids entertained while staying on budget matters. That’s why we’ve rounded up a few creative, affordable activities your whole family can enjoy this fall.

1. Go on a DIY Nature Hike & Scavenger Hunt

Turn an afternoon walk into an adventure by creating a fall-themed scavenger hunt. Make a checklist of things to find – such as acorns, pinecones, colorful leaves, or animal tracks. Kids love the thrill of the hunt, and it’s a great way to teach them about nature while staying active. Bonus: Items you find can also be used for fun craft projects at home.

2. Create Fall Crafts from Nature

Put those collected treasures to good use! Acorns, dry leaves, pinecones, and twigs can be turned into seasonal crafts. Try leaf rubbings with crayons and paper, paint pinecones to make mini “pumpkins,” or glue acorns and leaves onto a festive fall collage. These crafts can also double as low-cost home décor.

3. Host a “Home” Tailgate

You don’t need tickets to enjoy the excitement of football season. Set up a tailgate-style party in your living room or backyard with homemade snacks, team colors, and your favorite team on TV. Kids can help prepare food, make banners, and join in on family-friendly games like cornhole or a mini football toss.

4. Try Spooky Science Experiments

Get into the Halloween spirit with simple at-home science experiments. Create a bubbling “witch’s brew” with baking soda and vinegar, or make ghostly slime with glue, contact solution, and a little food coloring. These activities are both fun and educational, sparking kids’ curiosity while keeping the spooky vibes alive.

5. Enjoy Classic Fall Favorites

Sometimes the simplest activities are the best. Carve or paint pumpkins together, bake a homemade apple pie, or snuggle up with hot cocoa and a fall-themed movie. These small traditions go a long way in making the season special.

Family fun doesn’t have to come with a high price tag. With a little creativity, you can make this autumn both memorable and budget friendly! For more family tips and financial resources, check out our First Scoop blog! You can also find our monthly Things to Do on a Budget in Monmouth & Ocean Counties posts, around the first day of each new month. Be sure to comment and let us know if you tried any of these fall family activities. Have a great autumn!

When to Take on Business Debt

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Running a small business means balancing growth goals with financial responsibility. When borrowing is used smartly – it can help you scale, stay agile, and keep full control of your business. Here’s when it makes sense to take on business debt, the risks to watch out for, and how First Financial may be able to help your Monmouth or Ocean County small business.

When to Consider Business Debt

  • For Growth & Expansion – Moving into a bigger space, buying more equipment, or hiring staff often requires upfront capital.
  • To Seize a Timely Opportunity – Sometimes favorable deals (bulk inventory, discounted real estate, or contracts) pop up, and having access to borrowed funds lets you act quickly.
  • To Build Business Credit – Paying off smaller loans or lines of credit on time helps improve your credit profile, setting you up for better terms in the future.
  • For Smoothing Cash Flow – For seasonal businesses or those with irregular income, a line of credit or short-term business loan may help bridge gaps for payroll or supplier payments.
  • When Rates are Low – When interest rates are favorable, debt can be a cost-efficient way to access capital. Interest is also often tax‐deductible.

Why Debt Might Be Better Than Equity

  • You Retain Ownership & Control – You won’t need to give up business shares or decision-making power.
  • Predictability of Cost – Loan payments will be fixed; equity comes with sharing profits (possibly indefinitely).
  • Tax Benefits – Interest payments are usually deductible, lowering your taxable income.
  • Strengthened Credit Profile – Successful borrowing builds business credit, making future financing easier.

Risks to Watch Out For

Borrowing also comes with responsibilities that should not be overlooked. Loan payments are fixed obligations, which can put pressure on your business if revenue dips. Taking on too much debt increases financial vulnerability, particularly during economic downturns. The terms of the loan also matter, such as interest rate, collateral requirements, and fees – which can all add costs or limit flexibility. If not managed carefully, debt can restrict strategic business choices and impact long-term stability, making it crucial to borrow with a clear purpose and repayment plan.

How First Financial Can Support Your Small Business

At First Financial, we’re here to make the borrowing process easier with flexible lending solutions. Some of our offerings include:

  • Commercial Real Estate Loans to help you expand or invest in property.
  • Commercial Vehicle and Equipment Loans to keep your operations moving.
  • Business Lines of Credit for on-demand access to working capital.
  • We also offer a VISA Business Cash Plus Credit Card for everyday spending needs, and 1% cash back on unlimited purchases.*

​​You can learn more about our business loan offerings on our website. With personalized service and competitive rates, First Financial is committed to helping your small Monmouth or Ocean County business grow smartly and sustainably.

*This APR of 18% is for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $35, $10 Card Replacement Fee, and Returned Payment Fee of $35. A First Financial membership is required to obtain a Visa® Business Cash Plus Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. Your First Financial Visa® Business Cash Plus Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based on eligible purchases each quarter.