Financial Education

In the realm of financial education, there exists a subject rarely discussed: financial trauma. Yet, despite its taboo nature, its impact reverberates through countless lives, often quietly shaping financial behaviors and attitudes. 

However, recognizing and addressing financial trauma isn't always met with open arms. Some may view it as an unnecessary intrusion into personal matters or dismiss...

In today's ever-changing healthcare industry, one tool that has emerged as a powerful ally for those seeking to take control of their medical expenses while building financial security is Health Savings Accounts (HSAs). If you're enrolled in a high deductible health plan (HDHP), an HSA can be a game-changer, offering a blend of tax advantages and savings opportunities. At San Luis Valley Federal Bank, we understand the significance of HSA accounts...

We recently learned that some members receive many marketing solicitations after pulling their credit report. The four major credit bureaus, Equifax, Experian, Innovis, and Transunion, have made purchasing your credit inquiry data much easier. It is important to note that credit inquiry data is NOT the same as your credit report.

San Luis Valley Federal Bank nor any other bank or finance company control solicitations you...

In the case of a business, a criminal takes over the identity of a business and uses that identity to establish lines of credit with banks or retailers. Using this credit, the identity thief purchases goods, gift cards, and other items that can be bought and exchanged for cash, or sold with relative ease.

The damage can be devastating to the business and to the...

We are joining the American Bankers Association Foundation’s Safe Banking for Seniors campaign. We will mobilize bankers across the Valley to educate older Americans, their caregivers, and other family members about identifying and preventing elder financial exploitation.

Did you know that setting up a savings account for your children can be the best way to get them started on healthy and successful money habits? On the surface, it teaches basic math skills, but more importantly, it encourages long-term thinking and planning, which helps children become more goal-oriented. Also, it helps children better understand the value of money. The best way to encourage saving is to help them set a realistic goal and make it fun!...

Sticking to a routine savings plan has never been easy. It’s even more difficult when something unexpected happens, like an accident or a natural disaster. Many consumers use credit cards or loans as a quick solution during emergency situations.

Unfortunately, high-interest debts can be hard to pay off. If you don’t pay off those balances regularly, you can pay more in the long run through accrued interest. If you fall...

Your credit report is your most important financial document. It’s what’s used by lenders to determine if you’re eligible for a loan, and it may also be checked when you apply for a job, insurance, or to rent a property.

The information on your credit report is used to calculate your credit score. If you want to increase your score, you need to make sure that the information the credit bureaus are collecting...

Scammers are always creating new ways to steal your money. One of the recent scams utilizing peer-to-peer payment services is what's known as the "Pay Yourself Scam."

The gist of the scam is that someone pretending to be a representative from your bank or credit union tells you that there has been a fraudulent transaction, and in order to stop it, you need to send yourself money with Zelle®. That sense of urgency really works...

Most of the time, poorly formed scams are easy to spot. However, there could be times when you second guess your intuition and follow through with the scammer's requests, which ends in a disaster. Never assume a scam won't happen to you; scammers are becoming increasingly clever. 

The quickest way to spot a scam is how they prefer to collect payment. Gift cards are becoming the preferred payment method. It is a scam if they ask for payments through gift cards. Gift...