Financial Plus Credit Union - Blog

Check Fraud on the Rise, How You Can Protect Yourself

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Wed, 05 Aug 2026 14:30:00 +0000

Although digital payments continue to grow in popularity, check fraud remains one of the fastest-growing financial crimes in the United States. From stolen mail and altered checks to sophisticated scams, criminals are finding new ways to steal money and personal banking information. Whether you write checks regularly or only use them occasionally, understanding how check fraud works is essential to protecting your finances.

Today's check fraud extends far beyond forged signatures. Fraudsters use techniques like mail theft, check washing, counterfeit checks, and identity theft to gain access to bank accounts and commit financial fraud. As these scams become more advanced, consumers and businesses alike need to stay informed.

In this guide, you'll learn what check fraud is, why it's becoming more common, the most common check fraud scams, and practical check fraud prevention tips to help protect your bank account and personal information.

What Is Check Fraud?

Check fraud happens when someone uses a check illegally to steal money or gain access to personal and financial information.

That can mean stealing a check from the mail, creating a fake check, changing the details on a real check, or using scams to convince someone to deposit a fraudulent check.

Checks include sensitive information like your full name, address, account number, and routing number. In the wrong hands, that information can be used for more than just one transaction.

And because checks can take time to process, fraud may not be discovered right away.

Why Is Check Fraud Increasing?

One of the biggest reasons check fraud continues to rise is mail theft. Criminals often target residential mailboxes, apartment mailrooms, and public mail collection boxes looking for outgoing payments like rent checks, utility bills or gifts. Once a check is stolen, it can be altered, copied, or used to access personal banking information…turning one stolen envelope into a much larger financial problem.

Checks Still Contain Valuable Information

Checks contain a significant amount of personal and financial information in one place. A single check often includes your name, address, financial institution, account number and routing number. In the wrong hands, that information can be used not only to steal from your account, but also to create counterfeit checks or commit other types of financial fraud. That makes checks especially valuable to criminals looking for easy access to sensitive information.

Scams Are Evolving

Check fraud is no longer limited to physical theft. Scammers now use fake job offers, prize notifications, and online marketplace scams to send fake checks and pressure victims into sending money back.

These scams often create urgency and can look convincing.

Fraud Spreads Faster Online

Social media, online job boards, and digital marketplaces make it easier for scammers to reach more people, especially younger adults.

A fake opportunity can spread quickly and look legitimate.

Who Is Most at Risk?

Anyone who uses checks, or receives them, can be at risk. But some groups may face greater exposure.

Renters and Households Paying Bills by Check: Rent payments and mailed bills often involve large amounts of money and predictable timing, making them attractive targets.
Small Business Owners: Businesses may issue multiple checks each month for payroll, vendors, or operations. More transactions can mean more opportunities for fraud.
Older Adults and Seniors: Many older adults still rely on checks for bills, gifts, or charitable giving. They may also be more likely to use the mail regularly, increasing exposure to mail theft.
Families Managing Shared Accounts: When multiple people use the same account, unusual activity can be easier to miss if no one is reviewing statements regularly.
Younger Adults and First-Time Workers: Younger generations may not write many checks, but they are often targeted through fake job scams, prize scams, and online marketplace scams.

Many of these scams also involve electronic checks, where a scammer sends a fake check digitally or instructs the victim to deposit or transfer funds electronically before the check fully clears.

A scammer may “hire” someone, send a check for supplies or equipment, and ask them to send money back. Later, the check bounces, and the victim is responsible for the lost money.

Why It Matters

Check fraud can create more than just financial loss - it can disrupt your life.

Victims may face:

Unauthorized withdrawals
Delayed bill payments
Missed rent or utility payments
Overdraft fees
Account freezes
Stress and time spent resolving fraud

For some households, even a temporary loss of funds can create serious challenges.

And in fake check scams, victims may lose money they willingly sent, without realizing the original check was fake.

That’s why awareness matters.

The more you understand about how check fraud works, the better prepared you are to recognize suspicious situations and protect yourself.

Simple First Steps to Protect Yourself

You do not need to stop using checks altogether, but it helps to use them carefully.

Start with these simple habits:

Mail checks from secure locations, like inside the post office
Avoid leaving outgoing mail in your mailbox overnight
Review your bank account regularly
Set up transaction alerts through your financial institution
Be cautious of checks connected to job offers, prizes, or urgent requests
Contact your financial institution quickly if something feels wrong

Check fraud is growing, but knowledge and simple habits can help reduce your risk.

Take a look at this one-pager that highlights what to look out for, some simple ways to protect yourself from check fraud, and what to do if something looks wrong.

When you’re aware of things like what check fraud is and how to protect yourself, you continue to grow your financial confidence. If you’re ready to keep building clarity and momentum, take the America Saves Pledge! It’s a simple commitment to save for what matters most to you, one step at a time.

Together For Teachers

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Wed, 08 Jul 2026 11:59:00 +0000

We're giving back to the teachers who give so much.

Financial Plus Credit Union is proud to launch Together for Teachers, an initiative designed to help equip local classrooms for a successful school year. If you're a teacher and a Financial Plus member, we invite you to submit an application to be considered for a classroom supply donation. Once teachers have been selected, we will ask Financial Plus members to come together to donate new school supplies at all branch locations. Once the collection drive concludes, selected teachers will receive donated classroom supplies to help stock their classrooms before students return. Whether you teach preschool, elementary, middle school, or high school, we're honored to support the educators who make a difference in our communities every day. Are you interested in being considered? Submit your application by emailing Marketing@financialpluscu.com with your responses to the questions below. Applications must be received by July 26 to be considered.

Please include the following in your submission:

First and Last Name on your Financial Plus Account
Email Address
Phone Number
School Name, District, and grade level
Years in Education
What supplies would make the biggest impact in your classroom?
If selected, what would receiving this donation mean to you personally?
Eligibility & Terms

Applicants must be current Financial Plus Credit Union members in good standing at the time of application and award distribution. Applicants must be currently employed as a PreK–12 teacher for the upcoming school year at a public, private, or accredited charter school. One application is permitted per teacher. Applications must be submitted by 11:59 p.m. on July 26, 2026. Late or incomplete applications will not be considered. Selected recipients will be notified via email or phone call. Classroom supply donations are based on community contributions and are not guaranteed to fulfill every item requested. Financial Plus Credit Union reserves the right to determine the number of recipients based on the availability of donations and the review of applications. By submitting an application, applicants certify that all information provided is accurate and complete. If selected, applicants agree to allow Financial Plus Credit Union to use their name, school, photos, and/or story for promotional purposes, unless they choose to opt out.

2025 Warren A. Morrow Memorial Scholarship Applications - Now OPEN!

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Mon, 18 Nov 2024 15:39:26 +0000

The Iowa Credit Union Foundation's (ICUF) 2025 Warren A. Morrow Memorial Scholarship application is now open to Iowa credit union members who are high school seniors or post-secondary students.

FPCU encourages our members to apply for the following:

High School Scholarship - Designated for high school seniors planning to enter college in 2025
Post-High School Scholarship - Designated for individuals entering or attending an accredited undergraduate, graduate or vocational program in 2025

Each participant will be asked to answer the following prompt:

Our financial experiences help shape our overall financial understanding and well-being. Share a financial lesson, event or experience that has influenced you or your family personally. If relevant, share how your credit union played a role. How will this experience impact your financial planning as you pursue higher education?

The essay must be the applicant's original work and is limited to 500 words. Judging will be based on originality, clarity, meaningful content, accurate presentation of facts, adherence to contest rules, spelling, grammar and punctuation. The deadline for application is 5 p.m. February 7, 2025 and must be submitted here.

Winners will be notified in April 2025 and the results will be posted to the Iowa Credit Union Foundation website.

Find additional information about the scholarship here.

Win Iowa or ISU Football Tickets!

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Thu, 01 Aug 2024 00:00:00 +0000

As a member of Financial Plus Credit Union, we are excited to offer you a chance to win tickets to one of the upcoming Iowa or Iowa State home football games!

How to Participate

Visit this website, and submit your unique credit union story. Your credit union story should highlight your positive experience with your credit union, such as how it has helped you financially, supported the community, or impacted your life.

There will be one winner for every Iowa and Iowa State home football game. There are seven home Iowa football games and seven home Iowa State football games this season. There will be 14 different winners who will all receive four tickets to one game.

Winners will be selected two weeks prior to every Iowa and Iowa State home football game. Once someone is selected as a winner, they will be removed from the pool of entries. Contestant entries that are not selected will remain eligible for consideration for future games.

The contest is open to all Iowa credit union members who are 18 and older, have been a member of a credit union prior to August 1, 2024, and are not an immediate family member of a credit union staff member.

Don’t miss this exciting opportunity! Share your story today and you could be cheering on your team live at an Iowa or Iowa State game.

For more information and to enter, visit https://memberofthegame.com/.

Questions? Please contact the Iowa Credit Union League at marketing@iowacreditunions.com.

4 Ways to Stay Financially Fit This Summer

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Mon, 06 May 2024 13:00:00 +0000

Ahh…summer! The season of flip-flops and sunscreen, of lemonade and baseball games. What’s not to love about summer?

Unfortunately, though, summer is also the season of overspending for many. When the sun is blazing across a cloudless sky and the day stretches on with endless possibilities, purse strings are looser and cards are swiped with abandon. But nothing kills summer fun like a busted budget and a mountain of debt. So, how can you stay financially fit this summer?

Keeping your finances intact throughout the summer is well within reach if you’re ready to plan ahead and make responsible choices. Here are four hacks for a summer of financial fitness.

Prepare for a possible change in income

If you’re a freelancer, business owner or you get paid per diem, you can expect to see a drop in income during the summer months. Business is notoriously slower across a wide range of industries during the summer, so it’s best to be prepared for this reality. To avoid dipping into savings or going into debt, you can trim your discretionary spending and use the extra funds to cover non-discretionary expenses. You can also choose to find a side hustle for the summer to cover the gap in your income.

Get your budget ready for summer

Your budget will see some changes in the summertime, and it’s a good idea to prepare in advance instead of being caught unaware. Here are some changes you can anticipate:

Higher utility bills. With the AC blasting, your energy costs will likely be higher. Water costs can rise, too, especially if you water your lawn and any outdoor plants and flowers on a regular basis.

Increase in fuel prices. Just when you thought it couldn’t go any higher, the price of fuel is likely to jump again in the summer.

Travel expenses. Of course, if you’ll be traveling this summer, it’s going to cost you. If you haven’t yet budgeted for your getaway, start saving up and/or trimming costs from other categories in your budget now.

Social events. It’s wedding season, and they don’t come cheap, even if you’re not the one in the white gown. You may also receive invites or host other events during the summer months, such as family reunions, block parties, anniversary celebrations and more. It’s best to budget for gifts, the travel costs of attending these events and of course, for the expense of hosting, if applicable.

Activities for kids. School’s out, and the kids need to be kept busy. Aim for free activities whenever possible, but you may want to set aside some funds in your budget for occasional activities that have a price tag attached.

Create a vacation budget

Aside from adjusting your monthly spending plan, you’ll want to build a workable budget for your summer getaway to avoid overspending. Money choices are nearly always better made in advance, so plan for every conceivable expense during your vacation. Attach a dollar amount for your hotel stay, car rental, food costs, transportation expenses, entertainment and outings, gifts, and any other cost you might have. Leave a bit of wiggle room for miscalculations, but try to keep your budget as close to the actual cost as possible. While on vacation, be careful not to go over budget and be open to a last-minute change of plans if some expenses end up being substantially higher than expected.

Review and adjust as necessary

Like going off a diet, blowing a budget is never an excuse to go all out and overspend without sparing a thought to the consequences. To avoid falling into this trap, resolve to review your budget and your overall spending on a regular basis throughout the summer. You can choose to do this weekly, or bi-weekly, but be sure to take a careful account of every dollar in and every dollar out. Being aware of the state of your finances in real-time instead of waking up after the damage has been done will make it easier to make responsible choices going forward.

The temptation to overspend is especially strong during the summer. Follow these tips to keep your finances intact throughout the summer.

Your Turn: How do you plan to stay financially fit this summer? Share your tips with us in the comments.

4 Questions to Answer Before Buying a Home

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Mon, 25 Mar 2024 14:00:00 +0000

If you’re making major life moves—getting married or having kids—and starting to get the homebuying itch, consider asking yourself these 4 questions.

1. How healthy is my credit score?

A mortgage can be one of the biggest financial obligations you’ll ever take on. Don’t add to that burden by paying a high-interest rate. It’s a fact that the lower your credit score is, the higher your interest rate will likely be. It’s important to boost your score before even thinking about borrowing.

One way to help boost your score is to get current on credit card and loan payments. No one is saying that you can’t have any debt before buying a home. But, depending on how much of your income is going towards paying debts such as student loans, you may not get approved for a mortgage.

2. What do my savings look like?

Before you’re even in a position to buy, it’s important to feel confident you can continue contributing to other financial goals while having a house payment. The last thing you want is a large mortgage that takes away from your retirement plans or emergency savings. On top of staying financially secure, you should be prepared to put down 15 to 20 percent on a home.

3. Have I accounted for ALL the costs of a home?

Your mortgage payment isn’t the only thing you’ll be paying when you become a homeowner. It includes taxes, insurance, utilities, periodic repairs, and regular maintenance. You can expect to pay one to four percent of your home’s value on maintenance per year, on things such as lawn care, gutter cleaning, snow removal, pest control, etc. The cost of homeownership can quickly snowball.

To help get a feel for what you may pay as a homeowner, look at local tax records and talk to others you know who own a home about estimates of what they pay for maintenance each year. Plug the numbers into your budget and see how they fit.

4. How long do I plan to live here?

When looking at buying a home, think about your future — will your housing needs be the same as your current ones? Are you expecting to grow your family? Will you be changing jobs? Factor in these possibilities, if you are anticipating a lot of unknowns, it may be better to hold off on buying a home. Buying should be something you’re committed to for the long haul.

Also, houses aren’t good short-term investments; you’ll need to own the home for at least five years to recoup the fees spent on the sale, as well as to allow you to accumulate some equity (the difference between how much you owe on your mortgage and the current value of your home).

Financial Plus is here to help you whenever you decide the right time to purchase a home is. Our branch managers are equipped to help you through the home-buying process.

Get a Head Start on Your Next Vacation

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Fri, 23 Feb 2024 14:00:00 +0000

Going on regular vacations is essential for your mental health. A relaxing break in your day-to-day routine soothes the soul and reduces stress. However, if you pay for that vacation with credit, especially at a cost you can’t comfortably pay off in 1 or 2 months, then the vacation could cause even more stress.

Here’s a great idea one credit union member, Steve N., and his family use to pay for a vacation. It enables them to save up money before the trip and save them from financial stress after the trip. He writes:

“Every year we start saving for our next vacation as soon as we return from one. Each month we transfer a fixed amount out of our checking account into a credit union money market ‘vacation account’ that receives a higher rate of interest. My wife and I agree to use this account only for vacation savings.”

Steve emphasizes getting agreement from the family. For any successful family budget goal, you must have buy-in. He continues:

“In addition to our monthly transfer, we have an agreement to deposit every gift of money we receive—from Christmas, birthdays, whatever—into this account. The same goes for any rebate checks we receive from product purchases during the year. Basically, every little ‘extra’ check we receive goes directly into this account.”

Every so often, Steve and his wife pull money out of their money market account and put it into a short-term share certificate/CD (certificate of deposit) to get an even higher yield. He says they have CDs maturing almost every month that they can then deposit into their money market vacation account.

Steve and his family are doing several smart things that you can apply to any savings project:

They have a goal—to vacation without borrowing money.
The goal has a deadline—the date of the next vacation.
They automate their savings—it’s easier to save when it’s done automatically and not randomly.
They agree on the strategy and work together.

This is just one way to save for a specific goal. If you’re interested in learning other ways to reach your savings goals, stop in at one of our branches or call us at 515-224-1222.

Don't Let Romance Scam You

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Tue, 21 Feb 2023 10:15:00 +0000

In today’s day and age, there a so many different ways someone can be scammed. Among the most common ways people get scammed are romance scams. According to the FBI, reports of these online scams have increased by nearly 25% since 2019. Those affected have lost a record high of 547 million in 2021 from being swindled by their online sweetheart. We’ve seen a huge increase in these types of scams and want to better inform our members to be on the lookout and know the red flags so they don’t become a victim.

What is a romance scam and what are the most common types?

Romance Scams can take many different forms but below are some of the most common:

Fake dating sites: Scam dating sites that claim to be legitimate but are actually filled with scammers or underpopulated, created to mine your information.

Military romance scams: The scammer will pose as a military member, likely deployed. They build trust by using military jargon and titles, then ask for money to cover military-related expenses such as flights home.

Code verification scams: Scammers will send a fake verification code through email or text, posing to be a dating app or website. Once clicked on, it will ask you for your personal information, including your social security number and credit card information.

How to identify a scammer?

Not sure how you can identify a scammer? Listed below are a few telltale signs a cybercriminal may be the one sweeping you off your feet.

They’re far, far away: Scammers often have a backstory that takes them far away so they have a reason why they can’t meet in person. Whether they work on an oil rig, are deployed overseas, working in construction outside the US, or are a doctor in an international organization.

Their profiles seem too good to be true: A legitimate dating profile will have plenty of photos of the person in a variety of situations with a few full body photos, not just part of their face. In contrast, a scammer might night list any details or the detail and hobbies listed are almost an exact match to yours – the similarities might be too good to be true.

The relationship moves fast: Dating scammers want to act as quickly as possible before their target catches on to their tactics. For this reason, they like to gain your trust as soon as possible, by professing their love to you surprisingly quickly, asking you to marry them, making promises to see you, or asking to move communications off the dating site. Pay attention to your conversation and consider the following red flags: The messages look like they could be copy-and-pasted into any conversation, the grammar and spelling are way off, and they come up with excuses when asked to video chat.

They break promises to visit: Romance scammers want to keep their identities a secret, so they conveniently break promises to visit after you’ve purchased plane tickets or helped cover other travel expenses.

They claim they need money: If your online Romeo or Juliet asks you for money and you haven’t met, beware. A romance scammer may ask you to send them money for a variety of things like:

Travel expenses
Medical expenses
Gambling debts
Family or personal emergencies

Of course, they all will have a sob story to back up their request, no matter how far-fetched. An alternative to look out for is they could send you money! This could rope you into a “money-mule” scheme, where the scammer asks you to deposit money into your bank account, distribute the funds to other people, or deliver packages.

Last but not least They ask for specific payment methods: Be cautious if your cyber sweetheart asks you to send them money via:

Wire transfer
Preloaded gift cards
A newly established bank account in your name

These payment methods are difficult to reverse all while remaining anonymous. Once you send them money, they might ask for more. If you say no, their messages may get desperate and aggressive.

As cyber threats evolve, we need to be sure we are doing our due diligence to remain safe and secure. Keep these tips and warning signs at the top of your mind, after all, you don’t want your love story to end in a cybercrime.

Emergency Fund - Start Small, Think Big

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Tue, 03 Jan 2023 15:35:33 +0000

Many people wonder how they can build an emergency fund when they’re trying to pay off their debts. It isn't as hard as you might think. The strategy is to start small, change a few habits, and change your mindset.

If you're starting from scratch with your emergency fund, begin by saving one month’s worth of living expenses while paying the minimum on your credit cards. When you have that first month of emergency funds started, turn your focus to your credit card debt and pay more than the monthly minimum. Once the credit card debt is paid off, go back to building your emergency fund. If your credit card debt is very high and can’t be paid in full within a couple of months, then alternate the extra payment every other month: The first month, add to your emergency fund and pay the minimum on your credit cards. The next month, pay more on your credit cards and skip the deposit to your emergency fund, etc.

Here are five ways to boost your emergency fund and change savings habits for life:

Treat savings as a bill. Figure out what you can afford to save each month and stash away $75, $50, $25, or even $10 a month. No matter the amount, it adds up and can become habit-forming. As your financial situation improves, increase the amount.

Live one raise behind. When you get a raise, don’t begin spending more. Instead, apply the extra amount to your emergency fund.

Automate it. Set up an automatic transfer to your emergency funds account. When the credit union receives your direct-deposited paycheck, you can have a portion of it put directly into your savings or emergency account. Out of sight, out of mind, but you know it's there if you really need it.

Give savings a garage-sale boost. Go from room to room in your home and purge stuff you no longer want and need. Then schedule a garage sale. Both your house and your savings will look better.

Think of it as a life jacket. If you can't find that initial spark to get started, ask yourself how you'd pay your bills if you lost your job tomorrow. Having an emergency fund will help you keep “your head above water.”

Remember: The professionals at Financial Plus Credit Union are ready to help with all your savings needs. Call us at 515-224-1222 to set up short-term and long-term savings vehicles that fit your needs.

Don't Fall for Gift Card Scams

tmacdonald@financialpluscu.com (Financial Plus Credit Union) — Fri, 09 Dec 2022 12:03:29 +0000

Gift cards are extremely popular, to give as well as to get. They’re a convenient way to treat someone to a meal at their favorite restaurant, purchase an item of their own choosing at a favorite store, or simply give them cash to use anywhere the card is accepted. Unfortunately, scammers also love gift cards and have come up with creative ways to convince you to purchase cards for them.

In 2021, consumers reported over $148 million lost to gift card scammers. Many consumers reported being contacted by the IRS, Social Security, and power companies who told them they were liable for penalties. Others say they were contacted by Amazon or Apple to pay to continue service. Some say they were contacted by law enforcement and told to pay a fee to avoid a warrant.

In most cases, the scammer attempts to scare or alarm you, claiming something terrible will happen if you don’t pay them immediately. They want you to act quickly so you don’t have time to think it through or to check into the issue further.

You are told payment must be made using a gift card instead of a check or online payment. You don’t need to mail the card; just simply tell them the serial and personal identification numbers on the back.

Here are a few more scenarios gift card scammers use:

Relative in distress – You receive a call from someone claiming to be a loved one, usually a grandchild. They tell you they have had an accident, or they are stuck in a foreign country unable to get home. They ask you to send money immediately using a gift or a prepaid card.

Clergy members – They claim they are raising money for a worthy cause. They contact you by phone, text, or email, ask you to purchase gift cards and give them the numbers.

Resale or auction sites – Once you have shown interest in an item, the scammer will offer a discount if you buy it with a gift card. You give them the number and never get the item you purchased.

Be suspicious if a government agency, legitimate company, or loved one asks you to pay them with a gift card. If you’re unsure, contact the agency or company using their official website, not a number provided in the questionable message. If it’s someone who claims to be a relative, contact the immediate family and ask them to verify that a payment is needed.

Like cash, once a gift card is handed over to someone, it’s very hard to get the money back. You are not protected from fraud like you are with major credit cards.

If you are contacted by anyone insisting that a payment must be made with a gift card, it’s very likely a scammer.