Soarion Credit Union is proud to announce the promotion of Ricardo “Ric” Ledezma to Executive Vice President.

“This is an exciting time for Soarion Credit Union,” said Ryan Ross, President & CEO. “As we continue to grow and find innovative solutions to help our members achieve their financial goals, our team charged with leading these efforts must be top-notch. Ric will help take Soarion Credit Union to the next level.”

As Executive Vice President, Ledezma will continue his role as the organization’s Chief Financial Officer. Ledezma joined Soarion Credit Union as CFO in September 2022 and later took on the leadership and strategic direction of the Credit Solutions, Risk Management, and Information Technology functions of the credit union. In February, Ledezma was named Senior Vice President and CFO.

Ledezma has many years of experience in the Credit Union industry, having served in areas including lending, compliance, and accounting. He holds a Bachelor of Business Administration in Economics from Texas A&M International University, a Master of Business Administration from the University of Texas at San Antonio (UTSA) Carlos Alvarez College of Business, and certification in systems dynamics from the Massachusetts Institute of Technology.

Currently serving a community of approximately 55,000 members, Soarian Credit Union has financial centers in San Antonio and surrounding areas; Del Rio, TX; and Columbus, MS.

We invite our members to join us for a community education seminar where we will discuss financial resources for furthering you or your loved one’s education.

Register now!

How to Prepare, Plan and Stay in School!

When:

Monday, May 6, 2024 from 5:30pm to 7:30pm

Where:

Maverick Library

8700 Mystic Park

San Antonio, TX 78254

Details:

Join Soarion Credit Union for an informative financial education seminar where we’ll unveil the keys to conquering college financing with confidence. This dynamic session will shed light on pathways that include scholarships, grants, federal student loans, and private student loans to propel you or your future college student towards new academic heights.

Embark on this transformative, in-person experience designed to ignite your potential. Let us be your compass and guide you towards success.

Seating is limited! Register now to secure your spot.

March 18, 2024

Dear Valued Members,

The moment we’ve been waiting for is finally here – it’s time to announce our new name, and you are among the first to know. AFFCU (Air Force Federal Credit Union) will change its name to Soarion Credit Union. Our new name reflects our passion for elevating our members’ lives and guiding them towards financial well-being. The name Soarion celebrates our deep history in serving the Air Force and captures our dedication to service, and desire to help see our 55,000 strong members reach their financial dreams.

On April 2, 2024, we will open our doors and begin operating as:

Although our name is changing, we remain a federal credit union, deeply committed to all members. Since 1952, AFFCU has proudly served the Air Force, Lackland Air Force Base, and the greater San Antonio area. Our pride in that rich history of serving our military individuals and families will always endure.

Over those 72 years, we also changed names three times, but always remained dedicated to empowering our members’ lives to improve their financial well-being. Our expansion to 55,000 members today extends well beyond our original Air Force roots, as we now serve an even broader community in Texas and Mississippi that needs the guidance and help of this financial cooperative. This expansion marks a significant milestone in the credit union history.

As Soarion, we will continue to learn and grow with the same great staff and provide the financial solutions and tools that our members want and need. We are honored to serve you and look forward to welcoming more people who can benefit from what our financial cooperative has to offer.

The announcement of our new name is the first step of our transformation. You’ll soon see exciting changes in our Financial Centers, website, and credit/debit cards later this fall—all designed to serve you better today and in the future. We’ve detailed many of those changes on our Q&A page. If you have questions that have not been addressed, please call us at (210) 673-5610 for more information.

On behalf of our employees and volunteer board of directors, we appreciate your support and confidence and look forward to serving you as Soarion Credit Union for years to come.

Sincerely,

Soarion Credit Union

The holidays are over, the leftovers have been eaten, and it’s time to start thinking about tackling the new year. A New Year’s resolution is a common way people work to improve an aspect of their lives.

While a resolution can involve fitness, diet, learning a new skill, and personal growth among other things, personal finance often gets forgotten. This is one resolution that can benefit everyone, regardless of where they are on their financial journey.

Check out this list we’ve created of a few simple, easy-to-remember ways of forming healthy financial habits!

Make Saving a Priority

No matter your income or life stage, prioritizing savings is crucial. Start building an emergency fund with each paycheck to tackle unexpected financial curveballs. If you’re unsure about kickstarting your emergency savings, explore our blog for essential tips and a beginner’s guide.

If you’re already contributing to an emergency fund, think about boosting your contributions or exploring more lucrative savings options. Unlike standard savings accounts, which offer modest interest rates, Certificate Accounts and High Yield Savings Accounts provide higher returns, letting your money work harder for you.

Consider the AFFCU High Yield Savings Account as a secure haven for your funds, enabling them to grow with competitive interest rates. Enjoy the added perk of easy access to your money in case of emergencies without worrying about withdrawal fees or deposit limits.

Tackle Your Debt

Whether it’s student loans, credit cards, auto loans, or mortgages, most of us carry some form of debt. Having debt isn’t necessarily a red flag, as long as it’s managed wisely. To prevent things from spiraling out of control, be proactive with your finances. Scrutinize your debt balances, fees, and interest rates for each account, and formulate a strategic plan to prioritize which debt to tackle first.

Consider tweaking your budget, perhaps by cutting out a subscription service, and redirect those funds to make more substantial payments toward your loan with the highest interest rate. Once you’ve cleared that balance, move on to the next debt with the highest interest rate, and continue the process until you’ve successfully tackled all your financial obligations. Remember, every step you take gets you closer to financial freedom!

Plan For Retirement

Securing your retirement through strategic investments is a key component of effective financial planning. If you haven’t taken the plunge yet, let 2024 be the year you kickstart contributions to a retirement fund, be it a 401(k) or an Individual Retirement Account (IRA).

For those already on board, consider upping your contributions. Don’t forget to leverage employer matching programs for that extra boost of free retirement funds.

Check out AFFCU’s Traditional IRA, Roth IRA, and  IRA Share Certificates for more information on how we can help you prepare for retirement.

AFFCU has also partnered with Osaic Institutions to offer Wealth Management solutions through the Investment Center located at AFFCU. Give them a visit to learn more about their investment and wealth management services.

The sooner you initiate this journey, the more time your money has to flourish with compound interest, significantly bolstering your retirement nest egg.

Check Your Credit Score Regularly

If a big purchase isn’t on your radar, your credit score might seem like just a number, but it carries more weight than you might think. Beyond finances, it serves as a crucial indicator of your “creditworthiness” to financial institutions and other companies.

Regularly reviewing your credit report is a smart move to gauge your financial health, identify errors, and pinpoint habits affecting your overall score. Grab a free copy of your annual credit report at annualcreditreport.com, or check if your financial institution offers complimentary access to your credit score through their online banking.

AFFCU has simplified credit management for its members. Credit Score by SavvyMoney, available to our members free in Digital Banking, is a handy tool that demystifies your credit, breaks down influencing factors, and suggests ways to boost it. With a comprehensive credit score analysis, full credit report, and monitoring, it’s your go-to resource for credit empowerment.

Increase Your Financial Know-How!

Your finances play a pivotal role in shaping your entire life, so invest time in enhancing your financial literacy.

AFFCU provides two free financial education resources tailored to offer diverse learning experiences. Zogo, a gamified mobile app, rewards users for mastering personal finance basics. Meanwhile, Balance delivers articles, webinars, and podcasts covering various financial topics, complemented by budget and spending tools to empower you in taking charge of your finances.

As you accumulate financial knowledge, you’ll be steering toward a brighter financial future. While setting resolutions can be challenging to stick to, opt for realistic and adjustable goals rather than overly ambitious or vague ones. Remember, a minor setback doesn’t warrant giving up; treat each day as a fresh opportunity to progress.

In no time, those accumulated days will mark not only the celebration of a new year but also your financial achievements.

Best of luck on those resolutions and Happy New Year from all of us at AFFCU! If you have any questions or want to learn more about our products and services, give us a shout at (800) 227-5328.

AFFCU is exiting the CO-OP Network

As of January 8, 2024, we will be discontinuing our participation in the CO-OP ATM network. AFFCU members will continue to have access to over 55,000 surcharge-free ATMs through the Allpoint network. Please visit our ATM Locator to find an ATM that’s convenient for you.

How does this impact my deposits?

While you can no longer make deposits at CO-OP ATMs starting January 8, 2024, your check deposits are free of charge anytime using our mobile banking. It’s convenient, safe, and secure. Find out more about mobile deposits  here. Of course, you can continue to make cash deposits at many of the deposit-taking ATMs in the AllPoint network as well. Please visit our ATM Locator to find an ATM that’s convenient for you.

How does this impact my withdrawals?

Starting January 8, 2024, if you use CO-OP ATMs for withdrawals on your AFFCU account, you will be charged both ATM surcharges from CO-OP ATMs and foreign ATM Fees from AFFCU. You can still access over 55,000 surcharge-free ATMs at AllPoint locations. Please visit our ATM Locator to find an ATM that’s convenient for you.

How can I find surcharge-free ATMs?

Please visit our ATM Locator to find an Allpoint ATM that’s convenient for you. The Allpoint+ ATMs accept cash deposits.

How else can I access my account?

You can still use any AFFCU ATM or the surcharge-free ATMs in the AllPoint network. Use Digital Banking to deposit checks or make balance inquiries anytime, anywhere. Learn more about Digital Banking here.

We’re here to help.

If you’re having difficulties locating a convenient ATM, please call (800) 227-5328.

Our team is ready to assist you!

The Federal Trade Commission reported consumers in the U.S. lost $8.8 billion to fraud in 2022, an increase of 30% over the previous year. Fraud through social media platforms is also on the rise, with over $1.2 billion in losses reported. Most of these scams are conducted through telephone calls and the median loss to a consumer is $1,400.

At AFFCU, your financial security is top priority for us. That’s why our Risk Management Department is dedicated to preventing fraud and protecting your money. As we have seen a recent increase in telephone phishing scams, we wanted to pass along some helpful information to you to help keep you protected and secure your peace of mind.

Please be aware that recently reported phone call and text scams often impersonate or “spoof” AFFCU phone numbers.

Here’s What to be aware of:

• The call or text may appear to come from AFFCU
• The caller will try to convince you to provide your personal information and online banking credentials, such as logins, passwords, and activation codes.

How you can protect yourself:

• AFFCU will never initiate a call or text requesting a one-time password/activation code, online banking credentials, to include passwords, username, and account/personal information.
• Do not click links inside potential spam messages.
• Change your passwords on a regular basis and avoid reusing the same password.

With awareness and a few simple steps, you can better protect yourself from fraud and prevent monetary losses.

And of course, our team is here to help and answer any questions you have. Feel free give us a shout at (210) 673-5610. A team member will be glad to assist you.

How much better would Americans be with money if we were intentional about teaching good money and savings habits at a young age? We’ll focus on ways to positively model and influence children and teens regarding money, spending habits, and saving. It’s never too early to start teaching your children about saving, budgeting, and money matters. It is easy to overlook these valuable lessons since it’s not a core subject taught in school until they are in high school. But you don’t need to wait, here are some money-savvy ideas that you can start teaching your children while they are still toddlers.

Save A Little

A piggy bank or a money box is a classic way to help a small child save money. Let them choose their style of a bank in the shape of a car, cartoon character, or maybe an actual pig. Show them how to drop in the coins and collect a stash of money they will use in the future. Explain it’s not to be opened or dipped into unless there’s some emergency – which doesn’t include buying candy or ice cream.

You can also help create a DIY saving center. Grab three jars or boxes of the same size. Cut a slot into the lid and let your kids decorate them with paint, markers, ribbon, stickers, or any random craft supplies. Designate one jar for saving, one jar for sharing, and one jar for spending.

When kids get a little older, you can set them up with their own savings account. Every time the piggy bank is full, they can go to the local branch, cutely tip the pile of coins on the teller’s desk and see their account balance grow in front of their eyes.

Let Them Spend a Little

While saving is important, we also want to teach smart spending habits. So, let your children take some of their well-earned money to go shopping and buy what they want, as appropriate. Explain to them, in a fundamental way, the economics of money flow within a community.

They will soon see the cycle of earning, spending, and saving as they gain experience and confidence by doing it themselves.

Show Them How To Be Giving

There are many ways to show your children how to give through donations, charity, and buying tickets for things that go to a good cause. Building awareness of kindness through giving is a beautiful lesson to teach your little ones.

In the end, children will make their own methods to earn, spend and save money. Hopefully, they will remember your wise lessons, and financial success will flow easily to them. Giving them a firm foundation of knowledge from a young age is one of the best life lessons you can pass onto your children.

As a parent, the best thing you can do is to let them learn these hard lessons now, and not years later.

Guide your child through their financial journey with an AFFCU Youth Savings Account.

Did you know that April is Financial Literacy Month? A month devoted to learning about money may sound extreme until you read the stats. According to a recent survey, only 57% of adult Americans understand basic financial concepts.

A lack of financial understanding could be dangerous for your wallet. So here are some actions (based on fundamental financial concepts) that will boost your saving power.

Start an emergency savings account

Car repairs, medical emergencies, last-minute necessities—we all get hit with surprise costs occasionally. The best way to ensure that you stay prepared is to start an emergency savings account. If possible, keep this separate from your regular savings account, so you don’t have to drain funds for those future costs you can predict.

Keep track of interest rates

Do you know the current interest rates on your credit cards? They may have changed since you last checked. It’s also possible that you just forgot if you’re like many people. Whatever the reason, it’s time to check. A high-interest card makes the balance you owe considerably more expensive in the long run.

Review your student loan repayment options

When was the last time you checked your monthly student loan payment? Is it so high that you can’t pay the rest of your bills? If it’s too low, you may pay more in interest over the life of the loan than you need to. You can negotiate your monthly sum with your servicer if you need to adjust your payment.

Stick to a budget

Create a budget that you can maintain every month. New to budgeting? A good rule of thumb is that 50 percent of your income goes to essentials, 20 percent is for building savings and paying off debts, and 30 percent covers extras or unexpected expenses. Calculate how much of your income should be allotted for each section, and stick to it.

Set financial goals

Setting financial goals will ensure you get what you want in life and help you save money in the long run. Goals should fall into three categories (short, medium, and long-term). For example, a new computer may be a short-term goal, while a new home will take months or even years of consistent savings; this would be a long-term goal. Once you set your goals, create a realistic timeline for achieving them.

If you need help setting goals or want to get your finances back on track, consider speaking with a financial counselor for further assistance.

Appreciate what you’ve got

Learning to appreciate what you have will keep you from overspending on things you don’t need. Take stock of at least one thing you own for which you are grateful. Doing this every day will help you maintain a healthier financial mindset.

Improve Your Money Management Skills

Your money impacts your whole life, so take time to learn as much about financial literacy as possible.

AFFCU offers two no-cost financial education resources designed to provide you with financial programs and a wide variety of comprehensive resources for all aspects of personal finance that fit every type of learning style.

Zogo is a gamified mobile app that rewards users for learning the basics of personal finance. Balance offers articles, webinars, and podcasts on a variety of financial topics. Plus, their budget and spending tools can help you take control of your money.

Tax season is approaching, and many people look forward to getting their tax refund to give them some financial relief.

You may think you’re ready for tax season once you have all your important documents but, if you’re unfamiliar with tax identity theft, you may not be as prepared as you think. Scammers are on the hunt to steal your identity and cheat you out of your refund.

These thieves can get your personal information by digging through your mail, phishing emails, or a business’s data breach.

Once they have your personal information, the fraudsters will file a phony tax return with the IRS using your personal information to collect your refund. Most victims of this scam only become aware of the fraud after their tax return is rejected by the IRS as a duplicate filing.

Once they have your personal information, the fraudsters will file a phony tax return with the IRS using your personal information to collect your refund. Most victims of this scam only become aware of the fraud after their tax return is rejected by the IRS as a duplicate filing.

You’ll also be affected by this scam if someone uses your compromised Social Security Number for employment or claims your child as a dependent on a tax return.

Scammers may also try to pose as an IRS agent by claiming that you owe taxes to threaten you with possible jail time and extort you out of money or gift cards.

Here are some tips to protect yourself against tax-related identity theft.

• File your tax return as soon as possible.
• Avoid using a public Wi-Fi network if you are e-filing your tax return, make sure you use a secure internet connection.
• Research your tax preparers before hiring them and handing over your personal information.
• Check your credit scores regularly to make sure a fraudulent account hasn’t been opened up in your name.

If you or someone you know has become a victim of tax identity theft, you’ll need to file a report with the FTC and IRS at IdentityTheft.gov. Here are some other resources available to help stop further fraud if you are a victim of tax identity theft:

• The IRS’s Taxpayer Guide to Identity Theft lays out some instructions about what to do and who to contact if you become a victim of identity theft.
• The FTC lists steps to take if this happens to you at Tax-Related Identity Theft.

We hope this article helps you better protect yourself from scammers. Share these tips with your loved ones and friends or send them this article.

Credit cards can be helpful financial tools, but if you’re carrying a balance on your card from month to month, you’re accumulating interest that can make it difficult to pay down your debt.

If that sounds accurate to your current situation, you may consider transferring the balance on an existing credit card to a new credit card to save money on interest.

You’ve probably even gotten a credit card balance transfer offer from a credit union or bank in the mail that advertises an attractive 0% APR for a certain time if you transfer your current credit card balance to their card.

We’re here to help you learn what a balance transfer is and figure out if a credit card balance transfer is right for you.

What is a Credit Card Balance Transfer?

A credit card balance transfer allows you to move the amount of debt/outstanding balances from one (or more) credit card(s) to a credit card with a lower interest rate. The lower interest rate saves cardholders money as they pay down their debt.

Will a Credit Card Balance Transfer Affect My Credit Score?

Transferring your credit card balance is a beneficial way to pay down credit card debt, which will improve your credit score.

However, applying for several different cards and closing accounts or lines of credit can negatively impact your credit score. You can avoid negative marks on your credit score by researching multiple offers and only applying for one.

What should I look for in a credit card balance transfer offer?

Interest Rate

The card issuer may charge a fee to transfer a balance from one card to another. The amount of the fee will vary depending on the credit union or bank that issued the card, but it’s usually a percentage of the amount transferred to the new credit card. Search for a balance transfer credit card option that has no balance transfer fees at all times.

Balance Transfer Fees

Instead of demanding, “You need to do this” or “You need to stop that”, keep the focus on each doing your part to reach the goals you have set for yourselves. No one likes to be henpecked for their mistakes or shortcomings. If you are too negative, you risk creating a toxic environment around money discussions.

Annual Fees

An annual fee is an amount card issuers charge cardholders every year for having a credit card with that financial institution. The fee can range from $25 to $500 and are automatically charged to your card. Not all credit cards charge an annual fee, so we recommend that you shop around for a balance transfer card that offers a low or no annual fee.

Credit Limit

Your credit limit is the maximum amount of money you can spend on your credit card. This limit is set by the credit card issuer. Compare your existing balance with the credit limit on the new card to ensure your full balance will be able to be transferred entirely.

Introductory Period

A balance transfer credit card typically has a low or 0% interest rate for an introductory or promotional period. The window of time for these intro periods can range from 90 days to 18 months. After that, the interest rate could be just as high as your previous card. Avoid transferring a balance to a card with a small window introductory period.

Be sure to read and review your terms and conditions/agreement. Your balance transfer credit card APR may not apply to new purchases and charges.

Key Takeaways

Credit card balance transfers can be a great debt management tool, as long cardholders pay off the entire or most of the balance within the promotional period and use the balance transfer card wisely.

Like many financial decisions, it’s important to research your options carefully, read and understand the fine pattern to determine if the credit card balance offer is right for you.

Most importantly, remember to make your monthly payments on time.

Balance Transfers with AFFCU

If you feel a balance transfer is the right option for you, consider taking advantage of our limited time balance transfer offer. Open a new AFFCU Visa Platinum Credit Card and get 0% APR for 12 months with 3% Transfer fees!

Our Visa Platinum Credit Card doesn’t have annual fees. We also offer zero liability protection in case of fraud.