SMARTLAB by Logix

Consumerism and Spending, Logix Rates

How Do Fed Rates Affect Financial Institutions?

Logix / October 13, 2022

To understand how the federal funds rate or "Fed rate" affects banks and credit unions, we first need to understand what the federal funds rate is and its role in the financial world. The Federal Government requires all depository institutions, like banks and credit unions, to have a minimum reserve level in proportion to their deposits. Those that do not have enough reserves borrow from other financial institutions that do. The Fed rate is the interest rate banks charge when lending money to each other from their reserve balance.

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Fraud and Identity Theft, Tips & Tricks
Robix and Max at ATM Machine

ATM Safety Tips

Sherlogix Holmes / August 24, 2022

With increasing rates of ATM scams in recent years, it's extremely important to stay alert and protect yourself when using the ATM. ATM fraud occurs when criminals steal card information through an ATM, and use that information to make unauthorized purchases or withdrawals. They typically rely on equipment installed at ATMs or wireless sensors to capture the information and create duplicate cards. Even without a physical card, the stolen data can be used to charge purchases or withdraw funds from your account. 

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Fraud and Identity Theft

How to Avoid a Social Security Scam

Sherlogix Holmes / June 29, 2022

Social Security numbers (SSNs) are like bank and credit card account numbers' unauthorized access can create serious problems for the owner. Scammers hope to use your knowledge of this simple fact against you by falsely claiming that your SSN has fallen into the hands of criminals, and they need your help to resolve the situation. 

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