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If you are dealing with credit and debt, you aren’t alone. You have a great opportunity to assess your financial situation and make a plan to move forward. The average American household has a balance of about $6,600 in credit card debt, and that’s not taking into account home, auto, and student loans. Paying off your debt is successful with a little planning. In fact, a plan can go a long way toward achieving your financial goals. Even in a time of financial uncertainty, there are ways to address and manage credit so it works for you.

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This year marks our 85th year of helping members thrive! We’re celebrating this remarkable milestone by recognizing you, our members, for contributing to our success all these years. Lockheed Aircraft Employees Credit Union was chartered by twelve Lockheed employees in 1937, just as the country was climbing its way out of the Great Depression. Our members – then, all Lockheed employees – found safety, financial value, and excellent service in the years that followed and this continues to be true 85 years later.

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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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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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Information on this topic is accurate as of 8/15/2022. For the most recent information, please visit the California Franchise Tax Board website.

More than 20 million Californians can expect a new round of direct payments to hit their bank accounts this year, Governor Gavin Newsom announced. The state is issuing payments up to $1,050 in what the governor called a new “Middle Class Tax Refund.” The direct payments are part of an inflation relief package.

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