MoneyWisdom Blog

If you're establishing direct deposit through your employer, ordering checks, or transferring money between financial institutions, you'll be asked to provide a routing number along with your personal account number to execute the transaction. 

A routing number is a 9-digit code identifying a financial institution, such as a credit union, bank, or investment firm. This number helps reduce confusion between financial institutions that may have similar names and allows money to flow between these institutions without glitches. Sometimes an institution may have more than one routing number depending on its size and the type of account (checking account vs. investment account, for example). 

Many people use the terms "heir" and "beneficiary" interchangeably, but there are important differences between the two designations. Here's how an heir and a beneficiary differ:

If you're a fan of direct deposit, you know how much time it saves you: there's no running to your financial institution with a paper check in hand, hoping you'll get there to cash it before closing. You don't have to wait around for your check to clear before you pay your bills. And you'll never spend time worrying if your check got lost in the mail, or worse, stolen.

Direct deposit is dependable and simply makes life easier. But did you know direct deposit can also help you build wealth? Here's how:

The day may not be as well-known as Christmas or Thanksgiving, but Aug. 14 is a milestone day that could change your life. National Financial Awareness Day is celebrated Aug. 14. This date reminds us to be aware of how to build financial stability and to be prepared for our financial future. After all, ignoring your financial situation can be scarier than Halloween. So here’s five pieces of good advice to consider on this Financial Awareness Day. Recognize these sayings? They apply to finances as well:

As a not-for-profit financial cooperative, Hanscom Federal Credit Union is accountable to its members — that's you! — and not a profit-driven group of shareholders. This means it's in our best interest for our members to have financial tools at hand and the wisdom to make sound decisions about their money. When our members do well, we do well, and it's why we offer free financial education for anyone who's looking for a secure financial future.

Recent news headlines have many Americans worried, suggesting that in the future, monthly Social Security checks may be smaller than expected. According to a troubling report recently issued by the federal government, Social Security payouts will exceed incoming contributions in 2020. As a result, Social Security's reserve fund will be depleted in 16 years and monthly checks will be smaller than currently scheduled, unless Congress steps in.