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Fraud Alerts

Do you have that nagging feeling that you should be doing more with your savings? Have people in your life told you to start your retirement planning in your 20s, but you don’t even know where to start?

If your day-to-day expenses are covered and you have an emergency fund, investing some of your hard-earned money for the future is highly recommended. But with the several ways you can invest, it can be hard to know what your best investment strategy is. Don’t worry, we’ll break it down to the basics for you.

Your savings account is a great place for your emergency fund and short-term goals. It’s accessible, it’s protected, and it earns more interest than your checking account. But for longer-term goals, such as retirement, there are actually better ways to grow your funds.

Investment accounts allow you to earn more than you would in a regular savings account. Different types of investment accounts carry different amounts of risk and returns.

In this case, “risk” refers to the chance that you’ll lose some or all of your original investment. However, you shouldn’t always opt for low-risk investments: higher risk investments usually have the potential for higher returns.

If you’ve ever heard someone mention “diversifying your portfolio,” they’re referring to selecting a few different types of investments. Some of these investments should be a higher risk but greater reward, while some should be more conservative and stable, so your assets have some protection from the rise and fall of the market.

Your exact ratio of riskier versus safer investments will be unique to you. If you’re a younger investor, then the best investment strategy for a beginner like you might include more risk. This is because the younger you are, the more time you have to earn back any investment losses. However, your strategy all depends on your wants, needs and risk tolerance.

When you’re ready to start investing money, there are several common investment accounts you’ll come across. The exact details may vary, but they’ll largely be sorted into one of these types of accounts.

 is a low-risk investment often provided directly by your financial institution. Share Certificates work by offering a fixed interest rate and require you to “lock down” your money for a set amount of time (called the term) – typically, the longer the term, the higher the interest rate.

Having a fixed rate means your money earns guaranteed dividends over time. Plus, certificate rates aren’t affected by changes in the market for the duration of the term. Since certificates have a set term, however, if you make a withdrawal before the maturity date, you’ll likely pay a penalty.

Many certificates offer rollover options, allowing your money and any earned dividends to automatically get put into a new 

There are two categories of retirement investment accounts: Individual Retirement Accounts (IRAs), which are available to and opened by individuals, and 401(k) accounts, which are offered to workers through employers. You can have an IRA even if you also have a 401(k) with an employer.

IRAs have income tax advantages and come in two base forms: Traditional and Roth IRAs. Their ultimate function is the same, but there are a few key differences.

Possible income tax deduction the year your contribution is made.

Income taxes are paid when you withdraw your funds.

Pay taxes up front but avoid taxes when you withdraw your funds.

IRAs have yearly contribution limits, which are adjusted from year to year. This means you can only add up to this limit to all your traditional and Roth IRAs combined. You can make contributions for a year up until the tax deadline for that year. For example, you have until April 15, 2025, to meet your contribution limit for 2024.

There is a third option, called the Coverdell Educational Savings Account (ESA), that is related to IRAs. An ESA, however, is opened for a beneficiary younger than 18 and can be contributed to by anyone. It functions very similarly to an IRA, but the savings must be used for educational expenses for the child. 

IRAs vs. 401(k)s: What’s the difference? Your 401(k) operates similarly to an IRA, but it’s attached to your employer. You have the opportunity to put a portion of your pre-tax paycheck into your 401(k) automatically, making it an easy way to regularly save for retirement.

Many employers also have a matching policy, where they match your 401(k) contributions up to a certain percentage. We strongly recommend committing at least this percentage from your paycheck. For example, if your employer has a 4% matching policy, you should sign up and pledge at least 4% of your paycheck. That means an equivalent to 8% of your paycheck is being contributed to your 401(k). The matching 4% is basically free money!

If you leave a job, you can roll over your old 401(k) into an IRA that you control. Alternatively, you can roll your old 401(k) into one with your new employer.

Have you ever heard someone mention that they invest in stocks? There’s a good chance they use a brokerage account. This type of account allows you to buy and sell stocks, bonds and mutual funds.

Brokerage accounts are much riskier than other types of accounts – they are not FDIC or NCUA insured, which means there’s no protection from loss. If the stock market crashes, the value of your account will likely go down until the market recovers. However, with greater risk comes greater reward.

These accounts are also taxed differently. Every time you sell an investment for a gain (in other words, make a withdrawal) you have to pay capital gains taxes. They also don’t offer the tax advantages that IRAs do. However, there are no limits on when and how much you can contribute to or withdraw from a brokerage account.

You can typically open one of these accounts at an independent firm that specializes in brokerage accounts. The firm will help you with your investment management and help you keep track of your accounts’ performance.

Everyone’s investment portfolio is going to look a little bit different, because everyone has different savings goals and risk tolerance. Meeting with a professional financial planner, such as through our 

, is a good way to determine your investment plan. But before you start investing, answer these questions for yourself:

What is the purpose of your savings? Are you saving for retirement, your child’s education or a down payment on a house?

What are the current interest rates? You may be able to get a higher rate if you’re willing to accept more restrictions or more risk.

What are the costs? When will you be taxed on your investment? Are there any penalties for withdrawals before a certain date?

When will you need the money? Different accounts allow different amounts of liquidity (or immediate access to your money). Investments for longer-term goals can often afford to be locked down for higher gains.

How is your risk tolerance? Remember that you can lose money with an investment account, but the risk may be worthwhile to earn a higher rate of return.

If you’re ready to get started, we are proud to offer a variety of 

. We’re ready to help you get on track for your savings goals!

Personal Finance and Investing for Beginners

 is thrilled to share some exciting news – we have been recognized as one of 

Newsweek’s Best Regional Banks and Credit Unions in the U.S. for 2025

! We are honored to be recognized for our dedication to providing outstanding financial services across 

 and positively impacting our community. Wave FCU is proud to be included in this list of the most trusted financial institutions in our country with a 4.5-star rating.

Newsweek partnered with Plant-A Insights Group to evaluate over 9,000 regional banks and credit unions across the United States using a comprehensive methodology. They assessed the Texas Ratio (a measure of a financial institution’s credit quality), profitability, net loans and leases, and press coverage over the past two years. They also analyzed over 71,000 customer surveys, 1.9 million social media reviews and 129 million app store reviews to ensure that their rankings reflect real customer experiences.

As a member-owned cooperative, being named as one of America’s Best Regional Credit Unions is a true testament to how we not only serve our members, but also our community. We feel honored that we rank highly among the top 500 credit unions nationwide and in the top five credit unions in Rhode Island.

Wave FCU takes pride in the recognition of our vision to be a community leader and financial partner through this award. Our community is important to us, and we will continue supporting local businesses, funding important projects and providing easy access to 

. Unlike larger financial institutions, we are committed to empowering our community by putting people first in everything we do.

“This recognition is especially meaningful to us as a small, local credit union because it reflects the trust and loyalty of our members, as well as the hard work and dedication of our team,” said Wave FCU President/CEO David P. Dupéré. “We are truly humbled and inspired to continue improving, finding innovative ways to serve our members and making a lasting difference in our community.” 

As we celebrate this incredible milestone, we remain focused on the future. This is a great start to 2025, and we look forward to this year being full of opportunities. We remain committed to providing excellent service, expanding our offerings and finding new ways to make banking more accessible.

Thank you to our members for choosing Wave FCU as your financial institution! Without your trust and support, achievements like this wouldn’t be possible. We are grateful for the opportunity to serve you as your trusted financial partner. Here’s to a bright future together in 2025 and beyond!

https://www.newsweek.com/rankings/americas-best-regional-banks-credit-unions-2025

We’re Honored to Be Named One of Newsweek’s Best Regional Banks and Credit Unions in America for 2025!

He's looking for the perfect play—and he's found it! At 

, we help you stick to the game plan with no penalties, no hidden fees, and unbeatable rates. Whether you're rushing for a 

, Wave FCU is your MVP!

Don’t let the competition throw a flag on your finances. Let us bring your financial game plan to life!

Wave FCU – Your Financial Game Plan for Success!

Since you use your credit and debit cards year-round, overspending and fraud can happen at any time. However, the holiday season is a prime time for both shopping and fraud. The last thing you need is accidentally blowing through your budget – or worse, a thief taking your money.

Credit and debit card security starts with you. Read on for some great tips while you’re hunting down the best deals – and what to do if your credit or debit card is hacked.

Best Practices for Protecting Your Credit Card Online

Shopping online is undeniably convenient, but it comes with its own dangers. Following these best practices will help you save money in the long run and reduce your chances of becoming a victim of fraud:

 Public Wi-Fi connections, such as at the local café or at an airport, make it much easier for identity thieves to hack into your computer. Do your shopping from your secure home network – and make sure your computer’s security is up to date!

 Some stores may list items for a cheaper price, but nail you later with the cost of shipping, taxes or other fees. These extra costs can really add up.

 How many times have you bought an item that you or the giftee ended up not wanting or needing, but you’ve missed a narrow return window? How many times have you bought an item with no return policy at all? Online shopping doesn’t let you try out an item before buying it, so be sure to keep track of these policies to prevent a financial headache later.

 This ties in to knowing the return policy. If you need to return an item, you often need the receipt as proof of purchase. Saving your receipts can also help you stay organized and track your expenses before you receive your monthly statement. A receipt can be emailed or printed, so make sure you know how to find your digital receipts.

 The reasons to do this are two-fold: It helps you catch unauthorized transactions, and it helps you keep track of your spending. You should also keep an eye on your accounts via mobile or online banking. Catching signs of debit card fraud and credit card fraud as soon as possible helps ensure you can get your money back.

. Store credit cards often come with attractive incentives for first-time applicants, but there’s a risk to them. For one, it may impact your credit score since it counts as a new loan. For another, store credit cards often have interest rates that are much, much higher than your bank or credit union’s credit card.

A lot of the ways to keep yourself safe from credit card scams also work for debit cards. However, there are a few other tips you should keep in mind if you choose to use a debit card:

Secure your debit card PIN by never sharing it with anyone. If you write it down, keep it in a safe, private space – not in your wallet.

When entering your PIN on a point-of-sale device or ATM, block the keypad from onlookers with your body.

Some point-of-sale terminals give you the option of using a debit card but having the purchase processed as a credit card. This eliminates the need to enter your PIN, making the transaction safer for you.

By staying aware of the different types of fraud and taking proper precautions, you can help keep your finances safe while shopping.

Here are some of the common scams to watch for:

 See a deal that’s too good to be true? It probably is. Before buying from a website you’ve never used before, search for third-party reviews of the site. Scammers sometimes set up shop on marketplace sites like Etsy as well. It’s good practice to scrutinize their product listings and photographs for consistency in quality and style. Scammers steal listings from legit merchants, which often results in a mishmash of product descriptions and appearances.

. These fraudulent emails can come in many forms. One common email pretends to be offering great coupons for a seller you already know. Another claims that your account has been hacked and advises you to reset your password. Clicking the links in these emails take you to fake websites that can steal your information. Be sure to read sender addresses and website URLs carefully. Avoid clicking links in emails if you’re at all suspicious that something is off. If you receive an unexpected password reset prompt, delete the email and manually change your password through the website or app.

 You randomly get a text, supposedly from UPS, USPS or another shipping service, that your package is undeliverable. They provide a link that supposedly takes you to view tracking information, but really aims to steal your information.

 Arguably one of the oldest tricks in the book, there’s a reason it’s stuck around. Fraudsters pose as a friend, family member or stranger in need and contact you via phone call, email or social media. They’ll request money, usually claiming that the need is urgent so that you don’t think about it too long. If you get this type of message or phone call, it’s important to stop and verify that you’re actually talking to who you think you are. If you’re asked to pay via a P2P app such as Venmo®, it can be extremely hard to reverse those charges.

 It's not just around the holidays; gift card scams can happen at any time. Gift card transactions are a lot harder to reverse, and thieves know this. Remember: No one legitimate will ever need you to pay them in gift cards.

For more information on common and recent scams and how to avoid them, check out the 

Federal Trade Commission (FTC)’s website

. They keep a close eye on reports of fraud and update their site frequently.

What to Do if Your Credit or Debit Card Gets Hacked or Otherwise Compromised

Mistakes can happen, even when you do your best to protect your debit cards and credit cards. Don't panic. There are steps you can take to minimize or even reverse the damage. It is crucial to act swiftly as soon as you know you’re a victim.

: Contact the bank or credit union that issued the card and let them know about the fraudulent charges. They can potentially reverse the transactions and issue you a new card. If it was your Wave debit card, you can call 800-262-2024 or contact us otherwise to submit a Fraud Claim Form and receive provisional credit. If it was your Wave Visa credit card, you can call 888-918-7313 to report the fraudulent transaction.

: Let your card’s issuer know and ask them to reverse the charge. They’ll often be able to undo the transaction and give your money back – especially if you paid with a credit card. Credit cards don’t move your money right away, unlike debit cards, which makes their charges easier to reverse.

 Gift card fraud is a lot harder to reverse, which is why they’re favored by scammers. Still, it’s worth it to contact the issuer in case they’re able to refund the gift card.

 Contact the company behind the app to ask them to reverse the transaction. If you paid with a credit or debit card, also contact your card’s issuer to report the charges.

If your password/username was compromised:

 Set a new, strong password. If you use that same password on other accounts, change it there, too. If you’re locked out of your account, contact the site’s owner for help.

View more steps for if you've been scammed on the 

Never share personal information, especially online.

Take advantage of Wave’s FREE annual shred event to safely dispose of your old statements and other papers that may have your personal information on them.

Remember: Wave FCU will NEVER contact you for your password, credit card information or debit card PIN. Don’t trust caller ID – if you’re unsure, hang up and 

Make sure you can receive bank and credit union fraud alerts to catch unauthorized purchases faster. At Wave, as long as we have your current email and cell phone number, you will automatically receive email and text fraud alerts. At other institutions, you may have to set up your alerts through online or mobile banking

Safe Online Shopping During the Holidays and Beyond

The Benefits of Joining a Credit Union

Empower yourself with essential knowledge and tools to manage your finances effectively. Explore our resources on budgeting, savings, investing and more to take control of your financial future.

Financial Literacy

In January of 2023, Wave Federal Credit Union announced that the National Credit Union Administration (NCUA) has approved their request to expand their field of membership. The Warwick - based credit union is now able to offer its services to the whole State of Rhode Island as well Bristol County, Massachusetts. Wave welcomes those who live, work, attend school or worship in these areas to come and join our membership.

Wave FCU Expands Services

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A credit union is a member-owned financial cooperative built on the concept of “People Helping People.” As a not-for-profit, any earnings are returned back to its members, usually in the form of lower loan rates, higher deposit rates, and fewer fees.
Credit unions are highly focused on their community. Membership is typically limited, either by location or by employer groups (SEGs).