The Quarterly Newsletter - Spring 2025
Why You Should Never Withdraw More Than $3,000 in Cash
from your Credit Union or Bank
Withdrawing large sums of cash - especially more than $3,000 - is never a good idea and here’s why.
If someone is asking you to withdraw a large sum of cash and give it to them, 99.9% of the time it is going to be a scam.
If you refuse to give them cash and they start asking you to purchase gift cards instead, 99.9% of the time it is going to be a scam.
If someone sends you a check that you weren’t expecting, then tells you that they OVERPAID you and wants you to pay the difference, 99.9% of the time it is going to be a scam.
Any legitimate business (Spectrum, Maine Turnpike Authority, Antivirus Software, Building Contractors, Homeowners Warranty) or government entity (Police, FBI, IRS, Homeland Security) would NEVER ask you to withdraw cash from your account to give to them. NEVER.
A request for a large amount of money from anyone should always be given as a Cashier’s Check. This provides you and them with the security and safety of your funds.
Unlike digital transactions, cash is not insured once it leaves the credit union or bank. If you lose or misplace your money, there’s no recourse to get it back. Additionally, making large cash payments for items like cars or rent may leave no paper trail, making disputes or refunds nearly impossible.
There are several safe ways to handle transactions that require large sums. Wire transfers, cashier’s checks, and P2P payments (like PayPal or Venmo) offer secure options without the risks associated with carrying cash.
While cash is useful in certain scenarios, withdrawing more than $3,000 at once comes with risks that far outweigh the benefits. To ensure financial security, safety, and compliance with federal regulations, we recommend using alternative payment methods whenever possible.
Again, any legitimate business (Spectrum, Maine Turnpike Authority, Antivirus Software, Building Contractors, Homeowners Warranty) or government entity (Police, FBI, IRS, Homeland Security) would NEVER ask you to withdraw cash from your account to give to them. NEVER.
Free Homebuyer Happy Hour at Rising Tide Brewing! Give us a call to RSVP at 207-878-3441 Extension 232
President’s Message
Dear Members,
I want to remind all of our members to stay vigilant against scams and fraud. Over the past year, we have seen a growing number of cases where members have fallen victim to financial scams. Professional con artists are actively targeting Maine, and they are highly skilled at deception.
To help protect you, we are continually training our staff to ask more questions and identify potential fraud. However, the ultimate responsibility lies with you—always verify who you are giving your money to. If something seems too good to be true, it probably is.
Stay cautious, and if you ever have concerns or doubts, please reach out to us. We’re here to help.
Scott Harriman, President & CEO
Easy Ways to Improve Your Credit
1. Check Your Credit Report
Start by reviewing your credit report for any inaccuracies or errors. You can request a free report from the three major credit bureaus—Equifax, Experian, and TransUnion. Dispute any mistakes to ensure your score reflects accurate information.
2. Pay Bills on Time
Consistently paying bills on time is one of the most significant factors in determining your credit score. Set up reminders or automate payments to avoid missed due dates.
3. Reduce Credit Card Balances
Aim to use less than 30% of your available credit limit. High credit utilization can negatively impact your score, so paying down credit card debt is a great way to improve your credit.
4. Avoid Opening New Accounts
Opening multiple new credit accounts within a short period can lower your score. Only apply for credit when necessary, as each inquiry can cause a temporary dip in your score.
5. Keep Old Accounts Open
The length of your credit history matters. Keeping older accounts open, even if you’re not actively using them, can help improve your credit score over time.
By taking these simple steps, you’ll be on your way to a stronger credit profile.
