Stimulus Checks

With the Economic Impact Payments being sent out this week, there are several factors to consider before racing your way to your nearest South Texas FCU branch:

  • Your money is safe with us. Your accounts are fully insured by the National Credit Union Administration (NCUA) up to $250,000.  There is no risk to keeping money in your account.
  • If you’re going to your South Texas FCU branch to withdraw your money, so are hundreds of others. Be patient with your Tellers. If you do not wish to stop by the drive-thru–here are other ways you may obtain money if you are a member of our credit union:
  • You may withdraw cash through any of our Allpoint ATMs located mostly in retail stores, Walgreen, CVS, or Target. Use our ATM locator to access the Allpoint ATM nearest you. No surcharge-fee will be charged to your account.
  • You may use a South Texas FCU VISA debit card. With your Visa debit card, there is no need to carry your checkbook or large amounts of cash. Just present it at the time of purchase and the amount will automatically be deducted from your checking account. Our debit card are instant issue at any of our branches. Please ask to speak to a representative if you need to replace or need a new debit card.
  • Unfortunately, our Tellers and Service Representative are not Professional Financial Advisors. if you need help regarding your stimulus check please visit for more information.

The stimulus checks are intended to stimulate the economy, but that doesn’t necessarily mean you should spend yours right away. Here are some things to consider:

1. If you are still working but don’t have a three-month emergency fund: Save your stimulus check. Now is the time to stop unnecessary spending and build your emergency fund. You should have money for at least three months of basic expenses (rent and food) in a high-yield savings account. If you don’t, deposit your stimulus check there.

2. If you are still working and already have a three-month emergency fund: Now is a good time to spend. You can find great deals, support your favorite businesses, and help stimulate our nation’s economy. You may also be eligible for current low refinance rates for homes and auto loans. Now is the time to take advantage of these opportunities to lower your monthly loan payments or shorten your loan terms.

3. Defer loans if you can’t make all of your monthly payments. You can now defer payments on federal student loans, and many lenders are allowing borrowers to skip payments on mortgages, car loans, credit cards and other debt. Check with your lender to see if you qualify and what options are available to you.

Click the link to continue reading on the Do’s and Don’ts of Stimulus checks