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April 14, 2022
Three Smart Ways to Use Your Tax Refund
April showers bring…tax refunds! Well, if you are owed one, that is. With the IRS federal tax filing deadline falling on April 18 this year, we know that many of you who’ve filed recently will be expecting those tax refunds to hit your bank accounts any day now.* Plus, those of you who filed early might have already gotten your refund money. Wondering what to do with that extra cash? We’ve got advice for three smart ways to use your tax refund that’ll work for just about anybody.
1. Pay down debt.
If you don’t need the money for immediate bills and essentials, consider using it to pay down debt. Maybe that’s credit card debt, student loans, an auto loan or any other type of debt. Whatever the case may be for your situation, it’s never a bad idea to knock those balances down. We recommend tackling the highest-interest balances first for maximum impact. Want to learn about debt consolidation? Learn more about balance transfers.
2. Save, save, save.
Taking that extra cash and saving it is always a smart move. First, everyone needs to save an emergency fund that can cover 3-6 months of expenses in case you ever need it. Next, prioritize saving for your future, including retirement. It’s important to remember that the biggest ally you have when it comes to both investing and saving for retirement is time. Why? Time allows your money to grow with compound interest working its magic. Learn more about the value of compound interest.
3. Invest in yourself.
Before you think we’re boring, we aren’t saying you can’t have any fun with your tax refund. You can totally spend your tax refund however you want to, but if you’re asking us how to spend it wisely, we say: invest in yourself. We’re talking about things like career development or education. Maybe there’s a certification available in your field to take your career to the next level, or maybe there’s a new skill you’ve always wanted to learn. There is no time like the present to focus on your growth. We’d also suggest thinking about much-needed self-care that you may have been putting off. You know the saying, “You can’t pour from an empty cup.” So if you have the bandwidth to spend some of your tax refund, we think that you are your own best investment.
*For answers to frequently asked questions about tax refunds, including when you will get your refund, visit IRS.gov.
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How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
Pay Online
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
Log In
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay Now
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733You Are About To Leave GrowFinancial.org
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