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9 Reasons to Update Your Contact Info ASAP

  • Published
  • 6 min read
Is your contact information up to date?

Have you moved recently or had a name change? Did you remember to update your information with Maps? In this digital age, it is easy to forget all the places you need to update your information, but staying connected to your financial institution is an important part of keeping your money safe. Why does it matter? Here’s a little insight:

What contact information should I keep updated?

At Maps, we ask for straightforward, basic information to identify your account and keep in touch with you. This includes your name, email, home address, and phone number. If you change your name, move, get a new phone number, or begin using a different email address, it is important to let us know.

Also, if you have a joint account, make sure the information for both account holders is current. You should also regularly update your beneficiary information (including their name and contact details) to prepare for any unexpected life events.

What happens when my contact information is outdated?

At Maps, we don’t contact our members without reason. So, if we are trying to reach out to you, chances are it’s with valuable information. If your information is outdated, there are a few potential consequences:

1. You may miss account updates.

When we want you to be aware of an important update, we’ll send a letter or email informing you of what’s happening. This may be information related to your specific account (such as a notice about an overdue payment, an update in terms, or a change in your credit limit, etc.) or it may be news about a new opportunity that is relevant to your interest.

2. You may miss statements and replacement cards.

Your Maps monthly statements are sent to your physical address unless you elect to go paperless. You will also need the correct home address on file to receive a new credit or debit card through the mail.

3. You could have trouble logging into mobile banking.

Mobile banking and digital wallets are often linked to your phone number and email address—not just with Maps, but with credit cards, cash transfer apps, and other financial services. If you get locked out of your account or lose your password, you may be required to reset it using the phone number or email address you have on record.

4. You could face penalties or incur charges.

To ensure that your account is serving you well, we occasionally send out notices about disclosure changes and policy updates. If you do not receive these notices promptly (because we don’t have valid contact information on file), you may incur charges that would otherwise be unnecessary.

5. You could miss an alert about suspicious transactions.

We continuously monitor transactions for suspicious account charges. If we see something irregular—like a transaction in a foreign country—we will notify you immediately via text or email. After all, when it comes to secure banking, fast action can spell the difference between a small hiccup and a huge financial catastrophe. If your contact information is outdated, a notice about fraudulent transactions could slip through the cracks. If we can’t reach you after several attempts, your accounts may be locked as a means of protection. This will prevent further fraudulent activity, but it may also prevent you from making purchases or scheduled payments.

6. You could miss opportunities to save more.

If we develop a new CD, money market account, or savings account that could help you save more money, we want to tell you about it! For example, we just announced a special Summer Saver account exclusively for school employees. School employee members who seize the opportunity can earn 4.00% APY* (as opposed to the standard Member Savings APY of 0.02%) on their balance between now and next July 1.

7. You could lose money.

We send out yearly notifications about dormant accounts, but if you have money in an account that you forgot about and we can’t reach you, those funds could eventually be turned over to the state. This process is known as escheatment.

8. Your loved ones could be stuck in a lurch.

When you update your contact information, be sure to update your beneficiary information and the information on your joint account holders—especially after a major life event (such as a marriage, divorce, death, or birth). Keeping it current means that if something happens to you, your loved ones will still be able to access the funds in your account. It also ensures that access isn’t given to the wrong person (such as an ex-spouse who is still listed on your account).

9. You may miss important documents and forms.

If you need to fill out paperwork or receive forms from Maps, we’ll contact you using the information we have on file. Some of these documents—like tax forms—are sent automatically, so you are unlikely to receive a notification before the documents are sent. For example, in most cases, tax forms are automatically sent to your physical address.

What if I’m worried about scammers and advertisers getting my information?

We get it. These days, advertising is everywhere, and scammers are relentless in their attempts to trick people out of their personal information. We will never sell your information and Maps and its affiliates (a.k.a., companies owned by Maps, like Maps Insurance Services) will only send you emails and mailings that are relevant to your interest or accounts.

If you receive a reminder to update your information, always double-check that you’re receiving that notification from a legitimate source. Avoid suspicious links, and if you receive a suspicious call, text, or email from someone claiming to be Maps or another financial institution, contact that business directly from a verified source.

If you haven’t updated your contact information in a while, or any of your information has recently changed, now is a great time to ensure it’s up to date.

There are several ways to update your contact information with Maps. The quickest, easiest way is through digital banking. From the Maps app or desktop site, log in and click on the icon with your initials. Select “Profile” from the drop-down menu and scroll down to the section with options to change your email, phone number, and physical address.

You can also call or text us at 503.588.0181 or stop by your favorite branch to update your information during regular business hours.

Unsure if your information is up to date? Contact us using the options listed above and we’d be happy to check.

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