Skip nav to main content.

Financial Education

Why It’s Important to Keep Your Contact Information Current

Make Sure Your Information is Current

Some reasons you’ll want to keep your contact information updated include:
  • To protect yourself from fraud. If your financial institution has your current contact information, they can be more easily reach you if they suspect fraudulent activity on your account. This could save you money and prevent identity theft.
  • To stay informed about your account. Your financial institution may send you important account information, such as changes to your account terms or upcoming payments. If they don’t have your current contact information, they may not be able to reach you and you could miss out on important information.
  • Help your loved ones – Keeping your beneficiary information current means that your loved ones will be able to gain access to the funds from your account if something happens to you. It also ensures that your information isn’t sent to a wrong person, such as an ex-spouse who is still listed on your account.
  • To make it easier to do business with your financial institution. If you need to contact your financial institution for any reason, it will be much easier if they have your current contact information. You won’t have to worry about them sending your information to the wrong address or phone number.
  • Avoid escheatment – If you have money in an account that you completely forget about, those funds could eventually be turned over to the state if you can’t be reached. This process is known as escheatment. Updating your information could help to avoid escheatment. If you’re unsure whether or not you have unclaimed property, checking the Illinois unclaimed property website or another state’s website  is easy and potentially profitable.

Verify Your Information

Often, people continue to receive some form of personal banking communication and may not realize that their contact information is out of date. For example, you might receive a statement by email but are unaware that the address on file is from your last apartment.
Updating this information only takes a moment and here is a quick video on how to do this in online banking. You can also call or visit us if you need help. Your birthdate or Social Security number will likely not have changed, but some of this information might have:
  • Physical street address
  • Phone number(s)
  • Email address
  • Name and marital status – especially if you’ve recently divorced or married, as well as if your spouse or ex-spouse’s information should be added or removed from a joint account
  • Beneficiary information
If you don’t have an email address or if you stopped using an old one because you were overwhelmed by spam, you should set up a new one. It’s an important part of personal banking and managing your finances.
Updating your information with SIU Credit Union can be accomplished by logging into your account, stopping by a branch, or calling us. Likely, it is just as simple with any other financial institutions. This simple step benefits and protects your finances. Contact us if you have any questions at or 800-449-7301.
Keeping your contact information current with your financial institution is an important way to protect yourself and your finances. By following these tips, you can help ensure that your financial institution can reach you when it’s important.

Leave a Comment