Best Way to Pay an Allowance

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How to Do Allowances Right, According to the Experts

One of the best ways to ensure your children grow up financially fit is to give them practice managing money with an allowance.

But what’s the best way to do an allowance? There are many theories on that.

Ron Lieber, personal finance writer for The New York Times, says he and his wife pay their 7-year-old daughter $3 a week, no chores necessary.

Lieber’s daughter puts $1 in a “save” jar and $1 in a “give” jar for a cause of her choosing. The final $1 she can spend as she wants. Lieber’s reasoning is that an allowance is a teaching tool, and making it contingent on chores muddies the issue. What if the children decide they don’t want money? Do they still have to do the chores?

Lewis Mandell, a financial economist and professor emeritus at the State University of New York, Buffalo, however, says unconditional allowances are a “terrible idea,” citing a 2000 study that showed kids who received a regular allowance left high school knowing less about personal finances than kids who received no allowance—though the differences were slight.

One problem may be that, like many Americans, kids aren’t the most diligent about saving. While 61% of parents pay an allowance, only 1% report that their children save any of it, according to a 2012 survey by the American Institute of CPAs.

The survey found that as children age, they receive a higher allowance, but across all ages the average take is $780 a year. That’s enough to buy an iPad or a good start for a college savings plan—if they were saving.

About 90% of the parents who paid their children an allowance required them to do chores to earn it, but only 81% had spoken to their kids about money management. More parents had spoken to their kids about good manners, their grades, and healthy eating habits than how to handle their money.

So how should you handle an allowance with your own children?

Use it as a teaching tool

Regardless of how your children earn an allowance, use it as a tool to reinforce good money habits from an early age. Talk about finances early and often, and set a good example.

Consider matching their savings

To encourage savings, tell your children for every $1 they set aside for long-term goals, you’ll match it in their Riverside FCU youth savings account. Share the statements with them so they can see their money grow.

Gradually introduce them to financial products

Deposit their allowance into a Riverside FCU youth savings account, later a share draft/checking account, and help them manage them wisely. And we can help. Bring in your children to participate in Credit Union Youth Month at any of our branches, and we’ll help them pump up their savings.

Research shows that kids who learn to manage money at an early age are better prepared to handle their finances when they leave home. And, ultimately, teaching children good money skills is a sound investment for parents, who often are the ones helping their adult children when they run into real-world problems.

EMV Chip Technology for Debit and Credit Cards – Please Advise

Starting May 2016, all Riverside credit and debit cards will be reissued with new EMV Chip Technology. (NOTE: Lost and stolen cards currently being reissued will have the EMV Chip Technology.)

Here’s what you need to know:

What is EMV and chip technology?

Named after its original developers (Europay, MasterCard® and Visa®), this technology features standard debit and credit cards with embedded microprocessor chips that store and protect cardholder data.

What makes EMV different than the traditional magnetic stripe card payment?

Simply put, EMV (also referred to as chip-and-PIN, chip-and-signature, chip-and-choice, or generally as chip technology) is the most recent advancement in a global initiative to combat fraud and protect sensitive payment data in the card-present environment. The magnetic stripes on traditional credit and debit cards store contain unchanging data. Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. The microchip provides an additional level of authenticity for the transaction.

How do I use my new chip card? 

Just like magnetic-stripe cards, EMV cards are processed for payment in two steps: card reading and transaction verification. Depending on the device which you are using, you will either slide the card or enter the card into the chip reader. Generally, the cardholder will be prompted to enter a PIN or sign to validate their identity.

EMV technology will not prevent data breaches from occurring, but it will make it much harder for criminals to successfully profit from what they steal.

With that said, Channel 7 News has already reported scams around the new technology. Please read below and make yourself aware of potential fraud threats. As mentioned, Riverside is in the process of reissuing all debit and credit cards to enable the chip technology so the cards will automatically be sent to your home address. Take note that Riverside will not try to reach you via email for account questions, so heed the advice below and check the authenticity of the emails you may receive.

1. Legitimate emails from card issuers should be short, to-the-point notifications that your new EMV card is being mailed, perhaps with an “expect within 10 days” timeframe. They should not include links or attachments promising details or urging action to “update your account” or the like; that’s the calling card of scammers.

As a general rule, don’t trust links in emails — and before clicking, always hover your computer mouse over the link; if it doesn’t display the sender’s company name, assume the worst. It’s also safer to access any business website by typing its url yourself, not via provided links. Or call the phone number listed on your card, not provided in emails.

2. Bogus paypal emails are making the rounds, with malware-laden “update your account” attachments. Legit paypal emails never include attachments.

3. Authentic emails from card issuers will address you by name and include some specific reference to your credit card, such as the last four digits of your account number. Those from paypal, ebay or other businesses will also include your name. Emails vaguely addressed to dear “cardholder,” “customer” or “account holder” are scams.

4. Even if the email includes your name, don’t trust it unless you previously provided your email address to that business (for instance, when you enrolled in online banking). Email mailing lists — with account holder names — can be purchased by scammers.

5. Be suspicious of phone calls or text messages supposedly from card issuers about EMV cards. These could be “vishing” (for voice phishing) or “smishing” (named after SMS technology that sends text messages) attempts aiming to glean account and personal information.

The full article can be found at Contact 716-875-1747 if you have any questions regarding your account.

ScoreCard® Rewards ScoreBIG Sweepstakes

SCORECARD DETAILSscorecard details 2View Official Rules here.

ScoreCard® Rewards is associated with the RFCU Visa® Credit Card. The program is designed to help you earn rewards toward merchandise, travel, and one-of-a-kind experiences with your everyday purchases. To sign up for ScoreCard® Rewards, click here. Or to apply for a Visa® Credit Card, click here.

FAQs: NetBranch Upgrade for Windows Users

What exactly changed and how did that affect me from connecting to NetBranch?

In an effort to provide the highest level of security for members, we disabled connection to NetBranch from devices using any Transport Layer Security (TLS) less than 1.1.  Any device that is not using TLS 1.1 or higher will not be able to connect to NetBranch.  Today, all recent versions of the major internet browsers provide the option to use TLS 1.1 & higher.

Why was this change made?

The change was made to protect member data against attacks similar to the Poodle attack that occurred last year.  With the use of older TLS versions, a hacker can force a browser to downgrade to an older security version, which is far less secure than today’s standards.  A browser using older TLS versions is vulnerable enough to let hackers spy on the data traveling to and from the computer.

Exactly what browsers/versions will provide the option for TLS 1.1 and higher?

The NetBranch requirements document state that the previous three versions of the browsers listed below are certified and tested for use with NetBranch.  Only the last two versions of the Safari browser are certified.  These browser versions will support the option to use TLS 1.1 and higher, regardless of what operating system they are used on.  Below is a list of the browsers and versions that are certified for use on NetBranch and support TLS 1.1 & higher:

Internet Explorer  9, 10 & 11
Chrome  41, 42 & 43
Firefox  36, 37 & 38
Opera  27, 28 & 29
Safari  7 & 8

Are there older versions of operating systems/ browser combinations that will not support TLS 1.1 & higher?

Yes.  Windows XP and Windows Vista are only capable of upgrading up to Internet Explorer version 8.  Therefore, users of these operating systems using Internet Explore as their browser will not be able to connect to NetBranch.  However, you have the option of loading the latest version of another browser such as Chrome* or Firefox.

*Chrome has announced that they will end new updates for Windows XP as of April 2015.

I am using one of the certified browsers listed above and still cannot connect?

The following steps will aid in determining the issue you may have with connecting to NetBranch as it relates to this change:

  1. Check if TLS 1.1 & 1.2 has been enabled in the browser settings.  Please see the attached document titled – Instructions for enabling TLS 1.1 & TLS 1.2 for instructions on how to enable these options.
  1. If these options are enabled and you still cannot connect,  go to and have them verify what is showing in the Version section on this page.   If they see verbiage similar to what is below and they verified that they have enabled the TLS 1.1 & TLS 1.2 options in the previous step, this could be an indication of an issue with your machine such as a virus or malware. Troubleshoot whatever issue is causing your machine to not have the ability to make the appropriate changes.
  1. Until the “Version” listed when visiting reports “Good”, you will be unable to connect to NetBranch from this machine.

Suggestions for troubleshooting may include:

  1. Determine if you have current antivirus and/or malware protection
    • If “yes” verify the definitions are current and to run a scan. After any issues have been corrected, try” to verify if the version now shows “Good” – if it does then proceed to verify they can access NetBranch.
    • If “no” consider evaluating some of the programs available, some of which are free.  Once current virus/malware scans have run and any issues have been corrected, try to verify if the version now shows “Good” – if it does then proceed to verify the member can access NetBranch
  2. You may want to seek local computer repair, if necessary, to determine what is causing your computer to not report “good” even though they have TLS1.1 and TLS 1.2 options enabled.
  1. If the results of show that TLS 1.1 or 1.2 is enabled – similar to the verbiage below, and you still cannot connect to NetBranch, please contact the credit union directly. Please be ready to provide your Operating System, Browser, Version # and any details on what issue you are having when trying to connect.

I cannot connect directly to NetBranch using my mobile device?

NetBranch is not certified for connecting to mobile devices.  As stated in the NetBranch requirements document, the only devices certified for access to NetBranch are Windows and Apple/Macintosh PC’s and Laptops.

Does this change affect Fiserv Mobiliti?

No.  This change does not affect your ability to use the Mobiliti APP, WAP or SMS channels.

Net Branch Upgrade for Windows Users

Attention Windows Vista and XP users: Net Branch has upgraded its software to no longer support these two systems. Please refer to the instructions below for manually enabling Net Branch on your computer.

Select the browser that you are using to connect to Net Branch:

Internet Explorer:

  1. Open Internet Explorer
  2. Click Alt T and select “Internet Options”.
  3. Select the “Advanced” tab.
  4. Scroll down to the “Security” section.
  5. Locate and check “Use TLS 1.1 and TLS 1.2”.
  6. Then, press the “OK” button.               

Google Chrome:

  1. Open Google Chrome
  2. Click Alt F and select “Settings”.
  3. Scroll down and select “Show advanced settings…”
  4. Scroll down to the Network section and click on “Change proxy settings…”
  5. Select the “Advanced” tab.
  6. Scroll down to the “Security” section.
  7. Locate and check “Use TLS 1.1 and TLS 1.2”.
  8. Then, press the “OK” button.


  1. Open FireFox
  2. Type in “about:config” in the URL bar and press Enter
  3. Scroll down to “security.tls.version.max” and press enter
  4. Set the value to 3
  5. Then, press the “OK” button.


  1. Open Opera
  2. Click Ctrl+F12
  3. Click on “Security”
  4. Click on “Security Protocols…”
  5. Check on “Enable TLS 1.1 & TLS 1.2”
  6. Press the “OK” button.
  7. Then, press the “OK” button.


For any further questions, please call us at 716-875-1747.

Mailed Statement Fee Beginning 6/1/15

Beginning 6/1/15 there will be a $1.00 fee for mailed statements. This fee is to cover the printing, processing and postage costs.

Ways to avoid the $1.00 fee

Switch and Save!

Sign up for E-Statements

Receive a monthly statement reminder email and log into Netbranch (online banking) to view and print/save your statement.

Benefits of E-Statements and Netbranch (online banking)

  • Fast! No waiting for the mailman to know what is in your account. 24/7 access to Netbranch allows you to monitor your account any time you want. E-statement availability notifications or emailed on the 1st of every month.
  • Secure! Safer than your mailbox, Netbranch is a secured, password protected site.
  • Environmentally Friendly! Save a tree! Once on Netbranch, you can retrieve your statements and save them to your computer, or print them for your records.


Sign up for a SMART Account

To qualify for a SMART account you must have direct deposit of your pension or social security.

Benefits of a SMART (Seniors Money And Retirement Tools) Account:

  • Monthly Paper Statement FREE (optional)
  • Additional FREE ATM Withdrawals
  • A FREE Box of Checks Annually
  • Reduced Fees on Select Services
  • Additional Savings on Loans
  • Additional Dividends on Share Certificates


For more information please contact a Member Service Representative 716-875-1747 option 5.

Home Depot Data Breach

On Monday, September 8, 2014, Home Depot officially confirmed a data breach and stated that customers who used payment cards at their U.S. and Canadian stores since April 2014 could potentially be impacted.  

If you have used your payment card at Home Depot during that time, please use netbranch (online banking) to monitor your account regularly. If you see that you have fraudulent charges on your account you must contact riverside FCU immediately at 716-875-1747. If you notice activity during non business hours, please call 1-800-543-5073.

Sign up for our New E-Newsletter

Welcome to the all new Riverside FCU Newsletter. We will be sending out regular emails letting you know about all the great things going on at Riverside FCU. Newsletters will include everything you need to know, news, events, changes, specials and helpful financial tips.

Sign Up Now

Become a Riverside FCU Member! Join Online Today!

Open Your Account Today!

NEW! Online Applications now available!

Click Here to Apply Online


Stop in to one of our branches and become a member!

Things to bring:

  • A valid government issued ID
  • At least $10 cash or check to open your account with.


The Credit Union Difference

Riverside Federal Credit Union works for you, not for profits. Keep your profit in your pocket! For your family, for your future, for your life!

What’s the credit union difference?

More friendly, personalized service. Better rates on loans and higher yields on savings. Convenient banking with direct deposit, ATMs, online banking, mobile banking and bill payment.

Maybe the best place to bank isn’t a bank at all!

What’s the Riverside FCU difference?

Riverside FCU offers big bank convenience with a neighborly approach and the following services:

Free personal checking. Enjoy unlimited check writing, no per-check fees, no monthly fees, no minimum balance, a Visa® Debit Card, 50,000 fee free ATMs worldwide through the

Allpoint Network. overdraft protection, free online services, and free online bill payer.

Better rates on savings. Membership begins with our regular savings account. You can also choose from a variety of savings options:

  • Money Market Savings
  • Term Share Certificates
  • Individual Retirement Accounts (IRA)
  • Christmas Club Accounts
  • All-purpose Accounts
  • Youth Accounts

Better rates on credit cards and loans. Riverside FCU began as a provider of loans to our members. Our commitment to offering great rates to our members continues today for:

  • New and used auto loans
  • Boat and motorcycle loans
  • Personal loans
  • Mortgages
  • Home Equity loans
  • Home Improvement loans
  • Visa® Credit Cards

Technology Services. Stay connected to your accounts with:

  • Online banking
  • E-statements
  • Bill Payment
  • Mobile Banking
  • Pop Money – a person-to-person payment tool
  • Telephone Automated System

Financial Advisement. Access to MEMBERS Financial Services can help you with 401(k), pensions and other types of retirement plans.

Convenience Services. Enjoy one-stop convenience for:

  • Money orders and cashier’s checks
  • Wire transfers
  • Safe Deposit Boxes
  • Notary Public Services
  • Discount amusement park tickets, movie tickets, car washes, and wholesale club memberships

Credit Union Safety

Your funds are federally insured up to $250,000 by the National Credit Union Administration (NCUA). Credit Unions, true to the nature of their memberships, are more conservative in their lending practices and safer than many banks. Riverside FCU is no exception.

Select Employer Groups

Check the list to see if you are affiliated with any of our Select Employer Groups. Not affiliated? Let us know. Membership is still available for you. Want to see your company on the list? Tell us and we can offer your company the free benefit of credit union membership to make available to their employees. Call 716.875.1747 ext. 141.