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Spring Extra Credit 2017

UVA Community Credit Union

I Luv My Credit Union

Spring 2017 - In This Issue


Save the Date:

May 24, Annual Meeting at DoubleTree



Spring Into Savings With our Visa Promotion!


Did You Know?

April is Youth Financial Literacy Month


How-To Tips:

Focused on College Savings

Your Community Save the Date










May 24, Annual Meeting at DoubleTree
The credit union's annual meeting is our chance to report to you, our member-owners, on the progress we've made this year in building an ever-stronger, more vibrant, and more responsive credit union.­­­­­­­ 

Highlights include:

  • A 2016 performance overview and our plans for the rest of 2017
  • Vote for volunteer members to our board
  • Meet the recipients of our annual high school scholarship program
  • After the meeting, enjoy light refreshments
  • Door prizes! Be sure to arrive early so you can register
  • Meet fellow members and credit union staff

Location: DoubleTree Hotel, 990 Hilton Heights Road, Charlottesville, VA 22901

Time: The event starts at 6 p.m.












Spring into Savings with Balance Transfers

Holding several credit card balances can make paying bills complicated and expensive. Consider debt consolidation and roll multiple debts into a single new one. With a University of Virginia Community Credit Union Visa Credit Card you could enjoy a low interest rate that makes payments more manageable and allow you to pay off the total more quickly if you so desire.

Promotional rate as low as 3.99% APR is good on balance transfers made between March 1 – May 31, 2017 and remains in effect until those balances are paid in full.

Save BIG on balance transfers made between now and May 31, 2017. Apply for a card, transfer your balance, or increase your limit. Move your higher-interest, non-credit union loan and credit card balances to your UVA Community Credit Union Visa, you may save hundreds, even thousands of dollars.

$0 balance transfer fee. No annual fee.

Hurry! Rates available only March 1- May 31, 2017.

3 ways to save:

  • 3.99% APR* Platinum
  • 4.99% APR* Gold
  • 7.99% APR* Classic

Call us at 434-964-2001, option 3. If you prefer, you may print and complete a Balance Transfer form and drop it by any branch location.

Don't have a credit union VISA? Apply today! Visit our credit cards page for more information.


*APR = Annual Percentage Rate. Promotional rate as low as 3.99% APR is good on balance transfers made between March 1 – May 31, 2017 and remains in effect until those balances are paid in full. Offer good on non-UVACCU loan/credit card transfers only. Not all applicants will qualify for the lowest rate. The promotional balance transfer rate is 3.99% APR for Platinum, 4.99% APR for Gold, and 7.99% APR for Classic, based on your credit worthiness. These rates will be valid on balances transferred by May 31, 2017 until paid in full. After the promotional period the APR will convert to non-promotional rates for new balance transfers, which as of February 1, 2017 are 8.24% to 10.24% APR for Platinum, 9.24% to 13.24% APR for Gold, and 13.46% to 20.46% APR for Classic, based on your credit worthiness. This APR will vary with the market based on the Prime Rate for Platinum and Gold only. Interest will accrue on cash advances at the standard APR as stated in your Visa disclosure. UVA Community Credit Union reserves the right to decline any balance transfer request. Applicant must meet credit criteria. Other restrictions may apply. See credit union for details.

 Did you know?










April is Youth Financial Literacy Month

The first step to teaching your kids about money is talking about money.

“The most effective way to teach is by having frequent discussions and don’t ever lecture,” said Ted Beck, president and chief executive of the National Endowment for Financial Education, in a recent Wall Street Journal article. “Look for teachable moments and always be willing to answer questions.”

Unfortunately, this can also be the hardest.

A 2015 T. Rowe Price survey found that 72% of parents experienced at least some reluctance to talk to their kids about financial matters, and 18% were either very or extremely reluctant. The most common reasons given were that the parents didn’t want them to worry about financial matters or thought they were too young to understand.

But on his blog, the personal-finance guru and radio host Dave Ramsey encourages parents to be more open with their kids about money, even their failures. Parents’ biggest regrets are often not saving enough or going into too much debt, wrote Ramsey. Being honest about that in an age-appropriate way, he stated, can be a powerful lesson.

So how to start the talk?

  • Ask questions. If you’re going out to eat, talk about the price difference between the options, and ask them which they would choose. If they select the more expensive, talk through what you might have to give up later in the week.
  • Make them part of your budgeting. If you’re doing any kind of financial planning for the year, solicit input from your kids. Enlist them in your saving goals—no one watches you more closely than your kids, so they’re natural accountability partners! If you’re uncomfortable revealing too much of your financial picture, you can keep the discussions high level, but involving them makes money less abstract.
  • Open a savings account with your child. This is the best way to help them to learn to save for what they find meaningful in life. A lifetime of good savings habits can start now!


How-To Tips Provided by Member Wealth Management



Focused on College Savings

In 2015, nearly 75% of college freshmen said cost was an important factor in selecting a school, while more than 20% said they turned down their first choice because they could not afford to attend.1

If one of your financial priorities is helping your family cover escalating college costs, you may want to take advantage of a Section 529 savings plan. Planning ahead and setting aside money over time could help expand your student’s options when the time comes to make life-changing college decisions.

Investing in Knowledge
The funds invested in 529 accounts grow tax deferred, and withdrawals are tax-free when used to pay qualified higher-education expenses, including tuition, fees, room and board, books, and supplies. Congress recently added computers, printers, other peripherals, education-related software, and even Internet access to the list of qualified expenses for tax year 2015 and beyond.

Many 529 plans include age-based investment options that tend to become more conservative as the child approaches college age. Owners of 529 accounts are allowed to change the investment options for their existing plan contributions twice per calendar year.

A Family Effort
Most states offer their own 529 plans, which may provide advantages and benefits exclusively for their residents and taxpayers. There are no income restrictions for participation, so anyone who wants to provide financial support can contribute to a 529 plan opened on a student’s behalf. However, the 529 plan will not accept contributions after the beneficiary’s account balances reach a fairly high limit that varies by state.

You can contribute up to the normal annual gift tax exclusion ($14,000 in 2016) per student without triggering gift taxes. As an alternative, you could contribute five times the normal amount ($70,000) in a single year, as long as you don’t contribute any additional money for the next four years. Contributing to 529 plans also removes the assets from your taxable estate.

Grandparents who want to maintain control of 529 plan funds could open their own accounts for one or more grandchildren. There is no time limit on when the funds in a 529 plan must be used, and 529 plan assets can be transferred to another beneficiary in the same family (sibling, cousin, spouse, or even parent), if needed.

Families who expect to qualify for financial aid should be aware that 529 plan assets owned by grandparents are not considered in financial need calculations, unlike 529 accounts owned by students and parents. However, withdrawals from 529 plans owned by anyone other than the student or a parent count as student income for financial aid purposes and could have an impact on award money in later years.

When 529 plan withdrawals are not used for qualified higher-education expenses, earnings may be subject to ordinary federal and state income taxes and a 10% federal income tax penalty. The tax implications of a 529 plan should be discussed with your tax advisor because they can vary significantly from state to state.

As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also the risk that the investments may lose money or not perform well enough to cover college costs as anticipated.


Before investing in a 529 savings plan, please consider the investment objectives, risks, charges, and expenses carefully. The official disclosure statements and applicable prospectuses — which contain this and other information about the investment options, underlying investments, and investment company — can be obtained from your financial professional. You should read these materials carefully before investing.

1) Higher Education Research Institute, UCLA, 2015

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. Copyright 2016 Emerald Connect, LLC.

NOT A CREDIT UNION DEPOSIT; NOT NCUA INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; NOT GUARANTEED BY THE CREDIT UNION; MAY GO DOWN IN VALUE Securities, Investment Advisory and Financial Planning services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC: 222 Central Park Ave Suite 1100 Virginia Beach VA 23462 (757) 490-9041.Member Wealth Management is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies.CRN201611-197175



Securities, Investment Advisory and Financial Planning services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC: 222 Central Park Ave Suite 1100 Virginia Beach VA 23462 (757) 490-9041. Member Wealth Management and the Credit Unions are not a subsidiary or affiliate of Massachusetts Mutual Life Insurance Company (MassMutual) and their affiliated companies. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

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