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Summer Extra Credit 2020

UVA Community Credit Union

Summer 2020 - In This Issue

Our Community: Annual Meeting Highlights

Announcements: Branches Reopen!

Did You Know? Simplify and Save with Visa® Balance Transfer

How-to Tips: Why You Might Need Disability Income Insurance 


Our Community
Annual Meeting Highlights

 

 

 

 

 

 


During this era of social distancing, technology has been a large component in helping us stay connected. The Credit Union was able to leverage technology to quickly transition from an in-person meeting to a new virtual format for our annual meeting that was held online on June 3 at 5:30 p.m. The meeting was led by Jeffrey Moscicki, Chairman of the Board, and the Management Report was presented by Alison DeTuncq, President/CEO.

The meeting focused on a review of the Credit Union’s substantial accomplishments in 2019, our 2020 initiatives including our response to COVID-19, and the many steps we have taken so far to support our members during this time of hardship.

Highlights from the meeting included:

Accolades: In 2019, we were ranked “Best Bank/Credit Union” and “Best Mortgage Company” in the Daily Progress Readers’ Choice Survey, “Best Bank” and “Best Mortgage Lender” in Best of  C-ville, and “Best Bank/Credit Union” in the Charlottesville Family Favorite Poll. In addition, we are so gratified to also be recognized by the Culpeper Chamber of Commerce as the 2019 Large Business of the Year, and named Partner of the Year by the Culpeper Renaissance.

Tax Prep Services: During the 2019 tax season, our IRS-certified employees prepared a total of 540 returns, generating an economic stimulus just under 1.1 million dollars for our community. This year the Cville Tax Aid Coalition, led by United Way of Greater Charlottesville, and the IRS, acknowledged the Credit Union’s tax preparation volunteers who graciously participated in this program for 10 years. The following employees were recognized: Tracy Brown, Juanita Brookman, Rebecca Cardwell, Sarah Mullins, Teresa Powell, Pam Quarles, Alan Shenk, Hope Thomas, and Robin Turner. After 12 years partnering with Cville Tax Aid, the Credit Union now has over 35 IRS-certified volunteers at six branch locations.

New products and online innovations: In 2019, we made it easier than ever to open new accounts and apply for services online. For our business members, we added Merchant Remote Deposit to our suite of cash management services. We also introduced a number of products to directly improve the financial resilience of our members. For instance, we expanded our optional Debt Protection coverage, a program that ensures eligible members can make their loan payments even in the face of an unexpected personal crisis. The Member Rewards card was also announced as coming in July 2020.

Response to COVID-19: Efforts included skip-a-payment programs for credit cards as well as auto and personal loans; emergency support loans; credit card balance transfer and debt consolidation loans; and mortgage refinancing. As part of our COVID-19 response, we also provided relief for eligible local business including Small Business Administration Paycheck Protection Program loans.

Board Elections and Retiring Board Members: During the meeting, the slate of candidates for election to the Board of Directors for a two-year term was announced and affirmatively approved. The newly elected of candidates are: Lynne Richman Bell, Rob Walker Freer (incumbent), Pamela Higgins (incumbent), Mike Mallory, and Rob Neil. Charles “Tim” Gillet, Aurie W. Schwarting, and Richard L. Wood are all retiring from the board after decades of service to the Credit Union. Tim was on the board for 38 years, Aurie 25, and Richard 23. Together, they have helped us grow from a small employee-owned Credit Union to the $1 billion financial institution we are today, serving more than 70,000 members in 10 Central Virginia counties and the City of Charlottesville.

Scholarships: To help give graduating high school seniors a head start in college, the Credit Union’s Local High School Scholarship program awards an annual scholarship of $1,500 to 18 outstanding high school seniors. A combination of public high school, private school, alternate school seniors and students who are homeschooled in the counties and cities we serve, are eligible to enter. Since the program began 14 years ago, we have awarded $273,300 in scholarships. “Education is something you carry with you for a lifetime. That’s why we feel it so important to give graduating high school seniors a head start in college through the Credit Union’s Local High School Scholarship program,” said Jeffrey Moscicki, Chairman of the Credit Union Board of Directors.


Announcements
Branches Reopen!

 

 



 

 


At the Credit Union, we pride ourselves on the personal service we offer members. That’s why we were happy to announce the reopening of our branch lobbies on Monday, June 8. Welcome back!

In addition to being able to conduct transactions with our tellers, you can now meet with our member service representatives to discuss your finances. We know how valuable these face-to-face conversations can be, especially during times such as now.

We appreciate your patience and understanding as we have made adjustments to our physical operations. As we welcome you back into our lobbies, we are following guidelines set by the CDC and the Commonwealth of Virginia. We want to assure you that the health and safety of members and staff remains our top priority. To view updated branch hours and what to expect when you visit our branches, please click here.


Did You Know?
Simplify and Save with Visa® Balance Transfer  

 

 

 

 

 

Pay Less Interest. Transfer Balances to a Credit Card with a Lower Rate.

With Visa Balance Transfer you can transfer higher interest credit card and loan balances to your Credit Union Visa Credit Card by July 31, 2020 and enjoy special rates as low as 5.99% APR*. 

You can keep your special low rate until those balances are paid in full! Compare to other teaser introductory rates for only a few months offered by others.
- No balance transfer fees
- No annual fee

Don’t already have a card? Apply Today!

Visa Balance Transfer offer is available with the Classic, Gold, and Platinum cards only, the Member Rewards card is excluded.


How-to Tips
Why You Might Need Disability Income Insurance

Your ability to earn an income may be your most valuable asset. So how would you meet your financial obligations if you became sick or injured and couldn’t work? It might be harder than you think to make ends meet.

According to one report, only 34% of men and 20% of women said they felt extremely confident in supporting their households during a period of income loss.1 It’s important to assess your own situation and determine whether you have appropriate financial backup in the event that you cannot work due to a disability.

 

 

 

 

 

 


Your employer may offer long-term disability coverage, but you could lose your subsidized coverage if you change jobs. Even if you remain covered through your job, group plans typically don’t replace as large a percentage of income as an individual plan could, and disability benefits from employer-paid plans are taxable if the premiums were paid by the employer.

An individual disability income policy could help replace a percentage of your income (up to the policy limits) if you’re unable to work as a result of an illness or injury. Depending on the policy, benefits may be paid for a specified number of years or until you reach retirement age. Some policies pay benefits if you cannot work in your current occupation; others might pay only if you cannot work in any type of job. If you pay the premiums yourself, disability benefits are usually free of income tax. And the policy will stay in force regardless of your employment situation as long as the premiums are paid.

Social Security offers some disability protection, but qualifying is difficult. And the monthly benefit you might receive ($1,258, on average) will probably not be enough to replace your lost income.2

Having an individual disability income insurance policy could make the difference between being comfortable and living on the edge.

A complete statement of coverage, including exclusions, exceptions, and limitations, is found only in the policy. It should be noted that carriers have the discretion to raise their rates and remove their products from the marketplace.

1) Council for Disability Awareness, 2019
2) Social Security Administration, 2020

For more information, please call the Member Wealth Management Coordinator today at (434) 964-2046 to schedule an appointment.

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

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek 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 Broadridge Advisor Solutions. © 2019 Broadridge Investor Communication Solutions, Inc. 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.

We have individuals licensed to sell insurance products in the following jurisdictions: DC, DE, GA, MD, NC, NJ, OH, RI, TX, UT, VA, WA
We have individuals registered to offer securities in the following jurisdictions: DC, DE, GA, MD, NC, NJ, OH, RI, TX, UT, VA, WA

CRN202109-253458

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