Winter Extra Credit 2017

UVA Community Credit Union

I Luv My Credit Union

Lion Nation Reopens

Our Community: Year in Review 2016

Alison

Letter to Our Member-Owners from the President/CEO

We like to say that when you are a member of the UVA Community Credit Union, you’re part of something special.  But that’s more than a slogan. When our members join the credit union, they are joining a community of people who believe that a financial institution should serve their interests and that should work to strengthen the community in which they live.  The credit union works very hard to live up to these ideals—and our effort is reflected in the results of readership polls. 

This year, members in the Charlottesville area voted us the Best Financial Institution, the Best Mortgage Company, and the Best Financial Planner in the annual Daily Progress Reader’s Choice issue. It’s exceptional for a financial institution to win all three categories. Thank you very much for the vote of confidence. We are truly grateful. 

Introducing Ourselves in the Northern Piedmont Region

Our goal is to ensure that our new members in Culpeper, Fauquier, and Rappahannock counties get to know us and feel the same way. Since our merger with Northern Piedmont Federal Credit Union earlier this year, we have focused on steadily introducing new services to members, forming partnerships with local institutions like auto dealerships, and supporting community organizations and area nonprofits.  We are proud to be adding the seven public high schools in the region to our Credit Union High School Scholarship Program, raising our total annual scholarship giving from $16,500 to $27,000.    

Expanding Opportunities for Financial Education

Another way we serve our young people is by grounding them in financial skills that will serve them well throughout their lives. This year, in partnership with Charlottesville City Schools, we opened Knights United in Charlottesville High School, the credit union’s fourth student-run branch. In addition to helping promote financial literacy, the branch gives students the opportunity to learn about careers in banking.

We also joined forces with Piedmont Virginia Community College to host the 10th Grade Biz Kid$ Career Pathways Expo at the University of Virginia.  This event gave more than 2,000 local high school students the chance to learn from representatives of business and government about careers in such diverse fields as law enforcement, healthcare, media, and the arts and participate in our “Real Life Money Challenge” which helped students connect the dots between higher education, salary, student loan debt and standards of living.  

Strengthening Communities

The well being of our communities depends in large part on the dedication of public-spirited individuals who choose careers as educators, healthcare workers, and first responders or to join the military. This year, we launched the Helping Hand Homeownership Program to assist them in purchasing a home. The program can provide matching funds assistance for their down payment as well as for closing costs.

In addition, for the eighth year in a row, we collaborated with the Charlottesville Tax Aid Coalition (formerly known as the Thomas Jefferson Earned Income Tax Credit Coalition) to help eligible low-to-moderate income taxpayers receive their proper tax credits by offering free tax preparation at six of our branches.  For the first time, we were joined by a number of member volunteers, who trained with us to become IRS certified income tax preparers.

Anticipating the Future of Financial Services

Over the last decade, rapid advances in computer and communications technology have revolutionized the financial services industry.  This year, the credit union has rolling out chip-enabled debit and credit cards, representing the next evolution in safety and security for point-of-sale purchases. For added member convenience, members can now change/customize their debit card PIN at any of our full service branch locations.

But we are also looking ahead and assessing the implication of these changes.  This year, we partnered with the UVA Darden School to help us envision the credit union branch of the future. Their research showed a significant preference for mobile and online account access for routine tasks, while revealing that face-to-face conversations remain indispensable for important financial decisions. As a result, we have begun to re-imagine our branch design as places where we can work closely with members to help them realize their financial dreams.

As we move forward into 2017, I continue to be inspired by the dedication of our staff and our volunteer board of directors to the ideals of the credit union—and to the commitment of our members. Thank you for the opportunity you have given us to serve you. Together, we have built a special institution that people in our community want to be part of!

Alison DeTuncq

President/CEO

 


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Announcements

 

Annual Grand Illumination Draws a Crowd

UVA Community Credit Union and the City of Charlottesville partnered together to welcome thousands to the 19th annual Grand Illumination on Friday, December 2, at Central Place on the Downtown Mall.

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The young and old enjoyed a two-hour, live music concert featuring popular holiday favorites from a variety of local talents, such as the Virginia Gentlemen, the Consort Carolers, Live Arts Players, and many more.

This year, the event offered even more for guests of all ages. The Paramount Theater, a first time partner of the Grand Illumination, hosted Community Cares and Crafts where local nonprofits added to the holiday cheer by providing children’s crafts and entertainment. Guests also enjoyed a visit from Santa and photos with Mrs. Claus & friends.

Just before the lighting of the tree, the Credit Union awarded lucky winner Patti Caplan a $500 gift card from the event’s raffle. It wasn’t long before the countdown ticked off the seconds to a winter wonderland filled with more than 20,000 LED lights, donated last year by the Credit Union. Central Place truly sparkled.

To round out the night, immediately following the 7:30 p.m. tree lighting, the Paramount Theater opened its doors for a free viewing of, Elf, a holiday comedy featuring Will Ferrell.

UVA Community Credit Union is pleased to be a part of such a wonderful holiday tradition. It’s another example of how we are an active part of our community and the things that make Charlottesville truly unique.

Be sure to like us on Facebook to learn about future Credit Union events. In the meantime, mark your calendars now; next year’s Grand Illumination is scheduled for Friday, December 1, 2017. This community event makes for a great night with family or friends. Bring your children or call a babysitter and enjoy a festive night out on the town.

 

UVA Community Credit Union to Award $27,000 in College Scholarships

UVA Community Credit Union is committed to our community. That’s why we’re awarding 18, $1,500 scholarships, totaling $27,000, to one graduating senior from each of the public high schools in our service area, including:

Albemarle High School, Charlottesville High School, Culpeper County High School, Eastern View High School, Fauquier High School, Fluvanna County High School, Kettle Run High School, Liberty High School, Louisa County High School, Madison County High School, Monticello High School, Murray High School, Nelson County High School, Orange County High School, Rappahannock County High School, Southeastern Alternative School, Western Albemarle High School, William Monroe High School.

Applicants must submit their paperwork by April 2, 2017. The Credit Union will notify scholarship winners by May 1, 2017, and will recognize each winner at the Credit Union’s annual meeting in the spring. Is your high school senior ready to apply? Learn more about the Scholarship Program Guidelines

 

Interested in other scholarships?

There are lots of options out there, if you know where to look. Make sure to take advantage of the following resources.

Check with your student’s high school guidance department. They're an excellent local resource.

Contact state or local agencies that may know of scholarships that are specifically intended for state residents.

Consider employers, groups and clubs, as many of these organizations offer scholarships to employees, members, and their children.

Take advantage of free scholarship databases, such as Federal Student Aid Scholarships, and the U.S. Department of Education .

 

Need more financial assistance?

Paying for college can be costly. When scholarships and grants aren’t enough, we’re here to help. Did you know that the equity in your home might be a good funding option? The Credit Union offers competitive interest rates. Plus, the interest is tax deductible. We also work with Sallie Mae to help provide options for college funding. Learn more here. https://www.uvacreditunion.org/content/Student-Loans

 


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Did you know?:

Debit and Credit Card Skimming is on the Rise

FICO Card Alert Service sees changing patterns as criminals take quick-hit approach; non-bank terminals are main targets [source: FICO ]

When it comes to protecting your identity and personal information, you can never be too careful. Thieves are placing realistic looking overlays on top of actual card readers so that when you swipe your card, both the skimming device and merchant terminal are reading your card information. They often use hidden cameras, laptops, or cell phones to record the PIN. The criminals usually leave the devices on the machines for short periods of time and then pry the device off and use the recorded information to create fake debit or credit cards, withdrawing thousands of dollars from accounts. You are vulnerable wherever you use your debit or credit cards. UVA Community Credit Union members are not liable for fraudulent transactions on their accounts.

How Do You Protect Yourself?

  • Inspect the card reader before inserting your card . Since skimmers are usually only on the machines for a matter of hours, they are often loosely attached. If there are loose parts, scratches, or something doesn’t seem right, DO NOT use the machine. Contact the financial institution right away, as well as law enforcement.
  • Cover the keypad as you enter your personal information number and complete your transaction.
  • Use a familiar ATM so you’ll be more likely to notice if something looks unusual. Thieves are less likely to attach the skimmers to card readers where there is a lot of traffic since someone might notice them altering the machine. Watch out for areas frequented by tourists since they are often targets of this scam.
  • Monitor your account. View online statements on a frequent basis and report any suspicious activity immediately. Continue to monitor your statements on an ongoing basis.
  • Keep your contact information up-to-date so that we may contact you if we identify any suspicious activity on your account.
     

While we can’t prevent criminals from attacking innocent people, we can be diligent and observant. Know that UVA Community Credit Union is dedicated to the safety of our members and the protection of their personal and financial information. If you think your card has been compromised call us immediately at 434-964-2001 option 5 during business hours. After hours or on weekends dial 800-991-4965 to cancel your card.

Additional resources:

http://www.fico.com/en/newsroom/atm-compromises-in-us-jumped-six-fold-in-2015-fico-reports-04-08-2016

https://www.fbi.gov/news/stories/atm-skimming

http://www.consumerreports.org/cro/2013/08/credit-card-skimming-at-gas-pumps/index.htm

 

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Setting 10th Graders up for Financial Success

Setting up a budget and keeping to it might seem overwhelming for adults. Imagine what it’s like for a young adult. That’s why UVA Community Credit Union focuses on providing practical money management skills for youth and adults. On November 2 and 3, the Credit Union and the KidsCollege at Piedmont Virginia Community College hosted the 10th Grade Biz Kid$ Career Pathways Expo at Newcomb Hall, UVA, for 2,000 students from local school systems.

More than 40 businesses helped 2,000 high school students from the City of Charlottesville and the counties of Albemarle, Greene, Orange, and Nelson explore career opportunities with interactive and hands-on exhibits.

In addition to the career pathways expo, students participated in the Biz Kid$ Real Life Challenge, an interactive game hosted by UVA Community Credit Union and funded in part by a grant from the National Credit Union Foundation. The game provided students an opportunity to balance a budget and make hard life choices, like what kind of car they wanted to drive. The goal was to help the students connect the dots between education, career choice, and standard of living. A report by researchers at the University of Cambridge commissioned by the United Kingdom’s Money Advice Service that kids’ money habits are formed in the early years of schooling. That’s one of the many reasons why UVA Community Credit Union is focused on teaching strong financial wellness to our youth. When we pair education and application, through activities like these, we know that the student learning is exponential.

Want to help your youth learn strong financial wellness? Learn more about opening a Personal Account today.

 

Keep Us in the Know

New Name, Address, Phone Number or Email?

There are times when it’s absolutely vital that we be able to reach you. Keep us posted on changes in your life by changing your account information online, in person at any branch, or by mail to 3300 Berkmar Drive, Charlottesville, VA 22901.

Here's Our Holiday Schedule for 2017!

The credit union will be closed on the following days:

New Year's Day January 1
Martin Luther King Jr. Day January 16
Presidents' Day February 20
Memorial Day May 29
Independence Day July 4
Labor Day September 4
Columbus Day October 9
Veterans Day November 11
Thanksgiving Day November 23
Christmas Day December 25

 


Financial Education Seminars - Save the Date, Sign Up Here.

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Homebuyer Panel

Tuesday, January 10, 2017

6:00 pm – 7:30 pm

Berkmar Branch

3300 Berkmar Drive, Charlottesville

 

Homebuyer Panel

Tuesday, January 17, 2017

6:00 pm – 7:30 pm

Warrenton Greater Piedmont Area Association of Realtors (GPAAR)

47 Garrett Street, Warrenton

 

Get it Together: Organize Your Financial Records

Tuesday, February 7, 2017

6:00 pm – 7:30 pm

Berkmar Branch

3300 Berkmar Drive, Charlottesville

 

Let’s Talk About Social Security

Wednesday, February 22, 2017

6:00 pm – 7:30 pm

Blackwell Road Branch

484 Blackwell Road, Warrenton

 

SMART Credit Check

Wednesday March 8, 2017

6:00 pm – 7:30 pm 

Berkmar Branch

3300 Berkmar Drive, Charlottesville

 

Let’s Talk About Social Security

Wednesday, March 15, 2017

6:00 pm – 7:30 pm

Blackwell Road Branch

484 Blackwell Road, Warrenton

 

 


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How-to Tips Provided by Member Wealth Management

Changing Jobs? Careful with Your 401(k)

U.S. workers change jobs every 5½ years, on average.1 These changes often include a very important decision regarding the assets in their former employer’s 401(k) or other defined-contribution plan. Unfortunately, about 45% of people cash out their balances in workplace plans when changing jobs, and the percentage rises to 55% for those with balances of $5,000 or less.2

When you take a distribution from your 401(k), you will owe ordinary income tax on the withdrawal and possibly a 10% early-withdrawal penalty if you are under age 59½. The biggest penalty, however, might be the loss of future retirement assets. Consider that even a $5,000 401(k) balance could grow to more than $30,000 over 30 years, assuming a hypothetical 6% annual growth rate.3 Cashing out a larger balance would have larger consequences.

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Preserving Tax-Deferred Savings
Depending on your situation, you may have several other options for your 401(k) assets when changing jobs. All of them generally preserve the tax-deferred status of your retirement funds and offer the potential for continued tax-deferred growth.

Keep assets in former employer’s 401(k). This could be a convenient short-term option (if allowed by your former employer), but you will not be able to make future contributions. Keep in mind that many employer plans may automatically transfer balances under $5,000 to an IRA and automatically cash out balances under $1,000.

Transfer assets to a new plan. If your new employer offers a 401(k) or other workplace retirement plan that accepts rollovers, this strategy might make sense if you are comfortable with the fees and investment options in the plan and expect to stay with your new employer for some time.

Roll assets to an IRA. IRAs typically provide a wider variety of investment options than employer plans and enable you to consolidate your retirement assets in a single account. Moreover, the IRA is yours to control, regardless of your employment situation.

For either type of rollover, it’s more efficient to execute a trustee-to-trustee transfer from your old plan to the new plan (or IRA), either directly or in the form of a check made out to the new trustee. If you receive a check payable to you from your former employer’s plan, 20% will be withheld for federal income taxes. You have 60 days from the date of the check to roll over the entire distribution — including the tax withheld — to an IRA or another employer-sponsored plan; otherwise, the amount not rolled over will be considered a taxable distribution.

Distributions from traditional IRAs and most employer-sponsored retirement plans are taxed as ordinary income. Withdrawals prior to age 59½ may be subject to a 10% federal income tax penalty, with some exceptions.

1) Employee Benefit Research Institute, 2015
2) InvestmentNews, February 17, 2015
3) This hypothetical example of mathematical principles is used for illustrative purposes only and does not represent the performance of any specific investment. Fees and expenses are not considered and would reduce the performance described if they were included. Actual results will vary.

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

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