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Winter Extra Credit 2018

UVA Community Credit Union

Winter 2018 - In This Issue

Our Community: A letter from our President and CEO

Announcements: Keep us in the know

Did You Know? Swap n' Drop

How-to Tips: Do you have enough life insurance? 

Fall apples

Our Community











To Our Member-Owners

At UVA Community Credit Union, we focus our energies on building a financial institution with the strength and capability to meet our members’ needs. Over the last decade, there has been unimaginable growth in the options people can use to manage their finances—and UVA Community Credit Union has made sure that they are available to our members. Ten years ago, people used cash rather than debit cards, paid bills by mail rather than online, and transferred money at the teller’s window rather than on their smartphones. These innovations have made banking more convenient, more transparent, and more secure.

There is no sign that these advances are slowing down. This year, we devoted our attention to positioning the Credit Union to thrive during the next generation of change. We have evaluated everything we do—our systems as well as our technology—and made changes where necessary to ensure we have created the best possible foundation for moving forward and serving our members. At the Credit Union, we can't predict the future, but we want to be prepared for it.

Meeting Your Needs

As we took stock this year, we were gratified to confirm how many of the programs and services we offer add value for our members and our communities. With members turning to us for auto loans, mortgages, home equity loans and lines of credit, business loans, credit cards and more, we had a record lending year. But we were not content to rest on our laurels. We systematically strengthened our lending programs. For instance, we have had great success with our direct auto loan program, which enables members to select a vehicle at participating dealerships, apply for a Credit Union loan, and have their application approved in a matter of minutes. This year, we added to our network of participating dealers.

Another lending program that has touched a chord is the Helping Hand Homeownership Program. It is designed to help public-spirited individuals who have chosen careers in education, healthcare, first response, and the military to purchase a home. The program provides funds to help defray their down payment and closing costs.

Our HomeAdvantage® mortgage referral program has also proven successful. It takes members smoothly through the process of buying and selling a home while providing significant cash rewards* at closing.

In addition, for the ninth 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.

Investing in the Future Through Education

We are also proud of our record of support for financial education. In 2016, we joined forces with Piedmont Virginia Community College to host the 10th Grade Biz Kid$ Career Pathways Expo at the University of Virginia. We built on that success in 2017, attracting 2,000 high school students and providing opportunities to learn directly from representatives from more than 45 businesses and government agencies about careers in such diverse areas as law enforcement, healthcare, media, and the arts.

When they are ready to apply to college, students at public high schools can apply to become Credit Union Scholars. We are proud to be offering this scholarship to students, in all 18 public high schools in our field of membership, with an annual commitment of $27,000. It is our way of helping reduce the debt burden on our most promising young students.

Adult education is another Credit Union priority. Our education seminars, which cover topics such as preparing for retirement, buying a home, and ID theft, are designed to make the fundamentals of personal financial management less intimidating and more accessible. We reexamined our seminar schedule once again this year to ensure its relevance to the public and offered seminars in a wider variety of locations, including high schools in Orange and Fauquier.  We also inaugurated a dedicated classroom facility equipped with modern teaching technology to serve as a home for our seminars.

Reimagining Convenience

Financial technology is evolving at an astonishing pace, and as it does so, it has provided unprecedented convenience for our members. For that reason, we are continually assessing our online and mobile platforms. In 2017, we set the stage for introducing several new features for members including online account opening, which we will soon unveil. We also developed a number of online Business Banking services that we will unveil this year as well.

We also worked behind the scenes to enhance the security of our digital services even further. We continued our roll-out of chip-enabled credit and debit cards, the next evolution in safety and security for point-of-sale purchases. In addition, we reinforced both the security of accounts and our communications with members about their accounts.

As more and more transactions move online, we now have the opportunity to do more with our branches. We envision the branch of the future as a place where members can work one-on-one with our staff to act on their financial plans. Our new branch in Crozet, opening in 2018, will be our first step in this direction. We also focused on identifying new branch locations in the Northern Region.

Looking Forward to the Future

We were gratified again this year to receive a number of community accolades. In 2017, members of the Charlottesville community voted us the Best Financial Institution and Best Mortgage Company in the Daily Progress Readers’ Choice poll, the Best Bank and Best Mortgage Lender in C-ville’s Best of C-ville issue, and their Favorite Bank/Credit Union in the Charlottesville Family Favorites issue. In addition, the Small Business Administration once again recognized us as the Top Credit Union in the Richmond District.

But we do not take these awards for granted. We are humbled by the trust our members place in us, our staff, and our volunteer board of directors who remain fully committed to the Credit Union ideal of service. The steps we have taken this year will enable us to continue expanding and improving the services we offer, helping members realize their hopes and aspirations and strengthening the communities they call home.

Alison DeTuncq












Keep us in the know

New Name, Address, Phone Number or Email?

There are times when it’s absolutely vital that we are able to reach you. Keep us posted on changes in your life by updating 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 2018

The Credit Union will be closed on the following days:

New Year's Day Monday, January 1
Martin Luther King Jr. Day Monday, January 15
Presidents' Day Monday, February 19
Memorial Day Monday, May 28
Independance Day Wednesday, July 4
Labor Day Monday, September 3
Columbus Day Monday, October 8
Veterans Day Monday, November 12
Thanksgiving Day Thursday, November 22
Christmas Day Tuesday, December 25

 Did you know?









Save with Swap N' Drop

Swap your auto loan from another lender to the Credit Union and we’ll drop your rate by up to 2%*.

Bring us the paperwork for your current auto loan and we’ll drop your rate by up to 2% to as low as 2.99% APR* with terms up to 72 months on your non-UVA Community Credit Union loan for a car, truck or van, model ten years and newer, apply today and save!

Find out how much you can save by switching your non-UVA Community Credit Union auto loan to us!









Apply online and specify swap n’ drop in the notes section, call us at 434-964-2001, or in person at any branch.


How-To Tips Provided by Member Wealth Management



Do You Have Enough Life Insurance?

A 2016 survey found that two out of five U.S. households have no life insurance protection. And many households who do have insurance think they need a higher level of coverage.1

The most common reason survey respondents gave for not purchasing life insurance was that it was too expensive, yet consumers tend to overestimate the cost.2 If you think you need more coverage or have no coverage at all, it's worth exploring the true costs and available options.












How Much Do You Need?

A common guideline suggests having a policy worth at least seven to ten times the insured's annual salary, but some people may need more. There is no universal formula, and the amount you need depends on your family's living expenses and other sources of income. Your insurance agent can help you assess your needs more comprehensively.

You may have group life insurance through work, but the face value of employer-based policies is generally low — typically one or two times your annual salary. Just as important as the amount of your coverage is the continuity; you might lose coverage if you change employers. An individual policy is yours to keep for as long as you pay the premiums.

Term vs. Perm

Two basic types of individual life insurance are available. Term insurance is generally the most affordable. As the name suggests, this type of coverage offers a death benefit if you die within the covered time period, which could range from one to 30 years. Premiums may adjust each year or remain fixed for the full term. You might be able to continue coverage beyond the original term at a higher premium, or possibly convert to a permanent policy (subject to age restrictions and policy minimums) while the policy is in force.

Permanent life insurance (also called whole life) offers lifetime protection and a guaranteed death benefit as long as you keep the policy in force by paying the premiums. Although the premium is usually higher than for term insurance, it typically remains level for the rest of your life.

A portion of the permanent life insurance premium goes into a cash-value account, which accumulates on a tax-deferred basis throughout the life of the policy. You might be able to borrow against the cash value during your lifetime to help pay for retirement, education, emergencies, or other needs.

Withdrawals of the accumulated cash value, up to the amount of the premiums paid, are not subject to income tax. Loans (as long as they are repaid) are also free of income tax. Loans and withdrawals from a permanent life insurance policy will reduce the policy's cash value and death benefit, and may require additional premium payments to keep the policy in force. Any guarantees are contingent on the financial strength and claims-paying ability of the issuing insurance company.

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Policies commonly have mortality and administrative charges beyond the cost of premiums. If a permanent life policy is surrendered prematurely, there may be surrender charges and income tax implications.

For more information or to schedule an appointment with a Member Wealth Management Representative, please call 434-964-2001 ext 3074.


1–2) LIMRA, 2016

This information 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 Broadridge Advisor Solutions.  © 2017 Broadridge Investor Communication Solutions, Inc. The Standard & Poor's 500 index is an unmanaged group of securities that is widely recognized as representative of the U.S. stock market in general. You cannot invest directly in an unmanaged index and do not actually own any shares of an index. 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.



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