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Winter Extra Credit 2020

UVA Community Credit Union


Our Community

 

To Our Member-Owners

Over the past 65 years UVA Community Credit Union has grown dramatically in membership, assets, products, and services. What began as a volunteer staff in a shared office space at UVA Hospital, has grown into 18 branch locations and over 250 employees serving a membership of over 70,000. We’re big enough to offer innovative products and competitive rates, but not too big for honest, neighborly service - a philosophy we have maintained since 1954.

Growth and Innovation
Early in 2019 we opened the doors to our new Downtown Crozet branch. This new branch represents the Credit Union’s continued commitment to our members. It is reflective of our steady growth and our desire to provide local personal service while embracing new technologies that make financial services more streamlined and convenient. It also includes conveniences like tablets in the lobby, as well as a much anticipated drive through. In addition, it’s the first branch to open with Interactive Teller Machines (ITM). The ITM allows you to quickly deposit stacks of bills, deposit multiple checks, and withdraw cash in a variety of denominations in one secure and easy to use machine.

Innovations like these are just the beginning. In 2019 we enhanced online account opening. Prospective members can now apply for a variety of products from anywhere in minutes. We also focused on improving our tools for businesses including our Business Cash Management service and Remote/Mobile Deposit for business.

Strengthening our Community
We take pride in all things local and we continue to be encouraged by the level of participation in events we sponsor. From events like the 3rd Thursday Concert Series in Culpeper, to holiday events like the Warrenton Christmas Parade and Charlottesville’s Grand Illumination, our employees enjoy the camaraderie with the community. 2019 was especially exciting with our sponsorship with UVA Athletics and celebrating a tremendous year in sports with the HOOS! We were fortunate to celebrate the UVA Men’s Basketball team winning the NCAA Basketball Championship, as well as a successful football season, and we look forward to continued celebrations in 2020.

We continue to collaborate with the Cville Tax Aid Coalition to help eligible low-to-moderate income taxpayers receive their proper tax credits by offering free tax preparation at six of our branches. In addition, we enhanced our Debt Protection product that can help protect your family against the unexpected.

Recognition in our Community is Growing
Since opening our branch in Culpeper in June 2018, UVA Community Credit Union has been an active member of the Culpeper community by supporting our people, businesses, and area non-profits. We were honored to be recognized by the Culpeper Chamber of Commerce as Large Business of the Year! In addition, the Credit Union was recognized by Culpeper Renaissance, Inc. (CRI) as Partner of the Year.

The Credit Union was also once again recognized by the Daily Progress Readers’ Choice Award as “Best Bank/Credit Union and Best Mortgage Company”, named “Best Bank and Mortgage Lender” by Best of C’ville, and voted “Best Bank/Credit Union and Best Mortgage Service” by Charlottesville Family Favorite Award in 2019. We are grateful for your vote of confidence.

Thanks A Billion For Being You!
All of these successes in 2019 and so many others helped your Credit Union reach an exciting milestone in November 2019. I am thrilled to report that we have officially become a financial institution with over one billion dollars in assets. We are humbled in the trust you have placed in us and are honored to share in this accomplishment with YOU. Thanks a billion for being a part of our community!




Alison DeTuncq
President/CEO


Announcements

 

 

 

 

 



Online Security Reminder

UVA Community Credit Union is committed to keeping our members’ personal information safe. We will never contact you by email, phone, or text message asking for your personal information. In addition, UVA Community Credit Union will never ask you to provide, update, or verify personal or account information (social security number, member number, PIN, credit or debit card numbers, etc.) through unsolicited email. Beware of any email that asks you to provide any of this information, a technique known as "phishing". If you receive a fraudulent or suspicious email that uses the UVA Community Credit Union logo, name, or website do not reply to the email or click any links in the email message. Forward it to us immediately at contactus@uvaccu.com. Do not remove or retype the subject line, or change the email in any way. If necessary, we will provide you with instructions on how to proceed.

If you have been a victim of a scam and think your UVA Community Credit Union account information may have been compromised, contact us via secure chat or call 434-964-2001 or toll-free at 1-888-887-9136 so that we can assist you. To learn more about how to protect yourself, please visit our Security Center.


 

 

 

 

 

 

 

 

Free Tax Preparation at UVA Community Credit Union

During tax season, IRS-trained UVA Community Credit Union employees assist the community by preparing and electronically filing basic federal and Virginia state returns free of charge through the federal Volunteer Income Tax Assistance (VITA) program and our participation in the Cville Tax Aid Coalition. Tax returns help individuals and families who earn $56,000 or less. In 2019 our six tax sites prepared more than 594 tax returns and generated over $1.1 million dollars in economic stimulus in the greater Charlottesville area.

Free tax preparation for eligible taxpayers will be provided from January 28 – April 15, 2020, by appointment only, at six of our Credit Union branches:

•             East Jefferson
•             Fluvanna
•             Greene
•             Louisa
•             Nellysford
•             Zion Crossroads

 


2020 Holiday Schedule

The Credit Union will be closed on the following days:

New Year's Day                                Wednesday, January 1
Martin Luther King, Jr. Day               Monday, January 20
Presidents' Day                                 Monday, February 17
Memorial Day                                    Monday, May 25
Independence Day                            Saturday, July 4
Labor Day                                          Monday, September 7
Columbus Day                                   Monday, October 12
Veterans Day                                     Wednesday, November 11
Thanksgiving Day                              Thursday, November 26
Christmas Day                                   Friday, December 25

 

 


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.

 

 

Annual privacy policy notice:

Federal law requires us to tell you how we collect, share, and protect your personal information. Our privacy policy has not changed and you may review it and our practices regarding your personal information at uvacreditunion.org or call us at 434-964-2001 or 888-887-9136 if you would like a free copy mailed to you.


 Did You Know?

 

 

 

 

 

 

No Visa balance transfer fees. Transfer balances to a card with a lower rate until paid in full.

It’s a new year and it’s time to transfer your balances to a card with a lower rate! Transfer higher interest credit card and loan balances to your Credit Union Visa® Credit Card by February 29, 2020 and enjoy special rates as low as 5.99% APR* until paid in full. If you don’t already have a Credit Union Visa credit card, apply today!


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How-To Tips Provided by Member Wealth Management

 

 

Retirement Plans for the Self-Employed Dangle Tax Benefits

As a business owner, you may devote most of your time, energy, and profits to running and growing your business. But working for yourself means that saving money for retirement is also entirely up to you.

This is not the only reason it may be worthwhile to divert a sizable chunk of your earnings into a tax-deferred retirement account. Doing so generally reduces your current taxable income.

Here are two types of retirement plans that are relatively simple for small-business owners and self-employed individuals to set up.

Solo 401(k)

A solo 401(k) is a one-participant plan for business owners who have no other employees. Tax-deductible (or pre-tax) contributions to an individual 401(k) can be made in two ways.

As the employee, you can contribute as much as 100% of your annual compensation, up to the $19,500 annual maximum in 2020, or $26,000 if you are age 50 or older. (This is up from $19,000 and $25,000, respectively, in 2019.)

As the employer, you can also contribute an additional 20% of your earnings (25% if the business is incorporated) and deduct it as a business expense. Total contributions are capped at $57,000 in 2020 ($63,500 if age 50 or older). A solo 401(k) plan may also allow plan loans and/or hardship withdrawals.

The deadline to establish an individual 401(k) and formally elect salary deferrals is December 31 of the year in which you want to receive the tax deduction (or before fiscal year-end for corporations). For businesses taxed as sole proprietors and partnerships, salary deferrals and profit-sharing contributions for 2019 must be deposited into the account by the April 15, 2020, personal tax filing deadline (October 15 if an extension is filed).

SEP IRA

If you are self-employed, you can contribute 20% of net earnings, up to $57,000 in 2020, to a Simplified Employee Pension (SEP) plan. (This is up from $56,000 in 2019.) A SEP IRA may also be an appropriate choice for business owners with a small number of employees for whom they would like to provide retirement benefits. All employees age 21 and older who have worked for the employer for at least three of the last five years must be included. The plan may exclude employees earning less than $600 in the current year.

The same percentage of salary (up to 25% of compensation or $57,000 in 2020) must be contributed to each eligible employee's SEP IRA, including the owner's. However, the business is not required to contribute every year. You have until the due date of your business's federal income tax return (including extensions) to set up a SEP IRA and make contributions.

Distributions from 401(k) plans and SEP IRAs are taxed as ordinary income. Early withdrawals (prior to age 59½) may be subject to a 10% federal income tax penalty.

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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