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Winter Extra Credit 2021

UVA Community Credit Union

Our Community


To Our Member-Owners

The most fitting word to sum up 2020 is resilience. As the year unfolded the world endured historic events that presented challenges for so many of us. But here we are at the start of a new year. It’s a perfect opportunity to reflect on our achievements and celebrate our ingenuity. Our ability to safely adapt our operations, innovate our products, and grow our community relationships has been extraordinary. And we are gearing up for a remarkable 2021.

Here For You
Early in the spring of 2020 we quickly shifted our operations to safely and effectively serve you. We helped members who were economically impacted through our many Financial Assistance programs such as: skip-a-payment, loan modifications, emergency support loans, and other refinancing programs. Hundreds of our business members also received financial relief through the Credit Union. We were happy to offer assistance with the Paycheck Protection Program that helped save area businesses and jobs. To further protect and educate our members and community, we created an awareness campaign to help prevent widespread predatory lending and COVID-19 related scams.

In the midst of our COVID-19 response, we continued to provide new services to our members. Earlier this year we introduced our new Visa® Member Rewards Credit Card that brings contactless payments to our members. At a time when we all must observe social distancing, this card can safeguard your health while providing rewards on essential everyday spending. Turning rewards points into cash can help make your finances work harder for you.

Here For Our Community
We were fortunate to carry on with most of our community partnerships. Our IRS-certified employees prepared a total of 540 tax returns, which generated an economic stimulus of just under $1.1 million for our community through the Cville Tax Aid Coalition, led by United Way of Greater Charlottesville. Our scholarship program had a record turnout for application submissions. During our virtual annual meeting, we recognized 18 high school seniors who were each awarded with a $1,500 scholarship.

We were fortunate to be able to participate in our annual holiday events like the Warrenton Christmas Parade and Charlottesville’s Grand Illumination. These events were reimagined for 2020 to accommodate social distancing, but the show went on and we were so glad to celebrate the season with our community. 

In 2020, we launched our new philanthropic Pay It Forward program. In the spirit of giving during the holiday season, all of the Credit Union’s 250 employees were allocated funds to be distributed to local charities and organizations in our field of membership. I am excited to announce that more than $10,000 was donated to approximately 40 charities through this specific initiative.

Making A Difference
The Credit Union was once again recognized by the Daily Progress Readers’ Choice Award as “Best Bank/Credit Union” and “Best Mortgage Company” in 2020. New this year, we were named “Best Bank” by Culpeper Star-Exponent’s Best of Your Hometown 2020. This recognition is a true testament to how much we have touched the Culpeper community since opening the branch in 2018. We are grateful for your vote of confidence for each of these awards.

Thank You
In October we closed the Credit Union for a day to thank our employees for their dedication during the pandemic by giving them a paid day off. We were overwhelmed by the support of our members joining us in thanking our employees throughout the year. As we move forward into 2021, I continue to be inspired by our staff, and our volunteer Supervisory Committee and Board of Directors, for their unwavering service throughout the pandemic. In the face of unprecedented circumstances, they have continued to adapt and provide the same high level of service that you expect. As we continue to navigate our new landscape we are humbled in the trust you have placed in us and sincerely thank you.

Alison DeTuncq


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 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 2020 our six tax sites prepared more than 540 tax returns and generated just under $1.1 million dollars in economic stimulus in the greater Charlottesville area.

Free tax preparation for eligible taxpayers will be provided from January 26 – April 15, 2021, by appointment only, at six of our Credit Union branches:

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

Don’t qualify for free tax prep? Take advantage of our Online TurboTax discounts.


2021 Holiday Schedule

The Credit Union will be closed on the following days:

New Year's Day                                Friday, January 1
Martin Luther King, Jr. Day               Monday, January 18
Presidents' Day                                 Monday, February 15
Memorial Day                                    Monday, May 31
Independence Day                            Monday, July 5
Labor Day                                          Monday, September 6
Columbus Day                                   Monday, October 11
Veterans Day                                     Thursday, November 11
Thanksgiving Day                              Thursday, November 25
Christmas Day                                   Saturday, 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 through Online/Mobile Banking, 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 or call us at 434-964-2001 or 888-887-9136 if you would like a free copy mailed to you.

 Did You Know?


Did You Open A Checking Account With Us Before August 17, 2020?
Your Checking Account Number Has Changed

The security of your account numbers is important to us! To better protect your checking account(s), your member number will no longer be included in your checking account number. While your member number will remain the same, you have been assigned a new 10-digit checking account number. No immediate action is needed. However, you will need to use your new account number when you are ready to order new checks, set up a new direct deposit (ex: tax refund), or set up a new transfer/payment (ex: Zelle, Venmo, or Paypal). Learn More



How-To Tips Provided by Member Wealth Management



Putting Your Nest Egg in Three Baskets

“You can’t time the market” is an old maxim, but you also might say, “You can’t always time retirement.” Only 46% of current retirees say they retired when planned, while 48% retired earlier than expected.*

Taken together, these two uncertainty factors suggest that it would be wise to prepare for the possibility that you might retire during a market downturn. You’re fortunate if you retire during a market upswing.

Sequence Risk

The risk of experiencing poor investment performance at the wrong time is called sequence risk or sequence-of-returns risk. All investments are subject to market fluctuation, risk, and loss of principal — and you can expect the market to rise and fall throughout your retirement. However, market losses on the front end of retirement could have an outsize effect on the income you might receive from your portfolio.

If you’re forced to sell investments during a downswing, you may reduce your portfolio’s potential to benefit when the market turns upward. Those who retired around the time of the Great Recession faced this situation. The market ultimately came back strong, but it took more than five years to reach the pre-recession high.**

Dividing Your Portfolio

One strategy that may help address sequence risk is to divide your retirement portfolio into three different “baskets” that provide current income, regardless of market conditions, and growth potential to fund future income. The starting point for this approach is to determine the annual income you need from your portfolio, after other sources such as Social Security or a pension.

As with any withdrawal method, it’s important to be realistic. Although this method differs from the well-known “4% rule,” an annual income around 4% of your original portfolio value might be a reasonable starting point, with adjustments based on changing needs, inflation, and market returns.

Basket #1: Short term (1 to 3 years of income). This basket holds stable liquid assets such as cash and cash alternatives that could provide income for one to three years. Having sufficient cash reserves might enable you to avoid selling growth-oriented investments during a down market, which would lock in losses and may reduce the income from your portfolio over your lifetime.

In the current low interest-rate environment, these assets will generate little or no return, so you are trading potential growth for stability. You might further divide this basket between cash to cover one year of expenses and relatively stable low-yield assets, such as short-term bonds, that may offer a small return and can be sold to cover an additional year or two of expenses.

Basket #2: Mid term (5 or more years of income). This basket — equivalent to five or more years of your needed income — holds mostly fixed-income securities such as intermediate- and longer-term bonds that have moderate growth potential with low or moderate volatility. It might also include some lower-risk, income-producing equities.

The income from this basket can flow directly into Basket #1 to keep it replenished as the cash is used for living expenses. If necessary during a down market, some of the securities in this basket could be sold to replenish Basket #1. These securities could then be replaced with funds from Basket #3 when the market rises again.

Basket #3: Long term (future income). This basket is the growth engine of the portfolio and holds stocks and other investments that are typically more volatile but have higher long-term growth potential. Income from these assets can flow directly to Basket #1, but the most important role of Basket #3 is to generate investment gains to replenish both of the other baskets. In a typical 60/40 asset allocation, you might put 60% of your portfolio in this basket and 40% spread between the other two baskets. Your actual percentages will depend on your risk tolerance, time frame, and personal situation.

Preparing in Advance

With the basket strategy, it’s important to start shifting assets before you retire, at least by establishing a cash cushion in Basket #1. The appropriate time to do this depends on your situation and the market environment. Moving too large a percentage of your investments into cash far in advance may not be wise, but waiting too long could expose you to the same sequence-of-returns risk you are trying to avoid.

There is no guarantee that putting your nest egg in three baskets will be more successful in the long term than other methods of drawing down your retirement savings. But it may help you better visualize your portfolio structure and feel more confident about your ability to fund retirement expenses during a volatile market.

Asset allocation does not guarantee a profit or protect against investment loss. The principal value of cash alternatives may be subject to market fluctuations, liquidity issues, and credit risk. Bonds redeemed prior to maturity may be worth more or less than their original cost. Investments seeking to achieve higher yields also involve a higher degree of risk.

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


*Employee Benefit Research Institute, 2020
**Yahoo! Finance, S&P 500 index for the period from 10/1/2007 to 4/30/2013


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.

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


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