nce For You - Credit Union of Georgia

4
An Additional Convenience For You
MACO Educators Federal Credit Union along with 1,305 credit unions nationwide
comprises the Shared Service Center Network. The “Shared Branching” network
allows members from participating credit unions to perform various transactions:
such as, deposits, withdrawals, loan payments, and more for FREE.
There are over 2,375 branches nationwide for you to use! To find a Shared Service Center branch nearest you
visit our website at www.maco.org/locations, click on the CU Service Center link at the bottom of the page,
enter the state or address. It is that simple!
Are you considering tapping your IRA early?
A Message from the MEMBERS Financial Services Program
Specifically, Internal Revenue Code Section 72(t)
allows you to withdraw money penalty-free if you
receive distributions that are part of a series of
substantially equal periodic payments paid over your
life expectancy. This exception is available to anyone
with an IRA. IRA investors sometimes use it to
help finance early retirement or for estate planning
purposes.
To calculate periodic payments, you must use an
IRS-approved distribution method and you must
take payments at least once a year. Once you begin
receiving payments, you generally can’t modify or
discontinue them for a five-year period, or until you
reach age 59 ½ -- whichever period is longer.
If you modify your payments in any way before
the end of the required period, you’ll trigger the
10% tax on all the payments you received under
the exception. Plus, you’ll owe retroactive interest
on the 10% tax.
Before locking into a periodic payment schedule,
get all the details and carefully consider your alternatives. One consideration: Unless you have a substantial IRA balance, the size of your periodic payments
will be relatively small. That’s because payments are
calculated based on your life expectancy, and while
you’re under age 59 ½ your life expectancy is still
relatively long.
678-486-1111
1-877-590-6226
www.maco.org
For the first time in MACO’s
history we are offering 0%
on our Platinum Visa Credit
Cards! Now is the time to apply
for a MACO Visa Platinum
with Rewards or Cash Back
and if approved you will receive
0% on purchases and balance
transfers through July of 2007!
If you currently have a MACO
Visa Classic or Gold card,
you may choose to upgrade to
Platinum with a limit increase of
at least a $1,000. Once qualified
you will be able to transfer your
current MACO balance and
any other cards you have to
0% through July 2007. Also,
all purchases made January 1
– March 31 will qualify for 0%
through July 2007.
If you currently have a MACO
Visa Platinum Card we didn’t
forget about you. You can transfer
balances from your other high
interest Credit Cards to your
Consider other sources of money, too. For instance, if
you’re leaving your job in the year you reach age 55 or
later and you have a 401(k) or 403(b) plan, you can tap
into it without incurring an early withdrawal penalty.
Sam Davis
For more information about the
periodic payment exception please
contact Sam Davis, the Members
Financial Services Representative
serving the members of MACO
Educators Federal Credit Union,
at 678-322-2241.
KSU Branch
at KSU Center
Marietta
Branch
Paulding Branch
at Citizens Square
3333 Busbee Drive,
Kennesaw, GA 30144
69 South Avenue,
Marietta, GA 30060
4075 Marietta Hwy.,
Dallas, GA 30157
To ensure that the credit union is receiving your correspondence and payments in a timely
manner, please make sure you are sending all mail to MACO at the following address:
Mailing Address: P.O. Box 2148, Woodstock, GA 30188-1357
South Cobb
Branch
Towne Lake
Branch
3565 Austell Road,
3048 Eagle Drive,
Marietta, GA 30083 Woodstock, GA 30189
0
APR
MACO Visa
Platinum and
receive 0% through
July 2007. Also, all purchases
made January 1 – March 31 will
qualify for 0% through July 2007.
To apply for a MACO Visa
Platinum with Rewards or Cash
Back apply online at www.maco.
org, visit any branch location,
or call our MAPS
department at
678-486-1111.
*MACO Platinum Visa card holders will receive 0% APR (Annual Percentage Rate) on purchases and
balance transfers January 1, 2007 – March 31, 2007, the 0% APR rate will be good on remaining balances
through the July 2007 billing cycle. Current MACO Platinum card holders cannot convert their current
MACO balance to 0% APR. Subject to credit approval.
If you only need money for a one-time expense,
consider postponing your needs until you reach age
59½. If that’s not a possibility, consider making a single
early withdrawal, paying the 10% tax, and leaving the
rest of your IRA intact to grow tax deferred.
This article is not intended as legal or tax advice. State tax laws vary. Please consult a professional tax advisor. Representatives are registered,
securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member NASD/SIPC, a registered
broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance
products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.
CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.
Our Mission Is YOU!
Visa Platinum Credit Cards
with an Introductory Rate
%*
of
When visiting a credit union that is part of the Shared Branching network
remember to tell them you bank with MACO Educators Federal Credit,
give them your account number, and have photo identification with you.
To discourage investors from raiding their IRAs
before retirement, the IRS generally imposes a 10%
additional tax on the taxable portion of early withdrawals. One way to avoid this tax is to arrange to
receive distributions in the form of an annuity.
Come Play For FREE!
P u b l i s h e d f o r t h e M e m b e r s o f M ACO E
du
Fe d
c ato r s
eral C
re
on
d it U n i
January 2007
Are you Aware of
Multi-Level Authentications?
With the increasing complexity of business, it is
easier than ever to obtain another person’s identifying information, and perpetrate identity fraud.
At MACO Educators Federal Credit Union, we take
our obligation to protect our members very seriously.
That is why we are upgrading our securities on our
online banking to ensure that your accounts are
always protected.
then always be on the screen when you attempt to
log-on to access.maco. This picture will be used as
a tool to remind you which online banking site you
are on.
Your online banking experiences will be the same as
they have always been, only now you will have the
knowledge that we are working behind the scenes to
protect your accounts at all times.
Also, coming this month once you log-on to access.
maco it will be easier than ever to get into ePay,
MACO’s bill payment service. In the past you would
have had to log-on to access.maco and then log-on
to ePay, now when you log-on to access.maco you
will only have to click on the ePay button and you
will be ready to pay your bills. You will not have to
remember two passwords anymore.
The first change that you will notice this month
is when you begin to log-on to access.maco you
will be prompted to select a “Challenge Phrase”.
This “Challenge Phrase” will be a question you will
answer when you attempt to log-on in the future.
You will also be given a list of pictures and you will
be instructed to choose one picture. This picture will
By employing multi-factor authentication, MACO
is lessening the vulnerabilities in online banking,
making it more difficult for those with fraudulent
intent to access our financial system. If you have
any questions or need any assistance setting up your
Multi-Level Authentications, please contact our
MAPS department at 678-486-1111.
2
3
2007 Annual Meeting Call for Petitions
Notification from the
Secretary of the Board.
The credit union is a unique financial institution because
every member has an equal vote. Every member is invited to
attend the 2007 Annual Meeting on April 19, 2007 at the
Paulding County Branch. The meeting will begin at 6:00pm.
You will hear reports from management and the Board
of Directors on the financial position of the credit union
during the previous year. In addition, reports will be given
on current issues facing the credit union and its strategic
goals. Meet with the people that run the credit union and
provide your input on how the credit union is doing.
At the annual meeting, two volunteers will be selected to
serve on the credit union’s Board of Directors. As required
by the credit union bylaws, Board Chairman Virgil Dortch
appointed a Nominating Committee to select candidates for the Board. The committee consists of Chairman
Frances Roberson, Reid Brown, and Candler Howell. The
Nominating Committee has submitted the names of the
following individuals to serve a three-year term on the Board
of Directors of MACO. Other members in good standing
wishing to run for the Board of Directors should follow the
procedures as outlined under the Call for Petitions.
Nominees
Frances Theodocion
Ms. Theodocion has served on the Board of Directors for nearly
25 years and currently serves as one of the Directors. Ms.
Theodocion retired in 1994 from the Cobb County School
System where she served as a teacher for 30 years. She is
currently involved with several other organizations which include
Cobb-Marietta Retired Teachers and the Senior Citizen Council.
Carroll Pitts
Mr. Pitts is currently the Executive Director of Transportation
for the Cobb County School District. He has been a member of
MACO since 1982 and has served on the Supervisory Committee
since 1997 and has served on the Board of Directors since
2004. He currently serves on the NAPT Foundation Board, the
Pupil Transportation Safety Competition Foundation Board,
the Georgia Department of Education Specification Committee,
National School Specification and Procedure Board, and
Chairman of the Georgia Association for a Pupil Transportation
Education Committee.
Nominations to the Board of
Directors are submitted by
petition by members. Qualifying
packages are available at any
branch. Members wanting to
nominate someone for a vacancy
should prepare and submit a
petition in accordance with the
following procedures:
1. Petitions must be signed by
a minimum of one percent
of the Membership (or 259
members) in good standing
with the credit union. Account
number must be included for
verification purposes.
2. Petitions must be
accompanied by:
a) Completed Application
for the Board of Directors
b) Signed Code of Ethics.
3. All nominees must state that
he/she will attend board
meetings and devote whatever
time is needed to fulfill this
obligation. Regular Board
meetings are held the fourth
Thursday of the month unless
otherwise notified.
4. Petitions and applications for
the Board of Directors and the
Code of Ethics must be filed
with the Secretary of MACO
by February 16, 2006. The
petitions may be mailed to
the attention of the Secretary
of the Board of Directors at
the credit union.
5. An election will not be
conducted and no nominations
from the floor will be taken if
there is only one nominee for
each position to be filled.
6. Only members 18 years of age
and older in good standing
with the credit union will
be eligible to sign petitions
and vote.
Banks Are On The Attack!
Did you know banks are fighting everyday to put credit
unions out of business? Credit Unions offer a low cost financial
alternative. Without this competition, fees and interest rates would
continue to rise, which would cost you more money to do your banking.
A simple and easy way for members to assist in the Credit Union
movement is the “Deduct-A-Buck” program. Your monthly contribution of $1.00 supports Georgia Credit Union Political Action Committee
(CUPAC) and Credit Union Legislative Action Council (CULAC). These
organizations back credit unions and the representatives that support them
in Washington.
To authorize your monthly contribution of $1.00, please visit our website
at www.maco.org/deduct, print and complete the form and mail to:
MACO Educators Federal Credit Union, P.O. Box 2148, Woodstock, GA 30188
Donna Nunnally
with granddaughter
Octavia won the
23” flat panel
television from
Car Solutions
for entering our
October Car
Sale drawing.
Congratulations
Donna!
Looking for a new or used automobile?
Let MACO put you in the drivers seat the fast and easy way
through Car Solutions. Car Solutions is an auto buying
service designed exclusively to assist credit union members
in the purchase of new and pre-owned vehicles. They will
save you time and money by locating new or pre-owned
vehicles that meet your exact specifications. Best of all, they
eliminate the hassles and headaches of negotiating the best
price and they cost you nothing.
Call Richard Woyar today to have him locate your next
new or used vehicle at 678-322-2239.
Have You Called Our
NO-COST Financial Advisor?
One of our valued members, Elena used this service and this is what she
had to say:
“Sam took the time to make sure I understood how my money was
going to be invested. Also, Sam was understanding to my situation
and made me feel very comfortable. I will sure recommend family
and friends to give Sam a chance when the need arises.”
Elena, Member Since 2002
You too can have a great financial planning experience! Call Sam Davis
today at 678-322-2241 and he’ll help you plan your future.
The
January 2007
Is Your Holiday
Spending Catching
Up With You?
Skip-A-Payment!
MACO is offering you a reprieve
from your loan payments. You
have an opportunity to skip
one payment on your vehicle,
personal, and other loans with
MACO.* Use the extra money to
pay off other bills!
To take advantage of this offer,
simply visit your nearest branch
location or contact our MAPS
(Mail and Phone Service)
department at 678-486-1111
and tell them you would like
to Skip-A-Payment.
*Skip-A-Payment is not valid on Real Estate
Loans or Visa Credit Cards. Offer not valid if
you skipped a payment within the last twelve
months. Subject to approval.
The
January 2007
2
3
2007 Annual Meeting Call for Petitions
Notification from the
Secretary of the Board.
The credit union is a unique financial institution because
every member has an equal vote. Every member is invited to
attend the 2007 Annual Meeting on April 19, 2007 at the
Paulding County Branch. The meeting will begin at 6:00pm.
You will hear reports from management and the Board
of Directors on the financial position of the credit union
during the previous year. In addition, reports will be given
on current issues facing the credit union and its strategic
goals. Meet with the people that run the credit union and
provide your input on how the credit union is doing.
At the annual meeting, two volunteers will be selected to
serve on the credit union’s Board of Directors. As required
by the credit union bylaws, Board Chairman Virgil Dortch
appointed a Nominating Committee to select candidates for the Board. The committee consists of Chairman
Frances Roberson, Reid Brown, and Candler Howell. The
Nominating Committee has submitted the names of the
following individuals to serve a three-year term on the Board
of Directors of MACO. Other members in good standing
wishing to run for the Board of Directors should follow the
procedures as outlined under the Call for Petitions.
Nominees
Frances Theodocion
Ms. Theodocion has served on the Board of Directors for nearly
25 years and currently serves as one of the Directors. Ms.
Theodocion retired in 1994 from the Cobb County School
System where she served as a teacher for 30 years. She is
currently involved with several other organizations which include
Cobb-Marietta Retired Teachers and the Senior Citizen Council.
Carroll Pitts
Mr. Pitts is currently the Executive Director of Transportation
for the Cobb County School District. He has been a member of
MACO since 1982 and has served on the Supervisory Committee
since 1997 and has served on the Board of Directors since
2004. He currently serves on the NAPT Foundation Board, the
Pupil Transportation Safety Competition Foundation Board,
the Georgia Department of Education Specification Committee,
National School Specification and Procedure Board, and
Chairman of the Georgia Association for a Pupil Transportation
Education Committee.
Nominations to the Board of
Directors are submitted by
petition by members. Qualifying
packages are available at any
branch. Members wanting to
nominate someone for a vacancy
should prepare and submit a
petition in accordance with the
following procedures:
1. Petitions must be signed by
a minimum of one percent
of the Membership (or 259
members) in good standing
with the credit union. Account
number must be included for
verification purposes.
2. Petitions must be
accompanied by:
a) Completed Application
for the Board of Directors
b) Signed Code of Ethics.
3. All nominees must state that
he/she will attend board
meetings and devote whatever
time is needed to fulfill this
obligation. Regular Board
meetings are held the fourth
Thursday of the month unless
otherwise notified.
4. Petitions and applications for
the Board of Directors and the
Code of Ethics must be filed
with the Secretary of MACO
by February 16, 2006. The
petitions may be mailed to
the attention of the Secretary
of the Board of Directors at
the credit union.
5. An election will not be
conducted and no nominations
from the floor will be taken if
there is only one nominee for
each position to be filled.
6. Only members 18 years of age
and older in good standing
with the credit union will
be eligible to sign petitions
and vote.
Banks Are On The Attack!
Did you know banks are fighting everyday to put credit
unions out of business? Credit Unions offer a low cost financial
alternative. Without this competition, fees and interest rates would
continue to rise, which would cost you more money to do your banking.
A simple and easy way for members to assist in the Credit Union
movement is the “Deduct-A-Buck” program. Your monthly contribution of $1.00 supports Georgia Credit Union Political Action Committee
(CUPAC) and Credit Union Legislative Action Council (CULAC). These
organizations back credit unions and the representatives that support them
in Washington.
To authorize your monthly contribution of $1.00, please visit our website
at www.maco.org/deduct, print and complete the form and mail to:
MACO Educators Federal Credit Union, P.O. Box 2148, Woodstock, GA 30188
Donna Nunnally
with granddaughter
Octavia won the
23” flat panel
television from
Car Solutions
for entering our
October Car
Sale drawing.
Congratulations
Donna!
Looking for a new or used automobile?
Let MACO put you in the drivers seat the fast and easy way
through Car Solutions. Car Solutions is an auto buying
service designed exclusively to assist credit union members
in the purchase of new and pre-owned vehicles. They will
save you time and money by locating new or pre-owned
vehicles that meet your exact specifications. Best of all, they
eliminate the hassles and headaches of negotiating the best
price and they cost you nothing.
Call Richard Woyar today to have him locate your next
new or used vehicle at 678-322-2239.
Have You Called Our
NO-COST Financial Advisor?
One of our valued members, Elena used this service and this is what she
had to say:
“Sam took the time to make sure I understood how my money was
going to be invested. Also, Sam was understanding to my situation
and made me feel very comfortable. I will sure recommend family
and friends to give Sam a chance when the need arises.”
Elena, Member Since 2002
You too can have a great financial planning experience! Call Sam Davis
today at 678-322-2241 and he’ll help you plan your future.
The
January 2007
Is Your Holiday
Spending Catching
Up With You?
Skip-A-Payment!
MACO is offering you a reprieve
from your loan payments. You
have an opportunity to skip
one payment on your vehicle,
personal, and other loans with
MACO.* Use the extra money to
pay off other bills!
To take advantage of this offer,
simply visit your nearest branch
location or contact our MAPS
(Mail and Phone Service)
department at 678-486-1111
and tell them you would like
to Skip-A-Payment.
*Skip-A-Payment is not valid on Real Estate
Loans or Visa Credit Cards. Offer not valid if
you skipped a payment within the last twelve
months. Subject to approval.
The
January 2007
4
An Additional Convenience For You
MACO Educators Federal Credit Union along with 1,305 credit unions nationwide
comprises the Shared Service Center Network. The “Shared Branching” network
allows members from participating credit unions to perform various transactions:
such as, deposits, withdrawals, loan payments, and more for FREE.
There are over 2,375 branches nationwide for you to use! To find a Shared Service Center branch nearest you
visit our website at www.maco.org/locations, click on the CU Service Center link at the bottom of the page,
enter the state or address. It is that simple!
Are you considering tapping your IRA early?
A Message from the MEMBERS Financial Services Program
Specifically, Internal Revenue Code Section 72(t)
allows you to withdraw money penalty-free if you
receive distributions that are part of a series of
substantially equal periodic payments paid over your
life expectancy. This exception is available to anyone
with an IRA. IRA investors sometimes use it to
help finance early retirement or for estate planning
purposes.
To calculate periodic payments, you must use an
IRS-approved distribution method and you must
take payments at least once a year. Once you begin
receiving payments, you generally can’t modify or
discontinue them for a five-year period, or until you
reach age 59 ½ -- whichever period is longer.
If you modify your payments in any way before
the end of the required period, you’ll trigger the
10% tax on all the payments you received under
the exception. Plus, you’ll owe retroactive interest
on the 10% tax.
Before locking into a periodic payment schedule,
get all the details and carefully consider your alternatives. One consideration: Unless you have a substantial IRA balance, the size of your periodic payments
will be relatively small. That’s because payments are
calculated based on your life expectancy, and while
you’re under age 59 ½ your life expectancy is still
relatively long.
678-486-1111
1-877-590-6226
www.maco.org
For the first time in MACO’s
history we are offering 0%
on our Platinum Visa Credit
Cards! Now is the time to apply
for a MACO Visa Platinum
with Rewards or Cash Back
and if approved you will receive
0% on purchases and balance
transfers through July of 2007!
If you currently have a MACO
Visa Classic or Gold card,
you may choose to upgrade to
Platinum with a limit increase of
at least a $1,000. Once qualified
you will be able to transfer your
current MACO balance and
any other cards you have to
0% through July 2007. Also,
all purchases made January 1
– March 31 will qualify for 0%
through July 2007.
If you currently have a MACO
Visa Platinum Card we didn’t
forget about you. You can transfer
balances from your other high
interest Credit Cards to your
Consider other sources of money, too. For instance, if
you’re leaving your job in the year you reach age 55 or
later and you have a 401(k) or 403(b) plan, you can tap
into it without incurring an early withdrawal penalty.
Sam Davis
For more information about the
periodic payment exception please
contact Sam Davis, the Members
Financial Services Representative
serving the members of MACO
Educators Federal Credit Union,
at 678-322-2241.
KSU Branch
at KSU Center
Marietta
Branch
Paulding Branch
at Citizens Square
3333 Busbee Drive,
Kennesaw, GA 30144
69 South Avenue,
Marietta, GA 30060
4075 Marietta Hwy.,
Dallas, GA 30157
To ensure that the credit union is receiving your correspondence and payments in a timely
manner, please make sure you are sending all mail to MACO at the following address:
Mailing Address: P.O. Box 2148, Woodstock, GA 30188-1357
South Cobb
Branch
Towne Lake
Branch
3565 Austell Road,
3048 Eagle Drive,
Marietta, GA 30083 Woodstock, GA 30189
0
APR
MACO Visa
Platinum and
receive 0% through
July 2007. Also, all purchases
made January 1 – March 31 will
qualify for 0% through July 2007.
To apply for a MACO Visa
Platinum with Rewards or Cash
Back apply online at www.maco.
org, visit any branch location,
or call our MAPS
department at
678-486-1111.
*MACO Platinum Visa card holders will receive 0% APR (Annual Percentage Rate) on purchases and
balance transfers January 1, 2007 – March 31, 2007, the 0% APR rate will be good on remaining balances
through the July 2007 billing cycle. Current MACO Platinum card holders cannot convert their current
MACO balance to 0% APR. Subject to credit approval.
If you only need money for a one-time expense,
consider postponing your needs until you reach age
59½. If that’s not a possibility, consider making a single
early withdrawal, paying the 10% tax, and leaving the
rest of your IRA intact to grow tax deferred.
This article is not intended as legal or tax advice. State tax laws vary. Please consult a professional tax advisor. Representatives are registered,
securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member NASD/SIPC, a registered
broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance
products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.
CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.
Our Mission Is YOU!
Visa Platinum Credit Cards
with an Introductory Rate
%*
of
When visiting a credit union that is part of the Shared Branching network
remember to tell them you bank with MACO Educators Federal Credit,
give them your account number, and have photo identification with you.
To discourage investors from raiding their IRAs
before retirement, the IRS generally imposes a 10%
additional tax on the taxable portion of early withdrawals. One way to avoid this tax is to arrange to
receive distributions in the form of an annuity.
Come Play For FREE!
P u b l i s h e d f o r t h e M e m b e r s o f M ACO E
du
Fe d
c ato r s
eral C
re
on
d it U n i
January 2007
Are you Aware of
Multi-Level Authentications?
With the increasing complexity of business, it is
easier than ever to obtain another person’s identifying information, and perpetrate identity fraud.
At MACO Educators Federal Credit Union, we take
our obligation to protect our members very seriously.
That is why we are upgrading our securities on our
online banking to ensure that your accounts are
always protected.
then always be on the screen when you attempt to
log-on to access.maco. This picture will be used as
a tool to remind you which online banking site you
are on.
Your online banking experiences will be the same as
they have always been, only now you will have the
knowledge that we are working behind the scenes to
protect your accounts at all times.
Also, coming this month once you log-on to access.
maco it will be easier than ever to get into ePay,
MACO’s bill payment service. In the past you would
have had to log-on to access.maco and then log-on
to ePay, now when you log-on to access.maco you
will only have to click on the ePay button and you
will be ready to pay your bills. You will not have to
remember two passwords anymore.
The first change that you will notice this month
is when you begin to log-on to access.maco you
will be prompted to select a “Challenge Phrase”.
This “Challenge Phrase” will be a question you will
answer when you attempt to log-on in the future.
You will also be given a list of pictures and you will
be instructed to choose one picture. This picture will
By employing multi-factor authentication, MACO
is lessening the vulnerabilities in online banking,
making it more difficult for those with fraudulent
intent to access our financial system. If you have
any questions or need any assistance setting up your
Multi-Level Authentications, please contact our
MAPS department at 678-486-1111.