review - SIU Credit Union

CU
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Volume 22
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ISSUE 3
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JULY 2013
Ribbon Cutting at New Harrisburg Branch
In this issue...
Page 1
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Harrisburg Branch Ribbon Cutting
Page 2
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•
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Q & A Corner
Scholarship Winners
Counterfeit Check Scams
Page 3
•
•
Don’t Tax My Credit Union
Staff Promotions
Page 4
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SIU CU Investment Services
Branch Locations
Mark Your Calendar
July 4 - Independence Day - CLOSED
September 2 - Labor Day - CLOSED
October 14 - Columbus Day - CLOSED
October 17 - International Credit Union Day
Get Connected with
SIU Credit Union
Want to be the first to know about
news and special promotions from SIU
Credit Union? Like us on Facebook, follow us on Twitter, or check out our blog
at http://www.siucu.org/blog/ to stay
up to date.
SIU Credit Union executives along with members from the Saline County Chamber of Commerce cut the ribbon at the new
Harrisburg facility in early May.
On May 2, 2013, SIU Credit Union along
with the help of the Saline County Chamber of Commerce, officially opened their
doors to the Harrisburg community. Our
sixth branch location is a result of SIU CU
merging with the South Eastern Electrical
Credit Union. The merger has brought 1,100
new members to the credit union.
SIU Credit Union is pleased to be a part
of Saline County and welcome all residents
to stop by our branch or visit us online at
The new branch is located at 540 N. www.siucu.org for more information about
Commercial, Suite 700. The branch is man- belonging to the SIU Credit Union family.
aged by Janet Jackson. With Karen Frier
SUMMER LOAN
Sale-A-Bration!
Mission Statement
Building
lifelong
ships by delivering
financial solutions.
relationpersonalized
serving as Member Service Representative
and Brittany Seets and Janet Burden as tellers. Hours of operation at the new facility
are 9:00 am to 5:00 pm Monday through
Friday.
Win a $750
Visa Gift Card!**
0.75% OFF*
!
s
e
t
a
R
n
a
Lo
•All loans subject to credit approval. Excludes first mortgages, student loans, and credit cards. Annual Percentage Rate is determined by an evaluation of the applicant’s
credit history and loan term. Offer applies only to 2004 and newer vehicles not currently financed at SIU Credit Union. All rates subject to change at any time without
notice. No additional deductions allowed off promotional rate. Offer valid July 1 – 31, 2013. Membership required. Federally insured by NCUA. Call 618-457-3595 for
additional details. **No purchase necessary. Void where prohibited. You will be automatically entered to win when you take out a qualified SIU Credit Union loan product between July 1, 2013 and July 31, 2013 OR you may enter to win without purchase or obligation by registering at any branch location. All entries must be received
by July 31, 2013. Limit one entry per member, regardless of means of entry.
www.siucu.org 1
Q&A
CORNER
2013 Scholarship Winners Announced
Welcome to Q & A Corner! A space
dedicated to answering all your
questions about SIU Credit Union
products, services, and membership benefits. If you have questions,
feel free to submit them by email to
[email protected]. Be sure to include Q & A Corner in the subject
line.
Q. I’m going to be traveling this summer. Do I need to let SIU Credit Union
know?
A. Yes, if you have an SIU Credit
Union Ultimate Visa© Check Card. When you travel, your spending patterns change. Notify an SIU Credit
Union Representative before you go
so your Ultimate VISA© Check Card
can be flagged. This helps to protect your account from fraud and
theft. And you can avoid unnecessary account disruptions triggered
by unusual transactions. Contact
our card services department by
calling 618-457-3595.
Also, if during your travels you need
to access your SIU Credit Union accounts, know that you can do so
through the shared branching network. With shared branching, credit
unions from all over the country share
facilities to give members thousands
of convenient locations to perform
transactions just as if they were in
their home credit union. With over
5,000 locations, your credit union is
always nearby. Need to locate a
branch? Call 1-800-919-CUSC (2872)
or visit www.cuservicecenter.com.
Q. I’d like to apply for a loan but
can’t make it in to a branch during
business hours. What can I do?
A. We understand taking out a loan
is a big decision, so our online loan
application and 24/7 lending service
line are available when you are. Which means you can apply for a
loan or get more information when
it’s convenient for you.
Use our lending services for:
• Vehicle or Personal loans
• Credit cards
• Any loan-related inquiries.
Apply online at www.siucu.org or
call 618-457-3595.
2
Pictured(L to R): SIU Credit Union’s VP of Operations: Kim Babington; Scholarship Recipients: Shelby Counts; Jessica Vinyard; Hayley Cobb; Rebekah Nelson; Andrea Purchase & SIU Credit Union’s CEO/President Dennis Schaefer. Not pictured
scholarship recipient: Cassidy Reno.
SIU Credit Union has awarded six local
students with scholarships for the 201314 academic school year. Each student
is planning or already attends college or
university. SIU Credit Union has continued
to show that they are invested in their
communities and giving back!
Hayley Cobb of Marion, IL attends John
A. Logan studying Diagnostic Cardiac
Sonography.
Rebekah
Nelson
of
Carbondale,
IL attends Southern Illinois University
Carbondale studying Elementary and
Special Education.
SIU Credit Union would like to congratulate
Andrea Purchase of Cairo, IL will attend
these students and wish them continued
Southern Illinois University Carbondale
success in their future endeavors.
studying Early Childhood Education.
Shelby Counts of Herrin, IL attends John
Cassidy Reno of Carterville, IL will attend
A. Logan studying Criminal Justice.
Rend Lake College studying Culinary Arts.
Jessica Vinyard of Galatia, IL will attend
Union University studying Mathematics.
Counterfeit Check Scams Come in Many Forms
Be wary if:
Here’s the scoop:
 You get a letter saying you’ve won a Don’t bite. It looks legitimate because
foreign lottery.
there’s a cashier’s check included that’s
supposed to cover taxes and fees. You’re
told to deposit the check and wire the
money to the sender to pay the taxes
and fees. After your payment is received,
you’re supposed to get your prize. Don’t
count on ever seeing a prize. The check is
a fraud.
 Someone wants to write you a check
for more than the purchase price for the
item in your classified ad or online auction
posting.
In this scam, the con artist wants you to
wire back the difference after you deposit
the check, and you’re supposed to pay
the shipping charges. Watch out—you’ll
be stuck with a bad check, and the crook
has your money.
 You’ve been selected to be a “secret It’s actually a scam artist who’s asking you
shopper” to evaluate the effectiveness of a to deposit the check in your credit union
wire transfer service.
or bank account. Then you’re supposed to
withdraw that amount in cash and use the
wire transfer service in—you guessed it—a
foreign city. If you do, you’ve just wired
your money to the crook.
www.siucu.org
Take Action:
Don’t Tax My Credit Union!
talk about
savings.
say hello to the Sprint Credit
Union Member Discount.
save
10%
on select regularly priced personal
service plans*
Use Corporate ID: NACUC_ZZM
or
save
15%
on select regularly priced
business accounts*
Use Corporate ID: NACUC_ZDS_ZZM
Plus •Waived activation fee on new lines
(Up to $36 in savings)
•Waived upgrade fee
(Up to $36 in savings)
Call 877.SAVE.4.CU and tell
them you’re a credit union
member and ask to be
attached to either Corporate ID
to start saving today!
*Application of discount requires 2-year contract
extension on existing plans. Verification of membership
is required at time of activation/upgrade. Discount does
not apply to secondary lines.
All rights reserved. Sprint, the logo, and other trademarks
are the trademarks of Sprint Nextel.
For a complete update on the rules of the Sprint Credit
Union Member Discount program, please visit
www.lovemycreditunion.org/Sprint.
2013 Sprint Item #800-8
©2013 CU Solutions Group 032613 1526
Banks and some politicians are talking about
taxing credit unions, including SIU Credit Union,
despite the fact that we
are not-for-profit. They say
the budget can be balanced by taxing credit
unions, even though credit
unions hold only 6% of all financial assets nationwide,
and banks hold the rest.
For example, credit unions
typically offer credit card
interest rates at three or
more percentage points
lower than other lenders.
Imagine how expensive
banks and other financial institutions would make
credit cards or loans if they didn’t have to compete
with credit union rates.
Since credit unions are not-for-profit, taxing them
could even destroy credit unions as we know them today, eliminating financial choice for consumers. Credit
unions could be forced to charge higher rates on loans
and higher fees for services. So taxing credit unions is
really just a tax on you – the member.
It’s easy to take action to protect our tax exempt
status. Just visit www.DontTaxMyCreditUnion.org to
contact your U.S. Representative and Senators and
let them know not to tax your Credit Union, which ultimately is a tax on you. (Search for SIU Credit Union.)
Win a $75 Visa Gift Card!
Just send us an email at [email protected] to be
registerd for the drawing! Use VISA as your subject line.
BALANCE
Add some
to your financial life with
introductory
3.75% APR*
on BALANCE TRANSFERS for 15 months
AND no balance transfer fees
Stop by any branch location or visit us online at www.siucu.org today!
*Annual Percentage Rate. Rates, term and conditions are subject to change without notice. Offer subject to credit approval. Introductory rate of 3.75% APR is good on balance transfers for 15 months. Rate applies only on balance transfers. After the promotional period ends, the standard APR for purchases will be applied to all remaining balance transfer
amounts. Standard APR ranges between 7.9% - 16.9%. Credit card approval and standard APR depends on creditworthiness and other qualifications. Apply for Visa Credit Card online at www.siucu.org or visit any branch location. Membership
required. Federally insured by NCUA. Offer begins July 1, 2013 and ends September 30, 2013, but could end at anytime
without notice. Call 618-457-3595 for details.
www.siucu.org STAFF TIONS
PROMO
Recently SIU CU promoted two employees to branch manager positions, Sam Young and Cody King.
Sam Young is now serving as Branch
Manager for our Marion facility. Sam has been with SIU CU for almost
a year, starting out as a Member Service Representative at our Carbondale East branch.
Sam enjoys riding his motorcycle
and likes to keep his sports local, favoring the Miners and Cardinals.
W h e n
asked
what he
enjoyed
m o s t
about his
job, Sam
responded
by saying,
“The
professional
interactions
and help we
provide to our
members.”
ager
Man
Branch g
Marion
oun
Sam Y
Cody King now leads the staff at the
Carbondale West branch. Cody has
been with SIU CU for two years starting out as a part-time teller and then
as a Member Service Representative at our Marion branch. He enjoys
watching sports, his favorite team is
the Chicago Bears. What Cody enjoys most
about his
job
is
helping
our members with
their financial needs.
He stated
“Anytime
you
can
better members financial
est
dale W
Carbon anager
situation, it’s
M
Branch
ing
very rewarding.”
Cody K
Congratulations and thanks go
out to Sam and Cody for their continued hard work and dedication
towards making SIU CU a premier financial institution in Southern Illinois!
3
A Message from
SIU CU Investment Services
Scott McClatchey, CFP
Understanding the Gift Tax Exclusion
Most of us will never face taxes related to money or assets we give away.
than $14,000 in 2013, you owe no gift tax
until your total gifts exceed the lifetime exclusion.2,3
“How can I avoid the federal gift tax?”
If this question is on your mind, you aren’t
alone. The good news is that few taxpayers
or estates will ever have to pay it.
Misconceptions surround this tax. The IRS
sets annual and lifetime gift tax exclusion
amounts, and this is where the confusion
develops.
Here’s what you have to remember:
practically speaking, the federal gift tax is
a tax on estates. If it wasn’t in place, the
rich could simply give away the bulk of their
money or property while living to spare their
heirs from inheritance taxes.
Now that you know the reason the federal government established the gift tax, you
can see that the lifetime gift tax exclusion
matters more than the annual one.
“What percentage of my gifts will be
taxed this year?” Many people wrongly assume that if they give a gift exceeding the
annual gift tax exclusion, their tax bill will
go up next year as a result. Unless the gift is
huge, that won’t likely occur. The IRS has set the annual gift tax exclusion at $14,000 this year. What this means
is that you can gift up to $14,000 each to
as many individuals as you like in 2013 without having to pay any gift taxes. A married
couple may gift up to $28,000 to each of
an unlimited number of individuals tax-free
this year. The gifts may be made in cash, or
they can be made in stock, contributions
to 529 plans, collectibles, real estate – just
about any form of property with value, as
long as you cede ownership and control of
it.1,2,3
So how are amounts over the $14,000
annual exclusion handled? The excess
amounts count against the $5.25 million lifetime gift tax exclusion. While you have to
file a gift tax return if you make a gift larger
4
“What happens if I go over the lifetime
exclusion?” If that occurs, then you will pay
a 40% gift tax on gifts above the $5.25 million lifetime exclusion amount. One exception, though: all gifts that you make to your
spouse are tax-free provided he or she is a
U.S. citizen. This is known as the marital deduction.1,2,3
“But aren’t the gift tax and the estate tax
unified?” They are. The gift tax exclusion
and the estate tax exclusion are sometimes
called the unified credit. So if you have already made taxable lifetime gifts that have
used up $3 million of the current $5.25 million unified credit, then only $2.25 million of
your estate will be exempt from inheritance
taxes if you die in 2013.3
However, the $5.25 million unified credit
given to each of us is portable. That means
that if you don’t use all of it up during your
lifetime, the unused portion of the credit
can pass to your spouse at your death. So if
you only use up $1.25 million of your unified
credit during your lifetime and your spouse
has the full $5.25 million credit remaining,
your spouse would have the chance to
transfer as much as $9.25 million tax-free,
either through gifts made during your life or
after your death.3
In sum, most estates can make larger
gifts during life without any estate, gift or
income tax consequences. If you have estate planning questions in mind, turn to a
legal or financial professional well versed in
these matters for answers.
Citations.
1 - www.chron.com/news/article/New-act-clears-up-estate-gifttax-confusion-4301217.php [2/22/13]
2 - www.nolo.com/legal-encyclopedia/changes-gift-tax-lawscoming.html [1/13]
3 - www.forbes.com/sites/deborahljacobs/2013/01/02/after-thefiscal-cliff-deal-estate-and-gift-tax-explained/ [1/11/13]
Scott McClatchey provides investment and
retirement planning services to SIU Credit Union
members through a partnership with Alliance
Investment Planning Group. A CERTIFIED
FINANCIAL PLANNERTM, Scott keeps regular
office hours from 9:00 to 1:00 on Tuesdays at the
Carbondale East branch and is also available
by appointment. Call 618-549-8632 to set up an
appointment with Scott.
BRANCHIONS
LOCAT
Carbondale
1217 West Main Street
Lobby Hours
Mon-Thurs
9:00 am - 5:00 pm
Friday
9:00 am - 6:00 pm
Drive Up Hours
Mon-Thurs
7:30 am - 5:00 pm
Friday
7:30 am - 6:00 pm
Saturday
8:00 am - 1:00 pm
395 N. Giant City Road
Lobby Hours
Mon-Thurs
9:00 am - 5:00 pm
Friday
9:00 am - 6:00 pm
Saturday
9:00 am - 1:00 pm
Drive Up Hours
Mon-Thurs
7:30 am - 5:00 pm
Friday
7:30 am - 6:00 pm
Saturday
8:00 am - 1:00 pm
Energy
300 S. Pershing
Lobby Hours
Mon-Fri
Drive Up Hours
Mon-Thurs
Friday
Marion
2809 Outer Drive
Lobby Hours
Mon-Thurs
Friday
Saturday
Drive Up Hours
Mon-Thurs
Friday
Saturday
9:00 am - 5:00 pm
8:00 am - 5:00 pm
8:00 am - 6:00 pm
9:00 am - 5:00 pm
9:00 am - 6:00 pm
9:00 am - 1:00 pm
7:30 am - 5:00 pm
7:30 am - 6:00 pm
8:00 am - 1:00 pm
Metropolis
704 East 5th Street, Suite 1
Lobby Hours
Mon-Fri
9:00 am - 5:00 pm
Drive Up Hours
Mon-Fri
9:00 am - 5:00 pm
Harrisburg
540 N. Commercial, Suite 700
Lobby Hours
Mon-Fri
9:00 am - 5:00 pm
Mailing Address
P.O. Box 2888
Carbondale, IL 62902
Phone Numbers
Local
Toll Free
Q-Phone
618-457-3595
800-449-7301
800-455-0169
Federally insured by NCUA
www.siucu.org