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CU W E I V E R Volume 23 Page 1 Prequalify to Move Into New House Page 2 • • • Need to Know - Youth Week President’s Report Mobile App Updated Page 3 • • • VISA eZCardInfo Access Home Buying Seminar New Vice Presidents Page 4 • • | APRIL 2014 Prequalify to Move Into New House In this issue... • | ISSUE 2 SIU CU Investment Services Branch Locations Mark Your Calendar Apr 24 - Blood Drive - Carbondale Apr 20-26 - Youth Week May 8 - Home Buying Seminar May 15 - Super Shredder - Metropolis May 26 - Memorial Day - CLOSED Jul 4 - Independence Day - CLOSED Get Connected with SIU Credit Union You may hear the terms preapproval and prequalification as you prepare to buy a house. These procedures are not the same, although many people confuse them. Prequalification simply involves a rough calculation of the mortgage payment you can afford. Your SIU Credit Union lender can help you with this. Why is it helpful? It lets you know from the start how much home you can afford so you don’t waste your time, or a real estate agent’s, window shopping in the wrong price ranges. And, it makes it possible for you to move quickly when you find the “perfect” house so you avoid disappointments. Preapproval means you’re essentially good to go. You formally apply for a mortgage and pay an application fee. The lender determines that you are eligible for a mortgage of a certain amount. So why is it called preapproval, rather than approval? That’s because, before making a final commitment to you, the lender must verify your information regarding employment and salary. Also, the lender needs to see a professional appraisal of the house you select to be sure its value is at least equal to the selling price. Bear in mind that the lender can calculate how much you qualify for, but that is not necessarily what you can afford. It might be more or perhaps less. Are you counting on continuing overtime income, or two fulltime paychecks, to make your house payments? Are you expecting to be “house poor” for at least a few years while your income and other obligations grow into a house payment? Are you planning to buy less than you might be able to afford so you can achieve other priorities, such as going back to school? Only you can answer those kinds of questions. Thanks to automation in today’s mortgage lending, we usually can give you a preapproval in a short time. Talk with your SIU Credit Union lender for details. Copyright 2014 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved. 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. Mission Statement Building lifelong ships by delivering financial solutions. www.siucu.org relationpersonalized 3.25% APR* 800-449-7301www.siucu.org 1 NEED TO KNOW Youth Can Catch the $ave Wave This April Kowabunga! This April youth will be riding the $ave Wave into SIU CU. Whether they’ve surfed or not, youth love digging their toes in the sand, playing with beach balls, and jumping in the waves. Kids will have the opportunity to visit SIU Credit Union to get tips on how to save. Like surfers, young savers need tools and techniques to improve their skills. And we’re here to help youth start on the path to healthy savings habits. During the week of April 20-26, we will celebrate National Credit Union Youth Week™. This year’s theme, “Catch the $ave Wave™,” highlights tips and resources available at the credit union to boost good habits and “hang ten” on the save wave. Through lots of practice, young surfer savers will learn the secret of riding a gnarly wave that will help them achieve big-time savings. So stop by SIU CU and get in on the action at our Youth Week events: Coloring Contest (ages 12 & under) Let your child’s inner artist come out! Pick up a coloring sheet at any branch location or download one from our website after April 1. Return colored sheet for a chance to win $25 to be deposited into their Bailey Bobcat Account. Web Scavenger Hunt (ages 13 - 17) Get searching online and learn more about SIU CU and your money! Pick up clues from any branch or visit our website, www.siucu.org, then hunt for answers online. Return completed form to any branch for a chance to win $25 to be deposited into their Jr. Executives Account. Bring your saving surfers into SIU Credit Union, and we’ll show them how to grab some air and carve through the save wave. 2 2013 Chairman & President’s Report Our philosophy for the past 75 years has been “We’re Working For You” and it will remain our focus as we move forward. With this in mind, our goal is to provide services Dennis Schaefer that will improve President & CEO our member’s lives. We are pleased to report that your Credit Union performed very well financially in 2013 as the economy continued to struggle for the fifth straight year. SIU CU’s financial results were outstanding and we successfully completed several projects aimed at making your Credit Union experience more convenient. In 2013, Assets grew 9.32% to $278,162,105, Loans grew 10.01% to $161,889,993, and Membership grew to 39,910, a healthy increase of 9.85% for the year. Our approach to our members can readily be seen by providing financing for our members: 4,662 consumer loans ($55.4 million), 131 mortgage loans ($11.9 million), 31 business loans ($4.1 million) and $4.7 million in student loans. When it comes to our community we believe in being an active participant in community activities. During 2013 we assisted in a variety of causes including: Southern Illinois Heart Walk, American Cancer Society Relay for Life, Southern Illinois Hospice, Lifesavers, free financial seminars, scholarships and free shred days. During 2013, SIU CU made great strides in technology. Our redesigned website was launched in February to be more visually appealing as well as easier to use. The addition of the AskAuto Mobile App enhances the auto buying experience by placing vehicle information and values at your fingertips. The addition of LP Online mortgage applications streamlines your home buying and mortgage loan experience. We have also added selfservice coin machines at three locations to better serve members at a lower cost than those provided at local retailers. With every improvement in our delivery channels, we are committed to ensuring that the technology is safe and that your financial security remains intact. During the past year we also remodeled our Corporate and Tech facilities to accommodate future growth so that we can continue to provide the best service possible. We would also like to welcome the members of SEE CU into the SIU CU family through our merger on April 1, 2013. The members in the Harrisburg area can look forward to a new branch facility in 2014 that will have additional features (Drive-up Teller Lanes, Drive-up ATM, etc.) to enhance their CU experience. We know that you have many choices when it comes to financial institutions and are honored that you have chosen SIU Credit Union. On behalf of the Board, Management and Staff at SIU Credit Union, we want to Thank You for your continued trust and support. At SIU Credit Union, “We’re Working For You.” Mobile Banking App Update Now Available Have you updated your Smartphone or Tablet with the most recent version of our Mobile App? The SIUCU Mobile App allows you to manage your accounts wherever you are! Our mobile app is designed with a tabletfirst approach and unified look across all devices. As always, you can: • Check balances • View pending items • View history • View, approve, or cancel transactions • Transfer funds • View and create secure messages New features include: • Threaded messaging • Enhanced transaction workflows • Updated location services *SIUCU Mobile Banking only available to SIUCU members enrolled in Online Banking. Please visit www.siucu.org for details. www.siucu.org Did You Know? If you have a VISA Credit Card with SIU Credit Union, you can now easily access your credit card information through our online banking website. Just login to your online banking account at www.siucu.org. Click on Visa Account Access under the Accounts menu, select your credit card number and you will automatically be logged into eZCardInfo. eZCardInfo is a Web-based application that allows you to view statements, review information and make payments on the enrolled credit card(s). You can see personal information, including your name and billing address. Credit card account information is also provided, including your credit limit, payment due, current transactions and up to 12 months of credit card statements. Along with the basic features mentioned above, there is no charge for the use of this service. Members of SIU Credit Union can access this service anywhere at their convenience 24 hours a day, 7 days a week. Questions? Give our Card Services department a call at 618-457-3595. TRANSFER your Credit Card Balance. Bag the Savings 2.9 introductory % APR* FOR 15 MONTHS NO BALANCE TRANSFER FEE *Annual Percentage Rate. Rates, term and conditions are subject to change without notice. Offer subject to credit approval. Introductory rate of 2.9% 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 January 1, 2014 and ends September 30, 2014, but could end at anytime without notice. Call 618-457-3595 for details. HHHHHHHHHHHHH FREE Home Buying 101 Seminar JOIN US! Date and Time: Thursday, May 8, 2014 Program - 6:00pm to 7:30pm Q&A - 7:30pm to 8:00pm Location: SIU Credit Union - Data Center (Across the street from branch) 400 N. Giant City Road Carbondale, IL 62902 swer questions about real estate loans and the home buying process. Seminar Overview: • Can I afford to buy a home? • The Steps to Mortgage Approval • What a home inspection is all about • What are closing costs • What financing programs are available • And a lot more! As a special thank you for attending our Home Buying 101 Seminar, you will be entered into a raffle to receive a coupon for a $150 discount on your mortgage closing costs. Buying a home is a big step. Whether you’re looking to purchase your first home, wishing to upgrade your residnece or buying real estate for your investment portfolio, you owe it to yourself to have all your questions answered at our Refreshments will be served. Home Buying 101 Seminar. Seating is limited. This is a free seminar with a panel of ex- Please RSVP by May 6 to 618-549-8621 perienced industry experts ready to an- (Lindsey) or email [email protected] www.siucu.org NEW POSITIONS SIU Credit Union would like to introduce their new Vice Presidents to the community of Southern Illinois. Please welcome Jarred Lewis and Kim Babington into their new roles as part of the SIU Credit Union staff. Jarred Lewis of Carterville has recently joined the staff at SIU Credit Union as the new Vice President of Operations. Lewis has more than 20 years experience in management and has worked in financial services for the last 7 years. “I am very excited to be the new Vice President of Operations“, s a i d L e w i s , “and look forward to working for such a great company and wonderns peratio ful group of VP of O ewis L Jarred people!” Lewis replaces Kim Babington, who left the position to serve as SIU Credit Union’s Vice President of Business Development Kim Babington now serves as the Vice President of Business Development at SIU Credit Union. Babington has been with the credit union for 5 years, previously serving as the Vice President of Operations. In her new role, Babington will focus on maintaining relations h i p s with SIU Credit Union’s b u s i ness partners and community leaders, while offerent velopm ing financial ess De n in s u B f VP o abingto literacy semiKim B nars to local school and organizations. Congratulations go out to Jarred and Kim 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 Custodial Accounts: A Way to Transfer Wealth Setting up a custodial account can be a savvy move for adults who want to gift their assets and help their children become financially independent. They are simpler to set up than trusts. But there are many considerations -- and consequences -- to weigh before opening an account. Here are some key points to keep in mind. UGMA and UTMA The two types of custodial accounts you can use to gift assets to your youngster are called a Uniform Gift to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Which one you use will depend on your state of residence. Most states (including Illinois) -- with the exception of Vermont and South Carolina -- have phased out UGMA accounts and now only offer UTMA accounts. UTMA accounts allow the donor to gift most security types, including bank deposits, individual securities, mutual funds, ETFs, and real estate. UGMA accounts limit gifts to bank deposits, individual securities, and insurance policies. • There are no contribution limits. Parents, grandparents, other relatives, and even non-related adults can contribute any amount to an UGMA/ UTMA at any time. Note that the annual federal gift tax exclusion is currently $14,000 per year ($28,000 for married couples). Gifts up to this limit do not reduce the federal gift tax exemption. • The assets gifted are irrevocable. Once you establish an UGMA or UTMA, the assets you gift cannot be retrieved. Parents can set themselves up as the account’s custodian(s), but any money they take from the account can only be used for the benefit of the custodial child. Note that basic “parental obligations,” such as food, clothing, shelter, and medical care cannot be considered as viable expenses to be deducted from the account. • Taxes are due -- potentially for both you and your child. Some parents may initially find custodial accounts appealing to help them reduce their tax burden. But it’s not that simple. The first $1,000 of unearned income is tax exempt from the minor child. The second $1,000 of unearned income is taxable at the child’s tax rate, which could trigger the need for you to file a separate tax return for your child. Any amounts over $2,000 are taxable at either the child’s or the adult’s tax rate, 4 whichever is higher. Note that state income taxes are also due, where applicable. • Your child will eventually gain complete control. Once your child reaches the age of trust termination recognized by your state of residence (usually 18 or 21, with Illinois being 21), he or she will have full access to the funds in the account. Be warned that your child could have different priorities for the assets in the account than you do. Money that parents had earmarked as paying for college tuition could instead be used to purchase a sports car or fund a suspect business venture. Financial Aid Considerations For financial aid purposes, custodial assets are considered the assets of the student, which is less desirable in terms of receiving financial aid to help fund college expenses. If the assets in the account could jeopardize your child’s chances of receiving financial aid, speak to your tax and/or financial professional. One of your options could involve liquidating the UGMA/UTMA and establishing a 529 account. Before making any decisions about establishing a custodial account, be sure to talk to your tax and financial professionals. This communication is not intended to be tax advice and should not be treated as such. Each individual’s tax situation is different. You should contact your tax professional to discuss your personal situation. 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. © 2014 Wealth Management Systems Inc. All rights reserved.. 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
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