REFINANCING YOUR CAR LOAN CAN SAVE DOLLARS AND MAKE SENSE!

WINTER 2014
WWW.GLENVIEWCU.ORG
REFINANCING YOUR CAR LOAN
CAN SAVE DOLLARS AND MAKE SENSE!
GCU can likely save you money and lower your payments. Unlike refinancing your
mortgage or even consolidating credit card balances, refinancing your vehicle loan is
usually quick, easy and painless. No appraisal will be required. And usually, payments
can be deducted from each paycheck.
Here are five situations where
refinancing your vehicles makes the most sense:
• Interestrateshavedropped. Interest rates have dropped more than a couple of
points over the last few years, so you could save some money. Remember, even a
percentage point or two can make a big difference over the life of the loan.
• Yourcreditscorehasimproved. If you had a few negatives on your credit report —
or had no history of credit — when you bought your car, but your credit is healthier now, you may qualify for a lower interest rate.
Interest rates of 18 percent or more for consumers with a thin credit history are common. Several months of on-time payments could
show that you have earned a lower rate.
• Youdidn’tgetyourbestratewhenyoupurchased.Just because you had a high credit score and unblemished credit history
doesn’t mean you got the best rate you could have received when you purchased the car. Dealer-sourced vehicle loans commonly
carry a higher rate than the consumer deserves because the consumer simply didn’t know better.
• Yourpersonalfinancialsituationhasdeteriorated. If you have had a financial setback and need to reduce your payments,
refinancing could be a solution by increasing the number of loan payments, thereby lowering the monthly payment.
• Yourcarleaseisexpiringandyouwanttopurchasethevehicle.When you fulfill the terms of a lease, you have the option
to buy the vehicle.
Finding a lender that refinances is the easiest step in the process: Glenview Credit Unions does vehicle loan refinancing and we
have money to lend. In fact, when members borrow from the credit union it keeps us strong. We need members to consider us
first for all loan needs: credit cards; autos; home equities and more.
OUR CLASSIC BILL
PAY SAVES YOU
TIME AND MONEY!
RETIREMENT
ACCOUNT
CONTRIBUTION
LIMITS FOR 2014
Take a “tour” of the GCU Bill Pay program
and check it out using our demo option.
Classic BillPay is FREE as long as you use it
once a month. Simply go to the demo site
and check out all the features and benefits
that can save you time, help you budget and
save you money as well (no late fees – when
payments are on time!)
Another feature we love is online chat – get
help as needed! Plus you’ll find a calendar
to help you plan and budget as well as a
reminder page that allows you to set up and
schedule e-notifications to yourself.
How much money will I be able to contribute
to my 401(k) and IRA in 2014?
The 2014 CONTRIBUTION limits will
remain the same as they are for 2013.
You can contribute as much as $17,500
to a 401(k), 403(b), 457 or the federal
government’s Thrift Savings Plan,
plus as much as $5,500 more in catch-up
—cont. on page 2
—cont. on page 2
Here’showmuchyoucan
stashina401(k),403(b),457,
traditionalIRaandRothIRa
— by Kimberly Lankford, 11/6/2013, Kiplingers
COMING SOON:
SCORECARD!
—aVISaRewaRdSCaRd
GCU VISA Gold
Card holders will
receive a ‘bonus’
soon! All GCU
Gold cards will include the Bonus Point
Rewards program. This program features
merchant rewards and points that add up
every time you shop at your favorite stores.
Redeem your points for merchandise and
tickets. Don’t have our GCU VISA Gold
Card? Apply today online or by calling us.
YOU WON’T BELIEVE WHAT BANKS PAY THEIR BOARD MEMBERS
BILL PAY
- PAGE 3
—cont. from page 1
Here are some helpful FAQs:
Dear Members,
On behalf of the Board and Staff I want to
personally thank you for your business in
2013. It has been a pleasure helping you
reach your goals, and we look forward to
serving you again in the New Year. We
wish you a prosperous and wonderful
2014!
All the best,
Dan Stojanovic, President
MEMBERS:
Share Your Updates with Us!
We know you are busy. GCU is not likely
on your mind when you have life-changing
or special events, but keeping us informed
helps us protect your identity. Please let us
know when:
Contact Info Changes: Having current
phone, cell, address, email, and work
numbers are important to identifying our
members.
Name Changes: Getting married or
unmarried? Should you change your name
make sure to complete a new membership
document and provide us with a copy of
your new driver’s license or passport.
Beneficiary Changes/Updates: We can
mail or email you a form to change, add or
update your beneficiaries whenever you
require it.
TravelPlans: If you carry our credit and/
or debit cards please let us know when you
travel either domestically or internationally.
We can note your account as well as
alert you if a country is on a blocked list.
Sometimes, unusual or different activity can
alert our fraud team.
RETIRE
Q: What is online bill pay?
A: Online bill pay is a service that allows you to pay
virtually anyone or any company through your online
banking account. You determine who you want to pay,
when you want to make the payment, and which account
you want the payment to come from. It’s safe, secure
and easy to use.
Q: Who can I pay with online bill pay?
A: You can pay virtually any business or individual with
a mailing address within the United States and Puerto
Rico. For example, you can pay utilities, cable bills or
credit cards, or individuals such as a landlord, babysitter,
or relative. NEW FEATURE: Send payment to anyone
with an email address.
Q: How are online payments delivered?
A: Payments are sent one of two ways—electronically or
by paper checks. The majority of payments are delivered
electronically. Your payment information, such as your
account number, is sent via secure transmission. All
other payments are made by paper checks that are
mailed via the U.S. Postal Service.
Q: Is online bill pay secure?
A: Paying bills online is one of the safest ways to pay your
bills. Online bill pay helps guard against identity theft from
lost or stolen checkbooks, bills and statements. It also
increases your privacy because only you can access your
account information, account numbers and payment
history. As a result, you maintain tighter control of your
account with real time access to your payments activity.
Q: How long does it take before my payment
is received?
A: Generally, your payment is received within 2 to 7 days,
depending on whether or not it is sent electronically or
via paper check.
Q: What are the primary benefits of online
bill pay?
A: Here’s a quick list of the many ways you can benefit
from using online bill pay.
Save time. It takes only minutes to pay your bills each
month. You save time on trips to the post office and filing
away paper receipts. In addition, smart features such as
recurring payments allow you to set up a schedule to pay
your bills automatically.
Save money. Online bill pay saves on postage,
envelopes, late fees, and checks. If you pay just 10 bills
per month, you can easily save over $75.00* per year.
Stay organized. Your payment history is stored online
so you won’t have to file and sort through paper receipts.
Gain peace of mind. You can schedule payments in
advance so you won’t have to worry about paying bills
when you travel. Bill pay reminders are also available to
notify you it’s time to pay your bill.
Help the environment by saving paper. With
online bill pay, there are no checks to write or envelopes
to mail. That’s good news for you and the environment.
You can eliminate bills mailed to you since they are
electronically sent to your bill pay account.
*Savings are approximate and based upon the average annual cost of stamps,
envelopes, and checks required for paying ten bills per month.
Q: What is eBill?
A: eBill is a feature that allows you to receive and pay
electronic summary versions of paper bills directly from
your online bill pay account.
Q: How do eBills work?
A: eBills are delivered directly to your online bill pay
account. Once you set up an individual eBill for a
company you do business with, an eBill comes directly
from that payee to your account. Examples of businesses
that offer eBills are cable service providers, phone service
providers, utility providers and credit card companies.
Q: Will I still receive paper statements when
I have eBill?
A: You will also continue to receive paper bill statements
unless you contact the payee to stop sending those
statements.
Q: How will I know if eBill is available for a
payee?
A: There are two easy ways to determine if a payee
offers eBill. You can check to see if there is a “Setup
eBill” link next to their listing on your online bill pay
home page, or look for the “Sign Up” icon under their
name in the “View Payees” section.
Q: What are the primary benefits of eBill?
A: With eBill, everything you need is in one convenient
location. Using eBill allows you to streamline your bill pay
routine and have online access to your bills. That means
you won’t have to keep track of paper bills. In addition,
you can view past bill summaries at a glance.
Q: What information is included in an eBill?
A: Balance due, due date and minimum payment amount
are included in your eBill. If you need additional details,
there will be a link that lets you login to your account
on your payee’s website, or you can check your paper
statement.
Q: How do I pay an eBill?
A: To pay an eBill, simply choose the account you want
to pay from, enter the amount you want to pay, and
schedule when you want the payment delivered.
Q: How do I know when I have received an
eBill?
A: You can sign up to receive an electronic notice to
alert you when an eBill has been delivered to your
account. You can receive these notices in the form of
emails or text alerts to provide an extra reminder when
a payment is due.
—cont. from page 1
contributions if you’re 50 or older in 2014. And the annual contribution limit for traditional and Roth IRAs remains at $5,500 in 2014,
plus as much as $1,000 more if you’re 50 or older.
The INCOME limits determining who can contribute to Roth IRAs are increasing very slightly. You can contribute to a Roth IRA in 2014 only
if your adjusted gross income is less than $129,000 if single or $191,000 if married filing jointly. (The amount that you can contribute starts
to decline — or phase out — for singles earning more than $114,000 and couples earning more than $181,000. )
Don’t forget — you have until April 15, 2014 to add a contribution to your 2013 IRA! If you don’t have one we can open one today. IRa
balancesover$7,500avoidthe$30annualIRaadministrationFee.LogontoIRS.govformoreIRadetails.
2
ASK US...
Q: If I bounce a check or payment,
can I get an NSF fee back?
A: We understand that mistakes do
happen. To request a refund submit a
request in writing. Generally one $25 NSF
fee will be reversed a year.
Q: Can I have a family or friend
receive their tax refund in my
account if they are not on it?
A: NO. Funds must be yours with your
name on it. However, family members may
qualify for GCU membership – so have
them set up an account here.
Q: Can I pay bills from my savings
account?
A: NO. By law a savings account is not a
transactional account, so you are limited to
6 transactions per month. Instead, open a
checking account and get a debit card! You
will also qualify for our free classic BillPay
with a GCU checking account.
THE ORIGINAL
FRIENDS & FAMILY…
Did you know that Glenview Credit Union is a
cooperative financial institution? Think about the James
Stewart classic, It’s a Wonderful Life – and you’ll get the
concept! One member’s loan helps another member’s
savings rate and so on. Here are additional differences:
A Co-Op, Not a Corporation: Glenview Credit Union, as many CUs do, considers
itself “financial cooperatives” rather than financial institutions or corporations. How is a
credit union different than a bank? According to the National Credit Union Administration
(NCUA), “In the United States, credit unions are not-for-profit organizations that exist
to serve their members rather than to maximize corporate profits. Like banks, credit
unions accept deposits and make loans. But as member-owned institutions, credit unions
focus on providing a safe place to save and borrow at reasonable rates. Unlike banks,
credit unions return surplus income to their members in the form of dividends.”
A Better Way to Bank: Member-owned generally allows the rate of returns on
savings accounts to be higher and the interest rates on loans to be lower than at a
bank. GCU offers the best auto, motorcycle, and home equity loan rates around! In
addition to a full range of loans, GCU offers free checking, interest checking, fresh start
checking and a variety of savings products including IRAs, Money Market and CDs.
Membership Access: Each institution decides who it will serve. In order to join a credit
union, potential members must be part of a field of membership, which is typically based
on employment, community, or membership in an association or organization. Our field
of membership includes those who live or work in the Northfield Township boundary,
Golf, Glenview, Northfield, Northbrook, members of B’Nai B’rith and fringe areas.
Q: How do checks clear so fast?
A: In our electronic world processing is
faster than ever. To avoid getting caught
short write checks only when there are
available funds in your account. When you
write a check it will be deposited and could
clear almost immediately. They usually are
and a postdated check does not give you
protection if it is deposited early. Also make
sure to account for that check in your daily
balance. If the recipient does not deposit the
funds for days or weeks you want to make
sure you don’t spend those funds again!
Cool Perks and Free Education: Our credit union offers fun and useful products
such as discounts on AAA Membership, Sprint phone services and Enterprise Car rentals.
We offer access to top-notch financial advisory services for investments and budgeting.
Additionally, we work in our community educating people about how a credit union
can benefit people to help them make their best financial choices in every stage of life.
Q: Will I be able to see check images
when I use BillPay the same as when
I write a check?
A: YES! Classic BillPay now offers check
images online. Don’t forget – our Classic
BillPay service is free as long as you pay a
minimum of one bill per month.
According to an Equilar^ study, large bank board members are paid in the mid-six figures
per year: Citigroup ($315,000); Wells Fargo ($299,429); JP Morgan Chase ($278,194);
Bank of America ($275,000). Credit union board members – priceless!
Q: How do I order my credit report
and what does it cost?
A: It is FREE if you do it the right way!
Visit annualcreditreport.com, call 1-877322-8228, or complete the Annual Credit
Report Request Form (available at GCU
or at annualcreditreport.com). Mail it to:
Annual Credit Report Request Service, P.O.
Box 105281, Atlanta, GA 30348-5281.
The law allows you to order one free copy
of your report from each of the nationwide
credit reporting companies every 12 months.
Please note: this is the ONLY truly free
source for getting your credit report.
Fees and loan rates at credit unions are generally lower, while interest rates returned are
generally higher than banks and other for-profit institutions. Credit unions are democratically
operated by members, allowing account holders an equal say in how the credit union is
operated, regardless of how much they have invested in the credit union. In fact, our board
of directors are all volunteers who work very diligently to help the credit union!
The Bottom Line: When it comes to banking services, credit unions offer the
same menu of financial services that you’ll find at large banking corporations. If you’re
frustrated with long lines and unresponsive customer service, a credit union might
just be the best place to put your money. It’s tough to beat a place that’s communityfocused, friendly and offers better rates. But we do need your help! Here are some
ways you can help keep GCU a viable financial co-op:
❑ Refer your friends and family to GCU for membership and loans.
❑ Think of us first when you want to refinance a car or home.
❑ Check out and compare our products and services – you might be surprised
about our checking accounts, credit cards and investment products.
Contact us today for any information you need. Let friends, family and co-workers know
there is a great place for them to borrow and save. Email MemberService@GlenviewCU.
org or call 847-724-6306, and we can send a Membership Packet to make joining easy!
^ Equilar is the leading provider of executive compensation data and governance tools for corporations, non-profits, consulting
firms, institutional investors, and the media. These figures are from an April 2013 article and are for 2012.
1631 Waukegan Road, Glenview, IL 60025 | Phone (847) 724-6306 | Fax (847) 724-1808 | www.glenviewcu.org
Hours: M,T,Th 9:30am-5pm | W Closed | F 9:30am-6pm | S 10am-1pm | E-mail [email protected]
Federally insured
by NCUA