Newsletter - BayPort Credit Union
Transcription
Newsletter - BayPort Credit Union
winter 2015 Fall 2014 in this issue Happy New Year from bayport New year, new devices bayport scholarships Financial holiday hangover cure reduce debt in 2015 annual meeting turbotax business news Financial Workshops BayPort Credit Union and BayPort Financial host many free and informative workshops. Upcoming Classes: Build a Strong Credit Report · January 29 Build a Basic Budget · February 26 Debt-Free and Money for Me · March 26 Stay Connected BayPort has gone social; like and follow us to get the most up-to-date offers and information. BayPort insurance BayPort Insurance, LLC, is a wholly-owned subsidiary of BayPort Credit Union. We are an independent insurance agency that finds the best deal for you through our extensive network of providers. Whether it’s home, life or auto insurance, let us find the policies that work best for your situation. Brian Smith Agency Manager Dina Willoughby Insurance Agent Donna Scott Insurance Agent Rita Plourde Insurance Agent Call 757.493.5140 or visit bayportcu.org to get your Free Quote TODAY! Any insurance required as a condition of an extension of credit by BayPort Credit Union is not required to be purchased from BayPort Insurance, LLC and can be purchased from an agent or insurance company of the member's choice. Business conducted with BayPort Insurance, LLC is separate and distinct from any business with the credit union. Insurance purchased through BayPort Insurance, LLC is not a deposit, not federally insured, not an obligation of the credit union, not guaranteed by the credit union or any affiliated entity, involves investment risk, including the possible loss of principal, and may be offered by an employee who serves both functions of accepting member deposits and selling insurance. Happy New Year 2015! As we enter the New Year, BayPort is excited to continue offering you the products and services that help make your financial goals a reality. We have experienced great growth during 2014 including the addition of three new locations in Hampton and Chesapeake, as well as welcoming the staff and members of the credit unions formerly known as Chesapeake City Employees Credit Union and Hampton Roads Postal Credit Union and the staff of the Chesapeake Virginia Credit Union Service Center. BayPort has also focused on meeting your banking needs whether it be face-to-face, over the phone, or with your mobile device. We will continue to explore ways to make your banking with BayPort easy and convenient. George R. Dudley, Jr. President / CEO Thank you for your loyalty and business over the past years and in the years to come. All of us at BayPort would like to wish you and your family a happy and prosperous New Year! Did You Get A New Device? Did you get a new computer or laptop this holiday season? How about the latest mobile device? And now you’re ready for online and mobile banking. Accessing your BayPort account is just a login away. First visit www.bayportcu.org from your computer, laptop, or tablet to get started. If you need help with your first login, just give us a call at 757.928.8850, and we’ll be happy to help. Once you’ve logged in for the first time, you can use the same login created to access all of BayPort’s mobile banking products. We offer apps for iPhones, Android Phones, iPads, and Android/Kindle Fire Tablets. Plus, mobile web banking at https://m.bayportcu.org and text message banking. Get the latest online banking and mobile banking details including all the convenient features we offer such as Bill Payment and Mobile Deposit on our website under “Personal Banking”. Don’t Let College Expenses Deter You Scholarships and Student Lending Can Help Remember when your kids were young? You couldn’t believe the price of diapers and formula and daycare and on and on. It seemed like a never-ending Cha-Ching! Now that your child is approaching his or her college years, you are probably wishing for those days to come back. Not just because your little bundle of joy is almost all grown up, but because you now realize all those expenses pale in comparison to what you are about to experience…COLLEGE! The College Board® has estimated that students enrolling in a public, in-state university for 2014 – 2015 will pay approximately $40,000 for tuition and fees for a 4-year program. Not as bad as you thought? What this $40,000 doesn’t include is room and board, books, activities, and of course, spending money. Realistically, the cost will be closer to $80,000 $100,000 at the end of four years. If your child is looking at a private university, just go ahead and double that. So what are your options? Your best bet is to take advantage of “free” money first. This would include financial aid, grants and scholarships. In fact, BayPort awards more than $50,000 in scholarships to members every year. Once you have exhausted these options, student loans are a great way to close the gap. BayPort also offers a low-rate and flexible student loan available through Student Choice. If you have a student getting ready to enter college, or if you are a working professional attending college courses yourself, visit bayportcu.org to apply for a scholarship from BayPort. Deadline to receive applications is April 1, 2015. College Bound 6 months First Sleepover High School Grad! TAX TIME Tax time is fast approaching once again, and BayPort offers our members ways to save and win. Every year we team up with TurboTax® to provide an easy, accurate and inexpensive way to calculate and submit your taxes. By logging in to TurboTax through BayPort’s Online Banking, you will receive a discount on TurboTax product pricing. As an added bonus, TurboTax is giving away $25,000* worth of prizes. These include one grand prize winner of $15,000 and ten first place winners of $1,000. To take advantage of these discounts and for a chance to win $$$ from TurboTax, logon to Online Banking at bayportcu.org. *NO PURCHASE NECESSARY. Promotion ends 2/26/15. See Official Rules at www.bayportcu.org. Void where prohibited. HOLIDAY CLOSINGS All offices will be closed on the following dates: Martin Luther King Day Monday, January 19, 2015 We’ve Got Your Financial Holiday Hangover Cure Are You Suffering From a Financial Holiday Hangover? Tell me if this sounds like this past holiday season. You use your credit cards to finish up your holiday shopping because you have made a pact with yourself that you will pay it off within a few months. You promise yourself you won’t let the debt stretch out over the enitre year like you did last year. But now as the credit card statements come rolling in, you realize your foolproof plan may have a few kinks in it. Hence the Holiday Hangover... Let BayPort help you knock out that holiday debt by combining your balances from other high-rate cards to a low-rate BayPort MasterCard®. For a limited time, BayPort is offering a promotional rate of 3.99% APR* on all qualifying transfers, purchases and cash advances made between February 1, 2015 until April 30, 2015. You get to keep this great rate until December 2015, giving you plenty of time to pay off those pesky holiday bills without paying an outrageous amount of interest. Once you have transferred your balances, think about opening a BayPort Christmas Club for next year’s holiday shopping. You can set a certain dollar amount aside each month or pay period throughout the year and avoid large credit card debt following next year’s holiday season. Visit bayportcu.org, stop into any of our convenient branches or call 757.928.8850 and get the cure for your Financial Holiday Hangover today. *Offer valid on qualifying transactions made from 2-1-2015 - 4-30-2015 on Retail Accounts only. Promotional rate available until December 2015. Unpaid balances will revert back to the current APR at that time. Transfers may not include BayPort loan balances and are processed as cash advances. Certain restrictions apply. Become Debt-Free in 2015 Is this the year you are going to pay off your excess debt? According to usa.gov, saving money and managing debt are both in the top ten of the most popular New Year’s Resolutions. If you are looking for some easy way to reduce your debt in 2015, follow the tips below. 1. Create a budget. Establishing a budget so you can identify areas you can cut back on is the first step. You can use a free personal finance tool like FinanceWorks® available within BayPort’s Online Banking or make your own Excel spreadsheet with your monthly income and expenses. Once you have documented your expenses, look for ways to reduce spending or earn extra income. You can even meet with one of our Financial Counselors to help you determine a budget that will work for you. 2. Pay off the most expensive debt first. You may be asking yourself, isn’t all debt expensive. Yes, but some are more expensive than others. While you may pay interest on your credit cards and loans, there is always one or two costing you more than the rest, even if the balance is lower. So pull out those monthly statements and sort them by highest interest rate to lowest. Then increase the payment on the debt with the highest interest rate first while paying the minimum payment on the others. Once you have tackled one, put the extra money on the next card with the highest interest rate in addition to the minimum payment you have been making. 3. Take advantage of balance transfers. If you have high-interest cards with balances, take advantage of special promotional rates, like BayPort’s 3.99% APR* promotional rate available February 1 – April 30, 2015 on BayPort MasterCard® credit cards. Then you get to keep that low rate until December of 2015. This is a great way to consolidate debt and reduce the amount of interest you are paying. 4. 5. Halt your credit card spending. If you are having debt or budget issues, credit card spending should be the last thing on your mind. The best thing you can do is take the credit cards out of your wallet and leave them at home to avoid adding additional debt. Reward yourself when you reach a milestone. Don’t look at paying off your debt as a punishment, but see it as a huge accomplishment. Therefore, you should reward yourself when you reach milestones, like the first credit card paid off or reaching a dollar amount goal. Just remember to reward yourself within reason and without using your credit cards. Good luck in reaching your 2015 financial goals. Please contact us if there is anything we can do to help you achieve them. *Offer valid on qualifying transactions made from 2-1-2015 - 4-30-2015 on Retail Accounts only. Promotional rate available until December 2015. Unpaid balances will revert back to the current APR at that time. Transfers may not include BayPort loan balances and are processed as cash advances. Certain restrictions apply. New Year, New Wheels Annual Meeting You are invited to attend the Annual Meeting of Shareholders of BayPort Credit Union, a Virginia Corporation. The meeting will be held at the Hampton Roads Convention Center, located directly across the street from the Hampton Coliseum, on Tuesday, February 17, 2015, starting at 7:30 p.m. The purpose of the Annual Meeting is as follows: 1. To hear annual reports of Officers and Committees 2. To elect four (4) Directors to serve for the period of three (3) years, 2015 Board Nominees are: • John R. Plaster (Incumbent) • Janet L. Harris • Voncile “Von” E. Gilbreath • Pamela J. Rowe, PMP® (Incumbent) • George C. Wiatt, Jr. (Incumbent) • Paul F. Willis, Jr. (Incumbent) 3. To transact such other business as may come before the meeting Doors open at 6:30 p.m., meeting begins at 7:30 p.m. In-Branch Voting Starts February 6, 2015 Vote for your 2015 Board of Directors at any BayPort branch location February 6 - 16, 2015 and receive a chance to win $500! Then join us at the meeting for a chance to win one of 50 Cash Prizes including the $3000 GRAND PRIZE! It looks like 2015 is going to be a great year to upgrade that old station wagon to a sleeker design or find a truck that gets more than 9 miles to the gallon. New technology means new and innovative designs to match customer demand. Cars.com recently revealed their list of the 10 most anticipated vehicles for this year, and many names that we know and love are making the list. These include Ford, Jeep, and BMW. Not only are new and exciting car designs hitting the road, but you can still lock in a great auto rate at BayPort as low as 1.99% APR* up to 48 months. If you have your eye on a shiny new car, don’t wait any longer. These rates may not hold out for long. Apply today at bayportcu.org today. *Credit restrictions apply. Rates and terms are subject to change without notice. Not valid on commercial loans. Payment Example: 48 monthly payments of less than $22.00 on every $1,000 borrowed at a rate as low as 1.99%. Teen Checking BayPort’s Teen Rewards Checking offers the perfect balance of financial freedom with a little guidance from mom and dad. It is a great fit for members between the age of 13 and 17. With a parent or guardian on the account as well, you can guide your teen towards making smart financial decisions now and even better choices in the future. Stop by any of our convenient branches with your teen and start them out on a path to financial success. Plus take a look at all the great features: • $25 minimum opening deposit or direct deposit enrollment • MasterCard® debit card available (with parent/guardian as joint owner) • 5 non-proprietary ATM network fees waived per month • 24-hour account access through online banking with no charge to access mobile banking (your carrier’s normal text and data rates may apply) Growing Your Business in 2015 With the new year upon us, do your business plans include growth strategies for 2015? As an owner, you know better than anyone - growing costs money. Your goal is to obtain the right type of loan with the right terms that will help you achieve your goals. If you are expanding your workforce, a business line of credit may be what you need to meet the increased payroll for a short time; opening new locations are best paid for with commercial real estate loans; or maybe you are in need of an installment loan to upgrade equipment which will eventually reduce operating expenses. Whatever your business lending needs are in 2015, BayPort has the right financing option for you. To get more information on which business loans will best meet your growth goals in 2015, call Denise Owen at 757-671-8871 or Deanna Kimrey at 757-812-4341. Meet our Financial Advisors At BayPort Financial, available through CUSO Financial Services, L.P. (CFS*), we provide the tools to help you achieve your financial goals. We are dedicated to helping you meet your retirement planning, estate planning and investment management needs. Call to schedule your complimentary review. Mark McKnight 757-928-8931 Got the Bundle Yet? BayPort recently introduced the BayPort Bundle, which is comprised of products and services that make your banking experience easy and convenient. Bundle the following services and start enjoying our top discounts and benefits as a Premier member. • Savings • Checking w/ Debit Card • Direct Deposit* • eStatements • FlexLine or Credit Card Hurry to get the Bundle because on March 1, 2015, BayPort will be awarding two lucky BayPort Bundle members with a cruise to the Caribbean. Becoming a Bundle member is easy. Visit any of our convenient branches or visit bayportcu.org to see how you can become a Bundle member today! See branch or website for sweepstakes rules. Credit restrictions apply. *Total monthly deposit(s) must be greater than or equal to $500. As a substitute for direct deposit or if it is less than $500, then 10 monthly debit transactions will be accepted. Mike Long 757-896-8773 Stephanie Bard 757-671-8846 *Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Newport News Shipbuilding Employees’ Credit Union (NNSECU) has contracted with CFS to make non-deposit investment products and services available to credit union members. BayPort Credit Union is a DBA name for NNSECU. The Smarter Way to Bank. BayPort Locations *Also serve as CO-OP Shared Branch Locations Chesapeake 2445 Old Taylor Rd.* 677 N. Battlefield Blvd.* 401 Albermarle Dr. Gloucester 2369 Geo. Washington Mem. Hwy.* Grafton 5028 Geo. Washington Mem. Hwy. Newport News 3711 Huntington Avenue* 5001 Huntington Avenue 8000 Marshall Avenue 433 Denbigh Blvd. 12512 Warwick Blvd. 11820 Fountain Way Hampton 2300 Cunningham Dr. 199 Fox Hill Rd. 1168 Big Bethel Rd. Smithfield 1290 Smithfield Plaza 601 North Church St. (restricted) Suffolk 1463 North Main Street* Williamsburg 4171 Ironbound Rd.* Virginia Beach 4388 Holland Rd.* VA Service Center Locations • 1600 Geo. Washington Mem. Hwy., Yorktown • 5001 Nine Mile Road, Richmond Look for this symbol. Board of Directors Suzanne M. Beckstoffer, Chairman Donald E. King, First Vice Chairman Theodore L. Stewart, Sr., Second Vice Chairman Pamela J. Rowe, PMP®, Secretary/Treasurer J. Paul Kirkland, Assistant Secretary Mary A. Campbell Mary L. Cullen Maureen H. Davis John R. Plaster Donald I. Steppe, CCUE® George C. Wiatt, Jr. Paul F. Willis, Jr. Thomasina R. Wright Phone Numbers All Branches & General Information 757-928-8850 Toll-Free Number 1-800-928-8801 Balances/Rates (Audio Response) 757-244-STAR Mortgages 757-896-8769 Website www.bayportcu.org Board Emeritus Burton P. Hill Robert L. Sterling EQUAL HOUSING OPPORTUNITY This credit union is federally insured by NCUA.