| Call for free and confidential financial guidance
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 Helping you achieve your financial goals is the focus of your credit union. That’s why we partner with BALANCE, a program that provides assistance with personal finances.
As a credit union member you have free access to confidential financial counseling services by phone six days a week. In many cases certified counselors can answer your questions immediately. An appointment can be scheduled to allow ample time to discuss your situation in detail.
Types of assistance available through BALANCE
Budgeting – Get help with goal setting, spending and savings plans, and debt management.
Housing education – Counselors can assist you in understanding the mortgage process and help you get ready to buy a house. They can also provide counseling if you are concerned about making your existing mortgage payments.
Credit report review – You can visit www.annualcreditreport.com to get your free annual credit report and then make a phone appointment to review it with a BALANCE counselor.
Debt management plans – Receive assistance consolidating bill payments and negotiating with creditors.
Identity theft – Ask for counseling to help you if you’ve been a victim of identity theft. Or learn ways to avoid becoming a victim.
Call BALANCE toll free at
(888) 456-2227
Contact a BALANCE counselor
Mon. - Thurs., 8 a.m. - 11 p.m.
Fri., 8 a.m. - 8 p.m.
Sat., 11 a.m. - 8 p.m.
Let them know you’re a Virginia Credit Union member. |
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| Do your homework before choosing a credit card
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 Although it may seem like most credit cards are the same, in addition to the rate there are many differences in the cards that various lenders offer. These differences can often impact the value you receive when using the credit card. Here are some things to watch for.
Shrinking grace periods – The grace period is the time between the statement date and the payment due date. Some issuers have shortened grace periods to 20 days. Look for grace periods of 25 days or more so you have more time to pay.
Balance transfer fees – Before transferring a balance, read the disclosure to see if there is a balance transfer fee. If the fee is significant it could end up costing you as much as the savings from the lower-rate offer.
Zero-percent interest offers with a catch – These offers sound like a good deal until you miss a payment by even a few days or the offer period ends. In the end you could end up with a really high rate
Late payment fees – Even if you think you’ll never have to pay one, you might want to compare these too, just in case. Some issuers charge as much as $39.
Annual fees – Some credit card issuers still charge an annual fee, especially on cards that offer rewards. These fees can often run from $50 to $200 depending upon the card issuer. Make sure the value you receive is worth it.
Be sure to read all of the disclosure information before accepting a credit card offer. While there are credit cards that offer a good value to consumers, there are others that you’d be better off without.
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| Recent survey ranks credit unions highly among issuers |
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In a survey by the Consumer Reports National Research Center, respondents gave credit union credit cards an 89% satisfaction rating, while some of the world’s largest credit card issuers scored only in the 60th and 70th percentiles.
Some of the areas in which respondents ranked their satisfaction included billing experiences, interest rates, fees and customer service.
You can get information about credit card choices and features at your credit union online. |
| Car loan protection provides benefits for credit union members
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 A member recently purchased Guaranteed Asset Protection (GAP) when he got a new car loan at the credit union. Unfortunately, only eight months later the car was totaled in an accident.
Since his insurance company covered only the replacement value of the vehicle, the member would have been responsible for the $3,600 difference between the replacement value and loan balance. Because the member had purchased GAP coverage, he was protected and did not have to pay the difference.
When you’re getting a car loan at your credit union, remember reasonably priced GAP coverage can bridge the difference if your car is totaled or stolen. To find out more about GAP and car loan options, please call Member Services or visit our online Car Loan Center.
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| Building a certificate ladder
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 The benefits of staggering certificate terms
“Laddering” your certificates means that you buy several certificates at once for different terms. Laddering your certificates in this way allows you to increase your liquidity while taking advantage of higher rates. Certificates for longer terms like 60 months may have higher rates than shorter term certificates.
For example, if you have $10,000 to invest to start, one strategy
could be to purchase five $2,000 certificates for each of
the terms shown in the chart.
When the 6-month certificate matures, roll it
over into a 60-month certificate, and do the
same as the 12, 24 and 36-month certificates
mature. In only four years you will have a
60-month certificate maturing every year.
That way you have access to cash every year as a certificate matures, but can also take advantage of generally higher interest rates on 60-month certificates.
For more information about certificate options at your credit union, call us or visit any branch.
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| Financial education director named
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 Offering free financial education resources is one way your credit union is working to make a difference in members’ financial lives.
To expand these resources to members and the community, Cherry Hedges has joined Virginia Credit Union as our first full-time financial education director.
Previously a public school teacher, she will also collaborate with school systems and teachers to develop
and provide financial education programs for students.
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| Holiday gift cards
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 If you plan to purchase a gift card from a store, mall or other establishment, or you receive one
as a gift yourself, here are a few things you may want to check out.
- Fees: These may include
up-front purchase fees, inactivity and transaction fees.
- Expiration date: Make sure you know what the expiration date is. Find out if you can have the card reissued with a new date if you can’t use it by the original expiration date.
- Where you can use the card: Some cards can be used only where they are purchased, while other cards like those with a Visa® or MasterCard® logo can be used almost anywhere.
- Problems and complaints: If the card is lost or isn’t working properly, is there a convenient way to make a complaint to fix the problem?
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| Have you been saving jars of loose change?
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To help you count your coins quickly, the credit union has Coinstar® machines at the Virginia Center Commons, Short Pump, Hanover, and Southpark branches. The machine has a 3% fee, much lower than the 8.9% fee charged at similar machines in many stores.
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| Member wins $50 Special Edition drawing
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Congratulations to David B. Matteson of Sandston who won $50 for his correct responses to the Credit Report Quiz in the last Special Edition. For your chance to win $50,
simply print out and send in the quiz
with the correct responses.
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Contact
us anytime we can help you. Thank you for using your credit
union.
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