FEDERAL CREDIT UNION

OCTOBER 2020 NEWSLETTER

4572-NL-1020

Columbus Day Saturday, Oct 10 & Monday, Oct 12

Veteran’s Day

Monday, Nov 11

Thanksgiving

Thurs-Sat, Nov 26 - 28

Christmas Eve

Thursday, Dec 24

Christmas Day

Fri-Sat, Dec 25-26

New Years Eve

Thursday, Dec 31

New Years Day

Fri-Sat, Jan 1-2

2020

Tired of starting the New Year paying credit card bills from your Christmas purchases?

Consider saving for your next year’s Christmas shopping by opening a Christmas Club account. You can start your 2021 Club account January 1, 2021 and funds will be available November 1, 2021.

Features include:

A competitive dividend rate

24 hour account access through online banking

No minimum balance

Quarterly statement

Payroll deduction for convenient auto-matic deposits

Please contact us if you have any questions about Club accounts.

Whether you’re traveling out-of-state

or out-of-country, call to let us know

your t ravel

itinerary and

we’ll put an

alert on your

account and

debit card.

Financial Literacy: In addition to cash and a bank account, most people own some type of plastic, like a debit card, credit card or combination of the two.

Conservative financial experts recommend either having only a debit card or having both with the credit card reserved for occasional major payments and then immediately paid off. This advice is often given to people who have accrued a large amount of debt.

Starting out with one of each card can help you develop responsible spending habits and provide convenience. Consider the rewards offered by both cards, especially if you travel or make large purchases often.

Debit Cards

The main advantage of only using a debit card regularly is you spend money you already have. Debit cards can be tied to your checking account, where paychecks are automatically deposited.

Debit cards have benefits like no limit on the amount of transactions and rewards based on frequent use. You have the ability to spend without carrying cash and the money is immediately withdrawn from your account.

Because using the card is so easy, it is vital that you don’t overspend and lose track of how much you’re spending with this account. If you’re not paying attention, overdraft fees can drain your account.

Credit Cards

Some hotels, car rental companies and other businesses require that you use a credit card. Getting an account designed for occasional use can be a wise decision. You can establish your credit history and take advantage of the time buffer between making a purchase and paying your bill. Another advantage of using credit is the added protections offered by the issuer. For online shopping and larger purchases, a credit card can be a safer option than a debit card.

Relying on a credit card can lead to taking on serious debt. Should you choose to own a credit card, the best method of action is paying in full every month. It is likely you will already be paying interest on your purchases and the more time you carry over a balance from month to month, the more interest you will pay.

What you do with these debit or credit tools has serious repercussions on your ability to establish credit history and to avoid developing a borrowing habit. Contact a Customer Service Representative to discuss the credit and debit card options available at Cosden FCU.

Credit Card or Debit Card?

If the friend you refer opens

an account, you will receive a

$25 Referral BONUS!

Loan rates are subject to credit worthiness and loan term.

Fall Vehicle Refinance Special that will run from:

August 1, 2020 to October 30, 2020

We will beat your current interest rate by at least 2.00%.

OR give you a lower interest rate based on your score

We will finance 120% of the value of the vehicle but GAP must be purchased

Tis the season of giving – and for criminals it is the season of taking. Every year, dozens of new “charities” conspire to rip off well-intentioned givers. They also wind up starving legitimate and efficient charities of desperately needed resources as well. In the end, it is not just the giver that is ripped off; the real victims are the needy and the beneficiaries of the legitimate causes targeted.

So how can you make sure your dollars are going to your preferred causes – and spent responsibly and allocated efficiently?

Have a giving plan - Many times, criminals can thrive because people do not really have a system or discipline in place to manage their charitable giving. They give on an ad hoc basis, often on impulse, and with no research into the organization.

Research your charities - This is a process called due diligence. If a charity wants your money, you are absolutely justified in investigating them. How reputable are they? How efficient are they? Does 95 percent or more of your donation actually make it to those who need it or does the charity have an unreasonable amount of overhead? How much does the executive director make? Is the salary reasonable for a charity of that size? Two resources you can use to start investigating a charity are www.CharityNavigator.org and www.Give.org.

Determine a charitable giving budget and stick to it - You know what you can afford – do not exceed your budget – at least not on impulse. Give with your heart – but use your head.

Do not give on the street - as many street collectors are scammers themselves. You’re OK buying Girl Scout cookies from the neigh-borhood children in front of the supermarket, since you’re getting some good cookies for your money. Don’t put cash in some collector’s bucket without doing full due diligence.

Get a receipt - Legitimate charities can give you a receipt, which you can use to take a tax deduction. If you take the tax deduction, you can give more. No receipt? No deal.

Ensure the charity is a legitimate 501(c)(3) tax exempt organization - To get the official IRS list, download Publication 78 from the Internal Revenue Service at www.IRS.gov.

Don’t give cash - write a check to establish a paper trail.

It’s not enough just to give. People can give and give and without some controls on their money, their giving might not benefit any-one but crooks. The needy are left out. The whole point of giving is to make life better for the people most in need. Take these steps, and the needy will be getting the maximum bang for your charity buck.

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Great News! We Are Upgrading Our Online Banking Experience!

Virtual Branch Next is Coming Soon! Be watching for important information

about the upgrade to come.