«Cents Abilities The South Jersey Federal Credit Union Quarterly Update Winter 2015 Welcome! Cents●Abilities Volume 9.1 - Winter 2015 inside A New ...»
Making the most of your dollars & cents...
The South Jersey Federal Credit Union Quarterly Update
Volume 9.1 - Winter 2015
inside A New Year has arrived. With it come new
resolutions, and the resolve for a fresh
take on how we conduct our lives. Here at
SJFCU, it’s a chance for a fresh start on how
3 to conduct our financial matters to the best
of our abilities.
Review Your Finances in 2015 In this edition, David Graham, our LPL 4 financial consultant, shares some New Year’s financial resolutions to get you started Check Forms When Filing IRS Refunds on the right track in 2015. Plus, there’s also current, new information on other issues of IRA Contributions for 2014 interest to SJFCU members and on a number of our popular products and services.
Data Breaches As for me, there’s something new as well, coming just over the horizon. It’s a whole new phase of my life.
8-9 Farewell To Benjamin T. Griffith After more than 40 years as President and CEO of South Jersey Federal Credit Union, 11 I am retiring in early 2015. To say that this moment is bittersweet is an understatement Sprint and Turbo Tax Credit Union – yet I look back with satisfaction and pride Member Discounts at all our staff has achieved over the years, and with great joy at what this has meant 12 in terms of happier and more financially healthy lives for all of our SJFCU members.
FREE Platinum Visa Balance Transfers Over the years, I have striven to conduct 13 the credit union’s financial matters – which in turn directly affect you, our members Scholarship Deadline Nearing – much like a conductor of an orchestra.
Each day, I orchestrated to get all of us – 15 members, staff, board members and the Fourth Quarter D
• Set clear goals. The Forte Financial Newsletter, another financial resource, says to think long and hard about this one. “We don’t mean only financial goals. We’re talking any goal you’d like to work toward in the new year that has financial consequence,” said the Forte report.
• Make a budget. Forbes calls it the financial version of a diet. Check your credit card and credit union statements for the past three months, record your expenses, and see exactly where your money is going. If you’re spending more than you take in, look for ways to pare down your expenses.
• Reduce debt. This should be key to your newly created plan for 2015. Every dollar of accumulated debt becomes a heavier drag on your entire financial life.
• Make sure your investments are diversified. Minimize your investment costs.
Take advantage of tax shelters. Each of these three goals, taken separately and together, can help you meet your new financial plan.
• As your new financial plan and your clear-set goals begin to reveal areas where you can cut back on day-to-day spending, build up an emergency fund with those savings you find. With all your future planning, you should still have a minimum of three months’ living expenses socked away for an emergency.
• Plan for retirement. Forbes reports that 80% of those who did a financial assessment reported not being on track for saving for a comfortable retirement. Have you taken advantage of all company-funded retirement plans where you work? Have you investigated IRAs?
David Graham always welcomes the chance to meet with members who want to learn more about planning for a secure retirement. You can set up an appointment with David by either going to www.southjerseyfn.com (to request an appointment online) or by calling 800-582-7640.
Securities and Financial Planning offered through LPL Financial, Registered Investment Advisor, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. SJFCU is not a broker/dealer and not affiliated with LPL Financial.
NOT NCUA INSURED NO CREDIT UNION GUARANTEE MAY LOSE VALUESouth Jersey Federal Credit Union Double-Check Your Forms When Filing for IRS Refunds!
Don’t let a small error cause a delay in getting back any 2014 IRS tax refund money that is due you. We want to make sure that our members don’t experience any such delays!
Please remember these important points:
• The Direct Deposit request on your tax form must be listed in your name, or the joint owners’ names; if not, it will be returned to the IRS.
• The IRS Refund should be posted to our SJFCU Routing Number – 236077755.
• Prior to submitting your refund, reconfirm your SJFCU account number.
• If the account number you list on your IRS return differs from the account number we have on file for you, it will be rejected, and returned to the IRS, causing a delay.
Please be accurate about correctly entering the above information. By filling out your tax refund forms accurately for a direct deposit, you get your refund earlier – in some cases, up to three weeks earlier than if you received a refund check by mail!
IRA Contributions for the Tax Year 2014
This year’s tax filing deadline is Wednesday, April 15, 2015. You have until then to make your annual contribution to your Traditional or Roth IRA for the tax year 2014. The same deadline applies to any Coverdell educational savings accounts (ESAs) you have. Remember: Filing an IRS filing extension does not extend your 2014 IRA contribution deadline!
• The maximum amount you can contribute for the tax year 2014 is $5,500 or your total earned compensation, whichever is less. (This is the same maximum amount as last year.)
• If you are 50 years of age or older, you can make an additional $1,000 “catch-up” contribution, for a total of $6,500. (This is also the same maximum amount as last year.)
• The IRA contribution limit does not apply to rollover contributions.
If you contribute to a Traditional IRA and meet certain income requirements, the full amount of your annual contribution can be tax deductible. Contributions to a Roth IRA are not tax deductible; however, if you meet all eligibility requirements, your Roth IRA distribution can be tax-free.
*Auto loan rates quoted are for Premier Plus category, up to 3 years and up to 5 years and includes one-half percent (0.5%) reduction in rate for payroll deduction or direct deposit. Auto loan promotional rates are for new purchases only. Refinances not included. **Used car rate applies to model years 2012 and 2013 and 2014/2015 models with over 15,000 miles. Other rates and terms available to qualified borrowers. Rates and terms subject to change at any time at the discretion of the credit union.
South Jersey Federal Credit Union
1: Kelley Blue Book Trade-In Values used by Enterprise are obtained from © 2014 Kelley Blue Book Co.’s website KBB.com. Kelley Blue Book Trade-In Value is based on accurate condition rating and mileage of vehicle. Accurately appraising the condition of the vehicle is an important aspect of determining its Kelley Blue Book Trade-In Value. Kelley Blue Book valuation adjustments for vehicle mileage disproportionate to the age of the vehicle may be capped by Enterprise Car Sales at 20% of the vehicle’s base value.
If a Kelley Blue Book Trade-In Value is not available for customer’s vehicle, Enterprise will provide a fair and competitive value for customer’s vehicle. Additional trade-in value of $500 is available only on passenger vehicles and light duty trucks with a Kelley Blue Book Trade-In Value and when a vehicle is purchased from Enterprise. Customer is responsible to any extent vehicle pay-off e Book Trade-In Values used by Enterprise are obtained from © 2014 Kelley Blueprovide required proof of ownership/registration condition rating and mileage of vehicle. Accurately appraising the condi exceeds Enterprise offer. Customer must Book Co.’s website KBB.com. Kelley Blue Book Trade-In Value is based on accurate and all other necessary paperwork important aspect of determining its Kelley Blue Book Trade-In Value. Kelley Blue Book valuation adjustments for vehicle mileage disproportionate to the age of the vehicle may be capped by Enterprise Car Sales at 20% of the vehicle’s bas to transfer title. Offer only valid on one trade-in for each Enterprise vehicle purchase. Restrictions apply. For details, see an Book Trade-In Value is not available for customer’s vehicle, Enterprise will provide a fair and competitive value for customer’s vehicle. Additional trade-in value of $500 is available only on passenger vehicles and light duty trucks with a K In Value and when a vehicle is purchased from Enterprise. Customer is responsible to any extent vehicle pay-off exceeds Enterprise offer. Customer must provide required proof of ownership/registration andTX, VA andpaperwork Enterprise Car Sales Manager. Offer void where prohibited including AK, HI, KY, LA, MD, NE, NM, OK, OR, SC, all other necessary ly valid on one trade-in for each Enterprise vehicle purchase. Restrictions apply. For details, see anNo cash advances. Cannot be prohibited including AK, HI, KY, LA, MD, NE, NM, OK, Used TX, VA and Washington Washington D.C. Offer valid 01/01/2015-01/31/2015. Enterprise Car Sales Manager. Offer void where combined with any other offers. OR, SC, vehicles 2015-01/31/2015. No cash advances. Cannot be combined with any other offers. Used vehicles are previously part of Enterprise short-term rental and lease fleet or purchased by Enterprise from other sources including auto auctions, with short-term rental, lease or other. part of Enterprise short-term rental and lease or other.
are previously apply. For details, see an Enterprise Car Sales Manager. **Enterprise 12-Month Unlimited Mileage Roadside Assistance Package is provided by the American Automobile Association (AAA) and its affiliated clubs in the United States and Ca erprise, “The Perfect Used Car Package” and “Haggle-free buying. Worry-free ownership.” are trademarks of Enterprise Manager. **Enterprise the property of their Unlimited © 2014 Enterprise Car Sales.
*Restrictions apply. For details, see an Enterprise Car Sales Holdings, Inc. All other trademarks are 12-Month respective owners. Mileage Roadside Assistance Package is provided by the American Automobile Association (AAA) and its Cents●Abilities Data Breaches: What You Need to Know
First, we at South Jersey Federal Credit Union want to reassure you, our members, that we are always ready to help you if your personal or financial data is ever compromised. We take service to our members seriously and will do everything we can to ensure that action is taken – quickly – to help you avoid becoming a victim of identity or account theft.
As the NAFCU’s Berger notes, “Your credit union is subject to strong data security standards established by Congress and federal regulators. While data breaches can happen anywhere, we are ready with a plan designed to ensure the safety and confidentiality of your sensitive data. Unfortunately, merchants and retailers are not subject to these federal requirements.
“Many of them follow their own data security standards,” added Berger, “but the recent rash of data breaches shows that much more needs to be done. When it comes to protecting your personal information, every measure counts.
“If your debit or credit card data is breached at a retailer, the cost of card replacement or account reimbursement to you is typically paid not by the merchant where the breach occurred, but by your credit union,” said Berger.
“Credit unions around the country are leading the effort to get Congress to pass legislation,” said Berger. “Such legislation would ensure merchants and retailers meet a national standard for protecting any of your financial data they collect when you make a purchase.” While we can’t control what happens at merchants and retailers, we want you to know that SJFCU does everything possible to assist you and your family if a breach does occur when you use your SJFCU Visa debit or Visa credit card.
As always, feel free to contact us at 800-582-7640 if you have questions, concerns, or need to report a problem.
South Jersey Federal Credit Union
Under Griffith’s leadership, SJFCU has grown from $1,274,000 in assets, $690,000 in loans and about 2,500 members in 1974, when he started here, to the current figures of $330 million in assets, $135 million in loans, and more than 45,000 members today. This impressive growth and substantial numbers combine to make SJFCU the largest credit union in South Jersey.
As SJFCU has grown in membership and in asset growth, as well as expanding to six branches over the decades of his leadership, highlights of some of those milestones
demonstrate the depth and breadth of his years at the helm of SJFCU:
• December 1974 – Benjamin T. Griffith hired • 1980 – SJFCU membership: 3,000
• February 1989 – Grand opening of new headquarters/branch in Deptford • 1990 – SJFCU membership: 27,000
• September 1997 – Deptford branch addition completed • 2002 – Pleasantville branch opens
• October 2004 – Vineland branch opens
• April 2007 – Voorhees branch opens
• May 2008 – SJFCU makes 10-year total commitment of $75,000 to Parada San Juan Bautista’s scholarship fund
• May 2009 – Moorestown branch open
• August 2009 – Deptford Corporate Center opens
• July 2010 – Deptford branch renovations completed
• April 2012 – SJFCU establishes scholarship fund at Gloucester County College (now Rowan College at Gloucester County); commits $2,500 per year for 10 years, for a total of $25,000
• September 2012 – SJFCU signs agreement for 5-year sponsorship for athletic programs at Deptford Twp. School District • 2015 – SJFCU membership: 45,500 Through all these years and into the present time, SJFCU has continued to grow, serving public employees, schools, hospitals, postal workers, casinos and additionally, nearly 600 private businesses and organizations throughout the South Jersey region which are known as SJFCU’s Select Employee Groups (SEGs).