The Money Makeover Contest.
Families of any size or single individuals are invited to apply to compete over a six-month period to see which family can improve their financial situation the most. Each will be given a chance to work with a VyStar Money Coach in a race to reduce debt, save money and WIN BIG.
This year’s contest offers an opportunity to even more people. Four TV families will compete for the Grand Prize of $7,500. Additionally, a family will be selected from each of our VyStar Branches to compete for a Grand Prize of $1,000 awarded to four of these families who improve the most. (High school branches/drive-thru centers are excluded.)
Application period ends March 22, 2010 and VyStar’s Money Makeover Contestants will be announced in May when the contest begins.
Everyone can participate.
Whether you are one of the lucky families selected or would simply like to track the progress of and learn from our finalists as they work through meeting and exceeding their financial goals to win, there will be something for everyone during the 2010 VyStar Money Makeover.
Watch them on TV.
Like last year, you will be able to follow the progress of our new Money Makeover Contestants again on CBS 47 and FOX 30 and online at www.actionnewsjax.com. Watch for more details as we prepare for another season of newscasts and blogs.
Ask for a Money Coach today!
The reason for the Money Makeover Contest is to share real-life situations to help us all learn better ways to manage our money. But it is more than that. Walk into any VyStar branch and ask for a Money Coach. Get the support you need to help drive down debt, boost your savings and brighten your financial outlook. It’s free.
Visit www.vystarcu.org and click on Money Makeover for more details and free financial tools to help you. We are bringing Money Makeover to even more people.
REDUCED RATE AUTO LOANS
Let us finance or refinance a new or used vehicle for you. With our reduced rates, now is a great time to get a VyStar Loan.
We are the #1 Used Car Lender.
*Annual Percentage Rate effective 2/17/10 - subject to change. Rate may vary based on your individual credit history and includes Optional Rate Discount (ORD) of .25% for loans set up on automatic payment method. All payments based on the standard rate without ORD. Subject to credit approval.
FIXED LOW RATE CREDIT CARDS
Need to consolidate some of your higher interest credit card debt to a better value? Apply for a VyStar Visa® Platinum, Gold or Classic credit card. Our rates are fixed on purchases, balance transfers and cash advances. Go to www.vystarcu.org for current rates and terms.
We are one of the few that kept our credit card rates fixed.
UP TO $5,000 IN CLOSING COSTS ON US
Pay less when you finance a new home or refinance an existing mortgage from another institution with us. VyStar’s No Closing Costs Mortgage Loan Offer** has great benefits and can save you money!
Competitive rates, fewer fees
No intangible tax at closing
No prepayment penalty
Access to VyStar Title Agency
**Certain restrictions and limitations apply. No Closing Costs offer available only when obtaining a VyStar First Mortgage Loan and is not available on VA, FHA & Reverse Mortgages. Available for purchase or refinance. VyStar will pay borrower closing costs up to a maximum amount of $5,000 excluding origination fee, discount points, private mortgage insurance, prepaid interest or funds to establish the member’s escrow account. If the borrower pays off the mortgage within the first 36 months, they will be required to reimburse VyStar for a portion of the closing costs paid by VyStar. Offer available for a limited time and subject to change without notice. All loans are subject to credit approval.
Stop by any VyStar Branch
Apply online at www.vystarcu.org
Introducing VyStar's New Business Line of Credit
At VyStar, we are lending money at competitive pricing and have a team of experienced business services lenders who are dedicated to providing prompt loan approval and the personal attention that you and your business require.
New for Business Members, we are now offering a Business Line of Credit to help you better manage your business’ working capital. With credit limits between $25,000 and $100,000 available, low interest-only payments and the flexibility to take draws and make principal payments on your schedule, a Business Line of Credit can help your business in many ways.*
For more information about VyStar’s Business Line of Credit, Commercial Real Estate, Business Equipment and Business Vehicle Loans, please contact us today.
Building stronger businesses builds stronger communities.
*Business Lines of Credit must include the personal guarantee of all business owners, may be secured by equipment, vehicles, real estate or liquid assets, and cannot be used for overdraft protection. To qualify, businesses should have at least 3-years of continuing operations and be in good standing.
As a result, some consumers are finding it more difficult to get a loan and absorb unexpected increases in the cost of conducting their daily financial business. It is no wonder they are seeking a viable solution in an alternative financial institution that can help them during these tough economic times.
At VyStar, we make it our social obligation to give back to our members and the communities we do business with, and work exclusively on our members’ behalf. We are a safe place to save and borrow at a reasonable rate – a place you can trust with your hard-earned money and have ownership. Because we have so much to offer, it is our purpose to bring credit union services to more people and we hope, with your help, to do just that.
How many times have you heard someone say, “I didn’t know I could join VyStar”? This may be because credit unions are often misunderstood as an exclusive place with limited services. This is not the case – not even close.
VyStar offers the benefits of credit union membership to over 357,000 members and over 9,000 businesses within our seventeen-county area. It is not always realized that this means anyone who lives or works in Alachua, Baker, Bradford, Clay, Columbia, Duval, Flagler, Gilchrist, Hamilton, Levy, Putnam, Marion, Nassau, St. Johns, Suwannee, Union and Volusia counties, where over 2.8 million people are eligible for VyStar membership. This also includes businesses, clubs, churches, organizations and associations located in the designated VyStar area and anyone who is related to a member by blood, marriage or adoption – regardless of where they live.
We encourage you to join us in getting the word out about VyStar. Maybe someone you know – a co-worker, family member, friend or neighbor – has no idea they are eligible to join. By extending membership to more people, we are not only making available the many advantages of shared ownership in your credit union but it can also help us continue to grow and prosper for the benefit of all who belong.
It is a great time to be a member. Because we operate not-for-profit, VyStar returns its profits back to members in the form of new products, services, facilities, enhanced operations, and easy account access through a variety of electronic, automated and telephone services. We also strive to provide as many services as possible without fees attached. When a fee is necessary to help offset costs to provide the service, we strive to keep it as low as possible.
VyStar members have free ATM service at over 150 VyStar ATMs when using their VyStar cards and a place to go to see someone in person at one of our branches. For added convenience, our Call Center is available at (904) 777-6000 or 1-800-445- 6289. Planning for the future and making financial service convenient to even more communities, we have purchased property where we plan to build branches in the future when it is feasible.
Members can manage their money from just about anywhere with Internet Banking (on their computer) and Mobile Banking (from their web-enabled cell phone or other hand-held device) at www.vystarcu.org to view their accounts, perform transactions, pay their bills, and get their statements and tax forms. VyStar does not charge for these services. Recently, we introduced free Remote Check Deposit via Internet Banking (under Services) to give members a secure way to scan their checks from home and be able to safely deposit them electronically into their VyStar account. Another deposit service is free Direct Deposit that automatically deposits your pay or social security check into your account. During tax season you can use this same service to have your tax refund deposited electronically. Our services are safe, convenient and will get your money to you quicker. With this issue is an article that tells you more about how to set up electronic transactions correctly.
VyStar is lending money at a time when it has become more difficult to obtain financing. We encourage our members to apply for any of our affordable, low-rate consumer, mortgage and business loans. Auto loan rates have been reduced to as low as 2.99% APR on new cars and 3.75% APR on used cars. We continue to pay up to $5,000 in closing costs to qualified borrowers who finance a new home or refinance an existing mortgage from another institution with us. We also offer our business members a variety of loans and other services to help them acquire what they need to grow at a cost they can afford.
Recently in our members’ best interest and unlike many other financial institutions, we decided to keep our credit card rates fixed on purchases, balance transfers and cash advances. At the same time, we do not charge annual fees on our credit cards and we do not charge special fees for cash advances or balance transfers like some credit card providers charge. We encourage saving money at VyStar and offer competitive rates and sound advice on a variety of savings and investment programs to maintain a healthy financial balance. Your money is protected by some of the strongest insurance coverage in the financial services industry.
You may wonder how VyStar is doing, especially during such challenging economic times. We are financially strong. While credit unions are generally performing well, none of us are immune to the economic downturn and some credit unions have suffered more than others. At VyStar, we continue to conduct business in a conservative fashion (as we always have) and make every effort to maintain a healthy level of operation. The 2010 economic forecast may still show signs of weakness but VyStar remains fiscally sound – our systems are strong and functioning well.
Having money in a Share Savings Account or Certificate of Deposit (CD) can also be helpful in providing another type of lending option qualified members can consider – a share-secured loan. There are valid reasons to take out a share-secured loan. Borrowing against a CD, for example, can help you get a loan at a lower cost and since the CD is just used as collateral, it will continue to earn interest during the term of the loan.
Your Board of Directors and management team work together on your behalf to make decisions and manage your credit union so that it will continue to be successful and deliver a better value to our members.
Our members continue to tell us they are happy with our service. Making things better and your life a little easier, even through difficult times is very important to us. We concentrate on service at no cost and what costs we must pass on to our members are kept to a minimum – something you don’t always find elsewhere.
Each year, VyStar conducts formal surveys asking our members what they think about our service. Our most recent survey was the highest rating we have ever received. On a scale of one to five, with five being the highest, we were consistently rated a 4 or 5 in overall satisfaction. While we are especially proud of our member satisfaction levels, our work is never done. We are constantly striving to do better, giving back to our valued members in every way possible and regularly seeking ways to improve all we do for our members.
Credit unions consist of regular people who want to improve their financial lives and be able to get the things they need and want. At VyStar, we encourage people to learn more about their money and make a difference.
One important way to do this was through our Money Makeover last year and partnership with CBS 47 and FOX 30 to reach as many people as possible. For 2010, we are pleased to announce our new Money Makeover and contest beginning in May where select families will provide real life examples to help others consider their own spending and learn ways to reduce debt, increase savings, and form a plan and budget for future needs. With our Money Makeover television coverage, you can follow the situations, struggles, solutions and positive results of our Money Makeover contestants. We hope this will be helpful with some of your own financial decisions.
During Money Makeover 2010, VyStar will be conducting more televised phone banks where people can call in to an experienced VyStar Representative during a thirty-minute broadcast – anonymous if they choose – to get answers to their questions. This is just another way to give back to our communities and is especially helpful during a time when so many are struggling with lost jobs, decreases in income and too much debt.
Members can also walk into any VyStar branch to get their very own Money Coach who will show them ways to help improve their financial condition. Whether you are having money problems or just need a quick financial checkup, we are here to help you. This service is free and could change your financial life forever.
Our commitment to giving back to our communities sets us apart from others. It is the spirit of "people helping people" every day. The faces you see at our branches or the VyStar Representatives you speak with over the phone not only strive to provide service excellence in their work, but they also give even more behind the scenes in response to the increased needs of numerous charities and organizations in our communities. Each year VyStar employees break records in going above and beyond – donating money, time and energy to important causes like the United Way of Northeast Florida, March of Dimes, The Leukemia & Lymphoma Society’s Light the Night and many more individual community-related projects throughout the year.
Whether it is giving financial advice to a member whose employer closed its doors, providing a loan to help a member cover unexpected medical bills, or simply offering a better deal on a car or home loan, VyStar has much to offer and can make a difference for our members and the communities we serve.
We are a financial cooperative of people pooling their resources to help one another. When you have had a positive experience with us, we hope you will share it with someone and let them know they can join. Adding members is not simply adding numbers – it is a cooperative effort to help improve financial lives, both yours and that of those you know. With your dedication and support, we can continue to be the successful credit union we have become now and in the future. Thank you for being a valued member and making your credit union the success it is. We never forget that it’s your money.
Terry R. West
President/CEO
VyStar Credit Union
Scam artists and hackers have become more skillful in attempting to steal your information. None of us are able to eliminate fraud; however, we can work to help keep from becoming a victim. Be aware and DO NOT RESPOND.
- VyStar will NEVER ask for your account numbers, passwords,
PINs or any other sensitive information in an unsolicited email, correspondence,
phone call, text message or through a website.
- Never reveal any confidential information to anyone you do
not know.
- Do not click on links or respond to website requests for your
personal information.
- Please call us if you ever receive a request for personal information that claims to be from us or that concerns you in any way.
Another free service provided to VyStar card members is Electronic Security Protection (or ESP). ESP offers a package of security that can help sense what is happening with your ATM, credit and check card services. Whether it's accessing your accounts by phone or computer, making purchases, getting cash or simply knowing who to turn to for help – the security of our members and ESP's monitoring, warning and recovery services are running non-stop for you and your accounts.
Call Us! If you suspect fraud related to VyStar or your VyStar accounts, please contact us immediately at (904) 777-6000, option 9 or (800) 445-6289, option 9.
Take Extra Precautions When Logging In
- Use a Login ID that would be difficult to guess.
- Use a Password that has from 8 to 16 characters, at least
one letter, one upper and one lower case, and one special character like: ! # @
$. An example of a strong Password is: 14c95T6!!
- Use a different Login and Password for each account you have
and keep it protected in a safe and separate place.
- Never use any part of your member number or account number
or any other personal information like social security numbers, birth dates, names
of spouses, children or pets, etc. that may be easy to guess.
- Change Login IDs, Passwords and PINs that are related to your
Internet services, credit card, check card and ATM card frequently. Never reveal
your information to anyone.
- VyStar NEVER solicits personal or confidential information from its members unless the member initiates the request.
TurboTax Online® is an easy, accurate and secure way of doing your taxes. Now, within VyStar Internet Banking at www.vystarcu.org users can quickly and easily transfer information directly from their credit union right into their tax forms.
Prepare, plan and file tax returns within the online session. TurboTax Online will help you get the maximum refund possible. To complete the process, arrange direct deposit of your refund into your VyStar account.
Go to www.vystarcu.org today - login to (or enroll in) Internet Banking and click the TurboTax tab at the top of the screen to get started.
Many members are familiar with the traditional IRA – an individual retirement account or annuity that provides a tax-deferred way to save for retirement. But many people are not aware of the Roth IRA alternative, an option that offers the potential for tax-free savings. Many are also not aware of the ability to convert a traditional IRA to a Roth IRA, to take advantage of the Roth IRA’s unique benefits. In the past, there were income limits that kept many traditional IRA owners from converting to a Roth. But beginning in 2010, the rules change.
No Income Limits for Roth Conversions Starting in 2010. Before 2010, conversions from a traditional IRA to a Roth IRA were available only for those making $100,000 or less in modified adjusted gross income (MAGI). Beginning in 2010, though, the income limit goes away and everyone is eligible. Not only that, for conversions done in 2010, the taxes due when switching to a Roth IRA can be deferred and spread across two years – 2011 and 2012. For those considering a Roth conversion, that could provide real advantages.
Consider the Differences. Keep in mind there are distinct differences between a traditional and a Roth IRA:
TRADITIONAL IRA
- Earnings grow tax deferred until you withdraw, at which
time deductible contributions and earnings are taxed at your regular income tax
rate
- Distributions before age 59½ may be subject to a 10% federal
tax penalty
- You are required to begin distributions once you turn age
70½
- Earnings are free from income tax when you withdraw
if you’ve reached age 59½ and have had the Roth for at least 5 years
- Qualified distributions are tax free
- There are no required distributions beginning at age 70½
For more information about the new rules for Roth conversions in 2010 and the potential use of annuities when converting to a Roth IRA, contact your VyStar Investment Services Financial Advisors at (904) 908-2495.
All guarantees are based on the claims-paying ability of the issuer. If you are considering purchasing an annuity as an IRA or other tax-qualified plan, you should consider benefits other than tax deferral since those plans already provide tax-deferred status. Withdrawals may be subject to surrender charges during the early years of the contract. Withdrawals before age 59½ may be subject to a 10% federal tax penalty.
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.
IRA-1009-3924
Get your tax refund quicker this year by using Direct Deposit. When setting up Direct Deposit, be sure to use the correct Account and Routing numbers and indicate the type of account (savings or checking).
To ensure your electronic service continues without disruption you are required to have the correct Account Number and Routing Number on all your requests for electronic transactions.
Sometimes a Member Number is submitted by mistake. This number is different from your VyStar Account Number and does not identify the specific account you want money moved to or from. Your correct Account Number is required when setting up electronic transactions.
A good example of an electronic service you may want to use is to have your paycheck or tax refund directly deposited into your account. Another example is to set up a bill payment online. It is very important to use correct numbers when setting up these types of transactions. Your correct Account Number identifies a specific account at VyStar. Each account has a different number. For instance, your checking account number is different from your savings account number. Just as important is to specify when possible what type of account you want your funds directed to. Be sure you choose “checking” or “savings” when you’re making direct deposit arrangements. It is also important to use the correct Routing Number. VyStar’s routing number is always the same.
Note: If you use your Member Number by mistake, the system will not know which account to access in order to move money and the transaction will not post according to standard electronic service procedures.
What numbers do I use to set up an electronic transaction?
For other Deposit accounts, use the numbers on the “Balances” screen in Internet Banking or on your monthly paper statement or e-Statement. Checking and savings accounts each have their own set of numbers.
For Loan accounts, use the twelve-digit account number found at the bottom of your payment coupons only. Do not use the number in Internet Banking.
For VyStar’s Routing Number, always use 263079276.
If you have questions about setting up an electronic transaction, we will be glad to assist you. Call us at (904) 777-6000, option 9 or 800-445-6289, option 9.
VyStar has recently converted the majority of its brochures to an electronic format so members can easily access information about our full range of products and services from our website. Next time you visit www.vystarcu.org, click on “About Us” at the top of your screen and VyStar Brochure Rack. Then, download, save to your desktop, or print what you need.
The ACCEL/Exchange Network will award $50,000 in college grants to 34 graduating high school seniors who are college-bound in 2010 (other selection criteria apply). Through their Education Exchange College Grant Program, a total of four $5,000 and thirty $1,000 grants will be awarded. Applications are available at any VyStar branch location.
HURRY! Entry deadline is March 15, 2010.
© 2010 VyStar Credit Union