Introducing Your RETIREMENT CENTER at www.vystarcu.org
Welcome to VyStar’s new Retirement Center at www.vystarcu.org for practical ideas you can apply today that will help you achieve financial security in retirement. We recently launched our new, full-service online program to help members earn more wealth for their retirement years:
• Learn more about VyStar’s deposit services and what they offer;
• Get answers to frequently asked questions about individual retirement arrangements, employer-sponsored retirement plans, social security retirement benefits, and Medicare and Medicaid;
• Identify retirement needs no matter what stage of life you’re in – from getting started and actively saving, to starting a family or changing jobs, to hoping to retire early;
• Use a wide variety of planning tools and calculators covering numerous aspects of retirement planning – from selecting the best type of IRA to designing a retirement income strategy that best fits your personal objectives;
• Open a VyStar IRA online (you’ll be guided through the entire process) or manage an existing IRA; and
• Get information about Health Savings Accounts and other Investment Services.
Visit your Retirement Center today to explore your retirement planning and investment options. Go to www.vystarcu.org, select Savings Center and click the button – “Your Retirement Center”. For more information and to open a CD, you can also call 904-777-6000 or 800-445-6289, option 9, or stop by any VyStar branch.
Traditional IRAs | Roth IRAs | Coverdell Education Savings Accounts (ESAs)
Thousands of VyStar members have already discovered Individual Retirement Accounts (IRAs) are one of the best savings tools available today. With a VyStar IRA or ESA there are no maintenance or administration fees. Plus, you can earn higher yields on higher balances with six different tiers for account balances up to $100,000 or more. You may be eligible to take advantage of the tax advantages available through IRAs. What makes IRAs such a great savings tool is the special federal tax laws governing the taxation of amounts earned within an IRA.
Earnings within Traditional IRAs are generally not taxed until they are distributed from the Traditional IRA. Earnings within Roth IRAs and ESAs are generally not even subject to federal taxes. Even more, contributions to Traditional IRAs are tax-deductible for many taxpayers. Over time, these special tax features can result in significantly larger IRA savings accumulations than what can be accomplished in a regular savings account.
ESAs are designed to help students pay for qualified elementary, secondary school and college education expenses as well as other higher education costs. Your earnings grow tax-deferred and your distributions are exempt from federal taxes when used for qualified education expenses at universities, colleges, vocational schools, and elementary or secondary schools (public, private or religious).
VyStar IRA Certificates: With as little as $500, IRAs can also be set up in other savings types such as tiered Certificates of Deposit (CDs) with competitive rates that are the same as our regular CDs and may be fully or partially tax deductible. It’s a secure, dependable way to save for your retirement.
Moving Your Funds: Do you need to move your IRA funds from a previous employer to VyStar? Would you like to transfer IRA funds from another financial institution to VyStar? We can help you. Go to our new Retirement Center at www.vystarcu.org and select the Life Stage that meets your current situation. From there review the information that offers advice on rolling over or transferring your IRA to VyStar without taxable consequences. Then, take advantage of VyStar’s IRAs and Certificates!
Visit our website at www.vystarcu.org for details on tiers, rates, annual percentage yields and disclosures. With all IRA programs, we ask that you please consult your tax advisor. When moving IRA funds, a penalty may apply.
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A Safe Place for Your Money
Thanks to the loyalty of our member/owners, our “people helping people” philosophy, and the conservative operation and sound performance of VyStar Credit Union – we have been and remain a safe place for your money.
VyStar member deposits are federally insured under the National Credit Union Share Insurance Fund (NCUSIF) which is operated and managed by the National Credit Union Administration (NCUA). Your insurance is similar to the deposit insurance protection offered by the FDIC.
Your funds are protected by some of the strongest coverage in the financial service industry. Your savings is insured to at least $250,000 and backed by the full faith and credit of the United States Government. IRAs are insured separately up to $250,000. Note: Your basic coverage can be increased depending on how you structure your accounts.
If you have questions about your coverage and accounts, a VyStar Representative will be happy to help you. Phone our Call Center or stop by any VyStar branch.
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From VyStar's President/CEO
This month credit unions across Florida and around the world will commemorate International Credit Union Day on October 15th. The significance of this day is that it raises awareness about the great work credit unions are doing, unique service we provide and many ways families and communities have benefited from the credit union difference. In every part of the world, people are discovering what it really means to be a member-owner and part of a movement that embraces the “people helping people” philosophy.
This year’s theme for International Credit Union Day is: “Your Money, Your Choice, Your Credit Union”. There is a reason why 186 million people worldwide choose a credit union over other types of financial institutions. Credit unions are not-for-profit and members participate in their credit union as owners. We are founded on cooperative principles that incorporate the strength of members pooling their resources to help one another – we focus on helping improve your financial well being. VyStar is an important source of lending and offers many free services that are especially helpful during these tough economic times.
We have a variety of low cost loan products, including a new auto loan with an annual percentage rate as low as 3.75%, 30-year mortgage loans where VyStar pays up to $5,000 in closing costs, and small business loans that are available to the over 9,000 small businesses we serve. Our members also come to us for advice on how to restructure their debt by modifying or consolidating their existing loans – this is particularly helpful for those who have experienced reduced income.
Good money management can allow you to build your savings and invest for your future. Members still find great benefit from purchasing Certificates of Deposit (CDs). Even though the rates are down a bit they are still a good value. With a VyStar CD there is some flexibility because qualified members can borrow against it to receive a lower cost loan; and since the CD is just used as collateral, it will continue to earn interest during the term of the loan. Struggling families who are impacted by our unstable economy can also draw on their CD (before it matures). There is a penalty only on the amount withdrawn. Although we don’t usually recommend this method, it could be useful in getting you through a difficult time. Our Money Makeover program and other free financial counseling services can be instrumental in helping you determine your best course of action. It’s good to know where you stand financially. We can help you review all your options, sort through your finances, realize your strengths and weaknesses, and show you how to reduce your debt and save.
In our Northeast Florida communities and throughout the credit union industry, VyStar’s stable and conservative presence continues to make a major impact on others. We have a positive affect on our economy. As a primary source of affordable credit and a way to build strong financial health members can buy the things they need and want. This puts money back into the economy. Through our facilities, operations, programs, and workforce we are supporting local commerce and utilizing community resources. With business, real estate and investment services we have become a valued resource for our communities.
Your credit union Officials and Management are diligent in working on your behalf at local, state and national levels. Our cooperative voice is represented through involvement in committees, forums and other platforms to generate ideas, review economic trends, address concerns, and voice opinions to make a difference. While credit unions are generally performing well, some are facing stresses and have been hard hit as a result of collateral damage from their respective economic environments. Fiscal stability has been a greater challenge and we want you to know VyStar is well prepared and up to the task.
VyStar has a reputation of being conservative in its operation and management. Effective strategic planning that draws on years of experience and careful timing on the implementation of programs and processes ensures our soundness. What we have done in the past, what we do now and what we plan for the future affects all our members, their families, and generations to come. We place emphasis on what financial needs our members have. We also listen to what our members have to say. We understand the types of difficulties, challenges and successes that are experienced during a lifetime and provide financial solutions to help you. We want you to enjoy the benefits of good financial health, better the quality of life, achieve your financial goals and build a strong financial future.
At VyStar, we are working for you every day to ensure the security of your money and the rights and privileges of your credit union membership so you can conduct your financial business with peace of mind, buy a car, enjoy homeownership or build your business with some of the best financing around, and have a reliable and stable resource for all your financial planning. We consider it our social responsibility to serve you. Thank you for being a valued member of VyStar.
Terry R. West, President/CEO
VyStar Credit Union
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Nominees to Fill Open Positions
for 2010 Board of Directors
The Nominating Committee has completed their application review process of candidates applying for the three open Board of Directors positions, each for a three-year term, commencing on March 3, 2010.
Members of the Nominating Committee appointed to consider all eligible applicants and select three candidates were: George Berry, Chairman; Larry Myers, Vice Chairman; Linda Fountain, Member; Everett Garrett, Member; and Janell Ussery, Member.
The Committee nominated the following three candidates whose names are presented in alphabetical order:
Michael Cascone (Incumbent)
I have been involved in credit unions for 57+ years. Served JNFCU/VyStar in all Board Chair positions, 6 years as Chairman, as Chairman/ member of all Committees. Chairman of NACUC for 3 years. Attended many CU conferences, seminars and completed FCUL educational programs. Served as Keyman for chartering JNFCU and many years as CO’s Representative. Member of FCUL Hall of Fame, DCUC Hall of Honor, 2nd CU Pioneer of the Year. Hold account No. 1.
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Lawrence R. Jacobs (Incumbent)
Naval Career in personnel and administration. Employed in Jax Navy FCU/VyStar CU in various management positions. Currently serving as member on VyStar Board and as Chairman, VyStar Financial Group. Previously served as Chairman of VyStar and as Treasurer. Holds BS in Sociology, with major studies in business and accounting. |
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Bobby Waldrup, Ph.D. (Incumbent)
As a current VyStar Board member, I believe that I am uniquely qualified to contribute to the future success of the organization for the benefit of the membership. The current economic environment requires both credit union experience and a progressive outlook in managing the members’ assets, and I believe that I possess both of these qualities. |
There will be no election conducted by ballot and no nominations from the floor when there is only one nominee for each position to be filled. Nominations for vacancies may also be made by qualified petition starting on September 30, 2009.
Criteria to Qualify by Petition: Members interested in becoming candidates may now utilize the petition method. Qualified petitioners must be a member first named on the
account; at least 21 years of age, willing to serve in a volunteer capacity and available to attend monthly meetings (held in Jacksonville, Florida).
All completed applications, biographical information and petitions containing signatures and account numbers of 500 eligible VyStar members must be received by the Chairman, Supervisory Committee; P.O. Box 7417; Jacksonville, FL 32238, no later than 5 p.m. (EST) on November 24, 2009 to be validated. Official applications and petition forms may be obtained at any VyStar branch or VyStar's website at www.vystarcu.org.
If no other candidates qualify by petition, the three open positions will be filled as selected by the Nominating Committee and will be formally announced at the 2010 Annual
Meeting to be held on March 3, 2010, at 5 p.m. (EST) at VyStar Credit Union's Corporate Headquarters.
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TOO MUCH SPENDING, NOT ENOUGH SAVINGS?
Right Now at VyStar you will find tools and support that can help you lower debt, increase your savings and brighten your financial outlook.
Visit any branch for your Money Makeover At Home Guide – a clear, do-it-yourself guide to help you get started. You can even arrange to work with your own VyStar Money Coach (it’s free). Be sure to visit www.vystarcu.org for a variety of free budgeting and money management tools.
So what are you waiting for? There’s never been a better time to get your own VyStar Money Makeover. Come in today and start heading for a more secure tomorrow. It’s just another way at VyStar we never forget that it’s your money.
Learn how to understand your current financial situation; track your spending; make tough decisions; develop a monthly budget and start saving for your future. Stop by any VyStar branch today; phone our Call Center (main number) 904-777-6000 or 800-445-6289; or go to our website at www.vystarcu.org and click Money Makeover on the homepage. For branches outside the Jacksonville area:
Gainesville 352-372-1645
Lake City 386-719-6767
Palatka 386-328-3303
Palm Coast 386-445-7079
Watch Them. JOIN THEM.
Our VyStar Money Makeover TV contestants have been an inspiration for many who have followed their stories and lessons learned. Visit us at www.vystarcu.org and the websites of our TV partners CBS 47 and FOX 30 at actionnewsjax.com to see how our TV families are reaching their financial goals. Which of our contestants will improve their financial situation the most to WIN the Grand Prize of $10,000?
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Member Account Verification
The Supervisory Committee of VyStar Credit Union has requested that our external auditors, Nearman, Maynard, Vallez, CPAs examine a sampling of member accounts for verification with the September 2009 statement balances. You may receive a request from Nearman, Maynard, Vallez, CPAs to compare your account balance to the statement balance included in the verification letter. Please verify and report any discrepancies to our external auditors. Their address or phone number will be provided. This verification is a routine audit VyStar has performed periodically on the members' behalf.
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Electronic Security Protection for VyStar Cardholders
Whether it’s accessing your accounts by phone or computer, making purchases or getting cash, Electronic Security Protection (ESP) is running non-stop to ensure your VyStar credit cards as well as PIN and signature based debit and ATM card transactions are protected. It even protects VyStar’s prepaid Visa® cards.
The invisible monitoring, warning and recovery services allow you to shop, travel, and dine out with peace of mind. You will be contacted if a purchase or transaction appears suspicious.
New to our Visa® Check Card services is an automated electronic voice call that asks cardholders to select options to confirm recent purchases on their card. This is an initial screening and questions are general. If a problem is confirmed, a cardholder will be transferred to someone who can provide further assistance.
Free Travel Protection: ESP also monitors your VyStar credit card and Check Card transactions that occur overseas and in travel destinations here at home – places you don’t normally visit. If you are planning a trip, please call VyStar a couple weeks before you leave so we can advise the monitoring service and be aware of a change in your card activity. This will also help us be mindful of your needs and ensure you have uninterrupted service while you’re away.
Free Zero Liability: ESP offers Visa® cardholders zero liability protection. Shop online or off with no risk. Your liability for unauthorized transactions is $0 – you pay nothing.
Free Verified by Visa®: A password protection program that is used by many Internet merchants. Enroll in Verified by Visa® from our website at www.vystarcu.org. It’s extra protection when using your Visa card at participating online merchants.
Attention VyStar Credit Cardholders! This may be a good time to transfer higher-interest credit card balances from other creditors to your VyStar credit card. Transfers are free and can save you money. With VyStar credit cards there are no annual or transaction fees and no penalty rates for a late or missed payment. Call us today!
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VyStar Macclenny and Fernandina Beach Branches Receive Awards
Congratulations to VyStar’s Macclenny Branch on achieving the 2009 Small Business Appreciation Award for Baker County. They received this honor for mortgage modification that gives assistance in modifying existing loans to help keep members in their homes during tough times, our Money Makeover program to teach consumers how to reduce debt and save, and VyStar’s participation and leadership in the community. This special recognition follows “Best of the Best” financial institution in Nassau County that was recently awarded to our Fernandina Beach Branch. A special thanks to all our members for making us the success we are today.
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Holiday Closings
All VyStar offices will be closed on:
COLUMBUS DAY
Monday, October 12th
VETERANS DAY
Wednesday, November 11th
THANKSGIVING DAY
Thursday, November 26th
CHRISTMAS EVE
Close at Noon, December 24th
CHRISTMAS DAY
Friday, December 25th
NEW YEARS DAY
Friday, January 1st
Using VyStar’s electronic and automated services will be a big help when you are on the go this holiday season. You can have access to your accounts anytime, day or night. Set up these services today!
• Internet/Mobile Banking (account information, funds transfers, free Bill Payer, e-Statements)
• Text Message Banking from your cell phone
• Magic*Touch voice response phone service (funds transfers, monitor account/pending transactions and balance information)
• ATM Service with your ATM or Check Card
• Direct Deposit of pay and retirement checks
• Easy-Pay automatic credit card payment service
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© 2009 VyStar Credit Union
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