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Fall 2006 Edition
IRAs Are A Great Tax-Favored Way To Save
The Individual Retirement Account (IRA) was originally designed for American workers striving to save for retirement. However, over the years, Congress did not adjust the maximum contribution limits to keep pace with inflation.
Today, as people live longer, they are more eager than ever to save for retirement, but often find that their employer-sponsored plans and Social Security are not enough to provide for secure retirement.
With the enactment of a tax bill by President Bush, IRAs are getting a much needed facelift to help Americans start saving like never before. This law, the Economic Growth and Tax Relief Reconciliation Act of 2001:
- Boosts annual contribution limits.
- Provides “catch up” contributions for people 50 and older.
- Makes it easier to consolidate assets in IRAs and employer-sponsored plans.
- Offers a tax credit to low- and middle-income people who make IRA contributions.
Happy Holidays
Announcing USE Credit Union’s 2006 Holiday Personal Loan Promotion.
9.49% APR, Up to $10,000, For a term up to 48 months
- Rates effective November 1 through December 30, 2006
- Normal credit standards apply
- APR is Annual Percentage Rate
Catch Our Special Holiday Rates For Credit Union Credit Card Members
We’ve got a special holiday gift for you this season – the gift of interest rate savings.
5.9% APR on all your holiday USECU credit card purchases.
Thanks to our special low APR, you can shop and know that you will keep the same low rate on all purchases made during this promotional period…and you can continue to save even after the holidays.
So, don’t delay! Take advantage of our low rate and start shopping immediately with your USE Credit Union credit cad and enjoy the holiday season.
From November 1 through December 31, 2006, all purchases on your USE Credit Union credit card will qualify for these additional savings. We are significantly lowering your credit card rate for this limited time – through the first billing cycle of 2007.
All payments will apply to interest, fees and promotional balances first. Late payments may cause your APR to revert back to the standard purchase rate prior to the end of the promotional period. Cash advances and balance transfers are excluded from the promotional rate. Your APR will revert back to the standard purchase rate disclosed in your Credit Card Agreement at the end of the promotional period.
Ten Financial Tips
The following financial tips were prepared by Deborah Fowles, a professional financial planner writing on the website about.com. Here is what she says are the keys to financial success.
- Get Paid What You’re Worth and Spend Less Than You Earn.
Often it is easier to spend less than to earn more and a little cost-cutting effort in a number of areas can result in big savings. It doesn’t always have to mean big sacrifices.
- Stick To A Budget
- Pay Off Credit Card Debt
For most people, this should be Number 1.
- Contribute To A Retirement Plan
- Have A Savings Plan
- Invest!
If you’re contributing to a retirement plan and you can still manage to put some money into other investments, all the better.
- Maximize Your Employment Benefits
Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth big bucks.
- Review Your Insurance Coverage
- Update Your Will
70% of Americans don’t have a will. If you have dependents, no matter how little or how much you own, you need a will. Protect your loved ones. Write a will.
- Keep Good Records
If you don’t keep good records, you’re probably not claiming all your allowable income tax deductions and credit. Don’t miss out on anything.
Multi-Factor Authentication - Creating A Stronger NetBranch System
We take our online security seriously. Therefore, we are introducing a new security feature called Multi-Factor (MFA) on our NetBranch internet financial site.
What Is Multi-Factor Authentication? Multi-Factor Authentication us a new security feature that works 24/7 to protect your NetBranch accounts, even when you are online. It helps guard against fraudulent log on attempts like “Phishing” (malicious requests for your personal information) and identity theft.
How does it work? When you enroll, the system will randomly assign you a secret image which you can change after you log on to your account. You will also select a phrase that will appear under the image on our NetBranch site.
The combination of the image and phrase is only known to you and the system. When you see your personalized image you can be assured that your are logging on to our actual NetBranch site.
The security system also checks the computer that you are using to access your NetBranch account. If the system does not recognize your computer during a future log on attempt, it will take additional steps to verify your identity.
Multi-Factor Authentication is an added layer of security.
MFA will be phased into all USECU NetBranch users starting in November.
There is no fee associated with MFA.We are simply making a stronger NetBranch system.
Nominating Committee Selected
The USE Credit Union Nominating Committee is conducting its search for any individual interested in being considered as a nominee for the USE Credit Union Board of Directors.
The Nominating Committee is appointed by the Board of Directors and has the responsibility of preparing a slate of nominees to be announced at the 2007 Annual Meeting.
This year’s committee members include William Greene, Jr., Mike Foster and Melissa Huett.
If you are interested in being considered as a nominee, send a letter expressing your interest and background to: USE Credit Union, 719 Sawdust Road, Suite 102, The Woodlands, TX 77380
Help Save Your Identity. Use e-statements.
You can reduce the chances of being a victim of mail fraud by receiving your statements electronically. According to a report by the Federal Trade Commission, about half of identity theft victims know how their information was swiped. In many cases, the breach was paper bills, credit card solicitations and financial statements pilfered from garbage cans and mail boxes.
To get your free e-statements, log on to USECU’s website @ www.usecuweb.com, go to NetBranch, then to e-statements. You will have peace of mind and the e-statements are free, too.
We’re Serving Up Mortgages With Fast Pre-Approvals!
It’s the recipe for savings! USE Credit Union is serving up fast mortgage pre-approvals. Throw in a generous helping of service, a side of competitive rates and lower closing costs and you’ve got a delectable deal.
Why choose from us?
- The whole process is explained in language you understand.
- Full menu of fixed and variable rate mortgage products for purchase and refinance.
- Wide variety of terms and down payment options – even for those with less than perfect credit.
- Convenient application process.
- First time home buyers welcome.
Apply today. Visit with your friendly USECU loan officer, call 713.595.3400 or visit our website at www.usecuweb.com.
Playing It Safe Online - Shop Smart Online
The Internet offers convenient access to a vast array of products and services, yet it is largely unregulated and attracts its share of thieves, misinformation and bad advice. When using your credit card to pay a vendor on the web, your account number and expiration date pass through several computer connections leaving a digital shadow that cyber thieves could possibly intercept. Encryption-enabled Web browsers (such as Netscape – version 4 or above – and Microsoft Internet Explorer) utilize special security technologies to protect your private information when viewing secured web pages or sites. Often, a pop-up message appears on your screen notifying you that you are moving into or out of a secured area. Another tip is to look for the security “lock” or “key” icon on your browser’s status bar (in the lower part of your window.) This icon will change from an “open” look to “closed” when you are in a secured environment.
Follow these steps to protect your credit card data during any online transmissions:
- Never reveal your credit card number on a computer bulletin board, new group, or public forum.
- Only give your credit card numbers to recognized merchants or to those with sterling reputations.
- Never use your credit card or personal information in an e-mail correspondence.
- Check your monthly credit card statements for unauthorized expenses and report them immediately to your credit card issuer.
Smart Investing Online
The Internet has been a boon to investors, but it also makes them vulnerable to fraud. Because the Internet offers anonymity, it’s a magnet for con artists. Securities regulators monitor online traffic, but they can’t possibly check the veracity of every stock tip or financial report. If you are tempted to act on an online investment tip or respond to an offer, take the following precautions:
- Do your own research and find independent verification of crucial data.
- Before buying an investment offered online, examine the prospectus and offering document. Ensure that the stock or mutual fund is registered with the Securities and Exchange Commission and the state securities administrator in the state where the offer originated. If you aren’t sure, call the North American Securities Administrators Association at 202.737.0900.
- Be skeptical of phrases such as “zero-risk investment,” “make money fast” and “act now before it’s too late.”
- And always remember, “if an offer sounds too good to be true, it probably is.”
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