CONSUMER INFORMATION FOR MEMBERS                                                         November 2008

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Here's what you'll find in this issue:

A message to members from
VACU President Jane Watkins

Dear Members,
It goes without saying that these are turbulent times. In the midst of it, credit unions are weathering the storm.

Conservative growth, conservative financial management and sticking with what we do best have contributed to safety and soundness over the 80-year history of Virginia Credit Union.

As always, your Virginia Credit Union is here to serve your borrowing needs, provide a safe place for your deposits to grow, and to help you with financial resources and advice. Unlike some other financial institutions facing the “credit crunch,” we have money to lend. Members benefit from low rates on home loans, car loans, credit cards and other loans.

Your credit union has maintained its sound financial condition by acting in members’ best interest. We were not involved in high-risk mortgage lending and do not engage in lending practices that are detrimental to members. We have focused on the best type of loan and doing what is right for individual members.

We know that members are experiencing greater financial challenges in these trying times. If you need help with budgeting, saving or credit concerns, please contact us. We have many resources to assist you, such as the BALANCE program.

If you are having difficulty making your credit union loan or credit card payments, don’t wait. Please call us. We can talk with you about your situation and possible solutions to help you.

As we navigate through these challenging times, we continue to focus on improving service to members. Planning is under way for several new branches to open in 2009 and more over the next few years. We are making enhancements to online and other services to provide greater convenience.

With the changes in the financial markets, you may have family and friends who are looking for a safe, sensible place for their deposits and an affordable source for loans. I hope you will tell them about your credit union.

The sole purpose of your member-owned credit union is helping members get ahead financially. Please contact us anytime you have questions about financial matters, and tell us how we can help you and your family.

Thank you for allowing us to serve you.

Sincerely,

Jane Watkins
President and CEO
 

Federal Insurance on deposits increased to $250,000
In addition to being financially sound, Virginia Credit Union is federally insured by the National Credit Union Administration (NCUA), a U.S. Government Agency. NCUA provides coverage on deposits at federally insured credit unions, just as the FDIC (Federal Deposit Insurance Corporation) provides coverage for federally insured banks.

As part of the Emergency Economic Stabilization Act of 2008 signed into law on October 3, 2008, this insurance protection increased to $250,000 on all types of accounts until December 31, 2009.

For more information, visit the NCUA web site or contact us.
 

Free financial counseling for members

BALANCE counselors can help with:

As a credit union member you have free access to confidential, professional financial counseling services six days a week through BALANCE, a financial fitness program. In many cases BALANCE counselors can answer your questions immediately. An appointment can be scheduled allowing more time to discuss your situation or concerns in detail.

Contact a BALANCE counselor toll-free at (888) 456-2227
Monday - Thursday, 8 a.m. - 11 p.m.
Friday, 8 a.m. - 8 p.m.
Saturday, 11 a.m. - 8 p.m.

Let them know you’re a Virginia Credit Union member.
 

Shoppers get deals on used cars
A recent Consumer Reports study* says that choosing a three year old car over a new one can save consumers 32% on average over the first five years. In addition, many buyers enjoy the ability to buy a more upscale model in a used car than they could afford in a new one.

Why used cars are good values
While depreciation accounts for 45% of a new vehicles owner cost in the first five years, the biggest drop is in the first year. A late model used car is typically a good deal because it has already experienced its biggest depreciation.

How to find a great used car

Find out more
For more car-buying resources, visit our online Car Loan Center.

*Consumer Reports, October 2008
 

Attend a FREE seminar

Building a Better Budget
Discover ways to keep track of your expenses, develop a budget and find ways to save.

Tuesday, November 18
10:30 - 11:30 a.m.
City of Richmond East End Library
2414 R Street
Richmond, VA 23223

Your Credit Score
Learn what things contribute to your credit score and how you can take steps to improve yours.

Thursday, November 20
3:00 - 4:00 p.m.
City of Richmond Hull Street Library
1400 Hull Street
Richmond, VA 23224

Identity Theft
Find out how to minimize your risk and what to do should you ever become a victim.

Thursday, December 4
3:00 - 4:00 p.m.
City of Richmond Hull Street Library
1400 Hull Street
Richmond, VA 23224

For more information, directions and to register, visit the Education & Resources section of our web site or contact Member Services.
 

Quesenberry wins Special Edition drawing
Congratulations to Sally Quesenberry of Pulaski, VA who won $50 for her correct responses to the Credit Union Quiz in the last Special Edition.
 

Share your memories: You could win $80!
In recognition of Virginia Credit Union’s 80th birthday, please share your memories about how the credit union has helped you and your family. It was on Nov. 2, 1928 that Treasurer Sidney Day recorded the first purchase of a credit union member share with a $5 deposit.

For a chance to win $80, simply download, complete and send in an entry form with your response or submit your story securely online.

See the Official Rules.

Once a member, always a member
Remember, you’re a credit union member for life. Just keep your accounts active and in good standing. If you’re planning to retire, change jobs or move, we hope you will stay with us and continue to benefit from your credit union membership. You can use your credit union wherever you are.
 

Financial education resources for teachers
To support the financial literacy efforts of Virginia’s high schools, Virginia Credit Union has developed Smart Start, a student and teacher-friendly financial education curriculum that incorporates the state’s Standards of Learning. For more information, e-mail Cherry Hedges, VACU’s financial education director, or call her at (800) 285-5051, ext. 5691.
 

www.vacu.org