$ Money Talk $ 3rd Quarter

Sylvania's Own Community Credit Union









[Go Back]

3RD Quarter 2007

In This Issue:

  • Website Information for Financial Planning
  • Health Savings Account (HSAs)
  • Stretch Pay
  • Rates

SAFCU Announces Health Savings Accounts

Health Savings Accounts (HSAs) were created by the Medicare Prescription Drug, improvement and Modernization Act of 2003. HSAs offer tax advantages to quailified members. Any adult under the age of 65 who is covered by a high-deductible health plan may establish an HSA. When a member makes contributions to his or her account, these contributions are tax deductible and any withdrawals from the account for qualified medical expenses are not taxable. The earning on these accounts are tax free. When an owner dies, the funds transfer tax free to his or her spouse.

In order for you to open a HSA, he or she must have a quailified health plan. A qualified health plan refers to a high deductible plan having at least a $1100 deductible for an individual or a $2,200 deductible for family coverage. In order for a member to open a HSA, he or she must also be under age 65 to qualify.

Contributions are $2,800 a year for an individual health plan and $5,650 for a family health plan. The funds in the account are to be used specifically for medical expenses. The funds may roll over from year to year without any penalties. Call the credit union for more information on HSA’s at 419-882-3525.

 

The Credit Union Will be Closed to Observe the Following Holidays:

  • November 12, 2007
  • Veterans Day
  • November 23, 2007
  • December 25, 2007
  • January 1, 2008

Stretch Pay *NEW*

A Credit Union Salary Advance Alternative

StretchPay is a special loan program designed to help you who need a small dollar amount to carry them over until they receive their next regularly-scheduled income check. StretchPay is designed to be used as an alternative to expensive for-profit payday lenders who often charge $15 to borrow just $100 for two weeks. StretchPay is significantly less expensive than a traditional payday loan.

You will pay a $35 annual fee for a $250 line of credit and 18% interest on their advances. SP borrowers have up to 30 days to repay the loan. The annual fee is taken out of your first advance during a 12-month period. The annual fee ensures that each time you pay your loan as agreed you will be able to borrow again and again for the 12 month period.

Stretch Pay is offered to you using minimal underwriting criteria. You must be 18 years old, be an established with the credit union for at least 90 days and not be deliquent on existing loans and a share account holder. You must also have verified income, not be in the process of filing for bankruptcy under any chapter of the bankruptcy code and have not caused any loss to the credit union.

We will also report your payment history to the credit bureau agencies. Timely payments will improve your credit rating and help you save money if you borrow in the future. After one year in the stretch pay $250 program you can qualify to have it upped to $500.

If interested call the credit union office at (419) 882-3525 and talk to Lynn or Pat.

 

Notice:
SAFCU is a collection point for old eyeglasses. They will be given to Sylvania Community Lions Club to recycle for the needy of the world.

 

SAFCU Financing and Free Gas Cards!

We are giving you FREE gas when you get your car loan at the credit union. Great Payments for your budget and FREE gas - How can you lose at your credit union? Come see us today and get your pre-approval before you go to the dealership. Bargain with money in your hand.
  • New Car Loan - $100 Gas Card
  • Pre-Owned Car Loan - $50 Gas Card
  • Refinance your car from another financial institution - $50 Gas Card

No Fees for Our Members ! - $0.00 -

So you think your getting great financing at your favorite dealer? Look at your contract and you will see extra fees. $50, $100, $250 are customary charges. When you come to YOUR credit union there are no added fees. What you get is straight forward, easy to understand financing at a competitive rate. No additional fees. Come see us or go online and fill out our internet application and get your pre-approved loan to take to the dealership. Come see us or give us a call at 419-882- 3525, We are here for YOU.