We appreciate your business and loyalty to YOUR LG&W Federal Credit Union!  To show our thanks for another great year, we are giving loyalty dividend bonuses and loan interest rebates to our active savers and borrowers on December 31, 2018.
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Our first-time-ever Loyalty Dividend Bonus will reward all savers who had an aggregate average balance in their qualifying share accounts* of at least $1,000 for the period 11-1-17 through 10-31-18.  The more you save with us, the higher your reward! 

Members will also receive a Loan Interest Rebate of 4% of the interest paid on qualifying loans** for the period 1-1-18 through 12-31-18. 

Loyalty Dividend Bonuses and Loan Interest Rebates will be deposited in member share savings accounts on 12-31-18.  
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Thank you for your membership, and we hope you enjoy your bonus dividends and interest rebates.  And remember – LGWFCU is For You. For Life.
 
 *Checking accounts, share certificates and IRA certificates are excluded
**Excludes credit cards

Shoppers always need to be alert and prepared to protect themselves against credit card fraud, particularly during the holiday shopping season.  The good news is that there are some simple things you can do to make you less vulnerable. Here are a few tips on how to avoid becoming the victim of credit card fraud.

• Periodically review your credit reports. There are three main credit bureaus. Order your credit report from each of them at least once a year. Request copies of your credit report from TransUnion, Experian and Equifax. You can also obtain a free copy of your credit report.
• Properly discard documents. Cut up, shred, or otherwise destroy credit card statements, bank statements, pre-approved credit offers or any other documents that contain your personal information. Destroy credit card receipts, too.
• Limit identification pieces. Carry only essential identification pieces in your purse, wallet, backpack or car. Do not carry your Social Security card or your birth certificate with you unless absolutely necessary.
  
•  Limit the number of credit cards you carry. Try to only carry one or two.
• Memorize your PIN and password numbers. Do not write them down.
•  Make and keep copies of account numbers in a secure place.
• Guard your personal information. Don’t give out credit card or Social Security numbers to people you don’t know.
•  Do not have your Social Security number printed on your checks or driver’s license.​

The holidays are the time of giving and when many people choose to help those in need by making donations to favorite charities. Did you know that these contributions can
actually reap benefits for you?

You’ve probably heard the phrase “write off” or “deductible expense” but many people don’t fully understand what that means. Simply put, the purpose of tax deductions is to decrease your taxable income, thus decreasing the amount of tax you owe to the federal government.

Any charitable contribution is tax deductible up to 50 percent of your income. And you can
get tax savings with non-cash donations as well. Eligible deductions include the purchase
of a new coat for a coat drive or food for a food drive, or making a donation to Goodwill,
Salvation Army or other charities that accept gently used items.

Follow these tips to make the most of your charitable deductions:
• Get a receipt from the charitable organization, even if it is a cash donation.
• Check the IRS website to see what type of organizations qualify as eligibile charities.
• Be prepared to itemize your gifts on your 1040 form so keep a list of all of your donations.
• Consider donating appreciated assets, like stock, which can result in a double benefit.
• While voluteer time is not eligible, expenses associated with volunteering, like travel
time, supplies, uniforms, etc, may be eligible.
• Talk with your accountant to make sure you are making the most of your charitable
contributions before tax season.
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Source: Forbes.com and CNBC.com

Source: Balance Financial Guide
With the holiday season approaching, gift givers will be turning to gift cards as an easy, reliable gift. As you probably know, gift cards are debit cards with a prepaid balance. While they can be an easy way to make someone happy without having to guess taste or need, be aware that you could be paying a premium for the convenience if you don’t shop around first.
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What they are
There are two basic varieties of gift cards:

• Store gift cards, which can only be used at a particular retail establishment.
• “General-purpose” gift cards sporting the American Express, Visa, or MasterCard logo, which can be used virtually anywhere.

For both, all you have to do is load them up with the cash value of your choice and they are good to go. Many come with pretty pictures (images of holidays and birthday scenes, for example) and attractive packaging too.

So which type should you buy? If you want to make the most of your money, give a store card, since they tend to have no or very low fees. However, if you want the recipient to have maximum shopping flexibility, go for the general-purpose gift card. While they tend to be fee-heavy (which can erode the value of your giving dollars), the shopper isn’t limited to one specific store.

The advantages
Of course if you are simply stumped over what to get someone, any gift card may be better than a random selection. They are easier to use than paper gift certificates, safer than cash, and more festive than a check. Just figure out how much you want to spend and choose a store or financial institution. All the recipient has to do is shop. In the case of the general-purpose card, the “giftee” can even take out cash at an ATM.

Another benefit is that they can be used as an effective tool to introduce the concept of credit to children and young adults. Since gift cards look and act much like credit cards, if you give one to a minor they will begin to become accustomed to using plastic. There will be no bill to pay at the end of the month, but there is a limit on how much they will be able to spend, so they can learn to be savvy consumers early.

One last advantage is that thanks to the Credit Card Act of 2009, the balance on a gift card cannot expire for at least five years from the date of purchase or last reload.

The drawbacks
Both types of gift cards come with a few downsides but because general-purpose cards have more advantages, they also can come with more extensive fees. Be sure to weigh the costs and compare products before you buy one. The terms will be apparent on the application.  Fees can include but are not limited to:

• Purchase fees. When you purchase the card, you could pay a fee based on the denomination. The lower the dollar figure, the more expensive, ratio-wise, the fee becomes.
• Activation or closing fees. If the recipient wants to activate or close the card out for the remaining stored value, he or she may be charged an “activation or closure fee” to do so.
• Dormancy or inactivity fees. According to the gift card provisions of the Credit Card Act of 2009, if there is a period of inactivity of at least one year, institutions could charge a monthly “service fee” to keep the card active.
  
• Reload fees. Want to add more money to your card?  Watch out for the balance reloading fee.
• Card replacement fees. Lost or stolen cards may be replaced with a new card for the remaining balance for a “reissue fee”, so it may not be worth the effort if the remaining value is small.
• Shipping fees. Like most products ordered online, gift cards could also have a shipping charge depending on the amount purchased.

Other miscellaneous fees
While many of the “General Purpose” cards do allow ATM access, the transaction fees can be steep. And if the card is used at an ATM not owned by the issuing financial institution, even more charges will be deducted. Service fees are another consideration. Want to speak to a customer service agent? There could be a fee for that too!

Gift cards can indeed be a great present. But before you buy, shop around for a card with the least amount of fees and restrictions. That way your dollars will stretch the furthest and your loved one will reap the most from your generosity.