We are here to serve you, and we know that this is a challenging time. If the COVID-19 pandemic has created a hardship within your family, we are here to help. We are now offering 60-day extensions with no fee on qualifying loans requested in the months of April and May 2020. If you need to speak to someone concerning your LG&W Federal Credit Union loan, please call us at 901-680-7995.
For You. For Life.
If you make your loan payments through your payroll with payroll deduction, your
payment will be deposited into your Savings Account.
Interest still accrues daily and will result in less funds being applied to the principal
of the loan when the next payment is made.
Mortgage loans, Home Equity line of Credit Loans and Credit Cards are excluded.
Extensions to a loan with GAP (Guaranteed Asset Protection) could result in your
GAP protection value being significantly less. (Refer to your GAP contract)
To further combat the spread of COVID-19, the City of Memphis has issued Safer at Home Order that will remain in effect until April 21— directing all residents of Memphis to stay inside their homes, and immediately limit all movement outside of their homes beyond what is absolutely necessary to take care of essential needs.
Many Americans are being financially affected by the coronavirus disease (COVID-19) pandemic. As businesses close their doors to keep their customers and employees safe, thousands—if not millions—are facing several weeks of pay disruption and infrastructure shake up.
In response to the national emergency, consumers are feeling financially insecure and wondering what it means for their wallet.
What can you do to be financially responsible and vigilant during this time?
CUNA released five steps consumers should take to exercise financial caution in the face of a global pandemic:
The health and safety of our members, our staff, our families and our community is always our highest priority. We are continuing to monitor the COVID-19 situation carefully and are following guidelines prescribed by federal, state and local authorities while continuing to serve your financial needs.
Beginning Friday, March 20, 2020 at 12 pm, we will be shifting the operations at our branch office at 1616 Whitten Road to drive-thru and by-appointment only. Until further notice our lobby will be closed to walk-in services and transactions.
Our entire staff is at work and available to serve you, and you may reach us by telephone at 901-680-7995 or by email at email@example.com.
We appreciate your patience as we work to serve you safely. And as always, we encourage you to continue to use our nation-wide ATM network and online banking services.
LINK TO ATM LOCATOR
LINK TO ONLINE AND MOBILE BANKING
CONTACT US VIA EMAIL
Members are encouraged to visit the Center for Disease Control's comprehensive COVID-19 website for information about symptoms, updates and steps on how to protect yourself and your family.
Our branch is open to serve you. For the health and safety of our members and our staff, however, we ask that you use our drive-thru window and online services whenever possible.
Nothing is more important right now than the well-being of our families, our friends and our community. While we continue to monitor the health concerns resulting from the coronavirus COVID-19, we at LG&W Federal Credit Union want to reassure you that we are here to serve you and provide access to your accounts and banking needs.
We especially encourage you to prepare in case you need remote access to your accounts. Here are just a few things about our services that we want to share:
Our Business Continuity Team is monitoring this situation very closely and will update you via email and on our website at LGWFCU.COM. We are following the guidance of the CDC, World Health Organization and other official agencies, and are taking necessary precautions to ensure the health and safety of our staff and visitors to our branch by being diligent about sanitizing public areas, frequent hand washing, observing social distancing and limiting personal contact as much as possible so that your banking needs are not affected.
Rest assured that you can continue to bank confidently with LG&W Federal Credit Union.
We’re here for you, for life.
Diana Veazey, President/CEO
LG&W Federal Credit Union
From The BALANCE Financial Guide
*This publication is only intended to be used for general informational purposes. Consult a tax professional for the most current data and/or personal advice.
What is “smart tax management”? It’s a combination of timely filing and taking advantage of everything that can reduce the amount of money you pay in taxes. While tax management does take a bit of planning, organization, and know-how, the overall financial benefit is strong.
Maximize retirement savings plans
If you have an employer-sponsored retirement savings plan (such as a 401(k), 403(b), or 457) available to you, it makes sense to use it. Since you make contributions with pre-tax dollars, your taxable income and possibly your tax rate will be lowered. Investments grow on a tax-deferred basis, so when you retire and take the money out the earnings will be taxed on your new, and usually lower, tax rate.
IRAs are part of good tax management too. Contributions to a traditional IRA are tax-deductible, and account earnings aren’t taxed until you withdraw that money at age 59.5. There are income restrictions, though, and if you’re an active participant in an employer-sponsored retirement savings plan you can’t deduct your contributions. While contributions to a Roth IRA are always non-deductible, the earnings are tax-free.
Pay the right amount
You know you are paying the correct amount of taxes if you neither owe taxes nor receive a large tax refund. While a refund may seem positive, it is really not making the most of your income during the year. For example, a $2,000 tax refund translates into $166 that you don’t have in your pocket every month. On the other hand, if you owe and can’t pay the entire sum, you’ll have to pay interest and possibly penalties, which will only add to your tax debt.
Make the most of your adjustments, deductions and credits
Tax adjustments and deduction are expenses that you can subtract from your income, resulting in a lower taxable income. Common examples of these are:
Filing your tax return by April 15 (or August 15 if you file an extension) is important. The drawbacks of not filing include:
Properly managing your taxes can greatly reduce the amount of money you pay in taxes and put more money into your pocket. After all, why pay more if you don’t have to?
From the BALANCE Financial Guide
1. Track spending to know where your money goes. Identify expenses that can be reduced or eliminated—and take immediate action.
2. Expect and prepare for emergencies. Aim for six months worth of expenses set aside in a liquid account.
3. If housing costs are too high, consider downsizing, renting or home sharing with friends or family members.
4. Communicate about family finances regularly with your spouse or partner, and any of your children you feel are old enough to be involved.
5. Do not try to “keep up with the Joneses (or the Kardashians).”
6. Explore nanny share care, babysitting co-ops, and subsidized daycare. Childcare is the single largest expense for most working parents, so investigate all reasonable options.
7. Explore whether you would be financially better off if one parent were to be a “stay at home” or a “work from home” parent.
8. Unless you have endless funds, accept that you can’t buy everything you want for your child. This is often harder than it sounds.
9. Remember that you are the single greatest role model in your child’s financial education. He or she will remember everything, from arguments about money to how you deal with debt. Teach them good habits now.
10. Pay for unreimbursed medical expenses and dependent care with pretax dollars using a flexible savings account. Check with your employer for availability.
11. Commit yourself to spending within your means. A line of credit should never be confused with an emergency fund or extra income.
12. Remember, you are not being “cheap” for the sake of saving a few dollars. You are being “frugal” for the well being of your family over the long term, and will come out ahead by doing so.
13. Get professional assistance and support if you need help to prioritize your expenses and understand debt repayment options.
We appreciate your business and loyalty to YOUR LG&W Federal Credit Union! To show our thanks for another great year, we issued loyalty dividend bonuses and loan interest rebates to our active savers and borrowers on December 31, 2019.
Our Loyalty Dividend Bonus rewards all savers who had an aggregate average balance in their qualifying share accounts* of at least $1,000 for the period 11-1-18 through 10-31-19. 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 1-1-19 through 12-31-19.
Loyalty Dividend Bonuses and Loan Interest Rebates will be deposited in member share savings accounts on 12-31-19.
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
Our BALANCE Financial Guide is dedicated to helping you balance life’s important decisions.