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
A phishing scam is when scammers use email or text messages to try to illegally collect personal information like passwords, account numbers, or Social Security numbers. Their intent is to defraud victims by using that information to gain access to your email, bank accounts, credit cards, or other accounts.
Phishing is sometimes difficult to detect because the email or text could look like it comes from a reputable company or someone you know. Be on alert if the message:
says they’ve noticed some suspicious activity or log-in attempts
claims there’s a problem with your account or your payment
says you must confirm some personal information
includes a fake invoice
wants you to click on a link to make a payment
says you’re eligible to register for a government refund
offers a coupon for free stuff
To protect yourself, ensure that your computer and mobile phone have security software that updates automatically. This type of software often blocks scam messages. Protect your banking and credit card accounts by requiring more than one credential to log on, like a security question or face recognition. Make sure that your data is protected by backing it up on a device that is separate from your home network.
If you receive a phishing email, forward it to the FTC at firstname.lastname@example.org and to the Anti-Phishing Working Group at email@example.com. If you receive a phishing text message, forward it to SPAM (7726).
We are pleased to announce that Lisa Brumleve has joined the LG&W Federal Credit Union staff as our new Business Development Manager! In this role, Lisa will identify and implement strategies to help grow our Credit Union and foster new relationships with MLGW. Lisa has extensive experience in client development and notably served as the Business Development Manager for the Downtown Memphis Commission for nearly 10 years. Welcome to our Credit Union family, Lisa!
Source: BALANCE Financial Guide
Holiday spending is often a spending plan-buster. The expenses can be numerous: presents, wrapping paper, cards, decorations, food, and travel, to name a few. Yet very few people have an unlimited holiday budget. If you do not have the funds to buy everything you want, there is no need to despair. A little bit of creativity and energy can get you through the holidays without draining your wallet.
Why spend $75 to buy a scarf if you can knit it yourself with $15 yarn? Making your own gifts is a great way to save, since supplies usually cost less than the finished product. Not only are homemade gifts cheaper, but many people appreciate them more than store-bought gifts because of the effort that goes into making them.
Are you not an experienced crafter? No problem. Writing a letter describing what the person means to you or framing a memorable photo are ways to give personalized gifts without having to break out a glue gun. Baking is another option that is easy for most people to do. Standard cookies or brownies can be dressed up with sprinkles and ribbons in holiday colors.
Offering your services is a great cost-saving gift, since it only costs time. Why not offer a free night of babysitting to your sister with three kids or a month of lawn-mowing to your parents? Think about what service you want to offer, and create a coupon that the recipient can redeem at a later date.
Now that you have taken the time to choose economical gifts, you probably do not want to spend $50 wrapping them. Skip the fancy wrapping paper and bows, and look around the house to see what you can use. Do you have a newspaper? (The comic section is an especially suitable choice.) Computer paper? Shopping or supermarket bags? Cheap craft supplies, such as glitter and paint, can be used to decorate plain surfaces.
It is not uncommon for store cards to cost $4 a piece – or more. If you sent cards to 20 people, that would cost you $80, not including postage. Creating your own cards can help you save,
Source: BALANCE Financial Guide
A checking account is a contractual relationship between you and your financial institution, with each party having specific responsibilities:
Rejected or Bounced Checks
If you write a check for more than is in your account, the check will be rejected when it comes in for payment. It will be sent back to the person who deposited it and you will be charged for “bouncing” it. The merchant you wrote it to will not only charge a returned check fee, but the law enables the merchant to charge you for up to three times the amount of the check. In addition, you may be subject to court proceedings and be required to take special classes on money management. One bad $12 check could cost you a lot of money!
Do not write a check before you make a deposit, counting on the “float” time. With the electronic nature of banking, a check can clear the financial institution the same day you write it.
Many financial institutions will offer you overdraft protection through your credit card or
Source: BALANCE Financial Guide
Wouldn’t it be nice to adapt to change easily and gracefully? To offset the wallet-shock an unexpected life change can bring? You can.
Whether you have one year or one week to adjust to such monetary upheavals as marriage, divorce, a growing family, or military deployment, you can sail through financial foul weather – as long as you PLAN for it.
Prepare: This first step will help you understand how much money you have to work with. It is vital to putting together a practical strategy for the future. If you don’t already have your financial documents in one place, it may require a little hunting and gathering (and once you do, keep them accessible, be it on your computer or in a folder in a corner of the kitchen. Be and remain organized for the next inevitable change).
You will need recent bank and credit card statements for account balances, current loan papers, pay stubs with income, tax, and deduction information, and your checkbook register for household bill information.
Have it all together? Good. Now carefully examine and notate your current income, expenses, assets and liabilities. You will need all this data for the next step in your PLAN…
Our BALANCE Financial Guide is dedicated to helping you balance life’s important decisions.