Lately I’ve been getting lots of comments, which is wonderful, but I need to remind everyone not to send any personal information. We don’t want to make anyone vulnerable to Identity Theft, so please do not include your member number on comments to the blog!

Your member number, like your Social Security number or Driver’s License number, is private information that could potentially be used to steal your identity. Please keep such numbers safe and secret and never reveal them on a public forum like a blog.

If you have any questions about identity theft, what it is and how it happens, the WA State Attorney General’s office has some excellent information.

We love your comments and questions, so please keep them coming–just be careful that you don’t reveal any personal information!

Filed under: Ask GHCU by Shannon
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As Americans continue to struggle with economic difficulties, more and more folks find themselves in real danger of losing their home. It’s natural that people in such a situation would look for information and assistance wherever they can find it. Unfortunately, scammers realize this and are finding new ways to prey on vulnerable homeowners.

According to the Financial Crimes Enforcement Network (a bureau of the US Department of Treasury), instances of mortgage modification and foreclosure rescue fraud have increased dramatically in the last year. The scams are usually perpetrated by scammers professing to be modification or foreclosure “specialists” and generally fall in one of two categories:

Quit-Claims

When a grantor signs a quit-claim deed, he or she renounces any interest in a piece of property. These deeds are perfectly legal, often used in cases of divorce, sale of property or the passing of property to the next generation. In instances of fraud, however, the owner of the home is persuaded to sign a quit-claim deed. Owners sign, believing this will release them from their mortgage repayment obligations, perhaps in exchange for the right to remain in their homes as renters. Sometime thereafter, the owners, who no longer have a legal right to remain in their own homes, are evicted. The scammers have sold the house, but the original mortgage is still unpaid and the responsibility of the evicted owners.

Foreclosure Rescue

In foreclosure rescue scams, the scammers claim to be loan-modification specialists, perhaps even  affiliated with the distressed homeowner’s lenders. They require a substantial upfront payment for loan modification assistance, then do nothing. Under the Obama Administration’s Making Home Affordable Program, loan modification counseling with a Housing and Urban Development (HUD)-approved housing counselor is free, so no homeowner should work with a counselor who demands pay for his or her services.

If you’re concerned about your ability to pay your mortgage, seek help from a reliable source that can offer genuine assistance. You can find a HUD-approved counselor on the Making Home Affordable website or by calling 888-995-4673. If your mortgage is with GHCU, call our Member Solutions Department at 800-562-5515 (206-298-9394 locally). You don’t have to struggle with possible foreclosure on your own. There’s help.

Filed under: Ask GHCU, Financial News and You, Money management tips by Shannon
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No question, getting your denied debit card back from an apologetic cashier can be embarrassing. And in an emergency situation—you’re stranded and need a taxi or a tow, for example—having the funds you need may even help you stay safe. Overdraft protection can ensure you have the money you need when you need it, even when the cash in your account is a little low. However, new federal regulations are changing overdraft protection services, and action on your part may be necessary.

Overdraft protection—under GHCU’s “Courtesy Pay” program—is a discretionary service GHCU provides for eligible members. If, for example, a member makes a purchase for $100 but only has $50 in his or her checking account, GHCU may honor this purchase, allowing the checking account to go negative, to a maximum of $700. Overdraft fees may be levied for each occurrence. See our rates and fees schedule for more information on fees.

Currently, overdraft protection is automatic for eligible GHCU members who have not chosen to opt out of the program. Federal regulations take effect July 1, 2010, and prior to August 15, 2010, members who want and are eligible for overdraft protection will need to opt in to the program in order to be covered, even if they have been covered in the past.

GHCU has made no changes to its Courtesy Pay program at this point; however, to comply with the new regulation, we will soon be contacting eligible members who have a GHCU checking account with more information about this change and providing them with an opportunity to specify their overdraft protection preference. Those who opt in will continue to receive overdraft protection—at the discretion of the credit union—as long as they remain eligible. For eligibility requirements, please see our Membership & Account Agreement.

If a member elects not to opt-in for this overdraft protection, certain transactions may be denied: specifically, any time a member uses his or her debit card for day-to-day purchases (for example, buying groceries) and ATM transactions (for example, withdrawing cash) but does not have sufficient funds in his/her account. In this case, the request for funds may be denied. Checks and automatic bill payments are not covered by this regulatory change; however, such payments may still be covered through other overdraft protection services you have with us.

To ensure that your preference is recorded quickly and appropriately, if you have a GHCU checking account, please watch your GHCU account statements for your opportunity to opt in for overdraft protection. For more information on the new overdraft rules, you can visit the website of the Board of Governors of the Federal Reserve System.

Filed under: Financial News and You, Money management tips by Shannon
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One of the greatest advantages of credit union membership is the opportunity to take part in the Annual Meeting. John D. Iglesias, GHCU President and CEO, and Board Chair Alan Lederman will speak on the state of the credit union and plans for the future, and attendees will be able to ask questions and vote in elections for the Board of Directors and the Supervisory Committee. And we are honored to have as our guest speaker Sofia Aragon, JD, RN, Senior Governmental Affairs Advisor for the Washington State Nurses Association.

The Annual Meeting will take place on Wednesday, March 17 at Seattle’s Museum of Flight. The meeting will officially begin at 7 pm, but members are invited to come at any time during that day to tour the museum for free. Appetizers will be available starting at 6 pm. Parking is free and plentiful.

Every member of GHCU has a voice and a vote, so please join us and share in the cooperative effort that is Group Health Credit Union!

Filed under: GHCU Events, GHCU Members by Shannon
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Tax time is stressful for everyone—will you have to pay? Are you getting all the deductions you’re entitled to? Another benefit of GHCU membership is access to the stress-reducing tax-preparation software TurboTax free or at a reduced price. TurboTax can help you do your taxes quickly and accurately, and with eFiling, you can have your tax return in your account in as little as a week.

To access TurboTax, you must be signed on to online banking. If you have not yet opted for online banking, call GHCU to get started: 800-562-5515 (206-298-9394 locally). From your online banking page, choose the “My TurboTax” tab and enjoy a less stressful tax season!

Filed under: GHCU News by Shannon
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Tax records, old credit card statements, pay stubs: how long should you keep them? It’s important to keep paper records in case of disputes, but unnecessary paper, if stolen, could be used to commit identity fraud. Here are some tips from the Washington State Attorney General’s office on identifying shredables:

• Tax records: Keep for seven years, then shred.
• Pay stubs: Shred after you’ve done your taxes for that year.
• Credit Union/Bank statements: Shred after one year, unless they have information that could affect taxes.
• Medical records: Keep at least one year, possibly as long as five if there’s the possibility of a dispute over reimbursement.
• Phone/Utility bills: Shred once paid, unless you need them for tax purposes.
• Home improvement/sales/purchase: Keep for six years after you sell; some expenses may lower your capital gains tax after the sale of your home.

Other good ways to avoid identity fraud are to opt for eStatements instead of paper and pay bills online rather than through the mail.

If you sign up for eStatements at GHCU, your statements are available for up to a year online, or you can download them to your computer. Additionally, with the GHCU online bill payer, your bills are available for you to look at for at least one year, often longer. Call GHCU for help signing up for online banking and bill pay: 800-562-5515 (206-298-9394 locally).

Filed under: Money management tips by Shannon
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For those fully vested in an employer 401(k) program, adding an IRA to the mix may seem like retirement-readiness overkill. But markets are volatile, and many working folks have seen their 401(k)s decrease in value and their employers cut back on contributions. Having multiple savings vehicles can help ensure a more financially stable retirement. Some things to keep in mind when considering an IRA:

• Tax benefits. Contributions to a traditional IRA now can reduce your taxable income for 2009. Qualified earnings from a Roth IRA are tax-free when you begin taking distributions.
• If you are under 50 in 2010, you can contribute up to $5000 or the amount of your taxable compensation for 2010, whichever is smaller.
• If you are 50 or older in 2010, you can contribute up to $6000 or the amount of your taxable compensation for 2010, whichever is smaller.
• The maximum amount you can contribute to a Roth IRA may be reduced, depending on your Modified Adjusted Gross Income (MAGI).
• How much of your traditional-IRA contribution is tax deductible depends on your MAGI and if you are covered by a retirement plan through your employer. Consult with your tax advisor.

Filed under: Money management tips by Shannon
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If you’ve visited the Northgate branch lately, you’ve no doubt noticed a few changes. Gone are the imposing teller desk and view-blocking columns, replaced with more open space, low desks and a friendlier feel. Says Ella Agcamaran, Assistant Manager of the Northgate branch, “Our members definitely love the newly remodeled branch, and everybody in the branch seems happier!” Branch Manager Matthew Hensley agrees: “I think the renovated space looks and feels fantastic! I truly believe that the changes  create a more welcoming and positive member experience. Members love it and are blown away by how nice it looks: they walk in, and their jaws drop, and they say ‘wow.’”

 It took a few months of rather cramped conditions, but the response from staff and members has been overwhelmingly positive. In fact, according to Bryan Corning, Senior PFR at Northgate, “We’ve done more sales here in a week than in six weeks at the temporary location!”

 If you haven’t had a chance to check out Northgate’s new look, we have just the occasion for you: our Renovation Celebration and Shredathon! On Friday, April 23, please join us for a small celebration in honor of our beautiful new branch, and we hope you’ll come back on Saturday the 24^th with up to two bags’ worth of shredables for our shred trucks! Let GHCU and Shred-It help you empty your file drawers and guard your identity by securely shredding old documents. Not sure what to shred? Visit our blog for more information!

Filed under: Community Highlights, GHCU Events by Shannon
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In his 34 years as a geophysicist for Texaco, Richard Maywald lived just about everywhere: Africa, the Middle East, Asia, Europe, even—occasionally—in the United States.

Energetic, highly adaptable and insatiably curious, Mr. Maywald has always been well-suited for a life outside his country of origin. He attributes his ease with living abroad to a pair of eccentric aunts who taught him there’s a lot of life beyond the family farm in Minnesota. “They were inquisitive and they loved to collect things. I inherited both of those qualities from my aunts,” says Mr. Maywald.

Indeed, Mr. Maywald’s house is full of beautiful objects gathered during his many years overseas: elegant bronzes cast by the Benin people of Nigeria and ancient ceramics from China are some of his favorite pieces. “I’m interested in art that has historical value. I enjoy the art more when I know how the work reflects the culture,” he says. Take the Nigerian bronzes, for example: not only does he appreciate the statues for their beauty, he takes the time to learn how the bronzes are cast and what the symbols etched on the figure represent.

The key to being successful in another culture, says Mr. Maywald, is conversation, taking the time to really listen, not just make idle chatter. “That’s how you learn about traditions and cultural rules. I always want to dive in and develop friendships among the indigenous people: I learn the culture, pick up some of the language.” His respectful curiosity has made him a welcome guest all over the world.

Seventy-eight years young, Mr. Maywald still travels, no doubt charming the natives everywhere he goes. In the last two years, he’s been to India and Romania, and he’s planning a month-long trip to Nicaragua in 2010.

When Mr. Maywald decided to “settle” in Washington State, a friend from Grinnell College days, now working for Group Health Cooperative, suggested he consider becoming a member of GHCU. In 2003, Mr. Maywald became a member of the credit union and now says he “wouldn’t trade it for anything.” For our part, the team at GHCU is very glad Mr. Maywald landed here.

Filed under: GHCU Members by Shannon
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GHCU is thrilled to announce two brand-new certificates! Lower opening balances make it easier for everyone to start their savings programs and earn dividends on their investments.

Choice Certificate

• Minimum opening balance of only $500
• You may make additional deposits at any time over the term of the certificate
• 6-month term
• See our Rates page for rate information
• Not eligible for PurplePoints rate increase

Youth Certificate (must be 17 or younger at opening to be eligible)

• $100 minimum opening balance
• You may make additional deposits at any time over the term of the certificate
• 24-month term
• See our Rates page for rate information
• Not eligible for PurplePoints rate increase

Start with a lower minimum opening balance, add cash as you go, and work your way towards a financially stable future. The Youth certificate is a great way for kids to earn dividends and learn the savings habit.

To open your certificate, stop by a GHCU branch or give us a call at 800-562-5515 or 206-298-9394.

Filed under: GHCU News, Your Money/Your Kids by Shannon
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