The 7.0 magnitude earthquake that struck Haiti on January 12 had a devastating impact on the lives of the Haitian people: the Haitian government estimates the death toll may be as high as 200,000, with perhaps a quarter-million residents of the country injured and up to 2 million homeless. The need for aid is increasingly desperate as supplies grow short.

The world has responded with aid in the form of money, medical supplies and healthcare professionals, food, clean water and other necessary assistance. But still more help is needed.

To aid in the effort to help the victims, GHCU is accepting donations on behalf of Doctors Without Borders. Members and the public are welcome to donate at any of our branch locations or by calling 800-562-5515 (206-298-9394 locally).

Doctors Without Borders—also known as “MSF” for Medecins Sans Frontieres—is an “international medical humanitarian organization” started via a cooperative effort among journalists and doctors in France in 1971. Independent, impartial MSF exists solely to assist people who have found themselves in fear of their lives due to violence or natural disaster. The doctors, nurses, epidemiologists, lab techs and other healthcare professionals who work with MSF believe that everyone, no matter where they live, is entitled to quality medical care.

GHCU will be accepting contributions at least through the end of February. Doctors Without Borders is an extremely efficient organization, with more than 85% of contributions going directly to social-mission programs and public education, so you know that your contribution is going where it is most urgently needed and where it will have the most impact. Thank you for your generosity.

Filed under: GHCU Events, GHCU News by Shannon
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ConsumerReports.org provided this great article on Yahoo Finance. Skimming machines placed in ATMs and other points of sale (retailers, restaurants, gas stations) allow thieves to steal your card number and your PIN. That’s all they need to drain your account. Learn how to protect yourself from skimmers and scammers.

Filed under: Captain Safety! by Shannon
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For entertainment value, most people rate doing taxes right up there with root canals and organizing the garage. Taxes can be confusing, time-consuming and frustrating. GHCU is happy to present an easier way to do taxes and a great tool for managing your money all year long: TurboTax Online.

TurboTax Online (TTO) is a faster, more accurate way to do taxes. Because TTO is integrated into GHCU’s online banking, tax and account data are securely, automatically imported into the TurboTax program. And you can choose to have your return directly deposited into your account, saving you time. Since your information will be safely stored with TurboTax, you’ll have records that carry over from year to year—saving you the time and annoyance of digging up old records to find information. This information is secure and can only be accessed by your unique password and user name.

There are several versions of TurboTax Online available to GHCU members, including a free Federal Edition. For those members who choose a paid product, a 15% discount will be applied to their chosen version. Members who are already using a desktop version of TurboTax can integrate it with GHCU’s TTO version and still receive the discounted price.

Do you want to use TurboTax Online but are not yet enrolled in online banking? You can quickly and easily register for GHCU’s free online banking by calling our Virtual Branch at 800-562-5515 or 206-298-9394. Once you’re signed on to online banking, you can enjoy its many additional benefits: see your accounts at any time, transfer funds, order checks and conduct many other financial transactions from the comfort of your home or office.

If you have online banking and would like to take advantage of this service, log in to your online banking account and check for the “My TurboTax” tab at the top of the page. It’s that simple to get started!

Filed under: GHCU Promotions, Money management tips by Shannon
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What resolutions will you make this January 1? Year after year, Americans vow to exercise more, eat better, quit smoking—clearly we’re a nation concerned with our physical health. But what about your fiscal health? Here are three things you can do to strengthen your family’s finances and get fiscally fit!

1. Look over your insurance policies; tell provider(s) about changes. 
   Saving money is great, but not if you have to skimp on coverage. If you’ve had changes in your life over the past year, now’s a good time to reevaluate your insurance needs. If a child passes a certain age limit (usually between 20-24), he or she may have to be removed from your health insurance policy, which could lower your rate. Did you sell or buy a car? One car more or less can impact your auto insurance costs. Did you quit smoking? That may also bring your health insurance rates down. Have you added a new member to your family? If you haven’t had a dependent before, now may be the time to look into life insurance. Talk to your insurance company about changes that may have an effect on your rates and also about packaging several policies (auto, life, home, renter’s) for better rates on all. If your employer offers it, a flexible spending account (FSA) or health savings account (HSA) can also save you money. With these accounts, you determine an amount from each paycheck to be set aside to cover health costs such as co pays, prescriptions, even over-the-counter medications. The deductions come from your paycheck on a pre-tax basis, saving you from paying taxes on that money. HSAs even accumulate tax-free interest! The only drawback: with an FSA, you have to spend the total amount before the end of your company’s benefit year, or the money is gone forever.
2. Make sure your savings are earning.
   Money sitting in a savings account is a little like a teenager on the couch—lots of potential, but not much happening at present! If you have savings, now may be a good time to consider if your money is doing all it can for you. Money market accounts, certificates, IRAs: all of these products make your money work harder by earning more interest.If you need to stay flexible and liquid, short-term certificates are a great way to earn without tying up your money for long periods. Money market accounts allow you even greater access to your money while still earning interest higher than a traditional savings. If liquidity isn’t your primary concern, longer-term certificates get higher rates of return. Consider also that GHCU’s 12- and 24-month certificates come with a free one-time bump. If GHCU’s rates go up during the term of your certificate, you can bump up the rate of your existing certificate (for the remainder of the term) to match.If you’re looking ahead to retirement, a Roth IRA can help you build equity and avoid tax when you start withdrawing your money. On the other hand, investing in a traditional IRA now can help you reduce your tax burden for 2009.
3. Do or redo the family budget.
   Planning out your budget is a bit like going to the gym—not much fun while you’re doing it, but you’ll feel great when it’s over. And like going to the gym, it’s not something you can do just once if you want the full benefit. Changes in your life should drive changes in your budget. A new baby (or even a new puppy), a divorce or a marriage, a change in your job situation: all of these can impact your finances, and planning now can save pain later.If you’re spending too much, can you reduce some of your discretionary expenses? If you’ve kept good records, you’ll know if you stayed on track or allowed a few more splurges than you’d budgeted for. Can you limit the lattes, dump the gym membership and buy a cheap bike, have game night at home with the kids instead of going out to a restaurant or movie? Perhaps, instead of having your own magazine subscriptions, you can get to know the periodicals area of your local library. Can’t cut back in one area? Make concessions in another. Maybe your employer subsidizes a bus pass so you can save on gas, for example.Tracking your spending enables you to see where you can make several smaller adjustments instead of large, painful spending cuts. And when your budget works without making you feel overly deprived, you’re far more likely to stay with it. Kiplinger offers an excellent, free budget worksheet to help you get started.

Filed under: Money management tips by Shannon
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Drew Baker, aka “Captain Safety,” is our Risk Specialist here at GHCU. He knows a lot about how fraud is perpetrated, and he’s going to be a frequent guest blogger. We hope his expertise will help our members and readers protect themselves from identity thieves and other scam perpetrators. 

from Drew:

Leaving sensitive information in your outgoing mail is becoming increasingly risky. Unsecured mailboxes are an open an invitation to criminals.

A few years ago, some of my mother’s checks were stolen out of her mailbox. The checks were “washed” and cashed for different amounts than they were originally written, and by different people than the intended payees. In order to have the charges reversed, she had to file a police report and fill out affidavits for the bank. Since the checks were for merchants and assorted bills, she had to prove the fraud to the merchants who did not receive their intended payments. It was a lengthy process, and the loss to her sense of security is something she may never recover.

Risk Management has seen an increase in this type of fraud occurring on GHCU member accounts this year. Every GHCU check washing case in 2009 involved members with an unsecured mailbox, who were writing paper checks and putting them in the mailbox with the flag up. The raised flag on an old-fashioned mailbox is becoming a beacon for fraudsters, identity thieves and check washers, who waltz down your street plucking ripe checks and personal information. You can prevent this from happening to you, and the fixes are relatively simple:

• Sign up for free online bill pay. It’s that easy. Visit GHCU.org to enroll.
• Drop off mail in a secure USPS mailbox or at the post office.
• There are a few pens on the market that can prevent check washing by using special ink. Try your local office supply store.

Help to reverse this fraud trend and keep your checks, personal information and neighborhood safe. If you suspect some of your outgoing mail/checks have been intercepted, immediately notify GHCU. Please share this with your loved ones and neighbors.

Do you have a fraud or identity theft question to ask Captain Safety? Leave your question in the comments, or email them to him at news@ghcu.org. Remember, do NOT include personal information in comments or emails!

Filed under: Captain Safety! by Shannon
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It seems that lots of folks are getting the message that credit unions have a great deal to offer–and may be a welcome change from the endless fees and often poor service at some of the bigger banks. We thought you might enjoy the chance to read/watch the media attention that credit unions are enjoying. And please feel free to share YOUR reasons for joining a credit union!

On CBS News The Early Show, “Banks vs. Credit Unions” (video) http://www.cbsnews.com/video/watch/?id=5989790n

Also on CBS News The Early Show, “Credit Unions Better than Banks for You?” (article)
http://www.cbsnews.com/stories/2009/12/17/earlyshow/living/money/main5989449.shtml?tag=cbsnewsTwoColUpperPromoArea

There are other articles out there, which I will add to the list as I find them. Have you seen any Credit Union love articles or mentions? Let me know, and I’ll add them to the list.

Happy Holidays, everyone!

Filed under: The Credit Union difference by Shannon
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Treehouse

Clothes, backpacks, school supplies—most children take these things for granted. Foster children don’t always have that luxury. The non-profit organization Treehouse tries to fill the gaps in the lives of foster children, whether the children’s needs are as simple as a lack of school supplies or as complex as needing advocates when they’re struggling in school or their foster home. Group Health Credit Union is raising funds to help provide foster children in King County with the things they need…and some of the things they want.

Foster children face enormous challenges: according to Treehouse’s website, 37% of foster kids drop out of high school, compared to only 16% of the general population. After they “age out” of the system at 18, they’re on their own—and as many as 40-50% become homeless within 18 months. Foster kids are far less likely to attend college, far more likely to suffer post-traumatic stress disorder and/or end up in the juvenile justice system, and can be between 1-3 years behind their peers in learning readiness.

That’s why Treehouse is such a vital organization. Treehouse staff are able to intervene as advocates and tutors when foster kids are at risk of dropping out or being suspended from school. The organization  provides money for foster kids to attend summer camp or play a school sport. Treehouse’s Wearhouse allows kids to “shop” for clothing, coats, shoes, backpacks and more to supplement the $300 annual allowance that the state provides to clothe foster children. These are rare opportunities for kids in extraordinary circumstances to experience life—at least for a time—as every other “normal” kid.

Washington State supplies only 60% of the funds needed to cover “basic care” costs. If you’d like to help Treehouse and GHCU fill that 40% gap, please drop by any of our branches between now and the end of the year. You can also call and make a donation over the phone at 206-298-9394. We thank you for your generosity.

Rainier Valley Food Bank

Sometime in the dark hours between Tuesday, November 17 and Wednesday the 18^th, burglars broke in to the Rainier Valley Food Bank and stole between $1,500 and $2,000 worth of food. The food—enough to feed 5000 people, by their estimate— had been intended for families in need in Seattle’s Rainier Valley, and the food bank was expecting over 450 families to arrive on Saturday to pick up supplies for their Thanksgiving meals. Suddenly there was a lot less to give.

GHCU heard about the robbery via the social media site Twitter on Thursday morning. By Thursday afternoon, GHCU staff were unloading two huge, overflowing shopping carts’ worth of canned fruits and vegetables, cans of soup and tuna fish and jars of peanut butter, plus boxes of macaroni and cheese, snack bars and other foods to restock the food bank’s empty shelves.

Thanks to an article in the Seattle Times and overwhelming “buzz” on Twitter and other social media sites, other local businesses and individuals quickly joined in with contributions, and by Friday morning, the food bank was completely replenished and then some. By Monday, November 23, the food bank had taken in over $100,000 in cash and food donations.

Food banks nationwide are seeing a dramatic increase in the number of individuals and families at risk of hunger. If you’re interested in making a donation to Rainier Valley Food Bank, you can donate online or in person at their warehouse at 4205 Rainier Avenue South in Seattle. If you live outside Seattle and would like to donate to a food bank in your area, you can find a local facility by typing in your zip code at FeedingAmerica.org.

GHCU wishes everyone a very happy Thanksgiving!

Filed under: Community Highlights by Shannon
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A lot of people are happy to tell you what to do with your money: save it, spend it, invest it, splurge! But one thing many consultants appear to agree on is the need for an emergency fund. An emergency fund is a supply of cash, immediately available, to handle expenses should something bad happen. An accident, an illness, a job loss or divorce—no one likes talking about these things, but they do happen, they can really impact your finances, and being prepared for them can make a bad situation better.

Here are some questions to consider while setting up your emergency fund:

What’s an “emergency”? Everyone involved must agree that an emergency fund is for just that: emergencies. A one-time deal on a new car does NOT constitute an emergency. So how do you define an emergency? Clarifying that now can avoid conflict later.

How much do you need? There is a disparity of opinion on how much is “enough.” Is $1000 enough? How about the amount required to keep your home running for three months? Some say enough to live on for a year is best. The “right” amount is whatever works best for you. And as your life circumstances change, you’ll likely want to revisit your emergency fund to determine if you have the right amount in it.

 Where will you put it? If you’re the type who finds available money too much of a temptation, then it might be best to put the money where it can be out of sight and out of mind. A savings account or money market account keeps the money available and liquid but also earning interest. Just don’t accept a debit card, if it’s offered, or hide it away.

Do I pay off high-interest debt or start an emergency fund? This is entirely up to you, of course, but consider this: if you have an emergency, how will you pay for the medical bills? How will you keep the home running if an income is lost? If your answer is “credit cards,” you might decide that paying into an emergency fund could ultimately save you money.

Filed under: Money management tips by Shannon
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If you thought you’d missed out on the tax credit for homebuyers, you’re in luck. On November 6, 2009, President Obama signed into law an extension and expansion of the Homeownership and Business Assistance Act of 2009. The extension of the credit, along with GHCU’s highly competitive rates, local servicing and low fees and the reduced prices of homes in our area make this a perfect time to buy.

This new legislation includes three major changes that may impact your decision to buy a new home:

1. Potential homeowners who buy or enter into a binding contract to buy a principal residence on or before April 30, 2010 may qualify for the tax credit. (The purchase must close on or before June 30, 2010.)
2. For the first time, some current homeowners may qualify for up to $6,500 in tax credit for purchasing a replacement principal residence.
3. The income limit for eligibility for a tax credit has been raised to $125,000 (from $75,000) for single taxpayers and $225,000 (from $150,000) for married couples filing joint returns.

If you’re considering purchasing a new home, it’s still a buyer’s market out there. According to HousingTracker.net, Seattle-area home prices are down 10% from last year, while the number of homes available for purchase is up more than 11%. However, many analysts believe the housing market is beginning to stabilize in many parts of the country, so reduced home prices could begin rising soon.

Some things to consider about the tax credit and whether or not to buy:

• Qualified purchasers who purchase a new residence in 2010 can choose whether to apply the tax credit to their 2009 or 2010 taxes.
• As long as the home remains your principal residence for at least 36 months beginning with your purchase date, and you purchased your home in 2009 or will complete your purchase before the 2010 deadline, there is no requirement to pay back the credit.
• Taxpayers who have not owned a principal residence in the three years prior to the purchase of a new home are considered “first-time homebuyers” and may qualify for the credit of up to $8,000. Also, homeowners who have lived in their current home for at least five years of the last eight, and who purchase a replacement home after November 6, 2009, may qualify for the lesser tax credit of up to $6,500.

More information on the tax credit can be found on the IRS.gov website.

Remember: GHCU offers highly competitive rates, low fees and local servicing, so if you’re ready to buy a new home, let us help you find room to move!

Filed under: Financial News and You by Shannon
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The story was in the Seattle Times this morning: the Rainier Valley Food Bank was robbed of somewhere between $1,500 to $2,000 worth of food. The food would have gone to provide a Thanksgiving meal for around 450 families in need.

GHCU is taking a van at 1:00 pm today to purchase some replacement supplies at Costco. We encourage everyone who can to help restock the shelves of the stolen supplies.

We spoke with an official at Rainier Valley Food Bank, and were given a  list of needed items:

• canned vegetables
• canned fruit
• penaut butter
• tuna fish
• soup

The need for supplies is urgent, so if you’re able to help, please do.

If you live too far away to help the Rainier Valley Food Bank, remember that there are many individuals and families in need. You can find a food bank near you by entering your zip code in at FeedingAmerica.org.

Thank you!

Filed under: Community Highlights by Shannon
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