Got Holiday Debt?

Did you overspend a bit this Christmas? It happens to the best of us. If you have credit card debt, give us a call. We can refinance the debt and probably save you money!

Call us today at 615-251-2089 or 800-833-6805.

What Happens to Unused Gift Card Cash?

Did you ever receive a gift card and set it aside, then find it months or years later? Plenty of people do. Brian Riley, research director of the bankcards practice at the Tower Group, Needham, Mass., says gift card sales are likely to approach $100 billion this year, but nearly 10% of that is likely to go unused.

If you don't use your gift card cash, it either goes back to the card issuer, or to the government in the state where the card issuer's headquarters is located. Some states require card issuers to return all or a percentage of unspent balances to the government as unclaimed assets. In other states, card issuers can keep the money.

State laws differ considerably. "Florida requires the money to go to the state, while Georgia allows the company [issuing the card] to take it," Riley says. In cases where a small, often unusable balance remains on a card, "California requires a cash refund to the cardholder for balances under $2, while other states don't, and cardholders lose those small balances.

"Sometimes, when residents in a state have unused gift card balances, that state requires out-of-state card issuers to return a portion of those balances. That's impossible if a card issuer can show it doesn't know who holds the gift cards.

For states and card issuers, these balances are worth fighting for. Nanette Byrnes, a senior writer for Businessweek, New York, writes that in the past two years Best Buy, which issues cards from Virginia, added $135 million in unspent gift cash to its operating income.

For gift card buyers and recipients the lesson is clear: Don't let the government or a card issuer have your cash. Do your homework before buying a card and get one with favorable terms. And when you receive a gift card, spend the cash right away.

Merry Christmas from LifeWay Credit Union

Turn to Someone You Can Trust

"People helping people" is the fundamental philosophy on which credit unions were built. More consumers are discovering that credit unions have some important characteristics not always found at other financial institutions, such as personal service and customer advocacy.

Data from Forrester Research Inc. show that four out of the five largest U.S. banks fall in the bottom 25% of all financial service firms in terms of customer advocacy, according to the 2007 Customer Advocacy Rankings. Americans often are wary of doing business with large profit-driven financial organizations--they believe these companies only are interested in their own bottom lines.

Credit unions, however, continue to remain near the top of the rankings. Members trust their credit unions, which are not-for-profit organizations. Members know the people at their credit union care about them and have the members' best interest at heart.

When you become a member of LifeWay Credit Union, you'll always have a place where you belong. We offer a wide variety of programs and services designed to meet the unique needs of our members. Our customer-focused staff will be here to assist you face to face, and answer any questions you may have.

Whether it's to open a new account, to ask about a loan, or for any of your financial needs, stop in and see us today. We are here for you.

Chrysler - Cruise Into Cash Back: Credit Union Members

Contemplating a new car? Chrysler and your credit union have teamed up to bring you a great deal on a new Chrysler, Jeep or Dodge with their Credit Union Member Cash program.

All eligible current and new credit union members in Michigan, Ohio, Indiana, Illinois, Kentucky, Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi and Tennessee can receive up to $1,000 in bonus cash incentives, depending on which model you choose. Plus, the Credit Union Member Cash program can be combined with most current incentives to add to your savings!

To find out what vehicles are included, the bonus cash incentive amount for each vehicle offered, compatible incentives and other requirements for the Credit Union Member Cash program, please click here.

When you finance your vehicle at your local credit union, you’ll save even more money with their low auto loan rates. To take advantage of this program, members must secure auto financing through participating credit unions.

Before you head out to your local Chrysler dealer, discuss an auto loan a LifeWay Credit Union loan officer. Give us a call at 615-251-2089 or 800-833-6805.

Teach your little ones about holiday gift giving

Even in good economic times, holiday gift-giving can be a bust-the-budget enterprise. Year-end holidays often encourage runaway expectations that bring out the worst in all of us. And what we do, our children mimic, often for a lifetime.

Turn your holidays into a fun learning experience for your child by showing what makes a gift special—not its price tag, but its meaning. Philip Heckman, director of youth programs at Credit Union National Association, Madison, Wis., offers these tips:

* Help your child make gifts that don't cost money. Thrive by 5 (creditunion.coop, click Thrive by 5 logo) is a free website for parents who want to teach their preschoolers about spending (or not spending) and saving. One of the activities contains ideas for no-cost gifts suitable for young children to make.

* Establish inexpensive holiday traditions that involve your child. Decorating, baking, and visiting special people can result in feelings and memories that last far longer than the latest hot toys.

* Spend quiet time alone with your child. Nothing is more precious than the gift of time, says Heckman. Regularly schedule a few minutes before bedtime for you to sit together with your child. Read, sing, and tell stories about your childhood, bringing your fondest holiday memories to life in another generation.

Source - cuna.org

Pass up payday loans

Shop your Credit Union for gift cards!

Do you have someone on your Christmas shopping list who's hard to buy for?
Gift cards are always the right color. You don't have to wonder if they're too big or too small. And they won't spoil like a fruit cake.

LifeWay Credit Union offers Visa gift cards. Stop by and pick up a few today!

Attention Debit Card Members

At LifeWay Credit Union, we’re always looking for ways to enhance services for our members. One of the improvements we’ll be making in 2009 will be with our debit card program.

We will be upgrading our debit card system to an online, real-time environment. When you make a deposit to your checking account, those funds will now have immediate availability.

You will receive a letter about our debit card conversion within the next few weeks. If you should have any questions, please give us a call at 615-251-2089 or 800-833-6805.

Experts predict surge in holiday fraud

For cash-strapped consumers, finding the best holiday deals this year is a high priority. It's expected, though, that financial stress could lead to a significant increase in fraud this shopping season (Identity Theft Assistance Center, Nov. 6).

More consumers are looking to the Internet for holiday deals, but it's not a good deal if you hand over personal information to a crook. To safeguard your credit card numbers, purchase only from sites displaying a closed padlock on the browser frame. And on the payment page, look for https in the URL.

The National Fraud Information Center and Internet Fraud Complaint Center offer more tips for staying safe during online holiday shopping:

Avoid cash payments. If you pay with a credit card, you can dispute fraudulent charges if the goods are misrepresented or never delivered.

Understand how an online auction works. Know the obligations of buyer and seller in the transaction, including delivery time, return policy, warranty and service. Depending on the item's value, you may consider insuring it.

Get contact information. Obtain the seller's name, street address, telephone number and e-mail address. Also, glance at the feedback section on an auction site to gauge the seller's credibility. But be wary: Sellers can post their own reviews in their favor.

Be wary of overseas transactions. It's more difficult to resolve problems when

dealing with buyers from other countries.

Wherever you do your shopping, the Identity Theft Assistance Center reminds you to protect your PINs (personal identification numbers) as well as any document that contains sensitive personal information.

To spot suspicious activity, monitor your accounts online and obtain one free credit report annually from each of the three major credit reporting agencies--TransUnion, Experian, and Equifax--at annualcreditreport.com.

To Our Members

Happy Thanksgiving from LifeWay Credit Union!

Start Planning for Christmas 2009 Now!

Yeah, I know, it’s November 2008. You haven't even put up the Christmas tree yet. But now is the perfect time to plan for next Christmas!

If you set aside a few dollars a month in a Club Account, you’ll be surprised at how much you’ll end up with next Christmas. And the best way to save is with payroll deduction.

Call us today and we’ll help you start saving for next Christmas!

Buying Gift Cards? See Your Credit Union First!

Do you have someone on your Christmas shopping list who's hard to buy for?

Gift cards are always the right color. You don't have to wonder if they're too big or too small. And they won't spoil like a fruit cake.

LifeWay Credit Union offers Visa gift cards. Stop by and pick up a few today!

Shop Now for Best Car Deals

It's a buyer's market on automobile dealer lots right now, thanks to too many 2009s, too many leftover 2008s, and a glut of used vehicles. But if you wait too long, you may miss out on the short-lived perfect storm benefiting buyers.

As automobile dealers struggle to stay in business during tough economic times, now is the time to bargain. Before you head to the lot, lay out your game plan:

Check your credit. A good bill-paying history and a credit score higher than about 720 will give you an edge over customers without them.

Understand your choices. If you want a small vehicle, you won't have much negotiating power--they're in short supply and the dealer has leverage. Large cars, on the other hand, will yield the best deals, but you'll pay at the pump for poor gas mileage.

Consider certified, pre-owned vehicles. These used cars have warranty protection, and they also have the most costly years of depreciation behind them.

Set your strategy. Once you decide on a model, use one dealer against another. J.D. Power & Associates recommends you get a price from Dealer A, then use that price to bargain with Dealer B (BusinessWeek TV Oct. 10). Be prepared to go back and forth between the dealers.

Understand financing options. Despite the lure of 0% financing and rebates, have a credit union loan officer run the numbers before you sign on any dotted lines.

Six Warning Signs of a Financial Problem

1. More than 20% of your monthly net income is going to pay back credit cards and other loans (excluding mortgage).


2. You’re borrowing money to make payments on loans you already have.


3. You’re frequently at, near, or over the limit on your credit cards.


4. You’re paying only the minimum required on your credit card bill.


5. You’re paying bills late or putting off visits to the doctor because you don’t think you have enough money.


6. You’re working overtime or a second job just to cover food, housing, and other living expenses.
   

Scams - How to Avoid Financial Loss

Every year, one out of three adults in the United States gets a call from a con man, and the very best in the business of telemarketing fraud are known in the con game as "the closers." These closers have bilked millions of dollars from unsuspecting Americans by pretending to be representatives of their credit union or bank.

How can you protect yourself from being scammed? Here are a few tips:

Never disclose personally identifying information (credit union account numbers, debit or credit card numbers, social security number, etc.) if it is requested by an unsolicited email or phone call.

Think logically. If you receive a phone call from someone at night claiming to represent LifeWay Credit Union, remember that LifeWay Credit Union’s operating hours are from 8:30 AM until 3:00 PM. We wouldn’t call you at night.

If you receive a call requesting information on your Credit Union account, just say no. Don’t fall for the caller’s “bullying” techniques or scare tactics.

Do you have Caller ID on your phone? Calls originated from within our office begin with the prefix 251.

If you’re still not sure, call the credit union at 615-251-2089 or 800-833-6805.

Our job is to take care of you and your money. If you have any questions, please feel free to your Credit Union. And thank you for your continued support of LifeWay Credit Union.

Financial Tips for Turbulent Times

Whether you're an older worker with seemingly few options to recoup significant investment losses, or a younger worker with minimal or no investment savings at all, don't let the financial crisis scare you into not taking any action at all.

Now is the time to take stock of your situation, learn from others' mistakes and formulate a plan to tough out turbulent times (USA TODAY Oct. 31).

Heavy investment losses are disproportionately affecting baby boomers, the oldest of whom turn 62 this year. Although there's less time for you to recoup losses, that's not a reason to pull all your money out of the stock market (Moneycentral.msn.com Oct. 17). Even if you're already in your sixties, to have enough cash to fund 25 years to 35 years of retirement requires a long-term plan.

Most important, don't panic. Regardless of your age, start with the basics and vow to stick with your plan:

Rebalance your portfolio. Do your investment choices reflect your risk tolerance and investment strategy?

Keep some liquidity. Consider stashing some cash--three to six months' of living expenses--in a money market account at the credit union, which is insured to at least $250,000 by the National Credit Union Administration at credit unions having federal share insurance.
Increase your contributions. Most stock prices are at low, bargain-basement levels. If possible, bump up your contribution.

Diversify. Don't put all your investment eggs in one basket. Spread your wealth among a variety of investments: domestic, international, financial services, technology, health care, and so on.
Use dollar-cost averaging. By having, say, $50 each paycheck automatically directed to a mutual fund, your contributions will purchase more shares when the price is low, and fewer shares when the price is high.

Pay down debt. Reduce the choke-hold that credit cards have on your budget. Pay off the highest interest-rate card first, and then apply that payment to the next-highest interest-rate card. Stop charging.

Spend less. Identify needs versus wants, and then set priorities. You'll be surprised how many needs that you've identified are actually wants in disguise.

Work longer. If you're close to retirement, consider hanging on to your current job longer than planned, if you can. Or, secure part-time work after retirement. This reduces the number of years you'll dip into savings, and helps build additional savings.

(source: cuna.org)

Certificate Special

For a limited time, LifeWay Credit Union is offering an 8 month certificate at 3.88%. This applies only to new deposits. Click here for our complete rate sheet.

Questions? Call us @ 615-251-2089 800-833-6805.

Savings for LifeWay Credit Union Members!

During these tough times, your credit union is looking for ways to help you save money. We’ve been in contact with Crest Honda in Nashville, and they have offered special pricing for our members.

Until further notice, Crest Honda is offering LifeWay Credit Union members invoice cost plus 2% on all 2008 and 2009 models (excluding Hybrids and Fits). Any dealer incentives will also be passed on to you (Dealer Cash on Odysseys and Pilots, etc.) and calculated in pricing.

Crest Honda is also offering to give LifeWay Credit Union members a great price and experience in purchasing a pre-owned vehicle. A large selection in this group have been certified which gives you a 12 month/12,000 mile comprehensive new car warranty with 7 year/100,000 mile powertrain warranty.

Please contact Lew Cass, Sales and Leasing Consultant, at 615-256-5656 or 800-557-8655 with any questions.

Tips to Cut Down Your Hot Water Bill

Trying to cut costs? Although you can't control gasoline and grocery prices, you can control hot water consumption (MarketWatch.com Oct. 23).

At today's rates, hot water costs can add up to more than $1,000 a year. If you have a family, your bill could be even higher.

Begin with simple conservation measures:

Involve the whole family. Sit down and discuss ways everyone can use less water. Don't be a hypocrite - if you're harping on your kids to turn off the water while they brush their teeth, make sure you're doing the same.

Take showers instead of baths. Showering instead of bathing can save about 12,000 gallons of water a year--about $180 a year.

Set time limits for showers. Instead of hollering up the stairs each night for kids to get out of the shower, use a timer to help control length. If this doesn't work, threaten to take away their cell phone.

The Energy Department also recommends:

Load the dishwasher. Washing dishes by hand uses more energy and hot water than your dishwasher. Load the dishwasher efficiently and try running it less frequently. When purchasing a new dishwasher, check the Energy Guide label. Know the difference between compact and standard capacity. Compact-capacity may appear to be more energy efficient, but actually may hold fewer dishes.

Wash clothing in cold or warm water, rinse on cold. Unlike dishwashers, there isn't a minimum temp for optimum cleaning in a clothes washer. Older models can cost three times more to operate than newer models. Select a machine that lets you adjust water temps and levels. Efficient models spin-dry clothes, saving money when drying. Front loaders use less water and less energy than top loaders. Check EnergyGuide labels--a reduced capacity washer might mean you'll have to do more loads.

Lower the water temperature. Set your water heater thermostat at the lowest temperature that will provide you with sufficient hot water. For most households 120°F water should be OK--about midway between the low and medium setting. This also is a smart safety measure to avoid little hands getting burned. If you're going to be gone a few days, turn the thermostat down to the lowest possible setting, or turn the water heater completely off (American Council for an Energy Efficient Economy).

Code Blue!

Good luck to the Tennessee Titans as they take on the Colts tonight at LP Field!

Thinking About Scaling Back Your 401(k)? Think Again.

As your 401(k) balance shrinks and the economy continues to slide into a recession, your first instinct may be to try to salvage what’s left of your retirement savings. In most cases, you’re probably better off not doing anything. At least for a while.

Contrary to what some people may think, now is not the time to decrease the amount of money you contribute to your employer-sponsored retirement plan. By doing this, you would be foregoing tax breaks associated with tax deferral, turning down “free” money from your employer’s match, and putting yourself at risk of not being able to make up for lost retirement savings after the crisis ends. Selling stocks is risky right now, too; you would probably be selling low after buying high, and that’s the exact opposite of a prudent investment strategy.

So what should a smart investor do in today’s economy?

Consider bumping up your 401(k) contributions. By increasing the amount deducted from your paycheck, you’re getting more for your money since most stock prices are low.

If possible, avoid taking money out of your 401(k). You’ll pay a penalty if you’re not retired, and you’ll be cashing out near or at the bottom of the market.

Resist taking a loan against your 401(k). These loans are risky if you suddenly lose your job and are forced to repay the loan. Penalties could be imposed if you can’t repay the loan immediately.

Diversify. Be sure your portfolio has a good mix of investments to reduce your risk. Or select a “lifestyle” fund to automatically shift to more conservative fixed fund investments as retirement nears.

Keep your emergency fund intact. Without a cushion for unexpected events – school expense, repair bill, medical crisis – you could quickly bust your budget.

Reduce your day-to-day expenses. You’ll be paying more for less in the future, so you’re going to need the extra money for higher-priced goods and services.

If your 401(k) has experienced sizeable losses, think about putting more money into your retirement accounts, working longer, or a combination of both. If you work more years than you’d previously intended, you’ll be saving for a longer period of time and building a bigger reserve, and you’re also reducing the number of years you’d be pulling money out.

Need Budgeting Help? Call Us!

Times are tough. Money doesn't seem to go as far as it used to. Maybe you need to create a budget.

We'll be glad to sit down with you and help you craft a budget to fit your needs. Call us today!

Don't Worry, We've Got Money

Have you heard about the recent credit crunch? Many banks are tightening their lending practices because they were so loose for so long.

At LifeWay Credit Union, we've got plenty of money to lend. The next time you need to borrow money, remember your credit union. We're here for you.

Member Appreciation Day

Please join us for Member Appreciation Day in the Credit Union on Wednesday, October 15. We’ll have refreshments all day and draw for door prizes that afternoon.

We'll see you Wednesday!

Share Insurance Increase

The passage of the Emergency Economic Stabilization Act of 2008 increases NCUA coverage from $100,000 to $250,000. The increase is temporary, taking effect from October 3, 2008 until December 31, 2009.

Questions? Call us at 615-251-2089 or 800-833-6805.

Money Troubles? Let's Talk About It

It's easy to feel all alone when money troubles hit. Serious trouble may be as rare as a job layoff or as commonplace as credit card debt.

So, even if your rough situation is new for you, remember that it's one we're very familiar with. We help members like you--with problems just like yours--every day.

Don't wait for things to get worse. Call us. Whatever your financial challenge, we can help.

6 Ways to Improve Your Credit Score

1. Pay your bills on time.


2. Keep your balance low in relation to your available credit.


3. Make more than the minimum payment


4. Don't open several new accounts over a short period of time, especially if you have a short credit history.


5. Pay off credit card debt instead of moving it.


6. Review your credit report regularly and correct any major errors.

How's Your Credit Union Doing?

Click here for a letter to our members. And contact us if you have any questions.

Social communities

Here are some interesting facts on Facebook:

• There are 100 million active Facebook users. Facebook anticipates that number will grow to 200 million by the end of 2008.
• There are 250,000 new users daily.
• The average Facebook users in on his/her page 25 minutes a day.

Check us first for car rates!

Buying a new or used car? Check with LifeWay Credit Union first! With rates as low as 3.75%, you'll be glad you did.

Don't Let Fees Take Their Toll

Consumers are willing to pay for convenient financial services, such as automated teller machine use. But how much is too much?

Some fees finance the research and development of future products and services. Still other fees are used to modify negative behaviors, such as routinely writing checks against nonexistent funds.

But when it comes to fees, you can trace the difference between how many and how much to one major philosophical difference in the way credit unions and banks operate.

Banks are for-profit institutions: The profit motive influences the number and size of their fees.

Credit unions are not-for-profit financial cooperatives. Because there's no pressure from profit-minded stockholders, LifeWay Credit Union charges fees to enable us to provide more convenient and useful services for our members.

That explains why credit unions usually charge fewer and lower fees than banks.

How much can members save just by using a credit union share draft or checking account?

Credit union members who open a share draft account usually can do so for free. According to the Credit Union National Association's 2006/2007 Credit Union Fees Survey Report, 75% of credit unions offer free share draft/checking accounts.

Credit unions also make it easy--and cheap--to access your accounts. Nearly three-fourths of credit unions that offer access to ATMS participate in surcharge-free ATM networks, which means you won't be charged for any transactions at those ATMS.

Stop by or call us to make sure you're taking full advantage of the credit union difference--before unnecessary fees take a toll on your hard-earned dollars.

Five Tips for Getting Low-Priced Airfare

Many variables go into the price of an airline ticket. The result is that few passengers on the same plane pay the same price.

1. Timing is everything--Twenty-one day and 14-day advance fares usually are the lowest. Search for fares a few minutes after midnight--when reservations previously put "on hold," but not ticketed, are released. Avoid peak travel times including holidays. Travel before 7 a.m. and after 7 p.m. Fly Tuesday through Thursday; include a Saturday night stay.

2. Search the Web--Lower priced fares often are offered online. In fact, the same ticket may be $25 more if you buy it over the phone.

* http://www.bestfares.com/
* http://www.expedia.com/
* http://www.orbitz.com/
* http://www.smartertravel.com/
* http://www.travelocity.com/
* http://www.travelnow.com/

3. Choose an alternate city--Can't find the airfare you want from Chicago's O'Hare International Airport to La Guardia Airport in New York City? Consider leaving from and arriving in alternate cities.

4. Budget airlines--Smaller airlines are good options if you missed advance purchase deals on major airlines. Budget airlines also offer the best deal if you're flying one-way. Typically major airlines charge hefty prices for one-way fares.

5. Promotions--When an airline begins service to a new city look for introductory discounts good for 30 days or 60 days. Don't book without asking about promotions.

New Savings/Certificate Rates

Looking for a safe place to invest your hard-earned money? LifeWay Credit Union is just the place for you. Click here for the most recent savings and certificate rates.

Surcharge-Free ATMs

Whenever you need to get cash and you're not near the credit union office, remember that we belong to two surcharge-free ATM networks. Click here for MoneyTower locations, and here for Co-Op Network locations. With so many ATMs in these two networks, you're sure to find one near you!

Share Insurance Protects Your Savings

Good old "Plan B." It's nice to have something to fall back on when things don't go the way you plan. But when it comes to building a financial cushion for retirement, or saving for college or a down payment for a new house, setbacks can be costly.

Safeguarding your hard-earned money is critical. That's why LifeWay Credit Union has federal share insurance, administered by an independent government agency, the National Credit Union Administration (NCUA). The National Credit Union Share Insurance Fund (NCUSIF) protects aggregate savings up to at least $100,000 in savings, certificates, and share draft/checking accounts.

The coverage for individual retirement accounts (IRAs) is $250,000.

Something else about share insurance: It separately insures individual and joint accounts. For example, say you have an individual account containing $100,000, and a joint account with your spouse containing $100,000. Each account is insured separately for a total coverage of $200,000.

So how do you know we're federally insured? All federally insured credit unions--like yours--must post the official NCUA insurance sign in their offices.

As do other NCUSIF-insured credit unions, we abide by high standards of safety and soundness. Because of that, NCUSIF is a strong, well-capitalized fund.

So bring your savings to us. You can count on LifeWay Credit Union to take good care of it.

More Consumers Use Online Bill Pay

About 63.1 million households--75% of all U.S. households--are paying bills online, according to a survey by CheckFree, part of Fiserv, Inc., a provider of information technology services to the financial industry (BusinessWire Aug. 27).
Among survey respondents who use the Internet, check payments dropped to their lowest level in six years--accounting for 31% of the total volume of household bill payments, compared with 34% in 2007.

The survey also indicates that consumers have more confidence in online security because Americans are becoming more experienced in using Internet services, and therefore security concerns are not a much of a barrier to online bill payment adoption as they were in the past, said CheckFree. Other survey findings include:

Households using the Internet pay about 11 bills per month. Consumers use an average of three different ways to pay bills with online, check, automatic debit and in-person at the heading the list of bill-payment methods. Online bill payments at bank and biller websites account for 42% of total monthly payments, compared with 31% of bills paid by check.

The environment was cited by 51% of survey respondents as a reason for choosing to view and pay bills online. Of these, 72% identified the lack of paper and clutter as main benefits, followed by tree conservation (19%) and reduction in gas consumption (16%).

Saving time and obtaining control over finances were major online bill-payment benefits cited by 44% of respondents. Those surveyed also cited other main reasons for paying bills online, including eliminating the hassle of writing checks; enabling them to pay all bills in one step; and saving on the cost of stamps.

If you're not using LifeWay Credit Union's Virtual Branch Bill Pay, click here to apply.

What Happens When Your Car Lease is Up?

Your car lease is almost up. It's time to weigh your options.

* Leasing another car is one--but maybe not your best--option. If you have a good credit history with your lease company, you'll likely get a letter (about two weeks before your lease is up) that preapproves you for a new lease. Before you agree to financing through the dealership, at the very least, ask for a conditional agreement subject to approval and review by your credit union. In fact, that's sound advice for any lease or dealer financing arrangement.

* You also may choose to buy your current leased vehicle outright for the amount stated in your lease agreement (residual value) plus any additional charges and fees. Again, first check with LifeWay Credit Union about ways to finance any purchase.

* Another option is to turn in your leased car and walk away. Maybe you found that leasing just isn't for you. Before your lease ends, learn all you can about the end-of-lease process. Talk to a return lease specialist where you plan to return the car. When you return the car, be prepared to sign several end-of-lease papers to terminate your responsibility, and make sure you receive a copy of the federal odometer receipt and a report of the vehicle's condition.

If you're not sure which option to choose, call us at 615-251-2089. We can review your lease agreement and help you weigh your options.

Register to Vote

Make your voice heard and get out to vote! The right to vote is one of the most important privileges of being a U.S. citizen. But in the 2004 election, only 58% of the voting age population (18 and older) voted, according to the U.S. Census Bureau; and only 65% of the eligible population was registered to vote.

To register, contact your local election official for a voter registration form. Or, register to vote online with Credit Union National Association Voter Registration at https://electionimpact.votenet.com/cuna.

Net Worth: Are You On Target?

Is your net worth on target for your age and household income level? In the book "The Millionaire Next Door," authors Stanley and Danko suggest a simple formula:

Divide current age by 10

Multiply that by annual pretax income, excluding inheritances.

Example: If you're 40 with an annual income of $50,000, your net worth should be at least $200,000 (40 divided by 10 = 4 and $50,000 x 4 = $200,000).

Although this is a suggested minimum, the more you exceed this figure, the better. Remember: other factors affect net worth--such as family size and health--so use this figure as a starting point.

America's Credit Unions: Secure, Strong

Amid turmoil, America's Credit Union serve as safe harbors for consumer savings. Click here to learn more.

Virtual Branch Tip

Did you know there’s a great way to provide yourself with more online security when you use Virtual Branch?

When you’re initially set up on Virtual Branch, your login ID is your Social Security number. You have the option to change your login ID once you’re inside of Virtual Branch. Just click on Personal Information under Personal Options on the left-hand side of the page, then click on Change Login ID on the upper-right-hand side of the page. Once your there, simply enter your new login ID, verify it, and you’re all set!

Questions? Call us at 615-251-2089 and we’ll be glad to help.

Watch for ATM Skimming Devices

Look for irregular devices on ATMs you use. Crooks may attach an overlay swipe device, which gleans your name, account number, expiration date, and security features off the magnetic stripe on the back of your card. Review statements on a regular basis--more often online--and report transactions you didn't make.

And if you're not set up to use Statement Express, click here to get started.

Ways to Boost Your Credit Score

Every time you apply for a credit card, mortgage, car loan, or insurance, your application is judged in part by your credit score. Lenders use your credit score to determine whether to grant credit, and at what cost. The higher the score, the more likely you are perceived to repay the credit. Consumers with scores less than 600 usually are seen as higher risk and may pay a higher interest rate or are denied credit.

Fortunately, you can take steps to boost your credit score. These tips can maximize your score and influence your credit-worthiness.

1. Be punctual. Late or missed payments, foreclosures, and bankruptcies have the greatest negative effect on your credit score.

2. Check your credit report regularly. Don't let inaccurate information ruin your credit score. Consumers are entitled to one free credit report per year from each of the three major credit bureaus (Equifax, Experian, TransUnion), which you can get online at annualcreditreport.com. Even though the credit report is free, getting your credit score will cost extra. You can obtain your credit score at myFICO.com, or from the individual bureau's websites, experian.com, equifax.com and transunion.com.

3. Keep debt in check. Try to keep your account balances below 50% of your credit limit. For instance, if your credit card has a limit of $2,000, keep the balance less than $1,000.

4. When shopping for a loan, submit your applications within a limited time. If done in a short period of time, multiple inquiries on a credit report will count as one inquiry to a potential lender looking at your report. Excess inquiries strung out over a longer period, however, could negatively affect your credit.

5. Keep accounts open. Time is one of the most significant factors that can improve your credit score. Closing old accounts—especially ones with a good payment history—shortens your credit history and lowers your score. Lenders take into account the average age of your accounts, so an older account can help balance newer credit.

6. Keep a healthy mix of credit. This includes things like a mortgage, a credit card or two, a car loan, and perhaps a retail card. LifeWay Credit Union can help you acquire the mix you need.

The Free Credit Report That's Really Free

Go to annualcreditreport.com, which was established after the Fair and Accurate Credit Transactions Act of 2003 gave consumers the right to obtain - once a year
- a free credit report from each of the big three credit reporting agencies: Equifax, Experian, and TransUnion. Or, you can call toll-free 877-322-8228.

Tennessee Sales Tax Holiday

Just a reminder that Tennessee's Sales Tax Holiday is Friday, August 1 - Sunday, August 3, 2008. Click here for more information.

Credit or Debit?

Every time you use your LifeWay Credit Union debit card, you're probably asked the same question: "Debit or Credit?" Which is better?


When you use your LifeWay Credit Union debit card as credit, it still automatically withdraws money from your checking account like a debit transaction. But it offers the security of a signature approval and avoids the use of a PIN. When you use your signature, handwriting analysis can be used later to detect fraud. But the use of a PIN doesn't distinguish the owner of the card from a thief.


Remember - transactions using your LifeWay Credit Union debit card need to be marked on your transaction register because the funds will come out of your checking account. But using the credit option is much more secure way to make purchases.

New Certificate Special

Need a safe place to invest your money? We've got just what you're looking for.

Effective Tuesday, July 29, LifeWay Credit Union will offer a new share certificate special - 11 months @ 4.11%. This special rate applies to new money only and is for a limited time. You can see all of our rates here.

Let us know if you have any questions.

Stop Denying, Start Saving

Many people live in a state of denial about the cost of infrequent expenses. For example, it's reasonable to expect that a car eventually will need new tires, a tooth will require a filling, or a household appliance will need to be repaired or replaced.

A savings plan

All these expenses can be budget busters unless you save in advance.

To create a savings plan for infrequent expenses, take a tour of your home. Figure out when you probably will need to replace appliances and mechanical systems by visiting the This Old House Web site and searching for "How Long Stuff Lasts."

If you own a car, save for repairs based on vehicle mileage, budgeting $25 a month for a new car; $50 a month for a vehicle with 30,000 to 60,000 miles; $75 a month for 60,000 to 100,000 miles; and $100 a month if the odometer tops 100,000.

If you're a homeowner set aside at least 2% of your property's value for repairs and maintenance each year. You also should budget for personal expenses that aren't covered by insurance, such as dental cleanings or eye check-ups.

Break it down

To figure out how much to save each month, create a grid. List infrequent expenses on the left side and make columns for annual and monthly budget amounts across the top. Figure out the total cost for each infrequent expense, and then break it down by years and months as needed. Tally your columns to get an annual or monthly total.

Over time, higher-than-expected expenses for one item on the list are likely to be balanced by below-budget expenses in another. Keep that in mind to avoid the temptation to pull money out of savings to spend on unrelated items. That way, you'll be prepared whenever an infrequent expense becomes an immediate necessity.

If you need help budgeting for infrequent expenses, LifeWay Credit Union can help. Stop by or contact us today at 615-251-2089 or 800-833-6805.

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