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.