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Contents
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About
this issue
It’s hard to believe this is the last
issue of Smart Money Matters in 2007, our first year
of publication. We enjoy being an educational resource for
your financial well-being and look forward to providing you
new, timely and objective financial information throughout
2008.
This issue is devoted to helping you make
good decisions about buying or selling a home or car. These
can be complicated transactions. But with technology fast
becoming a leading source for making purchases, listing items
to sell, and registering for online services that save you
time and money, we are also bringing you information about
reasonable precautions to take for protecting your identity.
We want to be a supportive partner in helping you reach your
financial goals.
To that end, we’re honoring International
Credit Union Day’s theme, Together We’re Better,
with a feature article highlighting how the credit union has
helped two members through the challenges of identity theft.
To encourage identity protection, we are collecting entries
throughout the week of October 18 to win a cross-cut shredder
in every branch to get everyone in the habit of destroying
disposable materials that could compromise identity if found
by the wrong person.
This issue also introduces online account
opening, a new time-saving, paperless feature of Online Banking.
Now you don’t even have to visit a branch to join or
open checking or deposit accounts!
Finally, we’re announcing the election
of volunteers to serve on the Board of Directors and Supervisory
Committee in 2008-09. There is contact information for more
details about representing the membership in this capacity
if you care to inquire. We hope you enjoy this issue.
Best wishes for the coming holidays and the
new year,
Patsy
Van Ouwerkerk
President and CEO |
Curt
Newland
Board Chair |
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Pending
home sales in California have dramatically dropped 20 percent
since this time last year, but, if you’re looking to
upgrade to something larger or make a first purchase, it may
be the right time to buy.
How much
time do you have? Expert opinions vary. Real estate optimists
say the national downturn, which started in 2005, may last
only a year; others think the window could linger up to five
years.
So what
does that mean to you as a buyer—today? For the next
12 to 60 months you have opportunities to get the home you
want with proportionally higher savings than any other period
in the last 10 years.
 Look
at the percentage of cost savings
The market
is brimming with homes for sale due to subprime foreclosures
and variable-rate loans that are peaking with new, harder-to-afford
payments. Sellers are concerned about the drop in value of
their properties.
The fact
is that everyone with a home for sale is in the same situation.
In any given market, prices will drop at about the same rate
for all the available homes. The cost savings in dollars to
you as a buyer will be proportionally greater for a more expensive
home.
| FOR
EXAMPLE: |
|
| Your
home is valued at |
$450,000 |
| You
want to upgrade to a home valued at |
$600,000 |
| The
initial cost to upgrade is |
$150,000 |
| If
the market drops 10 percent in your area: |
|
| Your
home value drops by |
$45,000 |
| The
home you want drops by |
$60,000 |
| The
cost to upgrade becomes |
$135,000 |
| The
drop in market value saves you |
$15,000 |
|
There
is no guarantee about the value of your home by the time prices
recover, but if you find the home you want for well below
last year’s price, you have a margin of security against
a further drop in value.
The
good news for first-time buyers
 Interest
rates are still low. Prices are dropping. House availability
is high. Renters are in a particularly good position to get
into a home now since they don’t have properties of
their own to sell, which can slow down or kill some transactions.
With a short lease or month-to-month payments, good credit
and a down payment, this buyers’ market could be a golden
opportunity to get into a home at long last. •
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Once you decide to sell your home, you
want the process to go as quickly and smoothly as possible.
Earning top money would be nice, too. So, besides hanging
a “For Sale” sign out front, what can you
do to improve your chances of getting the sale you want?
 1.
Get your house in shape for a successful sale
Walk through your home, looking at it
through a buyer’s eyes. The crayon marks on the
wall may be a sweet reminder of your kids, but they
won’t be to a potential buyer. Then walk outside
and assess the curb appeal (how buyers will view the
house when driving up). Is the lawn brown? Is the window
trim peeling? Invite a few realtors over. Besides interviewing
them, you’ll learn what they think you should
do to get your home ready for sale. They can also give
you a comparable market analysis (CMA), which tells
you what similar homes have sold for in your neighborhood
in recent months. Agents use these comparable sales
as a starting point for determining what price tag you
should put on your home.
Make repairs and changes that aren’t
expensive but could raise the selling price. Paint the
walls. Mend the fence. Plant some flowers. Move excess
furniture and trinkets out so the house looks bigger.
When considering home improvements,
realize that you won’t always get back the amount
you spent on the project when it’s time to sell.
2. Decide who’ll
sell the property
Are you going to use an agent or will
you sell the house yourself? Real estate commissions
typically run around 6 percent of the sale price (half
goes to the buyer’s agent), though they might
be negotiable. Because of the cost, many sellers decide
to handle the sale themselves. Many of those sellers
change their tune after they realize how much work and
specialized knowledge it takes to make a successful
sale. If you still want to avoid paying a full commission,
at least hire a real estate agent or attorney on an
hourly basis to give you advice and help you through
the paperwork once the offers come in.
 3.
Avoid surprises by getting an inspection first
It’s worth the few hundred dollars
it costs to get a professional home and pest inspection.
Do this shortly before listing your home so that the
information in the report is as current and accurate
as possible when prospective buyers start touring the
property. The report will give you an idea of what items
might trigger an interested buyer to start bargaining.
While most buyers will still want to have their own
inspections done, having one done yourself and making
copies available to shoppers prepares you to negotiate,
shows you have nothing to hide, and improves the quality
of initial offers.
4. Set the right
price
Your real estate agent will recommend
a specific price or a range based on recent selling
prices of similar homes in your neighborhood. You might
also want to go to neighborhood open houses to compare
them to your property and see what sellers are asking.
Research prices on the Internet. Check your local newspaper.
Home prices fluctuate based on both the national and
local economy, so pay attention to the news. If you’re
still not sure how to price your home, you may want
to pay for a professional appraisal.
Be prepared to make a counter-offer if someone makes
an offer that is significantly below the price you are
willing to accept.
 5.
Open your home to shoppers
Your agent may schedule open houses,
and will probably also bring prospective buyers through
from time to time. You never know when you’ll
get a call saying a buyer wants to see your home in
30 minutes, so keep the place neat and clean the entire
time it’s on the market. (This is the biggest
challenge for some sellers.)
Move your valuables out or keep them
hidden. Buyers will open doors and look in closets.
They’re not being nosy—they want to know
if there’s enough room for their own things.
Even if you’ve already moved out,
keep the temperature at a comfortable level and add
a few pieces of furniture and plants to make it look
more like a home.
6. Accept
an offer and pack up
 All
your preparation is paying off and you’re finally
getting offers from interested buyers! Your realtor
will help assess the strength of each offer, considering
not only the offer price, but also whether the buyer
is pre-approved (already has a mortgage commitment from
a lender) and what contingencies he or she has written
into the contract.
Once you’ve accepted an offer
and the deal goes into escrow, it’s time to plan
your move. You’ll need to be out by the close
of escrow unless you’ve agreed to rent the house
back from the new owner for a while.
After all this effort, you can finally
put the money in your account and take your real estate
agent’s number off your speed dial. •
Unbiased financial information
provided by Financial Finesse.
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2008
Election notice
Elections
will be held Thursday, May 1, 2008 for three positions on
the Board of Directors and one position on the Supervisory
Committee, all for three-year terms.
If you
wish to stand for election, please mail your resume and cover
letter expressing your interest in either the Board or Supervisory
Committee to the Nominating Committee at the address below.
Members
may bypass the nomination process and become candidates by
submitting a petition signed by 100 eligible members. To obtain
petition guidelines and forms, please contact Sylvia Hanson
at (707) 469-1602 or (800) 877-8328, ext. 1602. All cover
letters, resumes and signed petitions must be postmarked no
later than midnight on January 2, 2008 to be considered by
either nomination or petition.
Candidates
must be members of the credit union in good standing, at least
18 years of age and be willing to dedicate significant time
and energy to the position. Please note that incumbent officials
may choose to run for re-election. The positions are voluntary
and there is no monetary benefit for service. Requests for
nominations and petitions should be mailed to:
Nominating
Committee
Travis Credit Union
2010-A Harbison Drive, #170
Vacaville, CA 95687 •
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 International
Credit Union Day
The
third Thursday of October is set aside by credit unions around
the world to reflect, celebrate and raise awareness about
the great work financial cooperatives do to help member-owners
like you reach their financial goals.
The
theme for this year’s International Credit Union Day®
on October 18 is “Together We’re Better.”
And one way to show the impact credit unions have had over
the years is to hear from our members how Travis Credit Union
has helped them manage financial issues, particularly identity
theft and fraud.
Angie
from Suisun
This past
summer, Angie and her family went to Disneyland, where her
husband lost his driver’s license. When the family returned
from their trip, Angie asked Travis Credit Union’s compliance
department to place a memo on their accounts saying that they
had lost an identification card.
“None
of our account information was lost or stolen,” Angie
says. “Fortunately, we did not experience any monetary
loss.”
Angie’s
advice to fellow members is to let Travis Credit Union know
if your identification becomes lost or stolen, and to have
memos placed on your account for at least six months to safeguard
against identity theft. “This will make the credit union
staff aware of the situation,” she says.
Wendy
from Esparta
In late
August, Wendy called AT&T to change billing information
and to order a cell phone. She used her Travis Credit Union
VISA® debit card for the transaction. Two days later,
she began receiving calls from retailers such as JC Penney
Co., Casual Male and Rochester Big & Tall about orders
placed over the phone with her name and VISA debit account
information. In all, about $2,000 worth of items were ordered
fraudulently—and all addressed to a home in Washington,
DC.
Wendy
sprang into action. At our Woodland branch, she got a list
of activity on her checking account, which she then closed.
Moreover, she kept detailed records of all the illegal activity,
including purchase order numbers and shipping addresses from
the retailers. When she presented all that information to
local police, they were impressed, she said.
Because
of her quick reaction, the shipments were stopped and police
are looking for the culprit. Wendy says AT&T is investigating
how her credit card information was obtained and she is working
with the credit union’s compliance department to clear
the account of the charges.
 Her
advice to other members is to gather as much information as
possible if you notice unauthorized activity on your accounts.
Also, be wary of giving out credit card information over the
phone. “Criminals are not specific,” Wendy says.
“They’re everywhere.”
These
are just a few examples of how credit unions and their members
help each other.
More than
172 million members of 42,000 credit unions in 97 countries
will celebrate International Credit Union Day this year. We
hope you will share our story with others and encourage them
to take advantage of the benefits of membership in our unique
community. •
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Identity
Protection
Tuesday, October 30, 2007
10 a.m. to Noon
Travis Credit Union
Community Room
One Travis Way, Vacaville
Please RSVP to
Jon DeFreece
at (707) 469-1802
by Oct. 29, 2007 |
|
Learn
to protect your identity
Do you
know how to prevent yourself from becoming a victim of “phishing?”
Can you spot when your credit card information is being “skimmed?”
Just how do you avoid having your personal information salvaged
from “dumpster diving?”
These
are all types of identity theft, which is a serious crime
that can cost millions of people time and money. At Travis
Credit Union, protecting your personal and financial information
goes hand-in-hand with building lasting relationships to help
you achieve your financial goals.
As part
of our commitment, we are hosting an Identity Protection seminar
on Tuesday, October 30, at our corporate headquarters in Vacaville.
Utilizing information provided by the Federal Trade Commission,
we’ll explain how identity theft occurs, how to remain
vigilant so it doesn’t happen to you, and what to do
to get help if you are victimized.
While
there are no fool-proof ways to avoid identity theft, there
are ways to minimize the chances of becoming a victim, and
to minimize the damage should a theft occur. We’ll also
discuss the FTC’s “Deter, Detect and Defend”
program and how you can apply it to fit your situation.
We hope
to see you at our workshop. For more information about identity
theft, visit the Federal Trade Commission’s Identity
Theft Web site at www.ftc.gov/idtheft.
•
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In this
issue of Smart Money Matters, we’ve shared
stories about how Travis Credit Union helped two members successfully
unravel the complex issues of identity theft. We really are
better together—the theme of International Credit Union
Week this year. To help you protect your identity, please
visit any branch from October 15 through 20 and enter our
drawing to win a cross-cut shredder.
 We’re
giving away one shredder in every branch! This is an essential
home appliance for destroying unwanted mail, discarded documents,
old receipts, expired plastic cards, and CDs and DVDs that
could give away your identity to dumpster divers.
Winners
will be notified by October 26, 2007. •
Winners
must be 18 years of age or older. One name per branch will
be randomly selected from valid entries to win a cross-cut
shredder, valued at $150. Contest dates: October 15 through
20, 2007. Entry is also available by hand-printing your name,
address and phone number on a plain, 3” X 5” card
and mailing it to Travis Credit Union Marketing Department,
International CU Week Drawing, P.O. Box 2069, Vacaville, CA
95696. Limit one mailed entry per household. No mechanical
reproductions will be accepted. Odds of winning are unknown,
but based on the total number of entries during the contest
period. The winner will be notified by Friday, October 26,
2007. The credit union will report the drawing prizes, as
required by applicable law. The winner is responsible for
applicable tax consequences and agrees to permit the credit
union to use their likeness in credit union materials. Credit
union employees, volunteers, board members and their families
are not eligible. Not valid where prohibited by law. No purchase
necessary to enter.
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|  Do
you want to open a certificate money market or Target Share
Savings account but just don’t have the time in your
busy schedule to visit one of our branches? Or, have you been
meaning to add a checking account to help you better manage
your finances but just haven’t gotten around to it?
Perhaps you know someone who wants to join the credit union
but isn’t near any of our branches.
At Travis
Credit Union, we understand that life’s responsibilities
don’t always leave you with time during the day to take
care of your personal finances. That’s why we’ve
introduced a new Online Banking feature that allows you to
safely and easily open accounts in just minutes, at your convenience,
following a few easy steps.
If you’re
already an Online Banking user, simply log in to your account
from www.traviscu.org
to begin this process. If you’re not, you’ll need
to sign up for Online Banking before you can open accounts
online. Click the Secure Login
button on our home page, click the New
User Click Here link in the left column, and
follow the easy instructions to enroll in Online Banking.
Opening
a new account
| It
takes just eight easy steps: |
| 1. |
Log
in to Online Banking. |
| 2. |
Click
the Add New Account
link on the left and agree to the electronic
disclosure shown. |
| 3. |
Select
a product. Depending on what accounts you already
have, you could add checking, savings and/or money market
accounts. |
| 4. |
Provide
additional information. For example, if you’re
opening a checking account, you’ll need to order
checks and decide if you want overdraft protection. |
| 5. |
Agree
to disclosures: Read and agree to the disclosures
for the products you have selected. |
| 6. |
Fund
your accounts: To use your new account(s), you’ll
need to transfer money to it. Follow the instructions
for an electronic transfer of funds (ACH) from one of
your accounts outside Travis Credit Union or transfer
funds from an existing TCU account. |
| 7. |
New
account confirmation. Once your account is funded,
you’ll receive a confirmation number and be given
an opportunity to create a special log in to check the
status of this new account application for 30 days. |
| 8.
|
Complete.
Print or save the master membership card for
your records. The online process is then complete. |
Joining
online
| If
someone in your family or a friend wants to join, it’s
easy to do online! |
| 1. |
Click
the the About Us
tab on our home page. |
| 2. |
Click
the drop down Join Us
tab, which takes you to a page that explains membership
eligibility and requirements. |
| 3. |
Select
your means of membership eligibility. |
| 4. |
Fill
out the membership application form. |
| 5. |
After
your information is verified, answer a few “challenge”
questions based on your credit history. |
| 6. |
Select
your products and continue the process a described previously. |
It’s
that simple!
We hope
you’ll find online account opening a great addition
to Online Banking. In person or online, we always want to
provide solutions that will improve your financial life. Thank
you for being a member of Travis Credit Union. •
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You’re
out on the road and your wandering eye can’t help but
notice the motorist next to you—and the one in front
and behind you—are all driving nicer vehicles compared
to what you’ve got your hands on right now. If you’ve
lost that loving feeling for your old car, there are several
things to consider when you sell it.
Check
out our Web site
Now days,
just sticking a “For Sale” placard on your car’s
rear window isn’t enough. The key to successfully selling
your car is to do your homework—just as you would if
you were buying a new car. Diligently research your vehicle’s
worth to know what you can get for it in the used car market.
There’s no better place to start than at www.traviscu.org.
Simply click on the Loans,
then Vehicles
and then you’ll see the Vehicle
Research link on the right. Click on that
and you’ll be taken to Travis Credit Union’s CUDL
AutoSMART Web site, the ultimate auto resource for credit
union members.
What’s
it worth?
Click
on the CUDL AutoSMART logo at the bottom of this page to begin
researching your car’s worth using Kelly Blue Book®,
one of the nation’s leading sources for used vehicle
pricing information. You’ll receive your pricing information
in just minutes, and there’s also a helpful explanation
of terms. Be sure to get your car’s trade-in and retail
values. Typically, the trade-in value is lower because the
dealer has to resell that car for a profit.
Once you
have an idea about your car’s worth and have determined
a sale price, it is time to put a little sweat equity into
the deal. Wash, wax and clean your car inside and out. Remove
all your junk from the trunk, and vacuum the inside of the
entire vehicle. You can use a vinyl cleaner to shine the interior
and a good wax to polish the exterior. Don’t forget
the tires and rims, where dirt collects easily.
Also,
you may want to change the oil and conduct other minor maintenance
if it’s needed. Finally, gather up your car’s
maintenance records and receipts (you did keep them, right?)
and put them neatly in a folder to show buyers that you’ve
taken good care of your car.
Getting
the word out
Now it
is time to advertise. You can post your car for sale on craigslist.org
for free. If you choose to list you car with AutoTrader.com
or carsdirect.com
an ad can go for as little as $25. Ad prices vary depending
on how much information you provide and where you want your
ad shown. If you’re thinking of selling your car through
the classified ads section of your local newspaper, try to
time your ad so it appears in the Sunday paper (if your paper
has a Sunday edition), as it is the most read paper of the
week.
Go
for a ride
When showing
your car to a potential buyer, remember to make them feel
comfortable but also be mindful of your personal safety. Show
your car in open public areas during the daytime and bring
a friend if possible. Test-drives are a part of buying a car,
so go along for the ride to help answer any questions. Also,
it is not unusual for a buyer to want to take the car to a
mechanic for an inspection before buying the vehicle.
Once negotiations
begin with a potential buyer, be prepared with counter-offers.
While it is good to remain firm on your target price, keep
in mind that both sides are trying for a win-win situation.
If you
plan to trade-in your vehicle, it’s a good idea to first
negotiate a price for your new vehicle and then discuss the
price of your trade-in with the dealer. For a wealth of information
on buying a new car, visit our CUDL AutoSMART Web site.
 With
some research, a little preparation and a helping of good
luck, you’ll be on your way toward selling your old
car.
Congratulations!
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Just ten
years ago, most of us couldn’t conceive of making purchases
online. The biggest concern was privacy—if we entered
our credit card information, we worried that a “hacker”
would steal it and go on a spending spree.
Since
the introduction of encryption software, most Web sites can
offer assurances that your credit card information is safe.
Encryption scrambles the information you send, such as your
credit card number, so that anyone without legitimate access
can’t misuse the data. And of course, you have the same
protection with online purchases as with any others—the
Fair Credit Billing Act limits your responsibility for fraudulent
credit card purchases to $50.
Online
shopping on the rise
According
to the e-tailing group, in 2005 e-commerce reached
$172 billion, up 47 percent from $117 billion in 2004. Much
of the increase was due to the popularity of online auction
sites, such as eBay and Yahoo auctions, as well as retailers
such as Amazon.com and Wal-Mart.
The
following tips can help you to feel comfortable shopping online:
| • |
Never
send your credit card information for payment by e-mail.
The same advice for avoiding low-tech identity theft applies
to shopping on the Internet—know who you are dealing
with and don’t supply information that can be misused,
such as your Social Security number. |
| • |
Read
the Web site’s privacy and security policies page—it
will let you know what encryption methods are in place
and whether they share your information with third parties
or affiliates. |
| • |
Only
buy from secure Web sites. You can tell if the URL of
the order page is secure because it has “https”
in the address, rather than “http”. It’s
actually more secure to use your credit card online than
giving out your credit card number over the phone for
a catalog purchase. |
| • |
Use
a credit card rather than a debit card, since debit cards
are not protected by federal law to the same extent as
credit cards. |
| • |
When
paying for online auctions, consider using an e-payment
service, such as PayPal. They allow you to pay any seller
with your credit card without providing your credit card
information to an unknown party. |
Other
online usage
Whether
you’re browsing for information, registering for a chat
site or subscribing to a magazine, you may find yourself needing
to enter personal information. How can you be sure that someone
won’t misuse that information?
Some of
the steps you can take are the same as those for shopping
online—check the Web site’s privacy policy and
security, and provide only essential information. Here are
some other tips that can keep your identity safe:
| • |
Keep
your passwords private—don’t ever give any
of your passwords to strangers, no matter what the circumstances.
And change your passwords often to protect yourself from
hackers. |
| • |
Don’t
fall for e-mails or pop-up ads which announce, “You
have won” a free prize or sweepstakes. At best,
they will be sales come-ons, at worst an attempt to snag
your credit card data or other identifying information.
|
| • |
Be
cautious about online offers for credit cards; many of
these are fraudulent while others are hyping cards with
expensive fees and interest rates. |
| • |
You
may find your e-mail inbox flooded with e-mails promising
everything from credit repair and free scholarships to
lucrative work-fromhome businesses. Just delete these,
since most are outright scams. |
 Using
these tips will definitely help to keep your identity safe
while using the power of the World Wide Web. •
Unbiased
financial information provided by Financial Finesse.
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When it
comes to the complicated process of buying or selling a home,
where do you turn for information or assistance? We provide
a better way to buy a home and help you navigate the unfamiliar
terrain with professionals who value your time and your limited
money.
Our exclusive
Real Estate Services program, in partnership with a carefully
selected local broker, takes the guesswork out of choosing
a real estate agent while ensuring you receive the highest
quality service. This program devotes more resources than
usual to eliminating problems associated with a real estate
transactions.
 Program
features:
• Dedicated member advocates
• Credit union-certified real estate
agents
• Rebates on real estate fee
• Homebuyer Privileges® package
Member
advocates
When you
sign up for our Real Estate Services program, a dedicated
member advocate (MA) will contact you to explain the program
in detail and discuss your housing needs and desires. Then,
the MA will match you with a credit union-certified realtor.
Throughout your transaction, your MA will be your resource
contact and look out for your best interests.
Matching
you with a real estate agent
After
you are matched with a realtor, your MA will check with both
of you to ensure the match is a good fit. Agents in this program
have exceptional member service skills and market-wise real
estate knowledge. Your agent will work with you step-by-step
to close the deal.
 Discount
and fee rebate
You will
receive a discount of $250 off your closing costs when you
apply online using our Real
Estate Services and finance your new home with through Travis
Credit Union. Moreover, you are also eligible for a cash rebate
of up to 20 percent of your agent’s commission for the
transaction. A check will be sent to your new address within
30 days after closing. Your exact savings are based on the
value of the home you buy and/or sell. You can double your
savings by buying and selling through our Real Estate Services!
Additional
savings
 In
addition to excellent service and savings on your real estate
and mortgage transactions, you may enroll in Homebuyer Privileges,
a unique program for discounts and savings through Home Depot,
Penske Truck Rentals, GE appliances, Dish Network installations,
and at selected hotels and car rentals. Enrollment can take
up to two weeks, and Internet access is required to take full
advantage of this free program and its benefits.
How
to get started
Our Real
Estate Services program is administered by Prime Alliance
Solutions, Inc. To learn more about the program, call (800)
949-1983, or visit our Web site and click on the Real
Estate link under the Loans
tab and select the Online Home
Loan Site link. Then, click on the Cash Back
Real Estate Services tab on the top of the page for more information
about the program. You’ll find that it will be worth
far more than the time it takes to look into it further. •
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| Having
a will is about freedom. As adults we have the right to decide
how and when to save, invest or spend our money. With good
decisions we can accumulate wealth and/or property over the
course of a lifetime.
Nobody
wants to be told what to do with their money or property during
their lifetime. So if you don’t want people deciding
what should become of your possessions and assets after you
die, you should have a will.
What
is a will?
A will
is a legal document that allows you to specify what should
happen to your property following your death. It’s a
means of legally transferring property to the people you designate.
Without
a will
Usually,
without a will, property goes to a spouse and children, but
the process may take longer and cost more without a valid
will in place. Why put them through that?
Without
a spouse or children, property goes to the nearest relatives,
even when long-term separations exist. If no relatives can
be found to inherit property, it goes to the state of residency
at the time of death. Also, without a will, you have no say
about the guardianship of minor children; a court will decide
for you.
Making
decisions
You will
have to decide who gets what and you will have to appoint
someone you trust to be your personal representative or executor.
An executor
is in charge of settling your financial affairs after your
death. He or she will take care of your property, pay bills
and taxes, and see that assets are passed on to the people
you designated. Your executor doesn’t need any special
financial or legal expertise but it should be someone whom
you trust and who is an effective communicator.
Also,
if you have minor children, you will want to name a personal
guardian for them in your will. If you are married with
children and you and your spouse die at the same time, a probate
judge will appoint the person you named in your will to raise
your children. If a guardian is not named in your will or
if you don’t have a will, anyone who is interested in
becoming your children’s guardian may ask for the position.
The probate judge will decide who should raise your kids.
Costs
and execution
There
are actually very few requirements that make a will legal:
• You must
be an adult of sound mind.
• Most
(but not all) states require that at least two witnesses sign
(but not necessarily read) the will.
• You must
sign and date the will.
It’s
not satisfactory to just sit down and write your will on a
piece of yellow legal paper. This is what’s known as
a holographic will, and while they are legal in roughly
half of the states, a probate court may be particularly strict
when reviewing it to be sure it’s legitimate. Many people
do, however, create their wills with online software. If your
estate is fairly basic, this kind of will allows you to:
•
leave your home, investments, and other common possessions
to people you designate;
• transfer
a small business or second home to your heirs; and
• name
a guardian for minor children and appoint someone to manage
any property they may inherit.
Using
a lawyer
Some people
are well-served by getting a lawyer to help prepare a will.
• Lawyers
can help with specific questions about the legality of issues
regarding an estate.
• For large
estates that may be subject to estate taxes, a lawyer may
have recommendations for reducing the tax bill.
• A large
estate may benefit through a trust that allows bypassing the
probate process when passing on property.
• Lawyers
are skilled at making arrangements for the care and support
for disabled children. •
Unbiased
financial information provided by Financial Finesse.
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As of
September 15, our six financial consultants started serving
TCU account holders through Travis Financial Services, our
investments and insurance department. Now we offer access
to investment and insurance products and services through
Linsco/Private Ledger (LPL), America’s number one brokerage
firm.*
Our experienced
financial consultants are available to help with your investment
needs at all Travis Credit Union branches. Our aim is to assist
you with identifying, prioritizing and strategically reaching
your ultimate investment goals. These are only some of the
products and services we can help you arrange.
SERVICES
• Retirement
planning
• Rollover
counseling
• Lump
sum distributions
• Education
fund planning |
PRODUCTS
• Simple
IRAs and rollovers
• 401(k)s
and rollovers
• Mutual
funds
• Fixed
and variable annuities
• Stocks
and bonds
• Real
estate investment trusts
|
•
Individual retirement accounts
• Regular,
Roth or educational IRAs
• Simplified
employee pensions and rollovers
• Life
Insurance
• Long-term
care insurance
• Unit
investment trusts
• Money
management programs |
 |
| Financial
Consultants |
|
|
| Rachel
Blythe: |
(707)
469-1805 |
Woodland,
Dixon and Cernon branches |
| Tania
Brugger: |
(707)
469-4992 |
Willow
Pass and Clayton branches |
| Aric
Koshiyama: |
(707)
469-1816 |
Corporate,
Vaca Commons and Davis branches |
| Gary
Medearis: |
(707)
469-1012 |
Gateway,
Green Valley, Napa, TAFB and Vallejo branches |
| Raj
Sangera: |
(707)
469-1815 |
Corporate
branch |
| Chris
Wright: |
(707)
469-2098 |
Merced,
Antioch, North Texas and Brentwood branches |
| Local
or toll-free: |
(707)
449-4000 or (800) 877-8328 |
|
| *Based
on revenues, as reported by Financial Planning Magazine,
June 1996-2007. |
For a
free consultation or follow-up appointment with the financial
consultant who serves your branch, please call our friendly
member service center or call directly using one of the numbers
listed at the left. •
Securities
and insurance products offered through Linsco/Private Ledger
and its affiliates. Member NASD/SIPC
| Not
Insured by NCUA or any other Government Agency. |
May
Lose Value. |
Not
a Deposit of or Guaranteed by the Credit Union. |
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It’s
never too soon to plan ahead for your loved ones. Please
join us for a presentation about the importance of trusts
for keeping more of your family assets and to understand
more about how they influence the planning and preparation
of your will.
Wednesday,
November 1, 2007
10 to 11 a.m. or 6 to 7 p.m.
Travis Credit Union Community Room
One Travis Way, Vacaville
RSVP by calling (707) 469-1817
by October 31, 2007
Please
register early; seating is limited. •
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 Whether
or not to allow your children to work can be quite a decision.
Some parents who worked in high school and managed just
fine think it’s a good idea for children to get jobs
too, while others think children will get distracted and
may not be capable of balancing school and work commitments.
To
work or not to work
Here
are some pros and cons of allowing children to work while
they’re still in school:
| PROS |
| • |
Paychecks
provide opportunities to learn how to spend and save
money. |
| • |
Jobs
keeps children “scheduled”, so they are
less likely to get into trouble. |
| • |
Jobs
helps children learn the value of hard work and earning
money. |
| • |
Some
household financial strain may be alleviated if children
earn their own spending money. |
| • |
Working
kids may gain valuable job experience that can pay off
in the future. |
| CONS |
| • |
If
they work too many hours, their grades may suffer. |
| • |
Employers
may take advantage of children because they are young
and inexperienced. |
| • |
They
may have irregular hours that would cause them to be
out on the street later than you would like. |
| • |
There
may be tension about how they spend “their”
money. |
Making
Work Fit
Assuming
you allow your children to work, there are some questions
to answer. What kinds of jobs are appropriate for children?
When should they start? How many hours should they work?
According
to the U.S. Department of Labor, the minimum age for employment
is 14. Even at that point, hours will be limited to the
following until children are 16:
| • |
3
hours on a school day; |
| • |
18
hours in a school week; |
| • |
8
hours on a non-school day; |
| • |
40
hours in a non-school week; and |
| • |
Between
7 a.m. and 7 p.m., except from June 1 through Labor
Day, when nighttime work hours are extended to 9 p.m. |
In
their early teens, most kids’ work experiences consist
of responsibilities like baby sitting and lawn care. As
they get older, other opportunities open up to them:
TOP FIVE OCCUPATIONS OF KIDS AGE 16, DURING SCHOOL YEAR
1999-2000
| MALES |
PERCENTAGE |
|
FEMALES |
PERCENTAGE |
| Cooks |
13.8% |
Cashier |
20.1% |
| Stock
Handlers and Baggers |
10.6% |
Food
Counter |
14.1% |
| Misc.
Food Preparation |
8.3% |
Sales
Worker |
5.9% |
| Cashiers |
8.0% |
Waitress |
4.9% |
| Food
Counter |
6.8% |
Misc.
Food Preparation |
4.7% |
| Total |
47.5% |
Total |
37.3% |
U.S.
Department of Labor 2004
Once “real” jobs at businesses become options,
you’ll need to ask yourself whether your children
are truly ready to work:
| • |
Have
my children expressed an interest in working? |
| • |
Do
my children seem to understand the responsibility of
a job? |
| • |
How
will I deal with the money that my children make? Can
they make responsible choices? |
| • |
How
will they get to work? |
 If
any of these issues concern you, think carefully about whether
it’s time for your children to work and what kind
of jobs would be best. You’ll also need to help your
children plan their work schedules so that employment won’t
impact school commitments. Get them calendars or daily planners
to help them learn to balance their responsibilities.
Once
your children find jobs, it will be important to discuss
their explicit responsibilities and managing the money they
earn. This is a great opportunity for you to help influence
their values towards money.
 Consider
having your children set up savings accounts for saving
a portion of their earnings every pay period. It might also
make sense for your children to start contributing to traditional
or Roth IRAs as soon as possible in order to develop retirement
saving habits at an early age. Finally, encourage your children
to do some goal setting for bigger ticket items they would
like to purchase one day.
Assuming
you allow your children to work, the lessons learned from
the experiences can help your sons and daughters establish
positive work ethics and good money management habits that
will last the rest of their lives. •
Unbiased
financial information provided by Financial Finesse.
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| BRANCH
UPDATE
Travis
Credit Union continues to grow to better serve you where you
live and work. We recently opened our newest branch on Willow
Pass Road in Concord, with a second branch in Concord scheduled
to open in November. Our Brentwood branch opened in August.
| Here
are the locations of our newest branches in your neighborhoods: |
| •
Antioch branch: |
5819
Lone Tree Way |
| •
Brentwood branch: |
3111-N
Balfour Road |
| •
Willow Pass branch: |
1257
Willow Pass Road in Concord |
We’re
building new branches to better serve new and existing members.
Watch for details about future branch locations in the January
issue of Smart Money Matters. We’re also expanding
our online services to provide both high-touch and high-tech
access.
Online
Banking service at www.traviscu.org
is open whenever you need it—24 hours, 7 days a week!
It’s easy to enroll in Online Banking. Just visit our
Web site, click on the Secure
Login button and then the New
User Click Here link to enroll and begin your
online banking experience. •
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Holiday
closures
In recognition
of the following holidays, all branches and our member service
center will be closed:
Veterans
Day
Monday, November 12, 2007 |
New
Years Day
Monday, January 1, 2008 |
Thanksgiving
Day
Thursday, November 22, 2007 |
MLK
Day
Tuesday, January 15, 2008 |
Christmas
Day
Tuesday, December 25, 2007 |
|
For your
convenience, Call-24 Phone Banking, Online Banking and PhoneLoanSM
will be available on these holidays.
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BRANCH
LOCATIONS
Antioch
5819 Lone Tree Way |
Atwater
981 Bellevue Road |
Brentwood
3111-N Balfour Road |
Concord
1257 Willow Pass Road
5442 Ygnacio Valley Road (coming in Nov.) |
Davis
1380 E. Covell Boulevard |
Dixon
1450 Ary Lane, Suites B & C |
Fairfield
5075 Business Center Drive
2600 Estates Drive (Paradise Valley Residents Only)
1340 Gateway Boulevard
2570 North Texas Street
659 Skymaster Drive (Travis Air Force Base) |
Merced
510 West Olive Avenue |
Napa
3263 Claremont Way |
Vacaville
11 Cernon Street
2020 Harbison Drive
One Travis Way |
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