outh
E X C H A N G E
University of South Alabama
Federal Credit Union
103 Hillcrest Rd.
Mobile, AL 36608
Board of Directors:
President, Polly Stokley
Vice President, Pam Henderson
Secretary, Scherita Mixon
Treasurer, Ben Tipton
Board Members
Wayne Davis
Chuck Warnol
John Smith
Management and Staff:
Manager
Felicia McKee
Assistant Manager
Jessica Dickson
Bookkeeper
Michele Allen
Loan Officers
Sandra Bolden
Kristin Blackerby
Compliance Specialist
Stacy Barnhill
Tellers
Brenda Walker
Angela Garrick
Khyrstal Brown
Phone: (251) 706-0255
Fax:
(251) 706-0299
Main (Campus) Lobby Hours:
Monday – Friday
8:00 a.m. till 5:00 p.m.
Drive-Up Hours:
Monday - Thursday
7:30 a.m. till 5:00 p.m.
Friday
7:30 a.m. till 5:30 p.m.
USAMC Branch Office Hours:
Monday, Wednesday, Friday
8:00 a.m. till 12:30 p.m.
1:00 p.m. till 4:00 p.m.
Children’s & Women’s Hospital
Branch Hours:
Thursday
8:30 a.m. till 12:30 p.m.
1:00 p.m. till 4:00 p.m.
Pack up your supply list
and head to your CU for
a low-rate BACK TO
SCHOOL LOAN
Short On School Funds? Here’s Help
Does it seem as though that school supply list is growing
longer? That’s because it is. As schools cut their budgets,
parents are picking up the cost for more items, for example,
tissues and hand sanitizer. According to the website teacherlists.
com, the average number of items on supply lists rose to
18 in 2014, a 29 percent increase from the previous year.
It’s likely that trend will continue in 2015. Add the expenses
for electronics, shoes, clothing, plus fees for sports and
extracurricular activities, and it’s easy to understand how backto-school spending now ranks second only to holiday shopping.
If that’s putting a strain on your cash flow, the credit union
can help. A 12 month loan from the credit union may save you
money because instead of using a high-interest-rate charge
card you can pay cash for your purchases. Paying cash can
help you stick to your budget, too. So before it’s time to head
back-to-school, head to the credit union. Call, click or stop by.
7 Safety Tips for Mobile
Branch Users
Mobile
Our mobile app means your credit
Banking
union account is just a few taps
Safety
away. Just don’t sacrifice safety for
Tips
the convenience. Here are seven tips
to stay safe:
1. Password protect your phone or
tablet to restrict access.
2. Keep track of your device and avoid leaving it
unattended; enable the time-out or auto-lock feature.
3. Don’t stay logged into your account.
4. Avoid doing business from an unsecured WiFi network, such as those in coffee shops or hotel
lobbies. You are vulnerable to scammers who may
be able to access your personal information.
5. Don’t send account numbers or other sensitive
information through regular e-mails or text
messages.
6. Carefully and frequently monitor your accounts to
detect any unauthorized activity.
7. If your mobile device is lost or stolen, contact the
credit union immediately.
Equal Opportunity Lender.
Equal Housing
LENDER
SUMMER 2015 EDITION
Don’t
Dump your
CREDIT
or you could
get a 1099C
Be Creditwise
What Can Happen When You
Leave Debt Behind?
If you’re thinking your debt is so large you
can’t possibly pay it back, take note. Even if you
are able to negotiate a debt cancellation with the
credit union or other lender, you may not be out
of the woods. You may be facing a huge tax bill.
Certain exceptions apply, but if you receive a Form
1099-C, “Cancellation of Debt,” you must report
the amount on that form to the Internal Revenue
Service as taxable income. According to the IRS,
nearly any debt you owe that is canceled, forgiven
or discharged becomes taxable income to you.
Why? The IRS classifies any debt cancellation
as income because you received a payment you
didn’t return. When you first got a loan, you didn’t
pay any tax on the money you received because
you signed a contract to pay it back. But once the
contract is gone, the money is yours to do with as
you please. Basically, you received income for free.
And, as everyone knows, there is no free lunch. So
Uncle Sam wants his share.
Common examples of when you would
receive Form 1099-C include credit card default,
repossession, foreclosure, return of property
to a lender, abandonment of property, or the
modification of a loan on your principal residence.
Certain exceptions and exclusions apply; see your
tax advisor for details. But first, if you are in over
your head, contact the credit union to explore all of
your options.
Doris Martin has retired
after 20 years of dedicated
service at the credit union.
We wish her all the best in
her retirement.
We will miss you, Doris!
STATEMENT OF FINANCIAL CONDITION
As of April 30, 2015
ASSETS:
Total Net Loans & VISAs
Net Investments
Fixed Assets
Land and Building
Other Assets
TOTAL ASSETS
Liabilities & Equity:
Liabilities (Payables)
Member Deposits:
Certificates of Deposit
Share Drafts (Checking)
IRAs
Christmas & Youth Clubs
Regular Shares
Equity
Regular Reserves
Undivided Earnings
TOTAL LIABILITIES & EQUITY
10,635,743.79
26,681,723.30
46,899.12
666,036.64
96,939.22
$38,127,342.07
82,087.78
2,813,867.81
4,584,440.99
1,357,012.59
387,314.01
24,997,226.64
336,491.99
3,568,900.26
$38,127,342.07
The credit union wishes everyone
a safe 4th of July.
Protect yourself
against ID
THEFT during
your summer travels
Protect Yourself Against ID Theft During Summer Travel
Summer, it’s a time to take that long deserved vacation after months of cold
and snowy weather. It’s also a time for identity thieves to take advantage of
vacationers.
Stop Those Calls
The National Do Not Call Registry, ran by the federal government,
allows you to restrict telemarketing calls permanently by registering
your phone number(s). You can register at https://www.donotcall.
gov or by calling 1-888-382-1222. Most telemarketers should not call
your number once it has been on the registry for 31 days. Both your
home and mobile phone numbers can be registered for free. If you still
receive calls, you can file a complaint at https://www.donotcall.gov.
8.9% Annual Percentage Rate
No Annual Fees
Pick up a USAFCU VISA credit card application at your
nearest branch and start enjoying your lower rate today!
Credit cards available to qualified borrowers; all loans subject to
existing credit policies. Credit card rate quoted as
annual percentage rate.
Holiday Closings, 2015
Friday, July 3, 2015.................................Independence Day
Monday, September 7, 2015............................... Labor Day
Thursday, November 26, 2015..................Thanksgiving Day
Thursday, December 24, 2015.......................Close at 1 p.m.
Friday, December 25, 2015.......................... Christmas Day
Thursday, December 31, 2015.......................Close at 1 p.m.
Friday, January 1, 2016................................ New Year’s Day
Your credit union wants you to enjoy your travels and keep your identity
protected by sharing some tips:
* Keep your travel plans and photos off social media until you return home.
Also, turn off all location tracking to your smart phones and social media
accounts. When you share information about leaving for a trip away from
home, you’re giving ID thieves an open invitation.
* Place a hold on your mail or have a neighbor pick up your mail and
packages.
* Be careful using wireless Internet connections when it comes to financial or
credit card information. Most public Wi-Fi networks are not secure and if your
information is unencrypted during transmission, it can be intercepted. Use your
cell phone’s carrier service instead.
* Limit the amount of credit cards you bring on your trip and instead of using
debit, use credit when making a purchase. This detours prying eyes from
getting your PIN number.
* If you need cash from an ATM machine, go to one inside since you’re in an
unfamiliar place and not aware of your surroundings. If at all possible, use
cash or get travelers checks from your credit union.
* Keep all your receipts and travel information until you get home, then shred
what is not needed.
* When you return home, monitor your financial statements for a while to make
sure no fraudulent activity has occurred.
Bon voyage and enjoy your summer travels!
The Last Word
For every up there is a down, for every frown there is a
smile, for every night there is a day and for every problem,
there is a way.