121 Financial Credit Union

What Are the Advantages of Refinancing Your Auto Loan with a Credit Union?

With interest rates remaining consistently low, now is a great time to consider refinancing your auto loan through your Jacksonville-area credit union. Refinancing your auto loan, or transferring your loan from one creditor to another, could result in a lower monthly payment or a shortened loan term.

Stronger Community Ties

By refinancing with a credit union, you will join a financial institution with stronger community ties and a streamlined management team, offering you greater accessibility to key decision-makers. While a big commercial bank can often feel overly cold and impersonal, many credit unions are geographically based, often serving all the residents of a certain county, which results in a more local connection.

Superior Rates

Because credit unions are non-profit financial cooperatives, they generally offer higher yields on savings, lower loan interest rates, and lower financial fees. In fact, a recent study by the National Credit Union Administration confirmed that average credit unions rates are comparably lower than average commercial banking rates. While your individual loan rate will be dependent on any number of personal factors, including your credit score, the amount you are interested in borrowing, and the term of your loan, your area credit union will likely be able to provide the best rate on your auto refinance.

Greater Democracy

Unlike traditional financial institutions that are often obligated to shareholders and governing boards, credit unions are cooperatives. Credit unions are owned and controlled by their members, and as such, credit unions exist solely to serve their member-owners, or the people who bank at the credit union itself. Thus, when refinancing your auto loan through your credit union, you can rest assured that any institutional banking decisions being made are in your best interest!

Are you ready to better understand your auto loan refinancing options? Call 121 Financial Credit Union at (904) 638-8026 for more information on all of our financial tools. From car and home loans to checking accounts and savings funds, our team of financial experts will help you find the perfect banking solution for you!

Sign Up for Electronic Benefits by March 1

 The clock is ticking for receiving Social Security or other federal benefits by paper check. If you signed up for federal benefits before May 1, 2011, and didn't pick electronic delivery, you have until March 1 to make the switch.

To save money and make the receipt of benefits safer, the Treasury Department is saying goodbye to paper. Now you can join the 93% of Americans who receive their payments electronically. Here are some tips:

• If you have a bank or credit union account, learn about and sign up for direct deposit online at GoDirect.org, or call the U.S. Treasury Electronic Payment Solution Center at 800-333-1795. Be prepared to supply information about the account type (checking or savings), the account number, and your financial institution's nine-digit routing number. For 121 Financial Credit Union, that number is 904-723-6300.

• If you don't have a bank or credit union account, sign up for the government's Direct Express card by calling the U.S. Treasury Electronic Payment Solution Center at 800-333-1795.

• If you prefer to use a non-government (privately issued) prepaid debit card, ask the issuer if it's eligible for direct deposit.

• If you don't have an account at a financial institution and don't have a prepaid debit card, for a small fee you may open an electronic transfer account (ETA). This is a federally insured account that lets you enjoy the safety, security, and convenience of automatic payments. To learn more about this program, visit ETA-find.gov, call 888-382-3311, or visit a financial institution near you that offers ETAs.

• If you're age 92 or older, unless you have a representative payee you are automatically exempt from the electronic transfer requirement. Exemptions also may be issued to people who apply for and receive waivers due to mental or geographical impairment.

• If you or someone you know might have trouble with the transfer to electronic payments, consider applying for a waiver. Since the waiver application requires notarization and might be challenging, keep in mind that there's no penalty for not complying with the switch to electronic payments.

You don't have to pay a fee to sign up for or to receive benefits electronically, and the government won't penalize you for missing the deadline. That's because the government doesn't have the authority to change your payment method without your permission. If you fail to sign up, you'll still receive paper checks. Just expect a lot of public notices and mail from the U.S. government urging you to go electronic.

Find a Credit Union Near You No Matter Where You Go with This Handy App

There is nothing worse than being out of town, in need of cash or banking assistance, and unsure of where your nearest financial institution might be. Now you’ll never be far from your favorite credit union!

The CU Service Centers Shared Branching Network application allows for easy credit union location finding. View maps of the area, credit union hours of operation, destination addresses, and other contact information. Tracking over 6,300 locations nationwide, this handy application helps to make banking at your credit union even more convenient!

Serving the Jacksonville area, our credit union prides itself on providing personalized financial solutions. Visit the 121 Financial Credit Union location nearest to you or call (904) 638-8026 for more information on checking and savings accounts, loans, credit cards, and more.

https://play.google.com/store/apps/details?id=com.cu&feature=related_apps#?t=W251bGwsMSwxLDEwOSwiY29tLmN1I

Claim Saver's Tax Credit for 2012

If you're a low- or moderate-income worker saving for retirement in a 401(k), an individual retirement account (IRA), or similar workplace retirement program, you could be eligible to claim a special tax credit of as much as $1,000 for individuals and $2,000 for married couples.

You can claim this credit in addition to any other tax savings you get for your retirement account contributions.

Here are the rules to claim this credit on your 2012 tax return:

• You must be age 18 or older.
• Your adjusted gross income must be within the Internal Revenue Service (IRS) guidelines: up to $28,750 for singles, $43,125 for heads of households, and $57,500 for couples.
• You can't count rollovers to your retirement account toward the credit.
• Your eligibility might be reduced if you recently took a distribution from your retirement account.

Note that you can't take the 2012 credit if you were enrolled as a full-time student during the calendar year or if someone else will claim you as a dependent.

The saver's credit is highest for retirement savers with the lowest incomes. The credit ranges between 10% and 50% of retirement contributions, with the highest percentage going to savers with the lowest incomes.

If you were unaware of this credit, first introduced as a temporary provision in 2002 and made permanent in 2006, you're not alone: Only one of four workers has heard about it.

You have until April 15, 2013 to make qualifying contributions to a new or existing 121 Financial Credit Union IRA and get the saver's credit on your 2012 tax return. Follow the instructions on IRS form 8880 to figure the saver's credit correctly and claim it.

Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.