Lisa Hales (right), AACFCU vice president of marketing, presented John Belcher, executive director of the Enterprise Christian Mission, with a donation check.

AACFCU employees donated  a total of $7,500 to eleven nonprofit organizations in its service areas in Southeast Alabama, Florida’s Emerald Coast and the Mobile Bay Area. Throughout each year, AACFCU employees donate money to a general charity fund in exchange for wearing jeans to work on designated days. In December, employees nominate local organizations to receive the funds.

2011 recipient organizations include:

1. Alaqua Animal Refuge- Freeport, Fla.
2. Enterprise Christian Mission- Enterprise, Ala.
3. Enterprise Teachers Assistance Center- Enterprise, Ala.
4. Hawk-Houston Boys and Girls Club- Dothan, Ala.
5. Home of Grace- Mobile, Ala.
6. House of Ruth- Dothan, Ala.
7. Ozark Boys and Girls Club- Ozark, Ala.
8. S.O.S. Animal Shelter- Enterprise, Ala.
9. Troy-Pike Habitat for Humanity- Troy, Ala.
10. West DeFuniak Elementary School Backpack Buddy Program- DeFuniak Springs, Fla.
11. Wiregrass Area United Way Food Bank- Dothan, Ala.

“Jean days are a great way to let employees have casual days. The true benefit comes at the end of the year to the community organizations who receive the funds,” said Lisa Hales, AACFCU vice president of marketing.

See more pictures of jean day donations on our Facebook page.

It turns out that breaking up isn’t all that hard to do. You can follow this seven-step checklist adapted from Consumer Reports:

Step 1: Open your new account with a small deposit. You can open a savings account with us for only $6 ($1 one-time membership fee and $5 initial deposit). We also offer a free checking account– no monthly fee, no minimum balance requirement, no per check fee and a free debit card!

Step 2: List all of the automatic payments and deposits set up to go in and out of your old account each month and on what dates.

Step 3: If you have direct deposit, ask your employer to switch your paychecks to your new account. If you don’t already use direct deposit, this is a great time to set that up, too. Then, find out what date the first deposit will occur.

Step 4: When you know the date of your first deposit, reschedule each automatic payment or debit to come out of your new account.

Step 5: Leave a small amount of money in your old checking account for at least one more month.

Step 6: Once you’re sure all automatic payments and all direct deposits are coming and going from your new account, transfer the final funds from your old account into the new account.

Step 7: After the transfer clears in your new account, close the account at your old financial institution and get written confirmation that your account is closed.

When you’re ready to switch, we’re ready to help. It only takes a little time and some information. We would also be happy to talk with you about transferring any credit cards, home loans, vehicle loans or other credit accounts from other providers. Stop by one of our branches, call us at 800-448-4096 or email us at cuinfo@aacfcu.com, and let us know how we can help!

Freddie Mac and Fannie Mae, the government entities that back just about every mortgage written, have tightened lending guidelines and raised the bar on credit scores, according to CNNMoney.

The average credit score to get a conventional mortgage at a low interest rate has risen from 720 in 2007 to 760 today. Add to that the fact that you can get rejected for violating even one Freddie/Fannie guideline—for example, having a total debt-to- income ratio that exceeds 45% (in 2009 the limit was 55%).

You can do something about it, and quickly. Here are three fast ways to improve your credit score:

* Lower your credit-utilization ratio. Almost one-third of your credit score is based on your credit-utilization ratio. That’s the total of your credit-card balances divided by the total of your credit-card limits. Pay down balances and use 20% or less of your available credit, and ask your creditors to increase your credit limit. Increasing your credit limit will help you keep your use to 20% or less of your available credit. Just beware of the temptation to spend more just because you can. And keep accounts open—closing unused accounts could hurt your score by instantly raising your utilization ratio.

* Correct any mistakes in your credit report. If you’ve been denied a loan, ask your lender for copies of your reports. You can also can get one free credit report from each of the three reporting bureaus—Equifax, Experian, and TransUnion— annually, from annualcreditreport.com. On the same website, you can purchase a credit score from any of the three agencies, and report any mistakes. Correcting mistakes can improve your score quickly, especially if you do it online. The credit bureaus must process disputes within 30 days, and they usually settle them even faster than that.

* Pay your bills on time. This hasn’t changed. Missed payments remain in your credit history, counting as a negative for seven years. But the new Freddie/Fannie guidelines are tighter than ever: Missing payments on credit cards, auto loans, and other debts in which the balances do not have to be paid off every month–for example, a student loan–will add 5% of your outstanding loan balance to the debt part of the debt-to-income calculation. In other words, if the outstanding balance on your student loan is $20,000, and you miss a payment, $1,000 gets added to the debt side of your debt-to-income calculation.

Give us a call and see how we can help you stay on track to paying down debt and can help lower your payments with low-interest credit cards or refinancing a high rate loan to a lower rate. Call us at 800-448-4096 or email us at cuinfo@aacfcu.com.

The inaugural class will run from February 2012 to May 2012 after which the Youth Council time frame will coincide with the school year. Members will meet every six weeks on Thursday afternoon at 4:00 p.m. for approximately one hour. Juniors and seniors who wish to apply must be a member of AACFCU. If an applicant is not currently a Credit Union member, he or she may join the Credit Union any time prior to submitting the application.

Applications may be downloaded from www.aacfcu.com or found at offices of area high school counselors. Application deadline is January 25, 2012. Applications may be submitted to any AACFCU branch or mailed to:

Army Aviation Center Federal Credit Union

Attn: Youth Council Committee

Post Office Drawer 8

Daleville, AL 36322  

For more information, email marketing@aacfcu.com or call the AACFCU Marketing Department at 800-448-4096.

Every new year brings lots of changes and new expenses that can impact your budget. Many of them are surprises, but chances are you already know what a few of them will be. Instead of waiting until later in the year to save for them, or throw them on a credit card, plan ahead to make sure your big expenses don’t throw your finances out of whack.

Think About It

Although some big-ticket items, such as car repairs, are unexpected — which is why it is important to build an emergency fund — there are others you can predict:

• Friends and family: Will anyone close to you be getting married, having children, or reaching big milestones that you want to celebrate? If so, will these events require travel, and will you be asked to play a bigger role, such as hosting a shower or taking part in a wedding?
• Your own life: Will you be tying the knot, adding to your family, taking a much-needed vacation, or attending a class reunion? Do you have any big purchases planned, such as buying a new car or putting down money for a new home?
• Your children: Will your child be a senior in high school or heading off to college? Or will your adult son or daughter be tapping you for financial support or returning to the nest?

Start Estimating

Once you have an idea of your future events and purchases, start thinking about the price tags.

1. Make a list. Write down every big expense and estimate the costs for completing each. If you are unsure of the costs, start pricing things out by researching online.
2. Figure out your timeline. Estimate when you will be paying for the event, and determine how many weeks you have to save.
3. Start saving. Do the math to decide how much you need to set aside each week to reach your goal.

Make Savings Happen

If you start saving at the beginning of the year, you can avoid charging big purchases on a credit card at the last minute, and paying more in the long run. But finding money to save each week may be difficult.

Try making some of these adjustments in your life to help you jumpstart your savings, but also, be realistic. If you do not think you will be able to save enough for the purchase, don’t make it. Or, find ways to make it cheaper. Because, who wants to start a new year knowing they will be taking on more debt?

Find the original article here courtesy of Visa, Inc.’s Practical Money Skills

By many measures, women’s lives have changed substantially in recent decades. According to a comprehensive government report called “Women in America,” although certain social and economic situations for women have improved, when it comes to personal finances, many women still face challenging hurdles.

Key report findings include:

• Women live longer than men but are much more likely to experience critical health problems that hamper their ability to work – and to pass up needed care due to cost.
• Although the earnings gap between women and men continues to narrow, it’s still significant: Among full-time workers, women’s weekly earnings as a percentage of men’s have increased from 62 percent in 1979 to 80 percent in 2009.
• More women than men now graduate high school and college, but far fewer earn degrees in engineering, computer sciences and other higher-paying fields.
• Women increasingly marry later, have fewer children or remain childless, yet still are more likely to live in poverty, particularly single-mother families.
• Women are less likely than men to work outside the home (61 percent vs. 75 percent in 2009) and are much more likely to work part-time and to take time off to raise children or care for aging relatives.

In a nutshell: Women generally earn less and live longer than men, so at retirement they often have less in savings, receive smaller retirement and Social Security benefits and must spread out their money longer. Clearly, women need to take charge of their financial wellbeing. Here are a few places to start:

Develop a budget to track income and expenses. Either download a budget spreadsheet template or investigate software packages and online account management services like Quicken, Mint.com, Yodlee and Mvlopes.

Plan for retirement. Time is your biggest ally when it comes to retirement savings, so get cracking. Start estimating your retirement needs:

• Social Security’s Retirement Estimator, which automatically enters your earnings information from its records to estimate your projected Social Security benefits under different scenarios, such as age at retirement, future earnings projections, etc.
• Check whether your 401(k) plan administrator’s website has a calculator to estimate how much you will accumulate under various contribution and investment scenarios. If not, try the retirement calculators at Bankrate.com and AARP to determine your current financial status and what you’ll need to save to meet your retirement needs. 

Do your research. Many helpful personal financial education and management tools are available online, including:

• The National Foundation of Credit Counseling’s MyMoneyCheckUp™ program offers a step-by-step assessment of your overall financial health and behavior in four personal finance areas: budgeting and credit management, saving and investing, planning for retirement and managing home equity.
• Social Security’s Website for Women provides information on retirement, disability and other issues. You can also order or download their informative, free publication, “What Every Woman Should Know.”
• The Women’s Savings Initiative, a program jointly developed by Heinz Family Philanthropies, the Women’s Institute for a Secure Retirement (WISER) and Visa Inc. This free program features an audio- and e-book called “What Women Need to Know About Retirement,” which you can order on CD or download as a PDF or audio file from Practical Money Skills for Life, a free personal financial management program run by Visa.

This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.

• Spend less. It’s great to have the goal of lowered spending, but if you want to succeed then you need to be specific about what spending you want to reduce. You can start by deciding how much you want to cut your spending, but you should follow that decision with specified reductions in specific areas.
• Save more. Everyone wants to save more money, but for some the idea isn’t a good one. Every individual should dedicate some portion of their income to saving, but for those with a lot of high-interest debt, keeping your savings steady and dedicating more money to paying off debt might be a better choice.
• Pay down debt. Paying off debt is a good idea for many, but in some cases, increasing the rate at which you pay off your debt might be a bad idea. For example, if you focus only on paying off debt, but don’t reserve some funds for savings, then you could easily see your debt increase again after just one unexpected car repair or other emergency. Also, if you have low to no interest debt, then it can sometimes be better to focus on savings and making just minimum payments—especially if you get a tax write-off for some of the debt.

Financial decisions may seem simple on the surface, but often each one is tied to many layers of collateral effect that you should consider first. Pay attention to all the details of your resolutions and the domino effect that the decisions could have before you start holding yourself accountable.

Be sure to visit On Your Way to find more helpful tips on managing your finances and reaching your financial goals. When you log on to the site, you’ll also increase your chances to win rewards such as a Nintendo Wii or SpaFinder gift cards!

The holiday season is a time when AACFCU rallies to provide Christmas gifts to area families and individuals in need. Each year, AACFCU employees donate Christmas gifts to children and senior citizens from several communities in our service areas. Many times, these gifts are the only gifts children receive Christmas morning or perhaps much needed items and food for senior citizens living on a limited budget in compromising situations.

This year, AACFCU employees donated gifts to 75 children and senior citizens in our Alabama communities in the Wiregrass and Mobile Bay area as well as communities in Walton County, Florida.

At AACFCU, we appreciate the opportunity to help those around us. We are also grateful for your continued support and business in 2011 and look forward to serving with you in 2012. We wish you and your family a joyous holiday season and happy New Year!

Despite high-profile media attention, the odds of having your credit or debit card number stolen by crooks remains at historically low levels. That said, it’s always good to know what to do in case lightening does strike and someone fraudulently uses your card. Left unchecked, they might try to run up bills, drain your checking account or worse – steal your identity.

Here are actions to take if this happens to you:

First, contact the bank or credit union that issued your card. You’ll find a toll-free number on the back of your card, on your billing statement or at the company’s website. Close the compromised account and open a new one with a different account number. Change related passwords or PIN numbers and notify companies that have automatic payments tied to the closed account to make sure you don’t miss a payment. Also log all calls, letters and emails you have with your card issuer about the fraud – this will be helpful if you need to file a claim or police report.

Contact one of the three major credit bureaus, Equifax (888-766-0008), Experian (888-397-3742) or TransUnion (800-680-7289), and place an Initial Fraud Alert on your credit file if you suspect you have been, or are about to be, a victim of identity theft. Whichever bureau you contact will notify the other two to do the same. If you wish, you can renew these fraud alerts each quarter, free of charge. If you determine that you actually have suffered identity theft, you can also file an Extended Fraud Alert, which will stay on your reports for seven years.

Placing a fraud alert entitles you to one free credit report from each bureau. Although the alert makes it harder for someone to open new credit accounts in your name, it won’t necessarily prevent them from using existing accounts. That’s why it’s important to close compromised accounts and to carefully review your credit reports for errors, fraudulent activity or suspicious credit inquiries from an unfamiliar source. Also be aware that posting a fraud alert could delay your own ability to obtain new credit.

If you determine someone has stolen from your account or your identity has otherwise been compromised, file an identity theft report with the police. The Federal Trade Commission’s “Defend: Recover From Identity Theft” website contains step-by-step instructions for completing and filing the report with local, state and federal law-enforcement agencies (www.ftc.gov/consumer).

Also send copies of the report – by certified mail, return requested – to the credit bureaus and companies whose accounts were impacted. You can also file a complaint with the FTC, which will enter the information into a secure online database shared by thousands of civil and criminal law-enforcement authorities worldwide (https://www.ftccomplaintassistant.gov).

Most card issuers provide “zero liability” coverage for unauthorized credit and debit card use when you promptly report the loss. Rules vary, so ask your bank or credit union for its policies.

Going forward, carefully monitor your monthly credit card and bank statements for fraudulent charges. To learn other good tips for protecting your personal and account information and preventing fraud, visit:

• The National Cyber Security Alliance’s www.StaySafeOnline.org.
• The FBI’s “Be Crime Smart” page (www.fbi.gov/scams-safety/be_crime_smart). 
• Visa Inc.’s VisaSecuritySense (www.visasecuritysense.com), which contains tips on preventing fraud online, in stores and at ATMs, spotting deceptive marketing practices, and more.

Jason Alderman directs Visa’s financial education programs. This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a legal, tax or financial advisor for specific information on how certain laws apply to you and about your individual financial situation.

You can start preparing for the 2012 holiday season now by opening a Christmas Club Account with us. With this account, you earn dividends on money you save throughout the year, and in November the money is deposited into your savings account. However, if you withdraw this money early, you will be faced with a fee to do so. The fee helps discourage you from making unnecessary withdrawals since you are saving for a clear goal, but keep in mind you have full access to your funds if necessities arise.

Make it easy to save when you set up automatic deposits into your Christmas Club account. You can have part of your paycheck deposited directly into this account with payroll deductions, or you can set up automatic transfers from another account.

After the holidays have passed, take a close look at your expenses. This will give you a good idea of how much you’ll need to save, therefore giving you a clear financial goal for next year and allowing you to put together a budget early in the year before any stress over finances sets in. Don’t forget to include expenses other than gifts such as holiday parties, food or travel costs in this budget as well.

Give us a call or stop by any of our branches to start your Christmas Club account today.