For too many of us, the holidays are a time of excess: excess food, excess celebration, excess spending. According to some experts, Americans were on track to put up to 7% more on their credit cards in the 2011 holiday season, so if one of your New Year’s resolutions is to get out from under credit card debt, you’re probably not alone! Here are some ways all of us can reduce our burden of debt and get back on track to better financial health:

1. Stop charging. You can’t get out of a hole by digging. Paying with cash helps you reconnect with your money, so budget what you’ll need each week and commit to cash.
2. Pay down debt faster by starting with the card that has the highest interest rate. Continue to pay at least the monthly minimum on the rest, but pay off your most expensive debt as quickly as you can. When that card is finished, go to the next highest interest rate and so on until you’re done with debt.
3. Turn white elephants into cash cows. CardHub.com will take your unwanted gift cards and turn them into cash; return the rest of your unwanted gifts for cash or store credit. For anything you can’t return, there’s always Craigslist.com, eBay or a garage sale!
4. Invest your tax return in debt reduction. If you’re getting something back from Uncle Sam, treat it like income, not like a gift. Save some, use some to pay off debt, spend a little.
5. Embrace frugality. Being frugal can be fun! Challenge yourself to see how much you can shave off your monthly expenses by brown-bagging it to work or shopping at consignment stores instead of the mall. Send your favorite tips for saving to news@salalcu.org, and we may include you in our next News You Can Use!
6. Leverage good credit. If you’ve got a great or even good credit score, you may have more power than you realize. Call your credit card issuers and try to negotiate a better rate or a waiver of your annual fee. Consider refinancing existing loans such as auto loans or mortgages. If you might get a significantly lower rate, it’s worth doing the research. Talk to your financial institution or other trusted financial advisor for guidance. Salal will soon be introducing a line of new credit cards with highly competitive rates; check our website, salalcu.org, for details!
7. Reward yourself. Yes, you heard that right. Most of us stay on track better if we have treats to look forward to, even if those treats are modest. Motley Fools has a great worksheet that helps you set goals with “mini-rewards” along the way. And remember the biggest reward of all: saying goodbye to debt!

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It may not seem like it now, but spring is coming and with it come the warmer weather, longer days and spring fever! When the urge to get up and go hits, you can be ready: from now through the end of February 2012, Salal is offering a great rate on auto loan purchases and refinances. Apply by February 29, and you could get an additional 2% discount off the lowest auto loan APR* you qualify for! And to make this deal even sweeter, we’ll include a $100 Shell gas card!

With Salal’s already low auto loan rates, plus a 2% rate discount and a $100 Shell gas card, you could be sitting pretty in the driver’s seat of your dream car. Click here for more information on how to beat back the winter blues!

 *APR = Annual Percentage Rate. All Salal loans are subject to credit approval. The following restrictions apply: minimum 2.99% APR; the original loan cannot be with Salal; the loan must be completed; this offer is not valid with any other offer including Salal Rewards Points. The $100 gas card offer may be subject to IRS reporting and may be reflected on your 1099. Automatic payment required; otherwise, the amount of the 2% discount is reduced by 0.25%. We’re sorry—no cash-out allowed.

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Salal has recently partnered with an exciting company to provide an incentive for our members to switch to eStatements. We’re excited about this partnership and want to share the news, especially with our members who have not yet opted for eStatements!

TisBest is a company based in Seattle which makes charitable giving truly simple and secure. Looking for a gift for the friend or relative who has everything? How about giving the gift of giving? A customer of TisBest can purchase, for example, a $5 gift card to give to a friend or business associate. The recipient goes online to TisBest.org and chooses a charity to gift with the $5. With over 250 charities available, including organizations that help children, animals, the environment, the homeless and more, everyone can find a charitable organization that fits.

We think the TisBest giving model matches Salal Credit Union’s philosophy of giving back, and we’re offering a $5 eGift card for any Salal member who signs up to receive eStatements instead of paper. And so many benefit: members get more secure and convenient eStatements; the credit union membership pays less for printing and postage; the environment is healthier when no paper is required, and worthy charitable organizations receive donations from the TisBest gift cards!

Learn more about TisBest by visiting their website. If you haven’t already chosen eStatements over paper, now’s the time! You can request eStatements by signing on to Salal’s Online Banking from our homepage and selecting “eStatements” from the left-side navigation. You’ll receive your TisBest eGift Card via email within 45 days. Go “green” and do good!

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The search for a new CEO for Salal continues, and your Board wanted to give you an update on our progress. We’ve done a preliminary review of many excellent candidates, and we’ve narrowed the list down to a few we feel are truly exceptional. It will likely take multiple rounds of interviews to ensure we choose the best possible person to lead our Credit Union; we plan on starting the first interview phase at the end of January.

We appreciate the patience and support of Salal’s membership and staff during this transition period.  Choosing a new CEO is a very important decision, and we thank you for giving us the time we need to choose well.

Alan Lederman
Board Chair

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Update. They’re not from King County eCommerce, either. Read more here.

Bogus emails pretending to be from Puget Sound Energy, or PSE, are showing up in inboxes across the country. Puget Sound Energy issued a warning today not to open emails that appear to be from PSE and are addressed “Dear Customer.”  They most likely contain a link to malware or an unofficial website that will attempt to obtain your personal information. Remember, if you have doubts about an unsolicited email or link, you can call PSE or any other company with which you do business to verify an email–simply use the phone number on your bill. These scams must be working or else the scammers wouldn’t bother, but if you’re vigilant and cautious, theoretically, you can live happily ever after.

You can find more energy on the Puget Sound Energy website.

Happily Holidays from Captain Safety!

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You know how great it is to be a member of Salal Credit Union. Now, share the love, and if your friend or co-worker becomes a new Salal member (with a checking account and direct deposit), both of you could earn a $25 cash bonus.* It’s easy!

Let your friends and co-workers know about Salal and you could be rewarded by Salal and loved by your friends!

Click here for a brochure to fill out and give to a friend.

*All Salal accounts are subject to approval. A minimum deposit of $25 is required to open a new checking account. For Salal’s Silver Horizons checking, the annual percentage yield as of November 1, 2011 is 0.25% for balances of $5,000 to $24,999 and 0.40% for balances of $25,000 and over. Fees could reduce earnings on the account.

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You won’t be getting your birthday card from Salal CU anymore, but it’s not because we don’t care! We do care, and that’s why we’ve decided to redirect our birthday card budget to promote healthy causes in our community. Birthday cards are nice, we know, but we know our members like supporting good causes even more!

The idea to replace the cards with a charitable contribution came from one of our members. We appreciate feedback and suggestions that help us truly make Salal your credit union—owned by members, governed by members, acting in ways that make our members proud to belong. Please continue to pass along your thoughts on how to make Salal CU the best credit union it can be.

And don’t forget, if you want to increase your charitable giving, you can still make donations to our three healthcare organizations: Mary Mahoney Professional Nurses Organization, King County Nurses Association and HealthPoint. Donate $10 or more, and you’ll receive a lovely, Salal-branded gift of your choice, like our beautiful, member-created calendars, now available in our branches !

If you are unable to get to a branch, you can also request a calendar by sending a check for $10 (or more, but at least $10 per calendar requested) to Salal Credit Union, PO Box 19340, Seattle, WA 98109, Attn: Marketing. Just let us know you’d like a calendar and which of our three recipient organizations you’d like your donation to benefit. You can also contact Shannon at news@salalcu.org for details. And remember, 100% of your contribution goes to our fundraising recipients.

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Increasingly complex financial instruments and plans, a large aging population, and difficult economic times: add them together and they’re a recipe for elder financial abuse. A survey by Investor Protection Trust puts the number of victims in the US at 7.3 million Americans—one in five US residents aged 65 or older.

There’s help. Consumer Reports recently reported on a new service established to fight the rise in financial fraud against seniors as several organizations have come together to establish a new national hotline. Now there are three toll-free numbers seniors, concerned friends and family members can call to get information, advice and help:

General Finance Questions (888.227.1776)

Staffed by experts from the Financial Planning Association, this hotline provides seniors with answers to general financial questions. Get information on protecting yourself and your assets, find a financial professional to help with planning, and, if necessary, have some professional backup in difficult financial conversations with family members.

Financial Abuse Questions (888.303.3297)

Dialing this number gets you to a staff member of Adult Protective Services (APS). APS professionals can share information on the ways elder financial abuse is perpetrated and strategies a senior or a senior’s caretaker can use to prevent such abuse. If a senior is already being victimized, the APS professional can discuss next steps for ending the exploitation.

Medical Questions (888.303.0430)

This hotline is staffed by health care professionals who can help seniors gauge their level of vulnerability to abuse. If seniors are experiencing mild cognitive impairment, they may not be able to make the best financial decisions or properly protect themselves from financial fraud. Health care professionals at this number may suggest avenues for further medical screening of a potentially at-risk senior.

Financial fraud may be perpetrated by a stranger, or it may come from a trusted family member or friend, but seniors can take steps to protect themselves. If you believe you or someone you love is a victim of elder financial fraud, please seek help. More information and resources can be found at the US Administration on Aging’s website, the National Center on Elder Abuse.

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This article courtesy of Washington Energy Services

Just a few simple tasks, like maintaining your heating equipment, can have a positive impact on your energy bills. If you have a furnace or heat pump, you can take these easy steps and help lower your costs this fall.  

Winter Warmth Checklist:  

1. Furnace owners, clean those filters! Electronic air cleaners should be cleaned every month. Hybrid electronic or replaceable media filters should be checked every three months and changed at least every six months. Dirty filters alone can reduce energy efficiency by up to 40%.
2. Make sure all of your heating vents and air return vents are open and cleared of any furniture, boxes, curtains and rugs. Outdoor heat pump units should be cleared of leaves or debris.
3. Heating and cooling equipment work best when maintenance is performed annually before the cold weather hits. A maintenance “tune up” will save energy and prolong the life of your home comfort system. Generators also benefit from maintenance. They need to be ready to perform if (when?) the wind and weather strike.

You can put your maintenance on autopilot with a maintenance contract from a reputable contractor. A technician will come to your home to test and inspect your system, fixing minor issues before they turn into major problems. They will also do any needed filter cleaning and perform an overall “tune up.” This tune up is also a great time to have your ducts cleaned, improving the air quality inside your home.

For more information on obtaining professional maintenance service, visit Washington Energy.

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Mobile banking puts the power of your credit union branch right in your pocket. Now Salal CU members can use their smart phones (and soon, their PCs) to transfer money from one account to another—even if the accounts are at different credit unions—or check credit card balances, account balances, even  the date and amount due on your next loan payment! Wondering if you have enough in your checking account to cover the purchase you’re about to make with your debit card? No worries! Just text the letters “BAL,” and get your real-time balance right away.*

Sprig™ is a new feature brought to you by the same folks who bring you the Shared Branching network: FSCC and CU Swirl. The services offered by Sprig are comprehensive, easy to use and secure. Members create a “wallet” on Sprig—a list of all credit union accounts and products from all participating CUs. Once your accounts are entered, you can see them all on your Smart Phone, any time, and conduct many of the same financial functions available at a Shared Branch:

• transfers,
• balance inquiries,
• loan payments,
• payment history,
• locate a physical branch near you, etc.
• Soon, you’ll even be able to take a photo of a check and deposit it remotely!

Best of all: all Sprig services are free (though text messaging rates may still apply; check with your cell service carrier).

For more information or to register, Salal members can go to getsprig.com. At this site, you can download the mobile app to an iPhone, iPad or Android phone or get information on text banking. If you’re ready to set up your “wallet,” select “New Registration.” You’ll need to select “S” and then “Salal CU.” Please read the Terms and Conditions carefully to ensure you’re comfortable with all the terms of this service. If you elect to continue, you’ll be asked for your full name, account number and identifying information such as your Social Security number and zip code.

If you have any difficulty with the Sprig program, you can contact FSCC for assistance. Click the “support” button on the getsprig.com website, or you can call or email FSCC at 888.221.9660 or app@sprigmobile.com.

*Sprig is offered to Salal CU members as a service of the Shared Branching network. Salal CU is not responsible for the content or security of this website and cannot guarantee the safety of information provided to Sprig by members.

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