Windthorst
Quarterflash
Federal Credit Union
Volume 9
Number 4
P.O. Box 127 • Windthorst, Texas 76389-0127 • (940) 423-6776 • Fax (940) 423-6774
Check Endorsing 101
Here at Windthorst Federal Credit Union we provide you with many
ways to deposit checks. No matter which deposit method you choose
you must properly endorse your checks so you don’t risk having the
check returned to you.
Your endorsement should appear on the back side of the check
within the upper 1.5 inches.
Different Types of Endorsements
When endorsing a check for deposit, the endorsement may be
handwritten, typed, rubber-stamped, or printed. If you are the payee,
you must be on the account that you are depositing to.
Windthorst FCU also recommends that you include “For Deposit
Only to Windthorst Federal Credit Union” following your endorsement
signature. If the check is stolen and someone attempts to take it to
another financial institution to cash or deposit, this endorsement will
increase the likelihood of a successful fraud claim.
For checks made payable to two Payees, both parties must endorse
the check if there is an “and” (for example, John and Mary Smith).
If there is an “or” between the names, then only one signature is
required (either John’s or Mary’s).
Special endorsement rules apply to insurance checks and bill
consolidation checks. Typically, these checks are made payable to one
person and a business and MUST be endorsed by all payees listed on
the front of the check. For example: A Bill Consolidation check is made
payable to “John Smith and The Company Store”—John must sign the
check AND obtain a business endorsement from The Company Store.
If you have any questions about check endorsement please contact
Windthorst FCU for more information.
www.windthorstfcu.org
Annual
Meeting
Election and Dinner
It is time, once again, to elect those
who will represent the best interests
of our membership as members of the
Windthorst Federal Credit Union Board
of Directors. Our annual meeting will be
held at 6:30 p.m. on Sunday, February
24, 2013, at the St. Mary’s Parish Hall
with a barbeque dinner being served
prior to the meeting. The Board of
Directors has the general direction and
control of the affairs of the Credit Union.
They operate with the best interests of
our members in mind. Anyone meeting
the eligibility requirements (person who
is 18 years of age or older and a member
of Windthorst Federal Credit Union
(before distribution of ballots), unless he
or she: 1) is an employee of Windthorst
Federal Credit Union; or 2) was convicted
of a crime involving dishonesty or breach
of trust); may run for a seat on the Board
of Directors if properly nominated. The
NCUA has implemented regulations
requiring annual training and a knowledge of credit union operations for
all board members. There are three
openings to fill the seats of board
members whose terms are expiring. All
nominations must be addressed to the
Nominating Committee and received
by the Credit Union office no later
than January 31, 2013. Call us for more
information or to place a nomination.
Real Deals For Four Wheels:
Get Your Vehicle Loan At The Credit Union
Auto dealer financing offers come and go. And those special deals may be
limited to only certain makes or models - typically the slow-selling ones. Plus,
“not all buyers will qualify”; that means only those people with pristine credit
histories are eligible for those zero-or-very-low interest rates.
At your credit union, we offer fair and competitive rates on loans every day
on all makes and models. Whether you’re considering wheels that are new or
new-to-you, see the credit union for a pre-approved loan. With a pre-approval,
you have the freedom to visit multiple dealers, putting you in a better bargaining position with any of them. Financing is a profit center for dealers, and
although their primary goal is to sell you the car, truck, or SUV, the salesperson may try to make up the income from the lost loan in other ways. So be
coy about how you intend to pay for the vehicle until you have negotiated
your best deal. Do your homework, too. Check websites such as NADA.COM,
edmunds.com, kbb.com (Kelley Blue Book) and, fueleconomy.gov to compare
features and prices. Remember the proverb, “He who is well prepared has won
half the battle.” With your preparations and a pre-approved loan from the
credit union, you can find a real deal for your wheels.
Understanding IRAs
Individual retirement accounts (IRAs) are more flexible than they’ve ever
been. No longer considered strictly retirement savings tools, IRAs can also
help you pay for college, medical insurance, health insurance premiums and
more. And now, you’re eligible to contribute more to IRAs than ever before.
The Credit Union offers all three types of IRAs: the traditional IRA, the
Roth IRA, and the Coverdell Education Savings Account (formerly known as
the Education IRA).
Traditional IRA
The traditional IRA is a type of retirement plan that has been in existence
since 1975. Traditional IRAs offer tax-deferred earnings and the possibility of
tax-deductible contributions. The ability to defer taxes on the earnings, and
to make withdrawals in a year when you may be in a lower tax bracket, can
mean more after-tax dollars for your retirement.
Roth IRA
Created in 1997 by the Taxpayer Relief Act, the Roth IRA offers more incentives
for retirement savings. Unlike traditional IRAs, your contributions to a Roth IRA are
never tax-deductible. However, the money in your Roth IRA, including earnings,
can be withdrawn tax-free assuming you meet the plan’s requirements.
HOLIDAYS
Martin Luther King, Jr. Day
Monday, January 21
Presidents’ Day
Monday, February 18
Good Friday
Friday, March 29 - Closing at Noon
Tax Time!
It’s almost tax season! That means
that you can have your tax refund
directly deposited into your Credit
Union account quickly, easily, and
FOR FREE!
According to the IRS, a refund check
is issued within 6 to 8 weeks of filing a
paper return. If you file a paper return,
and choose to directly deposit your
refund, you will receive your refund
in 5 to 6 weeks. If you electronically
file (E-file), your refund will be issued
within 3 weeks of filing. However, if
you choose to E-file and choose direct
deposit for your refund, the IRS says
you should receive it within 14 days.
To elect direct deposit of your tax
refund into your Credit Union account,
simply provide your tax preparer with
your account number and our ABA
routing #311390438. If you choose to
E-file, you can always check the status
of your refund online at www.irs.gov.
To check your refund status, you will
need your social security #, your filing
status, and your refund amount. Also,
remember to keep your 2012 year-end
statement for tax reporting purposes!
Coverdell Education Savings Accounts
If you’re wondering how you’ll pay for your child’s education, a Coverdell ESA
(formerly known as the Education IRA) can be a smart way to save. Although
contributions to a Coverdell ESA are not tax-deductible, withdrawals, including
earnings, are tax-free if used for tuition, books and other education expenses.
Since IRAs investments with the Credit Union are insured*, you can invest
with confidence in any of the IRA options available. Call us today for more
information about eligibility, contribution limits, rates and IRA types.
* IRA investments with the Credit Union are insured up to a separate limit
of $250,000 per member.
www.windthorstfcu.org
www.windthorstfcu.org
P.O. Box 127 • Windthorst, TX 76389-0127 • (940) 423-6776
FEDERAL CREDIT UNION