Spring 2016

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Spring 2016

What is

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A Free Checking Account Does Exist, and It’s HERE... Ask me about Kasasa! Sometimes I catch myself paying for things when I don’t really need to be. An example is paying full price for cable or satellite service after my contract expires. It’s ridiculous to pay $120 each month when I was getting the same channels for half that just a few months earlier. That’s what I think a lot of us do with our checking accounts. When you’ve been with your bank or your credit union for so long, you stop looking at the service fee. But let’s take a moment to add up just how much we could be saving.

Average Checking Account Fee at a Bank According to the 2015 Bankrate Checking Survey (http://www.bankrate.com/finance/checking/recor d-setting-year-for-checking-account-fees-2.aspx) the average monthly fee at a bank for a noninterest bearing checking account was $5.86 per month. This is $70.32 for the year. This is before you add in ATM fees. “Free checking also is getting harder to come by. Not in the 12 years Bankrate has been studying it have so few banks offered real free checking -- a checking account with no monthly fee, regardless of your balance or whether you do direct deposit,” says Tom Felter, (http://www.bankrate.com/finance/checking/record-setting-year-for-checking-accountfees-1.aspx) director of financial services for the Consumer Federation of America. If you use an interest earning checking account, you usually have to maintain a minimum balance to escape paying the monthly services fee. • •

The average minimum balance to maintain was $6,362.00 in Bankrate’s 2015 survey. If you don’t keep that balance requirement, the average monthly checking account service fee was $15.24. This is $182.88 a year.


Let’s beat the fees! BankRate tells us that many banks no longer offer truly free checking. Although many large banks have abandoned free checking, a lot of small banks, credit unions and online banks still offer it, McBride says. (http://www.bankrate.com/finance/checking/recordsetting-year-for-checking-account-fees-1.aspx) First Castle sure does. At First Castle FCU we have 2 new checking account choices that exist entirely to your benefit. • • •

No monthly service fees Get refunds on all ATM fees, nationwide Earn cash back on your debit purchases

• • •

No monthly service fees Get refunds on all ATM fees, nationwide Earn really high rates, paid each month

What is Kasasa? Kasasa is free checking that rewards you each month. But it’s more than that. “Kasasa is a way for community banks and credit unions to unify their voices to help consumers realize that they have a choice. They don’t have to settle for a megabank with horrible service, they can get great service and great products through a Kasasa partner institution,” from Kasasa. (http://blog.kasasa.com/2012/03/kasasa-exist/)

Rewards AND refunds on ATM fees. Too good to be true? We like to think of your monthly rewards and refunds on ATM fees as a “thank you.” It’s a thank you for keeping your money local. When you put your money in our credit union, those deposits are turned into car loan and house loans in our community. It’s a thank you for saying yes. You have said yes to our credit union, where we care about you and our community, and you have said no to the big bank.


Free Kasasa® checking includes: • Refunds on other bank’s ATM fees* • Cash rewards, paid each month* • Plus, your checking account is always free *Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. Qualifications and rewards may vary by account. Monthly 12 Debit transactions, enrollment in online banking, receipt of electronic statements are a conditions of these account(s). Enrollment in electronic services (e.g. online banking, electronic statements) and log-ons may be required to meet some of the account’s qualifications. Limit [1] account per social security number. There are no recurring monthly service charges or fees to open or close this account. Contact one of our credit union service representatives for additional information, details, restrictions, processing limitations and enrollment instructions. Federally insured by NCUA. Kasasa is a trademark of BancVue, Ltd., registered in the U.S.A.


Often-Missed Tax Deductions The tax landscape can be difficult to navigate. Nevertheless, figuring out which tax write-offs you qualify for could prove lucrative. To put you on the right path, consider whether these little-known deductions could save you thousands of dollars down the line. Job search expenses Certain job hunt-related expenses are tax-deductible, including travel costs, fees paid to employment agencies and the cost of printing and mailing your resume. These can be claimed as miscellaneous itemized deductions. You'll qualify for this tax break as long as you were looking for a job within your line of work and if it wasn't your first time looking for a job. Cost of moving If you relocated because of a new job, certain moving expenses can be deducted from your tax bill. Using Form 3903, you can deduct moving expenses if your new workplace is “at least 50 miles farther from your old home than your old job location was from your old home,” according to the IRS. Energy-saving tax credits If you made energy-saving additions to your home before Dec. 31, 2015, you might be able to deduct some of those costs. The overall credit is capped at $500, with more limits imposed on specific appliances, which can be found on Form 5695. Tax preparation fees If you received professional help to file your taxes, any associated fees can be deducted the following year as miscellaneous itemized deductions. That includes the cost of software programs offered by companies like TaxACT, TurboTax and H&R Block. Child and dependent care credit Using Form 2441, you might qualify for a child and dependent care credit if you paid for the care of a dependent under the age of 13, or if you were taking care of an aging parent. You'll only qualify for the child care credit if you and your spouse filed a joint return, and if both of you were working or “actively looking for work,” as the IRS puts it. Earned-income credit If your income was under a certain dollar amount in 2015, you may qualify for the earned income tax credit. The cutoff point is determined by your tax filing status as well as by how many children you have. For example, if you are unmarried, have three or more children and earned less than $47,747, you'll qualify for this tax break. But if you're married and have three or more children, that earnings limit increases to $53,267. Home office deduction If you spend the majority of your time working from home, you could qualify for a home office deduction. Deductions for a home office are typically based on the percentage of your house that's used primarily for business reasons. To calculate your individual tax break, refer to Form 8829. © Copyright 2016 NerdWallet, Inc. All Rights Reserved


0% Auto Loan Might Not Be the Best Deal In seeking the best deal on your next car, you might've stumbled upon advertisements or offers to get a 0% interest auto loan. As great as this sounds, you may not save as much as you expect with this type of incentive. Since auto loans can come through either a dealer or a lender, such as a bank or credit union, it's important to note that a 0% interest loan generally, if not always, is obtained through a dealer. Automakers offer them to attract buyers to certain car models, especially ones that aren't selling well. Here are a few things to consider about 0% financing and why it might not be in your best interest to use it. You might be forfeiting a better deal Typically, you can't receive both reduced rate financing and a cash rebate when you buy a car, so you may have to choose one. Manufacturers' cash rebates can range from a couple hundred to a few thousand dollars. The well-known auto research website Edmunds found that the cost of incentives that automakers pay to attract customers was around $2,300 per car industrywide, which includes cash rebates and cost of reduced financing. While a 0% loan may sound appealing, a cash rebate might save you more money. If you buy a $20,000 car that has a $2,300 rebate, you are really paying $17,700 plus interest. If the interest rate for a five-year


loan is 2.7%, which was the average rate at credit unions toward the end of 2015, then you would pay a total of $1,242 in interest. That would bring the cost of the car plus interest to $18,942, saving you $1,058 compared with what you'd pay with a 0% loan. You may want to check the auto loan rates at local lenders too, since you might be able to get a low rate and also pick up a rebate when you negotiate with the dealer. Rate may not last as long as your loan Some car models may have 0% financing for a limited term, such as five years, which could be less than the length of your auto loan. In the third quarter of 2015, the average loan term for a new car was five years and seven months, and the term for used cars was five years and three months, according to Experian's State of the Automotive Finance Market report. These are the longest average terms calculated since the firm began collecting data in 2006. You may even receive a longer loan if you want lower monthly payments than you were offered initially. If your term is longer than the 0% financing deal, you generally pay interest on the remaining months or years. This offer can be limited A 0% rate might only be offered for a handful of models, especially newer cars, and less for used cars or older models. But even if this deal is available for the car you want, qualifying for it typically requires a high credit score. Check on the eligibility rules for getting this rate before stepping onto the dealer's lot if you can. As you sift through car prices and incentives, remember that trade-offs are part of the process when buying a car. Although a 0% interest rate may save you money in some cases, you might also be letting a better savings opportunity pass you by. Š Copyright 2016 NerdWallet, Inc. All Rights Reserved


Get rewards for using our FCFCU Visa credit card Shop! With UChoose Rewards you can shop like you normally would & watch the rewards add up. Plus, if you shop with participating UChoose Reward retailers – you earn MORE! Earn Points Simply use your credit card anywhere and for every dollar you spend, you earn points Enjoy Cash points in for the latest electronics, concert tickets, clothing and gift cards!

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We are always looking for ways to better serve You You told us and we listened! Don’t fight traffic or waste time on hold. Now with one touch of a button, you can pay your auto loan, credit card or check your balance. It is all right there at the top.

2008 BMW 528i 151,247 Miles $377.74 a month*

2007 Chevy Cobalt 125,023 Miles $224.39 a month*

2010 Chevy HHR 101,524 Miles $240.83 a month*

* All monthly payments are based on 95% financing of the vehicle cost plus Title, Transfer and Lien costs with 5% down at 1% APR financing for 72 months with payments of $14.32 per $1,000.00 dollars borrowed with approved credit.


First Castle Federal Credit Union 100 Cherokee Rose Lane Covington, LA 70433 (985) 867-8867

Routing # 265075883 Fax: 985-875-1952

First Castle Federal Credit Union 1402 Gause Blvd Ste D Slidell, LA 70458-2259 (985) 643-1933

First Castle Federal Credit Union 7400 Leake Ave # 237 New Orleans, LA 70118-3651 (504) 862-2561

2011 Dodge Ram 1500 89,413 Miles $327.61 a month

2008 Chrysler 300 112,156 Miles $314.19 a month*

2008 Chrysler 300 112,156 Miles $314.19 a month*

2010 GMC Acadia 118,075 Miles $459.30 a month*


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