Wouldn’t it be nice to worry about one less thing? Try Direct Deposit. With Direct Deposit, you authorize your employer or federal agency to deposit your check directly into your SELCCU account. Instead of a check, you receive a paper record of the transaction. Employers, for example, provide an earnings statement on payday showing net deposit and how much was withheld for taxes, company savings plans or any other withheld amounts.

Direct Deposit isn’t just for paychecks. If you’re receiving Social Security checks, we can easily switch you from paper checks to Direct Deposit. Even your tax refund from the Internal Revenue Service can be deposited directly into your account. No matter where your check is coming from, Direct Deposit takes the worry out of:

1. Stolen or misplaced checks. The Treasury Department reports more than a million mailed Social Security and government pension checks are lost, stolen or late every year. More than four million paychecks are lost or stolen each year.
2. Delayed deposits. Your funds are deposited regularly and on time. You get paid even if you’re not at work on payday or can’t make it to the credit union during business hours.
3. Losing potential dividends. With Direct Deposit you earn dividends on funds as soon as possible. If you have to deposit funds in person, any delay postpones when your money starts making money.
4. Lost time. Direct Deposit can save up to 24 hours a year otherwise spent going to the credit union to cash or deposit your paychecks.

According to a CCH® Complete Tax survey, the average Generation Y worker (age 18-25) has saved slightly less than $1,300 in an account and is NOT taking full advantage of any basic tax-savings program, such as employer-sponsored 401(k), Individual Retirement Account (IRA) or medical flexible spending account (FSA).

Now more than ever, these accounts are important to young adults as questions loom about the future availability of Social Security and fewer companies offer traditional pension plans. With more time to invest savings, tax-deferred, not taking advantage of retirement savings plans represents a missed opportunity to grow wealth.

For example, if you invested $5,000 at age 25 and it grew at the market’s historic average rate at 10 percent for 40 years, by the time you reach age 65, you could have $226,000.

The survey indicated young adults lack awareness about tax-saving options. Most people surveyed said their employers were not doing a good job of keeping them informed about topics such as retirement planning. The best strategy – take the initiative. Start with your employer’s human resources department to find out if you are eligible for a 401(k), FSA or other tax-deferred savings plan.

Did you know when you apply for most SELCCU loans you are eligible for Credit Life and/or Disability Insurance, Guaranteed Auto Protection (GAP) and Extended Service Contracts? Credit Life and/or Disability Insurance are available on most loans at a low cost to you. In the event of a disability or death, your loan will be paid.

GAP is a Loan Balance Deficiency Waiver designed to eliminate your unpaid net loan balance in the event your vehicle is stolen or damaged beyond repair (totaled). GAP relieves you of the responsibility for the remainder of the loan balance that your primary insurance policy does not cover. The coverage is only $225 and can be paid at the loan closing or financed as part of the loan. Now you can protect your investment and save over the amount a car dealer would charge ($500 or more!).

The Extended Service Contract protects your vehicle in case of a costly mechanical breakdown. Benefits include towing, road service and rental with nationwide coverage at an affordable price. Again, the cost to you will most likely be less than a car dealer’s rate.