Shared Interest - December 2007

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CEO’s Message: Holidays Already?
by Deborah Humbert

It seems like I just put away my jack o’ lanterns and now the stores are stocked with holiday candy canes. Life moves so quickly these days. We have been busy at SELCCU, making continued improvements to our technology, and planning the implementation of new products and services in 2008.

For example, one of the new services we will be offering is Courtesy Pay. It is an overdraft protection program designed to provide a much less expensive alternative to our members who may be using a payday lender. We’ll keep you posted on when our new products will be available.

A new year is right around the corner. We will be celebrating our 50th anniversary! We are planning many extra promotions and a very special 50th Annual Meeting Celebration. We do hope you will be in to help us celebrate throughout the year! Until then, all of us at SELCCU wish you and yours a safe, happy, healthy holiday season.

IRA Contribution Increase in 2008

Beginning Jan. 1, 2008, you will be permitted to increase your contribution to your Individual Retirement Account (IRA). Qualified IRA owners may contribute up to $5,000 to a Traditional or Roth IRA. IRA owners who are age 50 or older by the end of 2008 can contribute an additional $1,000.

Another change next year will be an increase in the modified adjusted gross income (MAGI) limits for Roth and Traditional IRAs. For all the newest information, stop in, or call 440-324-3400 (local) / 800-451-6315 (toll free) and ask to speak with one of our Financial Services Representatives.

Holiday Food & Toy Drive

We will be collecting non-perishable food items and toys for the Salvation Army through Dec. 15. All items will then be distributed to families in need. Look for the donation box in our lobby. As part of the credit union’s People Helping People philosophy, SELCCU assists local social service agencies through the donation of food, clothing and other items. Members are invited to join us in helping others have a brighter holiday season.

Holiday Hours

Christmas Eve	Monday, Dec. 24	Open until 1 p.m.
Christmas Day	Tuesday, Dec. 25	Closed New Year’s Eve
New Year's Eve	Monday, Dec. 31	Open until 1 p.m.
New Year’s Day	Tuesday, Jan. 1	Closed

Save the Date - 50th Annual Meeting

SELCCU’s 50th Annual Meeting is Sunday, April 6, 2008 at the John A. Spitzer Conference Center on the campus of Lorain County Community College. More information will be available soon.

Notice to Members: December Statements and Tax Information

If you are an E-statement subscriber, we will mail a paper copy of your December statement in early January 2008.

Year-end tax information (Forms 1098 and 1099) for all members will be mailed separately from the December statement. Remember to put the form(s) in a safe place until tax season!

Board of Directors Nominations

SELCCU has two three-year Board of Director positions that expire in 2008. Incumbents Paulette Paine and Dick Killen are up for renewal of their three-year terms. Members are welcome to apply for nomination to the Board of Directors by petition. You must be at least 18 years old and a member in good standing. The following outlines the process for nomination by petition:

	Pick up an official nomination petition at the credit union or download the packet from the SELCCU Web site, www.selccu.org.
	Complete the application form and the “Statement of Consent to Serve” form.
	Obtain the signed endorsement of at least 100, but no more than 500, credit union members. Only credit union members 18 years of age and older, and in good standing may sign the petition.
	Submit the application packet to the credit union no later than Friday, Jan. 25, 2008.
	The nominating committee will conduct interviews with those wishing to petition for Board positions on or before March 3, 2008.
	NO nominations will be taken from the floor during the Annual meeting.

Update Your Information

If you’ve had any life changes (change in marital status, new residence, birth or adoption of a child, etc.), please make sure your SELCCU account records are up-to-date. This will ensure your beneficiary designation is current and you receive timely statements and other information from us. Stop in to see one of our Financial Services Representatives.

Live out of the area? Call us at 440-324-3400 or 800-451-6315. One of our Representatives will provide you with instructions and make arrangements to send out the proper paperwork.

Scholarship Applications Available Jan. 2008

Applications for SELCCU’s Young Adult Scholarship Program and Lake Erie Chapter of the Ohio Credit Union League Scholarship will be available beginning Jan. 2, 2008. Through SELCCU’s Young Adult Scholarship Program, the credit union awards up to four non-renewable scholarships of $1,000 each, including the Warren Wallace Education Major Scholarship. To qualify, applicants must be SELCCU members between the ages of 17-25 and attending college full time (12 credit hours) in fall 2008.

Winners will be selected based on academic achievements, career objectives school activities, honors/awards received, community activities, work and volunteer experience, student essay and letter of recommendation. Deadline for submission is March 7, 2008.

In addition to SELCCU’s scholarship, The Lake Erie Chapter of the Ohio Credit Union League is offering two $500 scholarships. High school seniors who plan to pursue a post-secondary education of any kind, including professional, vocational or academic studies (not limited to colleges or universities) are eligible. If you receive the Lake Erie Chapter scholarship, you also may have the opportunity to receive one of fi ve $2,500 scholarships from the Ohio Credit Union League. Applications for the Lake Erie Chapter Scholarship must be received by March 3, 2008.

Applications for both scholarships may be downloaded off our Web site or picked up at SELCCU’s Member Services desk.

Let SELCCU Fix Your “Broken ARM”

Did you know … ?

	If you got a subprime Adjustable Rate Mortgage (ARM) in 2004-2006, you have a 1-in-8 chance of losing your home.
	About 1.1 million borrowers of ARMs from 2004-2006 will lose their homes in the next six to seven years because of payment shock brought on by rate resets or loan recasting.
	Ohio had the third highest mortgage foreclosure rate in the nation • during the third quarter of 2007.
	The Cleveland/Lorain/Elyria/Mentor area was in the top 10 list for highest foreclosure rates in the first half of 2007.

Don’t become a statistic. SELCCU is here to help you along with our partner, myCUmortgage. Ask us about refinancing your present ARM or other ways we can assist you with your current financial situation.

Sources: RealtyTrac, threalestatebloggers.com and MSN.com

Need More Holiday Dough?

Let SELCCU help you with a HOLIDAY LOAN.

From Nov. 19 - Dec. 31, 2007, you can get up to $1,500
with a 9.9% APR* for 12 months.
Apply in person or through SELCCU Online.
Want to start saving for next season? Ask about our Christmas Club.

*Annual Percentage Rate. All new loans require application and credit approval. Rates and loan promotions are subject to change without notice. Sample monthly payment on loan amount of $1,500 is $131.81.