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BayLands Federal Credit Union

will be closed on

Saturday, July 4, 2009

in observance of Independence Day. 

We will reopen under normal operating hours on

July 6, 2009.

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Chrysler, GM and

your Credit Union are

offering Vehicle Discounts with "Invest in America"!

BayLands Federal Credit Union members are now eligible for discounts on new vehicles from either Chrysler or General Motors.

Just go to www.lovemycreditunion.org for complete details on "Invest in America" including a list of qualifying vehicles and incentives.

Get preapproved for a vehicle loan with BayLands and save even more with our low auto loan rates.

Ready to apply for a BayLands auto loan? Give us a call at (804)843-2520.

 

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Are your deposits Safe?

Click here to read a message from BayLands' President & CEO, Chris Burgess.

With all of the confusion in the financial industry it is understandable that you would want to make sure your deposits are safe.  Please click on the attached link for an article from the Credit Union National Association (CUNA), entitled "America's Credit Union's: Secure, Strong".

The NCUA (National Credit Union Association) has now opened a call center that credit unions and their members can use to get answers to questions about the federal protection of credit union member shares through the National Credit Union Share Insurance Fund.

Shares protected by the NCUSIF have the U.S. government’s full-faith-and-credit guarantee, the same provided to FDIC-insured deposits in banks. Credit union member shares and bank deposits insured by the two funds are covered to at least $100,000 (currently $250,000 through December 2009) with individual retirement accounts and Keoghs protected up to $250,000.

In addition, there is a “Share Insurance Tool Kit” page that the agency keeps on its Web site listing the agency’s information resources addressing share insurance.

The NCUA Insurance Call Center, at (800) 755-1030, ext. 1, operates from 8 a.m.-6:30 p.m. Eastern time, Monday through Friday. Experts are available to answer questions about NCUSIF coverage.

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BayLands Federal Credit Union is a full-service financial cooperative serving the residents, organizations, and students of Virginia's Middle Peninsula, New Kent, and James City communities. We offer a wide-range of financial products designed to save your money and help you earn more than other institutions.

If you live, work, worship, or attend school in a county within our community, you are eligible to take advantage of our free checking, outstanding share certificates, low interest rate auto loans, competitive mortgages, friendly member service, caring attitudes.

King William
King & Queen
James City
New Kent
Gloucester
Middlesex
Mathews
Essex

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Credit Union Service Centers -- The Member-Friendly Financail Network

2009 Richmond Chapter of Credit Unions

SCHOLARSHIP

Kirby Kangaroo
CU Succeed
IRA Legislation Alert

The Issue
President Bush has signed legislation that waives Required Minimum Distributions (RMDs) for 2009.

The Impact
This waiver means that traditional IRA owners and traditional and Roth IRA beneficiaries will not have to take the RMD for 2009, but must resume RMD payments in 2010. (Note: IRA owners and beneficiaries can still take any distributions they wish during 2009.)

• Traditional IRA owners receiving established Post – 70 ½ RMD payments will not need to receive a distribution in 2009.
• Traditional IRA owners attaining age 70 ½ in 2009 (those with birth dates from July 1, 1938 through June 30, 1939) will not need to receive their 70 ½ year (2009) RMD.
• Traditional and Roth IRA beneficiaries will not have to receive death benefit RMDs for 2009.

What Happens Next
BayLands will be mailing “Response letters” to members who are affected by this legislation. If you would like to waive your RMD payment for 2009, fill out the “Response letter” and send back to BayLands. If you wish to continue your 2009 RMD, then no response is necessary. BayLands will continue to process RMD payments as normal unless a response is made.

Any questions and concerns may be answered by calling BayLands' Member Services department.

 

 

 
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