Looking Back And Leaping Forward

A message from the CEO

As 2023 draws to a close, we reflect back on our accomplishments for the year, and thanks to the support of our members, staff and community, we were able to make a difference for many people through a broad spectrum of financial services as well as charitable efforts.  Here’s just a few highlights from 2023 that reflect our commitment to helping families live better lives.  We were able to donate over $10,000 in supplies, gift baskets, and fiscal contributions to local charities.  At our Spring Shred-a-Thon, we helped members dispose of 1,800 pounds of sensitive paper documents and collected over 300 pounds of canned goods to donate to the Williamsburg House of Mercy.  We were also honored to partner with Junior Achievement and the Virginia Cooperative Extension to volunteer at local elementary and middle schools, which resulted in a collective 64 volunteer hours by Baylands FCU employees.  Additionally, we donated an estimated $1,500 worth of coats, new toys and cash to spread some holiday cheer and ensure that local families experienced some joy during the holiday season.  Your credit union recognizes there are many needs to fill, and we remain steadfast in our plans to do even more in 2024. 

The new year is also a time for setting goals, expanding offerings, and stepping confidently forward into the future.  We launched an “in-branch/same-day” debit card printing option at our West Point and Norge branches to help eliminate wait times when a debit card was needed promptly.  And, when it comes to debit card convenience, we are currently working to expand card management features through online and mobile banking for when you’re on the go!  Special youth account offers are also coming up in April as we celebrate Credit Union Youth Month.  Stay tuned for more news and announcements throughout the year.

I would also like to express my sincerest gratitude to our many friends, families, community members and partners that helped make 2023 a wonderful year.  All of us at Baylands Family CU appreciate your continued trust and membership.  And, there’s no better time than New Years to share with others the gift of the credit union difference, so be sure to tell a friend or introduce them to us.  Together – we look forward to many prosperous and successful years ahead.

Happy New Year,
Teresa Millis, President and CEO

Tricky Texts 

Avoid Smishing

It's crucial to be aware of cybercriminals and their phishing tactics, particularly those that use text messages. This type of phishing is known as “smishing” or SMS phishing and has been on the rise lately. In smishing, scammers pose as a legitimate business or trusted institution, such as Amazon or BFCU, in an attempt to extract personal and financial information from you.

Smishing messages often have a sense of urgency, such as warning you about needing to pay an overdue bill or claiming that you have won a prize. They may contain fraudulent external links that, if clicked, can potentially download malware to your device or steal your personal information.

To protect yourself and your account against fraudulent behavior, familiarize yourself with these signs. If you ever receive a suspicious text referencing your Baylands account, contact a Baylands staff member to go over recent transactions for account security. Also, report any smishing attempts to the FTC at ReportFraud.ftc.gov.

Spend Smart

3 Reasons to Do a Balance Transfer

A balance transfer is the process of moving all or part of your debt from one or more credit cards or other loan types to another credit card account. It's important to understand that a balance transfer does not pay off your debt, but simply transfers the balance to another card. However, there are several benefits to transferring your high-interest balances that make it a good option for many people.

If you're looking for a credit card with rewards, Baylands Family Credit Union offers rewarding credit card options with low, competitive rates.

1. Lower Interest Rate: If you have a high balance on a credit card with a high interest rate, transferring your balance to a card with a lower interest rate can help you pay down your debt quickly. This will lower the total amount you're paying in interest and allow you to focus on paying off more of the debt balance each month.

2. Consolidate Debt: If you're struggling to keep up with multiple monthly credit card payments, a credit card balance transfer can help you consolidate your balances into one card. This simplifies your finances and makes it easier to pay off your debt more effectively.

3. Rewards & Perks: Transferring your balance to a credit card that offers rewards like travel rewards, discounts, and other perks can be a great benefit, especially if you plan to use the credit card as your primary means of payment once you pay off the balance from the balance transfer. However, it's important to remember to pay your statement balance in full to avoid getting into debt and to make the most of your credit card rewards.

CU In The Community

People Helping People

Community involvement is a natural extension of the Credit Union cooperative spirit — people helping people in our communities served. At Baylands we strive to give our time and resources to help our communities become better places to live, work, and play. Here are a few pictures of your credit union staff involved with different community events in 2023.

Keys To Success

Making Your Dreams Come True

No matter your current life phase or situation, Baylands provides the perfect home loan to meet your needs. Featuring a wide variety of mortgage options, Baylands is equipped to assist you in achieving your goals. Whether it's purchasing your first home or your last, consolidating debt, funding college education, or financing a vacation, we’re here to help.

Rates, terms, and conditions are subject to change and may vary based on credit worthiness and qualifications. All loans subject to approval. Membership eligibility required. A Prime Share Account (membership) with a minimum deposit is required upon loan approval. For further details, please contact a Mortgage Specialist. This credit union is insured by the National Credit Union Administration. 

Rising Star Spotlight

Meet Alex McCoy

Meet Alex McCoy, a Member Service Representative at our New Kent Branch. Alex greets members with a welcoming and upbeat demeanor and is always eager to help.

When she's not at work, Alex enjoys traveling to new places for vacation. One of her most memorable trips was to Europe with her classmates and grandmother. Despite dealing with a broken foot, she was able to visit some amazing sites, including Rome and the Sistine Chapel.

When asked about her work at Baylands, Alex said, "I enjoy being the 'face' of Baylands for our members. As the first point of contact, I strive to make every interaction genuine and meaningful. We have the best members!"

Today's Tip

As a credit union member when you travel take advantage of co-op shared branching. This member benefit connects you to over 30,000 surcharge free ATMs and 5,600 shared branches nationwide.

New Scholarships Available 

Helping Young People Pursue Their Dreams

We are excited to announce that we have enhanced our scholarship program and announce some new scholarship partnerships to help young people pursue their dream career.  Starting in 2024 BFCU will be partnering with:

• Bridging Communities Regional Trade & Technical Center NEW
• Greater Williamsburg Chamber of Commerce NEW
• Virginia Peninsula Community College NEW
• Rappahannock Community College

We are excited at the opportunity to help more young people pursue the dream of college or becoming a skilled trades professional. Scan the QR code for more information about the new scholarship offerings.

New Year, New You

Three Financial New Year’s Resolutions  to jumpstart 2024

1. Create a Budget
Start by tracking your income and expenses. This helps you understand where your money is going and where you can cut back.

2. Improve Your Credit Score
Pay your bills on time, reduce your debt-to-credit ratio, and avoid opening new credit lines unnecessarily.

3. Pay off Debt
Focus on paying down high-interest debts first, like credit card balances.

Mortgage Q&A 

Are there special programs to help first time homebuyers?

Certainly! The Baylands Home Team has the necessary resources to help first time home buyers get started on a solid footing and realize their dream of owning a home. In Virginia, a first-time homebuyer is defined as any family or individual who has never owned a home or hasn't owned one in the past three years, depending on the region. BFCU can assist eligible first-time homebuyers in accessing up to $12,500 to cover the down payment and closing costs involved in buying a home.*

If you plan to become a homeowner in 2024, it's a great time to speak with a member of the Baylands Home Team to get started.