Letter from the CEO
Weekend football, everything pumpkin, and upcoming holidays can only mean one thing – Fall is Here! We hope you had a wonderful summer full of sunny days, relaxing vacations, and memories made to last a lifetime.
A memory we won’t soon forget is recently being recognized by the Virginia Credit Union League with the prestigious 1st place Desjardins Adult Financial Education Award for the second year in a row. Our staff takes great pride in helping both members and non-members improve their financial acumen. More information on this impressive achievement can be found on page 3.
As we head into the next few months, consumers typically start preparing for the upcoming holidays which can sometimes become stressful. But this year Baylands has you covered, and we want to turn the holidays into “Holi-Yays”. Our popular holiday loans will be available from November through the end of the year to help you wrap up your holiday shopping. Check out page 4 for more about holiday loans and some helpful shopping tips.
Did you know our not-for-profit credit union is overseen by a volunteer Board of Directors? We have a wonderful group of hard-working and devoted individuals that help lead our credit union by attending monthly meetings with our management team. If you're interested in serving as a volunteer to support the success of the Credit Union please contact us via email or in person.
We look forward to assisting you in any way we can through the holiday season and hope you carve out some quality time with those you love in the coming months. As always, thank you for being part of the Baylands Family!
Teresa Millis, CEO
Upcoming Holiday Closings
Columbus Day
Monday - October 10, 2022
Veterans Day
Friday - November 11, 2022
Thanksgiving
Thursday - November 24, 2022
Christmas
Monday - December 26, 2022
Home Team Q & A
How can I improve my credit score?
If home ownership is on the horizon, it’s a good idea to pause and double check your credit score before you submit any application materials. Your score plays a large part in determining your interest rate, which affects your monthly payment on a home. Your score can also impact other big-ticket items like the monthly payment on a car or boat.
One sure way to improve your credit score that sometimes gets overlooked is improving credit utilization rate. Your credit utilization rate is the amount of credit you’ve used divided by your total available credit. For example, if you’ve spent $5,000 on a credit card with a credit limit of $10,000, your credit utilization rate is 50%. If that balance of $5,000 reduces to $2,000, your credit utilization rate is 20%. Most experts recommend keeping the utilization rate below 30%.
Improving credit utilization can positively impact your score anywhere from 10 to 40 points based on the amount of reduction in utilization. Interested in more tips or questions on improving your credit score or the home buying process, contact the Baylands Mortgage Home Team.
LemonAid New Record
Did you get a chance to experience “Baylands LemonAid Fun Fridays” in July? We continued our partnership with Anthem to raise money and support families fighting childhood cancer at the local Children’s Hospital of Richmond at VCU. Baylands staff had a lot of fun with LemonAid this year, and collectively the credit union established a new milestone raising $1,325.00 for the cause.
Give Your Finances A Boost
With Zero Balance Transfer Fees - Switch. Save. Say Hello to Zero.
Transfer existing store credit card or high-interest card balances to a lower rate Baylands FCU Visa Credit Card and save.
Transfer existing store credit card or high-interest card balances to a lower rate Baylands FCU Visa Credit Card and save.
• $0 Balance Transfer Fee
• $0 Fraud Liability
• $0 Annual Fee
Credit restrictions apply. See credit union for details. Rates are based on credit worthiness so your rate may differ. All loans subject to approval. This credit union is federally insured by the National Credit Union Administration.
A Fond Farewell
After 41 years of service to credit unions, Dottie Conwell has retired. Dottie began her career in the financial services industry in 1974 and began her employment at Spruance Cellophane Credit Union in 1981 as a Share Draft Coordinator. She worked her way up to CEO and served in that capacity from 1984 until Spruance’s merger with Baylands Family CU in 2018. She has since served as the Chesterfield Branch Manager, and was instrumental in assisting our Chesterfield members during and after the merger transition. Dottie has often said her favorite thing about her job is getting to help people and making a difference in the lives of others. Dottie has made an outstanding contribution to many individuals, their families, and the CU industry. We congratulate her for her many achievements and wish her much future happiness.
Back 2 Back Adult Financial Education Award Winners
We are excited to share that Baylands has yet again earned a 1st place Desjardins Financial Education Award for the Commonwealth of Virginia this year. Baylands received this honor for partnering with Chesterfield community improvement group ROAR to teach financial education to local residents.
Happy Holi-Yays!
Wrap up the season with a Holiday Loan from Baylands!
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Borrow Up to $2,500
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Cut Your Rate by 2.5%APR
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Up To 25 Months to Repay
*APR = Annual Percentage Rate. Credit restrictions apply. See credit union for details. Rates are based on credit worthiness so your rate may differ. All loans subject to approval. Promotion begins on November 1, 2022 and ends on December 30, 2022. Payment example: $2500 personal loan for 25 months at 6.00% APR will result in a monthly payment of $107.00. A Prime Share account (membership) with a minimum deposit is required upon loan approval. This credit union is federally insured by the National Credit Union Administration.
3 Simple Strategies for Smarter Holiday Shopping
The holiday shopping season is almost here. A time for ugly Christmas sweaters, office holiday parties, and potential overspending on stacks of gifts. Have no fear help is here, with a few tips to decrease the stress and financial worry of holiday shopping.
1. Plan ahead. Set your budget, create a gift list, and stick to them both.
2. Take advantage of advertised bargains, but be wary of door-buster specials.
3. Earn rewards as you spend. Don’t leave money on the table.
Who knows? These simple tips may help you finish shopping for others early and have time to pick up a special treat for yourself!
Elected by the people to serve the people.
Meet the hard-working volunteers that currently serve on the Baylands Board of Directors.
(Left to Right: Martha Hart, Troy Foster, Terry Reed, Joseph Drexler III, Carolyn Lockley, Deborah Ball, George Carter (Chair), Jason Roberts, & Todd Welch)