News & Articles
We know that life is busy and unpredictable – simple mistakes and unexpected expenses happen to all of us! That’s why we’re happy to offer Overdraft Privilege as a service to our members with eligible checking accounts.
Now that the graduation caps have been thrown in the air and the dorm rooms emptied out, this year’s college graduates will face even more responsibilities, ranging from landing that first job to paying off their student loans. To help make the transition from college to the work world go smoothly, here is a top ten financial checklist for recent college graduates:
1. If you do not already have a job lined up, contact your student loan servicer(s) immediately to ask for a six-month deferment.
2. Pull a free copy of your credit report at www.annualcreditreport.com.
3. Look for credit cards that you may have opened while in college (to get the free t-shirt, or the 10 percent discount at the mall) and consider closing accounts that you do not plan on using. You should have one low-rate credit card to build some credit history. Consider the Visa Classic or Secured from Your Community Credit Union.
4. If a prospective employer requests a copy of your credit report, be prepared in your job interview to be up-front about any negative marks on your credit.
5. Check with the registrar’s office at your school to make sure you do not owe anything to the school (library fines, parking tickets, etc.).
6. If you are moving after graduation, be sure to fill out a form at the post office to have your mail forwarded to your new address.
7. Keep your expenses as low as possible while you are getting started.
8. Develop a budget – a plan for your spending – early on.
9. Once you land that first job, use it as an opportunity to develop good saving habits.
10. If you are paying high interest rates on your credit cards, if you’re struggling with making payments on credit cards, or if you need help developing a game plan for your finances, speak with a non-profit credit counseling agency such as GreenPath Debt Solutions.
Central Virginia Federal Credit Union and the Lynchburg Chapter of Credit Unions hosted our fifteenth annual Golf Tournament on May 15, 2013 at Ivy Hill Golf Course.
Please be aware! Criminals are contacting local residents via cell phone text messages and voice recordings in an effort to illegally obtain personal information.
As of January 27, 2013, merchants can add a surcharge to every purchase made with a Visa or MasterCard credit card. They can’t add the surcharge on debit card purchases. (Note that state laws in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas prohibit or restrict credit card surcharges.)
The fee allows merchants to recoup the fees that they pay to process the credit cards. The fee can be from 1.5 to 4 percent. The merchant can only charge what they pay, not more.
Merchants must disclose at the store entrance that they are imposing a surcharge. They also have to disclose at the cash register what the surcharge amount it. It must also be listed on your receipt. Online merchants must disclose they are imposing a surcharge on the first page that mentions credit cards.
So, will you see a surcharge? Probably not. Even though merchants can legally charge this fee, many won’t.
For more information, click here.