Finance at the Dealership

Did You Know? You can finance your next auto loan with Hercules right at the dealership. You can’t get any more convenient than that!

You have the option and convenience of having the auto dealer do the paperwork on you new auto loan. Just request they send you loan directly to Hercules Credit Union and you’ll get our same great rate as low as 2.49% APR for 60 months and 2.99% APR for 72 months. Forget to say anything and who knows where your payment will end up.

If the dealer insists on financing it with someone else, no worries – you can still bring it to us to refinance. We will match or beat any rate and make it worth your while.

Not All VISA Cards are Created Equal

A Hercules Credit Union VISA has a nice fixed rate of 9.95% APR with no annual fee and a grace period. No hidden fess. It also has Rewards. Travel Rewards accumulate fast and you’ll be a hero next time you take your loved one on a dream vacation. A walk on the beach is a nice thought.

It’s always a good idea to compare your VISA Credit Card. Unlike Hercules Credit Union many financial institutions don’t always have your best interest in mind. (Maximizing profits often dominate their thinking). So, do yourself a favor and compare.  Get more information and apply here.

 

2017 Annual Membership Meeting

2017 Annual Meeting

Thanks to all members who attended this year’s Annual Meeting on February 21, 2017. Those attending were updated at the business meeting about the credit union’s finances and strategic direction. There were a few prizes and some refreshments.

Chairman and CEO Reports

We heard from our Board Chairman, Richard Wilcock and our CEO, Brett Blackburn.  Both were happy with the credit union’s direction, the increase in loan growth last year and the financial stability of the credit union.

New Board Members

Congratulations to new board member, Marilyn Pearson and current Board Member Richard Wilcock on being elected to the board.

Thanks for almost 100 years of Service

Al Woodmancee served for many years on the credit union Supervisory Committee and MardeanWhitney served for almost 50 year on the Board of Directors. Between them almost 100 years of service. Thank you Al and Mardean for serving so faithfully and helping make Hercules Credit Union so financially strong.

IRA Strategies

Save on taxes for 2016…until April 15, 2017

Eligible for an IRA?

Anyone under age 70 ½ with earned income can open a traditional IRA. Roth IRAs have no limit.

It’s not too late to contribute to your 2016 IRA (unless you’re reading this after April 15, 2017).

You have until tax-day to make a contribution to your 2016 IRA and save on your 2016 taxes.  If you worked last year (had earned income), you can also move money from another savings account or even borrow the money to get the tax break.  The tax savings could be substantial.

Conservative?

Consider investing your IRA into a credit union Certificate of Deposit. If you put your IRA into a 5 year certificate of deposit, you can earn over 2% and risk none of your principal. (And you won’t have to pay a commission or an annual maintenance fee). Come on, you’re smart enough to read and understand irs.gov (retirement-plans on the internet…see link below). When you consider how much you save in taxes. It’s a deal hard to beat.

Deferring taxes could save you as much as $3300 or more in Federal and State Taxes for 2016

If you and your spouse each made at least $5500 last year, you could contribute $5500 to each of your IRAs ($6500 each if you’re over 50). And keep in mind, if you’re married and you made between $75,000 and $152,000 last year, the last money you make you’re paying 25% tax.  You’d be paying at least 25% federal tax and 5% state tax. A total for 30%.  11,000 x 30% = $3300 tax savings. Your taxes are deferred until you take the money out of the IRA – hopefully when you’re older and in a lower tax bracket.

You can contribute to a traditional or Roth IRA whether or not you participate in another retirement plan through your employer.

Why a Roth? With a Roth you’re not deferring taxes. However, the benefit is you don’t have to pay taxes on the interest you earn on a Roth IRA Account.

See more details at:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

 

Contribution Limits

2016

2017

Traditional IRA Contribution Limit $5,500 $5,500
Traditional IRA Contribution Limit if 50 or over $6,500 $6,500
Roth IRA Contribution Limit $5,500 $5,500
Roth IRA Contribution Limit if 50 or over $6,500 $6,500
Roth IRA Income Limits Phase-out starts at Phase-out starts at
(for single filers) $117,000 $118,000
Ineligible at $132,000 Ineligible at $133,000
Roth IRA Income Limits Phase-out starts at Phase-out starts at
(for married filers) $184,000 $186,000
Ineligible at $194,000 Ineligible at $196,000

Examples from irs.gov

Examples

  1. Danny, an unmarried college student working part-time, earns $3,500 in 2016. Danny can contribute $3,500, the amount of his compensation, to his IRA for 2016. Danny’s grandmother can make the contribution on his behalf. (Who doesn’t love their grandmother? Danny surely will).
  2. John, 42, has both a traditional IRA and a Roth IRA and can only contribute a total of $5,500 to either one or both in 2016.
  3. Sarah, age 52, is married with no taxable compensation for 2016. She and her husband reported taxable compensation of $60,000 on their 2016 joint return. Sarah may contribute $6,500 to her IRA for 2016 ($5,500 plus an additional $1,000 contribution for age 50 and over).

401k Limits – You can have both!

If you have access to a 401k at work, be sure to contribute at least as much as your employer matches. The 401k limit is $18,000 per year. $24,000 if you’re 50 and over. You can make an IRA contribution in addition to these amounts.

Good luck! Saving for retirement is a prudent and smart activity. Start now!

Happy Auto Shopping

2017_auto_showFor a lot of us the best part about buying a car is the shopping and it starts the weekend of Martin Luther King Jr.’s birthday at the Utah International Auto Expo. Go with friends or family…or even better, go alone and check out all the new models. The girls selling the new models are also happy to share information. Best of all, you might get a little excited about your next car.

We’ve been financing auto purchases for a long time at Hercules Credit Union. We have some advice:

  1. Buy a car that you love because you’ll be married to that car for the next several years.
  2. Finance it directly at Hercules Credit Union. We have the best rates, the most flexible terms and the nicest employees. Also, we’re easy to work with down the road if you need to “skip a payment” or your need to change your terms.
  3. If you make one of those quick purchases at the dealership, you can still finance at through Hercules Credit Union at the dealership. Tell them you’re a member and have them send the loan to your credit union. Financing locally is more convenient and good for the local economy

Happy Shopping.

The Auto Show is January 13-16 at the Southtowne Exposition center.  See more details at autoshowutah.com/

Continue reading “Happy Auto Shopping”

Holiday Skip-A-Loan Payment Extended Until January 31, 2017!

Fill out the Skip Payment Extensions Agreement and either bring it in or send it to us. Use the funds of your usual monthly payment for other holiday expenses!

Skip Payment Extension Agreement

  • Interest will continue to accrue during the month you choose to skip and may result in higher total finance charges on your loan. Skipping payments will extend the term of your loan. If you have already had a skip this year, you may not qualify. Mortgage loans and VISA loans are not eligible. This extension is subject to credit union approval. I understand that approval of this request for an extension on my loan changes the terms and amount of the original documents and I agree to these changes.
  • Typing your name is your signature authorization.
  • For Office Use Only
  • For Office Use Only
  • For Office Use Only
  • For Office Use Only

Riverton Branch Food Drive

As the new kids on the block, we want to dive in and take part in helping support our community. During this holiday season, we are holding a food drive to support the local food bank. Drop in and check out our rates and services, meet our friendly staff and bring your donation of canned foods.

Food drive ends November 18th. Individuals bringing in canned food donations will be entered to win a $50 gift card. One entry per person.

1543 West 12600 South Riverton, Utah  84065

1-801-968-9011

Trick or Treat

fp_halloweenBring your kids to either office on Halloween for trick or treat. Let us take their picture in their costume. An independent panel of judges (our employees) will judge each picture and award the three best costumes by depositing $25.00 into their savings account. If they don’t have an account, open one today. With cash for grades and different activities and events we do for our young members, it’s a great opportunity to teach the value of saving to your children.

Riverton Branch is Now Open

The Riverton Branch opened August 8th. Thanks to all that worked so hard to get everything installed on time.

We had a great turn out for the ribbon cutting. Thanks to the Riverton Chamber of Commerce and Mayor Bill Applegarth for attending.

We thank our new neighbors,  Subway, Discount Tire, Jiffy Lube and Crystal Car Wash for providing prizes and discount coupons. Please thank them by using their services.

 

2016-0717BranchParkThe Riverton Branch is at 1543 West 12600 South.  Credit Union CEO, Brett Blackburn, says that the plan for the new branch is to run it as a small and efficient “full service” satellite branch that’ll add value and convenience to members in the south end of the valley. Please drop by and say hello.

Check out our new neighborhood

Open House – August 12th

 Riverton_Cake Riverton_Mayor Riverton_OpenHouse2 Riverton_Ribbon_Cutting Riverton_Staff Rivertton_Julia

EMV Cards

As of June 7, 2016 all new credit and debit cards that are ordered at Hercules Credit Union will have EMV chips in them. We are excited for this transition with our cards. If a merchant has converted to chip readers at the checkout register, you simply insert your card into the reader. If they have not converted yet you will still have a magnetic strip on your card to swipe at checkout.

As a convenience to our members, we will be sending these new cards in phases (not a mass reissue) over the next 6 months. Remember, until you receive your new card, your present card will continue to work just fine. If you are traveling (especially to Europe) you will need a chip card there. Call the credit union and we can order your new card now.