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winter
2015
Fall 2014
in this issue
Happy New Year from
bayport
New year, new
devices
bayport
scholarships
Financial holiday
hangover cure
reduce debt in 2015
annual meeting
turbotax
business news
Financial Workshops
BayPort Credit Union and
BayPort Financial host many
free and informative
workshops.
Upcoming Classes:
Build a Strong Credit Report ·
January 29
Build a Basic Budget ·
February 26
Debt-Free and Money for Me ·
March 26
Stay Connected
BayPort has gone social;
like and follow us to get the
most up-to-date offers and
information.
BayPort
insurance
BayPort Insurance,
LLC, is a wholly-owned
subsidiary of BayPort
Credit Union. We are an
independent insurance
agency that finds the
best deal for you through
our extensive network of
providers.
Whether it’s home, life
or auto insurance, let us find
the policies that work best
for your situation.
Brian Smith
Agency Manager
Dina Willoughby
Insurance Agent
Donna Scott
Insurance Agent
Rita Plourde
Insurance Agent
Call 757.493.5140 or visit
bayportcu.org to get your
Free Quote TODAY!
Any insurance required as a condition of an
extension of credit by BayPort Credit Union
is not required to be purchased from BayPort
Insurance, LLC and can be purchased from an
agent or insurance company of the member's
choice. Business conducted with BayPort
Insurance, LLC is separate and distinct from
any business with the credit union. Insurance
purchased through BayPort Insurance, LLC is
not a deposit, not federally insured, not an obligation of the credit union, not guaranteed by
the credit union or any affiliated entity, involves
investment risk, including the possible loss of
principal, and may be offered by an employee
who serves both functions of accepting member
deposits and selling insurance.
Happy New Year 2015!
As we enter the New Year, BayPort is excited
to continue offering you the products and services
that help make your financial goals a reality.
We have experienced great growth during
2014 including the addition of three new
locations in Hampton and Chesapeake, as well
as welcoming the staff and members of the
credit unions formerly known as Chesapeake
City Employees Credit Union and Hampton
Roads Postal Credit Union and the staff of the
Chesapeake Virginia Credit Union Service
Center. BayPort has also focused on meeting your
banking needs whether it be face-to-face, over
the phone, or with your mobile device. We will
continue to explore ways to make your banking
with BayPort easy and convenient.
George R. Dudley, Jr.
President / CEO
Thank you for your loyalty and business over the past years and in the years to come. All of us
at BayPort would like to wish you and your family a happy and prosperous New Year!
Did You Get A New Device?
Did you get a new computer or laptop this holiday season? How about the latest mobile
device? And now you’re ready for online and mobile banking.
Accessing your BayPort account is just a login away. First visit www.bayportcu.org from your
computer, laptop, or tablet to get started. If you need help with your first login, just give us a call
at 757.928.8850, and we’ll be happy to help.
Once you’ve logged in for the first time, you can use the same login created to access all
of BayPort’s mobile banking products. We offer apps for iPhones, Android Phones, iPads, and
Android/Kindle Fire Tablets.
Plus, mobile web banking at
https://m.bayportcu.org and
text message banking.
Get the latest online
banking and mobile banking
details including all the
convenient features we offer
such as Bill Payment and
Mobile Deposit on our website
under “Personal Banking”.
Don’t Let College Expenses Deter You Scholarships and Student Lending Can Help
Remember when your kids were young? You couldn’t believe
the price of diapers and formula and daycare and on and on. It
seemed like a never-ending Cha-Ching! Now that your child is
approaching his or her college years, you are probably wishing
for those days to come back. Not just because your little bundle
of joy is almost all grown up, but because you now realize all
those expenses pale in comparison to what you are about to
experience…COLLEGE!
The College Board® has estimated that students enrolling
in a public, in-state university for 2014 – 2015 will pay
approximately $40,000 for tuition and fees for a 4-year program.
Not as bad as you thought? What this $40,000 doesn’t include
is room and board, books, activities, and of course, spending
money. Realistically, the cost will be closer to $80,000 $100,000 at the end of four years. If your child is looking at a
private university, just go ahead and double that.
So what are your options? Your best bet is to take advantage
of “free” money first. This would include financial aid, grants
and scholarships. In fact, BayPort awards more than $50,000 in
scholarships to members every year. Once you have exhausted
these options, student loans are a great way to close the gap.
BayPort also offers a low-rate and flexible student loan available
through Student Choice.
If you have a student getting ready to enter college, or if you
are a working professional attending college courses yourself,
visit bayportcu.org to apply for a scholarship from BayPort.
Deadline to receive applications is April 1, 2015.
College
Bound
6 months
First Sleepover
High
School
Grad!
TAX TIME
Tax time is fast approaching once again, and BayPort
offers our members ways to
save and win. Every year we
team up with TurboTax® to
provide an easy, accurate
and inexpensive way to
calculate and submit your
taxes.
By logging in to TurboTax
through BayPort’s Online
Banking, you will receive
a discount on TurboTax
product pricing. As an
added bonus, TurboTax is
giving away $25,000* worth
of prizes. These include
one grand prize winner of
$15,000 and ten first place
winners of $1,000.
To take advantage of these
discounts and for a chance
to win $$$ from TurboTax,
logon to Online Banking at
bayportcu.org.
*NO PURCHASE NECESSARY.
Promotion ends 2/26/15. See Official Rules at www.bayportcu.org.
Void where prohibited.
HOLIDAY
CLOSINGS
All offices will be closed on
the following dates:
Martin Luther King Day
Monday, January 19, 2015
We’ve Got Your Financial Holiday
Hangover Cure
Are You Suffering From a Financial Holiday Hangover?
Tell me if this sounds like this past holiday season. You use your credit cards to finish up
your holiday shopping because you have made a pact with yourself that you will pay it off
within a few months. You promise yourself you won’t let the debt stretch out over the enitre
year like you did last year. But now as the credit card statements come rolling in, you realize
your foolproof plan may have a few kinks in it.
Hence the Holiday Hangover...
Let BayPort help you knock out that holiday debt by combining your balances from other
high-rate cards to a low-rate BayPort MasterCard®. For a limited time, BayPort is offering a promotional rate of 3.99% APR* on all qualifying transfers, purchases and cash advances made
between February 1, 2015 until April 30, 2015. You get to keep this great rate until December
2015, giving you plenty of time to pay off those pesky holiday bills without paying an outrageous amount of interest.
Once you have transferred your balances, think about opening a BayPort Christmas Club
for next year’s holiday shopping. You can set a certain dollar amount aside each month or
pay period throughout the year and avoid large credit card debt following next year’s holiday
season.
Visit bayportcu.org, stop into any of our convenient branches or call 757.928.8850 and
get the cure for your Financial Holiday Hangover today.
*Offer valid on qualifying transactions made from 2-1-2015 - 4-30-2015 on Retail Accounts only. Promotional rate
available until December 2015. Unpaid balances will revert back to the current APR at that time. Transfers may not
include BayPort loan balances and are processed as cash advances. Certain restrictions apply.
Become Debt-Free in 2015
Is this the year you are going to pay off your excess debt? According to usa.gov,
saving money and managing debt are both in the top ten of the most popular New
Year’s Resolutions. If you are looking for some easy way to reduce your debt in
2015, follow the tips below.
1.
Create a budget.
Establishing a budget so you can identify areas you can cut back on is the
first step. You can use a free personal finance tool like FinanceWorks®
available within BayPort’s Online Banking or make your own Excel spreadsheet with
your monthly income and expenses. Once you have documented your expenses,
look for ways to reduce spending or earn extra income. You can even meet with one
of our Financial Counselors to help you determine a budget that will work for you.
2.
Pay off the most expensive debt first.
You may be asking yourself, isn’t all debt expensive. Yes, but some are
more expensive than others. While you may pay interest on your credit
cards and loans, there is always one or two costing you more than the rest, even if
the balance is lower. So pull out those monthly statements and sort them by highest
interest rate to lowest. Then increase the payment on the debt with the highest
interest rate first while paying the minimum payment on the others. Once you have
tackled one, put the extra money on the next card with the highest interest rate in
addition to the minimum payment you have been making.
3.
Take advantage of balance transfers.
If you have high-interest cards with balances, take advantage of special
promotional rates, like BayPort’s 3.99% APR* promotional rate available
February 1 – April 30, 2015 on BayPort MasterCard® credit cards. Then you get to
keep that low rate until December of 2015. This is a great way to consolidate debt
and reduce the amount of interest you are paying.
4.
5.
Halt your credit card spending.
If you are having debt or budget issues, credit card spending should be the
last thing on your mind. The best thing you can do is take the credit cards
out of your wallet and leave them at home to avoid adding additional debt.
Reward yourself when you reach a milestone.
Don’t look at paying off your debt as a punishment, but see it as a huge
accomplishment. Therefore, you should reward yourself when you reach
milestones, like the first credit card paid off or reaching a dollar amount goal. Just
remember to reward yourself within reason and without using your credit cards.
Good luck in reaching your 2015 financial goals. Please contact us if there is
anything we can do to help you achieve them.
*Offer valid on qualifying transactions made from 2-1-2015 - 4-30-2015 on Retail Accounts only.
Promotional rate available until December 2015. Unpaid balances will revert back to the current APR at
that time. Transfers may not include BayPort loan balances and are processed as cash advances. Certain
restrictions apply.
New Year, New Wheels
Annual Meeting
You are invited to attend the Annual Meeting of Shareholders
of BayPort Credit Union, a Virginia Corporation. The meeting
will be held at the Hampton Roads Convention Center, located
directly across the street from the Hampton Coliseum, on
Tuesday, February 17, 2015, starting at 7:30 p.m. The purpose
of the Annual Meeting is as follows:
1. To hear annual reports of Officers and Committees
2. To elect four (4) Directors to serve for the period of
three (3) years, 2015 Board Nominees are:
• John R. Plaster (Incumbent)
• Janet L. Harris
• Voncile “Von” E. Gilbreath
• Pamela J. Rowe, PMP® (Incumbent)
• George C. Wiatt, Jr. (Incumbent)
• Paul F. Willis, Jr. (Incumbent)
3. To transact such other business as may come before the
meeting
Doors open at 6:30 p.m., meeting begins at 7:30 p.m.
In-Branch Voting Starts February 6, 2015
Vote for your 2015 Board of Directors at any BayPort
branch location February 6 - 16, 2015 and receive a chance
to win $500!
Then join us at the meeting for a chance to win one of
50 Cash Prizes including the
$3000 GRAND PRIZE!
It looks like 2015 is going to
be a great year to upgrade that
old station wagon to a sleeker
design or find a truck that gets
more than 9 miles to the gallon. New technology means
new and innovative designs to
match customer demand.
Cars.com recently revealed
their list of the 10 most
anticipated vehicles for this
year, and many names that we
know and love are making the
list. These include Ford, Jeep,
and BMW.
Not only are new and exciting car designs hitting the road,
but you can still lock in a great auto rate at BayPort as low as
1.99% APR* up to 48 months. If you have your eye on a shiny
new car, don’t wait any longer. These rates may not hold out
for long.
Apply today at bayportcu.org today.
*Credit restrictions apply. Rates and terms are subject to change without notice. Not valid on commercial loans. Payment Example: 48 monthly payments
of less than $22.00 on every $1,000 borrowed at a rate as low as 1.99%.
Teen Checking
BayPort’s Teen Rewards Checking offers the perfect balance
of financial freedom with a little guidance from mom and dad.
It is a great fit for members between the age of 13 and 17. With
a parent or guardian on the account as well, you can guide
your teen towards making smart financial decisions now and
even better choices in the future. Stop by any of our convenient
branches with your teen and start them out on a path to financial success.
Plus take a look at all the great features:
• $25 minimum opening deposit or direct deposit enrollment
• MasterCard® debit card available (with parent/guardian as joint
owner)
• 5 non-proprietary ATM network fees waived per month
• 24-hour account access through online banking with no
charge to access mobile banking (your carrier’s normal text and
data rates may apply)
Growing Your Business in 2015
With the new year upon us, do your business plans include growth strategies for 2015? As an
owner, you know better than anyone - growing costs money.
Your goal is to obtain the right type of loan with the right terms that will help you achieve your
goals. If you are expanding your workforce, a business line of credit may be what you need to
meet the increased payroll for a short time; opening new locations are best paid for with commercial real estate loans; or maybe you are in need of an installment loan to upgrade equipment
which will eventually reduce operating expenses.
Whatever your business lending needs are in 2015, BayPort has the right financing option for
you. To get more information on which business loans will best meet your growth goals in 2015,
call Denise Owen at 757-671-8871 or Deanna Kimrey at 757-812-4341.
Meet our
Financial
Advisors
At BayPort Financial,
available through CUSO
Financial Services, L.P.
(CFS*), we provide the
tools to help you achieve
your financial goals. We
are dedicated to helping
you meet your retirement
planning, estate planning
and investment management
needs. Call to schedule your
complimentary review.
Mark McKnight
757-928-8931
Got the Bundle Yet?
BayPort recently introduced the BayPort Bundle,
which is comprised of
products and services that
make your banking experience easy and convenient.
Bundle the following
services and start enjoying
our top discounts and benefits as a Premier member.
• Savings • Checking w/ Debit Card • Direct Deposit* • eStatements • FlexLine or Credit Card
Hurry to get the Bundle because on March 1, 2015, BayPort will be awarding two lucky
BayPort Bundle members with a cruise to the Caribbean.
Becoming a Bundle member is easy. Visit any of our convenient branches or visit
bayportcu.org to see how you can become a Bundle member today!
See branch or website for sweepstakes rules. Credit restrictions apply. *Total monthly deposit(s) must be greater than or
equal to $500. As a substitute for direct deposit or if it is less than $500, then 10 monthly debit transactions will be accepted.
Mike Long
757-896-8773
Stephanie Bard
757-671-8846
*Non-deposit investment products and services are offered through
CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer
(Member FINRA/SIPC) and SEC Registered Investment Advisor.
Products offered through CFS: are not NCUA/NCUSIF or otherwise
federally insured, are not guarantees or obligations of the credit
union, and may involve investment risk including possible loss of
principal. Investment Representatives are registered through CFS.
Newport News Shipbuilding Employees’ Credit Union (NNSECU) has
contracted with CFS to make non-deposit investment products and
services available to credit union members. BayPort Credit Union is a
DBA name for NNSECU.
The Smarter Way to Bank.
BayPort Locations
*Also serve as CO-OP Shared
Branch Locations
Chesapeake
2445 Old Taylor Rd.*
677 N. Battlefield Blvd.*
401 Albermarle Dr.
Gloucester
2369 Geo. Washington Mem. Hwy.*
Grafton
5028 Geo. Washington Mem. Hwy.
Newport News
3711 Huntington Avenue*
5001 Huntington Avenue
8000 Marshall Avenue
433 Denbigh Blvd.
12512 Warwick Blvd.
11820 Fountain Way
Hampton
2300 Cunningham Dr.
199 Fox Hill Rd.
1168 Big Bethel Rd.
Smithfield
1290 Smithfield Plaza
601 North Church St. (restricted)
Suffolk
1463 North Main Street*
Williamsburg
4171 Ironbound Rd.*
Virginia Beach
4388 Holland Rd.*
VA Service Center Locations
• 1600 Geo. Washington Mem.
Hwy., Yorktown
• 5001 Nine Mile Road,
Richmond
Look for this symbol.
Board of Directors
Suzanne M. Beckstoffer, Chairman
Donald E. King,
First Vice Chairman
Theodore L. Stewart, Sr.,
Second Vice Chairman
Pamela J. Rowe, PMP®,
Secretary/Treasurer
J. Paul Kirkland,
Assistant Secretary
Mary A. Campbell
Mary L. Cullen
Maureen H. Davis
John R. Plaster
Donald I. Steppe, CCUE®
George C. Wiatt, Jr.
Paul F. Willis, Jr.
Thomasina R. Wright
Phone Numbers
All Branches &
General Information
757-928-8850
Toll-Free Number
1-800-928-8801
Balances/Rates
(Audio Response)
757-244-STAR
Mortgages
757-896-8769
Website
www.bayportcu.org
Board Emeritus
Burton P. Hill
Robert L. Sterling
EQUAL HOUSING
OPPORTUNITY
This credit union is federally
insured by NCUA.