Assets: $119,563,233
Membership: 8,157 
March 2018 - In This Issue:
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JMAFCU Online  
Anytime Day
or Night
Did you know that your JMAFCU account is accessible online anytime? Technology has made it more convenient than ever to transact business with your credit union. You can become a member just by visiting our website, www.jmafcu.org. Once your membership is open, you can access your accounts electronically using SAFE IB, o ur
home banking product. You can apply for loans or credit cards electronically, and you can also make payments and transfers between accounts, all without 
leaving your home or office.   With products like SAFE IB, SAFE Mobile and JM SAFE Card, you have access to your financial products and services right at the end of your fingertips! And as much as we enjoy your visits, we also enjoy saving you time - and time is money! JMAFCU is here for you electronically too!



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Need Us to Float You an Auto Loan?
There are a lot of moving pieces to consider when it comes to puzzling out your next auto loan. What can you afford? What's the rate? What about down payments?  

At JMAFCU, we'll give you a clear picture of our auto loan features and benefits, which include:    
  • Quick online application and approval 
  • Terms up to 72 months 
  • Rates as low as 1.90% APR*
  • Financing for up to 115% of the purchase
Don't wait to find your perfect fit with an auto loan from JMAFCU.  


*APR=Annual Percentage Rate. Lowest rate may require down payment. All rates are based on evaluation of the member's individual credit history. Your actual rate may vary. All rates and terms are subject to conditions and certain restrictions may apply.  
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Regulation D and What It Means to You
Reg D is a federal regulation that limits the number of transfers and withdrawals that can be made from a non-transaction account (Share Savings, Super Savings or Club account). The regulation was established to differentiate "savings deposit" accounts from "transaction" accounts (checking).  

According to Reg D, "Savings Accounts," which include Share Savings, Super Savings and Club accounts (Christmas Club and Stow-Away), are classified as non-transaction accounts and have strictly limited transaction allowances. Reg D allows for only six (6) transfers/withdrawals per month.  

What this means to you is that while JMAFCU's Share Savings, Super Savings and Club accounts have always had transaction limits, we have been lenient in allowing additional withdrawals and transfers. Effective April 1, 2018, you will not be allowed to exceed six (6) specified transactions per month. Please keep in mind, most in-person transactions are unlimited.  

Unlimited  
Transfers and Withdrawals
for a "Savings Account"

Limited (6 Total per Month)
Transfers and Withdrawals
From a "Savings Account"

  • In person (at a branch)
  • At an ATM
  • By mail
  • Unlimited deposits/transfers into a savings account 
  • Transfers to make payments on your JMAFCU loan or credit card accounts
  • Preauthorized transactions
  • Automatic transfers (scheduled ACH withdrawals)
  • Telephone 
  • SAFE IB transactions
  • SAFE Mobile transactions
  • Overdraft transfers
  • Check transactions payable to any third party

Withdrawals made by telephone only when:
  • The transaction results in a mailed check payable to the member


Remember, Savings Accounts are for savings and are non-transaction accounts. Your JMAFCU eChecking account has unlimited transactions. 

If you have any questions, please call our Contact Center at 800-581-2256, email us at generalinfo@jmafcu.org or stop by your local JMAFCU branch.  

6 COMMON TAX MISTAKES TO AVOID
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It's that time of year again! Get ready to break out the calculator and pencils; dig out the enormous pile of receipts, tax forms and pay stubs; and get to work. Drowning in paper and getting numb from all those numbers? Take heart! As soon as you've got it all organized and filed, you don't need to think about your taxes again until next year.

Don't be too hasty, though. You don't want to wind up making a mistake that'll delay your refund, make you accountable for a fee or, even worse, force you to do that dreaded paperwork and math all over again!

Whether you choose to go it alone, use a tax-prep computer program or hand it all over to an accountant, begin by checking out our handy list of common mistakes people make on their taxes.

1. Faulty math
Believe it or not, one of the most common errors on filed taxes is simple math mistakes. A small miscalculation can throw off all your numbers and get you into trouble with the IRS. Using an online program or a number-loving accountant may mitigate this problem, but it won't assure you of anything. However you choose to prepare your taxes, be sure to triple-check all the math before filing.

2. Name changes and misspellings
When preparing your taxes, you're thinking numbers. It's true that most of the information you're submitting is in numerical form, but don't forget to pay attention to everything else on your form! Details matter, and if you use a name that's different than the one the IRS has on file for your Social Security number, your refund may be delayed or not processed at all. Similarly, if you spell your name wrong, it won't match the one the IRS has in its system and it could mean trouble for you and your taxes.

If you've recently changed your legal name because of a marriage or divorce, be sure to let the Social Security Administration know. Otherwise, remember to use the correct spelling of your legal name on all your tax forms. Review every form carefully before filing to avoid frustration later.

3. Omitting extra income
Detailing your earnings from your day job is a given when preparing your taxes. Most of us even remember to include bonuses and extra commission earnings. But many people neglect to include other sources of income, such as freelance work, moonlighting as a consultant and any other side work they may have done throughout the year. If you've taken any side jobs in 2017, be sure to fill out a 1099-MISC and to file it along with your taxes.

4. Deducting funds donated to charity
Everyone knows you can write off charitable donations as a deduction, but many people aren't sure how to go about taking this step. Charity laws are complicated! First, only donations given to an organization with a tax-exempt status can be deducted from your taxes. Second, if you've donated food items or used clothing, they had to have been in decent shape to be eligible as a write-off. Finally, calculate the value of your non-monetary donations according to what they would be worth if you'd sell them now. Don't forget to include those charity tax receipts when you file!

5. Using the most recent tax laws
Unless you've been hiding in a cave for all of 2017, you know that the current administration has made some major changes to the tax code. Most of these changes won't take effect until April 2018, when you file your first taxes for the new year, and even later if you don't file quarterly. There are some changes that are effective for this year, though, including the following:
  • The standard deduction increased to $6,350 for single, $9,350 for head of household and $12,700 for married filing jointly.
  • The maximum earned income tax credit increased to $6,318. 
  • The maximum income limit for the EITC increased to $53,930. 
  • The foreign earned income deduction increased to $102,100. 
  • Annual deductible amounts for Health Savings Accounts increased for individuals only, to $3,400. 
When preparing your taxes, be sure to file according to the most recent laws.

6. Signing your forms
Last, but definitely not least, don't forget the most basic step of signing your name! If you're filing through USPS mail, be sure to put your John Hancock wherever necessary (and get a receipt for it). If filing online, you can use a PIN instead. Most signature lines will need to be dated as well.

Read through all of your forms before submitting to be sure you haven't neglected anything or made mistakes. Being super careful now will help you avoid any future aggravation. And best of all, this way, when you're done filing, you can finally kiss that paper mountain goodbye!
Fighting Over Finances?
Start Fresh This Spring!
Spring is a season of new beginnings - so if you and your significant other have been fighting over finances, make a pact to put the discord behind you and start fresh this season. Just follow these tips to get your finances (and your relationship) back on track.  

Take your emotions out of the equation. This is much easier said than done, but you and your spouse are much more likely to successfully work through a problem if you both stay calm. Refrain from starting a shouting match, and never play the blame game!  

Realize that there is no "right" way to handle your finances. The way people approach their money is often simply a reflection of their goals or values. Maybe you're an aggressive saver because you dream of a stress-free retirement, while your spouse is more concerned with living in the moment and enjoying the here and now. Get at the root of your spending disagreements by sharing with each other what your values are and explaining why you spend (or save) the way you do.  

Compromise. Work together to merge your values into a spending/saving goal you'll both want to work hard to accomplish. Remind each other what you're saving or spending for whenever one of you is on the verge of breaking back into old habits.  

Seal the deal. Once you've created a spending/saving plan, put it in writing. This will make your goal seem more official and permanent, and will help you take it seriously.  

While it may be challenging to share the control of your cash, proactively taking charge of the situation can help you and your spouse live peacefully and stop the financial fights once and for all. Remember that the same methods you used to figure out other issues (such as how to tackle household chores, yardwork, etc.) can work for your finances, too!

Tips for Being Financially Safe in 2018
With 2018 now in full swing and spring just around the corner, it's high time to review some financial safety tips:  
  • Review your PINs and passwords. Avoid using personal information to create your PINs and passwords, like the last four digits of a Social Security number, a family birth date, your mother's maiden name or your telephone number.
  • Avoid suspicious emails or telephone calls. When in doubt, it is always best to contact the company or person they might be claiming to be through their official channels and check the information.
  • Keep a record of your account numbers and the contact information for each card issuer or creditor in case something happens.
  • Don't sign a blank check or debit slip.
  • Destroy old cards by shredding or cutting them up, making sure to destroy the account number before disposing of them.
  • Look up and compare your monthly statements to your old receipts and go over each purchase to make sure there is no fraudulent activity.
  • Check your account activity periodically, especially if you bank online to ensure no fraudulent activity is happening. 
  • Make sure to report any discrepancies or mistakes on your account as soon as possible.
Follow these tips to be financially safe all year long (and beyond)!  


JM  Associates Federal Credit Union
800-581-2256