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Organizing Your Finances
Jen plays Keep or Toss with her financial documents.
Organizing Your Finances - 1st Nor Cal Credit Union
*Annual Percentage Rates (APR) are subject to change. Rate, maximum term, maximum loan amount and advance amount are based on credit qualifications. Maximum terms vary based on loan amount. We reserve the right to determine collateral value based on industry recognized guidelines or full appraisal. Must be 18 years old or older to apply for a loan. Loans are subject to all Credit Union policies and procedures. Auto loan at 3.20% APR requires a minimum FICO® 750 Credit Score. 72 months term at 3.20% APR is $15.29 per $1,000.00 borrowed.
Remembering Lew Pascalli
It is with great reverence that we announce the passing of Lew Pascalli. Lew was a Credit Union member, Chairman of the Credit Committee since the 1960's and an esteemed friend. An ethical and thoughtful man, his opinion was respected by his fellow committee members and the Credit Union's Management team. Lew's time and expertise were invaluable assets, he contributed countless hours of oversight to ensure sound loan decisioning which certainly contributed to the growth and prosperity of our Credit Union.
Lew was generous and loyal to friends, family and our Credit Union. We appreciate all that he accomplished and will miss his larger-than-life personality.
PresidentsCornerPresident's Corner
While many of us have been following the daily deluge of midterm elections, Supreme Court nomination hearings, migrant caravans, and presidential tweets, the following stories slipped through the cracks and fell back between the gossip columns and birth announcements in our local newspapers and online news feeds:
  • Paul Volcker, the Chairman of the Federal Reserve Board in the 1980s (at least three recessions ago), wrote in a Bloomberg Op-Ed that the current Fed Board is looking at managing the economy wrong. The current 2% inflation target used, says Mr. Volcker, is steering the Board to incorrect conclusions. Rising economic growth and unemployment rates near historic lows could signal an easing to monetary policy; in other words, lower the Federal Funds rate. His point seems to be don't get stuck using the same metrics, and adjust the assumptions as our systems and ways of doing business change.
  • Bank of America CEO Brian Moynihan bragged that he was able to eliminate 100,000 bank jobs due to improvements in technology and changes in consumer behavior. "We had 204,000 (employees) last quarter. Step back and think about that," Mr. Moynihan said. The reduction is "more employees than Delta (Air Lines) has, I think." After cutting rank-and-file positions, Mr. Moynihan realized he had too many well-paid managers, so he slashed a third of those jobs, too. He then went on to pontificate to small business owners and CEOs that it would have been better to allow the bank's natural attrition rate to reduce the human toll of job cuts instead of quick firings. "We realized we screwed up totally," said Mr. Moynihan. At least the stockholders are happy, as well as the CEO who earned $22 million in salary and $18 million in stock options last year.
  • The new $2.2 billion Transbay Transit Center in San Francisco was temporarily closed six weeks after the grand opening when a cracked steel beam was discovered. This incident follows the Millennium Tower which has sunk 18 inches since it opened in 2009 and cracks found on some anchor rods after they were exposed to water on the new Bay Bridge tower in 2015. When I look at the great skyscrapers in this country and grand old castles in Europe, I marvel at the fact these structures have been standing for centuries. What has happened to American engineering know-how and pride of workmanship that serious problems occur after six weeks?
  • The small Balkan nation of Macedonia recently voted on whether to change the country's name to...wait for it...North Macedonia. Apparently, Greece felt the name "Macedonia" belonged to them because they have a province in the northern part of their country by the same name. Greece vetoed The Country Almost Formerly Known as Macedonia's attempt to join NATO and blocked its European Union membership until the former Yugoslav republic changed their name. Many Macedonians feel being included in the EU will help them prosper economically. Meanwhile, Greece has hardly benefitted from their EU partnership. Their debt as a percentage of Gross Domestic Product is exceeded only by Japan. Unfortunately, just over a third of Macedonians voted in the referendum, with 50% needed. The country's Parliament has since voted to amend the constitution to change the name.
These news clips are less impactful individually than the stories taken in the aggregate. These stories given short shrift by the media affect people's lives on a day-to-day basis than the so-called "24-hour news cycle" items we routinely see on TV and our smartphones. The more we step back and take a look at the big picture, the clearer that picture becomes.
David M. Green
(925) 335-3802
statofthemonthStat of the Month

Source: Federal Reserve Bank of St. Louis Economic Research 
This chart graphs federal government receipts from 1947 through the first quarter of 2018, prior to the recent tax cuts. It is clear that tax receipts received from personal tax returns as a percentage of total tax receipts has grown substantially since the end of World War II, while the corporate burden has significantly decreased. Corporate income taxes peaked at $367 billion in the second quarter of 2006 and has dropped 28% since then. On the other hand, taxes paid by American workers is currently $1.6 trillion, the highest in our history.
firstalerts1st Alerts
  • All 1st Nor Cal branches will be closed Thursday, November 22 and Friday, November 23, 2018 in observance of Thanksgiving.
  • If you have @ccessOnline Home Banking with us, you can transfer a payment to your Visa card. Setting up a regular payment using Bill Pay in @ccessOnline Home Banking will generate a check and that will delay your payment. Instead, you can set up a single or recurring transfer. A transfer is immediate.
community1st in the Community
Buy a Kid a Bike 
to benefit the Richmond Fire & Police Holiday Program
You can help a child in need this holiday season!
Make a donation now through December 15th at any 1st Nor Cal® branch location. Any amount helps! Each $49 collected buys a bike and helmet for one child.   
1: APR = Annual Percentage Rate. Loan amount and terms subject to approval; your rate may be different depending on loan amount, term, credit score and other factors. Your rate will be disclosed prior to funding. Daily periodic rate for 7.9% APR is .02165.  Minimum payment on a 1st Line of credit with a limit up to $2,000.00 is $50.00 per month. Maximum limit is $20,000.00 with a minimum payment of $475.00. Rates are subject to change.
retirementsolutionsRetirement Solutions 
Reviewing Your Beneficiary Designations Annually Can Save You More Than a Few Headaches    
By Jason Vitucci, CFP® & Gene A. Schnabel
Reviewing the beneficiary designations on your property and assets on an annual basis, or as circumstances in your life change, is one of the smartest financial moves you can make to protect your interests, your legacy and your loved ones.
People often make the mistake of assuming that a will or trust will govern how all of their property and assets will be distributed. However, certain account types allow property or assets to transfer directly to a beneficiary outside of a will or trust and are not subject to the probate process following the account owner's death.2 These include life insurance policies and qualified retirement plan accounts such as 401(k)s and IRAs as well as accounts or property that are properly designated as "payable on death" or "transfer on death." Since these accounts are not subject to probate (the court process for settling your estate and transferring property to your heirs), they will be distributed directly to the beneficiaries you've designated on each account upon your death.
That makes it really important to keep on top of your beneficiary designations. The last thing you want is for your intended beneficiaries to be disinherited due to an error or oversight or be forced to wait for their money, especially if they rely on it for income in your absence. Beneficiaries are then forced to involve legal, tax and financial advisors to figure out how to distribute the funds when there are no clear instructions, which can also lead to long and expensive family disputes.
Take the case of a divorcing spouse who remarries and forgets to remove his ex-wife as the beneficiary on his IRA. In the event of his death, the IRA account would belong to his ex-wife-not his new wife-even if he had drawn up a new will and/or trust naming his new wife as the sole beneficiary of his estate prior to his death. That's because the IRA beneficiary designation supersedes any changes made to the will or trust. And challenging that in court can be very costly and time consuming.
The good news is that situations like these are actually very easy to avoid by simply checking beneficiary forms on a regular basis. You also want to review your beneficiary designations whenever your family experiences an important life event, such as a birth, death, marriage, divorce, remarriage, new grandchild, or when changes in the tax law occur that may impact your current estate planning strategy.
To learn more about the financial planning process and how we help out clients with keeping their financial plans up to date, contact our office today. If you feel that we may be a good fit to work together, please don't hesitate to contact us. As a valued 1st Nor Cal member, we invite you to contact us for a complimentary financial analysis. We also invite you to attend any of our Retirement Planning workshops that we hold. For more information about our practice, or to make an appointment, please call us at (925) 370-3750 or visit our website at

Vitucci Integrated Planning  
2890 N. Main Street, Suite 201
Walnut Creek, CA 94597 
Securities through First Allied Securities, a registered broker dealer, member FINRA/SIPC. Advisory services offered through First Allied Advisory Services, Inc. Registered Investment Advisor. Investments not FDIC or NCUA/NCUSIF insured, not insured by Credit Union, may lose value. Products offered are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal.  1st Nor Cal CU, Bay Area Retirement Solutions and First Allied are all separate entities. Jason Vitucci CA
Insurance Lic.: 0F59894, Gene A. Schnabel CA Insurance Lic.: 0663016

insuranceInsurance Tips 
Tips to Avoid Identity Theft     
Identity theft continues to be a huge problem in the U.S. and gets worse every year. The damage caused can cost victims not only money but substantial time to repair. As you become wiser to the thieves' tricks, they are learning new ways to get access to your sensitive information. Follow these tips to avoid identity theft from damaging your financial security.
Always remember to:
  • Safeguard your Social Security number. You should never carry your card with you.
  • Shred all old financial and credit statements, including "junk mail" credit card offers and receipts containing important information. Cross-cut shredding is best, so that the strips can't be taped back together.
  • Review charges on our credit card statements before paying them.
  • Don't use your mailbox for outgoing mail of bill payments. If stolen from your mailbox, the payee's name can be erased with solvents.
  • Check your computer for spyware or malware regularly.
  • Report suspicious emails or phone calls asking for bank account or other identifying information
  • Make passwords that are difficult to replicate, and change them frequently
  • Shop on websites that you know you can trust
  • Check your account records regularly, as well as your credit reports, since these are the best methods of early detection
Most experts agree that even if you take all of the right precautions, you may not be able to prevent identity theft fraud from happening, in part because your personal information is not always in your control. What you can do is protect yourself with coverage that helps you in the event that you are a victim. Most homeowners insurance offers an option to include Identity Theft coverage for about $25./year. 
As an added benefit of your 1st Nor Cal membership, we at Lou Aggetta Insurance will help you review the things that are important to you and provide you with options for reducing risk in your life. We are an independent insurance agent and can provide you with home, auto, life, health, business, and many other types of insurance coverage.

Contact us today to schedule your free review.

Denia Aggetta Shields
Lou Aggetta Insurance, Inc.
2637 Pleasant Hill Road
Pleasant Hill, CA 94523
(925) 945-6161
License #OK22281

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FinancialCounselingFREE Financial Counseling
Are you in need of financial counseling?
1st Nor Cal is here to help. Timely and honest debt advice is available to our members at no cost or obligation. Learn how to manage your finances.

Make your appointment TODAY!

Just a reminder, you can annually request FREE Credit Reports from all 3 credit reporting agencies online by going to:
For FREE Financial Counseling, don't hesitate to contact:

Shelley Murphy
Senior Vice President of Lending & Collections
(925) 228-7550 Ext.824

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