2023 Q1 Newsletter

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THE SWACU NEWSLETTER SPRING 2021 WINTER 2023 TOTAL LOANS

$546,252,638 TOTAL DEPOSITS

And that’s a wrap! 2022 was a sensational year for SWACU and we hope it was for you and your family as well. Earlier this year, we completed our multi-year CORE Project enhancement that will

$667,280,843 TOTAL ASSETS

$752,777,637

allow us to serve you better. From a partnership standpoint, we were so proud to work closely with Southwest Airlines to attend their training classes for the thousands of new hires onboarded this year. This aided in a membership boost for

TOTAL MEMBERS

57,012

FINANCIALS

As of November 30, 2022

SWACU. Membership growth increases our loans and deposits, resulting in new products and services for our incredible members. Growth allows us to give back to our members in the form of lower loan rates and higher dividend rates. Even in a rising interest rate environment, our loan rates have remained competitive, and our dividend rates have been top tier. This is just one way that Credit Unions give back to their members. All in all, it has been a great year. We expanded our charitable giving in 2022 with multiple large donations to organizations that could meet the needs of our membership across the country should a necessity arise or a tragedy strike. Earlier this year we shared the news about our $50,000 donation to the Salvation Army. In December, we made a $30,000 donation to the American Red Cross. In Q1 2023, we will be making a large donation to Feeding America, which serves people in need across the country. Donations were also made throughout the year to several SWA charitable golf events in Albuquerque, Austin, and Dallas. It’s our commitment to give back to our community helpers to ensure needs are met. This is another way Credit Unions give back.

We wish each of your families a prosperous 2023.

IN THIS ISSUE: • Cynde’s New Year • 4 Financial Resolutions • Balance Transfer Promotion

• SWACU’s Holiday Loan Offer

• Daniel J. Kimber Scholarship Announcement

• Now Hiring • Like Us. Luv Us.

Follow Us.


Set ‘Em and Forget ‘Em: 4 Financial Resolutions You Can Accomplish Now New Year’s resolutions are a mixed bag for many of us. On the one hand: personal betterment! On the other hand: methodical auditing of our refrigerator, checking account, and various vices. On the cusp of a fresh calendar year, we feel compelled to immediately transform our lives, but—as is the case with most good things— change takes time. This is especially true when it comes to financial goals. And in the aftermath of steep holiday spending, our goalposts can feel…far away. If you want a few financial resolutions that you can achieve early into the new year (because who doesn’t love an easy to-do list??) here are some suggestions.

u Automate Your Savings. Life is expensive! Especially when you have your sights

set on a vacation, home renovation, or even the creation of an Emergency Fund (which 26% of Americans report not having at all). Setting aside savings is a crucial step towards your financial health. There are multiple pathways to save, from automating contributions to an investment portfolio to downloading an app that bundles spare change on each transaction you make. If you want to avoid market fluctuations and go the straightforward route, set up an automatic direct deposit that funnels a percentage of your paycheck into a designated savings account. Then try not to touch it.

What’s the best way to keep on truck’n in 2023? By getting pre-approved at SWACU for your next vehicle. Getting pre-approved helps you set a realistic budget for 2023 and it lets you know how much you can borrow and at what interest rate. Feel better knowing you’ve gotten the best interest rate you can qualify. Strengthen your negotiating position at the dealership when you show up looking like a cash buyer!

u Enroll in a 401(k). Speaking of savings…if your employer does not automatically

enroll you in a 401(k) plan, you can sign up yourself. Unlike some company benefits (like flexible spending accounts or insurance enrollments that have deadlines), you can enroll in a 401(k) plan anytime during the year. So why not now? The sooner you can begin growing your retirement savings, the better. What you contribute is up to you, and many employers will match your contributions up to a certain percentage. If you earn income but don’t receive employer benefits, you can open a Traditional or Roth IRA as an alternative.

u Trim subscriptions. The average American underestimates their monthly

subscriptions costs by $133 according to a 2022 survey conducted by C+R Research. People estimated they spent about $86 per month when in fact, they were spending about $219 per month. The start of a new year is a good time to take inventory of your streaming networks, music subscriptions, smartphone apps, wine club memberships, or any other miscellaneous expenses that might be drawing away from your overall savings goals.

u Check your credit report. You can get a free report once a year from each of

the three major consumer reporting companies (Equifax, Experian, and TransUnion.) This allows you to resolve errors or instances of identity theft—red flags you do not want creditors looking at when they are evaluating your application for loans and credit cards. With the exception of Experian, you will have to pay a fee if you want to see your credit score. There is often a way around this, as more than 170 financial institutions and 10 of the top credit card issuers provide free access to your FICO score (the most commonly used type of credit score).

Resolved to Help

MORTGAGE NEEDS IN 2023?!? SWACU wants you singing “home sweet loan” this year. Rates are creeping up so acting sooner than later can save you a small fortune. We’re here to meet all your mortgage needs in 2023. We offer a variety of mortgage loan options. Including fixed rate mortgages and adjustable rate mortgages.

u LOCAL DECISION MAKING u NO UPCHARGE FEES OR HIDDEN COSTS

u INTEREST MAY BE TAX

DEDUCTIBLE FOR PAYMENTS You can apply online today at swacu.mortgagewebcenter.com *Subject to credit approval.

Need a little nudge when it comes to keeping your financial resolutions? Our partner GreenPath provides caring Financial Wellness Experts to assist in starting your year strong! GreenPath works with thousands of people each month to pay off debt, improve credit and lead a financially healthy life. Ring in the New Year…and then give them a ring! The call is free and confidential.

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The

CONSOLIDATING YOUR DEBT WITH SWACU WON’T MAKE YOU A

May Have Passed...

But There Is Still Time To Get Your

Wreath Of Franklins

swacu’s annual holiday loan

$10,000 12

months

borrow up to

terms up to

APR*

rates as low as

The New Year comes with Resolutions. At the top of that list should be getting out of debt. The best way to get rid of your debt is to consolidate it into one low monthly payment. SWACU is here to help!

offer ends soon!

but it will rock your wallet. 0% BALANCE TRANSFER FOR 9 MONTHS, WITH A 2.99%APR* BALANCE TRANSFER FEE SWACU credit cards are a great option to consider when consolidating your holiday debt. With 3 options to choose from, you can start jamming to the savings!

OR A MINIMUM FEE $25.00 (WHATEVER IS GREATER) PLATINUM

Call us and let us get you started on the right track this New Year.

LEARN MORE AT...

SWACU.ORG/BALCON *APR = Annual Percentage Rate. Balance transfers processed by March 10, 2023, up to your available credit limit, will receive the stated promotional APR for 9 months from transaction date. Balance transfers processed after March 10, 2023, will receive the standard APR for Cash Advances. Balance Transfers may not be used to pay off or pay down amounts you owe to SWACU. When transferring a balance, you should continue to make your monthly payments to each creditor until you receive a statement from the issuer/merchant reflecting the balance transfer payment. All existing payment terms apply. Rates are subject to change. Offer applies only to Visa® Platinum, Visa® Reward and Visa® Signature cards open for 90+days. Insured by NCUA. Offer valid 1/1/23-3/10/23.

REWARDS

SIGNATURE

APPLY TODAY!

*APR=Annual Percentage Rate. Promotional rate of 5.99% reflects 12-month term, loan amount must be between $500 and $10,000 and is based on applicant meeting certain credit criteria. This promotional offer does not include existing signature loans and refinancing existing SWACU loans do not qualify. Example Repayment Term: 12 monthly payments of $860.62 for a $10,000 loan at 5.99%. Other terms and conditions may apply. Offer valid November 1st, 2022 - January 31, 2023.

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U P C O M I N G

IT’S ONCE AGAIN, TIME FOR THE....

closings JAN

16

We are currently accepting applications for our 2023 Daniel J. Kimber Scholarship Program. This

Martin Luther King Jr. Day

program provides senior level students with a portion of the funds needed to attend college. Scholarships will be awarded based on the high school academic achievement, school/community involvement and submission of an essay. Three scholarships will be awarded in the amount of $2,000 each to high school graduates who plan to

FEB

20

continue their education at an accredited college, junior college or university no later than the fall 2023 session. Scholarship recipients must meet the following eligibility requirements:

President’s Day

u Be a primary member of a SWACU savings account with a minimum balance of $5

APR

7

Good Friday

u Be a graduating high school senior u Have a minimum GPA of 2.75 or higher u Complete an application and essay u Be accepted as an incoming freshman to an accredited college, junior college or university

Scholarship applications are available online. All applications must be received no later than Friday, March 17th. For more details visit www.swacu.org/scholarship.

THIS YEAR - MAKE THE YUCK A LITTLE LESS YUCKY Can you believe tax season is already here? As a SWACU member, you can receive discounts when you use TurboTax® software to file your 2022 taxes! TurboTax® puts the power in your hands to keep more of your hard earned money, with the peace of mind knowing you have experts to assist you every step of the way. To get started visit swacu.org, scroll down to the “Members Lounge” and click on “Turbo Tax.” IMPORTANT NOTICE

PRIVACY POLICY – TO VIEW THE CURRENT VERSION OF THE SWACU PRIVACY POLICY, PLEASE VISIT OUR WEBSITE AT WWW.SWACU.ORG. TO REQUEST A PAPER COPY OF THE SWACU PRIVACY POLICY, PLEASE CALL 800-262-5325.

APPLY TODAY! We’re looking for talented individuals to join our team. Take advantage of our amazing benefits too! Apply today on the careers page on swacu.org!

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FOLLOW US @swacu DALLAS | HOUSTON | PHOENIX | EULESS

800-262-5325 CONTACT BRANCHES DIRECTLY:

DAL EXT. 170 HOU EXT. 148

Text Us Instead at 214-357-5577. WE CAN ANSWER YOUR ACCOUNT RELATED QUESTIONS.

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FEDERALLY INSURED BY NCUA

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