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Get
your refund fast
 When
filing your 2001 taxes, arrange to have your federal tax refund
electronically transferred to your Navy Federal share savings, Sharechek®
or Money Market Savings Account. Simply check the appropriate box
on your return and provide the IRS with Navy Federal's Routing/
Transit Number (2560-7497-4) and your 10-digit account number. A
notice will be mailed to you once we receive the funds.
Mutual
funds now at key locations
To help you diversify your portfolio, Navy Federal representatives-registered
through CUNA Brokerage Services, Inc.-are now on board at member
service centers in the following locations: Monterey, CA; Navy Yard,
Washington, DC; Orlando, FL; New Orleans, LA; and Whidbey Island,
WA. They can help you decide when, where and how much you should
consider investing in mutual funds.
To make an
appointment with one of these representatives, call toll-free 1-877-221-8108.
If you're not near one of these locations, call this number and
we will put you in touch with a Navy Federal Financial GroupSM
investment counselor.
For more
information and a full list of Navy Federal Financial Group
services and locations, go online at www.navyfcu.org
and click on Investments & Insurance.
Securities
sold through CUNA Brokerage Services, Inc., member NASD/SIPC, 2000
Heritage Road, Waverly IA 50677. Non-deposit investment products
are not federally insured, involve investment risk, may lose value,
are not obligations of or guaranteed by the credit union and may
be sold by a credit union employee who also accepts deposits for
the credit union.
SM
2000 Navy Federal Financial Group, Inc.
2002
Annual Meeting
Navy Federal's 69th Annual Meeting will be held on Monday, March
25, 2002, at 7:30 pm in Navy Federal's headquarters at 820 Follin
Lane, Vienna, VA. Tickets will be issued at the door. They'll also
be available in March at Navy Federal's Washington, DC, area member
service centers or can
be requested by writing: PO Box 3000, Merrifield, VA 22119-3000.
Save
with our new mortgage payment program
Want to shave up to 7½ years off your Navy Federal mortgage?
Wish you could take advantage of biweekly payments and save thousands
of dollars in interest? Now your monthly mortgage or fixed equity
payment amount can be divided in half and automatically withdrawn
every two weeks from your share savings, Sharechek, Money Market
Savings Account or an account at another financial institution.
This payment program reduces the life of a 30-year mortgage to approximately
22½ years. Unlike biweekly payment programs at other financial
institutions, ours not only saves you interest over the life of
the loan, it's also free. There are no set-up or individual payment
transfer charges, and you choose which day of the week the automatic
withdrawals are made.
For more information and to sign up for our new payment program,
visit www.navyfcu.org. Or call 1-800-368-3657 (703-255-7300
in metro Wash., DC), week-days, 8:00 am to 5:00 pm, Eastern time,
and select
option 2.
New
limits for the 2002 tax year
The Economic Growth and Tax Relief Reconciliation Act of 2001
provides expanded benefits for Traditional, Roth and Education IRAs.
For the 2002 tax year, the annual contribution limit to a Traditional
or Roth IRA has been increased to $3,000. IRA plan participants
aged 50 or older may contribute an additional $500.
An amendment to the IRS code has also renamed the Education IRA
as the “Education Savings Account.” Starting with the 2002
tax year, the annual contribution limit to an Education Savings
Account has increased from $500 to
$2,000 per child.
2001
Income tax reporting
Dividends earned on your share savings, Sharechek, share certificate(s)
and mortgage escrow accounts are reportable to the IRS as interest
income. If during 2001 you:
- had dividends
totaling $10 or more posted to your accounts,
- forfeited
any interest because of early withdrawal, or
- had any
tax withheld by Navy Federal
you should
have received a Combined Tax Statement (in lieu of Form 1099-INT)
which shows the total dividends paid on savings to you by Navy Federal
during 2001. This statement was mailed separately from your January
2002 statements of accounts. Dividend amounts were also printed
on your
January statements. The interest paid on your various Navy Federal
loans
and credit cards was reported on their respective statements.
Good
news for homebuyers
Navy Federal's single-family conventional mortgage loan limit has
increased for
2002 from $275,000 to $300,700 for homes in the lower 48 states.
The increase is based on the change in the average price for a home.
For homes
in Alaska and Hawaii, the new conventional loan limit is $451,050.
Internet
insight
If you're one of the hundreds of thousands of members using our
secure Navy Federal Online® Account Access service, you'll
want to take note of these helpful tips to keep your password and
personal account information secure when using our site:
- Don't use
the auto-password recall that many Web sites and browsers
now offer. While this feature may appear to be very convenient,
it creates a security risk when other people use your computer.
- Change your
passwords on a regular basis. If you think your password may have
been compromised, change it immediately and contact the credit
union.
- Don't walk
away from your computer in the middle of an active session. If
you are logged on and walk away, anyone can sit down at your computer
and have immediate access to your account(s). Always remember
to log off when you're finished with your session.
- Navy Federal
strongly recommends that you clear your browser's cache (pronounced
“cash”) before you leave the Account Access site. This
prevents someone else from being able to view your account information,
which is temporarily stored in the cache on your computer's browser.
Clearing your cache also keeps your browser running at its optimum
speed. For instructions on clearing your cache, please
refer to your browser's Help function.
Applications
available online!
Need an application for a loan or Share or IRA Certificate? Just
log onto Navy Federal Online and go to Products & Services,
where you'll find applications for auto leasing, preapproved auto
loans, personal loans, a NAVchek® Line of Credit, new credit
cards, a credit line increase or upgrade, balance transfers, equity
loans, mortgage loans and the Visa Sharechek Card.
You can also get applications for setting up a Money Market Savings
Account and all certificates, including Custom Club®, EasyStartSM
and the IRA Market Index Certificate. Log on to www.navyfcu.org
today!
Members
win in Visa sweepstakes
Two Navy Federal Credit Union members were lucky winners in Visa's
recent “You've Got What It Takes” and “Magic Moments”
sweepstakes.
In the “You've Got What It Takes” sweepstakes, every time
members used their Navy Federal Visa card from November 1, 2000,
through October 31, 2001, they were automatically entered in the
drawing. Our lucky Navy Federal member had what it took to win a
trip for two to the Olympic Winter Games in Salt Lake City!
The “Magic Moments” sweepstakes ran from November 18 through
December 26, 2001. During that period, members using their Visa
Sharechek Cards or credit cards were automatically entered in the
contest. When the Visa processing date and time of their Visa purchase
matched the randomly selected one-second “moment,” their
purchase was free. Our lucky member won free tickets for a Caribbean
cruise!
Visa runs sweepstakes throughout the year. Be sure to watch your
mailbox for details of the next contest. Your next purchase with
a Navy Federal Visa card may make you a winner too!
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