Spirit Quarterly Newsletter

Our Spring Auto Loan Promotion is here, and the deals are sweet! Spring rates are available from April 1 through May 31, 2024. Finance new or used autos up to 15 years old for as low as 5.49 Annual Percentage Rate (APR) for up to 66 months. When shopping rates, pay close attention to repayment terms. When you see a low APR, you will often read in the fine print that the term is only for 36 months or the rate is only being offered on a specific model. You can use a payment calculator on our website to determine payments that fit your budget. For example, if you purchase a used auto for $30,000 at 5.49% APR for 66 months, the payment is approximately $530.06/month.

Financing your sweet ride is easier than ever! Apply online or visit any of our branches. Members can also shop for a new or used vehicle at any participating dealer and get on site financing with Eglin Federal Credit Union. Check out eglinfcu.org/auto for a listing of preferred dealers or to apply online today!

Should I rollover my TSP/401(k)? If you are changing jobs or retiring, there are many decisions to make, and we can help. It's important to talk with a financial professional to avoid making costly mistakes.

When you leave your job or retire you have four options with your TSP/401(k):

1. Leave it alone (unless you have a balance of less than $5,000).
2. Take a lump-sum distribution, which will be subject to income tax and a penalty if you're under age 59½.
3. Make a direct rollover to your new employer's retirement plan.
4. Complete a direct rollover to an IRA.

So, what should you do? I tell members that if they are happy with their current TSP/401(k), they should leave it alone. You can always move it later if something changes.

Here are a few reasons why you might move it to a Brokerage Firm with a Financial Advisor:

Limited investment options with TSP/401(k) – TSP/401(k)s are designed to be simple and easy, but there are usually only 25-40 investment options. They cater to all employees from the frontline workers to the CEO.

You can no longer contribute after employment ends – While you are employed, you can contribute to your TSP/401(k) with every paycheck. This means that whether the market is up or down you are buying shares of the investments you have selected. If you are no longer employed you lose this advantage.

Potential options through diversification – When you roll your TSP/401(k) over to an IRA, you have the world of investments open to you to meet your individual needs and goals. This can be especially important when you retire as you may want to generate income or simply be more conservative, even to the point of protecting your account from any loss at all.

Not sure what will work best for you? Give us a call. We can help you decide what is best for your situation.

Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.

Call today to schedule your no-cost, no-obligation appointment.

Learn more: eglinfcu.org/investments
Retirement Services - Insurance Services
Financial Management - Investments

Mark Kilbride
CFS Registered Financial Advisor
850.862.0111 x1321 [email protected]

Take control over your EFCU debit and credit cards with CardControls in the EFCU Mobile App. Turn your EFCU card ON/OFF and receive real-time alerts for your transactions. It's as simple as a toggle! Have you ever misplaced your card or discovered you accidentally left it at a restaurant? Simply turn your card OFF from your phone with the EFCU Mobile App's CardControls, and the card cannot be used. One toggle and your card is turned back ON.

 Here's how to take control of your EFCU cards with the CardControls App:

 Download the EFCU CardControls App.
 Log into your EFCU Mobile App.
 Go to Services and click the CardControls icon.
 Add your card(s) by choosing Manage Portfolio from the navigation.

That's it! As long as you have push notifications turned on, you will be alerted anytime your card is used. CardControls helps prevent fraud and gives you greater security and peace of mind with your EFCU card(s). To learn more, go to eglinfcu.org/CardControls.

Teaching our young members about saving is a passion at EFCU. Each spring, we celebrate America Saves Week in April and partner with Okaloosa Saves to offer opportunities to encourage our youngest members to learn how to be successful savers. The theme for 2024 is Saving for what matters most! This is also a great time to introduce them to the resources the Credit Union has to offer.

From April 1 through June 30, there are two ways for young savers to win a $50 deposit into their account:

•   Make deposits: In partnership with Okaloosa Saves, any young member (under 18 years old) who visits the Credit Union and makes a deposit can fill out a form to be entered to win one of six $50 drawings in July. Entry forms are available in the lobby or at the teller line. Okaloosa Saves will contact the winners in July.
•   Open a new account or suffix: Any young member (under 18 years old) who opens a new account or suffix is automatically entered into a drawing to win a $50 deposit into their account. One name per branch will be drawn in July and winners will be notified by phone call and mail.

Bring your children into your local branch, and let us help them develop good saving habits! Follow us on social media April 8 - 12 for tips on helping teach Saving for what matters most!

Be cautious of tech support scams – they can result in significant financial losses! Scammers may initiate contact through fraudulent order confirmations, pop-up messages, or sponsored search results. They persuade victims to download remote access software, allowing them to control the victim's device.

Victims are being deceived into believing they have been overcharged and need to request a refund. For example, they are made to think $20,000 was already refunded instead of $200.00. Login banking screens can be easily manipulated to make it LOOK LIKE the errors actually occurred, causing victims to withdraw cash, purchase gift cards, or send money through peer-to-peer apps. In reality, no refund has been issued and the victim's money is transferred directly to the scammers.

To protect yourself, only allow remote access to your device when you have initiated contact with a trusted vendor through official channels. Confirm all transactions directly with your card issuer or financial institution. When in doubt, simply hang up the phone and consider the potential consequences before taking any action. It is crucial to safeguard your personal information and finances against these deceptive tactics. If you would like to know more about Tech Support Scams, go to consumer.ftc.gov/articles/ how-spot-avoid-and-report-tech-support-scams. Keep your money YOURS!

• Stone Exclusive, Inc., Fort Walton Beach
• The Anchor FWB, Inc., dba Calvary Chapel Fort Walton Beach
• Jason McDaniel, LLC, dba Navarre Beach Tattoo Company, Navarre
• Emerald Bay Development Corporation, dba Emerald Bay Golf Club, Destin
• Tolbert Enterprises, Inc., dba The Island Resort at Fort Walton Beach
• Destin High School, Inc., Destin
• Magna Manufacturing, Inc., dba LoBoy, Fort Walton Beach