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An Old Fashioned Idea

By Al Strawn MVFCU CEO Al Strawn

We are constantly bombarded with advertising and promotions designed to make us want things we may or may not need or can afford. This is particularly true as the holiday season approaches. Even your credit union gets into the act by offering special “skip-a-pay” and “Holiday” loans. We are a people consumed with debt, and for some of us this can be a difficult cycle to break.

This is why I want to suggest to you an old fashioned idea that makes good sense even today. Why not open a Christmas Club account? Start saving money today for next fall and have what you accumulated over the year automatically transferred into your checking account at the end of October 2018.

It is amazing to me how easy it is to save money if you set up a process to deposit automatically and have an incentive to leave it alone. After a few months, you begin to forget about the extra cash that is now going into your savings. Then when next fall comes you have what you need to give gifts to your loved ones and truly celebrate, rather than being stressed out and going deeper into debt.

Some of us may want to use this same method to save for a special event such as a wedding or vacation. Others may save for taxes or annual insurance payments. Whatever the purpose, a Christmas Club account is a convenient way to pay yourself first and earn interest, rather than the typical pattern of using your credit card and going deeper into debt.

Credit unions exist to promote thrift and provide access to credit for worthwhile and productive purposes. We try to be as efficient as possible to keep fees on services low and to be a low-cost source of borrowing. But possibly our greatest success comes when we help people learn to save for their future. Saving is not an accident; it requires discipline and good habits. However, for most of us, it is essential to our financial health and well-being.

If you would like more information on starting a Christmas Club account please check it out at, call the Contact Center or stop by any of our community offices. We want to be your trusted financial partner and help you build a better financial future.

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Automated Clearing House Debits Announcement ACH image

Your electronic debit transactions, such as a loan payment at another financial institution, may clear sooner than they have in the past. Beginning September 15, 2017, new rules for Automated Clearing House (ACH) debits take effect allowing almost all types of electronic payments to be processed on the same business day where they originated.


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A Debt-Free Retirement

By Chris O'Shea

Some ways to ensure that you retire without debt

Retirement often brings lifestyle changes — no more heading into the office means seeing coworkers less often, you will likely have to adjust your spending, you might start traveling, and so on. While some of your pre-retirement routines will certainly continue in your golden years, one thing that you don’t want sticking around is debt. Here are some ways to make sure that you retire as close to debt-free as possible.

Build Your Emergency Savings
As CNNMoney reports, the sad truth is that 69 percent of Americans have less than $1,000 in available cash. Don’t let that be you — especially if you’re closing in on retirement. Build your cash cushion as much as you can so that should an unexpected emergency strike, you won’t have to rely on credit cards to pay for it.

Live Slightly Below Your Means
It may be tempting to buy a new car or something fancy to celebrate retirement, but don’t do it. Instead, live slightly below your means as you near your retirement date. That way you’re able to save as much as possible going into this lower earning phase of life. An easy way to make this happen is to create a budget that only accounts for a portion of your income. Then set up an auto savings account that sucks up the extra money without giving you the chance to spend it.

Get an Affordable Mortgage
Housing costs are usually one of life’s biggest expenses, so do your best to get a mortgage that you can easily afford. You know the general rule: Housing costs shouldn’t exceed 35 percent of your income (all in, including maintenance, taxes, insurance etc.) Try to do better than that and nudge that percentage even lower. . When retirement rolls around, you’ll be happy you did.

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Equifax, Inc. Incident

Security breach image

Equifax Inc., recently announced a cybersecurity incident that impacts approximately 143 million U.S. consumers.

Based on their investigation, Equifax believes the unauthorized access occurred from mid-May through July of this year and that the criminals had access to Social Security Numbers, birth dates, and more.

For more information on this cyber security event and their response, please visit:

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Hawaii Highlights

Frances I Cajimat

Message from Frances I. Cajimat,
Open House Friday, October 13, 2017

As the holidays approach, we’d like to express how much we appreciate your continued loyalty and friendship-you are not only members but treasured Ohana. Please join us on October 13, 2017 for International Credit Union Day for light refreshments.


Financial Education for Every Age and Need

Your credit union is here to help you achieve a better financial future with our free community workshops as part of our mission to become Waipahu’s Financial Learning Place. Each month we offer “Budget Basics” where you’ll get fun tips to help track what you spend, save, pay off debt and manage your financial future. We also offer special topics each month that range from understanding the benefits of paying attention to your credit profile to how to get started on buying or refinancing your home.

Upcoming Education Workshops
Budget Basics: October 5, 5:30-6:30pm
Starting Your Own Business: October 17, 5:30-6:30pm
Budget Basics: November 2, 5:30-6:30pm
Fraud Protection Basics: November 21, 5:30-6:30pm

For more information call Kathy at 379-7910 for details.


Holiday Community Project

This holiday season we will be collecting school supplies for the Honowai Elementary students. Each pencil, ruler or notebook will be greatly appreciated and help our community keiki take their first steps toward their future through your generous donations. We will be collecting at the Waipahu Community Office from November 13 through December 15.

Please check out our Facebook page for details at

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Sleigh Bells are Ringing

Holiday Loan

2017 Holiday Loan

Instead of charging holiday gifts to a high-interest credit card, consider applying for an MVFCU Signature Holiday Loan. Save yourself some cash by heading to MVFCU. We offer rates far below the average credit card, allowing you to make the holidays bright, for less.

Is a Holiday Loan Right for You?

We never recommend spending beyond your means. As Scrooge-y as it sounds, “the holiday spirit” is no excuse for financial negligence. However, if you have to go over budget and don’t want to damage your credit score, a holiday loan from MVFCU is a good compromise. Stay away from similar loan products at check cashing and payday advance companies; these often have crazy-high interest rates (some as high as 100% or more) and stricter payment deadlines. Credit unions are not-for-profit and member-focused, which often allow us to offer the lowest rates in town, and the best financial counseling for low-income and middle-income families.

November 20-December 31

This year's Holiday Loan promotion will run from November 20 through December 31, and our official rates for this year will be announced early in November, so stay tuned to and our MVFCU Facebook page!


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