 |
Home | Rates | GCFlash | Contact Us | Search | Site Map |
| About GCF | Online Banking Center | Personal Banking | Commercial Banking | Tools | Favorites | Our Communities | Contact Us |
|
||||
|
||||
|
|
||||
|
||||
 
The ultimate in electronic access, high-yield savings accounts. Learn which great product is right for you! Details
|
||||
|
Ask us about Commercial Lending! More details |
 |
|||
 |
GCFLASH
Hot Off the Press!
Tuesday, February 5, 2008 - Edition #440
|
Weekly Spotlight
With the increasing threat of debit card fraud on the rise, you can rest assured that GCF Bank is doing all we can to protect you, our valued customer. EFFECTIVE IMMEDIATELY, all GCF VISA card transactions originating outside of the U.S. will be blocked. If you plan on traveling outside the U.S., just call your local branch and we’ll make arrangements to ensure you’re able to use your GCF Visa Card in the country or countries you will be traveling in.
Watch for news later this month of a new service we're implementing to better protect against this type of fraud. It’s just one of the many ways GCF Bank is working to help ensure your financial security. 1st Flash:
PREPAID FUNERAL SCAMS
The only certainty in life is death. Yet preparing for the inevitable can be very difficult for most people. A glimpse at your own mortality can illicit regrets for what you haven't yet achieved, memories of loved ones no longer with us or remorse for those actions that sounded good at the time but turned out terribly flawed. The emotions it can evoke make us take a deep look at our life, both the good and the bad. The responsible action to take is to push past the emotions and prepare as best as you can. Organize your essential documents so survivors can be assured they're following your wishes in settling your estate. The document locator on our Web site is a handy form to record all of the information your loved ones will need when the time comes. Many folks also plan their funeral services in advance to save family members the stress and financial burden. Prepaid funeral plans entitle you to choose the casket, cemetery and other assorted details for your final resting place at current costs to serve as a hedge against inflation. But as many people have learned, the risks may outweigh the benefits. While many funeral directors operate honestly, the problem is significant enough to warrant scrutiny. The director that helped you define your needs may not be around when the time comes to implement them. Larger funeral companies are buying out the mom and pops, and supposed to honor paid-in-full contracts. It doesn't always turn out that way. Consumers are often told to fork over a few thousand more dollars to keep their contract intact. Those that are unaware until they need the service have no option but to pay the extra money if they want their loved ones laid to rest. The reasons for the extra money vary. Some funeral companies close, others are sold to new interests and then there are the unscrupulous that raid the trust funds where customer payments are held to build interest. Perhaps the model casket selected is no longer available, and the replacement offered is low-quality. To purchase the same quality product, the price is much steeper. There are no federal regulations to govern prepaid funerals. State laws differ by locale. Many of these policies cannot be transferred or canceled. If you move, you could be locked into the service of that one particular company. Before you buy, ask what happens if your circumstances change. Find out how they plan to handle specific items that are no longer available or what protection you have if the funeral home is sold to new owners. Can your contract be transferred to a different company if you move? Is your money fully refundable if you change your mind? And if it is, will they refund the principal only or include interest earned? Learn your state regulations. Prepaid funeral plan options vary. Find out what exactly is covered by the plan. Expect outside services such as cemetery expenses, flowers and death notices to be charged separately. You might consider instead putting your money into an interest-bearing savings account at your local bank. Designate it as "Payable on Death" (POD) and name a loved one as beneficiary, not a funeral home. Unscrupulous people walk every path of life, the funeral industry is no different. The great majority are honest, caring people who truly serve those in their most difficult times. Beware that risk does exist. And have your attorney review any contract before you sign. 2nd Flash:
THERE'S NO SEASON LIKE PRIMARY SEASON
Have you ever wondered how the nomination process works? Both major parties use different methods to determine who will end up on the ballot in November. The Democratic National Committee (DNC) currently consists of 4,049 delegates, while the Republican National Committee (RNC) has 2,380. Candidates can secure a nomination by winning a majority of party delegates, 2,025 and 1,191 respectively. Is it similar to the 'winner-take-all' nature of the Electoral College? Not necessarily. The DNC requires each state to divide pledged delegates proportionally according to the popular vote. The only catch is that a candidate must secure at least 15% of the vote in order to receive any delegates. The RNC does not place any restrictions on how states divide pledged delegates, although some state parties voluntarily enacted the 15% requirement. Most Republican primaries are winner-take-all statewide, some states use a winner take all system for each voting district. A few states hold a state convention to declare delegates. To complicate matters even more, each party has different methods of assigning delegates. The RNC grants states three district level delegates for each voting district. Each state has 10 at-large delegates, regardless of population. Bonus delegates are given out for various accomplishments such as; having U.S. Senators and governors from the Republican Party, sending a majority-Republican delegation to the U.S. House, maintaining partial or total Republican control of the state legislature, or casting a majority of their 2004 electoral vote for George W. Bush. Each state also has three party delegates, two RNC representatives and the chairman of the state Republican Party. Party delegates are the only votes guaranteed to each state or jurisdiction. Unlike their Democratic counterparts, the RNC does not automatically appoint congressmen, governors, former presidents, and vice presidents as delegates. The DNC has two classes of delegates. "Superdelegates" consist of DNC members, members of Congress, governors, former presidents, and other prominent party members. Superdelegates are free to vote for any candidate and can choose not to endorse anyone. The number of votes given to pledged delegates (representing the states) is equal to the number of votes held by the superdelegates. Pledged delegates are awarded based on the proportion of votes each state gave the Democratic candidate in the last three presidential elections, and the percentage of votes each state has in the Electoral College. Not a single November passes by without some voters complaining about having to choose between 'the lesser of two evils'. At times, that old saying holds true. In reality, all registered voters have the ability to participate in state primaries or caucuses. Voter turnout for New Jersey's primaries has historically been low. In 2000, 17% of NJ's registered voters participated in primary elections. In 2004, the figure dropped to 9%. Why did a large majority of the state's voters ignore the primaries? The answer is simple: timing. New Jersey has traditionally held primaries in the month of June. U.S. House and Senate seat nominations were still up for grabs in '00 and '04, but both major parties' presidential nominations had long been decided. This year, New Jersey will join 21 other states holding primary elections on February 5th, commonly referred to as 'Super Tuesday'. Both party nominations are very much in play. Voter turnout could break the state's record of 54%, set back in 1928. Financial News
The stock market dropped considerably today with the DOW, NASDAQ and S&P 500 all dropping 3%, (2.93%, 3.08% and 3.2% respectively!). This drop from a high in October 2007 had begun a rebound on January 14, 2008. This has followed mixed financial news: level unemployment, but a decrease in job production; an increase in manufacturing orders, but a decrease in consumer spending, and a Fed rate cut of 125% in a month. Today, oil futures dropped sharply to $88 a barrel on the non-manufacturing ISM survey of the service sector. The Institute for Supply Management said that the service sector shrank to 44.6 in January from 54.4 in December. A reading below 50 means the area is contracting. The service sector, which makes up two-thirds of the economy, had not shrunk in almost 5 years. This recessionary indicator pushed the markets to react. The Federal Reserve had dropped bank borrowing rates by 2% since September 2007, yet the futures markets were betting on another .5% cut still to come. Today, the President of the Federal Reserve Bank of Richmond, Jeffrey Lacker, said that he may not be in support of more cuts unless the economy slows more than expected. His concern is the protection against inflation. This brings another projected rate cut into question. As Super-Tuesday winds down, the political landscape continues to paint a backdrop for the economy. It's been an interesting primary that continues to unfold! We wait to see what economic stimulus package will be passed by Washingt... Today's National Market Rates
|
In This Issue... 1st Flash: PREPAID FUNERAL SCAMS 2nd Flash: THERE'S NO SEASON LIKE PRIMARY SEASON Today's Market Rates On the World Wide Web Tip of the Week Financial News Past issues of GCFlash: January 29, 2008 Edition #439 January 22, 2008 Edition #438 January 15, 2008 Edition #437 January 8, 2008 Edition #436 Looking for articles from a past issue of GCFlash not listed above? Find them in our Knowledge Base!
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Online Banker | Commercial Products | Consumer Products | Rates | Calculators | Site Map | Webmaster | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||