Redstone Brokerage Services offers a free, confidential and no obligation consultation to all Redstone Federal Credit Union® members. For example, women’s household income, on average, fell by 41 percent with divorce, almost twice the size of the decline that men experienced, according to the GAO report. Moreover, divorce and widowhood had more pronounced effects for women than for men. Meanwhile, a divorce can wipe out 50 percent of a person’s assets, says Ken Moraif, founder and senior advisor of Dallas-based financial firm Money Matters, in an article for US News Money.įor women approaching or in retirement, becoming divorced, widowed, or unemployed had detrimental effects on their income security, according to a 2012 Government Accountability Office (GAO) report on retirement security. An average bear market lasts 15 months and results in a 32 percent loss in investments, according to investment experts. The financial effects of divorce could be worse than any downturn in the economy. Store important electronic documents online with My Virtual Strongbox, available through Online Banking. Get a post office box and safe deposit box for confidential mail and personal effects.If the family home is not being sold, then refinance it in just the name of the person who will keep the house.Make sure that there is an accurate and equal division of the couple’s properties.Get a big picture of your family’s finances, including all insurance policies, retirement accounts, and mortgage information.Close all joint accounts, credit cards should be paid in full and shut down.Here are some basic steps to take now if a divorce is imminent, according to financial experts: While navigating through this transition with your family, don’t neglect your financial life. The total fee (our fee plus third-party fees) will be disclosed at time of service.The end of a marriage is the beginning of an entirely new set of financial circumstances. dollars. Third-party fees are determined by our vendor partners. Platinum Checking members receive a 10% rebate on safe deposit boxes Returned item deposited through third-party ATM location.Pay by phone, fee per transaction (pay an Oregon State Credit Union loan from a checking account at another financial institution) IRA plan (personal accounts only) if closed within 180 days See Money Market disclosures, rates and feesĬash advance in-branch (non Oregon State CU credit or debit card) See the Member Merits reward program page for details.Ĭheck printing fee depends on the style and quantity orderedĭishonored non-credit union checks written by member, per checkĬO-OP® network ATM transactions per monthĮffective Date: Saturday, July 29th, 2023 AccountĮarly closure fee (accounts held less than 90 days) Enhanced and Premier Member Merits categories enjoy reduced rates on consumer loans, increased rates on certificate account types and a reduction in account fees. Premier, Enhanced and Essential are categories of the Member Merits program, a program that rewards members based on the member’s relationship with the credit union. Therefore, you may be assessed more than one Returned Item fee as a result of a returned item or resubmission(s) of the returned item.Įffective Date: Saturday, July 29th, 2023 Product type We may charge a fee each time an item is submitted or resubmitted for payment. *** Returned Item fees are limited to one per day per account. ** Overdraft Paid fees are limited to a daily maximum of 5 overdraft fees per day per account. Read the full Truth in Savings disclosure. Lean more about our Member Merits program and how to qualify.
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