Showing posts with label finances. Show all posts
Showing posts with label finances. Show all posts

Mayor Johnson Issues Budget Update to the LFP Community

Friday, October 12, 2018

Mayor Jeff Johnson has issued an update on his proposed 2019-2020 budget and opportunities for community members to participate in the budget process.

Read the update HERE.

Areas where additional funding is included in the proposed budget are:

  • New investment in parks and streetscapes;
  • Increased funding for community events;
  • Increased funding for the City's community partners.

New to the budget process this year are a web-based budget survey, a schedule of opportunities for in-person budget involvement, and more documents available on the budget section of the City’s website.

Link directly to the budget survey HERE. The survey is available online until October 31.



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Mayor’s proposed 2019-2020 Biennial Budget available on LFP website

Saturday, September 15, 2018

Mayor Jeff Johnson
Mayor Jeff Johnson presented his 2019-2020 Budget Proposal to the City Council at the September 13, 2018 City Council meeting.
“Two of my most important budget goals that are always top of mind is making smart investments in the things that matter most to this community and delivering outstanding value for the community’s tax dollars. 
"This budget proposal accomplishes both goals. A lot of hard work went into the budget and I am excited about the outcome and the future of Lake Forest Park.” 

The Mayor’s Proposed 2019-2020 Biennial Budget is now available on the City’s website.



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Court orders estate-planning company to immediately halt deceptive “trust mill” practices

Tuesday, August 28, 2018

State Attorney General
Bob Ferguson
CLA Estate Services, Inc. and CLA USA, Inc. made millions deceptively selling estate-planning services, annuities in a scheme targeting Washington seniors

Following a lawsuit by Attorney General Bob Ferguson, a King County Superior Court judge issued a preliminary injunction ordering an estate-planning company to immediately halt its deceptive conduct. The lawsuit asserts the Texas-based company operated a “trust mill” scheme targeting hundreds of Washington seniors.

On March 8, Ferguson filed a lawsuit against CLA Estate Services, Inc., CLA USA, Inc., and Mitchell Johnson, a former CLA agent.

The suit asserts that CLA held misleading estate-planning seminars and sold financial products to Washington seniors without adequately disclosing that these products could lock up their assets for years and carried hefty penalties for early withdrawal. 

These products made CLA millions in commissions at substantial cost to consumers.

After Ferguson filed the lawsuit, CLA issued a statement claiming, “CLA customers have the peace of mind knowing that they have a valid, legal estate plan in place to handle their affairs upon incapacitation or death.”

“CLA targeted seniors with their deceptive scheme, the opposite of giving them ‘peace of mind,’” Ferguson said. “They made millions through their trust mill scheme. This court ruling puts an immediate halt to CLA’s misleading and unlawful conduct.”

Judge Michael Scott today granted an order for preliminary injunction, which prevents CLA from conducting estate-planning seminars and prevents both CLA and Johnson from marketing annuities to seniors who have purchased CLA’s “Lifetime Estate Plan” while the lawsuit progresses.

In order to obtain the injunction, the state had to show that its case was likely to succeed and that CLA’s deceptive conduct harms consumers.

The company invited seniors to attend free workshops about estate planning. During the workshops, CLA salespeople encouraged participants to set up living trusts and buy CLA’s “Lifetime Estate Plan” packages.

In reality, the ultimate goal was to obtain detailed financial information to sell complex financial products seniors did not understand. The “Lifetime Estate Plan” packages included a referral to an attorney and annual review meetings, where insurance agents, under the guise of reviewing the estate plans, attempted to sell life insurance and annuities.

The annuities lock up seniors’ retirement savings, allowing them to make only nominal withdrawals during a deferral period, typically 10 years, without incurring high surrender penalties. Many seniors incurred substantial penalties for early withdrawal of funds they needed for living expenses.

CLA agents including Johnson did not adequately disclose the terms of the annuities to clients. Johnson and other agents also provided investment advice to seniors without being registered to do so.

For example, after falsely representing that he was an investment advisor, Johnson convinced a senior to transfer $600,000 held in stocks and an IRA to purchase an annuity. Johnson lied about the senior’s assets on her annuity application and failed to advise her of the surrender penalties and tax consequences she would incur if she withdrew funds early. She was ultimately charged over $37,500 in surrender penalties for withdrawals she made to pay her living expenses and help her family.

On one annuity application, a CLA agent misrepresented a couple’s assets as including a second home worth $75,000. However, the couple owned no real estate other than their mobile home and the land it was on. The agent convinced the couple to convert their retirement savings into annuities, without informing them that the annuities would cost them more in charges than they would earn in interest.

Today’s ruling prevents CLA Estate Services from holding estate-planning seminars in Washington, marketing or gathering information for estate planning documents, marketing annuities or other insurance products to CLA clients, and unfairly or deceptively marketing annuities or other insurance products to any Washington consumers. The injunction applies statewide. CLA operates in at least 35 states.

CLA can still sell annuities to individuals who are not “Lifetime Estate Plan” clients, but cannot continue their deceptive practices. They can also continue their annual review meetings with clients in Washington state, but cannot use these meetings to sell annuities or any other insurance product.

Assistant Attorneys General Trisha McArdle and Cindy Alexander are handling the case for the Attorney General’s Office.



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4Culture offers sustained support funding to arts and heritage organizations

Workshop Thursday Sept 6 at noon
in the LFP Library
4Culture, King County’s cultural funding and support agency, is offering Sustained Support funding to organizations working in the arts, heritages, and preservation.

This money helps cultural organizations keep the lights on, and so much more!

There will be a free and informal grant workshop at the Lake Forest Park Library on Thursday, September 6, 2018, 12:00—1:00pm.

All questions welcome. More information here.

The library is on the lower level of Town Center, near the escalator, 17171 Bothell Way NE, Lake Forest Park 98155.



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New federal regulation for depositing checks with your phone

Thursday, August 2, 2018



Under a new statute from the Federal Reserve which went into effect on July 1, 2018, checks deposited by phone need to include specific language.

Here's what BECU is telling its customers:
IMPORTANT INFORMATION FOR MEMBERS WHO USE BECU MOBILE AND ONLINE DEPOSIT 
You're receiving this email notification because a recent change in federal regulations affects the way you make your online and mobile deposits. Now, when you endorse your check (sign the back of the check you are depositing), you're also required to indicate in writing that you're depositing the check online or from a mobile phone (remotely).
This change applies to all financial institutions that accept online and mobile deposits. Our terms and conditions for BECU Online Deposit and Mobile Deposit services have been updated to include this new requirement.

Known as Regulation CC, this new policy allows financial institutions to protect themselves from check fraud associated with remote deposit capture (RDC), the technical term for depositing checks by taking a photo with your cellphone. Anyone taking advantage of this convenient service will be required to use new, specific language while endorsing their checks.

Bank customers are now required to endorse all checks with the phrase “For Mobile Deposit,” "Mobile Deposit Only" or a similar phrase in addition to their signature. Checks with incomplete endorsements may cause a delay in processing and could cause the deposit to be rejected in the future.



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Enrollment ends May 31 for Washington's prepaid tuition program

Wednesday, May 16, 2018

The GET program’s 2017-18 enrollment period closes on May 31. As the state’s 529 prepaid tuition program, GET provides Washington families an opportunity to start saving for future college costs while their children are young.

The Guaranteed Education Tuition (GET) program opened in 1998, and since then, thousands of Washington families have saved billions of dollars to go towards their students’ future higher education expenses. To date, GET has distributed over $1 billion to more than 52,000 students who have used their GET accounts to attend college in all 50 states and 15 foreign countries.

As a 529 prepaid tuition program, the State of Washington guarantees that a family’s GET savings will keep pace with in-state tuition and state-mandated fees. While GET account values keep pace with in-state tuition, beneficiaries have the freedom to follow their ambitions wherever they choose, as GET can be used at nearly any public or private university, community college, or technical school in the country.

“The key to a successful college savings strategy is to start when your kids are young, set realistic goals, and get the whole family involved,” says GET program director, Betty Lochner. “We like to remind families to save what they can, when they can, because even small amounts can add up over time.”

GET's website offers details, charts, planning tools and answers for questions that families may have about the program. Interested families can open accounts online without an enrollment fee, and the GET Contact Center staff is ready to help at 800-955-2318 or GETInfo@wsac.wa.gov.

The Washington Student Achievement Council administers the GET Program while the Washington State Investment Board oversees its investments. The Committee on Advanced Tuition Payment and College Savings, commonly referred to as the GET Committee, governs the program. Washington’s Guaranteed Education Tuition (GET) program is our state’s 529 prepaid tuition plan, providing a safe and secure way to help families save for college. The program offers a guarantee backed by state law, tax benefits, flexible payments and a nationwide choice of colleges.



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Attorney General: Student loan bill of rights to be signed by Governor

Thursday, March 15, 2018

Providing better protections for student loan borrowers

Attorney General Bob Ferguson reports that the Student Loan Bill of Rights, sponsored by his office,  passed the state House of Representatives with a bipartisan vote of 87 to 11. The bill previously passed the Senate 35 to 13. Now that it has passed the Legislature, it will head to the Governor’s desk for signature.

The Student Loan Bill of Rights will create a dedicated student loan advocate and adopt basic ‘rules of the road’ for student loan servicers.


This doesn’t absolve Washington borrowers of their responsibility to repay their loans. Rather, it simply ensures servicers treat student borrowers fairly.

This will provide the more than 800,000 Washington student loan borrowers with better protections and more information resources to navigate the often-complex process of repaying student loans.



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Seminar on Thursday: Investing IQ

Monday, August 21, 2017

Increase Your Investing IQ!

Building your investor IQ starts with understanding the basics. Whether you are new to investing or need a refresher, our free Foundations of Investing presentation will help you learn about:

  • The importance of developing a strategy 
  • The impact of asset allocation 
  • The influence of inflation on your long-term goals

Hosted by Suzan M. Shayler, Financial Advisor, Edward Jones
Thursday, August 24, 2017, 5:45pm
Richmond Beach Library, 19601 21st Ave NW, Shoreline

Overflow parking available on street

Refreshments and light snacks will be served.

To RSVP, call 206-542-2599 or email sara.keogh@edwardjones.com



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Parents & Grandparents: Free seminar on financial planning for college

Friday, May 20, 2016


The Shoreline Edward Jones office is offering a free event for parents and grandparents regarding saving for college for kids and grandkids.

Whether your children or grandchildren are learning to crawl or learning to drive, you can help make a college education a reality. Join us for our college savings presentation as we discuss:
  • Questions to consider as you establish a college savings goal
  • Strategies to help you reach your goal
  • Features and benefits of various education savings plans 
Refreshments and light snacks will be served.

Saturday, June 4th, 2016 10am - 11am at the YMCA, 19290 Aurora Ave N, Shoreline 98133.

Parking at the Park / Ride lot diagonally across street.

We hope you and a guest will join us. Please call 206-542-2599 by May 31, 2016.

The Shoreline Edward Jones office is located at 19270 Aurora Ave N, Suite #1, Shoreline, 206-542-2599.



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Second Saturday financial workshop for women in the divorce process

Wednesday, November 4, 2015


Second Saturday, a nonprofit organization that helps women through the divorce process, is currently holding workshops at Shoreline Conference Center in the Arden room from 6:30pm-9:00pm on the third Thursday of the month.

The address is 18560 1st Ave NE Shoreline, WA 98155. The Arden Room is in the south end of the building. Parking in the south lot.

Second Saturday is affiliated with WIFE.org, a trusted financial source for women that has been around since 1988.

Second Saturday deals with the legal, financial, family and personal issues of divorce in a logical, yet compassionate way. The workshop is taught by a family law attorney and a financial professional and will provide you with knowledge and resources that you need to inform, prepare and protect you and your family.

The cost to attend is $45 per person and pre-registration is recommended. For additional information call 425-774-6721.

And remember – you are not alone!



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Open a GET account before May 31

Wednesday, May 20, 2015



Parents wanting to save for college have until midnight on May 31 to open a Guaranteed Education Tuition (GET) account before the state program closes for this enrollment year. GET is Washington’s 529 college savings plan that is guaranteed by law to keep pace with tuition at the state’s highest priced public university. The program provides tax-free growth and withdrawals for qualified higher education expenses.

In Washington, more than 160,000 GET accounts have been opened since the program began in 1998. In its 17 years of operation the program has paid out more than $678 million to cover higher education expenses on behalf of 40,000 students attending college in all 50 states and 15 foreign countries. 

“The goal of our program is to increase access to higher education and to make it more affordable, especially at a time when student loan debt in our country is at an all-time high,” said Betty Lochner, Director of the GET program. 
“We are trying to switch the personal financing of college from a debt-driven model to a savings-driven model,” Lochner said. 


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What you should know about travel insurance

Friday, November 21, 2014


If you are getting ready to travel for the holidays, here are some things to consider about travel insurance before you purchase it. 

Many travel companies — airlines, cruise lines, resorts — offer travel insurance that will refund most or all of the cost of the trip in certain circumstances. Policies typically cover things like trip cancelations due to illness, civil unrest, job loss, or the transportation carrier going out of business. 

They’ll also pay for fees incurred by missed connections and delays; baggage damage or loss; medical expenses incurred by an injury or illness while traveling; emergency evacuation; car rental damage; and accidental death.

Before you decide whether to purchase travel insurance, you should consider: 
  • What your medical insurance covers when you travel. 
  • What your homeowner or renter insurance covers in the event of lost or stolen belongings. 
  • What your life insurance policy covers in the event of accidental death while traveling. 
  • The cancelation policy is for the travel insurance. 
  • Read the policy's fine print. Some don't cover certain activities such as hang-gliding, bungee jumping or other activities. Some also exclude certain pre-existing conditions from the medical coverage they offer. 
  • You should also make sure the travel insurance company is licensed to sell insurance in Washington. Read more about travel insurance on our website. 
Questions? You can contact our consumer advocates online or at 1-800-562-6900.


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Enrollment Opens for Washington GET Program

Saturday, November 1, 2014


Washington’s Guaranteed Education Tuition (GET) program’s enrollment period opened November 1 and provides the opportunity for families with young children to start an account and begin saving for college with the state’s 529 prepaid tuition plan.

The enrollment period runs through May 31, 2015.

The program opened in 1998, and since then, over 157,000 GET accounts have been established to help families escape the weight of rising student debt. The GET fund is now valued at nearly $3 billion.

GET beneficiaries have the freedom to follow their ambitions wherever they choose, as the program can be used at nearly any public or private university, community college, or technical school in the country.

“The key to a successful college savings strategy is to start when your kids are young and save what you can, when you can,” says Betty Lochner, director of the GET program.

The financial health of the program is solid and has continued to improve over the past few years. This year the program has already surpassed its 2021 projected funded status seven years earlier than expected.

GET's new website offers details, charts, planning tools and answers for questions that families may have about the program. Accounts can be opened online, and the GET Contact Center staff is ready to help at 800-955-2318 or by email.



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Budget Open House Scheduled for Wednesday, October 1, 2014

Tuesday, September 2, 2014

With the 2015-2016 budget season fast approaching, the City of Lake Forest Park’s team of experienced budget professionals is in place to guide the City into the next two-year budget cycle. The team, consisting of Finance Director Chris Bothwell, City Administrator Pete Rose, and Mayor Mary Jane Goss, is tasked with preparing and submitting a balanced budget exercising fiscal restraint while maintaining prioritized current and future levels of service.

The Mayor and City Council urge the public to be part of the process by participating in a Budget Open House at City Hall on Wednesday, October 1, 2014, beginning at 6:00pm.

Time is set aside during the meeting for citizen education and for the administration and City Council to receive citizen input about the budget. The Mayor is scheduled to present the preliminary budget to the City Council at its regular business meeting on October 23, 2014.

“Although economic indicators are turning toward the positive and we anticipate continued improvement in our local, regional, and national economies, these changes are small and slow in Lake Forest Park” said Mayor Goss. “I plan to continue a conservative approach that results in a balanced budget serving the needs of Lake Forest Park citizens.”


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Socially Responsible Investing Workshop Saturday in Edmonds

Tuesday, April 8, 2014

Socially Responsible Investing Workshop on Saturday, April 12, 12:00 - 2:00 pm

Learn how to align your finances with your principles.
  • socially responsible mutual funds
  • investing in your local community
  • investing for social/environmental progress
  • shareholder advocacy
Presented by Rachel Maxwell, CEO of Community Sourced Capital, and Ryan Jones Casey, Good Funds Wealth Management.

Lunch will be served. RSVP by email.

For more information, and directions, go to: www.euuc.org

8109 224 St SW, Edmonds, WA 98026-8247, 425-778-0373


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Volunteer to help with financial literacy class at Shorecrest

Thursday, April 3, 2014


The City of Shoreline, Community Services Division, is partnering with the Northwest Credit Union Foundation to offer a financial simulation training for a class of 23 students at Shorecrest High School.

The purpose of the simulation is to acquaint high school students with the financial challenges ahead and how to prepare for transactions such as renting an apartment, buying a car, and budgeting their monthly income.

Volunteers are needed. No experience is necessary, just a willingness to help by role playing as a vendor in the simulation. The entire event will take place at the high school. A half-hour orientation for volunteers will be held before the event from 7:30 to 8:00am.

During the role play students will engage in various real world financial transactions and then discuss with a facilitator what they learned as a result. The event takes place on Thursday April 17 from 7:30 to 10:30am at Shorecrest High School, 15343 25th Ave NE, Shoreline 98155.

If you are interested in volunteering, register at the following link. Look for the Shorecrest High School event.


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Be financially fit this April

Tuesday, April 1, 2014

The Washington State Attorney General’s Office has teamed up with Better Business Bureau serving Alaska, Oregon and Western Washington for Financial Literacy Month.

In March 2004, the United States Senate officially recognized April as Financial Literacy Month, in an effort to highlight the importance of establishing and maintaining healthy financial habits and outline the serious consequences that may be associated with a lack of understanding.

In connection with Financial Literacy Month and recognizing the need for financial education, Governor Jay Inslee proclaimed April 5-12 Money Smart Week® in Washington state. This will be Washington’s Fifth Annual Money Smart Week®.

The AGO and BBB want consumers to be financially “in the know.”

During the month of April, follow BBB on Facebook for daily financial tips about earning, saving, protecting assets, spending and borrowing. Follow the AGO on Twitter @AGOWA for more information on how to be financially fit, and the latest consumer updates.

For resources and information on how to get involved, visit the Financial Literacy and Education Commission website. For a list of financial workshops in your area click here. Additional information can be found at the Better Business Bureau.


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Seminar for parents on financial planning for college

Monday, November 4, 2013

Will your child be able to afford to wear one of these?

Saturday, November 23, Shoreline Community College will present a seminar for parents on financial planning for college and retirement

Parents in their 40s and 50s remember the days when a college student could work for a summer, be diligent in his or her savings, and along with a little work during the school year pay for an entire year of college expenses. Those days, unfortunately, are long gone.

Today the cost of attendance at a public university in Washington state is upwards of $25,000. Private school education has increased commensurately.

Adding to the pressure of the high cost of college is the increasing and oppressing rise in college loans that are a result of parents' inabilities to cover these costs in full.

These loans place a burden on students that transcends college. Stories of delayed graduate school admission, delayed first-time home purchases, and even delayed engagements, are being heard by college consultants.

Shoreline Community College is trying to buck that trend. Shoreline will offer a class for parents of high school juniors and seniors that will teach parents the little known formulas that determine college aid and how that aid can be increased or decreased, depending upon the parent's income and assets.

The teacher will be Albert Israel, certified financial planner, and former radio host of the KVI Financial Show. "As a college consultant, parents lament the fact that their retirement nest egg may be adversely affected by their desire to send their children to college. Balancing these two is proving to be a most daunting task".


Ron Carnell, Program Coordinator for Shoreline Community College’s Plus 50 Career Builder Program added this course to his roster of computer, business, and career courses for Fall quarter. College Financial Planning is now a bundled feature with Israel’s Estate and Retirement Planning course.

“I offered Israel the idea of throwing the two courses together for a single seminar. So on Saturday, November 23, 2013 an opportunity for solid advice and guidance on a number of financial planning questions awaits anyone who would like to visit our campus. If you already have a Shoreline Community College ID number, just give me a call and you can register over the phone. If not, just stop by Student Services in Building 5000. We can take registrations right up to the day before the event (Friday, November 22).”

Carnell can be reached with questions about class times, location, directions, and registration at 206-533-6076, Monday through Friday, 8:30am-4:30pm.

For more information, you can also Google “Plus 50 Career Builder - Shoreline Community College” and click the first listing.

While there are no magic answers, planning and embracing a strategy can pay very high dividends.

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Save for college or tech school - enroll in GET by May 31

Wednesday, May 16, 2012


Families looking for a safe and convenient way to save for college have until May 31 to enroll in GET. Thousands of parents are continuing to opt for the state’s guarantee and GET’s flexible, tax-advantaged options for saving. After May 31, enrollment will be closed until the fall, when it will reopen at a higher price.

 GET accounts can be used to attend almost any public or private college, university, or vocational school in the country. As a 529 plan, GET offers tax-free growth and withdrawals.

The cost of one GET unit today is $163. The future value of 100 units is equal to one year of resident, undergraduate tuition and required state fees at the highest-priced Washington public university (UW or WSU), no matter how much tuition increases. 

Families can buy any amount from 1 to 500 units per student, though the average GET account holds just under 200 units. Betty Lochner, director of the GET program, encourages families to save an amount that fits best within their budget. 

“The important part is to get started saving,” she said, “and then have a plan to contribute regularly as your child grows. You’ll find that even small amounts add up over time.” 
 "With tuition costs soaring, GET is a very good option, especially for families with young children. Parents who start early have the opportunity to save literally thousands of dollars on the future cost of college," she said.

Over 11% of new accounts are opened by a child’s grandparents.

GET's website offers details, charts, planning tools and answers for many of the questions families may have about the program. Most accounts are opened online, and Customer Service staff is available at (800) 955-2318 to help families with any additional information they may need.



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Take a closer look at gifts to a child’s college fund

Friday, November 25, 2011

Thinking about holiday gifts? This year you may want to take a closer look at the gift of education, and contribute to a child’s GET account.

GET is Washington’s 529 prepaid tuition plan, where your college savings account is guaranteed by state law to keep pace with rising tuition, even if tuition doubles or triples in the future. GET offers flexible savings options, plus tax-free growth and withdrawals. Kids can use their GET account to attend colleges, universities and technical schools anywhere in the country. And, if they decide not to attend college or receive a scholarship, parents can hold onto the account for up to ten years, transfer the account to another child, or request a refund.

The rising cost of college is in the news almost daily, but grandparents, aunts, uncles and friends can provide support along the way. Saving for a child’s college can seem daunting to parents, yet even small contributions add up over time. Unlike regular 529 savings plans, GET accounts are not affected by the ups and downs of the stock market. Those who fund a GET account when their children are young can save substantially on future tuition.

Whether it’s for a baby, or for a young child who’d feel inspired knowing that college is in his or her future, the gift of college savings is very special indeed. Research shows that teens who have a college savings account in their name are six times more likely to attend.

If a child already has a GET account, gifting is as easy as mailing a check. You can download a gift announcement directly from the GET Web site. If you want to open a new account for a child, you can enroll online, or mail in an enrollment form. 

More information is available online or by calling 1-800-955-2318.


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