June 2011
A Supplement to Anton Newspapers
Graduation time is a great time to talk with grads about planning for their financial future.
There are critical steps you can take to safeguard your financial accounts and prevent identity theft.
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
Of the high school graduates surveyed, those who say they talk frequently to their parents about money are more confident in their ability to make smart spending decisions, with 83 percent giving their general spending decisions an “A” or “B.”
We protect millions of dreams. Are yours protected?
Wondering What to Give the Special Graduate in Your Life?
ongratulations to Long Island’s graduates and their families! As high school and college graduates prepare for the next step in their lives, it’s a great time for parents to talk to their children about planning for their financial futures. It may come as a surprise to some parents, but many teens are looking to them for money management guidance. In a recent survey of high school graduates, 87 percent said their parents are their primary resource for personal finance issues.1 Just 22 percent, however, said they had frequent conversations about money with their parents. Parents are in a perfect position to teach their children about the long-term impact of financial decisions, and share with them important money-management lessons, such as saving for the future and building a strong credit history. Teens and young adults also get a big confidence boost when their parents get involved. Of the high school graduates surveyed, those who say they talk frequently to their parents about money are more confident in their ability to make smart spending decisions, with 83 percent giving their general spending decisions an “A” or “B.” That confidence is critical. Many college students, for example, will graduate with nearly $23,000 in student loans.2 Sixty percent of 2011 graduates said they are worried about paying back their loans, and two-thirds say their loans will influence the job they take or the career they pursue.3 Financial literacy is a lifelong learning process, and it’s never too early or too late to teach and learn the basics of smart money management.
C
You have many important dreams. Putting your kids through college. Retiring with confidence. Leaving a financial legacy for your family and the causes you care about most. With the right life and disability income insurance, you can protect these dreams from unexpected events — and help ensure that whatever life brings your way, you and your loved ones will have the financial resources to fulfill your goals and dreams. Together, we can help ensure your dreams are well-protected. Call me to schedule a complimentary protection review.
Call me today at (516) 345.2600 Philip Andriola, JD Private Wealth Advisor
A Lifecycle Approach to Fiscal Fitness
Andriola, Goldberg & Associates A private wealth advisory practice of Ameriprise Financial Services, Inc.
Capital One Bank recognizes that money management skills are crucial building blocks for economic success and invests in financial literacy programs to set individuals of all ages on the path to a life of fiscal responsibility and economic self-reliance. Through this lifecycle approach, the bank partners with several local nonprofit organizations and schools on Long
401 Franklin Avenue, Suite 101 Garden City, NY 11530 (516) 345.2600 philip.p.andriola@ampf.com ameripriseadvisors.com/philip.p.andriola
Island to provide resources for individuals, from elementary school through adulthood, including program sponsorships, volunteering and youth mentoring. “Helping to mentor and guide the next generation of leaders and entrepreneurs is important not only to me, as a father of two and long-time Long Island resident, but it’s also important to us as a local bank invested in the community,” said Andrew Corrado, Market President, Nassau County, Capital One Bank. “By taking an active role in developing our young people, we are helping the entire community and setting the stage for their success as adults.”
Financial Literacy Programs On Long Island
Commerce Plaza Long Island kids love Commerce Plaza, an educational hands-on, simulated business community. Since it opened in 1999, nearly 28,000 students have participated in the project, a partnership between the nonprofit group Commerce Plaza Inc. and Long Island school districts. A full-day field trip to Commerce Plaza integrates classroom lessons with real world experience. Students have the opportunity to operate different businesses, receive paychecks, make bank deposits, write checks and participate in other work and financial experiences. The Capital One Foundation provides support for the program to help more students across Long Island gain access to these critical life skills. Commerce Plaza is commonly cited by Long Island’s students as their “best fifth grade experience.” Finance Park Through the Capital One/Junior Achievement Finance Park mobile financial-education program, money management and basic banking concepts come to life for local middle and high school students on Long Island. Finance Park gives students a fun, active opportunity to develop personal money management skills and prepare for the financial challenges of (continued on page 6)
Banking & Finance
Published by Anton Community Newspapers
132 E. Second St., Mineola, NY 11501 – 516-747-8282 www.antonnews.com
Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients. Ameriprise Financial cannot guarantee future financial results. © 2011 Ameriprise Financial, Inc. All rights reserved.
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Publisher – Angela Susan Anton General Manager – Billy Delventhal Managing Editor – Cary Seaman Director of Sales & Marketing – Frank A. Virga Art Director – Paul Scheuer Page Designer – Lucia D’Onofrio
BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
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Investing to make a difference Capital One Bank速 is committed to Investing for Good on Long Island, to catalyze economic opportunities for local youth, families and small businesses.
Photo: Capital One Bank volunteer assists student from Ralph G. Reed Middle School at Capital One/Junior Achievement Finance Park.
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
The Graduate in Your Life
their adult lives. “The real world is not easy, and life is harder when you leave home and have to worry about paying bills,� said one student at William Floyd High School, after participating in Finance Park on the island. “I definitely have a higher appreciation for my mom and all her efforts to keep our household finances in order.� The Finance Park learning lab houses a mock city where students can experience the challenges of making real-life financial decisions. The program has helped thousands of local students learn about managing their money, budgeting and using credit wisely. For more information on Finance Park, visit www.jany.org.
Taking action toward your retirement goals Philip G. Palumbo
UBS Financial Services Inc. 333 Earle Ovington Boulevard, Suite 600 Uniondale, NY 11553 ubs.com/fs
A complimentary seminar to help you plan your way to a comfortable retirement Increased inflation. Longer life. Rising healthcare costs. Managing income. These are all part of the new realities of retirement, and the reason why you should attend. Taking action toward your retirement goals. Specifically focused on your retirement needs and objectives, the seminar presents ideas on how you can prepare for and manage the many changing circumstances on the road to retirement, and answers challenging questions such as: existing assets? your retirement, which for many of us could be thirty years or more? inflation and rapidly rising health care costs?
Educated Kids Means Stronger Communities
With the right tools and resources, young adults can begin to build the financial foundation they’ll need for their futures. Parents looking for more information can visit www.bankit.com, a financial literacy program that aims to help parents and young adults understand, talk about and manage their money. Through an interactive Web site and workshops on 12 key financial topics, the program empowers families to explore budgets, goals and strategies for making financial choices that matter to them. BankIt.com was developed collaboratively by Capital One and Search Institute, a leader in positive youth, family and community development. 1. Telephone survey of 501 graduating high school seniors conducted in May 2011 by Braun Research of Princeton, N.J. and sponsored by Capital One Financial. 2. Study by FinAid.org and Fastweb.com. 3. Telephone survey of 403 recent college graduates conducted in April 2011 by Braun Research of Princeton, N.J. and sponsored by Capital One Financial.
The Capital One Campus Entrepreneurship Challenge At Hofstra University
Through this program, students from Hofstra’s Frank G. Zarb School of Business are paired with students from Uniondale High School’s Business Club. The student teams are given seed capital to develop, launch, run and grow a business. Local bankers serve as mentors and provide professional advice and guidance to the students. “This is a unique opportunity where our students both receive invaluable mentoring from a talented and committed group of banking associates, and serve as mentors themselves to the next generation of college superstars,� said Richard Hayes, Assistant Professor of Entrepreneurship at the Zarb School.
Please join us for this exclusive seminar.
Wednesday, July 13th at Matteo’s Wednesday, August 3rd at La Pace 777 W Beech Street Long Beach, New York 11561 516-432-8101 @ 6:30 pm
acy into the classroom and provide Long Island fourth graders with money management skills. “This program is a great opportunity for our local fourth graders who might not otherwise learn the importance of financial literacy and money management,� said Gioia Bales, Assistant Dean of the Frank G. Zarb School of Business. “It also allows Hofstra undergraduate and graduate students to give back to the surrounding community and show the elementary students the importance of a good education.�
(continued from page 4)
51 Cedar Swamp Road Glen Cove, New York 11542 516-671-2970 @ 6:30 pm
Complimentary dinner will be served. Guests are welcome. Host and speaker Philip G. Palumbo, CFPŽ Vice President–Investments RSVP Philip G. Palumbo - 516-745-8849 • philip.palumbo@ubs.com
Money and Me
This fall, Capital One and Hofstra University will launch “Money and Me,� a program designed to bring financial liter-
Neither UBS Financial Services Inc. nor any of its employees provide legal or tax advice. You should consult with your personal legal or tax advisor regarding your personal circumstances. As a firm providing wealth management services to clients, we offer both investment advisory and brokerage services. These services are separate and distinct, differ in material ways and are governed by different laws and separate contracts. For more information on the distinctions between our brokerage and investment advisory services, please speak with your Financial Advisor or visit our website at ubs.com/workingwithus. 72733
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
Looking for Better Loan Rates?
or many of us, at one point in our lives the need to borrow money arises - whether it’s to secure another credit card, to finance a new home, to purchase a used car or even help fund an energy-saving home improvement. While many turn to their banks for lending needs, a smarter alternative today are credit unions, known for their lower fees and better rates. At the end of 2009, credit union lending was up while bank lending was down, according to the Credit Union National Association. Because they are not-for-profit and member owned, credit unions are able to offer better interest rates on deposits, loans and credit cards and also offer lower fees than banks, and with everyone feeling the pinch these days, consumers are taking note. Bethpage Federal Credit Union, Long Island’s leading community financial institution, has experienced rapid growth in recent years to become a strong alternative to banks. Bethpage offers a complete menu of loan products for today’s savvy consumer including home equity lines of credit, new and used car loans, funding for mortgages, home improvements and more. To find out its latest rates, call 1-800-628-7070, visit www.lovebethpage.com or stop by any of its 24 branch locations. “It’s important to make sure that you do your homework. There are many financial institutions out there, but in today’s poor economy, there’s no need to pay more or receive less on loan products, when you don’t have to,” said Gerard Schmitt, Vice President, Bethpage Federal Credit Union. “Credit Unions offer banking advantages that traditional banks simply can’t.” Bethpage is one of Long Island’s most convenient financial institutions. Its network of 24 local branches, 60 shared service centers, over 350 surcharge-free ATMs, and free online and mobile banking services provides members with easy access to their accounts wherever and whenever they need it. Bethpage maintains branch locations in Bay Shore, Bay Shore King Kullen, Bethpage, Central Islip, Commack, Elmont, Farmingdale, Freeport, Glen Cove, Hempstead, Huntington, Islandia King Kullen, Levittown, Lynbrook, Massapequa, Melville, Mineola, North Babylon, Port Jefferson, Riverhead, Seaford, Smithtown, Roosevelt and Westbury with over 350 surcharge-free ATMs in King Kullen, 7-Eleven, Walgreen’s and Costco locations throughout Long Island. For more information, call 1-800-628-7070 or visit www.lovebethpage.com.
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Keeping Your Account Secure: Tips for Protecting Your Financial Information (From the Financial Industry Regulatory Authority, FINRA)
our brokerage firm has an obligation to safeguard your personal financial information. But even the best procedures cannot prevent all instances of identity theft—especially if the vulnerability lies with you, the customer. This information, provided by FINRA and the Securities Industry Financial Markets Association (SIFMA), describes the critical steps you can take to safeguard your financial accounts and help prevent identity theft.
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How Does Identity Theft Occur?
A host of ways. Some identity thieves use keystroke-logging software to capture usernames and passwords, disseminating these programs through instant messages, emails, or freeware. Others “phish” for sensitive information by sending phony emails that purport to come from a legitimate financial institution but which ask for information your firm would never request through email—such as confirmation of an account number, password, credit card number, or Social Security number. Still others use the old-fashioned method of “dumpster-diving” to recover your discarded account statements or other records that haven’t been properly shredded.
How Can I Protect Myself?
Take the following steps to secure your brokerage accounts and your personal financial information:
Protect Your Passwords and PINs
Do not share your passwords or PINs with others. You also should not store your passwords or PINs on your computer. If you need to write down your passwords or PINs, store them in a secure, private place. You should change your passwords and PINs regularly and use a different password and PIN for each of
your accounts. Use passwords and PINs that contain numbers and letters or symbols.
Maintain Your Computer Security
Personal firewalls and security software packages (with anti-virus, anti-spam, and spyware detection features) are a must for those who engage in online financial transactions. Make sure that your computer has up-to-date security software, including security patches, that the software is configured for automatic updates, and that the software is always turned on. For laptops, be sure to use encryption software. Computer hardware and software providers also maintain security pages on their websites with tips for checking and improving the security of your system.
Use Your Own Computer
It is generally safer to access your brokerage account from your own computer. Avoid using public computers to access your brokerage account. Public computers may contain software that captures passwords and PINs, providing that information to others at your expense. If you do use another computer, be sure to delete your “Temporary Internet Files” or “Cache” and clear all of your “History” after you log off your account. You should occasionally check to make sure that no one else has attached any device or added programs to your computer without your knowledge or consent. Consult the Help function on your browser and operating system to learn how to delete this information.
Log Out Completely
Always click the “log out” button to terminate your access to your brokerage firm’s Web site. Access may not be terminated if you simply
(continued on page 12)
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* APR = Annual Percentage Rate. Rates and terms accurate as of 06/23/2011 and subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Hazard Insurance required on all loans secured by real property; flood insurance may also be required. HELOCs up to $500,000 are available in NY. For properties located in other states, the maximum HELOC is $250,000 at 70%, except AZ, CA, FL, NV, and MI, where LTV = 60%. Home Equities not offered in TX. No closing costs on HELOCs up to $500,000 by membersclosing costs paid by Bethpage must be repaid by the borrower(s) if line is closed within first 36 months. HELOC is a variable rate product with a maximum APR of 18%. The 2.49% 12-month Introductory Rate requires automatic payment from a Bethpage checking account; otherwise introductory rate is 2.74%. The regular rate after the introductory period is prime or 3.99% APR, whichever is higher, currently 3.99% APR. To receive the best rate after introductory period, an initial disbursement at closing ($30,000 for loans up to $250,000, $40,000 for loans over $250,000) and a minimum outstanding balance of $25,000 for 12 months from date of closing are required. To avoid closing costs (estimated at $378 - $6,413) HELOCs of $250,001 to $500,000 must take minimum draw of $40,000 at closing. There is a $500 fee for modification for existing Bethpage HELOCs. Consult your tax advisor regarding deductibility of interest. Prime rate as of 06/23/2011 = 3.25%. Membership conditions apply. ** All offers of credit are subject to credit approval. Payment illustrated is based on new car rate of 2.69% APR –Annual Percentage Rate. Rates and terms accurate as of 06/23/2011. Rates and terms subject to change without notice. Applicants may be offered credit at higher rates and other termsRates assume loan will be repaid through our Electronic Preferred Payment Program. Maximum LTV of 90%. Membership conditions may apply. No fee for refinancing an existing auto loan from another financial institution. Existing Bethpage Federal Credit Union auto loans can be refinanced with the following guidelines: One percent (1%) of the balance being refinanced is required to be paid. This fee must be paid up front and cannot be a part of the refinanced amount. New rates and terms may apply and are subject to credit approval. There is no time restriction of how soon refinancing can be done after an initial auto loan is disbursed. † Must show Co-Op logo. 72674
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
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Bank with a good neighbor速. CALL AN AGENT FOR MORE INFORMATION OR VISIT US ONLINE TODAY. Baldwin
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Robert M Elbogen, Agent 1201 Grand Avenue Baldwin, NY 11510 Bus: 516-505-2886 www.robertelbogen.com
Alan Gafarian, Agent 2302 Hempstead Turnpike East Meadow, NY 11554 Bus: 516-731-7412 www.alangafarian.com
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Alice White, Agent 101 Simonson Road 1st floor Greenvale, NY 11548 Bus: 516-484-2550 www.alice-white.com
James C Urban, Agent 380 N Broadway (Rt.107) Jericho, NY 11753 Bus: 516-822-8722 www.jimmyurban.com
Kevin M Morrissey, Agent 3252 Hempstead Turnpike Levittown, NY 11756 Bus: 516-735-1900 www.kevinmorrissey.biz
Nancy H Morris, Agent 22 Bayview Avenue Manhasset, NY 11030 Bus: 516-365-2525 www.nancymorrisagency.com
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
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Peter Mathison, Agent 1110 Jericho Turnpike New Hyde Park, NY 11040 Bus: 516-354-4949 www.petemathison.net
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statefarm.com速 *Annual Percentage Yields as of 6/15/11. Rates subject to change without notice. Minimum balance to open an account and obtain the stated APY is $500. Rates apply to deposits less than $100,000. A penalty may be imposed for a withdrawal prior to maturity. Certificates automatically renew at maturity at the then-current rate for the same term. 1001295
State Farm Bank, F.S.B., Bloomington, IL
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
Keeping Your Account Secure: Tips for Protecting Your Financial Information Secure Your Confidential Documents
(continued from page 8)
Keep all your financial documents in a secure place, and be careful how you dispose of any documents with financial or other confidential information. Shred documents that have confidential financial or identification information before throwing them away.
close or minimize your browser or type in a new web address when you’re done using your online account. Other users of the computer might be able to re-enter the site and have access to your account online if you do not properly log out. You also potentially expose yourself to “session stealing” if you have multiple Web pages open while logged on to your brokerage account. Avoid multi-tasking on multiple Web pages when checking your financial accounts online—or, if you must visit another site, use a different type of browser rather than opening another window.
Safeguard Your Social Security Number
Be Prudent When Using Wireless Connections
Wireless networks may not provide as much security as wired Internet connections. In fact, many “hotspots” — wireless networks in public areas like airports, hotels, internet cafes and restaurants — reduce their security settings so it is easier for individuals to access and use these wireless networks. This increases the possibility that someone may intercept your information. You may decide that accessing your online brokerage account through a wireless connection is not worth the security risk. If you use your own wireless network, make certain you secure the network with wireless encryption.
Check for Secure Websites
When you access your brokerage account online, check to ensure that the log in page indicates that it is a secure site. The address of a secure website connection starts with “https” instead of just “http” and has a key or closed padlock in the status bar (which typically appears in the lower right-hand corner of your screen). When you click on the padlock, the security certificate should confirm the identity of the site you are visiting. In Microsoft Internet Explorer 7, look for the address bar to turn green.
Be Careful Downloading
When you download a program or file from an unknown source, you risk loading malicious software programs on your computer. Download software only from sites you know. Be wary of free software because it can be accompanied by other software such as spyware. Do not install software unless you know what it is and what it does and do
There are critical steps you can take to safeguard your financial accounts and help prevent identity theft.
not click on links in pop-up windows. Using anti-spyware software helps protect you from such programs.
Don’t Respond to Emails Requesting Personal Information
Legitimate companies will not ask you to provide or verify sensitive information through email. If your financial institution actually needs personal information from you or your statement, call the company yourself — using the number in your files or on your statement, not the one the email provides! Do not respond to emails, such as “phishing“ emails, seeking your password, PIN, or other personal information.
Read Your Statements
Read all your monthly account statements (bank, brokerage, credit card, etc.) thoroughly as soon as they arrive to make sure that all transactions shown are ones that you actually made or authorized. Check to see whether all of the transactions that you thought you made appear as well. Be sure that your brokerage firm has current contact information for you, including your mailing address and email address. If you see a mistake on your statement or do not receive a statement, contact your financial institution or credit card issuer immediately and follow-up in writing, where necessary.
Do not use your Social Security number as a username, password or PIN, and make sure that it does not appear on your printed checks. If your Social Security number appears on your driver’s license, be sure to ask your state’s Department of Motor Vehicles whether it can use an alternative number. Keep your Social Security card in a safe place and avoid carrying it with you. You should also be sure to safeguard the social security numbers of any dependents.
Do a Periodic “Identity Theft” Check
Reviewing your credit report may alert you to inaccuracies and unauthorized activity. You can obtain a free credit report every 12 months from three different credit bureaus by contacting the Annual Credit Report Request Service at AnnualCreditReport.com. This is the only authorized online source for you to get a free credit report under federal law. Be aware that you will have to disclose your Social Security number to obtain this report.
What Should I Do If My Identity Has Been Compromised?
If you think that your personal information has been stolen, immediately contact your brokerage firm and other financial institutions, including credit card issuers, to notify them of the problem. You should also notify the credit bureaus to put a fraud alert on your file. If you detect unauthorized transactions in or withdrawals from your brokerage account, ask the firm to investigate. Be aware that your firm will need time to determine what happened and may need your help in identifying family members or others who might have access to your account. In the meantime, be sure to change your username, password and PIN for the account.
About the Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States.
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
7 + ( % ( $& + : , 7 + , 1 5 ( $& + OCEANFRONT SUMMER SALE A limited collection of 2 & 3 bedroom oceanfront residences available from $999,000 For a limited time through Labor Day*
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
MyMoney.Gov Is a Valuable Resource
yMoney.gov is a website available to you from the 22 Federal entities that work on improving financial literacy and education. It is a central place for unbiased, reliable information and materials on financial topics of interest. All 22 Federal entities represented on this website work together on these issues as part of the Financial Literacy and Education Commission (FLEC) that was created by Congress in 2003 through passage of the Financial Literacy and Education Improvement Act under Title V of the Fair and Accurate Credit Transactions Act of 2003 (P.L. 108-159). Congress designated the U.S. Department of Treasury’s Office of Financial Education to lend its expertise and provide primary support to the FLEC, which is chaired by the Secretary of the U.S. Department of the Treasury and composed of 22 other Federal entities. The Consumer Financial Protection Bureau is also a member of FLEC. With support from the Treasury Department’s Office of Financial Education, the FLEC has worked with its member Federal agencies to improve financial literacy and education and provide free, reliable financial information to the American public through the MyMoney.gov website, and the toll-free 1888-MyMoney hotline.
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NEFCU Protects Its Members From Ever-Growing Threat of Online Fraud
EFCU, a premiere credit union serving Long Island for more than 70 years, has recently increased efforts to protect its members from online fraud. Through a partnership with Guardian Analytics, an innovator in predictive analytics-based fraud prevention software, NEFCU has implemented FraudMAP Version 4 for retail banking to protect its online banking channel from the growing threat of fraud. FraudMap alerts the credit union to unusual and suspect home banking activity within a members account to help stop potential losses. FraudMAP is part of NEFCU’s layered security system, which also includes Rapport, a free downloadable security software offered by another industry leader Trusteer that provides an extra layer of protection against a virus or malware, when NEFCU members access their accounts online for Home Banking sessions. “NEFCU chose these technologies to ensure we provide the most secure Internet banking experience for our members,” said John A. De Ieso, chief information officer for NEFCU. “Protecting our member’s personal information and money is our top priority and these fraud prevention services are an integral part of our success. With all the systems working together, NEFCU is providing one of the most secure online banking experiences in the industry.” NEFCU’s ability to detect account compromise, fraud staging and anomalous transactions has resulted in averted losses and significant savings for NE-
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FCU and its members. NEFCU estimates that it has saved more than 100 hours of staff and management time typically lost to insurance claims, paperwork, customer interaction and other remediation steps. In addition to its technology solutions, NEFCU also offers Identity Theft 911, one of the nation’s premier identity theft education and resolution services, free of charge to their members to provide the highest quality victim assistance and consumer education available without compromising privacy.
NEFCU Offers Go Green Checking Accounts With a 3.5% APY
Help protect the environment while making a positive impact on your bottom line. Through NEFCU’s GO Green Checking account, members are able to earn a 3.5% annual percentage yield, the highest checking rate in the marketplace, on balances up to and including $25,000. “We are proud to offer our GO Green Checking account to create a green initiative that benefits both our members and the environment,” said Edward P. Paternostro, President & CEO of NEFCU. “When NEFCU members bank electronically using our eco-friendly convenience services, they are able to “go green” and “earn green” at the same time. Electronic channels also represent a cost savings for the credit union and we are pleased to pass that savings on to our members.”
To qualify, members need to satisfy the monthly requirements, which include performing 12 Visa Debit Card transactions with a minimum $5 purchase, signing-up for monthly eStatements and either electing direct deposit of paychecks or maintaining an active free online bill payment account and pay at least one bill per month. In addition, members will earn a competitive rate for any balances that exceed $25,000 and benefit from no minimum opening balance requirements and no monthly maintenance fees. NEFCU also reimburses members up to $15 per month for any “non-NEFCU” ATM surcharges. For more information on NEFCU’s GO Green Checking account, please visit, www.mynefcu.org. NEFCU is one of Long Island’s leading not-for-profit full-service financial institutions that proudly offers its affordable banking services to all Long Islanders. With over $1.5 billion in assets and over 158,000 members, NEFCU is headquartered in Westbury, NY and has branches and a shared branch network throughout Nassau and Suffolk Counties, along with over 43,000 surcharge-free ATMs worldwide. To join NEFCU, eligible members must live, work, worship, attend school, or regularly conduct business in Nassau and/or Suffolk Counties (excluding the townships of East Hampton, Southampton and Shelter Island). Existing NEFCU members may also sponsor in immediate family members or household members.
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
As you aspire to new heights, are your investments climbing with you?
The Gallego Financial Group of Stifel Nicolaus.
You may prefer to own your car and have the comfort of your paid-in equity, or you may prefer the comfort and joy of a brand new vehicle every three years and, of course, that new car smell!
Leasing vs. Buying a New Vehicle: Pros & Cons
Together we can help you pursue your financial goals.
It’s All About Your ‘Comfort’ Level
Alex Gallego, AAMS®
(Will Singler of Great Lease Pricing provided the following information.)
Senior Vice President/Investments
(516) 624-2702 • (866) 398-5377
uying a vehicle is a fairly straightforward process. You borrow money from a lending institution, then make monthly payments until the loan is paid off. Because you’re typically paying back the entire cost of the vehicle, (less any trade in or down payment amounts), a loan’s monthly payments are higher than when leasing. However, as you make payments, you gain equity until you eventually own your vehicle. Buying, therefore, has the advantages of ownership not attainable through entering into a lease agreement. Ownership offers you no further payments at the end of the loan term which translates into equity to help pay for a new vehicle, your ability to trade-in or sell your vehicle at any time, (which money from the sale can be used to pay off any loan balance), or to simply keep it as long as you want it without mileage limits which are always contracted into a lease agreement. The vehicle will depreciate its trade-in or resale value, but its cash value is still yours to use as you like. Leasing, on the other hand, can appear more appealing to buying since your monthly payments are typically much lower because you are “financing” only the term of your lease agreement (36 to 48 months typically). In other words, you are paying only for the vehicle’s depreciation during the lease term (plus interest charges, taxes and maybe fees), but remember there is no equity value accumulated. Other advantages to leasing include
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50 Audrey Avenue Oyster Bay, New York 11771 www.alexgallegogroup.com gallegoa@stifel.com
Stifel, Nicolaus & Company, Incorporated | Member SIPC and NYSE 72650
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no down payment, or maybe only a low one. Leasing a vehicle also means that you can drive a higher-priced, better equipped vehicle than you might otherwise be able to afford to buy, and you’re always driving a late-model vehicle that’s usually covered by the manufacturer’s warranty. (Keep in mind, however, that a manufacturer’s warranty is typically 36 months, so be aware when you contract for more months in order to lower your monthly payments.) Another popular advantage to leasing is that after enjoying the most trouble-free years of the vehicle’s life (typically two to four years), you can choose to finance the purchase of that same vehicle (if you love it and have low mileage), lease or buy another, or simply bring it back and walk away...no obligations, no fuss. (However, do keep in mind during the lease term that you are responsible for any excess mileage not contracted for at the outset of the lease or excessive wear and tear, standard terms which are spelled out in your lease agreement at signing). These are some of the major differences and advantages between buying and leasing. Most often, however, the decision whether to buy or lease simply depends on your own personal comfort level; whether you prefer to own your car and have the comfort of your paid-in equity, or whether you prefer the comfort and joy of a brand new vehicle every three years and, of course, that new car smell! Will Singler can be reached by calling 917-435-2000 or visit greatleasepricing.com.
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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011
Leslie Tayne: Tips on Debt Management And Explaining Finances to Children
eslie H. Tayne is the founder of The Law Offices of Leslie H. Tayne, P.C., a legal firm that delivers comprehensive strategic consulting and support services with practice specialties in consumer unsecured debt resolution, consumer bankruptcy alternatives and bankruptcy avoidance. The firm assists consumers, small business owners and individuals with the resolution of their unsecured debts. Leslie Tayne offers the following tips on debt management and explaining finances to children:
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Are You Managing Your Debt Effectively?
For many Americans, living with debt is a way of life. Associated with this lifestyle is fear, anxiety and financial insecurity. Now more than ever, especially since the economic hardships of the past year, it is time to take hold of your financial situation and begin the process of becoming debt free.
Be Aware of Spending
Less Is More
I always tell my clients, the fewer credit cards you have, the better. Multiple cards do not help keep spending down. It may seem like this since many times people get the bill and it doesn’t seem high but take a moment to add up spending on multiple cards and it is often much larger than you realize. In addition, be aware of the alluring nature of store credit cards. They offer initial discounts, but the interest rates on those cards can be the highest allowed by the law.
Be aware of the alluring nature of store credit cards. They offer initial discounts, but the interest rates on those cards can be the highest allowed by the law.
I always tell my clients to take just 30 days and write down everything you spend money on from stamps to regular household bills. Clients are often surprised by the amount of money they actually spend versus what they think they spend in a month’s time. After this process is complete, analyze your spending and look for ways to cut expenses. Often just by writing down your spending habits for 30 days, you become more aware of what you’re spending and this can curb your urge to spend unnecessarily.
Seek out professionals to assist you before you get into a situation you can’t get out of. Talk to accountants and lawyers and find a certified professional to assist you not only to get out of debt, but to make good long terms decisions.
Be aware of your FICO score and the things that affect your score. This includes late payments, carrying a balance within 10 percent of your credit card limit and going over your credit limit. The more aware you are of your FICO score the more likely you will be careful opening new credit and spending when you can’t afford to do so.
I often tell my clients that the key to not letting things go is to make sure that you are aware of when bills are due. Get a large desk calendar and write down when bills are due and also when you’ve spent money. Doing so will help you keep track of due dates and spending habits. Getting out of debt once you’re in it can seem overwhelming, but there are certified professionals out there that can
Monitor Your Credit
Get Help
Stay Organized
Tired of Sleepless Nights Worrying About Your Debt?
help you if this becomes uncontrollable to manage yourself. Do you due diligence and meet with professionals face-to-face. It’s never too late to live a debt-free lifestyle.
Money Is Tight, But Do You Tell the Kids?
Age Appropriate Discussions
As a mother of three, I always tell my clients to consider age appropriate discussions with their kids. Oftentimes young children do not understand where money comes from. That’s why it’s never too early to explain that you have to work and earn money to buy things.
Learn to Save
Children of all ages can learn by saving money. Start with a piggy bank for young children who are learning to count. Teach them the difference between coins and bills. Then when old enough for an allowance move on to a savings account. Giving children an allowance teaches them the concept of earning money for work. Make regular deposits into the savings account so your child will learn that savings is an important part of life.
Just Say No
It’s an important lesson to learn that we can’t have everything we see and want. Teach them the difference between wants and needs. Children should learn that purchases need to be saved for and cannot be bought at any given moment. Just as adults should be budgeting to avoid overspending, children too can be taught to put money aside.
Lead by Example
As a parent, one of the most important things that can be done is to practice what is taught. Look at your own spending habits and make it a point to be frugal and manage money more effectively. When using a credit card explain that although you didn’t pay now you will have to pay later and that could include more money called interest and that credit cards are really a loan. The openness of financial discussions in your home can prepare children for a future of financial well-being. The Law Offices of Leslie H. Tayne are located at 150 Broadhollow Rd. #213, Melville, NY 11747; phone 631470-8204 or visit www.attorney-newyork.com
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