LINES
Summer 2021
of Communication
New CAP COM Branch Glenville, here we come!
Community Spirit Financial resources for nonprofits
Put the 'Action' in Your Plan Financial wellness step-by-step
Get Started with Investing Kickstart your financial independence
NEED ASSISTANCE? Reserve a time slot with a CAP COM associate and meet in person — or by video or phone from wherever you happen to be. New online booking features make it easy!
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THIS ISSUE 2 Calendar of Events
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Fresh Look Guarantee
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Summer Projects
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Tips to Manage Your Money
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People & Places: Branch News
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Local: Nonprofits & Businesses
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Get Started with Investing
BANK ANY WAY YOU LIKE CLICK Bank Online www.capcomfcu.org TAP Get our Mobile Banking App www.capcomfcu.org/mobile CALL Member Services or Automated Phone Banking (800) 634-2340 (518) 458-2195 Headquarters VISIT Neighborhood Branches plus Shared Branches Across the U.S. www.capcomfcu.org/locations Let's Be Friends Join our growing community.
President/CEO Message Summer is in the air! After a cold spring, being outside is a treat. Slowly, our corner of the world is edging towards normal. For some, the pain is still raw. These days, little things like taking a walk in the sunshine or hugging someone you love can feel brand new. Whatever your situation may be, remember CAP COM is at your service. Helping you attain and maintain your financial well-being is why we’re here. Have a conversation with a CAP COM financial professional – it can be a game-changer. You can call or discuss your needs inperson; schedule an appointment if you want. We can’t wait to see you in our branches again!
Our newest branch in Glenville (Hannaford Plaza, Rt. 50) is scheduled to open later this summer. Look for updates and tell your friends! Your referrals are the best compliments we can receive. Thank you to those who send along stories about excellent service provided by an employee. Many cross my desk. Each one reinforces your faith in our mission, delivered by what I believe are the finest employees anywhere. Your membership means the world to us and we intend to keep proving it to you. Thank you for choosing CAP COM and enjoy the sunshine out there!
Christopher McKenna President/CEO
CALENDAR July
August
September
Thursday, July 1 BIG Benefit Raffle begins www.capcomfcu.org/bbr
Thursday, August 26 Retirement Bound Webinar www.capcomfcu.org/rb
Friday, September 3 BIG Benefit Raffle ends www.capcomfcu.org/bbr
Monday, July 12 Fresh Look Sweepstakes begins www.capcomfcu.org/look
Tuesday, August 31 Great Grades report cards due www.capcomfcu.org/grades
Sunday, September 12 Fresh Look Sweepstakes ends www.capcomfcu.org/look
Thursday, July 29 Retirement Bound Webinar www.capcomfcu.org/rb
Tuesday, August 31 Summer Reading book lists due www.capcomfcu.org/reading
Thursday, September 30 Retirement Bound Webinar www.capcomfcu.org/rb
Keep Learning Browse blogs at www.capcomfcu.org/blog See webinar schedule at www.capcomfinancial.com/learn
Federally insured by NCUA Lines of Communication is published for CAP COM Federal Credit Union members. The Supervisory Committee is the members’ representative. Please address any situations you feel were not handled to your satisfaction by the credit union to: Supervisory Committee, P.O. Box 11279, Albany, NY 12211-0279
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Chance for Kids to Win Up to $500
LET US TAKE A FRESH LOOK! "I help members save money every day, and it feels just as thrilling to me as it does to them." - Dan Goldstein, Sr. Member Relationship Specialist Meet with Us for a Fresh Look at your financial situation and get automatically entered for your chance to win one of five $1,000 cash prizes!1 Our goal is to save you money with lower-rate loans, higher-yield savings, lower fees, offered through CAP COM (when compared with other providers you might use). Fresh Look Guarantee.2 Set up a Fresh Look appointment then gather your monthly bills and financial statements. We’ll comb through, looking for ways to save you money, then present our findings. No hard sell, no arm-twisting – that’s our pledge to you! To book your Fresh Look meeting (in-person, video, and phone options), visit www.capcomfcu.org/look or call (800) 634-2340. Membership eligibility requirements apply to open Checking Account. 1. Official Sweepstakes Rules: SWEEPSTAKES END 9/12/21. NO PURCHASE, TRANSACTION, FRESH LOOK MEETING OR CHECKING ACCOUNT NECESSARY TO ENTER OR WIN. Open only to current legal residents of the states of CT, NY, MA and VT, 18 or older as of 7/12/21. A purchase, transaction or new Checking Account will not improve the chances of winning the prize. Void outside the States of CT, NY, MA and VT. See Official Rules at www.capcomfcu.org/look for alternate entry method and complete details. 2. While CAP COM guarantees its associates can meet with Fresh Look participants to review their financial situation, the credit union provides no assurances that products or services that could be beneficial will be determined.
Traveling this Summer? Wherever you venture – if you need cash or basic banking services, we’ve got you covered! Withdraw money at 30,000 surcharge-free ATMs and bank at nearly 6,000 locations known as “shared branches.” Both of these services are offered across the U.S. by credit unions in the CO-OP Network. To plan ahead, go to www.capcomfcu.org/locations, enter the ZIP, and select CO-OP Shared Branch or Surcharge-Free ATMs. On the go? In the CAP COM app on your phone, tap Locations.
We’re encouraging young people to create healthy savings habits and get a chance to win up to $500. Find out how to enter the Youth Savings Challenge – we’re drawing three winners for gift cards worth up to $100 every two months in 2021. Plus, two grand prizes of $500 will be awarded during the year! Join in and tell other parents so their kids can participate, too! Visit: www.capcomfcu.org/2021youthsave
Quick Tip Make Sub-Accounts for Expenses "Here's a great way to budget for big expenses. The CAP COM app lets you add accounts whenever you want! In the app, tap Add an Account and follow the prompts." Jill H. VP, Platform Strategy
$215,000 Amount of money CAP COM saved 30 members who would have been scammed. By the time you read this, that figure will likely be higher. "Steer clear of unexpected requests to wire money or buy gift cards." Tim O. Senior Financial Crimes Investigator
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Impress Your Budget: Pay Less Each Month
Afford More
Is a loan or credit card payment from another financial institution dragging down your monthly budget? You might be able to lower your payments by moving your higher-rate loan or credit card over to CAP COM! Call us at (800) 634-2340 for a rundown of your options.
Your Financial Guide If you're seeking financial guidance that's more complicated than a routine teller transaction, let's talk. Together, we can take a Fresh Look for ways to reduce your expenses, pay down debt, and invest in you! Meet with a CAP COM financial associate at a branch, via a video call, or by phone. Flip back a page to learn about the Fresh Look Guarantee with chances to win $1,000! To book a meeting, give us a call at (800) 634-2340 or visit: www.capcomfcu.org/appointment
Thrill Seekers Save! Motorcycles, scooters, RVs, campers, boats – it’s summer in the great outdoors! Yet all that fun could be costing you extra if you’re overpaying for insurance. We can help locate the right coverage at the best price, so you have more money for things you enjoy. For a quote, contact CAP COM Insurance Services at (518) 641-6979 or visit www.capcomfcu.org/insurance
Confused by Medicare? Let us help you understand your Medicare options, so you're prepared for Open Enrollment in the fall. Call (518) 782-0209 to make your appointment.
DIVE INTO A SUMMER PROJECT Instead of dipping into your savings account this summer, use a home equity line of credit (HELOC) to expand your outdoor living space, install a swimming pool, or complete home improvement projects. A HELOC works like a credit card — without a high interest rate and low borrowing limit. Borrow only what you need from a pre-set limit based on your home's equity, and make monthly payments. A HELOC might not be the first thing that comes to mind when you think "mortgage," but both use your home as collateral. A HELOC has shorter repayment terms than a mortgage, as you repay only the amount borrowed. Single-digit interest rates and high borrowing limits make HELOCs a favorite way to pay for summer projects. Some lenders advertise adjustablerate HELOCs with no closing costs. However, other fees negate those savings and your minimum monthly payment can change over time. CAP COM offers members low, fixed-rate HELOCs with zero closing costs — none whatsoever! No appraisal fees, no state mortgage taxes, no filing fees.* To see rates and apply, visit www.capcomfcu.org/heloc
HSAs for Health Expenses What exactly is a health savings account (HSA)? Who's eligible to use one? With the rise in high-deductible health plans, heath savings accounts (HSAs) are gaining in popularity. If you're enrolled in a qualified high-deductible health plan, consider opening an HSA with CAP COM. It enables you to: – Set aside money from your paycheck pre-tax, to pay for medical expenses – Potentially reduce your taxes (by lowering your taxable income) “I would encourage anyone who’s eligible to look into it.” Notes CAP COM's Carla L., who recently completed her HSA Expert Certificate. “You get pre-tax savings, and you pay for the medical expenses tax-free." Explore HSA pros and cons at: www.capcomfcu.org/HSA
*No closing costs on home equity lines of credits (HELOCs) up to $250,000. Discharge fees and overnight shipping charg fee in which you will have to reimburse the credit union for all closing costs paid on your behalf. Estimated recapture fe Schenectady, and Rensselaer counties. Actual closing costs and mortgage tax may be different. All Lines of Credit requ FCU NMLS Identifier: 401261.
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Money 101
Manage Your Money YOUR FINANCIAL WELLNESS SUCCESS TEAM Wherever you are on life’s journey, managing your finances can be stressful. Our financial professionals can help guide you forward. Let us help you create an action plan and provide support – so you can step ahead!
Where does the money go?
How can I manage my debt?
Make a budget, take control. – Monthly income – Essential living expenses – Non-essential spending
Choose a method you can stick to: – Pay high-interest debts first (avalanche method) – Pay small balances first (snowball method)
Oh no! How will I pay for that? Build savings for the unexpected. – $1,000 savings goal to start – Aim for 3-6 months of expenses – Keep replenishing as it's used
When can I retire – if ever? Invest in your future. – Contribute to a 401(k) or IRA – Max your employer's match – Try to save more each year
I need help with priorities. Save up for major expenses. – Car, House, Family, Health – College, Career Training – Travel Let us help! Call (800) 634-2340 to schedule a meeting with a financial professional for guidance or visit www.capcomfcu.org/appointment
Overdrawn Again? 3 overdraft protection options you should know about. You start each month with the best of intentions, but life happens. An unexpected expense pops up. Overestimating the balance in your checking account you overdraw it, resulting in insufficient fund fees. With one of CAP COM's Overdraft Protection options, you're covered – even when your checking account funds are low. • Option 1: Courtesy Pay covers overdraft checks and preauthorized withdrawals (ACH) of up to $500, for a fee of $10 to $30. • Option 2: Automatic Transfer moves money from your savings to your checking before the account is overdrawn, for a nominal fee. • Option 3: Checking Line of Credit allows you to borrow from an approved credit line. You pay interest, but avoid overdraft or transfer fees. Determine which option is right for you at www.capcomfcu.org/checkline
ges are excluded where applicable. If the HELOC is paid and closed within 3 years of the closing date there is a recapture ee examples include $457 in closing costs and a maximum average of $2,475 in New York state mortgage tax for Albany, uire a minimum initial advance of $5,000 and a minimum limit of $10,000. Mortgages in New York State only. CAP COM
If you’re a parent of a teenager or young adult, you know that your money advice might not always sink in. Try easing those conversations with hands-on tips that young family members can try for themselves. Keep Tabs – with the CAP COM app, view spending & deposit checks Avoid Overdrafts – set balance alerts in online or mobile banking Mobile Wallet – add a CAP COM debit card to your phone's Apple Pay, Google Pay, Samsung Pay Lost Debit Card – turn it off in the app until you find it Send & Receive Money – link your CAP COM family accounts Free ATMs – come with Young Adult Checking (age 15-25) Need assistance with family finances? Call us at (800) 634-2340 to talk it through.
Paying for College Did you know CAP COM offers resources for students planning to attend college and their families? Bonus: an exclusive benefit of your membership is a free consultation with a Certified College Funding Specialist! Explore resources and schedule your appointment at: www.capcomfcu.org/collegebound
Quick Tip Gone! Low-Balance Surprises "Avoid the hassle of overdrawing your account. Go to online banking (Alerts & Notifications) or our mobile app (Push Notification Settings) to set up automatic email or text alerts." Stacy O. Marketing Content Developer
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BEHIND THE SCENES: MALTA TEAM
Superior service unites our teams, and each branch has its own personality. Banking is serious business, but we also like to have fun. In that spirit, we’d like to introduce you to the amazing Malta team with some fun facts. We look forward to sharing more CAP COM branch profiles in future newsletters.
8 Employees work in this branch
1 Drawer behind the teller line
2 “Fruit Loop Fridays” per month
“The music gets us through!”
6 Dog owners on staff
32 Incredible years devoted by
10 Children of staff (and 2
Branch “mascot,” a CAP COM member’s golden retriever: Abby
1 Year of service with a smile from
3 Coffee drinkers.
8 Country music fans:
Cindy to serving CAP COM members
the newest employee, Matina
stocked with chocolate treats
grand children)
(yummy takeout)
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? Number of biscuits Abby gets
from staff for being so adorable
The rest run on “natural caffeine.”
Do you have a favorite CAP COM branch? Once you’ve visited a few times, you might start recognizing employees. We enjoy seeing familiar faces and getting to know you!
Malta Team (L-R) Michele W, Alyssa S, Cindy B, Amanda W, Susan K, Christina Y, Matina M, Kim K
Come visit! If you find yourself in the North Country, drop in to do your banking! The Malta branch is just off I-87 exit 12, east on Rt. 67, and less than 0.5 miles south on Route 9.
"Put us on a path to financial freedom..." "CAP COM is my financial partner. They have helped me put kids through college, make home improvements, reduce credit card debt...even put a roof over our heads." - Connie R., Scotia Share your CAP COM experience at: www.capcomfcu.org/story
NEW BRANCH COMING TO GLENVILLE Here we grow again! CAP COM's newest branch is scheduled to open in early August at 262 Saratoga Road (Hannaford Plaza, Rt. 50 and Glenridge Rd.). The site is a flurry of activity as we prepare to welcome you! Amenities include walk-in services, two drive-thru lanes with a 24/7 ATM, and the ability to book an appointment with a financial professional (in-person, virtual, phone). And of course: the ever popular coin machine! For grand opening updates, follow CAP COM on Facebook or visit www.capcomfcu.org/glenville
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Community BANKING FOR NONPROFIT ORGANIZATIONS
Jon P. (right) with Shane R. of CAP COM
When budgets are tight, every dollar you save can support your nonprofit’s mission. Those savings could be right under your nose! If you work for a nonprofit, make sure your organization’s checking account has:
"...Truly cares about our business..."
No minimum balance No low-balance penalty No monthly maintenance fee High number of free items per month Digital banking, bill pay, mobile deposit Visa® debit card with on-off switch Solutions for bridging funding gaps
"During these challenging times, CAP COM has provided us funding to complete our first ground-up location. We've been around for 135 years and look forward to partnering with a company that truly cares about our business transitioning to a sixth generation."
These features come standard with the Organizational Checking Account, built by CAP COM for nonprofits. Learn more at www.capcomfcu.org/nonprofit or call (800) 468-5500, ext. 2948.
CONGRATULATIONS ‒ 20 GRANT WINNERS Twenty local nonprofits were each awarded $5,000 by the CAP COM Cares Foundation. The brand new Infrastructure Initiative Grant supports projects that can be tough for nonprofits to fund – yet critical to their work. We’re honored to support these incredible organizations! Albany Leadership Charter School
Mental Health Association in NY
Albany NAACP
Northern Rivers
Boys & Girls Club
Rebuilding Together Saratoga County
Brightside Up Inc.
Regional Food Bank of Northeastern NY
CAPTAIN Community Human Services
Safe Inc. of Schenectady
Commission on Economic Opportunity
SEAT Center
Crossroads Center for Children
Schenectady Inner City Ministry (SICM)
Eden’s Rose Foundation
The Charlton School
Habitat for Humanity
Veterans Community Housing Coalition
Interfaith Partnership for the Homeless
Wellspring
Learn more about this grant initiative and other community efforts supported by the CAP COM Cares Foundation at www.capcomfcu.org/community
Jon P., President/Owner Phillips Hardware
Win Up to $10,000 Here’s your chance to win up to $10,000 and support your community by participating in a popular annual event. On July 1, our BIG Benefit Raffle begins (through September 3). This year’s raffle benefits The Food Pantries for the Capital District, a coalition of 65+ food pantries in Albany, Rensselaer, Saratoga, and Schenectady counties. Additional proceeds go to local charities and organizations. Tickets are priced at $25 each, and only 5,000 will be sold. Join in and order your ticket at: www.capcomfcu.org/bbr
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Financial Education: Invest in You Explore strategies for investing in your financial well-being today, as you prepare for life ahead. Education resources, created by seasoned financial professionals, help you learn, plan, and act! Webinars View the schedule and register at: www.capcomfinancial.com/learn Can’t Make a Webinar? Receive personalized guidance from an advisor. To schedule your appointment, call (518) 782-0209. Blogs Browse topics posted weekly at www.capcomfinancial.com/blog Social Media Follow CAP COM Financial Services
Invest GET STARTED WITH INVESTING The pandemic changed the spending habits of many Americans. Over the past year, less was spent on travel, gym memberships, and other extras in favor of setting aside money for necessities. Add federal stimulus payment deposits, and it's not surprising that many now have a sizable savings balance. But there's one problem — it earns little in a low-rate environment. Investing those funds instead of letting them sit in your savings account could help kickstart long-term financial independence. As you consider your options, remember to:
Portfolio Tuneup When was the last time you looked under the hood of your 401(k) or IRA? Your retirement plan is kind of like your car. Regular maintenance helps you get where you’re going; neglect can leave you stranded. Have you gotten a portfolio tuneup lately? For a multi-point inspection at no cost, call (518) 782-0209 to schedule your appointment or book it at www.capcomfinancial.com
• Build your emergency savings first. When you have money saved beyond what you want to invest, you can stick to your investment plan without panicking when investment values fluctuate. • Do your homework. The most popular investment isn't necessarily the best one for your finances. • Match your investments with your goals, risk tolerance, and when you'll need the money. What type of investor are you? Take our 10-question risk quiz and see a sample portfolio at www.capcomfinancial.com/type Get objective advice. For investment guidance or a review of how your portfolio allocations align with your goals, go ahead and meet with an advisor. To schedule your complimentary appointment, call (518) 782-0209 or visit www.capcomfinancial.com
LET US HELP. Embark on your journey toward Financial Independence supported by experienced guides who can help you understand your options. Call (518) 782-0209 to schedule a phone, video, or in-person meeting.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. CAP COM Federal Credit Union and CAP COM Financial Services, LLC are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using CAP COM Financial Services, LLC, and may also be employees of CAP COM Federal Credit Union. These products and services being offered through LPL or its affiliates, which are separate entities from, and not affiliates of CAP COM Federal Credit Union or CAP COM Financial Services. Securities and insurance offered through LPL or its affiliates are: Not Insured by NCUA or Any Other Government Agency
Not Credit Union Guaranteed
Not Credit Union Deposits or Obligations
May Lose Value