LINES
Winter 2022
of Communication
Let's find savings for you. Put our experts to work, searching for money to add to your budget. Chris P., Senior Member Relationship Officer, performs Fresh Look financial reviews for members at CAP COM's headquarters.
INSIDE Resolutions? See Ways to Keep Them Fresh Look Savings Challenge is Back! Buy or Rent? Tips to Help You Decide Your Business, Your Success Team Notary Services Free for Members
2 President/CEO Message
CALENDAR
President/CEO Message
JANUARY Saturday, January 1 CAP COM closed for New Year's Day Fresh Look Savings Challenge begins Thursday, January 13 Webinar: Make the Most of Social Security Monday, January 17 CAP COM closed for Martin Luther King Jr. Day Tuesday, January 25 Webinar: Why Invest? Wednesday, January 26 Webinar: Basics of Medicare Thursday, January 27 Webinar: Retirement Bound
FEBRUARY Thursday, February 10 Webinar: Healthcare in Retirement Monday, February 21 CAP COM closed for Presidents Day Thursday, February 24 Webinar: Retirement Bound
MARCH Thursday, March 10 Webinar: Make the Most of Social Security Sunday, March 20 First day of Spring
Welcome to a brand new year, full of possibilities for you! Let us guide you to set goals, build savings, and pay down debt. We’ve helped many of you buy a car, purchase a home, and afford other big purchases – by approving loans in record-breaking numbers. Have you experienced a Fresh Look financial review yet? Many members have more cash in their budget after using this free service. I encourage you to try it out. And, more local businesses than ever are using our services to manage their finances and grow. CAP COM now ranks #5 among the region’s Commercial Mortgage Lenders (up from #10 within just two years).* I’m thrilled that employees have voted CAP COM a Best Place to Work for 18 years in a row!* Supporting career growth and rewarding talent are huge priorities here. Of course, we all love giving back. Last year, CAP COM employees
volunteered 3,725 hours of community service. The CAP COM Cares Foundation crossed the $5 million giving milestone in 2021. It’s simply amazing what we can achieve when we come together for each other. What better way to demonstrate the cooperative spirit of credit unions than to join forces to serve you, to support employees, and to give back to the community? I’m pleased to report that CAP COM and SEFCU are making steady progress toward the member vote on the merger. Our “people helping people” principles and member focus are keeping both credit unions closely aligned. As we provide more information about the merger, I want to thank you for your involvement. Below is the sequence of steps. We know the past year hasn’t always been easy, especially as the pandemic wears on. Thank you for putting your trust in the experts at CAP COM to help you master your finances and enhance your life. Let’s keep that momentum going!
Christopher McKenna President/CEO
*Albany Business Review, 2021
Tuesday, March 29 Webinar: Why Invest? Thursday, March 31 Webinar: Retirement Bound Last day to enter Fresh Look Savings Challenge sweepstakes
Attend a Webinar www.capcomfinancial.com/workshops
Read our Blog
Why Merge? Individually, CAP COM and SEFCU are cooperatives with a common purpose: to serve the financial needs of members and support our communities. Together, we can do even more. By uniting as a new credit union with a new name, we can fuse the best of both organizations and multiply our capabilities. Together, we will have greater resources to expand benefits for everyone we serve, invest in technology, and continue to provide the friendly, personalized service you enjoy today.
Steps in the Process
www.capcomfcu.org/blog Let's Be Friends
Preliminary Discussions 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
Intent to Merge
Due Diligence
Regulatory Review
Member Vote
By the time you read this, the due diligence phase should be complete. Next, we submit official merger documents to regulators. If regulators approve the merger, a member comment period and vote will be scheduled. Thank you for your interest and participation.
Guidance & Resources 3
Resolution:
Get my finances in shape and pursue my goals.
"It's thrilling to provide financial solutions that make a real difference in someone's life. Our Fresh Look service is a chance to review your finances like never before, searching for ways you can gain money and pay down debt." Chris P. Senior Member Relationship Officer
Get Financially Fit in 2022 Our Fresh Look service is like having a personal trainer for your finances. If you could get your finances in better shape, trim expenses, and keep more of your money each month, would you be interested? Together, let’s take a Fresh Look at your finances for opportunities to save you money. Some of you have reduced your monthly bills by hundreds – even thousands of dollars – with this free service.
MANAGE DEBT
YOUR VEHICLE
YOUR HOME
INSURANCE
BUILD SAVINGS
Relax as we do the heavy lifting. We’ll take a Fresh Look to see if you can benefit from lower-rate loans, services with lower fees (or none at all), higheryield savings, and other resources from CAP COM. Take it from CAP COM members. They’re “optimistic,” saying their Fresh Look meeting was “very productive.” One person said it “got me on the right track” and another noted it “left me feeling good about my finances and the future.” Ready to make 2022 your year? Book your Fresh Look and meet by phone, video call, or in person. Visit www.capcomfcu.org/look or call (800) 634-2340.
2%
APR*
If your auto loan rate is higher than that, call us at (800) 634-2340 to see if you can save! *Annual Percentage Rate
College Ahead? Here are 5 to-do items for high school seniors and their families. Applications, decisions, figuring out how to pay for it all – college is stressful before it even begins! Use this basic checklist to stay organized and on track. File FAFSA & TAP Applications Apply for NYS Tuition Assistance Program (TAP) and FAFSA federal aid by 6/30 NYS deadline (for some schools, it's earlier). Watch for Acceptances Students start receiving admission acceptance letters in January and February for early decision. Review College Aid Letters Award letters follow acceptance letters and outline the total cost versus the net cost. Line Up Financing To manage costs, combine aid from colleges, personal savings, a 529 Plan, and loans (federal, private, PLUS for parents). Choose a College Selecting a college that’s a good fit is an art and a science, as you consider many factors (course of study, finances, and whether it feels right). Free Service: College Bound Obtain expert advice with a personalized financing plan from a Certified College Funding Specialist at CAP COM (no cost for members). You can learn more and make an appointment at: www.capcomfcu.org/ collegebound
4 Stay Informed
Resolution:
Beat the Bad Guys
Make informed financial decisions.
"Buying a home can be a smart move, and it's a good long-term investment. With mortgage rates near historic lows and lower down payment options, owning a home may never be more attainable."
Get to know their tricks. Scammers call or text to gather account information and steal money – even posing as CAP COM employees (or the Fraud team here Although the Fraud team might contact you to validate account activity, we will never collect personal information, especially not your PIN − or have you verify a purchase you didn't make. DO NOT provide your PIN, account number, Social Security number, or any other personal information to someone who contacts you unexpectedly. DO NOT verify a purchase you didn’t make by replying to a text. Listen up! Outsmart the swindlers and defend your finances with more tips from CAP COM’s Director of Financial Crimes. Visit our Fraud Busters and hear it from the pros: www.capcomfcu.org/ listen-up
Alison D. Mortgage Specialist
Buy or Rent?
Are you ready to stop renting and make a move to homeownership? While there are good reasons to give your landlord notice, there are also situations where it makes sense to continue renting, at least for the foreseeable future. You might want to renew your lease agreement if you: • Prefer the flexibility of moving every few years • Enjoy the convenience of free, on-call maintenance • Live in an area where it's cheaper to rent However, buying a home could make more financial sense, such as when you: • Have little to no debt, including student loans and credit cards • Have at least six months of living expenses set aside for emergency use • Live in the Capital Region where it costs less each month to buy a home than rent1 Despite the rise in home prices, low interest rates on mortgages could keep payments affordable. In the past year, the median home price increased from 222,000 to $256,0002 while mortgage rates remained low. Let’s see what a payment could look like on a 30-year, fixed-rate mortgage at 20% down, so you can see how it might compare to your rent. Note that in the example below, the payment does not include insurance or taxes (which vary by municipality). Home Price $256,000
Mortgage $204,800
Annual Percentage Rate 3.50%APR
Monthly Payment $919.64
No matter what you decide, make sure your decision is well-informed. Don’t let FOMO (fear of missing out) push you into any financial situation. Instead, review the numbers along with your long-term financial goals to determine if now is a good time for you to buy a home. Learn more about the steps involved in buying a house from experts eager to share their knowledge at www.capcomfcu.org/listen-up or visit www.capcomfcu.org/myhome.
1. Bizjounals.com, Buy vs. Rent, 2019 2. Greater Capital Region Association of Realtors® Mortgage products in New York State only and offered by our Mortgage Team, Homeowners Advantage (HOA), which is a subsidiary of CAP COM FCU. HOA is a Licensed Mortgage Banker – NYS Dept. of Financial Services. HOA NMLS Identifier: 290363. Principal Address: 4 Winners Circle, Albany NY 12205. CAP COM FCU NMLS Identifier: 401261.
Business & Branch Services 5
Resolution:
Turn to financial experts for business and personal matters. “CAP COM provides great services. The number and location of the branches makes it convenient. And the credit union staff is always helpful, knowledgeable, and friendly.” Marilyn O. and Ben C., Owners Capital Tint & Graphics Adirondack Offroad & LINE-X
"CAP COM Makes It Easy" Marilyn and her son Ben (pictured above) own two successful Capital Region companies. Some of the vehicles you see on the road were customized by their teams. They bank with CAP COM for both businesses, and when they need support they turn to Dan F. (in photo), business banking advocate, for his expertise and guidance. Marilyn and Ben manage accounts for both businesses via a central online dashboard. “CAP COM makes it easy to transfer money between my businesses and pay bills online.” Marilyn says she appreciates services without the typical fees banks charge, a bonus for their small business.
To expand their business, Marilyn and Ben worked with Dan to facilitate a commercial mortgage with CAP COM’s lending team. Refinancing a vehicle loan at a lower rate also helped them reduce expenses. “Marilyn and Ben know they can call me for any of their business needs, and I’ll have a financial solution,” says Dan. “My job is to ease the burden and smooth the way forward, so they can focus on business priorities.” If you own or run a business, turn to CAP COM for cost-effective services and VIP support. Call (800) 468-5500, ext. 2948 or visit www.capcomfcu.org/business.
BEHIND THE SCENES
Cohoes Team
Superior service unites our teams and each branch has its own personality − as you'll see in these fun facts! How many employees work at the Cohoes branch? 10. #1 question we get: Can you help me build my credit? Answer: Yes, we can! Meet with us and make a plan. What are some traditions at the Cohoes branch? We post fun team photos on our collage board and get together for dinner and bowling when we can. You might catch us singing to music in the branch. Any secret talents? Kat can play the piano, Megan can sing, and Robin and Katie are great cooks! We all love our coffee, so we take turns picking it up. We like to eat at Babe’s Café, Substatoot, Purple Pub. What teams do you root for? Giants, Patriots, and Jets!
Oh, that's sweet! We have a candy drawer that’s overflowing with treats from members. Outside of work we enjoy reading, gardening, bowling, animal rehabilitation, golf, watching the kids play sports! We're pet people. Cats, bunnies, birds, snakes, squirrels! We love to celebrate birthdays and special occasions. Who has worked at the Cohoes branch the longest? Gigi has assisted members for 11 years. Who's the newest team member? Jack is celebrating his one-month anniversary. Our top tip for members is to work with us to help you achieve financial success and freedom. Let's talk!
If you’re in the Cohoes area, come visit us! We're at 219 Ontario Street within sight of the end of Route 787 north.
6 Financial Wellness
Grow Your Savings Ready to save better and faster in the coming year? We’re here to support you! Go ahead and enter the Fresh Look Savings Challenge Sweepstakes* for your chance to win up to $2,022 to jumpstart your savings. You can enter now at www.capcomfcu.org/ 2022Save. Meanwhile, you can generate $2,022 in extra savings on your own if you can save $40.40 weekly for 50 weeks. Plus, we can look for extra money so you can sock it away! Request a Fresh Look at any loans you have to see if a possible refinance could lower your payments. Call (800) 634-2340 or book your Fresh Look at www.capcomfcu.org/ look. And, to help guide you through 2022 and form good habits for life, follow the financial wellness path at the right. You've got this!
*No purchase necessary. Ends 3/31/22. Void where prohibited. Subject to full rules with free entry method at www.capcomfcu. org/2022Save. Sweepstakes open only to legal residents of the states of CT, MA, NY, VT, age 18+ at time of entry. One (1) Grand Prize of $2,022 will be awarded. Two (2) First Prizes of $100 each will be awarded.
Keep Moving Ahead 5 Steps Toward Your Financially Fit Life
Step 1 Do you have an emergency fund to cover 1-3 months of expenses?
Meet with us for a Fresh Look financial review and we’ll search for savings.
NO
YES
Wahoo! Well done, saver!
Sweet! Contribute at least enough to get the match.
Step 2
YES
Does your employer offer a retirement account with a match?
Step 3
YES
Do you have a plan to pay down debt?
NO
Let’s talk about debt. Do you have credit cards or loans?
NO
NO
YES
Not yet. I want to build my credit.
They're paid off.
Help please! I’ve got this.
Come on in for a Fresh Look financial review and we can work on a plan together.
Meet with us for a Fresh Look at ways to build and manage credit. Cheers to that. Onward!
Step 4
Make it easy with a savings account for each goal.
Save up for the big things in life.
Step 5
YES !
What about investing? See the wealth building checklist on page 8.
Way to Go! Activate your action plan & celebrate each step along the way.
Community 7
Resolution:
CAP COM Cares
"Pitching in to help others is really fulfilling and at CAP COM it's truly a team effort. Whether I'm volunteering at the local food bank or providing resources for members, we're making a difference together."
Last year, more than 360 CAP COM employees volunteered 3,700+ hours to support people in need across the Capital Region. Reaching out to help others motivates us every day! The CAP COM Cares Foundation has given $5 million back to the community since inception. Here are some 2021 highlights.
Get involved in my community.
Graig F. Director of Deposit and Card Operations
Happiness is Giving Back Studies show that people who give to others experience better mental and physical health along with increased positive emotions. Why not lift your mood while giving back to your community? Increase your happiness quotient in 2022 when you donate time, money, or wish-list items to your favorite charity. Here are a few ways to get started. Give Your Time. Are you a chef, teacher, handyman, lawyer, graphic designer? Offer your unique skills to organizations in your community. Give Your Money. Make a one-time or recurring contribution to a favorite
nonprofit. Donations to the CAP COM Cares Foundation help improve the lives of individuals and families across the Capital Region. To support our efforts, please visit: www.capcomfcu.org/foundation. Give Needed Items. Review the needs list of your charity of choice. Consider hosting a collection drive for those items and delivering them to the nonprofit within the next several weeks. Looking for more ways to give back all year long? Search for in-person and virtual volunteer opportunities that could lift your spirits throughout 2022 at www.volunteermatch.org.
Need Something Notarized? CAP COM offers free Notary Services for members.
20 Local Nonprofits received grants totaling $100,000 for infrastructure needs
40 Young Adults received scholarships totaling $86,500
235 Children are staying warm with new winter coats
600 Households received Thanksgiving meal deliveries
3,000+ Students have backpacks loaded with school supplies
The purpose of a notary is to verify your identity, witness your signature, and provide accountability by signing the document with their name and official credentials. Although an appointment isn't required, scheduling one ensures that a staff member with notary qualifications is available when you come in. To schedule a time, call (800) 634-2340 or go to www.capcomfcu.org/appointment. Find out more about our Notary Services at www.capcomfcu.org/blog. “Remember, don’t sign your document before bringing it to us to get notarized.” Ernie P. Senior Branch Manager
Dan A. Mortgage Specialist
8 Financial Independence
CAP COM Financial Services 8
When can I retire? Let us help you set investment goals and pursue financial independence. 20+ Years Until I Retire Start Now and Gain Momentum
Reminder
Even a little can go a long way when you have time on your side. Put aside cash to pay for 3 months of expenses or more. Participate in an employer 401(k) matching program, if available. Get familiar with the basics of various investments (pre-tax, post-tax). Develop an investment plan that aligns with your goals.
Time in the market beats timing the market.
Ready to learn more? Attend our Why Invest webinar. Need help? Call (518) 782-0209 for an appointment with an advisor.
Excerpt from Financial Planning at Every Age. Read the blog at: www.capcomfinancial.com/blog
10-20 Years Until I Retire Satisfaction of Traction Build wealth during your peak earning years and put assets to work. Set aside enough cash to pay for at least six months of expenses. Make a financial plan to allocate savings and investment funds. Investing in growth assets may help build up your retirement nest egg. Consider an IRA in addition to a 401(k).
A study of S&P 500 returns from 1926 to 2011 found that a 20year buy-and-hold strategy never produced a negative result, with 3.1% to 17.9% annualized returns.
For a refresher of investment basics, attend the Why Invest webinar. To meet with an advisor, call (518) 782-0209 and set up a time.
Resources Check out the webinar schedule. www.capcomfinancial.com/learn Read our weekly blog. www.capcomfinancial.com/blog
5-10 Years Until I Retire Countdown to Freedom Almost there! Take steps to ease the transition. Pay down your debt as much as you can (and try to eliminate it). Determine how much money you'll need for living expenses and taxes. Healthcare can be costly and confusing, so know your options. Consider when to apply for Social Security, timing pros and cons. Review income sources in retirement, asset allocations, tax strategies.
Listen to Market Signals podcast. www.capcomfinancial.com/msig Meet with an advisor. Call (518) 782-0209 to set a time. Follow CAP COM Financial Services.
Attend our Retirement Bound and Medicare webinars to learn more. For a personalized plan, call (518) 782-0209 and let's meet!
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