Newsletter
Fall 2014
CEO Spot
Hello FCFCU Members! As we all look forward to fall, football, holidays and ending this year strong, I can’t help but look back at the last quarter. In our last newsletter only 3 short months ago, I promised two new smart phone apps that would bring FCFCU to a new generation in need of financial services. I looked forward to launching a new website with a fresh look and better navigation and here we are in early October and all three major projects have been launched! Whew! This quarter has been an exciting one for our CU. Now, looking ahead with November right around the corner, I would be remiss if I didn’t thank all of our members, board and staff for your continued support. As we are growing, it is our mission to remain engaged and active in our community. With that, I am proud to say this year we have participated in a staggering 62 events so far this year. Giving back is part of the FCFCU culture and with our volunteers, donations and sponsorships we have been able to help such charities as United Way, The Samaritan Center Food Bank, SMH Foundation, Camellia City Bark Park, Slidell Boys and Girls Club, Slidell Boy Scouts, Community Christian Concern, Slidell Police Association, Lake Pontchartrain Basin Maritime Museum, Young Entrepreneur Academy, Rainbow Child Care, The Veterans Build Project and more! We are 80 years young this month, and with 2015 on the horizon we will continue to look for fresh and new ideas to help families prosper. And remember, no matter where you are in your financial life, and whether your need is big or small – we are here to help! -Kirk Arnold
The leaves are not the only thing changing this fall We all know that technology is changing our lives and your banking needs are no different. “To stay competitive in a market with so many choices, we decided to invest in better services online rather than brick and mortar” said Vice President of Lending, Danny Trahan. With three branches in sometimes high traffic or construction areas FCFCU wants to make services more accessible. Most members make the trip to make deposits so making it easier to have access to their money is important. FCFCU selected Mobiliti™ solutions from Fiserv for its Mobile Banking Application and Catalyst Corporate for its remote capture application. These digital banking solutions were chosen based on functionality, as well as their ability to integrate with our account processing platform from Fiserv. Download both app’s for free today!
First Castle Federal Credit Union announced today the winners for the “I heart my credit union” contest where they asked St. Tammany Parish teachers, either private or public, to submit a video expressing how $500 could help their students. Ms. Lagarde teaches Kindergarten at Abney Elementary had 3 students sing about what they would love to have in the classroom. She plans on using the grant money to incorporate science into daily lessons. One of the items they will be getting is an incubator to hatch chicken eggs. Ms. Billiot from Abney Elementary is a first year teacher needed help buying manipulatives to help her students learn Math. Ms. Walters from Little Oak Middle School class loves Science. The kids decided to purchase 3 triple beam balances, 12 stopwatches, and a set of 7 graduated cylinders. The next winner is from Bonne Ecole Elementary, Ms. McAllister. She teaches 5th and 6th grade gifted sang to “Frozen”. She will be purchasing an iPad with a keyboard to enhance her students learning. Ms. Sterling from Woodlake Elementary, teaches 2nd grade and hopes to use the grant to help her students with the new Common Core curriculum. Mr. Kranz from Slidell Jr. High had made a compelling video explaining that some of his students are academically at risk. He will use the money for an online math coaching program. Ms. Nobel at Madisonville Elementary teaches Special Education for children with mild and moderate disabilities including Autism and Down Syndrome. She will be purchasing hands on materials to help the students with basic life skills through games and tactile tools. LTCOL (Retired) Cassady from Mandeville High School has 133 cadets participating in JROTC. The cadets have requested funds for a gas grill and banquet tables for fundraisers and support functions like their summer camp. Ms. Featherstone from Pine View Middle School will buy a piece of technology that will allow her deaf students to participate in class better by allowing them to answer via text that will be synced with her Promethean Board.
First Castle Federal Credit Union gives $5k to St. Tammany Parish Teachers
Ms. Richardson from Pontchartrain Elementary teaches Kindergarten. Her class helped her make a video and Ms. Richardson wrote a very clever poem with the letters “We Love FCFCU”. The class made great suggestions like buying a possum with the grant but Ms. Richardson hopes to buy books and make a great library corner for comfy reading in her class.
St. Tammany Teacher Grant Competition Winners
Ms. Lagarde & Ms. Billiot
Abney Elementary
Ms. McAllister Bonne Ecole Elementary
Ms. Nobel Madisonville Elementary
Ms. Sterling Woodlake Elementary
LTCOL Cassady Mandeville High School
Mr. Kranz Slidell Jr. High
Ms. Richardson Pontchartrain Elementary
Ms. Featherston Pine View Middle School
Ms. Walters Little Oak Middle School
Come see the whole crew of FCFCU at the main gate for the 25th Annual Madisonville Wooden Boat Festival on October 11-12. Be sure to register for a chance to win the gate prize! No purchase necessary and winner need not be present.
Do You Have Courtesy Pay? If your checking account has been open for over 60 days, chances are you do! You may not even know it but it can help protect you from the occasional overdraft. Of course we always encourage members to manage their finances responsibility but it is nice to know we are looking out for you on the occasion that you bounce a check.
Here is how it works: Courtesy Pay isn’t a loan and there isn’t any paperwork to sign. All we ask is that as long as you maintain your account in good standing, we will cover insufficient funds up to $300 including overdraft fees. If you do use it we will mail you a notice asking you to bring our account to a positive balance as soon as possible (but before 30 days). There are other overdraft protection that we offer such as a link to your savings overdraft protection account or a separate line of credit. Call, email or come by and ask us what option is right for you!
Same Great Credit Union Fresh New Look
First Castle Federal Credit Union recently took stock of how we were staying current with the mobile trends in banking and services that a tech savvy member would be looking for. One important key factor was the redesign of the website and even more importantly, getting the website to be mobile responsive. Kirk Arnold, First Castle FCU CEO said “We wanted to make sure that no matter what kind of device our members were on, smart phone, pad or laptop, finding the information they need should be easy and fast.” Just seven short years ago First Castle opened on the Northshore but already knew it was time to make another move to grow. This time, instead of building a brick and mortar business they asked themselves about their digital store front. First Castle FCU wanted to make sure they are impacting member growth, retention and relationships. As a result, the organization elected to enhance their digital banking and payment capabilities, adding enriched functionality for online and mobile banking and bill pay, in order to better serve their members and fuel growth in a very competitive market.
Headquartered in Covington, Louisiana, we serve about six thousand members and are looking to appeal to the young, upcoming families that we see on the Northshore. “In a challenging market, we see technology as a key differentiator. Like most financial institutions, we must continue to attract and retain members of all ages − especially the younger generation. We believe a commitment to innovation and delivery of an exceptional member experience will help us reach our goals for membership” said Arnold. FCFCU hopes to give members a seamless experience whether they use an online service or in the branch. Time is important to everyone. Pay bills, check balances, transfer funds – quickly and in the fewest number of steps is what First Castle looked for in choosing new online services. Be sure to tell us what you think of the new look! Email netbranch@firstcastlefcu.org
Building Credit for Teens By Kirk Arnold
So, what should we do?
Teach your children about money.
One of the questions I get asked the most by Members and people I meet is “what is the best way for me to establish credit for my teenage son or daughter?” Parents want their teen to have credit but doesn’t want them to run loose with a credit card or not understanding that they actually have to pay back what they spend!
What I suggest is start your child off early teaching them about money, bills and what things cost. Now I don’t recommend telling your very young children how much you earn, or trouble them with your own financial issues of course. However, it is important they understand the meaning of money and that things do cost, and that if you borrow something, it is expected to be paid back.
I think we all have heard of those unfortunate situations where a young person just getting into college is approved for a credit card and think they have hit the lottery. They may not understand or at least they may not realize the reality of actually paying back what they spend. My teenager has a huge credit card bill! Now what?
Many teenagers and young adults don’t look too far into the future and don’t see the full implications of the potential damage to their credit, which will impact them throughout their lives. The last thing you want for your newly “sort of” independent teen is to build up a balance they cannot afford to pay back. If they do, you the parent, will face the situation of having to pay down the debt yourself if you co-signed on their credit card. The other route is neither the teenager nor the parent pay off the debt, which can have a very long impact on their credit (as well as your own if you cosigned), or they may face collection issues. No one wants their child to face those financial challenges ever, much less so early in their independence.
Once a child is 16 or 17, they should open a checking account with the parent signing as a guarantor. A checking account with a debit card starts to teach them about what they have to spend and what they don’t. My teenager has a checking account where she puts her babysitting money and birthday money, and she has the First Castle Mobiliti app on her phone. Many times, she has checked her balance in a store before deciding to buy or not. She would probably never check her balance logging in on her laptop, but she is learning money management literally in the palm of her hand. Now most kids these days won’t touch an actual check but the debit card is an important tool for anyone to learn about at that age. Getting them to understand how purchasing things has a direct effect on their balance seems so simple, yet if they have never been introduced to it, it can be a real eye opener. (Cont.)
Building Credit for Teens (Cont.) By Kirk Arnold
Graduating to a Credit Card With a couple of years of managing their account under their belt they can then be introduced to their first credit card when they are 18. Normally the parent would once again have to sign as a cosigner on the account. At First Castle, we offer secured credit cards, which may be a good option. The limit is tied to having the same amount in a savings account. You could also apply for a card with a minimal limit. A limit large enough for them to make important purchases but small enough to not be able to go overboard. Making small purchases and paying them back on a timely basis builds good credit. Of course you know your own child best and must determine yourself if these suggestions will work in your situation. There are many other things a parent can do to help their teens, and this is just a basic outline for one of those things. The important thing to understand is that your teenager is counting on you to help educate and guide them into their first foray into adulthood and finances. Don’t let them travel that first step alone or they could literally be paying for a mistake or two for many years.
Teaching the Value of Money One thing parents know is how fast time flies. One minute the $5 your child gets from Grandma is all the money in the world and the next it is tossed aside. Teaching our children the value of money is always on the agenda but sometimes it is hard to get to.
What to get the kid that has everything? A Castle Kids Account! Learn the Value of Saving!
With a kids account, we help give children the tools to keep track of their own money. They learn how to set financial goals and our Castle Kids Account earns interest. We have free coin counting (in Covington) and a birthday surprise if they come in.
Making the Grade Bring in your child’s final report card and earn $1.00 for every A! (limited to $5)
Locations: 888-441-2411 www.firstcastlefcu.org
New Orleans
Covington
Slidell
7400 Leake Ave.
100 Cherokee Rose Lane
1402 Gause Blvd
Suite 237 504-862-2561
985-867-8867
Suite D
985-643-1933
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