Hanscom FCU MoneyWisdom Winter 2020

MoneyWisdom TIPS, NEWS, AND HAPPENINGS FROM HANSCOM FCU | WINTER 2020

GET PAID FASTER in 2020 With Payday Perqs page 3

An Easy Way to

REDUCE CREDIT CARD DEBT page 4

FINANCIAL TIPS (THAT WORK!) for Tough Times page 6

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Winter 2020

Join Us at the 2020 Annual Meeting

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he 66th Hanscom Federal Credit Union Annual Meeting will be held on Saturday, May 2, 2020, at The Lantana in Randolph, MA. Doors will open at 5:00 p.m. and the

business meeting will begin at 6:30 p.m.

Dinner and entertainment will follow the meeting. Tickets are $15

Scholarship Opportunity for High School Seniors

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ttention class of 2020 seniors! If you’re planning to head to college this fall, consider applying for the John F. Condon Memorial Scholarship through Hanscom Federal Credit

Union. You could be the recipient of a $1,500 scholarship!

and must be purchased in advance. There will be no ticket sales at the door. You can order your tickets at www.hfcu.org/meeting,

To qualify, you must be a member of Hanscom FCU at the time

purchase them at a branch, or call 800-656-4328. We look forward

the application is made and be planning to enroll in an accredited

to seeing you there!

program of higher education. Your application will be weighed on the strength of your academic performance, extracurricular activities, community service, and an essay.

ď‚‘ RESOURCEFUL

Annual Meeting Saturday, May 2

For details and to download an application, visit our website at www.hfcu.org/ scholarship.

Statistics

Our Mission

Board of Directors

To be the trusted advisor that

Ray T. Phillips, Chairman

Raymond A. Kahre

Members . .............................................. 92,585

people turn to for unbiased

John A. Delcore, Vice Chairman

Hugh W. McNeil

Assets........................................ $1,475,000,000

financial guidance.

Mark D. Walsh, Treasurer

David M. Pronchick

Deposits................................... $1,299,000,000

Teresa S. Conrad, Secretary

Lawrence S. Rzepecki

Loans......................................... $1,192,000,000

Paul J. Marotta, Chairman Emeritus

Reserves.......................................$148,600,000 September 30, 2019

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Winter 2020

NEIGHBORLY

Hello Dorchester! Hanscom FCU Opens 22nd Branch at South Bay Center

T

Façade of our 22nd Branch in South Bay Center, Dorchester.

his fall, Hanscom Federal Credit Union opened its 22nd branch at the South Bay Center in Dorchester, MA. This unique shopping complex is pedestrian-friendly and includes mixed-use

gathering spaces with a diverse mix of retailers, theaters, apartments, and restaurants.

Elaine Jones, Hanscom FCU’s Vice President of Branch Administration, remembers driving through the area before South Bay was developed.

“It was a wasteland then,” she said. “Now the area feels alive. I look at

We’re thrilled

the sheer breadth of apartments and businesses there, and it takes my

we’re part of the

breath away. It’s beautiful, absolutely gorgeous, and I’m so proud

Dorchester community.

we’re a part of it.”

Visit us soon!

During the grand opening celebration this fall, the credit union presented a $1,000 donation to Freedom House, a local youth enrichment organization, which is transforming the economic and cultural fabric of high-need communities through education and leadership development.

Hanscom FCU’s newest full-service branch, located at 8 District Avenue, is open 7 days a week. It features a 24/7 deposit-taking ATM and a coin

Our Dorchester branch employees look forward to welcoming you.

counting machine that is free to members. Its convenient location makes dropping by for any of your financial needs as easy as taking a walk downtown, or you can reach the branch with a 1-minute walk from the Newmarket T Station or a 2-minute bus ride from the Andrew Square T station. If you’ve got a car, you’ll be happy to hear that parking is free.

Get Paid Faster in 2020 Direct deposit offers so many perks. You don’t have to stand in line on

pending, and we make that deposit available to you immediately. This

payday with your paper check, there’s no waiting for your check to

means you can get paid up to two days earlier than your co-workers

clear, and you can take a business trip or enjoy vacation knowing that

who are waiting around for payday! (Of course, you could be a good

your hard-earned money will show up in your checking account, safe

co-worker and let them know about Payday Perqs.)

and sound.

Signing up for Payday Perqs is easy. All you have to do is visit your But did you know there’s another perk when you’re a Hanscom FCU

human resources department and give them our routing number,

member? You can take advantage of Payday Perqs when you have your

which is 2113-8048-3, and your account number. Then just sit back

payroll check direct deposited with us. In many cases we’re notified

and let those paychecks roll into your checking account up to two days

up to two days before payday that a direct deposit to your account is

earlier than your designated payday.

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Balance Transfers 101: How to Lower Your Credit Card Debt Here’s what you need to know before you consolidate credit card debt.

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balance transfer is exactly what it says it is: the movement of a credit card balance over to another card.

Selecting the Best Offer So it’s time to choose a new balance transfer card. How do you evaluate the offers? It’s a

Borrowers like balance transfers because they

fairly straightforward process to ensure you

can transfer higher interest debt to a lower

make a sound financial decision.

interest card.

First, gather up the account numbers, The process of applying for a balance

balances, and interest rates for your current

transfer is fairly simple, although there will

credit cards. You don’t want to make the

be variations between lenders. You apply

mistake of applying for a credit card that has

for the new line of credit with your chosen

a higher interest rate than your current cards’

lender. Some lenders will ask you to provide

interest rates.

the balances and account numbers you want to transfer when you apply; others will not.

Second, take the time to evaluate the specifics

Once you’re approved, your new lender will

of the offer. We’ve created a fillable chart

contact your old lenders, pay off your debts,

below that lets you compare card offers. You’ll

and apply that debt to your new card. This can

want to look at not just the interest rate, but

take up to three weeks, so you should ensure

if it’s a promotional rate, how long it will

you make your minimum payments due on

be in effect. Once that period is over, you’ll

your old cards until the transfer is complete.

be charged the card’s normal ongoing rate, which could erase any savings you’ve realized

Compare Card Offers

Keep in mind that your new lender may give

during the promotional period if you’re still

you a credit line that’s less than the amount

carrying a balance. A 0% interest card can be

of the total of your old debts. Your approved

a great deal if you pay off the balance before

amount will depend on your credit history,

the promotion period ends, but it can cost you

credit score, credit utilization, and income.

more if you know you won’t be able to pay







Hanscom FCU

Card 2

Card 3

Promotional APR if available

N/A

Good through

N/A

Regular APR1

Platinum Mastercard 8.49%1

APR on Purchases

Platinum Mastercard 8.49%1

Annual Fee

0 1

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APR=Annual Percentage Rate. Rates shown are the lowest possible rates currently offered. Other rates are available, based on your credit profile and loan terms.

Contact Member Services at 800-656-4328 for rate details. You can also view the Consumer Credit Card Agreement and Disclosure for additional details.

Winter 2020

PROACTIVE

How’s Your Debt Load?

Looking at Credit Card Debt by Age 0123 4567 89014 23 45

Every generation faces a unique set of financial challenges at different stages in life.

00/00

Credit card debt is an obstacle that can be a burden at any age. See how your debt stacks up against the average credit card debt amounts for different generations.

$2,000

Gen Z

Millennials

Gen X

Baby Boomers

(born 1997+)

(born 1981-1996)

(born 1965-1980)

(born 1946-1964)

Generation (born 1928-1945)

$2,047

$4,000

Silent

$4,315

$4,613

$6,000

$7,750

$7,550

$8,000 Source: Experian State of Credit 2017

Want to make a plan to pay off credit card debt? Hanscom FCU can help with credit counseling and debt consolidation to help you deal with debt.

off the balance or if you miss a payment and

Lastly, something a lot of borrowers don’t

debt to the card, especially if the promotional

incur late fees and a penalty interest rate.

know until they apply: you can’t transfer debt

rate doesn’t apply to purchases.

between cards from the same issuer.

Third, there are usually fees. Most balance

Initiating a balance transfer can be a great

transfers come with a fee, anywhere from

Work Your Plan

3% to 5% of the balance you’re transferring.

Once you’ve made the transfer, it’s important

a little easier in the new year. Here at

You’ll want to make sure the amount you save

to have a plan and stick to it. If your goal

Hanscom FCU, we’re always looking for ways

on interest more than covers the fee, or that

was to eliminate high-interest debt, be sure

to help our members save more money, so

the card has others features that make the fee

you make monthly payments that chip that

if you’ve got some high-interest credit cards,

worth paying, such as points or rewards. You

balance down to zero by the end of the

stop by a branch or call us at 800-656-4328

will also want to know if there’s an annual

promotion period. Keep an eye on monthly

to learn how a balance transfer or a debt

fee on the card, which can be quite steep.

due dates; one late payment can turn your low

consolidation loan could reduce your monthly

Fortunately, there are cards out there with

promotional rate into a high-penalty interest

payment in 2020.

no transfer fees or annual fees … like

rate. And if your goal is to pay off the debt

Hanscom FCU’s cards!

completely, make sure you don’t add more

way to save money, reduce debt, and breathe

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RESILIENT

Managing Your Money in Times of Change

M

oving to a new city? Changing jobs?

Beginning or ending a relationship?

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All of the above at once? New

life changes can be exciting, but also

ORGANIZED

overwhelming. No matter where life takes you, you’ll want to stay in control of your finances.

Budget and manage your finances in

The tips below can help you maintain steady

one place with our free My Money

money management skills when it feels like

Manager personal financial manager

your life is moving a million miles an hour.

tool. Enroll through Online Access HD under the Services menu.

S eeking a new home. It’s vital to understand the cost of living when contemplating a new location – rent and home costs can vary drastically from city to city. Utility costs and car insurance premiums can also differ, as well as state and local taxes. You may decide to rent as you get to know a new area, but be sure to note if there are extra charges for parking, having a pet, on-site storage, and more. Do as much research as you can before you commit to a new home base.

whether taking public transportation or

If you’re breaking up your relationship

Don’t forget to factor in possible emotional

fueling your own vehicle?

and your finances, you’ll want communicate clearly to make separating finances go as

costs of climate, access to nature, and local If a job change means a pay cut, be sure to

smoothly as possible. Your original written plan

look for ways you can reduce spending so

can also help provide clarity at this time. If you

Moving. If using professional movers, get quotes from different companies

you aren’t overextending your finances and

and your partner can’t make a firm decision or

accumulating debt. Contact your financial

compromise, you may need to seek assistance

to compare costs and what’s included.

institution, utility companies, student

from an unbiased financial mediator.

Having an extra person on the moving

loan companies, etc., to explain your new

crew or going over your estimated hours

situation and if you anticipate any financial

We’re With You All the Way

could be big budget breakers. Consider if

hardship – it’s best to be proactive and

At Hanscom FCU, we’re here to help you

it would make better financial sense to sell

honest than to avoid paying bills, which can

manage money wisely and protect your

current furnishings before you move and

damage your credit score.

finances as your life changes. Stay on top

entertainment opportunities.

of your accounts with online and mobile

buy new or secondhand furniture at your new location.

C ombining or separating finances.

Communication is key when you are in a

banking, account alerts, and more. You can

Changing jobs. A new job often means an increase in pay, but look at the big

new relationship or ending one. Before you

in a branch or call us at 800-656-4328.

decide to join finances, have a thorough

Learn more about our many products,

picture: Will you have better benefits or will

discussion about your money history and

services, and resources that can help you

you need to pay more for health insurance?

current financial standing, your savings

navigate your changing circumstances at

Do you need a new wardrobe? Will you

goals, and how you’re going to pay bills.

www.hfcu.org.

be spending more on commuting costs,

Consider putting a plan in writing so it’s clear for you both.

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Winter 2020

connect with a Member Service Representative

CHARITABLE

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For the latest news happening

Hanscom FCU in the News 1

Honors for Hanscom FCU Employee and Volunteer

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at Hanscom FCU, visit www.hfcu.org/ media.

And the Cushman Award Goes to …

Frank Ferdinand, center, accepts the 2019 Cushman Award from

The Cooperative Credit Union Association honored Hanscom FCU’s

Ray Phillips, Chairman of the Board, and David Sprague, President &

Chairman Emeritus Paul Marotta with induction into their Hall of Fame,

CEO. The Cushman Award is given annually to a staff member who

and gave V.P. of Marketing Steve Silva their Professional of the Year

personifies the ideals of the credit union. Ferdinand is a Service Desk

award. Photo (l. to r.): Steve Silva with Paul Marotta.

Agent with Hanscom FCU and has been with the credit union since 2018.

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Alan M. Hart Memorial Charity Golf Classic Raises $150K for Veterans

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Hanscom FCU Wins Social Responsibility Award

This fall the Hanscom FCU Charitable Foundation’s Annual Alan M. Hart

The credit union won a first place Desjardins Youth Financial Education

Memorial Charity Golf Classic raised $150,000, part of the Foundation’s

Award from the Cooperative Credit Union Association for developing

$750,000 five-year commitment to support Home Base. Home Base is

a program that teaches essential financial education skills to young

a charitable organization dedicated to healing the invisible wounds of

people enrolled at the Shriver Job Corps Center in Devens, MA. Photo

war for veterans, service members, and their families. Photo (l. to r.):

(l. to r.): Diana Braga, Project Coordinator; Ferdousi Faruque, Senior

Hanscom FCU Chairman Emeritus Paul Marotta, Brigadier General (ret.)

Relationship Manager; and David Wong, Project Coordinator of

and Home Base Executive Director Jack Hammond, and Hanscom FCU

Hanscom FCU’s Partner Relations department.

President & CEO David Sprague.

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Contact Us Headquarters: 1610 Eglin Street | Hanscom AFB, MA 01731 800-656-4328 www.hfcu.org

1610 Eglin Street

Download our free app for iPhone®, AndroidTM, and Kindle Fire.

Routing Number (for direct deposits and withdrawals): 2113-8048-3 NMLS# 410771 To report a lost or stolen ATM & Check Card or Credit Card call: 800-656-4328 M-F, 8:00 a.m. - 5:30 p.m. ET Overseas, call collect: 412-552-2697 After business hours and weekends call: 800-264-5578 24-hour Fraud Line: 866-842-5208 This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.

Websites not belonging to Hanscom FCU are provided for information only.

No endorsement is implied. Images may be from one or more of these sources: ©iStock, ©Fotolia, ©Canva. ©2020 Hanscom Federal Credit Union.

Hanscom AFB, MA 01731 Go green. Log in to Online Access HD to sign up for online statements. Learn more at www.hfcu.org/statements.

Federally insured

by NCUA.

Hanscom FCU Charitable Foundation

Serving a Veteran in Need

B

edford resident Milton Moffett is well known around town for his volunteerism and generosity, so when

Volunteers from Hanscom FCU and Purple Heart Homes with Milton Moffett, December 5, 2019

Hanscom FCU learned a member since 1963 could use a helping hand, we reached out.

The 89-year-old U.S. Army Air Corps veteran, who served from World War II through the Cold War, needed a ramp for backyard access. Staff from Purple Heart Homes, which provides housing solutions for service connected disabled veterans, worked with Hanscom FCU volunteers on a brisk December morning constructing the ramp, along with a prefab shed, for Moffett’s use. A $10,000 donation to Purple Heart Homes from the Hanscom FCU’s Charitable Foundation

Milton Moffett, 1949, Tokyo

covered the cost of the project.

The Hanscom FCU Charitable Foundation salutes all of our members like Milton Moffett who’ve served. Contributing to projects like these lets us thank men and women who’ve given so much to our community, our nation, our world.



Be CHARITABLE

Become a supporting member of the Hanscom FCU Charitable Foundation. Visit us at www.hfcucharity.org.