MoneyWisdom Winter 2019

MoneyWisdom TIPS, NEWS, AND HAPPENINGS FROM HANSCOM FCU | WINTER 2019

A NEW CASH + REWARDS CREDIT CARD… With No Annual Fee! page 2

5 STEPS

to Financial Wellness in

2019 page 4

GET ON BOARD With Mobile Banking page 6

1

Winter 2019

Scholarship Opportunity for High School Seniors

I

f you’re a high school senior heading to

accredited program of higher education.

college this fall, consider applying for a

Your application will be weighed on the

Condon Scholarship through Hanscom

strength of your academic performance,

Federal Credit Union. Tuition, fees, and

extracurricular activities, community

living expenses for college students are

service, and financial need.

This fall Hanscom Federal Credit Union launched its new CASH + REWARDS World Mastercard with no annual fee and 1% cash back on every purchase, every day … with no limit to how

expensive, so a scholarship can ease that

much you can earn. Reward categories include

financial burden.

cash back, gift cards, merchandise, travel, green products, experiences, payments and

The Condon Scholarship is named after our

credits toward loans and statements, charitable

longtime board member John F. Condon.



High school seniors who plan to continue their education are eligible to apply for the $1,500 scholarship.

Be REWARDED

To qualify, you must be a member of Hanscom Federal Credit Union at the time the application is made and you must be planning to enroll in an

donations, and more.

“It’s an excellent credit card for our members who’ve come to enjoy perks like rewards, but who don’t want to pay an annual fee for

For details and to download

them,” said Tom Becker, Hanscom FCU’s chief

an application, visit our

lending officer. “They’ll also be dealing with a

website at www.hfcu.org/

financial institution they’ve come to trust with

scholarship.

their personal finances. We’re excited about introducing this card, and we think it offers real

MAY

4

Announcing the CASH + REWARDS World Mastercard®

Join Us at the 2019 Annual Meeting

value for our members.”

When you have a credit card through Hanscom FCU, you’ll appreciate our competitive

Mark your calendars! The 65 Hanscom FCU Annual Meeting will be held on Saturday,

rates coupled with personal, friendly service.

May 4, 2019, at The Lantana in Randolph, MA. Doors open at 5:30 p.m. and the business

Apply online at www.hfcu.org/world or

meeting begins at 6:30 p.m.

stop by one of our branches to speak with a

th

Member Services Representative about how a Dinner and entertainment will follow the meeting. Tickets are $12 and must be purchased in advance. Order yours at www.hfcu.org/meeting, purchase them at a branch, or call 800-656-4328. See you there!

CASH + REWARDS World Mastercard can help you keep more money in your pocket while delivering the rewards you’ve come to expect from a credit card.

Statistics

Our Mission

Board of Directors

To be the trusted advisor that

Paul J. Marotta, Chairman

Raymond A. Kahre

Members . .............................................. 85,983

people turn to for unbiased

Mark D. Walsh, Vice Chairman

Hugh W. McNeil

Assets........................................ $1,300,700,000

financial guidance.

John A. Delcore, Secretary

David M. Pronchick

Deposits.................................... $1,145,300,000

Ray T. Phillips, Treasurer

Lawrence S. Rzepecki

Loans.......................................... $1,161,800,000

Teresa S. Conrad

Reserves.......................................$140,000,000 September 30, 2018

2

Winter 2019

BeAWARE

Scam Alert: Things the IRS Will Never Do

T

ax season is here, and it’s stressful enough without the threatening and aggressive tactics of scammers impersonating the IRS. In recent years, thousands of people have lost

Take Note of These Red Flags How can you protect yourself from these scams? A little awareness can go a long way. Here are five things that the IRS will NEVER do:

substantial amounts of money, as well as precious personal information, to tax scams. Although you may think you’re too savvy to fall victim, it’s important to remember that every year, criminals find new and creative ways to cheat you out of your money and identity.

Phone scams, in which a caller claiming to be a representative of the IRS demands payment of an unpaid balance, are one of the most popular methods of fraud. And scammers have a lot of practice sounding convincing. They may even have figured out how to make it look like the call is coming directly from the IRS on your caller ID. Scam emails, another method of fraud favored by criminals, will make the claim that there was a problem with your tax filing or you’re owed a refund in order to gain access to your personal information.

These scammers can go so far to file a phony tax return in your name using data stolen from tax professionals, then use various tactics to get you to send them the money the IRS deposited in your account. They’ll even pose as debt collectors!

1 C ontact you via phone, email, text message, or social media without first mailing you a notice.

2 Threaten to sue, arrest, or deport you for nonpayment.

3 Demand you give a credit card number, Social Security number, or other personal information over the phone or through email.

4 Require use of a specific payment method such as a wire transfer or a prepaid debit card.

5 Become belligerent. The IRS will never use threatening or profane language to intimidate you.

The IRS says that anyone wishing to check their account after receiving this kind of contact can visit the IRS website at www.irs.gov and register to view their account online. You will be able to see 24 months of payment history and any balance due for any given tax year.

If you notice a suspicious or erroneous deposit from the IRS in your Hanscom FCU checking account or suspect your accounts have been accessed by a tax scammer, contact us immediately at 800-656-4328 or stop by your local branch. You can also report suspicious phone or email activity to the IRS via email at phishing@irs.gov.

3

Financial Fitness Tips from Hanscom FCU Employees

Steps to Financial Wellness in 2019

We asked our employees to share how they’ve achieved financial peace and wellness in their own lives. Here’s what they had to offer our members:

“M

Our family never uses coins to pay for things.

to stick to a goal this vague. Here are some

1

change in a jar at home and then, once it’s filled, deposit the change to our savings account or cash it in for spending money while

Start putting some

”

on vacation.

money aside in a holiday savings account so you don’t end up spending $32 on a $25 sweater when you purchase it

”

“Access your accounts

with a credit card.

online frequently and set

– Kathy, Littleton Branch

alerts so you’re immediately aware of any potential fraudulent transactions.”

– Sergio, McLean, VA, Branch

Here’s how my husband and I got out of credit card debt.

He gets paid weekly and there are a few months a year that he gets five paychecks in a month. We would apply one of these paychecks to our outstanding credit card balance. Even if it wasn’t the whole check, we would apply as much as we could and it did make a difference. We did this with my pay as well. I get paid biweekly, so the months I got three paychecks, I would apply as much as I could of that ‘extra’ paycheck toward the outstanding credit card balance.

Our budget was based on a four-week paycheck month, not five; and a two-week paycheck month, not three. We also got into the habit of not using credit cards, unless we had an emergency.

In doing this, we learned not to use them and we still find that we do not use them. We stayed positive and kept our eye on the prize – and this past March/April 2018, we hit our goal.”

– Andrea, Card Services

4

New Year’s resolution. But it can be tough

specific ways to help you be money-wise in 2019:

Regularly we put our spare

– Sheryl, Human Resources

anage finances wisely” is a popular

Winter 2019

Create an emergency fund. Many financial experts recommend having three to six months’ worth of living expenses in a liquid savings account. Make saving automatic with a CU Thrive account from Hanscom FCU, which offers 5.00% APY* on as little as $5 or up to $500 automatic monthly savings deposited to a special account. On the anniversary of the account opening, the principal savings and interest will be deposited to your primary savings account. Visit www.hfcu.org/thrive to learn more.

2

Save for retirement. Making regular contributions to an employer-sponsored retirement plan or an individual retirement account (IRA) can make a big difference when you reach your retirement years. Automatic paycheck transfers, if available, can help you stick to this resolution with ease.

3

Pay off debt. If “pay off” seems too lofty, focus on whittling down debt by paying more than the required minimum amounts on your obligations. Refinancing to a lower interest rate (such as for a home or car loan) may also help you pay down debt faster.

4

Build great credit. Making on-time payments and handling credit responsibly will raise your credit score, a number that is considered for a large loan such as a mortgage, or even getting a job or apartment in some cases. You can schedule and pay your bills automatically with Hanscom FCU’s Online Access HD bill payer service to keep you on track. Learn more at www.hfcu.org/access.

5

Talk about estate planning. It’s not the most fun topic to think about, but it is important for your family’s future. Make it a goal to talk about estate planning with aging parents and/or your spouse to help you make decisions and form a plan. *APY = Annual Percentage Yield.

BeFIT I’ve got three tips: First, clean your closets, attics, and/or basements and donate items that are in good condition. You’ll feel good about donating and your home will be cleaner. Second, revisit your family cellphone plan periodically. Are you paying for too much data? You

If you have multiple

may be spending too much. And third, consider

loans, pay a little extra toward

cutting out cable TV and use a streaming service like Netflix, Hulu, or Amazon Prime.”

– Denise, Information Technology

the lowest loan balance and the minimum payment amount on the others. Once that lowest loan balance is paid off, take the money you were paying on it and apply it to the next lowest loan balance. Before you know it, the loans will be paid off.”

– Pauline, Accounting

I broke the habit of impulse purchasing by telling myself I could come back in three days and buy whatever it was that caught my eye. You can guess what happened: after three days, I usually forgot what it was that so enthralled me. And if I hadn’t forgotten, I was free to go back and make the purchase if I wanted to, which half the time, I didn’t bother to do because the object had lost its appeal. This one habit has saved me

”

thousands of dollars over the years.

 Be ORGANIZED

Budget and manage your finances in one

– Diana, Marketing

“Sign up for Mastercard’s resolution services and ID theft alerts

place with our free My Money Manager

(www.mastercard.us/idtheftalerts), which are

personal financial manager tool. Enroll

free to our members who have Mastercard debit

through Online Access HD under

or credit cards with us. Mastercard has partnered with

the Services menu.

CSID, an industry leader in identity protection and fraud detection. When you sign up for these services, you can share as much personal information as you’re comfortable with; the internet will be monitored closely for those details. You’ll then get periodic emails updating you if things look clean or if they’ve found something suspicious. They’ll also help you resolve identity theft if it occurs at no cost to you.”

– Eric, Card Services 5

BeREADY

Busting the Myths of Mobile and Online Banking

O

ver half of all U.S. adults use online banking services.* Are your concerns about banking online stopping you from joining in?

You may be surprised to learn it’s more secure than ever and

virtually anything that can be done in-person can now be done, well, virtually. Take a moment to erase your fears and dispel some myths of mobile banking: y banking information is at risk when it’s sent over Myth: M the internet.

Reality: Federal laws and regulations require financial institutions to keep customer information secure and confidential. On your end, as long as you’re on a secure internet connection (such as a home or work network), have anti-virus software, and are on your financial institution’s website or app, then your information shouldn’t be at risk.

To be sure you’re on an official and secure website, manually type in the web address instead of clicking a link. You should also look for an “https:” (the “s” stands for “secure”) or a small lock icon next to the web address. To ensure your app is safe, always keep it updated to the latest version. At Hanscom FCU, we use multifactor authentication to verify a member’s identity when they attempt to log in to their account;

Myth: Y ou can’t transfer money to another financial institution that way.

an example is an account login along with a fingerprint scan or a Secure Reality: Au contraire! You can easily transfer money to another

Access Code.

credit union, bank, brokerage, or any other financial institution through



Be PROTECTED

Download Detect Safe Browsing from Easy Solutions, a free tool that protects your Hanscom FCU Online Access HD

session from malicious attacks. Learn more here: www.hfcu.org/ detect-safe-browsing.html

Hanscom FCU’s Online Access HD. Log into your Hanscom FCU account, select External Transfer on the drop-down menu, then select the Transfer Money tab. All you need is your other financial institution’s routing number and account number to get started.

Myth: I can’t communicate with an actual person when I bank online.

Reality: True, you don’t get face-to-face interaction unless you

Myth: I still need to go to a branch or ATM to deposit checks.

visit a branch. However, phone support is available so you can get assistance outside of normal business hours – something a physical

Reality: Hanscom FCU offers mobile check deposit for

location can’t offer.

smartphones and tablets. Using our mobile app, you can snap a photo of a check’s front and back and have the money deposited into your

Visit www.hfcu.org/access for more information about Hanscom FCU’s

account, whether you’re home or on the road.

mobile and online banking and get started today. * Source: Pew Research Center

6

Winter 2019

BeCHARITABLE

Hanscom FCU in the News 1

Hanscom FCU’s Charitable Foundation Sponsors Mission: Gratitude Gala

1

This year the Hanscom FCU Charitable Foundation was the presenting sponsor of Home Base’s Mission: Gratitude, a benefit gala that raises millions of dollars to help heal the invisible wounds of warfare for veterans, service members, and their families. The Foundation donated $125,000 for the September 27th event. In total the Foundation has donated $535,000 over the last five years to support Home Base’s mission.

2

Hanscom FCU Recognized for Financial Education Programs

2

Hanscom Federal Credit Union was recently presented with the America Saves Designation of Savings Excellence Award from the America Saves Week campaign, coordinated by the nonprofit Consumer Federation of America. The award was given in recognition for Hanscom FCU’s member outreach during America/Military Saves Week in 2018. The outreach included face-to-face conversations at nine Military Saves Week events where the credit union’s Partner Relations team shared practical savings and investment tips with members.

3

Alan M. Hart Memorial Charity Golf Classic Raises Over $100K for Veterans

The Hanscom Federal Credit Union Charitable Foundation raised over $100,000

3

through the Alan M. Hart Memorial Charity Golf Classic, part of its $135,000 commitment to support Home Base. The event took place on September 24, 2018, at the Red Tail Golf Club in Devens, MA. The golf classic was renamed in its fourth year in honor of Mr. Hart, who was a longtime director of Hanscom Federal Credit Union and the founding chairman of the Hanscom FCU Charitable Foundation.

4

Cushman Award Goes to John Cotter

4

John Cotter, center, accepts the 2018 Cushman Award from David Sprague,

Hanscom FCU’s President and CEO, and Paul Marotta, Hanscom FCU’s Chairman of the Board. The Cushman Award goes to the staff member who best embodies the ideals of Hanscom Federal Credit Union. Cotter is the Facilities Manager, and since joining the credit union earlier in the year has earned rave reviews.

5

Hanscom FCU Employees Receive Awards of Excellence

Three Hanscom FCU employees received the 2018 Young Professional Awards of Excellence from the Cooperative Credit Union Association (CCUA).

Ferdousi Faruque, a senior relationship manager, Eileen Finegan, a member

5

education specialist, and Diana Mautino, an assistant branch manager, received these well-deserved awards at the CCUA’s Annual Meeting & Convention held at Mohegan Sun in Uncasville, CT, this fall.

Find more Hanscom FCU News at www.hfcu.org/ media.

7

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

1610 Eglin Street

www.hfcu.org

Hanscom AFB, MA 01731

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

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

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 Overseas (24 hr): 412-552-2698 (call collect) 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. ©2019 Hanscom Federal Credit Union.

Federally insured

by NCUA.

Hanscom FCU Says “Welcome Home” to Our First 100% Financed Mortgage Home Buyers

L

ike many young couples, Bryan and Allysann looked forward to owning their first home



together. They quickly discovered, however,

the financial requirements for home ownership

Be SETTLED

can be daunting … even a bit discouraging.

Then a Hanscom FCU mortgage expert told

Learn more about your financing

Bryan about our new 30-year 7/1 Adjustable Rate

options at www.hfcu.org/

Mortgage with no down payment requirement for first-time homebuyers.

“We jumped at the deal,” said Allysann. “We met all the requirements and the mortgage process was fast. Once we got the pre-approval, we found a house within the next few weeks. After we put the offer down, everything clipped along. We thought it would take a few months, but we were closing within a month!”

We’re delighted that we could get Bryan and Allysann into the home they really wanted. We can do the same for you. If you’re ready to put down roots like Bryan and Allysann, and can meet the requirements of this limitedtime mortgage, contact our Mortgage Department today at 800-656-4328 ext. 2043.

mortgage.