Hanscom FCU MoneyWisdom Spring 2019

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

Build Your

SAVINGS

Step by Step page 3

Start Your Business in 2019 page 4

Enjoy Travel Benefits With Your

CASH + REWARDS World Mastercard® page 6

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Spring 2019

Chairman’s Corner

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arlier this year, Hanscom FCU put the credit union philosophy of “People Helping People” into action by offering our LifeLine loan program to furloughed federal

workers. We helped hundreds who were going without pay during the longest government shutdown in history.

Hanscom FCU offered a LifeLine loan, a 60-day term loan with a 0% Annual Percentage Rate, waived penalties for premature withdrawals on term share certificates, and allowed qualified

members to skip consumer loan payments with no fees. We contacted our legislators and let them know that not only could we offer financial help, but we also offer free financial programs and counseling to our members.

Join Us at the 65th Annual Meeting You’re invited to an evening of dining, dancing, and democracy at the Annual Meeting on Saturday, May 4, 2019, which will be held at The Lantana in Randolph, Massachusetts. Doors open at 5:30 p.m. and the meeting begins at 6:30 p.m., followed by door prizes, dinner, and entertainment.

When you attend the Annual Meeting, you’ll get the opportunity to hear from your board of directors and learn how the credit union has performed over the past year. You can see old friends and make new ones, and enjoy some

It was heartening to see that many other credit unions around the U.S. as well stepped up to the plate with relief programs designed to aid members and their families during their time of financial need with programs similar to those of Hanscom FCU. Though it was a difficult time for our country and for the approximately 800,000 federal workers who went without pay for 35 days, I’m proud of how fellow credit unions stepped up to offer some relief for those who were put in a financial bind not of their making. This is a tremendous example of the credit union philosophy in action.

dinner and dancing as well.

The meeting is free. If you’re interested in staying for dinner and dancing, tickets are $12 per person and must be purchased in advance. To get your tickets, order online at www.hfcu.com/meeting, purchase them at a branch, or call 800-656-4328. We look

As I look forward to our Annual Meeting on Saturday, May 4, 2019, it’s my sincerest

forward to welcoming you!

hope that members like you will be there, to hear not only what your credit union has accomplished over the last year, but to share in our plans for the future. We are people helping each other, and it will be my honor to thank you in person for making possible the success of Hanscom Federal Credit Union.

Paul Marotta, Chairman of the Board

Annual Meeting Saturday, May 4

Statistics

Our Mission

Board of Directors

To be the trusted advisor that

Paul J. Marotta, Chairman

Raymond A. Kahre

Members . ...............................................88,107

people turn to for unbiased

Mark D. Walsh, Vice Chairman

Hugh W. McNeil

Assets........................................ $1,327,580,000

financial guidance.

John A. Delcore, Secretary

David M. Pronchick

Deposits.....................................$1,163,115,000

Ray T. Phillips, Treasurer

Lawrence S. Rzepecki

Loans.......................................... $1,197,853,000

Teresa S. Conrad

Reserves....................................... $142,777,000 December 31, 2018

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Spring 2019

Money Market and Higher Yield Savings Accounts Explained

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BeENLIGHTENED Earn More with a Certificate Laddering Strategy Hanscom FCU’s certificate accounts are a smart and safe way to reach your savings goals while letting you earn a great rate. However, you can earn even more when you use a laddering strategy with your certificates.

ur Money Market and Higher Yield Savings accounts are both great savings vehicles when you’re looking for a no-risk return on your money. Your funds at Hanscom FCU are federally insured up to at least $250,000 by the

National Credit Union Administration (NCUA), an agency of the federal government.

The chart below can help you understand how these accounts differ from each other so you can make the best decision for your finances.

A laddering strategy simply means putting your money in multiple certificates that mature at different times instead of putting all your money in a single certificate that matures at one time. When interest rates are climbing, a certificate ladder lets you take advantage of rising rates. You can take your maturing certificates

Money Market Account

Higher Yield Savings

and reinvest them into new certificates that are earning

Tiered money market rates allow you to earn more on higher balances. You earn dividends on your savings without a long-term commitment.

Gives you a higher rate of return on a high savings balance without losing liquidity.

fall, you’re still safe because you still have money locked

Minimum Opening Deposit

$2,000

$25,000

Minimum Balance to Earn Dividends

No dividends are earned on any day when the ending balance is below $2,000.

No dividends are earned on any day when the ending balance is below $25,000

Rate Structure

Your earnings rate increases as your balance increases. Our online rate sheet has current dividend rates for each tier: www.hfcu.org/rates

Your earnings rate remains the same when your balance is $25,000 or more. Our online rate sheet has current dividend rates: www.hfcu.org/rates

Monthly Maintenance Fees

a higher dividend rate. And if interest rates happen to into certificates with higher rates. This laddering strategy also gives you more availability to your funds if you need them because you’ll always have a certificate maturing on a regular schedule.

Here’s how it works: Let’s say you have $10,000 of long-term savings. Instead of pouring it all into a single 60-month certificate, with a laddering strategy you could put $2,000 into five separate certificates: a 60-month, a 48-month, a 36-month, a 24-month, and a 12-month.

When your 12-month certificate matures, you roll it into a new 60-month certificate account, and repeat the process as each of the other four certificates matures.

None

None

Checks

50 free Hanscom FCU Money Market Account checks

No checks available for this account

Deposits

Unlimited

Unlimited

us at 800-656-4328, or stop by one of our 21 branches

Withdrawals

Unlimited in-person withdrawals. Make up to 6 additional withdrawals per month, including transfers to other Hanscom FCU accounts by telephone or Online Access HD. Three of these 6 withdrawals may be made by check (minimum $250).

Automatic withdrawals are not allowed.

Make one withdrawal per month with no penalty or fees.

A $25 fee for each additional withdrawal per month will apply.

to get a leg up on your savings today.

Hanscom FCU can help you climb a little faster toward your financial goals with our great rates on certificates (www.hfcu.org/rates). Open a certificate online, call

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Be COOL

Add your Hanscom FCU cards to your phone’s Mobile Wallet. Learn more at

www.hfcu.org/mobile-pay.

We make signing up for a Hanscom FCU Money Market or Higher Yield Savings account easy. Just visit us online at www.hfcu.org/save, call us at 800-656-4328, or stop by one of our 21 branches to open an account today.

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Setting Up a Small

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recent survey by The UPS Store, Inc., reveals that 66 percent of their respondents dream of opening a

small business, motivated by desires such as being their own boss, seeing their idea come to life, and/or forging a new career path. Also high on respondents’ lists was their optimism that it’s a good time to start a small business.

Perhaps you’ve got the itch to strike out on your own and feel like 2019 is the year to take that leap of faith. Or maybe you’ve already hung up your shingle and need assistance as you grow. At Hanscom FCU, we want you to know we have tools and products designed for small businesses like yours, whether you’re an independent contractor, a mom-and-pop operation, or a fledgling corporation poised to be the next big thing.

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The U.S. Small Business Administration has a 10-step checklist that’ll help you get your new business off the ground. Find it here: www.sba.gov/business-guide/10-steps-start-your-business/

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Business Checking Accounts Hanscom FCU has business checking

accounts designed to meet the needs of your business. Our accounts offer online bill pay, online statements, and your transactions can be downloaded and imported into accounting programs like Quicken® and QuickBooksTM. For more details on our business checking accounts and the features they offer, visit a local branch or call 800-656-4328.

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Be ORGANIZED

Budget and manage your finances in one place with our

free My Money Manager personal financial manager tool. Enroll through Online Access HD under the Services menu.

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Spring 2019

BeENTERPRISING

Business in 2019

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Business Credit Card

your business expenses with your personal

further information or stop by one of

With a Hanscom FCU Business Credit

finances, making it easier for recordkeeping.

our branches.

Card, you can easily keep track of the day-to-

To discuss your business’s credit options,

day expenses that crop up. You get the same

come by one of our branches or visit us

low rate for purchases, balance transfers,

online at www.hfcu.org/business.

and cash advances, and there’s no annual fee or balance transfer fees and no fee for cash advances and convenience checks. Choose

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Commercial Real Estate At Hanscom FCU we offer loans to

purchase and refinance existing properties.

Business Insurance

Funds can also be used to improve existing

Business insurance is a must these days

properties, such as offices, warehouses,

because it covers the costs associated with

manufacturing facilities, and other types

Platinum Mastercard® and Platinum Secured

property damage and liability claims. Business

of commercial properties. Our commercial

Mastercard offer a rate as low as 8.49% APR1

owners who choose to go without this

lending department is ready to help you move

and our new CASH + REWARDS World

coverage may potentially be paying out-of-

forward with your plans. Call 781-698-2186

Mastercard lets you earn cash and rewards

pocket for costly repairs, damages, and legal

to learn more.

while offering a competitive APR based on

claims made against their business. Hanscom

the Prime Rate.2

Insurance Agency LLC has relationships with

from a variety of credit card products: our

multiple carriers and offers all types 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.

2 Rates are variable and based on an evaluation of credit history, so your rate may differ. This APR will vary with the market based on the Prime Rate. Contact Member Services at 800-656-4328 for rate details.

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Merchant Services We offer merchant services through

our partner, BluePay, with competitive credit card processing and payment solutions that let you focus on your business. The rates and fees are determined by the type of business you have, your volume of sales, the average ticket cost, and the types of credit and debit cards you accept. For a quote on these services, please visit our merchant services page at www.hfcu.org/bluepay.

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Business Line of Credit As your business grows, your inventory

and accounts receivable needs will increase.

You may be looking to make more capital expenditures to keep up with sales volume.

A line of credit with Hanscom FCU can help you manage your cash flow and give you the flexibility of having quick access to cash when you need it. You can also avoid mixing

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of business insurance coverage: general liability, business automobile, directors and officers, errors and omissions, commercial property, and workers compensation.† Give them a call at 800-632-9887 or visit

Be RESOURCEFUL

Discover if investment

property ownership is right

for you. Download our free e-book at https://go.hfcu.org/property.

hanscom.insuranceaisle.com. They’ll work with you to develop a policy that protects what you’ve worked hard to build.

Insurance products are not insured by NCUA or any Federal Government Agency; are not a deposit of, or guaranteed by the Credit Union or any Credit Union Affiliate; and may lose value. Any insurance required as a condition of the extension of credit by Hanscom Federal Credit Union need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the member's choice.

†

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Investment Property Many of our members derive income

from rental or leased properties. For these members, we offer low rates on investment property loans and mortgages. We offer loans for mixed use property, 1- to 4-family nonowner occupied rental properties, and five or more unit multifamily properties. Visit the investment property section of our website at

Small Business Loans

www.hfcu.org/ipl to learn more, or contact

Need to purchase equipment or a

us at 781-698-2186.

vehicle for your business? What about making some improvements to your building? A small-business loan can help you grow and reach your goals faster. We have loans that fit your business’s needs, with fixed or variable rates, and repayment terms of up to five years or longer, depending on the circumstances. Please contact us at www.hfcu.org/small-business for 5

BeADVENTUROUS

Enjoy These Travel Benefits With Your CASH + REWARDS World Mastercard®

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valuable feature of Mastercard is that it’s the only brand that provides A its U.S. cardholders with 24/7 services – at no extra cost – to help them detect and resolve identity theft. It only takes five minutes to sign up for Mastercard ID Theft alerts so you can get the most out of Mastercard ID Theft Protection (www.mastercard.us/idmonitoring).

s you make your summer vacation plans this spring, your Hanscom FCU CASH + REWARDS World Mastercard can offer you many travel benefits. Here’s how:

When you charge your airline tickets, hotel rooms, and other vacation costs to your card, you’ll be getting an unlimited 1% cash back on these expenditures – there’s no limit to how much you can earn.

Don’t recognize the charge made on your card while you were out of town? No worries … Mastercard’s Zero Liability® protects you from unauthorized card use.

ny cash back you’ve already earned can be applied to travel and A experiences you’re planning for this summer.

If you don’t have a Hanscom FCU CASH + REWARDS World Mastercard, Priceless™ Cities lets you unlock thousands of extraordinary experiences, curated exclusively for Mastercard cardholders, in cities you’re traveling to this summer.

Home sharing is a popular alternative to hotel stays during vacations.

With the CASH + REWARDS World Mastercard, you can choose from over 10,000 high-end rentals that include top-notch amenities in major cities around the world through onefinestay (onefinestay.com).† Cardholders receive a 10% discount on bookings.

Live Your Best Financial Life With These Free Webinars Wherever you are in your money journey, we have a webinar that will help you reach your destination. What’s a webinar? It’s a seminar that’s conducted over the internet, and as long as you’ve got an internet connection, you can learn valuable financial information from the comfort of your own home or office. Register for each webinar at www.hfcu.org/events. After registering, you will receive a confirmation email from our financial partner Balance containing information about how to join the webinar.

April 9, 2019, 6:00 p.m. ET – The Sandwich Generation: Managing Your Parents and Your Children Are you caring for aging parents while supporting your own children? You can consider yourself part of the Sandwich Generation. In this webinar you’ll learn how to manage your parents’ medical, legal, and financial needs, while ensuring you’re prepared for your kids’ futures.

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Spring 2019

it’s easy to apply online. Visit us at www.hfcu.org/world. †

‘ onefinestay’ and ‘unhotel’ are registered trademarks of Lifealike Limited, UK company number 06554630. © 2019, all rights reserved.

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Be WELL-READ

Our MoneyWisdom blog is chock-full of financial advice, tips, and tricks that’ll help you make more informed decisions

about your money. Subscribe at https://go.hfcu.org/blog.

April 23, 2019, 6:00 p.m. ET – Becoming a Homeowner Homeownership starts well before the contracts are signed – preparation is one of the keys to a smooth homebuying process. This session covers all major pre-purchase topics such as budgeting, the down payment, credit reports, debt-to-income ratios, and the mortgage lending process.

May 2, 2019, 6:00 p.m. ET – Teens and Money Young adults are primed to soak in new information.

It’s a great time to guide them to money management techniques that can last a lifetime.

Attendees will learn managing money effectively, preparing for common upcoming bills, opening checking and savings accounts, establishing credit (and using it wisely), and looking at investing options.

May 22, 2019, 1:00 p.m. ET – The Psychology of Spending We all have a “money personality” and it has a major impact on our attitudes, relationship with

money, and spending habits. By understanding this, individuals can monitor and adjust their behaviors to make smart money decisions. This session will teach strategies and tactics to decode personality types to gain control over finances.

June 12, 2019, 7:00 p.m. ET – Raising MoneySmart Kids Earning money, spending, and saving are important lessons children learn very early on in life. This session will help guide parents on effective ways to educate children about financial responsibility that can last a lifetime.

June 20, 2019, 12:00 p.m ET – Rebuilding After a Financial Crisis A job loss, a medical crisis, or other hardship can send a normal financial situation into a tailspin.

Participants will learn how to get their finances back on track, including budgeting, repaying debt, rebuilding credit, establishing emergency savings, and replenishing retirement savings.

BeCHARITABLE

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Hanscom FCU in the News 1

Hanscom FCU Honors Paul Marotta for 30 Years of Service

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Cash Raffle Raises Money for Families in Need Hanscom FCU’s Charitable Foundation’s cash raffle raised $17,640

Hanscom FCU’s Chairman of the Board Paul Marotta recently received

to benefit the CCUA’s Massachusetts Coalition for the Homeless Build a

a Board Service Award from the credit union for his 30 years of

Bed Project. Member Christine Clark of Medford, MA, won the $10,000

steadfast service and dedication to its members. Marotta joined

cash raffle prize.

Hanscom FCU in 1976, first serving on its Supervisory Committee before becoming its Director in 1988. He was elected in 1992 as the credit union’s Chairman of the Board.

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$1,500 Donation Made to Hanscom FCU’s Charitable Foundation

The Enterprise Holdings Foundation, the philanthropic arm of

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of the Massachusetts Coalition for the Homeless. A portion of this

Hanscom FCU recently honored Mark D. Walsh, its Vice

Chairman of the Board, with a Board Service Award for his 40 years of volunteer service to its members and employees. In lieu of a personal gift, Walsh asked the credit union to make a $500 donation to Boston Children’s Hospital.

Enterprise Holdings, made a $1,500 donation to the Hanscom FCU Charitable Foundation to support the ongoing work it does on behalf

Honoring Mark Walsh

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Personal Care Items Donated to Veterans Soap, shampoo, reading glasses, toiletry bags, and other

donation was used to purchase blankets, which were donated to the

personal care items were donated by Hanscom FCU to the VA Boston

Cooperative Credit Union Association’s (CCUA) blanket drive for the

Healthcare System on the Brockton campus. The donation furthers

Coalition in January.

the credit union’s ongoing commitment to supporting the health and welfare of our nation’s veterans.

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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) 800-264-5578 (after hours) 24-hr. 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. ©2019 Hanscom Federal Credit Union.

Federally insured

by NCUA.

Meet the Higdens

W

hen Wayne Higden’s father joined Hanscom Federal Credit Union in the early 1960s, he was given a member number in the low

100s. Over 55 years later, Wayne and his wife, Diane, along with their three adult children, are all members with strong ties to the

s tion pera van O o h on nc Bra thia D s to h. nd n n anc a y d P C g i e ford br AV ager H d he n Ma omes t U’s Be C c l F e w scom Han

credit union. The Burlington, MA, couple has turned to Hanscom FCU for everything from their day-to-day banking to loans for refinancing, education, a wedding, and even a 1969 Plymouth Road Runner. The relationship with the credit union continued as they completed an addition to their home this winter that will allow them to live more comfortably with their daughter and grandchildren. Diane still works as a school secretary in Billerica, while Wayne, a retired instrument maker with the Food and Drug Administration, keeps an eye on finances. “Part of my retirement schedule,” said Wayne, “is opening up my iPad up every morning and checking our accounts with Hanscom. Then I know how much I have to play with that day!”

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Be ORGANIZED

Keep on top of your finances with Online Access HD. Learn more at www.hfcu.org/access.