COVER
contact LOCATIONS
Corporate Office & Support Center
864.232.5553 420 E. Park Avenue, Ste. 100 Greenville, SC 29601
Mills Avenue
300 Mills Avenue Greenville, SC 29605
Verdae Office
601 Verdae Boulevard Greenville, SC 29607
IN THE ISSUE:
Taylors Office
3237 Wade Hampton Blvd Taylors, SC 29687
Spartanburg Office
130 North Town Drive Spartanburg, SC 29303
Easley Office
118 Brushy Creek Road Easley, SC 29642
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Columbia Office
1025 Pulaski Street Columbia, SC 29201
Florence Office
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Letter from the President
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Events & Community
2321 Trade Court Florence, SC 29501
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Member Service Center
Car Loans DEBANKED
Greenville: 864.232.5553 Nationwide: 800.922.0446
24/7/365 SERVICE MONEYLINK℠ Online at sctelco.com
MONEYLINK℠ Audio Response Greenville: 864.232.3645 Nationwide: 800.633.4364
Members Financial Services
In the Spotlight
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What We Read HARDWIRING EXCELLENCE
Meet Moxie MEET THE NEW GIRL IN TOWN
THE POWER OF MOBILE
Gary Williams: 888.746.0002
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Money Management
Visit our website sctelco.com to locate an ATM near you!
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Smart Money Management for Kids
FIND US ONLINE SCTelcoFCU @SCTelco_FCU @sctelcofcu sctelco.com This credit union is fedreally insured by the National Credit Union Administration. SC Telco is now a proud member of the Credit Union Service Center Network. co-opcreditunions.org
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Dear SC Telco Federal Credit Union Members,
W
elcome to the inaugural issue of Checkpoint, SC Telco’s new quarterly magazine created with you in mind. In navigation, a checkpoint is a physical location that serves as a visual reminder of where you are, often used to break a long venture up into shorter legs that are easier to attain. This publication is just that: a checkpoint. It’s a place where you can get answers, learn, and receive support and guidance for your financial journey.
LETTER FROM THE PRESIDENT
As a credit union, we have always known we exist to serve you and help you thrive financially. This edition of Checkpoint focuses on new initiatives that will help us serve you more efficiently. Our focus in 2018 is expanding our mobile offerings, through our Move to Mobile initiative. We look forward to guiding you, our members, through these exciting transition opportunities. Mobile banking continues to evolve from “just another way to access your accounts and see your balances,” to a true shift in financial control—putting the power back in the hands of you, the consumer. In addition to the convenience of self-service, checking your balances, seeing transactions in real time, and depositing your paycheck remotely; mobile banking also provides enhanced security features that protect you and your money in an increasingly interconnected world—features that allow you to “turn off” or lock your debit card when you need to protect yourself against card fraud. Additionally, the My Money Mobile app makes it possible to receive an alert anytime you use your debit card; if you did not initiate the transaction, you will know immediately and can lock the card right then.
Steve Harkins PRESIDENT & CEO
Finally, mobile banking enables easier money management and control for our members. Our personal finance manager tool is a money management tool that provides a snapshot of your financial holdings at all institutions so you can make better financial decisions. Convenience. Security. Control. These are the main benefits of our current mobile banking platforms. Banking has changed in the last decade more than it did in the entire previous century. In an era where many financial institutions are being acquired, struggling and closing, we are experiencing the exact opposite, and we are better positioned than ever before to guide you in your financial journey.
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EVENTS & C OM M U N I T Y
Apply Today:
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18 SC TELCO H O L I D AY CLOSINGS
N E W Y E AR ’S DAY
01/01 MONDAY
M A R TI N LUTH ER KI N G JR. DAY
01/15 MONDAY
Louis C. Addison Memorial Scholarship SC Telco Federal Credit Union focuses on the philosophy of the credit union movement, “people helping people.” Thus, our goal for providing the Louis C. Addison Memorial Scholarship is to assist our member/ owners who wish to pursue a college degree. Each year SC Telco awards three members $3,000 in scholarship money to be used towards their college education. Therefore, SC Telco members in good standing, who are at least a graduating high school senior and enrolled in higher education are encouraged to apply. Every complete application should be postmarked by February 1, 2018.
H OW TO A P P LY:
PR E SI D E N T ’S DAY
02/19 MONDAY
1. 2.
Download & complete the application: sctelco.com/LCAScholarship Mail completed application to: SC Telco Federal Credit Union, Attn: Scholarship PO Box 10708 • Greenville, SC 29603
Have questions? Contact Melody Vega at mvega@sctelcofcu.org.
JOIN US FOR THE SC TELCO
ANNUAL MEETING
A P R I L 1 7, 2 0 1 8
The Rutherford 520 Rutherford Road Greenville, SC 29609 Agenda: 5:30 pm Social 6:30 pm Meeting
Please RSVP by March 30th at sctelco.com/annualmeeting
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WH O WAS LOUIS C. A DDISON ? Louis or “Lou” as he was affectionately called, was a very integral part of SC Telco Federal Credit Union. For 19 years he served on our Board of Directors and ultimately became Chairman. We were very fortunate that Lou chose to share his talents and leadership abilities with SC Telco. He loved people and he had a passion for serving those who needed help. That’s just one of the reasons the scholarship program was renamed and dedicated in his honor after his death in 2008.
IN THE SPOTLIGH T
IN THE SPOTLIGHT Evan Humphries |
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SC TELCO MEMBER FROM COLUMBIA, SC evanhumphries.squarespace.com
y family and I have been banking with SC Telco since I was a kid; for a number
of reasons, many of which still stand today.
The first is the family feel. I understand that for most, when they are describing a credit union, this is an odd choice of words, but for me there’s no better way to explain it. I have been in Columbia attending the University of South Carolina for the past four years. Starting out in a new place, away from home, can leave you with little to no family but with a clean slate for making friends. Oftentimes though, you hear of people getting homesick because they don’t have a sense of community in this new and unfamiliar place. From the first time I stepped into the doors of SC Telco— even to today—every employee has made it a point to know my name, ask me about my day, or how my week has been, if I’m excited for a trip I’m saving for, and even how my classes are going. Whatever the matter, they became part of my Columbia family from the start, making somewhere new seem a little less unfamiliar. Now, as I have been here the past four years, they have grown into people I consider good friends.
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The second reason is the effort they put forth when I need help. I am a photography major at USC. For the past few years I have been borrowing my mom’s camera—one that was given to her as an anniversary gift from my dad. After pushing it to its limits I knew it was time to get a camera of my own, especially since photography is my major. The problem came with a price tag. A Canon 5D Mark III is not cheap. With me being in college, I was pretty sure it was well out of my reach.
Still, I came to my friends at SC Telco with the situation. I spent a few hours in the office with Becky chasing down every option—from a credit card to a loan, but coming up empty on all fronts. Feeling a little defeated, I went home and looked over sales and discounts seeing what I could do to lower the price tag. But while I worked at my own goal, little did I know, my SC Telco family was working to help me achieve my goal. Most banks after they tried and couldn’t help someone would dismiss it and move on, but SC Telco isn’t like most banks. Then, after a few days passed, I received multiple calls and messages from Becky (mostly because I’m terrible at replying or checking them) that asked me to come in when I had a chance or to give her a call. The next day I came in and she explained that there were other options to achieve my goal, and after just a few hours I had the tools to get my camera. This is why I bank with SC Telco; when the options weren’t there, they fought to make a way for me. Everyone at my credit union makes me feel at home away from home and when I needed help, I had someone I could trust and lean on in my corner of the ring. It is because of them I was able to get what I needed to advance in my schooling and career field. Also, with their encouragement and support, I have been able to grow my passion and build my future financially. A wise man once told me that to be a great leader you must first be a great server. I believe SC Telco fully understands this. They serve each member on a personal level and to the best of their ability and because of this they lead the way as an example of how things should be. So, to SC Telco, I say: Thank you for being such an incredible credit union, family, and for being such amazing friends!
Do you have a story you’d like to share? Send it to Melody Vega at mvega@sctelcofcu.org. 5
CAR LOAN S
Car Loans Debanked Myth:
The dealership is the best place to get a car loan.
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CA R LOA NS
T
here’s a common belief that the dealership is the best place to get a loan for your new or used car. This myth is a fun one, because it couldn’t be further from the truth. The reality is your local credit union is one of the best places—hands down—to get a new or used car loan.
Credit unions are not-for-profit organizations focused on providing better deals for you, rather than banks or dealerships, who tend to be more concerned with their bottom line. Here are the top four reasons why you should get your car loan through your local credit union:
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Lower Rates Auto loan rates through credit unions tend to be lower—because credit unions return their earnings back to you in the form of lower rates.
Better Chance at Approval Because of the smaller infrastructure, many credit unions are able to make more localized and personal decisions on car loans than big banks or dealerships do. This means that they are more likely to look past credit hiccups from long ago, or help you get to a place where you can afford a car, even with a not-so-pretty credit history.
Better Negotiating Power When you go to a dealership, you know the drill: the sticker price isn’t the real price, and the discount price doesn’t include the fees, certifications, and line items they want to charge you for. And when that dealership gives you the “bottom line” you may not ever be truly sure what you are paying for. When you get pre-approved from the credit union, that number gives you buying power. No longer are you subject to the hidden costs. You’re able to negotiate with a number that you know you can afford.
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Member Service A credit union is built to serve you. With a more personalized approach and your best interests in mind, you won’t have to subject yourself to the salesmanager-hiding-behind-the-curtain who is calling all the shots on your car payments. Instead, you have the opportunity to talk through what you can and can’t afford honestly with your local credit union specialist, and stay out of the stressful power play in the dealer’s office.
Want to know more about getting a new or used car loan through SC Telco? Be sure to check out our learning center for more info, a credit score check up, first time buyer’s guide, resources, calculators, and more.
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RESO U RC E S
WHAT WE READ Synopsis:
A Great Read If:
Written initially as a textbook for a medical audience, Hardwiring Excellence has transformed, over time, to be a reference on how to attain your life’s purpose and achieve happiness. In the book, Studer uses the “flywheel” illustration to show how Passion, Principles and Pillar Results (based on nine pillars of excellence) can all work together to achieve these goals, and “how organizations can create momentum for change by engaging the passion of their employees to apply prescriptive actions guided by Nine Principles® of service and operational excellence to achieve bottom-line results.”
You are looking to make some changes in your life soon, and if you are in a position to start making those changes. Because the book focuses very highly on accountability and building culture, it’s not for those who aren’t disciplined enough to take steps toward a new lifestyle or life change.
Why Read It: We love the concept of goal setting that plays throughout the book, and how goals can affect all aspects of an organization. Hardwiring Excellence also stresses the need to prioritize; by deciding what is most important, you can quit worrying about all the other things going on and focus mainly on measuring only what is most important. In other words, don’t worry about measuring all aspects of your life if some are more important; but if you say something is important to you, you better be measuring the steps you are taking toward it and how it is impacting your life. 8
A Special Takeaway: In “Rounding for Outcomes,” the practice of doctors “making rounds” comes into play. When we talk about doctors doing rounds, it’s not the old management concept of management by wandering around; that’s an old way of seeing the world— that leaders should be seen so that people know they’re in charge. A better way of seeing this is that you are making the effort—“making your rounds”—for very specific outcomes. You are there to find out what is going well, or what is not going well? To find out if people have all the resources they need, or if there is anyone to recognize.
The Final Word: Whether you are building your own business, a leader at work, or even taking care of things at home, everyone can gain something by reading Hardwiring Excellence.
RE SOURCE S
MEET THE NEW GIRL IN TOWN. She’s bold. She’s focused. She’s got blue hair. And, she’s determined to tell the world about why SC Telco is a better way to bank.
Look for Moxie in the Next Issue
We all have that one friend who we know will tell us anything—like when your hair is messed up or you have spinach in your teeth. Or, when you’re making a big mistake by trusting the “banks” to have your best interest in mind, instead of them and their shareholders. Moxie is just like that friend. She joined the SC Telco team in 2017 and has been working behind the scenes to bring you new developments, great ideas and access to resources—all to help you achieve your best financial future.
Learn more & see Moxie in action:
SCTelco.com/MeetMoxie
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The Power of Mobile Use Self-Service Banking Apps to Increase Your Savings
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ou may have heard that SC Telco has a new suite of mobile banking apps available for you. We’re excited about mobile banking technology not only because of the greater convenience and enhanced security we can offer you, but also because self-service banking apps help to improve your financial life. By using SC Telco’s mobile banking suite of apps, you can turn your MONEYLINK℠ Debit Card off and on, instantly check balances, deposit checks remotely, set up fraud alerts, and easily transfer money between accounts.
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HOW
M O B IL E
B A N KIN G
PUTS
T HE
Power in Your Hands Technology is moving every industry toward democratization of service, or self-service, and the financial industry is no exception. The amazing bonus is that mobile banking apps actually make keeping up with finances easier and less time-consuming while also enabling you to do more for yourself. Below are a few top examples.
Manage day-to-day finances with ease.
Save more using the ‘Snowflake’ Method.
While a professional financial planner may be the best resource for managing your long-term financial goals, you are the expert when it comes to your daily finances. Mobile banking puts you in control like never before. You may not always be able to connect to online banking services via computer, but it’s likely you have mobile connectivity through your phone most of the time. This means that you can check balances, no matter where you are, staying on top of expenditures and making budget adjustments as necessary.
Perhaps the most powerful benefit of self-service banking apps is the ability to save more. Many people use the ‘Snowball’ method to retire debt faster. How? Pay off the lowest debt first, then apply that payment amount to the next lowest debt while holding all other payments steady, and so on. Thus, creating a snowball rolling down a hill effect.
How often have you had an ‘out of sight, out of mind’ attitude toward your budget? This is very common, and it makes sense considering the time and effort it takes to balance a checkbook or track monthly expenses. However, the ability to quickly and easily know where you stand financially can have a transformative effect on your net worth. Increased visibility into what’s happening with your finances can also make you more engaged with your budget, more likely to track expenses, and more proactive about finances in general.
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Financial advisors recommend adding ‘Snowflakes’ to your ‘Snowball’ in order to retire debt even faster or build your savings. Here’s how it works. Every time you save money, or choose not to spend money on something, you apply that money to your debt or add it to your savings account instead. For example, if you would normally buy a $5 latte each morning on the way into work, but you decide to bring coffee from home instead, you add that $5 ‘Snowflake’ to your savings account. Before mobile banking, this simple financial discipline would have been tedious in practice. Let’s face it, nobody wants to go to the credit union ten times a month to deposit $100 into savings. With mobile banking, not only are you more likely to actually transfer the money—it also starts to feel like a fun game. You get the instant gratification of transferring right away, and you can set weekly challenges for yourself.
THE POWER OF MOBILE
Use more financial products. While it doesn’t necessarily translate that using more financial products equals more overall money in your savings, there is a correlation. Studies have shown that those who adopt mobile banking use an average of 2.3 financial products from their primary financial institution as opposed to the average of 1.3 financial products that branch-only members use. Opening separate, specialized accounts, such as a savings account for the holidays, dramatically increases your motivation to save, since you’re working toward a distinct goal. In addition, mobile banking users make more deposits and other transactions per month and are, as a whole, more involved with their finances than those who don’t use it.
Protect your own identity. Identity theft can happen, and even though you may not pay for it directly, the time and the hassle of correcting the theft can take a toll and cause a lot of stress. According to Consumer Reports, most identity theft is first discovered by the victim. That’s why it makes sense to use self-service banking tools to actively monitor your own accounts. Checking your accounts regularly protects against theft. The My Mobile Money app has fraud alerts, the ability to turn your card off if you lose it or suspect it’s been compromised, turn on location services, and set debit card spending limits.
These are just a few ways that self service apps can empower your financial life and put you in the driver’s seat when it comes to your budget.
Multiple studies demonstrate that mobile banking apps make users more secure, more conscientious about their finances, and more likely to pay down debt and build savings. We think that’s something to get excited about!
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MONE Y M AN AGE M E N T
TOP PERSONAL SAVINGS TIPS
ULTIMATELY, S AVING MONEY IS ABOUT I N V E S T I N G I N Y O U R S E L F. AND YOU’RE WORTH T H E I N V E S T M E N T.
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M O N EY MA NAGE ME NT
Boost Your Personal Savings Account by Trimming Spending
S
ince every member has a personal savings account opened when you join the credit union, you’ve already taken the important first step to saving money. Whether you’re saving for a vacation, for a new car or even for potential challenges your future may throw at you, you know that saving money can be tricky. So, how do you find money to put away into a savings account when you feel like you’re already spending everything you have? We’ve put together a few ideas that might help.
• Can the Coffee Each cup of coffee from your local barista costs around $4 (or more). In fact, if you can skip that one cup of coffee a day, you’ll end up saving over $1,400 in a year. That’s a lot of cash, and could easily cover two round-trip, airfare tickets for a vacation.
• Brownbag It Stuck on the coffee? How about lunch? By saving $10 every week day instead of spending it on fast food , you could easily stash another $2,600 in your SC Telco account over the course of a year. That’s no small change.
• Ditch Cable Another household item that many be considered “non-essential” is the cable bill. If you pay $150 on your cable bill, you can quickly save another $1,800 per year by cutting it off. With so many streaming services available for a low monthly fee, cable is a service that many people don’t even miss.
• Consider the Car Payment Sure, we all want the newest model or a bigger car to run around town in, but is it really a necessity? If not, and if you can shave $200 off your monthly car payment (there are a lot of ways to do this), you can save around $2,400 for the year. For a car with a 60-month repayment plan, that’s around $12,000, and that kind of cash is nothing to sniff at. Ultimately, saving money is about more than just trimming spending. It’s about investing in yourself and in your future so you can improve your financial wellbeing—something we’re passionate about at SC Telco. Our goal is to see all of our members thrive. Come talk to us today to learn more about how we can help you grow your personal savings. 15
K ID S & M ON E Y
for
Smart Money Management
B
y the time your child is old enough to earn money as allowance, he or she is likely also old enough to learn basic financial skills—how to save money, when (and
when not) to spend it, what charitable giving looks like, and how much things cost. Typically, between the ages of 5 and 10, your child has had a taste of the benefits that having money can provide, and many will be looking forward to getting more
of it. But how do you establish good habits in children this young—habits that hopefully will carry on long into their future? Here are some tips on how to establish good financial habits early on.
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K IDS & MONE Y
What is Money Worth? This is one of the most foundational lessons for children, and one that if untaught, can be the reason for heartache later on. Primarily, the lesson of “What is Money Worth” is easily tied to buying things—that toy is “worth” $10, perhaps—but what else will that same amount of money buy? In other words, that toy might also be worth three ice creams at school, five downloads from iTunes or a video game rental from Redbox. One of the best ways to answer this question is to teach them how to budget. Although it may seem overkill for younger children, budgeting is a tool that can be adapted to a child of any age. For example, if you know your child gets $2 a week in allowance, you can show them how much they will earn over time. Likewise, add any big things they have coming up—a field trip in two weeks, or a new movie that comes out in a month—and show them what funds would need to be allocated there, as well. As the child gets older and the funds get bigger, they will still maintain a grasp on how money can be used and saved, which will be vital as they grow into more financial responsibility.
Keeping Money Safe. Unfortunately, we live in a day and age where money is not always safe, and fraud is rampant. In younger ages, talking about safety can be as simple as discussing the location of their piggy bank in the room, but for high school students, it could be a reminder to put their wallet in their locker when they go out to track practice. As they grow older, you’ll want to have discussions with them about full financial security.
How to Give. When teaching children how to save and spend money, there is also one part that many like to include: charitable giving. Many parents choose to employ the use of a “split” piggy bank; one that allows a child to divide money into three accounts— spending, saving and giving. This is a great opportunity to teach your children not only about giving, but to discover their personal passions and interests by seeing which charities they want to support. By processing this now, they’ll have a stronger foundation later on in life, where charitable giving might include larger, more frequent donations.
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PO Box 10708 Greenville, SC 29603 sctelco.com