Summer 2014
Message from the CEO Our Vision of Purpose Brian J. Waugaman
When I started with the credit union back in September of 1998, I was given the title of Chief Technology Officer, a table, and a chair. My furnishings were meager to say the least and so was my concept of credit unions. Hey, I was here to keep the computer network operational, right? I knew the official definition of a credit union - a not-for-profit cooperative that made credit available and promoted thrift among its members. What I didn’t fully appreciate was the valuable role credit unions played in servicing their members and local communities.
The challenge for all credit unions today is more than just the constant changes in government regulations and the attempts by banks to undo our tax-exempt status. It is our own vision of the purpose for our existence. There are those who say that credit unions have overstepped by expanding and offering membership to consumers that are not financially underserved. They feel we should offer nothing more than basic financial services to only low-income individuals with little access to financial services.
Credit unions were created to help those of meager means save and borrow. They have provided consumers with a choice and helped countless members gain financial security. When I started, the Erie FCU had one office, slightly over 30 employees and was taking in members from our small band of select employer groups and their families. Should we have stopped there? Should we only be a financial option for some or should we evolve like any other business to meet the changing needs of our members and community? If the Erie FCU didn’t expand by adding additional branches, ATMs, online account access, credit cards, and retirement planning, would you still belong? If we limited our membership to only those who meet the elusive definition of meager means, could you still even be a member?
I am sure our founding members never dreamed so many people would become a part of Erie Federal Credit Union. I certainly never envisioned that my 16 year tenure with Erie FCU would lead me to the position of CEO. We may be a long way from where we began but we must continue to be a financial choice for everyone. Our purpose is to be your credit union and responsibly guide you and your family on the path to financial security. We appreciate your confidence and trust.
-Brian J. Waugaman To read more about Brian - www.eriefcu.org/CEO 2
, n r Lea nd a , n Pla eed c c Su Get the details and register for our upcoming seminars at www.eriefcu. org/seminars. You can learn how to make smart decisions, plan every step, and successfully reach your goals! All seminars will be held at the Bel-Aire Conference Center at 2800 West 8th Street and begin at 5:30PM.
SEMINARS August 13th
September 24th
• Identity Theft Seminar • Social Security &Your • Auto Buying Seminar Retirement Seminar • Bankruptcy & Credit Scores Seminar
Take the Wheel Let us make the car buying process easy. You can shop for your next vehicle, find local dealerships, and apply for a loan online at www.eriefcu.org/autocenter. We have the auto loan to get you behind the wheel. Learn more about researching a vehicle, service contracts, and deciding if a car is affordable at our Auto Buying Seminar. Auto Loan Rates, now as low as 1.99% APR* Loans subject to credit approval. Rates, terms, and conditions vary based on creditworthiness, qualifications, and collateral conditions and are subject to change. Membership eligibility required. *1.99% APR includes a .25% discount. To qualify for the .25% discount, member must have an Erie FCU checking account with direct deposit and enroll in auto pay/payroll deduction.
October 15th • Home Buying & Mortgage Loans Seminar • Estate Planning, Wills & Trusts Seminar
Home Sweet Home Whether you’re a first time home buyer, or looking to make the move to the home of your dreams, discover the benefits of getting your home mortgage loan with us. Our new mortgage loan center at www. eriefcu.org/mortgagecenter will show you how the process works, current loan rates, and you can even apply for a prequalification. You can also find out more about moving into your home sweet home at our Home Buying & Mortgage Loan Seminar. Loans subject to credit approval. Membership eligibility required.
Protecting Your Identity Your credit union has security measures in place to protect your account information, but they are only effective with your help. There are many precautions you can easily implement to safeguard your personal information like strong passwords, antivirus protection, and monitoring your accounts. Find out more about identity theft and protecting your information at our upcoming Identity Theft Seminar.
Are you on Track? Whether you are currently receiving social security benefits or hope to one day, you can create an account at www.ssa.gov/ myaccount. You can view estimated benefits, reported earnings, and replace a lost social security card. Let us help you keep on track with two informative seminarsSocial Security & Your Retirement and Estate Planning, Wills & Trusts. 3
Membership Appreciation Day
Fast Branch ATMs Now it’s easier than ever to access your account 24/7 with our Fast Branch ATMs. Just insert
Saturday, August 9th 11AM-2PM Zuck Road Office Join us for food, fun, and sno-cones! Bring 2 boxes of cereal for the Erie City Mission and you’ll be entered to win a $50 Visa® Gift Card.
your Erie FCU debit MasterCard® and follow the on-screen prompts to register and access your account. This full service ATM branch will allow you to do many of the things you can do at a traditional branch office. • Higher cash withdrawal limits directly from your account. • Check balances and transfer funds • Make cash and check deposits • Make loan payments via cash, check, or transfer • Print account statements Federally insured by NCUA
• Lovell Place- 153 East 13th Street, Erie, PA • Erie FCU Branch Office- 1220 West 32nd St, Erie, PA • Shell Food Mart- 7484 West Ridge Rd, Fairview, PA • Kwik Fill Store- 82 East Main St, North East, PA
EZ Mobile® Get access to your account 24/7 on your smart phone or tablet with EZ Mobile®. With three formats available (WAP, APP & iPhone® APP) you’ll have quick and secure access to your account no matter what type of mobile device you use. Enjoy instant access to check account balances, transaction details, transfer funds, and make loan payments. To register your mobile device, log on to EZ Money Manager™ and select EZ Mobile® Setup. You’ll be on your way to accessing your Erie FCU accounts anytime, anywhere!
Use your QR code reader to scan here and get the free Invest in America app to validate your credit union membership.
talk about savings.
For business accounts, visit a Sprint store. To find a location near you, go to www.sprintstorelocator.com.
say hello to the Sprint Credit Union Member Discount.
save
10
%
or
on select regularly priced personal service plans* Use Corporate ID: NACUC_ZZM
save
15
%
• Waived activation fee on new lines (Up to $36 in savings) • Waived upgrade fee (Up to $36 in savings)
on select regularly priced business accounts* Use Corporate ID: NACUC_ZDS_ZZM
Call 877.SAVE.4.CU and tell them you’re a credit union member and ask to be attached to either Corporate ID to start saving today!
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Plus
2013 Sprint Item #800-22 ©2013 CU Solutions Group 041013 1526 *Application of discount requires 2-year contract extension on existing plans. Verification of membership is required at time of activation/upgrade. Discount does not apply to secondary lines. All rights reserved. Sprint, the logo, and other trademarks are the trademarks of Sprint Nextel. For a complete update on the rules of the Sprint Credit Union Member Discount program, please visit www.lovemycreditunion.org/Sprint.
Sizzlin’ Summer Skip-A-PayGive Yourself Some Credit New Card Members can receive a low introductory rate! Apply for our Platinum MasterCard® to receive our low introductory annual percentage rate of 2.99%. The 2.99% APR is good for 6 months on purchases, balance transfers, and cash advances. After that your APR will be 8.90% to 17.90% based on your creditworthiness. Our one card can simplify your life!
Take a break this summer from your July or August loan payment. Skip-A-Pay forms are available at any office or call us at (814) 825-2436, option 2. *A $25 fee applies. See credit union for eligibility requirements and complete details. Erie FCU MasterCard®, mortgage, home equity, courtesy pay, and better choice loans are not eligible.
Share Our Suntastic Service If you think the service at the Erie FCU really shines, why not tell a friend? Just one glowing referral could
Membership “truly” has its advantages! • • • • •
Low Interest Rates No Annual Fee No Balance Transfer Fees 25-Day Grace Period on Purchases Online Account Access – Transactions & e-Alerts
earn you a $25 gift card. You can also earn additional points when you use your Erie FCU Debit MasterCard® or when you shop online. Just signup at www. eriefcurewards.org and find some of your favorite online shopping sites. Suntastic referral slips and complete details are available at all offices.
Member Shred Day To help you make sure your personal information is safe, a special shred event will provide on-site shredding. You may bring 2 boxes (17x13x3) to be shredded. For security purposes we cannot accept your items for shredding before the event. Shred Day Event Thursday, July 10th 4PM-6PM 5500 Zuck Road
Dreaming of Summer Fun?
At Erie FCU we make applying for a credit card quick and easy phone us at (814) 825-2436 opt. 2, visit a branch office or apply online at www.eriefcu.org/mastercard.
Make your summer fun a reality with a personal loan. Take a tropical vacation, camp out under the stars, or have a relaxing staycation. Get a head start on your summer fun with a low rate personal loan and monthly payment you’ll love. Apply today and let the fun begin!
*Loans subject to credit approval. Membership eligibility required.
*Loans subject to credit approval. Membership eligibility required.
2.99% introductory APR for a period of six (6) months. After that your annual percentage rate will be 8.90% – 17.90% based on your creditworthiness. Existing Erie FCU loans or credit card balances, purchases, cash advances, and Business MasterCard® accounts are not eligible for this offer.
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F.Y.I... Holiday Hours & Closings Independence Day Friday, July 4, 2014 All offices closed
Labor Day Monday, September 1, 2014 All offices closed
Columbus Day Monday, October 13, 2014 Peach Street Office Hours: 10AM-3PM All other offices closed
2013 Annual Report Copies of the annual report are available at all offices or online at www.eriefcu.org
Holiday Club Transfer Notice Your holiday club account balance will be transferred to your savings account at the end of business day on Wednesday, October 1st. You will be able to access these funds on Thursday, October 2nd.
Your Contact Info Keep your contact information up to date! Remember to notify the Erie FCU if you change your address, phone number or email. Incorrect contact information can prevent you from receiving your statements, tax forms, and important notices as well as making it difficult to contact you.
When You Change Jobs, Should You Change Your 401(k)?
Content developed by CUNA Brokerage Services, provided by Larry Amenta
Job transitions can be stressful. During these periods of change, it is easy to forget one of the most important decisions you have to make: What should you do with your qualified retirement savings, such as your 401(k)? The consequences of taking your money out rashly may include (but are not limited to) the following: • 20% Withholding: Your employer is required to withhold 20% of the total amount to cover any potential federal taxes that you might owe. Keep me in mind that you may owe more than 20% that is withheld. • The Tax Man Cometh: You are subject to federal and state income taxes on both tax-deductible contributions and tax-deferred growth. • 10% Penalty: Early withdrawal penalties of 10% may apply if you are age 59 ½ or younger.
– Larry Amenta
Keep Your Retirement Money Working If you would like to keep more of your retirement savings growing tax deferred and minimize your current tax bill, there are options to consider.
Consolidate Your Retirement Savings into One IRA By transferring your retirement plan to an IRA, you have the ability to consolidate several different IRAs into a single account.
Move Your Retirement Savings to Your New Employer’s Plan If your new employer allows it, this may be an attractive option for you.
Keep Your Retirement Savings in Your Current Employer’s Plan If your new employer allows it, this may be an attractive option for you.
Understanding Your Options Review and discuss your options with an experienced Financial Advisor. Together you can identify a solution that will work for your needs today and throughout your retirement.
Registered Representative, MEMBERS Financial Services Center Larry Amenta is a Financial Advisor with MEMBERS Financial Services located at Erie Federal Credit Union. If you have any questions, or would like to provide feedback, regarding the information presented in this article, you may contact Larry Amenta at 814.825.2436 option 1, extension 1624.
Representative is not a tax advisor or legal expert. For information regarding specific tax situations, please contact a tax professional. For legal advice, consult an attorney. Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.
66 FR011302-8B5D 0113
It Pays to be a Member!
Discounts Coming Your Way!
Use your Erie FCU Platinum MasterCard®, Debit Card, or member ID to get great discounts. Complete details are available at www.eriefcu. org/special-offers.
Arts at the Hurst: Receive 20% off tickets for all MIAC “live” shows at Mercyhurst University for their 2014-2015 season
Seawolves Sunday Family Fun Day Buy a regularly priced Sunday ticket and receive a voucher for a free Smith’s hot dog and fountain drink per each ticket purchased. (Limit 4 vouchers per member. Offer valid at the stadium box office only)
Notice of Change Beginning July 1, 2014, Erie FCU will no longer mail notices to you if you incur a Courtesy Pay Overdraft or NSF charge to your account. You can utilize EZ Alerts® through EZ Money Manager™ to receive notifications via email or text if a fee is assessed on your account. Any fees assessed will be contained in your monthly account statement.
Trustage™ INSURANCE PRodUCtS
insurance Built for Credit union MeMBers like You
Exclusively for credit union members
TruStage insurance products are only available to credit union members. Your membership means competitive rates, helpful guidance without sales pressure and quality products trusted by your credit union. Regardless of your budget, we can help make sure the protection you need makes sense. It’s all part of smart planning and caring about the aspirations and achievements of those who matter most.
Call us, we’ll help you understand all of your options so you can choose the one that is best for you and your family. Life and AD&D Auto & Home Visit us at
1-855-612-7909 1-888-380-9287 TruStage.com
September
October Broadway In Erie at the Warner Theater: Receive 20% off tickets to any show Erie Otters: BOGO Nights For Women Only Expo: Discount on admission
November Erie BayHawks: BOGO Nights
Are you taking advantage of everything Erie FCU has to offer? Don’t forget, your membership comes with: • Overdraft protection upon request and approval • Great mortgage products • Low loan rates • MasterCard® Debit Cards • No Annual Fee Credit Cards • Free Bill Pay Sign up for EZ Money Manager™ at www.eriefcu.org and receive: • Around the clock secure access • Perform a balance inquiries and search purchase history • Transfer funds within your accounts • EZ e-Statements™ with archived statement • EZ Alerts® Federally insured by NCUA Loans subject to credit approval. Membership eligibility required.
TruStage products and programs are made available through the companies of the CUNA Mutual Group. They have been providing insurance and financial services designed for credit unions and their members for more than 75 years, serving more than 13 million credit union members. TruStage™ is the marketing brand for the insurance products. The Auto & Home Insurance Program is made available by CUNA Mutual Insurance Agency, Inc. and underwritten by leading insurance companies. Life and accidental death & dismemberment insurance is sold through CMFG Life Insurance Company. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by your credit union. MC2645AD-0812
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Important Information
PRSRT STD US POSTAGE PAID ERIE, PA PERMIT NO 227
®
1959 East 36th Street • Erie, PA 16510-2663
Routing Number: 243380927 Website: eriefcu.org E-mail: memberservices@eriefcu.org EZ Phone: (814) 825-2436, Option 9 Toll Free Number: (800) 480-0494 Debit MasterCard® or STAR Card®:
(800) 523-4175 (After Hours)
MasterCard® Credit Card Lost/Stolen:
(866) 604-0381 (After Hours)
Office Locations & Hours of Operation
(814) 825-2436 ● (800) 480-0494 ●
Main Office
Bayfront Office
Buffalo Road Office
Zuck Road Office
Lobby Hours:
Lobby Hours:
Lobby Hours:
Lobby Hours:
Monday - Thursday: 9AM - 5PM Friday: 9AM - 6PM Saturday: 9AM - 1PM
Monday - Thursday: 9AM - 5PM Friday: 9AM - 6PM
Monday - Thursday: 9AM - 5PM Friday: 9AM - 6PM
Drive Thru Hours:
Drive Thru Hours:
Drive Thru Hours:
Monday - Thursday: 9AM - 5PM Friday: 9AM - 6PM Saturday: 9AM - 1PM
Monday - Wednesday: 9AM - 5PM Thursday - Friday: 9AM - 6PM Saturday: 9AM - 3PM
Monday - Wednesday: 9AM - 5PM Thursday - Friday: 9AM - 6PM Saturday: 9AM - 3PM
Peach Street Office
32nd Street Office
1109 East 38th Street Erie, PA 16504 Fax: (814) 825-2046
Monday - Wednesday: 9AM - 5PM Thursday - Friday: 9AM - 6PM Saturday: 9AM - 3PM
State Street Office 518 State Street Erie, PA 16501 Fax: (814) 455-9072
1005 Greengarden Road Erie, PA 16501 Fax: (814) 452-3327
1825 Downs Dr. (Walmart Supercenter) Erie, PA 16509 Fax: (814) 864-0346
2436 Buffalo Road Erie, PA 16510 Fax: (814) 899-2783
1220 West 32nd Street Erie, PA 16508 Fax: (814) 864-1270
Lobby Hours:
Lobby Hours:
Monday - Thursday: 9AM - 5PM Friday: 9AM - 5:30PM
Monday - Friday: 10AM - 7PM Monday - Thursday: 9AM - 5PM Saturday: 10AM - 3PM Friday: 9AM - 6PM Sunday: 11AM - 3PM
Lobby Hours:
Erie FCU No Surcharge & No Fee ATMs As an Erie FCU member, you can make withdrawals and deposits at our ATMs or Fast Branch/ATMs using your Erie FCU Debit MasterCard® or STAR® Card and you will not be charged a surcharge or Out-of-Network Fee. For a current listing of all Erie FCU ATMs visit eriefcu.org/atms
eriefcu.org
5500 Zuck Road Erie, PA 16506 Fax: (814) 838-1095
Drive Thru Hours: Monday - Friday: 9AM - 6PM Saturday: 9AM - 3PM
FINANCIAL STATISTICS Financial Data as of May 31, 2014 Assets . . . . . . . . . . . . . $397,186,603.97 Deposits . . . . . . . . . . . $357,042,208.10 Loans . . . . . . . . . . . . . $162,556,418.48 Members . . . . . . . . . . . . . . . . . . 48,758