July 2013| Issue 1
quarterly
Meet our Community Choice Scholars (pg 1)
Have you gone big?
Read how Community Choice members will receive more than $1 million in annual rewards (pg 2).
Get ready for Give Big Weekend Discover how you can join us to give back and improve our local communities (pg 4).
Plan smart for your retirement Learn simple strategies to maximize your social security benefits (pg 8).
CONTENTS
1 News from Rob
4 Make a difference during 7 Meet our Warren branch Give Big Weekend manager
Community Choice President & CEO, Robert Bava, introduces our 2013 Scholars and shares how two of the them plan to Give Big to our Michigan communities.
Find out how you can get involved and give back to your communitiy with your favorite credit union.
8 Social Security claiming strategies
6 Be cautious when purchasing foreclosures
2 GetBigReward$ has successful launch
Discover how married couples can increase their joint lifetime benefits.
Our mortgage experts discuss the benefits and risks associated with purchasing a foreclosure.
Learn how you get rewarded for making us your primary financial institution.
3 Discover why your credit score is important
Get to know our newest branch manager, Jayson Bauer.
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Educate yourself on the basics of credit and learn how you can attend a free seminar on credit reports.
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ON THE COVER‌ OUR 2013 SCHOLARS 1. Amanda Schwartz 2. Nadeen Dakhlallah 3. Nicolette Pietron 4. Gary Klotz
Editors & publishers:
Paula Piccinini | Marketing Communications & Public Relations Manager
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5. Rob Bava 6. Megan Macciomei 7. Caitlyn Thelen 8. Brandi Ledbetter 9. Kate Yuhas 10. Jane Modes
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11. Melissa Oudeh 12. Andrew Piontkowski 13. Casey Rhines 14. Luke Roggenkamp 15. Lauren Krzisnik
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16. Alwin David 17. Zied Shammout 18. Jenna Sperling 19: Mohamed Ghandour 20. Noor Shammout
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21. Gregory Thelen Not shown: Trevor Franzen
Contributor:
Mervit Sam | Integrated Marketing Communications Specialist
Jeffrey DiGiannantonio | Integrated Marketing Communications Specialist
Visit the Apple or Android store to download the Community Choice mobile app and enjoy secure access to your account(s) 24/7!
News from Rob
Community Choice scholarships help retain our best and brightest
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When I become an engineer, I will use my creative skills, leadership skills, and problem-solving skills to enrich Michigan.
- Melissa Oudeh, 2013 Community Choice Scholar Robert Bava, President & CEO of Community Choice Credit Union, awards Melissa Oudeh a certificate commemorating her scholarship award. Melissa’s family have been members since 1994.
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n Thursday, May 9, the Community Choice Foundation honored its 2013 Scholars. This evening marked a historic time for the Credit Union and for its Foundation, as the Foundation has made a total of $505,000 in scholarships available to our best and brightest local students. On this evening, I had the privilege of meeting all of our scholars and was reminded why they are our future innovators who will continue to lead Michigan’s resurgence. Take for example, Amanda Schwartz and her work with the Generations of Promise program. The intensive program, which is a subsidiary of Focus:HOPE, requires students to engage in more than 120 hours of experiences which build young leaders who celebrate diversity and are dedicated to the elimination of discrimination in metro-Detroit. Through her experiences in the Generations of Promise program, Amanda has led civic engagement programs which included: a book drive for the public schools, preparing meals for the homeless at local shelters, and gathering Halloween candy into one large donation for children who were not safely able to trick-or-treat in their neighborhood. Melissa Oudeh, a long-time Community Choice member, shared her desires of becoming an engineer through her coursework at Michigan State University. Committed to Michigan, Melissa wants to use her education to protect
Michigan’s landmarks and to improve local communities. When we started the Foundation in 2009, we knew the Credit Union’s Foundation could help prevent the epidemic of talented students leaving Michigan to pursue their education in other states. Five years later, we’ve provided 101 scholarships to students and are ecstatic to see the first graduating class of Community Choice Scholars emerge as they embark on their professional careers. With your continued support, we will continue to fight Michigan’s brain drain and help students dedicated to our great state!
Learn more about our Community Choice Foundation Scholarships
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Use your rewards credits to help pay for a trip to one of the many, scenic locations in Michigan! Learn more at GetBigRewards.com.
Community Choice members enjoy big rewards for their active membership
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n June, Community Choice Credit Union announced the launch of an innovative member rewards program that gives back to members for making the Credit Union their primary financial institution. The new program, called GetBigRewards, provides monthly credits to Emerald and Gold level members which can be used to offset potential fees. Any remaining credits will be refunded annually and can be used for savings or withdrawn. News of the Credit Union’s rewards program comes at a time when consumers are looking for alternatives to banks. The 2013 World Retail Banking Report1, an annual survey of 18,000 global financial institutions, found that 40 percent of banking customers are not sure if they will stay with their bank in the next six months. Whether it’s on average one percent lower loan rates than banks2 or friendly, personal service, credit
unions saw a spike in growth in 20123 with membership in the United States growing by more than two million. In addition to up to $108 in annual credits, the Credit Union’s GetBigReward$ program also offers members up to a 10 percent annual loan rebate on interest paid on qualified Community Choice loans. The rebate, combined with annual reward credits, distinguishes the Credit Union’s program as being one of the most innovative and generous among financial institutions in the United States. Community Choice anticipates the total in credits and rebates to be well over a million dollars annually. 1 http://www.capgemini.com/sites/default/files/resource/pdf/ wrbr_2013_0.pdf 2 http://www.creditunionlink.org/Auto_Loan_61.html 3 http://www.ncua.gov/News/Pages/NW20130301CUEarnings.aspx
GetBigReward$ recap • Members can earn up to $108 in annual reward credits. • Credits offset fees and will be refunded annually for use as savings or to be withdrawn. • Emerald members earn a 10 percent annual loan rebate on interest paid on qualifying loans. • Reaching the top, Emerald level, is easy. Services like e-Statements or mobile banking help get you there!
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What is your credit score and what does it mean? There are two commonly used scores: FICO and VantageScore. FICO scores range from 300 to 850, while Vantage scores range from 501 to 990. Factors that affect your credit score include payment history, amount of debt you carry, length of credit history, whether you frequently apply for new credit, and your credit mix (credit cards, retail cards, mortgage, personal loans). The best advice is to pay bills on time and only charge as much as you can afford to pay in full when the bill is due on credit cards and other revolving accounts.
Getting a credit report is an important step for new graduates.
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To learn more about your credit, sign up for our free seminar on Wednesday, July 24 beginning at 1 p.m. Learn from our credit expert ways you can improve your credit. RSVP by contacting us at 877.243.2528 or by visiting your nearest branch location.
he credit industry is keeping score. Every time you Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. apply for a credit card, a mortgage, insurance, or perhaps even a job, your application is judged in part by your credit score. Ranging from 300 to around 900, the number is used by lenders to objectively measure your creditworthiness. The higher the score, the more likely you are perceived to repay credit.
Save the date:
Unlock the secret to your credt report and score Our expert partner, GreenPath Debt Solutions, will present an informative seminar with tips to improve your credit.
WHEN: July 24 at 1 p.m.
WHERE: 31155 Northwestern Hwy, Farmington Hills 48334
RSVP: Contact us at 877.243.2528 to reserve your place or visit your nearest branch location.
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Annual Community Choice Give Bi
Credit Union needs your support during its big weekend of service
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ark your calendar for Give Big Weekend on September 1315! It’s Community Choice’s eagerly anticipated weekend full of ways to Give Big to our local communities. We believe in giving big all throughout the year, but this is when we all come together to really GIVE BIG as an organization. The weekend of giving will kick-off on Thursday, September 12, with a Red Cross Blood Drive from 9:00 a.m. to 2:30 p.m. at our Warren branch located at 7415 Chicago Rd. We will also host blood drives at the following three branch locations from 9:00 a.m. to 2:30 p.m. on Friday, September 13. • Farmington Hills – 31155 Northwestern Hwy. • New Hudson – 30564 Lyon Center Dr. E. • Livonia – 15420 Farmington Rd.
In addition, on Friday, September 13, we’ll host a Shred Day from 12:00 p.m. to 4:00 p.m. at the four following branch locations:
• Farmington Hills – 31155 Northwestern Hwy. • New Hudson – 30564 Lyon Center Dr. E. • Livonia – 15420 Farmington Rd. • Warren – 7415 Chicago Rd.
Donate blood - save a life: Without volunteer blood donors, there would be no American Red Cross Blood Services. Here are a few convincing reasons to give blood: • There is currently a shortage of blood for the summer season. • Every two seconds, someone in the United States needs a blood transfusion. • Your whole blood donation may help save as many as three lives. • Nearly 5 million people need blood transfusions each year. • Blood is needed by cancer patients, people with blood disorders or diseases, premature babies, transplant recipients, trauma and accident victims, and to treat people with other serious diseases and conditions.
Angela Davis was excited last year to package foods at Gleaners Foodbank.
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Schedule your appointment beginning August 2 to give blood by either calling 1-800-REDCROSS or visiting www.RedCrossBlood.Org and using sponsor code: communitychoice.
Melissa Hilkowski helped beautify Kensington Metro-Park during last year’s Give Big Weekend.
Get your shredding done and get on with your weekend: Drop off that pile of shredding that’s been accumulating in your home office for only $5 per box/load*. All proceeds benefit the Community Choice Foundation. The Foundation is committed to improving the communities we serve by motivating the best and brightest students to pursue their careers in Michigan. So gather up your documents that need shredding and bring them for secure and professional handling— you might find that you have a box or two worth of shredding to be done. It’s that easy!
More ways to give big: Our team members will be spending the weekend participating in the following volunteer opportunities:
*25-30 lbs. About the size of a standard copy paper box. Bulldog can accept paper documents only. It is ok if the paper has staples and/or paperclips. Bulldog cannot accept newspaper or magazines, x-rays, blueprint paper,plastic, metal, or garbage. Your cooperation is appreciated.
ig Weekend begins September 13 Sunday, September 15
We invite our Credit Union members to join us at the zoo on Sunday to walk or run in a fantastic event benefiting the Detroit Zoological Society.
Saturday, September 14 • Milford Park Cleanup • Gleaners (Warren location)
• Gleaners (Detroit location) • Vista Maria • Forgotten Harvest
• Run Wild for the Detroit Zoo from 8:00 a.m.-12:00 p.m. Visit bit.ly/ givebigweekend to register with the Community Choice team for the Detroit Zoo event and to learn more about all of our Give Big Weekend happenings. Follow Community Choice Credit Union on Facebook to stay up-to-date on all of the latest details.
Throwing money out the window on your current auto loan?
Refinancing your current loan to Community Choice Credit Union could free up cash to help you: • Pay off your higher-interest loans (like credit cards) • Consolidate loans • Enjoy no payment for up to 60 days • Receive up to 10% annual loan interest rebate for Emerald members Talk to a Community Choice Credit Union representative today about refinancing your current auto loan with one of our low-interest options.
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Use caution buying foreclosed homes
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ou might be able to land a good deal by purchasing a foreclosed home, but if you’re not careful, you could dish out more than you budgeted for in remodeling and home repairs. Consider the following tips if you’re thinking about buying a foreclosed property: • Hire a good inspector. Just as you’d make the sale of a “regular” house conditional on a thorough home inspection, do the same with foreclosed properties. An inspection will cost several hundred dollars but is well worth it. Although the sale may be “as is,” you’ll learn what you’re up against. If possible, be there to accompany the inspector. • Estimate repair costs. Use the inspector’s written report to get accurate estimates from contractors bidding on major repair work. Once you know how much money you’ll have to sink into repairs to bring the foreclosed house up to par, you’ll be able to make an educated decision about whether buying a particular foreclosed house is worth it. • Be true to yourself. You might be handy, but be realistic about how much touch-up work you can manage. Even people with home improvement backgrounds could be taking on too much with foreclosed properties. Just having time to complete the
Sue Rosiar SRosiar@CommunityChoiceCU.com
Greg Coury GCoury@CommunityChoiceCU.com
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needed work can be a deciding factor. • Find an agent specializing in foreclosures. Real estate agents specializing in foreclosures often have relationships with the lenders listing the properties. They also may know of listings that haven’t been made public yet, according to Bankrate.com. • Get preapproved at Community Choice Credit Union. Whether you’re purchasing a foreclosed home or another type of property, we may be able to approve you for financing in advance. Copyright 2013 Credit Union National Association Inc. Information subject to change without notice.
Mortgage Solutions: • 15 and 30 year fixed rate • 15 and 30 year FHA • 7/1 ARM • HARP loans Visit CommunityChoiceCU.com or call to apply today! Mortgage loan services provided by Member First Mortgage LLC NMLS ID#149532. Community Choice Credit Union NMLS ID#192480.
Meet our newest branch manager Jayson Bauer started in June as the Warren branch manager
Q: What is your educational background? A: I graduated from Baker College with a Bachelor’s in Business
Administration and presently am pursuing an MBA from Baker College.
Q: How long have you been working in the financial services industry? A: I have been involved with credit unions since 2006 and before that I worked in the mortgage industry.
Q: What do you love most about credit unions? A: I enjoy helping our members with products and services that make
sense for them. Too many times financial institutions can put consumers in a bad position and that’s not what credit unions were founded on. I also enjoy the community involvement, there is a lot that credit unions do to give back to the communities we are a part of. Credit unions are about people helping people, and that’s what I love most about them!
Q: What was attractive or made you want to become the Warren Branch Manager at Community Choice?
A: I love the credit union movement! I am someone that falls within the Gen Y category and want to be with a forward-thinking organization, like Community Choice Credit Union.
Q: Are you involved with any clubs, activities, or community/professional
Jayson grew up in Bloomfield Hills and attended St. Hugo through the eighth-grade and then attended Lahser High School.
associations?
A: I am involved with Crash Michigan which is a group of younger professionals within the credit union industry that
provides mentoring and networking. We recently “crashed” the Michigan Credit Union League Annual Convention and Exposition in Detroit and were able to learn quite a bit from each other and from the speakers we were able to meet.
Q: If you were stuck on a deserted island, which three items would you have to bring with you? A: I would like to bring a boat, some extra gas, and drinking water; however I am not sure that’s the answer you’re looking for! I am attached to my phone and would love to have that for pictures and music.
Q: Who is your favorite celebrity and why? A: I would have to say it was Steve Jobs; he did so much for innovation and creativity. He had his team push the limits of
technology farther than anyone thought possible.
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Social Security claiming strategies
What can married couples do to increase joint lifetime benefits?
Smart retirement planning can help you accomplish your life-long dreams, like a sunny caribbean vacation.
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hat is your “magic number”? Roughly half of retirees claim Social Security benefits at age 62, as soon as they become eligible. Some people delay benefits and postpone using their retirement savings as an income source. Others apply out of necessity; their financial situation leaves them little choice.1 These factors aside, what if you have a choice? If you wait a few years to apply for Social Security, how much more income might you realize?
Waiting until age 66?
The Social Security Administration has made 66 the “full” retirement age
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for people born during 1943-1954. If you were born in this period and you apply for Social Security at age 62, you will reduce your retirement benefit by 25 percent and your spouse’s by 30 percent.2,3 That alone might convince you to wait. In addition, there are claiming strategies that may bring spouses much greater cumulative lifetime Social Security income, and they depend on one spouse waiting until age 66 to apply for benefits.
at age 66.
That may be the time for a file and suspend strategy:
So while some spousal benefits are rolling in, Terry and Teresa have both elected to put off receiving their own Social Security benefits until age 70. That allows each of them to rack up delayed retirement credits
This tactic positions a married couple to receive maximum Social Security benefits at age 70, with one spouse being able to claim some benefits
An example: Terry was born in 1947 and Teresa was born in 1951, so full retirement age is 66 for both of them. Terry files his claim for Social Security benefits at age 66, but then he elects to suspend his $2,000 monthly retirement benefit. Doing that clears the way for Teresa to get a $1,000 monthly spousal benefit when she reaches 66; she can do this by filing a restricted claim for spousal benefits only at that time.4
(8 percent annually) between ages 6670. Therefore, when Terry turns 70, he is eligible to collect an enhanced benefit: $2,640 per month instead of the $2,000 per month he would have received at age 66. At 70, Teresa can switch from receiving the $1,000 monthly spousal benefit to collecting her enhanced benefits.1,4
Variations on file & suspend:
There are other ways to do this. For example, 66-year-old Terry could initially apply for Teresa’s spousal benefits as Teresa applies for her own benefits at 62. Terry thereby gets $800 a month while Teresa receives her own reduced benefit of $1,200 a month. At 70, Terry foregoes getting the spousal benefit and switches to receiving his own enhanced benefit ($2,640 a month thanks to those delayed retirement credits). If Terry lives to age 83 and Teresa lives to age 90, their total lifetime Social Security benefits will be $1,043,520 under this strategy, as opposed to $840,600 if they each apply for benefits when they turn 62.1 Postponement can also be used to enlarge survivor benefits. Let’s go back to Terry and Teresa: if they each start getting Social Security at 62, Teresa is looking at a $1,650 monthly survivor benefit if Terry passes away. But if Terry waits until 66 to claim his benefits, Teresa’s monthly survivor benefit would be $2,640.1
Details to note:
The file-and-suspend strategy is only allowable if one spouse has reached full retirement age. In order for you to claim a spousal benefit, your husband or wife has to be getting Social Security benefits. Applying for Social Security before full retirement age with the idea that your spouse can collect spousal benefits at 62 has a drawback: you are reducing both of your lifetime retirement benefits.5 Only 29 percent of respondents in a 2012
AARP survey knew that waiting until age 70 to apply for Social Security would bring them their maximum monthly benefit. Congratulate yourself for being in that group, and consider the long-range financial merits of claiming your benefits years after age 62.6 Community Choice Investment Services is pleased to help review your retirement income. Call Wendi or Michael today to schedule an appointment.
1 www.smartmoney.com/retirement/planning/ strategies-to-max-out-social-securitybenefits-1329243329517/ 2 www.ssa.gov/retire2/retirechart.htm 3 www.ssa.gov/retire2/agereduction.htm 4 www.investmentnews.com/article/20121105/ BLOG05/1211099845 - www.nextavenue.org/ article/2012-08/how-avoid-making-socialsecurity-mistakes 5 www.nextavenue.org/article/2012-08/howavoid-making-social-security-mistakes 6 www.aarp.org/about-aarp/press-center/ info-02-2012/new-aarp-survey-shows-manyunaware-of social-security-claiming-strategies.html
CONTACT OUR EXPERTS TO START PLANNING TODAY! Wendi Diacono 734.762.6955
WDiacono@CCIS.CommunityChoiceCU.com
Michael McCauley 586.826.8038
MMcCauley@CCIS.CommunityChoiceCU.com
Wendi Diacono
Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/ SIPC. Cetera is under separate ownership from any other named agency. Investments are: Not FDIC/ NCUSIF insured; May lose value; Not financial institution guaranteed; not a deposit; not insured by WDiacono@CCIS.CommunityChoiceCU.c any federal government agency.
734.762.6955 CommunityChoiceCU.com| 9
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$0
Copper
0-2 Products/Services
$0
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