2014 Community Quarterly| Issue 5

July 2014| Issue 5

quarterly

Meet this year’s Community Choice Foundation Scholars (Page 6)

See how we’re creating new places to get together.

Prepare for the costs of college before it’s too late.

Retire your mortgage before you do.

Read about our plans to renovate some of our existing locations and to open a new location in the fall of 2014 (Page 1).

Discover how students and parents can get in front of the costs associated with college (Page 5).

Eliminating a mortgage can give you the breathing room you need to have a comfortable, more financially manageable retirement (Page 4).

1 News from Rob

when buying a new construction home

11Community Choice

college before it’s too late. celebrates Relay For Life Learn how to get in front of costs associated with college.

6 Congratulations to the

Credit Union honors former team member and gives big at annual event.

2014 Community Choice Scholars!

The Community Choice Foundation Here are eight important things to consider if you opt to go with a awarded twenty $5,000 scholarships to our area’s best and brightest newly built home. students.

4 Retire your mortgage

before you do

5 Prepare for the costs of

Community Choice President and CEO, Robert Bava, shares how

Community Choice is creating

new places to get together.

2 Eight things to consider

CONTENTS

8 Traveling this summer?

Remember these credit and debit

It may make sense to consider

refinancing your mortgage to retire it before you do.

card travel tips and enjoy financial security during your trip.

We will be closed on the following holidays: Independence Day

Veterans Day

Christmas Day

Friday, July 4, 2014

Tuesday, November 11, 2014

Thursday, December 25, 2014

Labor Day

Monday, September 1, 2014

Columbus Day

Monday, October 13, 2014

Thanksgiving Day

New Years Eve

Thursday, November 27, 2014

Wednesday, December 31, 2014

Wednesday, December 24, 2014

Thursday, January 1, 2015

Christmas Eve

Editors and publishers Abbey Bierlein Community Choice Foundation Coordinator Jeffrey DiGiannantonio Integrated Marketing Communications Specialist Mervit Sam Integrated Marketing Communications Specialist Layout and design Elaine Bates Multi-Media & Design Specialist Photography Scott Young Integrated Marketing Communications Project Specialist

New Years Day

On the cover: The 2014 Scholars Award Ceremony was held May 8, 2014 at The Reserve in Birmingham, Michigan.

Connect with us on:

News from Rob Creating a place to get together

“In order to accomplish this, we’re

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s we move into the second half of 2014, I’m pleased to update you on our plans to renovate some of our existing locations and to open a new location.

Underlining all of our renovations and our grand opening is our desire to create a great member experience. This starts with a “smiles wide open” consultative approach to how we treat you, whether it’s in person, on the phone or online.

In order to accomplish this we’re investing significant time to develop state-of-the-art member centers. We don’t call them branches anymore. By calling them member centers, we’re capturing the purpose of our locations—a place for members to get together with Community Choice Personal Advisors to become informed and educated with advice that can help your bottom line. The following existing locations will be renovated, while the location at 41660 Six Mile Road in Northville Township is a new purchase and is also being renovated:  Livonia (15420 Farmington Rd.)  Milford (180 S. Milford Rd.)  Royal Oak (1709 Crooks Rd.)

There will be some special features that you’ll notice once the member centers are renovated and/or open.

“

Robert Bava, President and CEO of Community Choice Credit Union

investing significant time to develop state-of-the art member centers. We don’t call them branches anymore.

A place to get together— Member centers will look and feel like a place where you want to gather− a place where you’ll feel comfortable spending time whether it’s to have a cup of coffee or learn about ways to improve your financial wellness.

Self-service assist— We will still help process transactions such as cashing paychecks, but we will do so by providing the technology for you to process the transaction on your own terms. This doesn’t mean we’ll just point you to a machine.

We’ll greet you and determine how we can best serve you while utilizing state-of-the-art technology.

Barrier free relationships— Traditional banking branches were constructed with physical barriers that made you less inclined to form relationships with staff. Instead of waiting in a teller line, you’ll notice our member centers are barrier free.

That’s intentional; our team members want to form long-term relationships with each of our members so we can provide the kind of advice that helps you prosper.

As part of our long-term strategy, we plan to remodel all of our existing locations and turn them into member centers. I encourage you to follow our progress as we continue to grow and find additional ways to serve you better. Together with the support of our members and Board of Directors, we will continue to maximize every opportunity to improve your financial life.

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Eight things to consider when buying a new construction home

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re you in the real estate market and trying to decide whether to go with new construction or something older with a little more character? There are always different factors to weigh out such as the amount of maintenance an existing home will need or if you have the time to wait for a new home to be built.

Here are eight things to consider if you do opt to go with a newly built home:

Make sure you choose to work with a reputable builder.

Check into their background and visit multiple communities they’ve built homes in if possible to see the quality. Search for online reviews with testimonials from actual customers about their experience with the builder. The local Home Builders Association can be a helpful resource as well (builders.org). If you encounter any red flags, trust your instincts and keep looking until you find a builder you feel you can trust.

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Be sure to understand your options and their costs. If you tour a model home, take note of what is standard and what is an upgrade. The costs for upgrades can add up fast, but builders often include different packages, such as granite countertops or stainless steel appliances, as an incentive.

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Take a look at your surroundings. How far along is the community in being completed? Ask the builder for their projections, but take that with a grain of salt. The builder does not have complete control over how soon a project is completed. If lots don’t sell and end up sitting for an extended period of time you may find yourself staring at a lot of dirt (not to mention living with the noise of construction for an extended period of time), rather than the view of a beautiful new home community. It can take years for a larger development to take shape and come to completion.

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Get financing in order. Does the builder require you to finance through a particular lender if you purchase your home from them or can you freely use your own preferred lender? You might appreciate a recommendation, but not feeling forced into using a lender. There are laws that protect home buyers in these situations, so it is important to be informed and have your lawyer review all contracts and documents before signing on the dotted line. Remember, Community Choice can pre-approve you for a mortgage.

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Factor in any home owner’s association (HOA) fees for amenities. You might choose to go with a certain community based on the amenities that a builder plans on putting in, such as a pool, playground or clubhouse. Be sure to read the fine print— what are the HOA fees? Do a certain number of homes have to be built and occupied before the builder has to fulfill his end of installing the amenities? In the case where building in a community stalls due to lack of sales, the amenities may not come to fruition after all.

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Will you be starting from the ground up or customizing one that has already been started? Sometimes builders will put the basement in and frame the house in anticipation of a prospective buyer. If you choose a lot where a spec home has already been started and you are getting in while it’s in progress, be sure to find out how long the home as been sitting (eg.

What were the dates of completion for the various stages thus far?). You may want to have an inspection to ensure that there was no weather damage while the home was exposed to the elements in its unfinished state.

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Confirm the timeline and target completion date for the new home. It can be a challenge to keep the home building timeline aligned with life events.

For example, perhaps you’re getting married and will be moving into your first home or sold your current home and need to move as soon as possible. If you need to have a new place to live by a certain date and the new home is not going to be ready in time, you may find yourself needing to find temporary housing in the interim.

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Keep track of all contracts, paperwork and communication. Stay in close communication with your builder at all times throughout the building process. Schedule visits at various stages to see the progress on your home.

When you find that special place to call home, you’ll find that doing your homework can pay off significantly in helping to avoid unforeseen obstacles.

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Retire your mortgage before you do

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s retirement not too far in the distance? Imagine having your mortgage paid off by the time you retire—affording you the financial freedom of only having to budget for your living expenses.

Typically, house payments equate to 28% of a household income.

It may make sense to consider refinancing your mortgage to retire it before you do and give yourself some peace of mind during your retirement.

Richard Young, of Farmington Hills, is contemplating the idea of retiring his mortgage, before he does. “Making extra payments through the life of the mortgage, when your income is at its maximum, and when you are tempted to spend that extra cash on temporary and fleeting things, will enable you to pay off your mortgage more quickly and make your retirement more relaxing and carefree,” Young said.

According to the Wall Street Journal’s Market Watch, retiring with a mortgage simply isn’t a good idea. Having to cover monthly house payments in addition to the rest of your retirement expenses could have you stretched pretty thin. Planning in advance, not just by saving up a sufficient nest egg, but by eliminating the debt of having a mortgage, can give you the breathing room you need to have a comfortable, more financially manageable retirement.

Sure, you always have the option of paying more on your mortgage principal each month on your own, but refinancing with a shorter term provides the structure and discipline to work toward your goal of being mortgage free in less time. By decreasing the life of your loan, you might also save thousands of dollars in interest.

Does making your mortgage history sound good?

Let’s get together™ “Home values are on the rebound and rates are still historically low,” said Barb Babington, AVP of Lending at Community Choice Credit Union. “Discuss your options with a professional Community Choice mortgage consultant to determine if this solution makes sense for you.”

Greg Coury

GCoury@CommunityChoiceCU.com NLMS ID#211808, CCCU ID#192480

Sue Rosiar SRosiar@CommunityChoiceCU.com NMLS ID# 138785, CCCU ID#192480

Low rates are available with flexible repayment terms. Contact a mortgage consultant for more information today.

Mortgage loan services provided by Member First Mortgage LLC NMLS ID#149532.

Community Choice Credit Union NMLS ID#192480

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Prepare for the costs of college before it’s too late.

Catherine Wall of Green Path, Inc. explores how students and parents can get in front of the costs Catherine Wall associated with college. hen it comes to making financial decisions for

W

continuing education, Catherine Wall of Green Path, Inc., Community Choice Credit Union’s trusted Partner Relations Specialist, stresses that collegebound students establish concrete plans.

In addition to providing student loan workshops throughout southeast Michigan, Catherine recently helped her son and daughter prepare for college and learned from the experiences they faced. She offers the following financial tips for college-bound students and their parents.

1) Set goals. Students achieve financial stability in college

when they set goals that are specific, measurable, reasonable and realistic. Before choosing a major, check if credits earned in high school can transfer to that program. Decide if it’s appropriate to go away to college for four years as opposed to living at home and transferring. Research the cost of obtaining a degree in a particular field and what the job market and pay will be upon graduation.

“If an individual doesn’t know what they want to do after college, how do they know what income they’ll be making and if they can pay back their loans? It’s all about making a plan,” Wall says. “Goals are important because they reflect your values and they provide you with a direction to go in.

Build off that, and make your plan as accurate as possible.”

“Preparing for lifelong financial success before starting college is overwhelming for parents and students,” Wall says.

“Often, students end up graduating with mortgage-sized debts.

In order to avoid this, a budget is critical, and so is sticking to it.”

3) Know your options. In addition to grants and loans,

other options for paying for college include: campus-based aid programs, scholarships (like those offered by the Community Choice Foundation), 529 plans, pre-paid tuition plans, Coverdell Education Savings Accounts, and Roth IRAs. Assessing all options and forming a plan will lead students down the path to financial success.

“Currently 91 percent of college students have credit cards, and three out of five students max them out in their freshman year,” Wall says. “Too often, students are set up for failure because they do not make disciplined financial choices. A well-executed plan will make all the difference.”

2) Create a budget. For some students, college might be the first time in their lives that they’ve needed to monitor cash flow. First, map out all income, including allowance, odd jobs, grants, scholarships, gifts and loans. Then, try to predict all expenses such as tuition, books, food, housing, clothing, personal care, and transportation. Consider using free resources such as the planning calculators offered on Community Choice Credit Union’s website.

Would you like to learn more or speak to a specialist at GreenPath? Your Community Choice membership gives complimentary access to many of GreenPath’s services. Contact them today at 877.337.3399 or visit Greenpath.com/Greenpath-Financial-Wellness.

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Congratulations to the 2014 Comm

Rob Bava, President and CEO of Community Choice Credit Union presents a $5,000 Scholarship Certificate to Karissa Koomen.

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n May 8, the Community Choice Foundation awarded twenty $5,000 scholarships at its 6th Annual Scholar Awards Ceremony held in Birmingham, Michigan. The program designates $100,000 in college scholarships every year for our area’s best and brightest students who are committed to sharing their talents with local Michigan communities after college.

Scholarship applicants from Wayne, Oakland and Macomb Counties, and Credit Union members, were evaluated based on factors including grade point average, volunteer service and creative essay response, with a portion of scholarships offered based on merit alone. This year, there were a record number of 434 applicants, making for a competitive field of candidates.

Community Choice Credit Union is committed to the future of Michigan.

The Foundation makes this investment in home-grown success and the next generation of Michigan’s leaders, in order to improve the future of the families who reside here.

“The 2014 class of scholars is an impressive and poised group of young people,” said Robert Bava, Community Choice Credit Union President and CEO. “They are real self-starters who are out there in the community and striving to better their lives and the lives of those around them. I have no doubt that they will positively impact our great state, and I’m thrilled to witness how they flourish.”

“This is the first scholarship that I’ve ever won. I’m so happy,” said 2014 Scholar Maleika Flemister, a student at John J. Pershing High School.

Flemister plans to attend Wayne State University to study art in the fall.

Ebony Reid, one of Flemister’s teachers, describes how hard her student has worked toward her goals. “I’ve seen her grow and mature. Maleika has never settled to be average. She always goes above and beyond; never hesitates to ask questions. It can be a struggle, but she always puts forth that extra effort. I’m very proud and happy for her,” said Reid.

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Jorge Avellan of MyTV20 presents a $5,000 Scholarship Certificate to Kari Jurewicz.

munity Choice Foundation Scholars!

T

he scholarships come at a time when the cost of college tuition is higher than ever and families are faced with greater financial challenges associated with obtaining a higher education.

“It’s great that the Credit Union supports these kids in this way to help them reach their dreams,” said Ryan Eisert, father of 2014 Scholar Mekenna Eisert, a student at Clarkston High School. Eisert will be attending the University of Michigan in the fall to become a physician.

2014 Scholar Gabriella Menassa’s parents, Roland and Valerie Menassa beam with pride. “She hears it from us all of the time, but to hear it from a third party and get that recognition is validating for her,” said Valerie, “Her school counselor was impressed that she won such a substantial amount from a private scholarship.” Gabriella, a student at Regina High School and budding entrepreneur, will attend Michigan State University to study marketing this fall.

Thank you to our generous sponsors!

“We’re thrilled to be able to help 20 of the area’s best and brightest students afford college here in Michigan,” said Abbey Bierlein, Community Choice Foundation Coordinator. “The 2014 Community Choice Scholars share our commitment to Michigan and we look forward to seeing the positive ways they’ll make a difference in our communities.”

Generous donations made by sponsors and Community Choice team members support the Foundation’s efforts. These donations will help ease the burden of paying for college tuition for these very deserving students.

Jorge Avellan of My TV20 was Master of Ceremonies for the evening and John Rakolta Jr., Chairman and CEO of Walbridge, delivered the keynote address at the event.

Get to know all of this year’s Scholars and learn more about becoming a sponsor at CommunityChoiceFoundation.com.

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Traveling this summer?

Remember these credit and debit card travel tips.

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t’s the summer travel season and many will be headed overseas or vacationing within the states. Even in so-called “western” countries, many places, particularly in small towns and villages, still require payment in cash. However, many places do accept credit and debit cards, but it may not be so simple to swipe your way through summer.

Our financial security expert partner, Jim Stickley offers tips for using credit and debit cards both in and outside of the United States.

•

•

Contact your financial institution before leaving and let them know where you’re headed. This is an important step whether your headed overseas, to Mexico or even to another part of the country such as the Florida Keys. Provide them your travel dates and countries you intend to visit. Because of the high number of credit and debit card numbers stolen in the United States, many financial institutions will deny any charges that don’t fit within your “normal” charging or purchasing profile. If they know your travel dates and destinations, they can authorize it for those dates and destinations only.

Check your credit limit for each card you take with you. With the differences in exchange rates, it may be easy to overcharge, so monitor your accounts closely.

sure there are no unauthorized charges. If there are, contact the issuing institution immediately. There are time limits for reporting these.

•

•

Don’t take every credit and debit card you have. Decide which ones you will use and take only those. This way, you’ll have less to track down if your wallet or purse ends up getting stolen.

•

Carry your cards safely. Put wallets in front pockets and carry bags and purses in front of you, across your body. Money belts are another option. • Backpacks are easy targets for pickpockets.

•

Make copies of both sides of your cards and keep them separated from your actual cards. This will make it easier to replace and report to local authorities and the Embassy. You should also make copies of your passport and ID.

•

Make sure you have the international phone numbers for your card issuing institutions before you leave the United States. While you’re getting those, jot down phone numbers for the local police in your destinations and the nearest U.S. embassies just in case you need to report theft.

•

Check your card accounts as often as you can while traveling to make

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If you do find one of your cards is missing, immediately report it to the card issuing company, the local police, and the U.S. Embassy. When you get home, contact the IRS Identity Protection Unit to report the stolen cards. This will mitigate any potential identity theft effects.

As always, never leave your cards unattended and cover your PIN numbers when entering them into keypads.

For more financial security tips and information from Stickley on Security, visit CommunityChoiceCU.com/Resources/Security.

Membership pays in so many ways.

Community Choice Credit Union members can save with Sprint!

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ou or your business could save hundreds each year with these discounts:

The average American family overspends on their wireless services by an average of $200 a year. If this sounds like you, Community Choice Credit Union thinks it might be time to start saving with the Sprint Credit Union Member Discount. To take advantage of these Sprint savings, remember to verify your Credit Union membership.

Enjoy the following discounts with your Credit Union membership — Personal – Save 10%

Business – Save 15%

• 10% discount on select regularly priced Sprint monthly service

• 15% discount on select regularly priced Sprint monthly service

• Waived activation fee on new lines (up to $36 in savings)

• Waived activation fee on new lines (up to $36 in savings)

• Waived upgrade fee (up to $36 in savings)

• Waived upgrade fee (up to $36 in savings)

• Buy online to save even more

• Unlimited data available on select phone plans

• Unlimited data available on select phone plans

• Ready Now, one-on-one personalized setup, is provided at select Sprint Stores

• Ready Now, one-on-one personalized setup, is provided at select Sprint Stores • Use Corporate ID: NACUC_ZZM to claim your discount

• Use Corporate ID: NACUC_ZDS_ZZM to claim your discount

Visit LoveMyCreditUnion.org/Sprint to start saving with the Sprint Credit Union Member Discount.

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Rates as low as

3.99%

APR*

Ready for a new toy?

Let’s get together ™

Thinking about cruising the Great Lakes, or do you yearn for the freedom of the open road? Our experienced lending specialists have lots of ways to help you live your dream.

Visit CommunityChoiceCU.com or call 877.243.2528 to learn more and apply for your loan today! *All rates are disclosed as Annual Percentage Rates. Your rate will be based on your credit history, approximate term, and security offered.

Rates are subject to change at any time. Offer of 3.99%APR with 180 monthly payments of $7.52 per $1,000 borrowed. Minimum loan amount is $25,000.

Note: .50% will be added to the APR for refinances of existing Community Choice Credit Union loans.

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Community Choice Credit Union celebrates Relay For Life Credit Union honors former team member by giving big at Redford’s Relay For Life

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n May 31 and June 1, Redford’s member center honored former team member Linda Hall by sponsoring and participating in the Redford Relay for Life. “There is a bond built during this event each year that shows support, kindness, love, and understanding through even the toughest times,” said Redford member center Manager, Holli Kerkhof. Kerkhof participated in the Redford Relay for the eighth time this year.

Jerry and Linda Hall

Community Choice team member Kym Wendell also participates every year in Redford’s Relay for Life.

“I relay against cancer for Linda because she can’t,” said Wendell. “I relay for Jerry, her husband who fought his own battle with cancer.”

Hall was diagnosed with stage two invasive breast cancer in 2004. Although she battled cancer for years, she remained an optimist and viewed cancer as an opportunity to learn and grow. Hall spoke at a Relay for Life breakfast stating, “If you look, you’ll find the good in everything, even cancer.”

Hall embodied the Give Big spirit of Community Choice Credit Union and used her experience with cancer as an opportunity to participate in a clinical trial where she contributed to research and improved the ways in which cancer is treated. She passed away in June of 2008 after a long battle with breast cancer.

Hall started her career with Community Choice Credit Union in 2000 as the Redford Assistant Branch Manager.

She was promoted several times to Branch Manager, Director of Member Services, and finally Vice President of Sales and Service. 2014 marks the eighth year that the Redford member center has honored their former team member by participating in Relay for Life.

Linda Hall

Linda Hall and Sue Setera

Give Big with Community Choice during Give Big Weekend!

Join the Credit Union on Friday, August 22 and donate blood! The American Red Cross will have donation centers set up at the following Community Choice locations.

Farmington Hills

31155 Northwestern Hwy.

Livonia

15420 Farmington Rd.

New Hudson

30564 Lyon Center Dr. E. Every blood donation can save up to three lives. Visit GiveBigWeekend.com after July 20, 2014 to sign up and Give Big.

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Members get exclusive discounts on new car purchases from GM!

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eed a new car? Your Community Choice membership gives you three great ways to save on a new vehicle purchase.

1. First, General Motors is offering all current and eligible Credit Union members preferred pricing on most new GM vehicles.

This is in addition to the most current incentives and special offers! Depending on the vehicle, you could save hundreds, even thousands of dollars on your next new Chevrolet, Buick, or GMC vehicle purchase just for being a Credit Union member.

Visit LoveMyCreditUnion.org to see how much you can save and request your GM Authorization Number.

2. Secondly, our members can save big with great low rates when you finance your new vehicle through Community Choice. Contact us at 877.243.2528 to find out more about your vehicle financing options.

3. Third, you’ll also save on fuel costs with GM’s high-fuel efficiency vehicles. Start saving today!

GM offers high-fuel efficient products in most high-volume vehicle segments, and more are coming to the market each year. (All fuel economy ratings below are EPA Estimates) The new Chevrolet Cruze Eco, with it’s 42 mpg EPA highway estimate, offers the best highway fuel economy of any gasoline engine (non-hybrid) car in America. The Chevy Equinox and GMC Terrain crossovers offer space for the family and a 32 mpg highway estimate. Chevrolet Malibu has EPA mileage estimates of 22 mpg city, 33 mpg highway, and can travel nearly 500 highway miles on a tank of fuel. Chevy Silverado and GMC Sierra offer the best highway fuel economy estimates of any V8 pickups (22 mpg), and offer hybrid models for the ultimate in full-size truck fuel efficiency (20 mpg city, 23 mpg highway).

Visit CommunityChoiceCU.com and click on Credit Union Discounts under the Resources tab to learn more.

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Tired of throwing money out the window on your auto loan?

Let’s get together ™

Apply today and enjoy a rate as low as 1.99%APR* on new, used, and refinanced vehicles.

Visit CommunityChoiceCU.com and check out our new Auto Center tool to see how much money you could save.

• Qualified loans may make you eligible for up to a 10% annual loan interest rebate.

• Having a loan with Community Choice can help you reach Emerald – our highest level! *All rates are disclosed as Annual Percentage Rates. Your rate will be based on your credit history, approximate term, and security offered. Rates are subject to change at any time. Offer of 1.99% APR with 60 monthly payments of $17.53 per $1,000 borrowed.

Note: .50% will be added to the APR for refinances of existing Community Choice Credit Union loans.

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Find out what members already know: it pays to belong to Community Choice Credit Union.

That’s because Community Choice Credit Union rewards members financially with credits and rebates based on how many products and services they have. The more you have, the more you can save and earn. In fact: • Community Choice gave a total of $886,902 in credits and rebates to members for 2013 • Having a loan with Community Choice can help you reach Emerald — our highest level • Qualified loans may make you eligible for up to a 10% annual loan interest rebate

Earn $25 for you and a friend!

When an existing member refers a friend or family member to open a checking account, you each receive $25*. Just ask them to show us this coupon.

Start saving and earning today!

Go to GetBigRewards.com or visit your nearby Community Choice Credit Union member center at one of the addresses below: Farmington Hills 31155 Northwestern Highway

Milford 180 S. Milford Road

Redford 25447 W. Five Mile Road

Livonia 15420 Farmington Road & 34930 Ann Arbor Trail

New Hudson 30564 Lyon Center Drive E.

Royal Oak 1709 Crooks Road

Northville Township Coming soon!

Warren 7415 Chicago Road

*Offer available to both new members and existing members of Community Choice Credit Union in good standing (see account agreements & disclosures).

Current member must have a checking account to participate in the member referral program. Current member will receive a $25.00 deposit for each person who is referred and opens a new member account with checking at Community Choice Credit Union. New membership requires a $10.00 minimum to open account. .05% Annual Percentage Yield paid on balances of $100 and above. Existing member and new member will receive a $25.00 deposit upon opening of new member account with checking account. Eligible members will receive value reported as interest income on Form-1099 INT. Team members and board members are ineligible. Offer expires 09/30/2014. Community Choice Credit Union reserves the right to change or cancel this promotion at any time.