January 2014| Issue 3
quarterly
Community Choice business member, Mark Waad, partnered with the Credit Union and The Miracle League of Michigan to Give Big. Learn more on page 4.
Membership provides value Learn about the Credit Union’s mission to deliver value to members through programs like GetBigReward$ (Page 1).
Credit Unions fuel the Michigan economy
Three easy solutions that can save you money
Meet the team who makes dreams possible for small businesses (Page 7).
Improve your bottom line in 2014 by consolidating debt (Page 9).
CONTENTS 1 News from Rob
Community Choice President and CEO, Robert Bava, shares how the Credit Union is focused on delivering value to members.
2 Make smart New Year’s resolutions
Explore easy ways to improve your financial future.
3 Don’t break for yo-yo car financing
Learn important tips to ensure you get a good deal when purchasing a new or used vehicle.
4 An afternoon of fun
7 Meet the team making
with The Miracle League of Michigan See how a business member, the Credit Union’s Foundation and team members provided joy to children.
6 Local family receives early Christmas gift
Read how a local radio station and the Credit Union delivered holiday cheer to a family in need of help.
We will be closed on the following holidays:
dreams possible for small businesses
Find out how credit unions help to fuel our local economy.
8 Credit Union membership is worth hundreds
Discover Credit Union benefits that improve your bottom line.
9 Three solutions to help save money in 2014
Read how you can maximize savings by consolidating your debt.
New Years Day
Labor Day
Christmas Eve
Wednesday, January 1, 2014
Monday, September 1, 2014
Wednesday, December 24, 2014
Monday, January 20, 2014
Monday, October 13, 2014
Thursday, December 25, 2014
Monday, May 26, 2014
Tuesday, November 11, 2014
Wednesday, December 31, 2014
Independence Day
Thanksgiving Day
Friday, July 4, 2014
Thursday, November 27, 2014
Martin Luther King Day Memorial Day
Columbus Day Veterans Day
Editors and publishers Paula Piccinini Marketing Communications & Public Relations Manager 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 Specialist
Christmas Day New Years Eve
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Working hard to deliver value to members
I
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Robert Bava, President and CEO of Community Choice Credit Union
n 2013 we experienced a significant year of growth and progress at Community Choice. As 2014 begins, I want to take this moment to thank you for your membership. Without your support we wouldn’t continue to grow. The Credit Union sincerely appreciates each and every one of you. Our mission continues to be to maximize stakeholder value.
That means we’re doing everything possible to create an experience that’s unmatched by other financial institutions. 2013 included many highlights supporting our mission including: a successful launch of GetBigReward$, a merger with ROME Credit Union and the charitable commitment displayed by our Scholars and team members.
You’ve probably noticed buzz surrounding our GetBigReward$ program. The program is one of the most generous rewards programs among banks or credit unions and is projected to pay out more than $850,000 in credits and rebates for 2013. After years of planning and development, this program successfully launched in June and has been met with excitement by our members. Your membership fuels our Credit Union and this is our way of thanking you for making Community Choice your primary financial institution. One way to deliver value is to make our products and services more accessible. When we learned that ROME Credit Union was looking for a merger partner, we couldn’t pass up the chance to become more accessible by expanding to Royal Oak and its surrounding communities. ROME members have been welcomed into the Community Choice family and I’m happy to say that we already are involved with different community projects and initiatives in the Royal Oak area.
2013 included many highlights supporting our mission including: a successful launch of GetBigReward$, a merger with ROME Credit Union and the charitable commitment displayed by our Scholars and team members.
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News from Rob
I continue to be amazed by the Give Big spirit of both the Community Choice Scholars and our team members. I witnessed our Scholars volunteer with children who have disabilities through The Miracle League of Michigan program. Whether it was being their buddy for an evening or helping to make holiday wishes come true, our Scholars validated why they are the best and brightest in Michigan. The same can be said for our team members who tirelessly volunteer throughout the year and who donate their hard-earned money to charitable causes. While 2013 was successful, I’m eager to show you how 2014 will deliver even more value to members. In early 2014 you’ll see an enhanced digital experience through a new website and remote deposit capture. In addition to more convenient e-services, we’ll begin remodeling some of our branch locations to deliver you the best in-branch experience. We’ll continue to look for opportunities to expand so that new cities can learn something we already know; Community Choice Credit Union is a pillar of local Michigan communities. Whether it’s low rates on loans, knowledgeable and trusted Personal Advisors or convenient services, we will continue to do our best to provide value and reward members. That’s my commitment to you, our members, and I’m looking forward to seeing the continued growth and expansion of Community Choice Credit Union in 2014.
SAVE THE DATE 78th Annual Meeting
Members are invited to attend our 78th Annual Meeting on Thursday, April 24, 2014. The membership social begins at 5:45 p.m. and the business meeting begins at 6:00 p.m. The meeting will be held at the Community Choice Credit Union Headquarters, 31155 Northwestern Highway, Farmington Hills, MI 48334. Three officers’ terms are expiring. All incumbents will stand for re-election. If you are interested in becoming a voluntary board member nominee, please visit CommunityChoiceCU.com.
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Make SMART New Year’s resolutions Everyone, regardless of age, can take steps to “shape up” their finances
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s you decide on your New Year’s resolutions, think SMART—financial goals that are specific, measurable, attainable, realistic, and time-oriented. Here are some examples of financial goals for different generations:
Youth
Collect your change. Each time you buy something, save the change you get back. Deposit the change in a container at the end of every day. Over time it could add up to a significant amount of money. Save your allowance. Whether you want to buy something you've been eyeing for months or you want to start saving for college, the only way you are going to do it is by putting your allowance away. Deposit at least part of your allowance in a share savings account at the Credit Union.
Gen Y
Open a Roth IRA (individual retirement account) at Community Choice and start saving. Make savings a habit and invest at least 10 percent of every paycheck for retirement. The longer you have to save with a Roth IRA, the more you save on taxes. Although contributions aren't tax-deductible, your money grows tax-free and comes out tax-free as long as you meet certain requirements. Put together or verify your retirement plan by contacting Community Choice Investment Services at 877.243.2528 or by visiting CCISinvest.com.* Put your credit card away. Use credit cards only when you know you have the funds set aside to pay the bill in full when the bill comes. Don't leave a balance on your credit card or you'll be charged interest.
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Baby boomers
Put your debts in priority order. Make a list of all your liabilities and organize them by the annual interest rate. Pay off those with the highest rates first, while still making at least minimum payments on all the others. Set a specific, realistic date for when you plan to achieve your goal of paying off all debts. Determine your net worth. Calculate your assets minus liabilities each year—preferably on December 31—so you quickly can see whether you're gaining ground or falling behind. Your net worth should be increasing each year. If it's not, make a plan to improve it, such as pay down a specific debt or put more money into a retirement account.
Seniors
Evaluate your estate plan. Establish or review your will, advance directives, and powers of attorney, and make sure they reflect your preferences and current situation. Make sure all of your intended beneficiaries are on file for all your financial accounts. Check all insurance policies. For example, know what is covered in your homeowners policy and verify your liability coverage. Contact Members Home and Auto at 877.898.4102 or visit MembersHomeAndAuto.com to shop your rates and coverage to ensure you’re getting a good deal. Copyright© 2013 Credit Union National Association Inc. Information subject to change without notice.
*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 any federal government agency.
You can save time and money Members Home and Auto partners with multiple insurance carriers to provide customized, cost-effective coverage solutions for all of your insurance needs. To request your free no-obligation proposal today, call 877.898.4102 or visit MembersHomeAndAuto.Com
Multiple Insurance Carriers
Experienced Insurance Professionals
Customized Coverage Solutions
For your free no-obligation proposal, call 877.898.4102 or visit MembersHomeAndAuto.com
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In the spirit of giving big
Credit Union business member partners with the Community Choi
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early 100 families came out on Sunday, December 1 for The Miracle League of Michigan’s first annual holiday party. The event, held at Mark Ridley’s Comedy Castle in Royal Oak, was made possible through a generous $10,000 donation given by Community Choice member Mark Waad, owner of Mark’s One Car Rental. The Credit Union’s Foundation worked with The Miracle League to put the whole party together. “I wanted Mark’s One to step up to the plate and make sure these kids continue smiling,” Waad said. “I’m speechless, I walked in here and saw these kids’ smiling faces, and I’m speechless.” The Miracle League of Michigan, a program of Easter Seals of Michigan, offers a true Major League experience by providing children with mental and/or physical disabilities an opportunity to play baseball as a team member in an organized league. Kids from throughout the metro Detroit area play in Southfield where Michigan’s first adaptive baseball field for children with physical or cognitive disabilities is located. The children were excited to see all of their friends from the league during the off-season at this magical holiday party provided just for them. It was fun for the whole family as they took part in many festive activities including crafts, cookie decorating and face painting. During lunch everyone enjoyed a live show from Cirque Amongus. The highlight of the afternoon was a visit by none other than Santa Claus himself, joined by Mrs. Claus. Each child had the opportunity to see Santa and take home a special present. The event was a huge success with more than 400 people who attended the celebration. Credit Union volunteers helped to ensure that good times were had by all.
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“Community Choice loves to give big all year round. It’s really special when we can partner with a business member like Mark Waad to do something even bigger around the holidays,” said Abbey Bierlein, Community Choice Foundation Coordinator. “His incredibly generous and heartfelt gift was put to excellent use at The Miracle League party.”
ice Foundation to Give Big to children with disabilities
Mark Waad was interviewed by Fox 2 News Detroit. See the interview by visiting youtube.com/CommunityChoiceCU.
“I wanted Mark’s One to step up to the plate and make sure these kids continue smiling,” Waad said. “I’m speechless, I walked in here and saw these kids’ smiling faces, and I’m speechless.” CommunityChoiceCU.com| 5
Warren family surprised with an early Christmas gift Local family receives support from 95.5’s Mojo in the Morning and Community Choice Credit Union On December 3, a group of Community Choice team members joined 95.5’s Mojo in the Morning to provide an early Christmas for a family in need of help. Surprised by a van full of gifts, the Maniaci family received aid because of their nomination by Rachelle Maniaci. Maniaci, an Aunt, wrote a letter to the radio station asking for holiday assistance this year. Maniaci explained that her parents recently adopted four children (their grandchildren) after the children bounced around multiple foster homes. In her nomination letter, Maniaci wrote, “Haley and Hannah were born with cataracts that were not removed until the age of six. They now wear bifocals, had to repeat kindergarten and are still a little behind in school. The older set of twins are a boy (who also suffers from cataracts, but surgery is not required yet) and a girl, and their names are Briana and Brande.”
“We had more than 100 Community Choice team members who chipped in to sponsor this family...It’s amazing to be part of an organization that generously spreads the holiday cheer all year round.” -Abbey Bierlein
In her request to Mojo in the Morning, Maniaci stated, “My parents are trying their best to support all of the kids financially, but during the holidays it is a struggle. I help as much as possible, but I am still in college and am working part-time at a gymnastics center.” The radio station approached the Credit Union and asked for support to help Maniaci family. Credit Union team members pooled their money and a group of them went shopping with the radio station to gather holiday gifts.
“Community Choice really lives the credit union philosophy of people-helping-people,” said Foundation Coordinator, Abbey Bierlein. “We had more than 100 Community Choice team members who chipped in to sponsor this family. Bringing a tree, gifts, and even some essentials like bed sheets and boots, it’s amazing to be a part of an organization that generously spreads the holiday cheer all year round.” In her radio interview with 95.5, Mrs. Maniaci said, “Thank you so much, you have no idea [how much this helps]. This is overwhelming, I can’t even believe it.” This was the second consecutive year that the Credit Union has worked with 95.5’s Mojo in the Morning to deliver holiday cheer to families. Since 2008, the Credit Union has invested more than $750,000 dollars and nearly 11,000 volunteer hours into its Give Big efforts which support local Michigan communities.
The Maniaci family received an early holiday treat from Community Choice team members.
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Making dreams possible for small businesses
Meet the team behind the Credit Union’s business services Q: Some people may be unaware or confused about the business services offered by Community Choice Credit Union and how the services differ from banks. What’s the advantage of working with the Credit Union? A: Businesses receive personalized service and a much quicker response time. Many times banks have layers of approval and it becomes time-consuming to receive any kind of response. At Community Choice decision makers are local and we can provide quick responses to address any questions. Q: Can you provide an example how the Credit Union has helped a business? A: Recently a local grocery store in Detroit applied for a loan to fund an emergency generator. The Credit Union provided the loan and shortly after there was a big power outage. By providing the loan, the Credit Union helped save thousands of dollars of lost inventory. The owner of the store was so thankful that he has moved many of his loans from a bank to Community Choice. Q: Why is it important for small businesses to have easy access to loans and lines of credit? A: Lines of credit provide temporary coverage to make-up for any gaps. Whether it’s making payroll or paying taxes, lines of credit are useful to allow businesses to get by until they can catch up. For example, many businesses buy in bulk during the holidays to get a bigger price break on their purchase. In order to afford this extra expense, we have many small businesses that utilize a Community Choice line of credit allowing them to get by until they realize profitability. Q: How would you compare the current business lending climate to the climate that surrounded the great recession of 2008? A: The Credit Union really ramped up lending right around the recession, while many other competitors were pulling back. For that reason, members appreciate us and have referred us to their friends and family. Recently we’ve seen banks make an effort to offer more business loans so it remains important for us to continue to provide great service paired with quick responses.
Jessie Sinno-White, Beth Spadafore and Traci Witt make up the business services team at Community Choice. Q: In your recent conversations with small businesses, what is their perspective on the outlook of their business and on the general economy? A: In general, businesses seem to be optimistic because they are experiencing growth. One of our business members that provide home improvement services comes to mind. This company didn’t see as much of a down turn as some companies during the recession and due to our lending help they were able to stay in business and grow it even larger than they expected. We’ve really seen a steady improvement over the last three years from most companies with increased sales volume and profitability.
CHECK OUT OUR NEW MERCHANT SERVICES We are excited to introduce a new line of services to offer convenience and enhance your operations. Business members can now utilize:
• • •
Credit card processing Check verification Gift card services
(for your place of business)
Learn more by calling us at 877.243.2528 or by visiting your nearest branch location.
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Credit union membership is worth hundreds
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id you know that you’re saving money—maybe hundreds of dollars a year—just by being a Community Choice Credit Union member? Credit unions typically charge fewer and lower fees than other financial institutions, according to the Credit Union National Association’s (CUNA) latest membership benefit report. Of course, the amount you save has a lot to do with your financial habits and the number of Community Choice products and services you use. On average, credit union member households in the United States save about $121 a year. Some of those savings comes from higher rates on savings products. For example, according to CUNA’s latest report, money market accounts at credit unions earned an average interest rate of .21 percent, while the same accounts at banks earned .13 percent interest. Members with ATM cards and credit cards experience even more savings. Credit union fees remain lower than of those other financial institutions. The most common surcharge fee for credit union members is no charge or $2, while the average ATM fee among all financial institutions as of 2012 is up to $2.10 per transaction, according to a study conducted by the U.S. Government Accountability Office. And a credit card late fee at credit unions is on average $10 less than the fee banks charge. The amounts may sound small, but they can add up throughout the year. Credit unions offer better value because they are not-for-profit institutions owned and controlled by their members. Banks are owned by stockholders who want solid returns on their investments. Bottom line: If you’re looking for a safe place to save and borrow, without getting nickeled and dimed to death, credit unions are the best deal—bar none. Visit your local branch or our website to see how much more you can save by using our products and services. Copyright© 2013 Credit Union National Association, Inc. Information subject to change without notice. ™
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Three solutions to help save your money in 2014
Debt consolidation can reduce your monthly costs
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he New Year is here and you probably have some debt which you would like to reduce or pay down. Instead of paying high monthly interest rates, consider these creative solutions to reduce your debt.
Car equals cash — Did you know you can borrow against the equity of your vehicle to pay down debt? The process is the same as when financing a new vehicle purchase. Community Choice Credit Union will determine the value of your vehicle and may approve you for a loan equivalent up to the full value of your car. With rates as low as 2.14%APR, this could allow you to pay off other high-rate debt and save a lot of money! You Name It loan — We understand that life has many turns and twists, that’s why we offer a You Name It loan. Whether you need money to pay off holiday purchases or know you’ll need access to cash in the near future, you name the loan you need and we will work with you to see how we can help! With rates starting at 8.49%APR, this loan rate is typically lower than department store credit cards. Balance transfer — Department store credit cards and bank credit cards typically have higher rates than credit unions. According to CULinkMichigan.com, credit union credit card interest rates average 4% less than bank rates. With a rate as low as 8.49% APR, a balance transfer might help your bottom line and save you monthly headaches. Simply transfer your balance in e-Banking or call us at 877.243.2528 for more information. *All rates are disclosed as Annual Percentage Rates. Your rate will be based on your credit history, approximate term, and security offered. A loan officer will let you know the rate you qualify for after reviewing your application documents. Rates are subject to change at any time.
Your path to a bright financial future begins here We are happy to announce that our financial counseling partner, Green Path Debt Solutions, has enhanced and expanded their former GreenPath Referral and Education Program. It is now known as GreenPath Financial Wellness! At GreenPath they are able to assist our members with so many different financial goals and issues – budgeting questions, debt options, credit report concerns, housing pre-purchase, student loan options – the list goes on. Contact Green Path today at 800.550.1961 or visit GreenPath.com.
Get your taxes done right – and enter for a chance to win up to $10,000!
Jackson Hewitt® offers members two ways to save big on tax prep!
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Valued Community Choice Credit Union members are eligible to save either $30 on their individual income tax preparation at participating Jackson Hewitt Tax Service® locations nationwide or pay $50 less than last year when you switch to Jackson Hewitt from a competing tax preparer. Let Jackson Hewitt estimate your refund, FREE! Meet with one of their tax pros today to see what Jackson Hewitt can do for you. No appointment necessary.
For complete details and official rules, visit https://shop.turbotax.intuit.com/lp/yoy/triplemyrefundrules.jsp
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Class of 2014‌ The Community Choice Foundation Scholarship application is coming soon The Community Choice Foundation is committed to improving the communities we serve by motivating the best and brightest students to pursue their careers in Michigan. At least twenty scholarships up to $5,000 are awarded by the Foundation annually to graduating high school seniors who pledge to attend accredited Michigan colleges and universities, and to give back to Michigan communities with their education. Visit CommunityChoiceFoundation.com for details about the scholarship application, deadlines and more.
Be the first to know!
Follow Community Choice Credit Union on Facebook and Twitter for all of the latest updates about this year’s scholarship application. Like us on Facebook at Facebook.com/CommunityChoiceCreditUnion
Follow us on Twitter at Twitter.com/CommChoiceCU