Lines of Communication | Spring 2019

LINES

Spring 2019

of Communication

LEADERS & COLLABORATORS Paula Stopera, President/CEO and Christopher McKenna, who assumes the role in May.

MEET CHRIS

WIN BIG

EXPERIENCE

Chris McKenna, our next CEO (p.3)

Big Benefit Raffle tickets go on sale (p.3)

Homebuyers Workshop & Expo (p.5)

2 President/CEO Message

THIS ISSUE

President/CEO Message

2 President/CEO Message

3 Noteworthy & New

4 What Are You Saving For?

5 House Hunters & Car Buyers: Let Us Help

6 Financial Solutions for Local Non-Profits

7 Dreaming of Retiring Early?

8 For the Win: Kindness for Kids

Lines of Communication is published exclusively for CAP COM Federal Credit Union members.

The Supervisory Committee is the members’ representative.

Please address any situations you feel were not handled to your satisfaction by the Credit Union to: Supervisory Committee, P.O. Box 11279, Albany, NY 12211-0279 Federally insured by NCUA

Springtime is like a magical switch joy. You can count on Chris to be an that suddenly turns on, surrounding invigorating presence, continuing us with sunlight and hope. As we to lead by serving members and leave winter behind, anything seems neighbors in need. possible.

During my 39 years at CAP Now is the perfect time to harness COM, I’ve met thousands of all that optimism! Think about some people throughout the Capital of the experiences you Region. Friendships have “I’ve always believed want to enjoy or things blossomed. And, each that in order to lead, you’d like to accomplish relationship has made me we must serve. in the near future. who I am today. Those It’s a simple rule to Whatever your goals wonderful memories are work by and to live may be, let us help you part of me. by, too.” get your plan in motion.

In May, my personal Make the most of your member springtime begins as I plant benefits, without worrying about the seeds for a new life in memorizing all the services retirement. I’ll forever be grateful available. Let our teams be your for the opportunity to lead this guides to new discoveries. extraordinary organization; and I I’ve always believed that in order look forward to serving on the board to lead, we must serve. It’s a simple of the CAP COM Cares Foundation. rule to work by and to live by, too.

CAP COM’s success belongs to all Here, that means helping members of us. That’s because at the heart of prosper, creating a top workplace, every great success story are people and giving back to the community helping people. Together, we’re we love. Every day is an inspiration. unstoppable!

Serving on the leadership team with CAP COM’s next President/CEO, Paula A. Stopera, President/CEO Christopher McKenna, has been a

CALENDAR APRIL

Saturday, May 25 Closed for Memorial Day Weekend

Sunday, April 14 Homebuyers Workshop (p. 5)

Monday, May 27 Closed for Memorial Day

Thursday, April 25 Retirement Bound Workshop (p. 7)

Thursday, May 30 Retirement Bound Workshop (p. 7)

Saturday, April 27 (through May 4) CAP COM Car Sale (p.5)

JUNE

MAY

Wednesday, June 12 BIG Benefit Raffle Drawing (p. 3)

Wednesday, May 1 Scholarship Deadline (p. 3)

Thursday, June 27 Retirement Bound Workshop (p. 7)

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Tell us about your current role at CAP COM. I will continue to serve as Executive Vice President until I become President/CEO in May. Prior to this, I headed up CAP COM’s lending division. As a mortgage officer myself, I’ve seen how providing phenomenal, personalized service transforms lives.

How did you get your start? I grew up in Peekskill, NY and went to the University at Albany. After graduating, I worked in NYC, then returned to Albany to continue my career.

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Get to Know Chris In May 2019, Christopher McKenna becomes President/CEO of CAP COM. We sat down with Chris to talk about his career in financial services and his tenure at CAP COM.

What did you do before coming to CAP COM? I’ve been active in financial services since 1990. Before I came to CAP COM, I was a 50% owner in a mortgage company that served credit union members across NY and FL. What happened next? Fast forward to 2010: CAP COM acquired the company.

In just over five years, our mortgage servicing portfolio soared to more than $1 billion. We have written close to $2.5 billion in mortgage loans since inception.

Those are big numbers. Yes, that’s a lot of happy homeowners. We’re now the fourth largest residential mortgage provider in the Capital Region.

Noteworthy & New NEW! Legacy Scholarship $73,500 in scholarships and awards will be granted this year! The newest $2,500 Legacy Scholarship honors Paula Stopera, CAP COM’s longstanding CEO. For information, visit: www.capcomfcu.org/scholarship Love those Discounts!

Remember to take advantage of exclusive discounts for CAP COM members. Save at local eateries, florists, auto services, and more! You can even save on childcare, eldercare, and housekeeping. See a list of discounts at: www.capcomfcu.org/discount Homebuyers Workshop & Expo Join us for the Homebuyers Workshop & Expo on Sunday, April 14, and learn how to buy a house. This is one of our most popular events and draws people from all over the region. Whether you’re buying your first home or seeking a refresher, gain valuable insights from the pros. Register at: www.capcomfcu.org/expo

Could you share a challenge you faced in your career? We came through the housing crash of 2008, but thousands of other mortgage lenders did not survive.

Keeping the lights on was incredibly stressful. Even so, we made sure every employee stayed on the payroll through the recession. This required major sacrifices, many of which were personal.

I’m lucky to be surrounded by such strong co-workers and family. Our belief in each other made us all stronger.

What inspires you as a leader? The people we serve are my ultimate source of inspiration. Members motivate us to do more and we must keep reaching higher.

How will you approach your new role?

I’m committed to keeping service central to everything we do. That goes for CAP COM members, collaboration among employees, and community outreach.

What’s next? We believe banking should be an easy and enjoyable experience.

The perfect blend of high-touch human interaction and technology can help us tailor services for each member. I look forward to exploring new ways to advocate for everyone we serve!

NEW! You Asked for It: “Folders” and “Envelopes” Do you wish you could keep your own spending or savings accounts within a joint account? Or maybe you’d like to use several checking accounts for various purposes – like the cash envelopes of the past?

Now you can. Set up as many checking and savings accounts as you want under one member number. A 10-digit MICR number identifies each one for deposits and payments. More at: www.capcomfcu.org/MICR How to Guard Your Card CAP COM’s fraud protection system monitors your VISA® Credit Card 24/7. You also play an important role by keeping an eye on card activity. An easy way to monitor your card is with text alerts of unusual activity. To sign up, log in to your account, select your VISA card, and under Products and Services, choose “Account Alerts.”

Visit: www.capcomfcu.org/2tips BIG Benefit Raffle for a Great Cause & Cash Prizes!

It’s back and bigger than ever! The BIG Benefit Raffle features $26,000 in cash prizes with a $10,000 donation going to the Make-A-Wish Foundation. Get your ticket(s) to support a great cause before they sell out! Tickets are $25 each and can be purchased at any CAP COM branch or online at: www.capcomfcu.org/bbr

4 What Are You Saving For?

WHAT ARE YOU SAVING FOR? Do you worry about having enough money to cover an emergency, especially if it drags on for weeks or months?

Or, do you dream of taking a vacation without racking up credit

TIPS

iSave Certificate Earn more with super iSave rates!

Start your iSave with just $100. See: www.capcomfcu.org/isave Automate Your Savings Dedicate a portion of your paycheck to your savings.

card debt? Maybe you want to update your living spaces or indulge in a “just for me” purchase.

Building your savings to pay for life’s splurges or necessities is easier than you might think. Today, 65% of

TOOLS

consumers have at least one goaloriented account for their savings.

The first step? Simply make a plan.

We’ve created a tool to help.

Go to www.capcomfcu.org/myplan and make your savings goal a reality.

YOUR TEAM

My Plan Create a savings plan for your goals. www.capcomfcu.org/myplan

Let Us Help Your CAP COM team can help you set up your account and start saving.

Easy Budgeting Money Management is a budgeting tool built into your account. www.capcomfcu.org/mybudgets

Visit www.capcomfcu.org/savings Go to your nearby branch Contact www.capcomfcu.org/contact Call (800) 634-2340

7 Ways to Keep More of Your Money

Keep your finances on track with a few simple tricks – and have some fun, too!

 Your checking account. If you have accounts with

multiple financial institutions, make sure they have a low minimum balance – and watch for extra fees!

How CAP COM helps. Your CAP COM Checking Account has no minimum balance, no monthly fees!



ATMs. ATM surcharges really add up. Why pay them?

How CAP COM helps. All members can access 30,000 free CO-OP ATMs across the U.S. Up to age 25, enjoy free, unlimited ATM access worldwide with a Young Adult Checking Account at CAP COM. ATMs are also free everywhere for Premier members.*

 Overdraft protection. If you make a payment and

overdraw your account, overdraft protection covers it.

How CAP COM helps. Choose from three overdraft options. More at www.capcomfcu.org/options

 Automate your savings. Designate a portion of your

paycheck for savings and watch you money grow!

How CAP COM helps. Move money with automatic transfers and set up accounts for different goals.

 Simplify bill payment. Multiple bills and due dates

are a hassle to manage. Late fees are even worse.

How CAP COM helps. Use Bill Pay to schedule payments, pay people or bills, and get reminders.

 Cash or credit? For the most spending control, pay

with your debit card or cash. As you build your credit,

keep credit card purchases within your budget.

How CAP COM helps. Log in to your online or mobile

app to keep tabs on your card balances and spending.

Our VISA® Platinum card features a low fixed rate and rewards.

 Budgets made easy. Create

budgets to take control of spending and savings, and fulfill your goals.

How CAP COM helps.

Money Management is a free budgeting tool in our mobile app and online banking.

*ATM surcharges up to $5 and International Service Assessments incurred when using your CAP COM Debit Card will be reimbursed for CAP COM Premier Members within 24 hours of the transaction. The CAP COM Premier Program is a non-contractual courtesy, and CAP COM retains the right to remove a participant from the program without prior notice and discontinue this program, without notice, at any time. Eligibility requirements must be maintained under a single account number to qualify and participation in the Program may be terminated if all conditions are not met.

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5TH ANNUAL

Homebuyers

CAR SHOPPING? Snag a Deal. Members Save!

It can be fun to go online and explore vehicles for sale.

Before heading to a dealer, be sure to do your homework.

Is that a fair price? Research the book value of the car and see what local dealers are charging. Remember to do the math (see Tips & Tools, below).

What’s your budget? One common mistake is to think in terms of monthly payments instead of the overall cost of the car. Consider both.

Take control. Get pre-approved for your loan before talking to a salesperson.

Once you determine your spending limit, you can negotiate a fair price.

Avoid sticker shock. Keep costs down by being realistic about vehicle features you need (versus extras you can live without).

CAP COM Car Sale

Saturday April 27 – May 4 During CAP COM’s spring Car Sale, browse vehicles online then head to the dealership for a super, members-only deal! See how you can save: www.capcomfcu.org/carsale

What’s up with 0% financing? It may seem like a great deal, but watch for hidden fees or short-term loans that increase your payments.

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Compare auto loan rates. CAP COM offers great rates and fast approvals.

See current rates at www.capcomfcu.org/carloan

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You could be pre-approved! LoanXpress offers fast-track auto loans for qualified members. Log in to your CAP COM account and select LoanXpress.

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Workshop & Expo Sunday, April 14, 2019 Do you dream of having a home of your own? Find out how to make it happen!

Join us for our 5th annual Homebuyers Workshop & Expo on Sunday, April 14.

Registration is free!

Learn from the experts of Homeowners Advantage, a subsidiary of CAP COM, and special guests. Topics include: — Homebuying 101 — Homebuyer Dos and Don’ts — How Much Money Will I Need?

— Mortgage Process: What to Expect Learn more and reserve your seat: www.capcomfcu.org/expo

As Rents Rise, Is It Time to Buy? Here in the Capital Region, rents are soaring. Check out these examples.

Clifton Park $1,811 Rent | $1,464 Mortgage Colonie $1,542 Rent | $1,085 Mortgage Albany $1,080 Rent | $757 Mortgage East Greenbush $1,599 Rent | $1,205 Mortgage *Median costs by ZIP code. Source: Zillow

TIPS & TOOLS

GO SHOPPING

Grab that Discount Some lenders, including CAP COM, reduce your loan rate when you choose automatic payments.

Get Pre-Approved Get pre-approved for your loan then start shopping! www.capcomfcu.org/cars

Effortless Savings Ask about bi-weekly payments to pay off your loan more quickly and reduce your overall cost.

Browse Vehicles Online Enjoy exclusive member pricing. www.capcomcars.org

Calculator Estimate your payment: www.capcomfcu.org/calculator

Save on Insurance Head online to request a quote at www.capcomfcu.org/insurance or give us a call at (518) 641-6979.

If you find yourself asking, “Am I better off buying a house?” now could be an ideal time to evaluate your options.

What Can You Afford? Try to limit housing costs to 25-33% of your gross income. A 20% down payment is typical (ask us how to reduce costs).

Lots More. Explore this topic further at: www.capcomfcu.org/rentbuy Get Pre-Qualified for Your Loan.

Then, you can make your offer. Visit: www.capcomfcu.org/mortgage

6 Solutions for Non-Profit Organizations

NON-PROFITS: BANK ON THIS When budgets are tight, explore ways to uncover hidden savings.

The Capital Region is brimming with talented and caring people who make it their business to help others.

If you work for a non-profit, serve on its board, or volunteer, thank you for all that you do.

Because CAP COM is itself a notfor-profit, we share a special kinship with local organizations. We also understand that that every dollar

saved is a dollar that can go back into fulfilling an organization’s mission.

Those savings could be right under your nose. To uncover and eliminate unnecessary expenses, consider doing a little comparison shopping.

Your financial institution could be a good place start; a checklist makes the task easier. The one on this page lists common features and

all-too-common fees associated with business checking accounts.

Ideally, your financial provider distinguishes non-profits from businesses and offers products with favorable terms.

Does your organization encounter cyclical funding gaps? If so, you might want to inquire about solutions to help bridge those shortages, too.

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COMPARE FEATURES & FEES

A list of typical Checking Account features simplifies comparison shopping.

ACCOUNT FEATURE FINANCIAL PROVIDER 1 FINANCIAL PROVIDER 2 Name of Account

Minimum Balance Minimum to Earn Dividends Low Balance Penalty Debit Card Monthly Maintenance Fee Monthly Per-Item Fees Online/Mobile Account Online/Mobile Bill Pay Bridge Funding Solutions Notes:

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CAP COM Organizational Checking $0 $0 $0 Yes $0 500 Free, then Low Fee Yes Yes Yes, Credit Qualified

To learn more about the Organizational Checking account offered by CAP COM, go to www.capcomfcu.org, click on Business, then Banking. For assistance, give us a call at (800) 468-5500, ext. 2948.

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Retirement Planning 7

DO YOU DREAM OF RETIRING EARLY? Whether you plan to retire soon or are years from retirement, there’s a lot to consider. Think about adding these items to your checklist (not a complete list). q Monthly Income Stream

Social Security q

Think about how you’ll cover living expenses and taxes.

q Medical Insurance

You Can Afford If you won’t have insurance through your spouse, explore retiree medical plan options.

q 6 Months’ Worth of

Emergency Funds Consider having enough cash to cover expenses for six months. Some financial advisors recommend keeping cash or short-term investments for two to three years’ worth of expenses.

Taking Social Security early means more checks sooner, but smaller checks for life.

q Out-of-Pocket Medical Expenses

Even with Medicare and supplemental plans, out-of pocket medical costs can cost hundreds of thousands of dollars during retirement. Contact our team for help exploring your options (see below).

q No Debt (or Minimal Debt)

Attend an upcoming Retirement Bound Workshop to learn about the five important steps you can take now on your journey toward a happy, secure retirement.

Thursday, April 25, 6:30-8:00 p.m.

Thursday, May 30, 6:30-8:00 p.m.

Thursday, June 27, 6:30-8:00 p.m.

Strive to pay off your house, if possible, and eliminate debt from credit cards, auto loans, etc.

q Manage at Least 3%

q What’s Your Backup Plan?

Annual Inflation Online retirement calculators that include inflation can help you estimate how big your nest egg should be. Better yet, meet with a financial advisor (see below) to help you understand and manage the impact of inflation.

Join Us

If you retire and find you are unable to manage unexpected expenses or cuts in income, then what? Will you be able to tap other sources of income? Can you return to work? Think about your Plan B.

Reserve your seat at: www.capcomfinancial.com/rb

Have Questions?

The team at CAP COM Financial Services, a subsidiary of CAP COM, can help you plan for retirement.

Because your Advisor is not paid on commission, you enjoy objective, no-pressure guidance.

Call CAP COM Financial Services at (518) 782-0209 and set up a meeting. Learn more at: www.capcomfinancial.com

Securities and annuities products offered through LPL Financial and its affiliates, Member FINRA/SIPC. CAP COM Financial Services is a division of CAP COM Federal Credit Union. CAP COM Financial Services and CAP COM FCU are not registered broker dealers and are not affiliated with LPL Financial. Financial planning and insurance services offered through CAP COM Financial Services, LLC a Registered Investment Advisor.

Not NCUA Insured

May Lose Value

No Credit Union Guarantee

4 Winners Circle Albany, NY 12205

PRSRT STD U.S. Postage PAID Albany, NY Permit #186

Want to Make a Difference?

Join CAP COM Cares.

Kindness is contagious, the supply is infinite, and anyone can join in!

You can help us reach thousands of local individuals and families in need, two ways.

2) Join CAP COM Cares with a one-time donation, or become a sustaining Patron for as little as $10 per month! To join the cause, visit: www.capcomfcu.org/give 1) Buy a BIG Benefit Raffle ticket by May 31 for your chance to win up to $10,000! This year’s raffle benefits the Make-A-Wish Foundation. Additional proceeds go to local charities and organizations.

More at: www.capcomfcu.org/bbr Together, let’s make a difference!

Watch the video at www.capcomfcu.org/kidswin

For the Win: Kindness for Kids The Bus Stop Club is a local nonprofit that provides comfort and support to youngsters with sick or disabled siblings. The organization brings children together to share their feelings, get answers to their questions about their family member’s disease, and make friends.

For several years, the CAP COM Cares Foundation has supported this wonderful organization as a sponsor. Now, we’re expanding our involvement by offering opportunities for Bus Stop “Clubbers” to indulge in the joy of being a kid.

Teaming up with Siena College, we set out to create a series of fun experiences. The first was giving tickets to Bus Stop Club kids (and

their families) to a Siena basketball game where they were the guests of honor. They had a blast ... we all did!

The children also participated in a free clinic conducted by Siena basketball players exclusively for them! Picture kids heaving basketballs into the air, coached by towering college athletes.

Six of these youngsters received scholarships to Siena’s summer basketball camp, too. And they were presented with these scholarships on game night, center court, to cheers from Siena fans!

We love making a difference, differently. See how CAP COM Cares is giving back and get involved at www.capcomfcu.org/community.

BANK ANY WAY YOU LIKE CLICK Bank Online www.capcomfcu.org TAP Get our Mobile Banking App www.capcomfcu.org/mobile CALL Contact Member Services or Bank by Phone Keypad (800) 634-2340 (518) 458-2195 Headquarters VISIT 11 Neighborhood Branches and Shared Branches Across the U.S. www.capcomfcu.org/locations