Lines of Communication | Spring 2021

LINES

Spring 2021

of Communication

Bilal K. Mortgage Specialist

Melissa A. Manager of Mortgage Experience

YOUR HOME TEAM Low Rates, More House Let us help open doors.

Shrink Your Payments Bring your loans to CAP COM.

Grow the Green Plant savings for a rainy day.

Your Personal Branch Favorite features of digital banking.

Financial Independence Convert your dreams into an action plan.

#2 MORTGAGE LENDER CAP COM ranks second among the region's residential mortgage lenders in number of loans approved.

Albany Business Review

4 Winners Circle Albany, NY 12205

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

2 President/CEO Message

THIS ISSUE

President/CEO Message When spring arrives after a long winter, the sunshine and fresh air can

2 Calendar of Events

3

Financial Wellness: Save Up

4 Your Living Spaces

5 Manage Your Money

6

Your Personal Branch

7 Local: Business & Community

8

Financial Independence

BANK ANY WAY YOU LIKE CLICK Bank Online www.capcomfcu.org TAP Get our Mobile Banking App www.capcomfcu.org/mobile CALL Member Services or Automated Phone Banking (800) 634-2340 (518) 458-2195 Headquarters VISIT Neighborhood Branches plus Shared Branches Across the U.S. www.capcomfcu.org/locations Let's Be Friends Join our growing community.

be energizing.

Why not harness that energy and plant seeds for your future? You can start by thinking about ways you’d like to enhance your life.

Those ideas are your goals – easy to set and a lot harder to keep.

What’s the secret? A plan. Without one, you’re lost. Your plan puts you in control. It’s amazing what you can achieve.

Whether your goal is modest or monumental, you’ll want to be specific. For example, saving $25 a week for one year so you have $1,300 for a special purchase, that’s a plan. Pursue your goal too quickly

and you could have trouble keeping up. Too slowly and you might get discouraged. Shoot for just right.

Now if all this talk about goals and plans is stressful – especially when it comes to major life decisions – you don’t have to go it alone. Turn to the financial experts at CAP COM for friendly support and solutions that match your goals.

Remember those resolutions made back in January? They might just be hibernating. Springtime is the perfect time to revive your goals and set them in motion. Let us help!

Christopher McKenna President/CEO

CALENDAR April

May

June

Starts Saturday, April 17 CAP COM Car Sale Ends Saturday, April 24 www.capcomfcu.org/car-sale

Tuesday, May 25 Saving for Retirement Webinar www.capcomfcu.org/sfr

Tuesday, June 1 Great Grades opens www.capcomfcu.org/ grades

Tuesday, April 27 Saving for Retirement Webinar www.capcomfcu.org/sfr

Thursday, May 27 Retirement Bound Webinar www.capcomfcu.org/rb

Wednesday, April 28 CAP COM Annual Meeting www.capcomfcu.org/ annualmeeting Thursday, April 29 Retirement Bound Webinar www.capcomfcu.org/rb Friday, April 30 Scholarship Application Deadline www.capcomfcu.org/ scholarship

Saturday, May 29 Branches closed for Memorial Day Weekend Monday, May 31 Branches closed for Memorial Day Weekend

Sunday, June 20 First day of Summer Tuesday, June 22 Saving for Retirement Webinar www.capcomfcu.org/sfr Thursday, June 24 Retirement Bound Webinar www.capcomfcu.org/rb

Blogs Browse topics and learn at your own pace. www.capcomfcu.org/blog

Federally insured by NCUA

Lines of Communication is published 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

Save Up

Grow Your Savings 3



Quick Tip Find New Money “Look at your subscriptions and get rid of the ones you no longer use.

Then funnel that money into your savings without putting a dent in your budget."

Kate J. Digital Marketing Specialist

GROW YOUR SAVINGS THIS SPRING

Financial professionals recommend saving three to six months of living expenses.

While saving money for a home, vacation, and college are financial priorities for CAP COM members, many tell us they're focused on building a cushion of cash for the unexpected.

This is consistent with a report from the Federal Reserve, showing a 7% jump in the number of adults (70%) saying they would pay a $400 emergency expense using cash or its equivalent. The numbers are moving in the right direction, but roughly 30% of U.S. households still have trouble covering such an expense.

Building a financial safety net is wise, but it can be challenging – unless you have a plan. CAP COM can help. You can kickstart your savings by depositing your tax refund or stimulus check into a designated CAP COM account you've set up.

Then, make consistent deposits each payday until you reach your goal.

To create a new savings account devoted to your goal, log in to your CAP COM online or mobile account where you'll see the function to add it. Or call us at (800) 634-2340 and we'll do it for you.

CAP COM Car Sale

Meet & Make a Plan

During CAP COM’s spring Car Sale, browse vehicles with reduced pricing online. Head to the dealership for your exclusive members-only deal!

See details and save: www.capcomfcu.org/car-sale

Could you use help making a financial plan, fine-tuning your budget, saving towards goals, managing your debt, or addressing other money matters?

To schedule your appointment, call (800) 634-2340 or visit: www.capcomfcu.org/appointment

Sat. April 17 – Sat. April 24

YOUTH SAVINGS CHALLENGE Saving is a lifelong endeavor, and CAP COM is here to help young savers succeed. The Youth Savings Challenge encourages healthy financial habits. Every two months in 2021, three lucky winners will be awarded gift cards worth up to $100.

Plus, two grand prizes of $500 will be awarded during the year.

For details, visit: www.capcomfcu.org/2021youthsave

228,000 Calls answered by Member Service associates during the past year.

4 Living Spaces



Quick Tip Prepare Before House Hunting “Before you go house hunting, talk to a mortgage officer about loan options and a price range you can afford. Avoid applying for cards or other loans during this time. And review your credit report to make sure it’s error-free.”

Bilal K. Mortgage Specialist

Afford More GREAT RATE, MORE HOUSE, LOWER PAYMENTS

COMMUNITY HEROES MORTGAGE PROGRAM Do you work in healthcare, education, law enforcement, fire and rescue, or serve in the U.S. military? You may be eligible for $1,000+ in cash and discounts toward the purchase of a home.

Get details and apply at: www.capcomfcu.org/hero

FUN FACT: 76% of U.S. homeowners have carried out at least one home improvement project since the start of the pandemic, according to Porch Research.

1,400 CAP COM members bought a home in 2020, most for the first time.

A low mortgage interest rate could make the unaffordable affordable.

Even a 1% difference in rates might reduce your monthly payment to fit your budget and allow you to buy more house for the money.

And you might also be able to reduce upfront costs with CAP COM's no or low down payment options.1

• 100% Financing - Low fixed- or adjustable-rate home loans for applicants with good credit • FHA Loan2 - Low down payment option for first-time homebuyers with credit challenges • VA Loan2 - Eligible veterans can benefit with no money down and minimal closing costs

Review options, see rates, and pre-qualify: www.capcomfcu.org/myhome

Shrink Your Payments With rates as low as they are at CAP COM, you might be able to reduce your mortgage payment, car or other loan payment – possibly by a lot!

How? By refinancing your higher-rate mortgage or loan from another lender to CAP COM or its subsidiary, Homeowners Advantage. For a rate check and refinancing information, call us at (800) 634-2340.

Home Improvements on Deck? Go for It! Each mortgage payment you make helps you build equity in your home. Say you own a house worth $225,000 and you have a $125,000 balance on your mortgage. Your equity is the difference: $100,000.

A home equity line of credit (HELOC)3 allows eligible homeowners to access a portion of their equity without selling their home. One common use of a HELOC is for home improvements. Similar to a credit card, you use only what you need and pay interest only on the amount borrowed.

How many home improvement projects are on your list? Get information and apply for a home equity line of credit at www.capcomfcu.org/heloc 1) Mortgage products in New York State only and offered by our Mortgage Team, Homeowners Advantage (HOA), which is a subsidiary of CAP COM FCU. HOA is a Licensed Mortgage Banker – NYS Dept. of Financial Services. HOA NMLS Identifier: 290363. Principal Address: 4 Winners Circle, Albany NY 12205. CAP COM FCU NMLS Identifier: 401261.

2) CAP COM FCU and its subsidiary Homeowners Advantage can facilitate but are not directly associated with Veterans Affairs (VA) or the US Dept. of Housing and Urban Development (HUD).

3) Home Equity Lines of Credit in New York State only. CAP COM FCU NMLS Identifier: 401261.

Manage Your Money

Your Budget 5

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Quick Tip Car Deals: Buy New or Used?

“People ask: Should I buy a new or used vehicle? Here’s a rule of thumb.

If you tend to keep a vehicle five years or less, a new model might be a better choice for its future tradein value. If you keep your car six years or more, a recent used model makes sense.”

John D. Car Buyers Associate

INSURANCE: PAYING TOO MUCH? FIND OUT. The right insurance policy can keep your cash outlay for claims and insurance premiums to a minimum. Otherwise, paying out-of-pocket for expenses resulting from an auto accident, property loss, or another unexpected incident can quickly drain your bank account.

If it's been awhile since you reviewed your coverages and rates, CAP COM Insurance Services can help keep more cash in your wallet by helping you find the right policy at the best price.

For a no-cost, no-obligation quote that could save you money, speak with a licensed insurance agent today at (518) 641-6979. Or request a quote at: www.capcomfcu.org/insurance

 LET US HELP. CAP COM financial experts are at your service to talk

through money matters, help you make plans, answer your questions, and offer solutions. Call (800) 634-2340 or stop by a branch for assistance.

BEWARE: TAX SCAM, ALL YEAR

1,700 Loans during the past year helped members buy a car, go to college, pay down debt, get by, and more.



Quick Tip Chip Away at Debt “Make larger payments to eliminate small debts. Then use the extra money to tackle larger debts. This is called the snowball method.”

"You owe money." If a caller pretending to be an IRS tax offical tries to get you to send money for back taxes, don't fall it!

Emails, text messages, or social media communications from the Internal Revenue Service (IRS) aren't normal. Neither are demands for immediate payment with gift cards, prepaid debit cards, or wire transfers to avoid jail time for back taxes.

These are examples of common tax season scams that are claiming victims right here in the Capital Region.

Crooks pretending to be IRS employees use these methods to trick taxpayers into sending them money for taxes they do not owe. If you legitimately owe the IRS money, you'll receive a letter through the U.S. Postal Service detailing the amount owed and payment options.

1 MILLION+

Worried you really do owe taxes?

You can contact the IRS directly at (800) 829-1040 or visit www.irs.gov.

The number of transactions staff helped members perform in a year.

Candace S. Sr. Member Relationship Specialist

6 Your Personal Branch

BANK WHENEVER YOU FEEL LIKE IT. WHEREVER YOU ARE. Your personal branch is open 24/7.

Your Mobile App & Phone

Your Online Account

Deposit a Check Into your your account.

Alerts & Reminders Monitor account activity.

On the Go? See the nearest branch.

Calculator & Calendar Your tools in one place.

Tap & Pay With CAP COM cards in your phone’s wallet.

Order Checks Choose designs and free options.

Add Accounts

Perform Transfers

Pay Bills, People

Schedule Appointment

Debit Card Turn Off-On

TRY IT OUT. Learn more at www.capcomfcu.org/digital and call us at (800) 634-2340 for help getting set up!



Quick Tip Debit Card, Where Are You? “If you misplace your debit card, don’t panic. Go to the Card Controls in your online account or in your CAP COM app and turn it off.

Once it reappears, turn it back on.”

Graig F. Director, Deposit & Card Operations

378,000 Checks deposited via mobile deposit in 2020.

EASY BUDGETS WITH ONE APP Are you using multiple financial apps, complicated spreadsheets, or sticky notes to manage your finances? If so, your financial toolkit might be missing a powerful, all-in-one financial tool.

Money Management, CAP COM's budgeting tool, comes free with your digital accounts. It helps you set budgeting goals and manage expenses through a simple visual dashboard. Money Management also allows you to track progress toward your goals online or with your mobile device, and monitor your CAP COM account and external accounts with one secure login.

Money Management may be the only financial app you need to manage your money. You'll see it when you log in to your online account or mobile app. Learn more at: www.capcomfcu.org/mybudgets

Community 7

Business

FINANCIAL WELLNESS AT WORK

UPGRADE YOUR BUSINESS VEHICLE If you were planning to purchase a vehicle or equipment for your business this spring, finance now with the confidence of great timing. CAP COM’s business vehicle loan rates are exceptional.

Not quite ready? Chances are your payments from other lenders are too high. Save by refinancing your higher-rate vehicle loan from another lender to CAP COM. Call (800) 468-5500 ext. 2948 or visit www.capcomfcu.org/business. Your Business Services team eases the application process with fast turnaround.

Financial worries can create anxiety, fear, and stress at work. If you own or operate a business, you can provide a workplace benefit that could enhance your employees' lives without adding an expense.

CAP COM @ Work partners with HR professionals to offer free financial literacy workshops for employees, provide practical solutions to money problems, and help create financial peace of mind.

A happy employee is an engaged, productive employee. To learn more about CAP COM @ Work services, contact Michele Kollmer at mkollmer@capcomfcu.org.

$6.6 MILLION Business Services Team: Shane Rauh, Dan Fruscio, Danielle Bradt.

Mobile deposits made by business members in 2020.

Community

WHY I VOLUNTEER

Sheri S. and Tim O. were recognized as CAP COM's Top Community Award Winners for 2020.

Sheri S., Business Operations Administrator

Tim O., Senior Financial Crimes Investigator

Why do you volunteer? Life isn’t always easy. I want to be the sunshine that makes someone’s day.

Where do you volunteer? In addition to the CAP COM Cares Foundation, I volunteer with the Berkshire Scenic Railway Museum, Doorstep Deliverers for the homebound with COVID, serve on multiple town boards, and manage charitable programs for the Loudoun-Dulles Lodge, Fraternal Order of Police.

What motivates you? I enjoy getting out, meeting new people, and creating happy memories.

Volunteering isn’t something I have to do, it’s something I GET to do.

How is volunteering a special part of who you are?

I started volunteering with a dog rescue group when my kids were teenagers and I had extra time. I began fostering dogs and caring for sick ones. It's amazing the trust people have in me. Now, I’m able to also volunteer with the CAP COM Cares Foundation.

Why do you volunteer? It's two-fold. Assisting those in need is first and foremost. Then, it's all about the children, whether they're opening a gift from the Cops and Kids Holiday program or "operating" a locomotive at the Railway Museum. Their joy is contagious!

83% of CAP COM employees volunteer to serve in their community.

LET US HELP. To assist individuals and families in need across the Capital Region, the CAP COM Cares Foundation

partners with a multitude of local nonprofits. Want to support our local outreach? Visit www.capcomfcu.org/community

8 Financial Independence

CAP COM Financial Services 8

STAY ON TRACK If retirement is on the horizon, start planning now to ease the transition.

Go ahead and add these five items to your checklist.  Calculate how much money you'll need for annual living expenses and taxes.  Estimate your healthcare costs.  Set aside enough cash to pay for six months of expenses.  Decide when you'll apply for Social Security benefits.  Review the tax efficiency of your investments.

Let us help put you on track towards your retirement. To meet with a financial advisor, call (518) 782-0209.

IS ORIGINAL MEDICARE ENOUGH? PLAN AHEAD. Medicare A, B, and D are just a few parts in the alphabet soup of health coverage available in retirement.

Understand your options before choosing under pressure during Medicare's Open Enrollment period (mid-October to early December).

To explore your choices with an expert, call us at (518) 782-0209.

Harry H. Financial Consultant CAP COM Financial Services

Invest FINANCIAL INDEPENDENCE What does it mean to you?

Pause a moment, think about the life you want to lead, and consider two words: Financial Independence.

What comes to mind? How would achieving Financial Independence make you feel?

Your vision is different than the next person reading this.

Your journey to pursue Financial Independence is also unique.

"Your advisor works with you to convert your hopes and dreams into a meaningful action plan." says Brian Tramontano, VP Advisory

Services. "Helping people develop a personalized roadmap to guide each step toward Financial Independence is exactly why we're here."

Choosing the right financial advisor can make the decisions you face much simpler and may produce greater financial benefits throughout your life.

Let's begin with a conversation centered on your financial wellbeing and happiness and work together on your roadmap. To make your appointment, call (518) 782-0209.

MORE WORKSHOPS THAN EVER We're pleased to announce the newest addition to our suite of financial webinars: Saving for Retirement. If you're more than 10 years away from retirement, this learning event is for you. See dates and register at: www.capcomfinancial.com/sfr Can't make a webinar? Schedule your complimentary appointment with a licensed financial representative at (518) 782-0209.

Follow CAP COM Financial Services

LET US HELP. Embark on your journey to Financial Independence supported by experienced guides who can help you understand your options. Call (518) 782-0209 to schedule a phone, video, or in-person meeting with distancing.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/ SIPC). Insurance products are offered through LPL or its licensed affiliates. CAP COM Federal Credit Union and CAP COM Financial Services, LLC are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using CAP COM Financial Services, LLC, and may also be employees of CAP COM Federal Credit Union. These products and services being offered through LPL or its affiliates, which are separate entities from, and not affiliates of CAP COM Federal Credit Union or CAP COM Financial Services. Securities and insurance offered through LPL or its affiliates are: Not Insured by NCUA or Any Other Government Agency

Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations

May Lose Value