Lines of Communication | Winter 2020

LINES

Winter 2020

of Communication

ACHIEVE “It’s refreshing to pick up the phone and reach a professional who is familiar with our business, and focuses on solutions that deliver real value.”

CAP COM BUSINESS SERVICES, page 6 Alex Buell and Patrick Fiore, Property Pro Realty Group

NEW YEAR GOALS DEBT BUSTERS Enter CAP COM's 2020 Savings Challenge

Tips, tools, and teams help you manage debt

SMART DECISIONS 5 common decisions can impact your retirement

2 President/CEO Message

THIS ISSUE

President/CEO Message

2 President/CEO Message

3

Your Feedback is Wanted

4 2020 Savings Challenge

5 How to Be a Debt Buster

6

Business Success Story

7 Retirement: 5 Dos & Don'ts

8

See How CAP COM Cares

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 Automated Phone Banking (800) 634-2340 (518) 458-2195 Headquarters VISIT Neighborhood Branches plus Shared Branches Across the U.S. www.capcomfcu.org/locations

The year 2020 has a nice ring to it, don’t you think? A brand new year is such an energizing time, full of possibilities.

Use your ‘2020 vision' to picture ways to be happier and healthier, and bring your resolutions into focus.

Naturally, you have lots of choices when it comes to financial providers.

Delivering exceptional financial solutions to enhance your life is our way of saying thank you for choosing CAP COM. So, make sure you take advantage of every membership benefit to get ahead!

Do you need help figuring out how to afford a major expense? What if you could effortlessly build your savings? If debts are a worry, could you use some guidance to ease the burden?

Bring us your trickiest financial challenges, so we can provide solutions.

Count on the professionals at CAP COM to help you fulfill resolutions you make at the top of the year and achieve your goals throughout your life. Make the most of digital banking conveniences

to deposit checks, transfer money, pay people and businesses, and a lot more.

Understanding your needs is extremely important, and I want to encourage you to take your seat at the CAP COM table. If you get a request to take a survey, please participate.

During interactions with staff, be open about how we can assist you. Your involvement, as a part owner of CAP COM, is vital for our community to thrive.

Finally, if you value your CAP COM membership, please spread the word.

Recommending us to your friends and family is the best compliment we could ever receive.

Thank you for being a member of the CAP COM community. Here’s to a fantastic 2020!

Christopher McKenna President/CEO

CALENDAR JANUARY

FEBRUARY

MARCH

Wednesday, January 1 Branches closed for New Year's Day

Monday, February 17 Branches closed for Presidents Day

Thursday, March 26 Retirement Bound Workshop, see page 7

Monday, January 20 Branches closed for Martin Luther King Jr. Day

Thursday, February 27 Retirement Bound Workshop, see page 7

Thursday, January 30 Retirement Bound Workshop, see page 7

Saturday, February 29 CAP COM’s 2020 Savings Challenge deadline, see page 4

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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

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WHAT DO YOU THINK? As a member, you’re a part-owner of CAP COM. Your ownership stake and our not-for-profit status set us apart from other financial institutions.

Because we’re built to serve you, your feedback is absolutely vital. If you receive a request to take a survey, please help us out by participating. Thank you for your involvement!

ONLINE In your online account, click “We Want to Hear from You.”

MOBILE APP For instant surveys, keep your CAP COM app updated.

EMAIL Watch your email for survey requests.

CALL After talking with a Member Services associate, you might receive a brief phone survey.

Did you know you can bank with CAP COM coast to coast? Or, that you can deposit checks with your phone?

Count on the many ways we bring financial services to you.

11

CAP COM neighborhood branches throughout the Capital District.

21

Average number of times per month that members log in to their online account or mobile app.

5,900

Noteworthy & New Welcome CSEFCU Members The members of City of Schenectady Employees FCU (CSEFCU) became CAP COM members at the end of November. We look forward to sharing the benefits of membership with you and your family. Welcome!

Member Discount: Best Fitness If you’ve resolved to get healthier in 2020, here’s an extra incentive. As a CAP COM member, you’re entitled to your first month free at Best Fitness. See this offer and other member deals at: www.capcomfcu.org/discounts

Best Places to Work We’re honored to be recognized by employees with the Albany Business Review’s 2019 Best Places to Work award, one of only three companies to have won all 16 years! Explore career openings at: www.capcomfcu.org/careers

Digital Banking: At Your Fingertips CAP COM’s digital banking solutions help you get financially fit. Bank whenever you want online or with our mobile app.

Create budgets, build your savings, deposit checks by phone, and more.

See: www.capcomfcu.org/digital

Siena Basketball: Discount Tickets CAP COM has scored another deal for members. Flip to page 8 to see how you can get $5 tickets to upcoming Siena College basketball games. Go Saints!

Annual Insurance Price Check Paying too much for insurance? The beginning of every year is a great time to find out. Get multiple quotes in one place at: www.capcomfcu.org/insurance

Calling All Community Heroes Hundreds of home buyers have received $1,000+ in cash/discounts toward their home purchase via our Community Heroes Mortgage Program. If you work in healthcare, education, fire and rescue, and other services, check it out: www.capcomfcu.org/hero CAP COM's 2020 Savings Challenge Pledge to build your savings and we'll help you succeed. For your chance to win one of twenty $100 prizes, enter CAP COM's 2020 Savings Challenge! See page 4.

Shared branches across the U.S. allow members to bank wherever they travel, spend the winter, or relocate.

24,461

Average number of checks deposited each month by members using mobile deposit in the CAP COM app.

29,656

Average number of phone calls per month to our Member Services team.

30,000

Surcharge-free CO-OP ATMs in all 50 states and 10 countries.

135,800+ Members have chosen CAP COM as their financial institution. Tell your friends so they can benefit, too!

4 Savings

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CAP COM’S 2020 Savings Challenge Grow your savings and enter for your chance to win $100.

If you had an extra $2,020, what would you spend it on? That’s how much money you’d have today if you put away $40.40 per week for 50 weeks last year.

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Building savings is a top New Year’s resolution for many of us.

This year, we’re offering a special incentive to help you get started.

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Join CAP COM’s 2020 Savings Challenge* for your chance to win one of twenty $100 prizes and grow your savings!

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You can enter right now at: www.capcomfcu.org/2020Save

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When you submit your entry, we'd love to hear about your savings goal (optional).

If you start saving today, imagine how great it will feel when you succeed!

Sweepstakes ends February 29, 2020. Winners will be announced 4-6 weeks later.

*CAP COM’s 2020 Savings Challenge sweepstakes ends 02/29/20. No purchase, transaction, or account necessary to enter or win. Open only to current legal residents of the 50 United States & D.C., 18 or older as of 01/01/20. A purchase, transaction, or account will not improve the chances of winning a prize. Void where prohibited.

Subject to Official Rules at www.capcomfcu.org/2020save.

Dan’s #1 Power-Saving Tip Dan Fruscio, Branch Manager at CAP COM headquarters, shares his go-to method for building savings without feeling the pinch.

We Can Do It for You Call (800) 634-2340 or visit any branch for help setting up your automatic transfers.

“My favorite way to build savings is to make it happen automatically. If you direct a portion of each paycheck into your savings account, your balance will grow on its own! We make it easy to schedule regular transfers to your savings account after each deposit arrives.”

How to Schedule Transfers to Your Savings Account Online Account Select Move Money > Schedule a Transfer Mobile App Select Transfers > Schedule > Schedule a Transfer

Make It Your Own Want to create an account that’s dedicated to your savings goal? You can do it online! Log in to Connect-24 (have your driver’s license or state ID handy).

 Under Additional Services, select Add an Account.

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 On the next screen, again click Add an Account.

 Review disclosures; click Next.

KEEP SIMPL

 On the Applicant Info screen, click Savings, Members’ Choice.

 Follow the prompts to finish up.

Name It. You can name your account whatever you want – Vacation, Splurge, 2020 Savings Challenge! In your online Account Summary, click “Settings.”

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Debt Management 5

HOW TO BE A DEBT BUSTER

Debt. It adds up so quickly, but pays down oh so slowly.

If a high-interest loan or credit card balances are dragging you down, it’s time to take control!



TAKE ACTION Reducing debt is a lot like losing weight. You can set a goal, but if you don’t change your habits, you won’t see results. Your first decision: Snowball or Avalanche?

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Eliminate small debts by making larger payments. Then, use the extra money to tackle larger debts. This approach is called the Snowball Method.

If you pay off your debt with the highest interest rate first, then move on to the next highest, you’ll pay less total interest. This is the Avalanche Method.

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WHO KNEW?

Reveal the mysteries of your money. The Money Management tools in your online account and mobile app make budgeting easy and fun!

MAYBE NOT

Be choosy with your credit card applications (or simply skip them).

With their high interest rates, retail store cards can be a risky choice.

PAUSE & SEE

Can’t afford to pay with cash? How will you cover your credit card bill?

See if the impulse to buy passes and try to save up for big purchases.

GOOD HABITS

Resist the habit of making only the minimum payments on credit cards, unless you want to owe way more than you originally spent.

LESS IS MORE

Too many cards with high balances, or an excess of available credit, can negatively impact your credit score.

KEEP IT SIMPLE

Depending on your situation, it could make sense to consolidate your debt and simplify your payments. Be sure to limit or avoid more debt.

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YOUR SUPPORT TEAM If you’re feeling overwhelmed by debt or could use a few pointers to improve your credit score, turn to your CAP COM support team for friendly guidance.

Call (800) 634-2340 or visit any branch for a financial checkup.

Meet Candace If you call CAP COM for assistance, chances are you'll speak to Candace Stazio, Senior Relationship Manager, at some point.

She tells us that many members are seeking ways to ease the burden of debt. This page features some of Candace’s favorite Debt Busters.

Transforming financial stresses into successes is what Candace does best.

With 11 years of service, Candace enjoys talking with members about the financial challenges they face, the goals they want to accomplish, and providing guidance to help make it happen.

Candace emphasizes that for any plan to succeed, the goal must be realistic, specific, and doable.

“

Being an advocate means sharing knowledge with members and helping them get into the best financial position possible.”

– Candace Stazio

”

6 Business Solutions

“Every professional I’ve encountered at CAP COM is over-the-top helpful.”

Alex Buell and Patrick Fiore stand in front of their Clifton Park business.

Business partners Alex Buell and Patrick Fiore own Property Pro Realty Group, a real estate firm in Clifton Park.

The multi-faceted company handles residential and commercial real estate sales, construction, development projects, property management – and other related services.

“We're your one-stop shop for everything real estate-related," says Alex.

Forming a partnership with real estate attorney Patrick Fiore brought legal services in-house. This meant combining multiple business accounts.

“It was complicated,” noted Alex.

Because online technology and concierge service are so important in the real estate business, Alex and Pat sought the same in a financial provider. They have been using CAP COM’s Business Online Banking platform since April 2019.

Combining accounts created notable efficiencies in cost and time. Secure, online cash management capabilities streamlined work flows.

“The entire Business Services team is top notch. Danielle was instrumental in consolidating our accounts.” Alex continued, “She even made office visits to ensure my staff was comfortable with online banking functions. The level of care is extraordinary.”

Business Banking for Busy People How would you like to reduce the time and effort you spend managing your business’s cash flow and gain time to focus on revenue-generating priorities?

Turn to Business Online Banking.

SPOT OUR SIGNS

Financed by CAP COM In your travels throughout the Capital District, you might have noticed signs in front of commercial properties financed by CAP COM. If you're planning to buy, build, or expand your business, turn to our team for local financing and swift decisions.

We support projects of all sizes, offering up to an 80% loan-to-cost ratio on loans over $1 million, and we never charge a pre-payment penalty.

To explore commercial financing to match your needs, call (800) 468-5500 ext. 2948 or visit www.capcomfcu.org/crem

Simplify • Centralize multiple business accounts • Easily manage cash flow and liquidity • Create transaction reminders

Business Online Banking Cash Management Portal

Easy-to-Use Features • See balances at a glance • Perform transfers, other transactions • Review account histories Efficiencies • ACH templates save time • Deposit checks electronically • Reduce monthly fees

Security • Set permissions by user • Enhanced authentication • Transaction alerts

To see if Business Online Banking is a good fit for you, contact a Business Service Specialist at (800) 468-5500 ext. 2948. Explore more solutions at www.capcomfcu.org/business

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FINANCIAL INDEPENDENCE

Retirement Readiness: 5 Smart Dos & Don’ts Steve Massey, Senior Financial Consultant at CAP COM Financial Services, talks about how five common decisions can impact your quest for Financial Independence. Whether your retirement is two or 10 years away, the financial decisions you make today can have a big impact on your life in retirement.

First, what do you mean by Financial Independence?

Financial Independence starts with your vision of what you want your lifestyle to be like in retirement. Then, you need to make sure your income and assets can support it.

And, how each person pictures retirement is different.

Exactly. To pursue your vision of retirement, you’ll need a road map, the discipline to follow it, and the ability to make smart decisions on the way.

Tell us about some decisions we face and how to stay on track.

We see people whose choices have had a major impact on their finances, good and bad. Decisions add up. Let me give you some examples.

1) First, you need a retirement strategy and goals. That way, you can create your road map and track progress up to and in retirement.

2) Also very important is maximizing taxdeferred savings. If you don’t participate in your employer’s 401(k), that could be a costly mistake, especially when you’re passing up employermatching contributions.¹ 3) Avoid “hot” investments. You’re better off with an asset allocation strategy that’s diversified to reflect your objectives. Make adjustments based on changes in your personal situation, not the market.² 4) Another decision we see a lot is parents prioritizing college funding over retirement.

Remember, kids and

families can get loans and grants for college, but you can’t for retirement.

5) Last but not least is try to retire without too much debt. Make a plan to reduce your level of debt, then hack away at it before you retire.

That all makes sense.

But, some decisions are harder than others.

True, and fulfilling them can be challenging. If you have the time and knowhow, you can develop retirement goals and manage decisions on your own. Or, you can obtain guidance from people who specialize in Financial Independence.

We can match you with a financial advisor for objective, no-pressure guidance. To schedule your first meeting, call (518) 782-0209.

Pension Buyout: Accept It or Not? If your employer offers a buyout of your pension, what should you do? Deciding whether to accept a pension buyout can be stressful because your decision has long-term implications for your lifestyle during retirement. Let us help you understand your options. To schedule your meeting, call (518) 782-0209.

Retirement Bound Join us for an upcoming Retirement Bound Workshop to explore 5 important steps you can take on your journey toward a happy, secure retirement. Dates include: Thursday, January 30 or Thursday, February 27 or Thursday, March 26 Workshops are held at the CAP COM Financial Center (off Wolf Road in Colonie), 6:30-8:00 p.m.

Register at: www.capcomfinancial.com/rb Can’t Make a Workshop?

To schedule a complimentary appointment, call (518) 782-0209.

1. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions.

2. The return and principal value of stock prices will fluctuate as market conditions change.

And shares, when sold, may be worth more or less than their original cost. Asset allocation and diversification are approaches to help manage investment risk. Asset allocation and diversification do not guarantee against investment loss. Past performance does not guarantee future results.

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

PRSRT STD U.S. Postage PAID Albany, NY Permit #186 4 Winners Circle Albany, NY 12205

How CAP COM Cares: 2019 in Review The CAP COM Cares Foundation has given $4 million back to the community and donated 35,000 volunteer hours since its inception.

These are some of our 2019 highlights.

20 COMMUNITY PROJECTS DURING CAP COM CARES TOUR WEEK

$75,000

SIENA BASKETBALL $5 TICKET OFFER Here’s a new member discount: Siena men’s basketball tickets for $5 each, while supplies last.

You still have time to claim your voucher for any of four Siena College men’s basketball games.

• • • •

Friday, January 24 vs. Marist Friday, February 7 vs. Fairfield Sunday, February 16 vs. Manhattan Wednesday, March 4 vs. Niagara

Pick up your voucher at a CAP COM branch and redeem it at the Times Union Center box office. For details, visit www.capcomfcu.org/siena-ticket-offer

Thank You Thank you Patrons and donors for enabling CAP COM Cares to make an impact right here in our community.

Some highlights appear at the right.

As we begin a new year, the love of learning is on our minds. Once again, we'll bring financial literacy to young people at the 2020 Financial Reality Fairs. And, we look forward to granting scholarships and awards to high school students and teachers.

SCHOLARSHIPS AND AWARDS TO 35 INDIVIDUALS

274 COATS FOR KIDS

1,020 BACKPACKS WITH SCHOOL SUPPLIES DELIVERED

Join and Help Us

402

Make a Difference

THANKSGIVING BASKETS DELIVERED TO LOCAL FAMILIES

Help us reach thousands of local individuals and families in need right here in the Capital Region.

You can support CAP COM Cares with a one-time donation, or become a sustaining Patron for as little as $10 per month!

Learn more and join the cause at: www.capcomfcu.org/give

225 SENIORS, 30 FAMILIES, 18 STUDENTS ADOPTED DURING HOLIDAY SEASON

170 STUDENTS EDUCATED AT REALITY FAIRS