Page 1

Erie Federal Credit Union

F nanc al Solut ons www.eriefcu.org

Spring 2018

Dames Rocket Copyright 2004 Greg Zbach - Photoartist

Federally insured by NCUA


MESSAGE FROM THE CEO Common Sense Regulation At a time when banks are making record profits and customers are paying higher fees, many people are seeking financial institutions that will help them save money. As a member of Erie FCU, you already know the benefits of belonging to a credit union. Banks are for-profit businesses with the goal of returning value to their shareholders, who most likely have no vested interest in the communities or customers the bank serves. Credit unions exist as not-for-profit organizations with a goal of returning profits back to the members and communities in which they serve. As a member-owned, cooperative institution, profits are returned back to members in the form of reduced fees, higher savings rates and lower loan rates to help members maximize their incomes and increase their savings. While lawmakers readily acknowledge that credit unions – and their members – had nothing to do with the 2008 financial collapse, both continue to pay a high price for the federal government’s response to the economic crisis. Washington’s continued push for one-size-fits-all regulation of the entire financial industry has directly, and indirectly, resulted in the disappearance of more than 1,250 federally insured credit unions, either through mergers with other credit unions or by closing altogether.

“The more generous we are, the more joyous we become. The more cooperative we are, the more valuable we become. The more enthusiastic we are, the more productive we become. The more serving we are, the more prosperous we become.”

Moreover, recent surveys conducted by the Credit Union National Association (CUNA) show that regulations, in Pennsylvania alone, cost credit unions more than $274 million annually. This includes $231 million in regulatory costs and another $43 million in lost opportunities. Washington must realize that while cracking down on the abuses of Wall Street banks is a good idea, applying the same one-size-fits-all regulation to all institutions makes no sense. New regulations have been drafted that will make it harder for consumers to get affordable small dollar loans from their credit union. This may force consumers to turn to costly predatory lenders for access to much-needed funds for emergency expenditures like car or home repairs or even unexpected health bills. Regulators are also writing new rules that will make it harder for your credit union to extend overdraft protection, to members like you, who choose the convenience of this service for those times when you mistakenly overspend while in line at the grocery store or elsewhere. Getting a mortgage now requires so much paperwork and personal information that more and more consumers are becoming frustrated and confused by the process.

~William Arthur Ward

Credit union employees now spend significantly more time completing necessary government paperwork. As a result, many credit unions are finding it necessary to cut back on valuable member service, charge more for loan products and/or delay investments in new technology due to the increased regulatory burdens brought about by this one-sizefits-all approach. Please help us in telling your U.S. Representative to support S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. You can visit www.commonsenseregulations.com to learn more about this important initiative, and to discover how you can make a difference. Thank you for patronage and support.

Brian J. Waugaman

MORTGAGE • BUSINESS • AUTO • PERSONAL Page 2

eriefcu.org


! D O O G S I E F I L

FREE

Seminar Series! SOCIAL SECURITY Wednesday, April 4th

PREPARING FOR COLLEGE Wednesday, April 4th

HOME BUYING Tuesday, April 10th

PAYING FOR LONG TERM CARE Tuesday, June 12th

INCOME FOR LIFE Wednesday, June 13th Register at www.eriefcu.org/seminars or call (814) 825-2436 Seminars begin promptly at 6PM at the Bel-Aire Clarion Hotel & Conference Center – 2800 West 8th Street At Erie FCU, we value you, our member-owners. Because of the success of the credit union in 2017, we declared our first ever Patronage Bonus and gave you back over a HALF MILLION DOLLARS! We had an exceptional year, and being a strong, well-capitalized credit union gave us the ability to make this extraordinary bonus into over 51,521 eligible members’ accounts on January 22, 2018. The Patronage Bonus Program was developed to distribute an equitable bonus back to members based on their individual account relationship and usage of Erie FCU products and services over the past calendar year. Any active member in good standing, on December 31, 2017 was eligible to receive a share of the declared Patronage Bonus. “Since we are a member-owned financial institution, our members are a huge part of our success and Erie FCU’s Board and Leadership strongly believed that this program was a great way to thank them and share in our success,” said Brian Waugaman, CEO. “In 2017, we invested heavily in our new Glenwood facility and technology, while continuing to offer lower loan interest rates and higher deposit rates across the board, but we still wanted to give more.” Waugaman added, “We gave back to both borrowers and savers, so the more products and services a member utilized with us, the larger their share of the bonus. This truly is one of the benefits of being a member with Erie FCU”.

Annual Meeting & Dinner Monday, May 14, 2018 Bel-Aire Clarion - 2800 W 8th Street Cost: $10 per person Doors Open: 5:30PM Dinner: 6:00PM Menu: Chicken Valentino Tickets must be purchased prior to May 1st. No exceptions. Annual meeting will commence after dinner. There is no charge to attend the meeting only.

We sincerely appreciate our members’ support and encourage you to continue to invite your family, friends and co-workers to experience the unique benefits of membership with Erie FCU. For more information regarding the Patronage Bonus, visit eriefcu.org.

eriefcu.org

Page 3


Pass It On! for You

If you value the financial services of the Erie FCU, why not Pass It On to a friend, family member, or even a co-worker. If someone you refer joins, you’ll both earn $25. Referral forms are available at all branch offices and online at www.eriefcu.org/passiton!

25 $25 for $

for a Friend you*:

HOW IT WORKS:

• Enter your information on the referral form and Pass It On to someone who is not an Erie FCU member. • If the referral qualifications are met, $25 will be deposited to your savings account after 90 days. Federally insured by NCUA

$25 for a friend**:

*$25 referral incentive will be deposited to existing Erie FCU member accounts in good standing within 90 days after all conditions have been met by new member. **$25 new member incentive will be deposited to accounts in good standing, if the following conditions are met within the first 90 days: open a $5 Prime Share Account and one active qualifying account. Incentive will be paid within 90 days after all conditions have been met. Qualifying Account includes: Free, Premium, or Div+Plus Checking Account with debit card and direct deposit or an in-branch auto, personal, home equity or share secured loan with an opening balance of $2,500. Limit one incentive per social security number. Referral and new member incentive cannot be combined with any other offer or incentive. Incentives may be subject to 1099 reporting. Offer subject to change and may be revoked at any time. Membership eligibility required. Federally insured by NCUA.

• Open a savings account and one additional qualifying account listed below:

– Checking account with debit card and direct deposit of payroll, social security or pension

– Loan product-auto, personal, home equity or shared secured loan

• If the new member qualifications are met, $25 will be deposited to your savings account after 90 days.

Get a Mortgage from the People You Trust

Let’s Play Ball!

Every house needs a solid foundation, and a mortgage from Erie FCU is just the foundation you need. Whether you’re applying for a new loan or refinancing your existing mortgage, you can trust our Mortgage Team to be there for you, every step of the way. With the right combination of rates and terms, a mortgage from your credit union could save you big money over the life of your loan. Plus, you’ll get the fast, professional service you deserve from a local financial institution. We offer a wide variety of financing options to meet your unique needs. Whether you’d like to buy a new home, build your dream home or refinance your current mortgage to a lower rate, we have the perfect loan for you. All Erie FCU mortgages feature competitive rates, low fees and fast approval, not to mention the outstanding personal service we’re known for.

Earn money with our Realtor Rebate program With our Realtor Rebate program, not only can we supply a member with a trusted partner realtor, but through the program the member can earn a 25% rebate off of their assigned realtor’s commission on the sale or purchase of their home. Nobody else in Erie offers this benefit! Details here: https://www.eriefcu.org/borrow/loans-credit/mortgagecenter/realtor-rebate-program

The Erie SeaWolves throw out the first pitch Friday, April 13th for their home opener! To celebrate, we’re bringing back “Sunday Family Fun Day”! Every Sunday home game, Erie FCU members can buy a regularly priced Sunday ticket and receive a voucher for a free Smith’s hot dog and fountain drink for each ticket purchased. To qualify, just purchase your tickets with your Erie FCU Platinum MasterCard or Debit Card. For cash purchases, show your member ID at box office (not available for online purchases). It’s that easy! Membership has its advantages!

Get a great loan from the people you trust! To speak to a member of the Mortgage Team, call (814) 825-2436 or visit our mortgage center at www.eriefcu.org today! Page 4

eriefcu.org


Advice for the Class of 2018

James J. DeDad Scholarships

Spring is here and for many of you, it’s almost time to graduate from high school, technical school or college. Congratulations! If you are planning to leave the area after graduation, you don’t have to leave the credit union. We offer many services that will keep you connected! Whether it’s paying your bills faster than ever, easily searching your account information or finding a nearby ATM while you’re out and about, you have Online Account Access to your money 24 hours a day, 7 days a week. We also offer: • Mobile Deposit - a secure way to deposit your checks electronically via your smartphone. No more rushing to a branch or ATM to make a deposit • Member to Member Account Transfers - easily transfer funds to other Erie FCU member accounts • Bill Pay - setup payees and make bill payments online through your mobile device • e-Statements - go green and get your statements faster • Free Personal Financial Management (PFM) tool in online banking • ApplePay™ & Samsung Pay™ - now available for Erie FCU MasterCard® credit card holders • Access to CO-OP ATM Network - the largest credit union-only ATM Network in the country, so you don’t have to be near a branch to make ATM transactions • ATM Locator Page - just click on the ATM network web site page to find a surcharge-free ATMs most convenient for you in your community or anywhere in the world. And much more!

Youth Month April is National Credit Union Youth Savings Month™ and Erie Federal Credit Union believes it’s never too early to teach good savings habits. Treasure Club Accounts* opened in April, will be entered into a drawing to win a $50 Visa card. To sweeten the deal, please use the coupon below to receive a $5.00 deposit to open your child’s account. As an added bonus, new members will receive a certificate for 1 free child admission to the expERIEnce™ Children’s Museum! Qualifying accounts are for children 12 years and younger. *Account must be opened for a new member age 12 and under. One coupon per social security number and cannot be combined with any other offer. Account must remain open for one year or $5.00 deposit will be forfeited. Membership eligibility required. Offer valid 4/1/2018 4/30/2018. GL-PUMP.0

Federally insured by NCUA

Beginning April 1st, Erie FCU members between the ages of 17 and 24, who are enrolled in a full-time undergraduate program, are invited to apply for the James J. DeDad Scholarships. The program provided by the Erie Chapter of Credit Unions will offer six scholarships totaling $8,000. Applications are available at any Erie FCU office or online at www.eriefcu.org/dedad and must be submitted by June 1, 2018. *Applicant must have a prime share account at the Erie FCU to be eligible.

Now You Can Pay for College the “Smart Way” Need more money for school? Exhausted scholarships and federal loans? You still have an option -- The Smart Option Student Loan by Sallie Mae. Pay interest or make a low fixed monthly payment while in school and for six months after, or defer payment until after school. Learn how to apply: https://www.eriefcu.org/borrow/loans-credit/ student-loan-options

Go GREEN this Spring! Go paperless, Go Green! Switch To eStatements. Applying Is Easy & Free. If you have EZ Money manager online banking, simply log on and sign up yourself. If you don’t have online banking, enroll today at https://www.eriefcu.org/bank/home-mobile-banking/online-banking-center. You’ll appreciate the convenience. So, what are you waiting for? eStatements are the safe, secure and free way to keep track of your account activity. Help reduce paper waste and clutter by accessing your statements anywhere, anytime.

Enter our Science of Saving Coloring Contest for a chance to win a $25 Visa Card! If you have a child aged 2 to 12 years old, stop in to any one of our branches or go on line to www.eriefcu.org/youthmonth for the “Science of Saving” coloring sheet along with the entry form and contest rules. eriefcu.org

Page 5


Job Change?

Don’t Ignore Your Retirement Plan Dollars It is probably one of your biggest assets. Don’t ignore it. People change jobs all the time, but many forget some important details – like their retirement plan money, and leave it in their old employer’s sponsored pension or 401(k) plan. Could this be you? If so, you really owe it to your future to consider where to put the retirement assets you’ve worked so hard to build up. The wrong move could cost you thousands and greatly affect the quality of your retirement years. One option is to consider moving over any retirement plans from a former employer into an IRA.

Your Financial Team Brandon Armella Stacey Iadeluca Larry Amenta

Benefits include: 1. Simplicity – Consolidate your retirement assets into one IRA. It will simplify your record keeping and give you a better picture of your overall portfolio. 2. Eliminate Investment Overlap: Having several accounts can have you holding many of the same type of investments in each account, and cause you to be out of balance for your set of financial circumstances. 3. Wider Array of Investment Choices - It is very common for employer plans to have only a few investment options. Rolling assets into an IRA will literally give you thousands of investment choices.

Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. B2MM-0405-24A3 (1112)

4. Roth Conversions - Once your plan is rolled into a traditional IRA, you may be able to convert it to a Roth IRA. 5. Beneficiary Distribution Options - Many employer plans have very limited and rigid beneficiary distribution options, especially for non-spouse beneficiaries. Rolling your assets into an IRA offers many additional flexible distribution pay out options, such as the “Stretch IRA”(paying out the death proceeds over multiple generations of beneficiaries). Need help deciding what option is best for you? Contact Stacey Iadeluca, Erie Advisors Program Coordinator serving the members of Erie Federal Credit Union at 814-897-2500 for a no-cost, no-obligation Retirement Assets Consultation. Today is the best time to get started!

*Activ. Fee: Up to $30/line. Credit approval req. Sprint Credit Union Member Cash Rewards Offer: Offer Ends 12/31/2018. Avail. for eligible credit union members and member employees (ongoing verification). Tax ID req. to establish business acct. Switch to Sprint and receive a $100 cash reward for each new smartphone line activation. Reqs. port-in from an active number (wireless or landline). Existing customers receive a $100 cash reward for each new smartphone line activation and/or a $50 cash reward for each smartphone line transferred to program. New lines req. activation at point of sale. Max 15 lines. Sprint acct must remain active and in good standing for 31 days to receive Cash Reward. Excludes MBB devices, tablets and Sprint Phone Connect, upgrades, replacements and ports made between Sprint entities or providers associated with Sprint (i.e. Virgin Mobile USA, Boost Mobile, Common Cents Mobile and Assurance.) May not be combinable with other offers. $50 Loyalty Cash Reward: Members can earn one $50 cash reward annually when Sprint acct remains active and in good standing for 1 year. Max 15 lines. Cash Reward: Cash Reward issued by CU Solutions Group. Allow 6-8 wks for Cash Reward to be deposited to your Credit Activ. Fee: Up to $30/line. Credit approval req. Sprint Credit Union Member Cash Rewards Offer: Offer Ends 12/31/2017. Avail. for eligible credit union members and member employees (ongoing verification). Tax ID req. to establish business acct. Switch to Sprint and receive a $100 cash reward for each new smartphone line activation. Reqs. port-in from an active number (wireless or landline). Existing customers receive a $100 cash reward for each new smartphone line activation and/or a $50 cash reward for each smartphone line transferred to program. New lines req. activation at point of sale. Max 15 lines. Sprint acct must remain active and in good standing for 31 days to receive Cash Reward. Excludes MBB Union acct. If the Cash Reward does not appear devices, tablets and Sprint Phone Connect, upgrades, replacements and ports made between Sprint entities or providers associated with Sprint (i.e. Virgin Mobile USA, Boost Mobile, Common Cents Mobile and Assurance.) May not be combinable with other offers. $50 Loyalty Cash Reward: Members can earn one $50 cash reward annually when Sprint acct remains active and in good standing for 1 year. Max 15 lines. Cash Reward: Cash Reward issued by CU Solutions Group. Allow 6-8 wks for Cash Reward to be deposited to your Credit Union acct. If the Cash Reward does not appear after 8 wks, visit lovemycreditunion.org/sprintrewards. Other Terms: Offers/coverage not avail. everywhere or for all phones/ after 8 wks, visit lovemycreditunion.org/sprintrenetworks. May not be combinable with other offers. Offer, terms, restrictions, and options subject to change and may be modified, discontinued, or terminated at any time without notice. Restrictions apply. © 2016 Sprint. All rights reserved. Sprint and the logo are trademarks of Sprint. Other marks are the property of their respective owners. New accounts must register at lovemycreditunion.org/sprintrewards within 30 days of new line activation(s) to receive $100 cash reward per new line(s). wards. Other Terms: Offers/coverage not avail. ©2017 CU Solutions Group 12/2016 138422 everywhere or for all phones/networks. May not be combinable with other offers. Offer, terms, restrictions, and options subject to change and Z132_138422_Sprint_BEN_ATM_AD_800x600_V2_F2.indd 1 12/30/16 3:33 PM may be modified, discontinued, or terminated at any time without notice. Restrictions apply. © 2016 Sprint. All rights reserved. Sprint and the logo are trademarks of Sprint. Other marks are the property of their respective owners. New accounts must register at lovemycreditunion. org/sprintrewards within 30 days of new line activation(s) to receive $100 cash reward per new line(s).

$100 CASH REWARD

WITH EVERY

NEW LINE

It’s Sprint’s best Credit Union Member Cash Rewards offer ever — another BENefit of membership!

Visit Visit LoveMyCreditUnion.org/Sprint LoveMyCreditUnion.org/Sprint to calculate your cash your rewards. calculate savings.

Page 6

eriefcu.org


How to Give Your Finances a Spring Cleaning

Holiday Hours & Closings Memorial Day Monday, May 28th All offices will be closed Independence Day Wednesday, July 4th All offices will be closed

Important Information Routing Number: 243380927 Website: eriefcu.org E-mail: memberservices@eriefcu.org E-Z Phone: 814.825.2436, Option 9 Toll Free: 800.480.0494 Debit MasterCard® or STAR Card®:

Ah, spring! It’s the season of renewal, when we can count on longer and brighter days, the return of baseball and the urge to get the house in order. Why not do some spring cleaning with your finances? Here are 5 things to do! • Reassess your household budget • Get a grip on your credit • Rebalance your investment portfolio • Check your insurance policies • Organize your important records

800.523.4175 (After Hours) MasterCard® Credit Card Lost/Stolen:

866.604.0381 (After Hours) Erie FCU NMLS #414454 Privacy Policy Notice - The Erie FCU privacy policy has not changed. You may obtain a copy at www.eriefcu.org/pp or contact us at (814)-825-2436 or (800)-480-0494.

Complete story found: eriefcu.org. Find a wealth of sound advice and $$ saving/life improving stories handpicked to enhance our members lives on the Erie FCU website! Click “resources” then the “Financial Literacy & Education” tab. Knowledge is power! While you are cleaning up your finances, visit our new Community Page and see where we are impacting our community with #Team AOK!

Financial Statistics Financial Data as of February 28, 2018 Assets..................................$476,434,791

Take Charge of Your Money

Deposits..............................$422,757,377 Loans...................................$249,659,933 Members.............................57,244

Erie FCU offers a PFM (Personal Financial Management) tool that is free of charge to all members and is available to members who have signed up for Online Banking. PFM is a user-friendly and intuitive online banking feature that lets you see and take charge of your money. By safely and securely linking your accounts from other financial institutions, you can leverage PFM’s spending and budgeting tools to show you how you spend, save and make decisions that are right for your future. Get started today by signing up for or logging into EZ Money Manager/ Online Banking and take charge of your finances.

https://www.eriefcu.org/bank/home-mobile-banking/online-banking-center eriefcu.org

Page 7


3503 Peach Street • Erie, PA 16508-2741

Office Locations & Hours of Operation

814.825.2436 • 800.480.0490 • eriefcu.org

38th Street Office 1109 East 38th Street Erie, PA 16504

State Street Office 518 State Street Erie, PA 16501

Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM

Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM

Drive Thru Hours: Monday-Wednesday: 9AM-5PM Thursday-Friday: 9AM-6PM Saturday: 9AM-3PM

Walmart Office 1825 Downs Drive (Walmart Supercenter) Erie, PA 16509 Lobby Hours Monday-Friday: 10AM-7PM Saturday: 10AM-3PM Sunday: 11AM-3PM

Bayfront Office 1005 Greengarden Road Erie, PA 16501 Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM

32nd Street Office 1220 West 32nd Street Erie, PA 16508

Drive Thru Hours: Monday-Wednesday: 9AM-5PM Thursday-Friday: 9AM-6PM Saturday: 9AM-3PM

Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM

Buffalo Road Office 2436 Buffalo Road Erie, PA 16510

Edinboro Office 101 Washington Towne Blvd. Edinboro, PA 16412

Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM Drive Thru Hours: Monday-Wednesday: 9AM-5PM Thursday-Friday: 9AM-6PM Saturday: 9AM-3PM

Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM Drive Thru Hours: Monday-Wednesday: 9AM-5PM Thursday-Friday: 9AM-6PM Saturday: 9AM-3PM

Zuck Road Office 5500 Zuck Road Erie, PA 16506

Drive Thru Hours: Monday-Wednesday: 9AM-5PM Thursday-Friday: 9AM-6PM Saturday: 9AM-3PM

Glenwood Office 3503 Peach Street Erie, PA 16508

Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM

Erie FCU No Surcharge & No Fee ATMs

Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM Drive Thru Hours: Monday-Wednesday: 9AM-5PM Thursday-Friday: 9AM-6PM Saturday: 9AM-3PM

As an Erie FCU member, you can make withdrawals and deposits at our ATMs or Fast Branch/ATMs using your Erie FCU Debit MasterCard® or STAR® Card and you will not be charged a surcharge or Out-of-Network Fee. For a current listing of all ERIE FCU ATMs, visit eriefcu.org/atms

Erie FCU - 2018 Spring Newsletter  

Erie FCU - 2018 Spring Newsletter

Erie FCU - 2018 Spring Newsletter  

Erie FCU - 2018 Spring Newsletter