Erie FCU - 2022 Spring Newsletter

Erie Federal Credit Union

F nanc al Solut ons Spring Newsletter 2022 www.eriefcu.org

2022 Annual Meeting Find Out How to Become an Associate Volunteer We’re Coming to Fairview

Insured by NCUA

MESSAGE FROM THE CEO We Have You Covered Happy spring, everyone. We hope this message finds you and your family ready to experience the warm weather ahead. What a beautiful time of year with daffodils blooming and bright green leaves beginning to emerge after winter dormancy.

Speaking of green, Erie Federal Credit Union supports all you need to kick off those spring projects and more, including free mortgage consultation services, mortgage loans, home equity loans, personal loans, auto loans, a low rate Mastercard and access to your accounts at over 5,600 branch locations across the country via the Co-op Shared Branch network.

We have you covered!

Access to convenient branch locations remains a high priority among members, especially while traveling or away from the local area. One of Erie FCU’s best kept secrets is participation in the Co-op Shared Branch network, which allows members to perform a range of in-person financial transactions at over 5,600 credit union locations across the country. That is more individual branch access than America’s big three banks: Wells Fargo, Chase or Bank of America. Easily find branches and ATM’s near you by visiting our website under locations. Give it a try, we think you will be impressed.

“Some old-fashioned things like fresh air and sunshine are hard to beat.”

– Laura Ingalls Wilder

Through free mortgage consultation with a licensed mortgage specialist and low-rate mortgage and home equity products, Erie Federal Credit Union is here to help you secure or update the home of your dreams. Rates are beginning to rise, so lock in now and be sure to take advantage of our spring and summer specials.

The dream of first-time home ownership is possible! Erie FCU is now accepting applications under the First Front Door (FFD) program – a homebuyers grant program to assist first-time homebuyers with their down payment and closing costs with a grant of up to $5,000 for those who qualify.

Please contact one of our mortgage specialists today if you have questions or would like to learn more about this or other Erie FCU mortgage programs.

You have made the right decision in choosing Erie Federal Credit Union as your primary financial partner. Your credit union was founded on, believes in, and continues to operate under the credit union philosophy of “people helping people”. This is why we exist…to operate for the benefit of our members, pure and simple. For 86 years, Erie FCU has delivered on the promise to serve our members and the communities we serve.

Our members have spoken, and we have listened, Erie Federal Credit Union plans to extend branch service further west by the end of the year. Teams are currently working with local architects and planners to develop what will become the credit union’s eleventh location just east of Coach USA-Erie along West Ridge Road in Fairview, PA. We look forward to providing additional progress updates as we bring this new service location to the Fairview community.

We also care about your family’s financial well-being and education. Through our free financial seminar series, and in partnership with industry-leading BALANCE, we provide you with free access to expertly-crafted financial education and resources to help with your fiscal matters. Should you need, BALANCE can also assist with confidential, no-cost financial counseling services to help you develop a sensible budget managing both spending and debt. Yes, all of this for free and with no obligation.

As you can see, we truly are passionate in extending the benefits of credit union membership to our community. We are dedicated to making our communities a better place to live, work, and raise a family. As a not-for-profit financial cooperative, we believe that investing and reinvesting in our community is the right thing to do. To share that support, the 2021 Member & Community Impact Report is now available on our website. The intent of this report is to bring awareness to the positive impacts Erie FCU has made throughout the past year to improve the lives of our members and community. It is our hope that we are providing pathways to success. Please enjoy!

If you or someone you know is interested in serving an established community credit union whose genuine goal is to help people in your community move their financial lives forward, we ask that you inquire about Erie Federal Credit Union’s Associate Volunteer Program. By joining the Associate Volunteer Program, you can develop the knowledge and skills necessary to help your not-for-profit credit union continue to grow and respond to members’ needs. Associate Volunteers who complete the required training may be considered for open positions on the Board of Directors or Supervisory Committee.

Thank you for your continued trust in Erie Federal Credit Union.

Your membership matters,

Brian J. Waugaman, CEO Page 2 |

MORTGAGE • BUSINESS • AUTO • PERSONAL

eriefcu.org

Coming late 2022…

Our New Fairview Branch

We can’t wait to serve you!

Spread the word! www.eriefcu.org/fairview

Read Across America Day Oh, the places you’ll go!

Join Us! 2022 Virtual Annual Meeting!

As a not-for-profit, member-owned credit union, we all benefit from the engagement and participation of our members. That’s why we invite you to join us for our 2022 Virtual Annual Meeting!

Our #TeamAOK visited the St. Martin Center - Early Learning Center over three days in March to read to students as part of the annual “Read Across America Day.” Created to promote literacy, Read Across America is celebrated in early March to coincide with the birthday of Dr. Seuss, the beloved children’s author. Launched in 1998 by the National Education Association (NEA), it is the nation’s largest celebration of reading, focusing coastto-coast attention on the importance and the joys of reading.

Join us from the comfort of your home (online or via phone) to hear how the credit union is performing and about all of the exciting things to come through the rest of 2022!

Register now and save the date!

The Annual Meeting will be held on Monday, May 9, 2022 at 5:30PM.

Similar to last year, the meeting will be streamed live via GoToMeeting from the Community Room at 3503 Peach Street, Erie, PA. Registration is required to join the meeting You can register anytime from now till May 9 here: www.eriefcu.org/annual-meeting-register

Each student also received a copy of “A Trip to the Credit Union” coloring book.

After registering, you will receive a confirmation email containing information about joining the webinar.

Details are also available at www.eriefcu.org/annualmeeting. The event will be recorded and made available post Annual Meeting.

“You’re never too old, too wacky, too wild, to pick up a book and read to a child.”

–Dr. Seuss

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Good, Better, BEST!

We are honored to once again be named “Erie’s Best Bank” by the Erie Reader for the 8th consecutive year!

It is a privilege to serve members throughout this community. Many thanks to everyone who voted for Erie FCU!

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The Convenience of Online Banking and E-Statements

April is National Credit Union Youth Month and Erie FCU Wants to Celebrate Our Youth, Our Future!

It’s never too early to teach our youth the importance of savings and learning good financial habits, so this April, why not consider opening a Treasure Club Kids Account and start your children on the path to financial success?

Use the coupon below and Erie FCU will make the first $5.00 required deposit to get your child off to a great start, plus receive:

4 A piggy bank to help your child save for their future 4 Your choice of either one (1) free admission Wouldn’t it be nice to be able to safely access your credit union accounts or transfer money anytime from your computer or smartphone? Guess what?

You can with our mobile and digital banking tools.

Erie FCU has a seamless and safe mobile banking website where you can check your balances, view records of your transactions, transfer funds, pay bills online, and download statements. You can even set up alerts to notify you if your balance gets below a certain amount or if you overdraw from your account.

You can perform all these functions on your smartphone as well by using our EZ mobile banking app – For more information go to: www.eriefcu.org/ mobile-apps. Did you get a paper check and don’t have time to deposit it in an ATM or a branch? Simply open this app and deposit it digitally. Our app uses multi-factor authentication to ensure only you can access your account digitally and an encrypted process to protect you throughout the transaction.

If you are still getting a paper copy of your monthly statement in the mail and concerned about mail theft, then consider signing up for an E-statement. Not only is it safer than a mailed paper copy, but it reduces clutter, and you’ll get real-time information about your account. If you like keeping a hard copy for your records, you can easily download and print it on your own printer.

Mobile banking allows you to manage and access your money at your convenience, from anywhere you get a secured internet connection or cell reception.

(We do not recommend performing any banking transactions on public wi-fi.) There is no need to take time out of your busy day to physically go to one of our branches. Simply log in anytime you like, 24/7, and take care of all your common banking tasks.

to the Erie Zoo or one (1) free admission to the Flying Monkey Inflata-Park 4 With a deposit of $10 or more, your child can pick a treasure from the Treasure Club Treasure Box 4 All accounts opened in April will be entered for a chance to win one (1) of four (4) $50 gift cards*.

Visit www.eriefcu.org or stop by any branch for details. *Random drawing from all entries will be made May 1, 2022. One account per member/social security for children age 0-12yrs of age. Membership eligibility required.

Open a new savings account and receive a $5.00 deposit with this coupon. *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 4/1/2022-4/30/2022. GL-PUMP.0

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3/14/2022 10:07:14 AM

Funding for 2022 is now open!

Grant Program Get up to $5,000 in cash for a new home down payment and closing costs! The dream of home ownership can be made possible!

Make first time homebuying a reality! Erie FCU has partnered once again with First Front Door (FFD) - a home buyers grant program. Through First Front Door, the dream of home ownership can be made possible. The program can assist first time homebuyers with their down payment and closing costs with a grant up to $5,000 for those who qualify. Questions? Contact one of our mortgage specialists today to see if you qualify!

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DIY not your thing?

Maybe it’s time to drop into Erie FCU for a Home Equity Loan!

Home Equity Loan 1

Loans subject to credit approval. Rates, terms and conditions vary based on creditworthiness, qualifications and collateral conditions and are subject to change. Offer ends June 30, 2022.

1. Special offer of .50% rate reduction applies to New Home Equity loans with a minimum amount borrowed of $25,000. Member must also have an open Erie FCU checking account with direct deposit and enroll in auto pay/payroll deduction. Maximum Loan to Value (LTV) 80%. Property insurance required. Certain restrictions apply. See your credit union mortgage loan officer for details. *APR = Annual Percentage Rate. Membership eligibility required. NMLS# 414454

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Concerned about your financial plans?

Need a second opinion?

Chuck Molloy

Financial Advisor

Whether you’re just starting, building your financial assets, or a long-time investor, Erie Advisors, located at Erie Federal Credit Union, will listen to your goals, offer objective advice, establish a plan for you and closely monitor your investments.

To learn more, call or contact Erie Advisors online at www.eriefcu.org to schedule a complimentary consultation.

Dave Garres

Financial Advisor

(814) 897-2500 • 3503 Peach Street, Erie, PA 16508 *Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/ SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/ FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker/dealer in all fifty states of the United States of America. The representative may also be a financial institution employee that accepts deposits on behalf of the financial institution.

Retirement Products and Terms to Know Planning for retirement doesn’t have to be difficult or confusing.

Here’s a list of retirement terms that can help clarify questions you may have:

401(k): Retirement savings plan funded by employee contributions and, often, by partially matching contributions from the employer. Most 401(k) contributions are made on a tax-deferred basis. Interest, dividends, and capital gains generally accumulate tax-free until you withdraw them.

403(b): Retirement savings plan generally offered by public schools, colleges, and universities, as well as charitable organizations that are taxexempt under section 501(c)(3). Contributions are tax-deductible, growth is tax-deferred, and you can contribute more per year than you can with an IRA. Annuity: A contract between a consumer and an insurance company.

The consumer invests money with the insurance company in return for a stream of retirement income.

Beneficiary: Someone who benefits by receiving money from an insurance policy, will, or trust fund.

Catch-up provisions: Allow people who are 50 years and older to save additional money in IRAs (individual retirement accounts) and 401(k)s.

Compound interest: Interest calculated not only on the original principal that was saved, but also on the interest earned and left in the account.

Individual retirement account (IRA): A personal savings account that offers the potential for tax-advantaged growth of retirement savings.

There are two types: Traditional and Roth. These IRAs have important differences with respect to income limits and tax benefits.

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Money market account: A type of savings account that pays a higher rate of return (dividends) than a regular savings account, in return for higher minimum balances and check-writing restrictions.

Pension: A government-approved employee retirement plan offered and funded by the employer.

Roth 401(k): An employer-sponsored investment savings account funded with after-tax money. The account grows tax-free, and the withdrawals of earnings taken in retirement aren’t subject to income tax if you’re at least 59½ years old and have held the account at least five years.

Roth IRA: Retirement savings plan where you make contributions on an after-tax basis, and earnings grow free of federal taxes. This means you don’t get a tax deduction now, but you won’t need to pay taxes on the earnings later.

Share certificate/certificate of deposit (CD): A credit union savings account that will earn dividends at a particular rate if held to maturity.

If you withdraw any or all of the principal before maturity, you may have to pay a penalty of a percentage of the amount withdrawn.

Traditional IRA: Retirement savings plan where you may be able to deduct your contributions from your current taxes, and earnings grow tax-deferred until retirement.

To read more about these products and terms, check out the Retirement Plans webpage at irs.gov.

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Adelle is on the Move!

We’ve Got Some Seats to Fill Become an Associate Volunteer

Do you have a passion for helping people and the community? Do you want to be part of a successful financial cooperative and contribute toward its continued growth and success? If so, we would like to offer you the perfect opportunity!

Erie FCU is seeking interested and motivated applicants to fill up to four openings for our Associate Volunteer Program. As an Associate Volunteer, you will attend Board and Supervisory Committee meetings as a means to gain greater insight to the credit union industry and your role as a volunteer. You will also complete required regulatory training.

If selected as an Associate Volunteer, you will serve as an uncompensated volunteer.

Associate Volunteers may be nominated by the election committee to become candidates for the Office of Director or be appointed by the Board of Directors to serve as a member of the Supervisory Committee.

Eligible Candidates: • Must be a primary Erie FCU member in good standing (minimum 1 yr.)

• 18 years old or older • Able to attend monthly and quarterly meetings • Cannot be a relative of any Erie FCU employee, Board or Supervisory Committee member as stated in the Erie FCU by-laws • Able to comprehend financial statements and risk management strategies • Bondable • Background in business is highly desirable Erie FCU volunteers, such as our Board of Directors and Supervisory Committee, are an integral part of our continued success. This spirit of volunteerism truly makes your credit union different from the big banks.

If you are interested in applying for an Associate Volunteer position, please forward your bio or resume to the attention of Erie Federal Credit Union Associate Review Panel, 3503 Peach St., Erie, PA 16508 or email to volunteer@eriefcu.org.

When you give your time and talents, everyone benefits.

For more information about an Associate Volunteer position, visit https://www.eriefcu.org/why-us/about-us/associate-volunteer-program.

If interested in applying, please complete the online Associate Volunteer application and submit to the credit union.

Erie FCU has appointed Adelle Lehman to fill a newly created position as Mortgage Consultation Services Coordinator. The Mortgage Consultation Services Coordinator role was created to provide five-star service to member borrowers and realtors for real estate transactions. Adelle has served the credit union as an MSR and MSO before joining the mortgage department as a Mortgage Support Specialist and Mortgage Underwriter I. Adelle will have conversations with members, and potential members, to find the right mortgage lending solution. She will also work directly with the credit union’s Mortgage Underwriting Department while developing and implementing process workflows and successful communication channels from branches, support center, real estate professionals, members and referrals.

“I’m excited to have accepted this position,” Adelle said.

“I look forward to introducing Erie FCU Mortgage Services to new homebuyers and working with real estate professionals in assisting borrowers achieve home ownership from application to processing to closing”.

For more information about our Mortgage Services, please visit www.eriefcu.org/mortgage

2021 MEMBER & COMMUNITY

Impact Report

At Erie Federal Credit Union, we are dedicated to making our communities a better place to live, work, and raise a family. As a not-for-profit financial cooperative, we believe that investing and reinvesting in our community is the right thing to do. It is our hope we are providing pathways to success.

To share our progress, we have prepared a 2021 Member & Community Impact Report.

This impact report is intended to help you better understand what Erie FCU has done in this past year to help our members improve their lives. We also wanted to briefly highlight how we are making a difference to ensure that we remain a place where members know they can bank better, with the hope of living better.

We thank you for your trust and look forward to making 2022 another great year of building a positive future together.

Click the link for details: www.eriefcu.org/tracfone

Check it out: www.eriefcu.org/impact-report

Cannot be combined with other promotions or coupons. Offer valid until 4/30/2022.

eriefcu.org

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3503 Peach Street • Erie, PA 16508-2741

Office Locations & Hours of Operation

Routing Number: 243380927

38th Street Office

State Street Office

1109 East 38th St. Erie, PA 16504

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

518 State St. Erie, PA 16501

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

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

Walmart Office

(Walmart Supercenter)

1825 Downs Drive Erie, PA 16509

Bayfront Office

Lobby Hours Monday-Tuesday: 9AM-5PM Wednesday-Thursday: 9AM-6PM Friday: 9AM-7PM Saturday: 9AM-3PM

1005 Greengarden Rd. Erie, PA 16501 Lobby Hours Monday-Thursday: 9AM-5PM Friday: 9AM-6PM

32nd Street Office

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

1220 West 32nd Street Erie, PA 16508 Lobby Hours Fastbranch ATM access only

Buffalo Road Office 2436 Buffalo Rd. Erie, PA 16510

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

5500 Zuck Rd. Erie, PA 16506

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

Edinboro Office

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

Zuck Road Office

101 Washington Towne Blvd.

Edinboro, PA 16412

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

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

Glenwood Office

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

Erie FCU No Surcharge & No Fee ATMs

Important Information

3503 Peach St. 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 Saturday: 9AM-1PM

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 www.eriefcu.org/atms

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®:

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.

Holiday Hours & Closings Memorial Day Monday, May 30, 2022 All offices will be closed

Juneteenth Sunday, June 19, observed on Monday, June 20, 2022*

*In accordance with the Federal Reserve Bank holiday schedule, for holidays falling on Saturday, Erie FCU will be open the preceding Friday. For holidays falling on Sunday, Erie FCU will be closed the following Monday.

Independence Day Monday, July 4, 2022

All offices will be closed

Financial Statistics Financial Data as of February 28, 2022 Assets......................

Deposits...................

Loans......................

Members..................

$737,648,618 $672,570,910 $374,792,062 69,200