Erie FCU - 2024 Spring Newsletter

FROM THE CEO MESSAGE

Member Advocacy – The Durbin/Marshall Big Box Bill Happy Spring!

As the CEO of Erie Federal Credit Union, I am continually inspired by the sense of community and shared purpose that defines our credit union. Central to our mission is the unwavering commitment to serve our valued members and community with integrity and dedication. At the heart of this commitment is the crucial concept of member advocacy. But what exactly does it mean, and why is it so important? Member advocacy is about driving positive change for the collective good.

As a member-owned financial cooperative, we are guided by the principles of integrity, transparency, accountability, and responsibility to our members as well as the broader community. By leveraging our collective voice and resources, we can drive positive change and make a meaningful impact in the lives of our members and the communities we serve.

Together, we have the power to make a real difference. At Erie Federal Credit Union your voice matters. This is why we feel it is vitally important that your voice is heard in relation to the Durbin/Marshall Big Box Bill, S. 1838. Instead of keeping consumers like you safe from data breaches, big box retailers are trying to add to their record profits by reducing their interchange fees and changing how credit card safeguards work.

“Advocacy is empathy, compassion and community at work.”

~Janna Cachola

Merchants pay an interchange fee to defray the costs of data breaches. This fraction of a cent per dollar spent keeps your credit card information safe from would-be hackers, and helps ensure that you, and the retailer you paid, are not responsible for any fraudulent purchases.

The Big Box Bill poses a serious risk to these safeguards by mandating the use of any third-party payment network (not VISA or Mastercard) that may not provide the same level of cybersecurity sophistication and infrastructure investment.

Whether from a Main Street business or a Big Box retailer, transaction databases are fast becoming a treasure trove of information for cyber thieves and dark web data traffickers.

Please help us in communicating with Congress and elected officials that changing interchange policy could jeopardize both access to credit and personal data security. America’s Credit Unions make it easy for you to express your opposition to the Big Box Bill. Simply follow this link to the Grassroots Action Center: eriefcu.org/grassroot-action-center which provides pre-drafted correspondence that will be delivered directly to your respective representatives.

In closing, I want to express my sincere gratitude to each and every one of you for choosing Erie Federal Credit Union as your financial partner. Your trust and confidence inspire us to strive for excellence in everything we do, and we are deeply committed to advocating for your best interests and delivering exceptional service that meets your needs and exceeds your expectations.

Thank you for your continued trust, support, and for being a valued member of Erie Federal Credit Union.

Brian J. Waugaman, CEO

Erie Federal Credit Union Wins a Prestigious CUNA Diamond Award  You’re Invited!

Erie FCU 2024 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’re inviting you to our 2024 Erie FCU Annual Meeting! Hear all about how the credit union is performing and about all the exciting things happening through the rest of 2024!

Register now!

This year, members will have the option to join the meeting virtually online or in-person. Members may attend from the comfort of their home online or via phone.

Date/Time: Monday, May 13, 2024 at 5:30PM.

Location:

Glenwood Branch - Community Room at 3503 Peach Street, Erie PA.

Streamed:

Live via Zoom.

Registration is required. You can register anytime from now until May 10.

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

In-person registration: https://mbr411.com/xrqcp

Virtual registration: https://www.eriefcu.org/annual-meeting-invite

Erie FCU was recently honored with a Diamond Award from the Marketing & Business Development Council of America’s Credit Unions. The credit union won in the One Time Event category for its Fairview Branch Grand Opening marketing.

The Diamond Awards are estigious annual credit union industry competition and represent the best credit union marketing campaigns of the year. Winners are selected based on strategy, creativity, design and production, copy and communication, and results. Credit unions, advertising agencies, and associations submitted a record 1,451 submissions for the prestigious awards. In all, 168 organizations from 44 states and the District of Columbia were selected as winners.

Home Shopping in Your Plans this Spring?

Whether you’re in the market to purchase your first home or dream home, we can help. Voted Erie’s Choice in Mortgage lender (again), we offer FREE mortgage consultations. Get sound advice to your home buying questions from our mortgage experts and secure the home you want without the guess work. With fewer homes available to purchase, getting prequalified first puts you in the driver’s seat, so you can act quickly when you find the perfect home in your price range. We make home buying easy!

Sign up for your FREE, no obligation, Mortgage Consultation at www.eriefcu.org/mortgage-consultation

Or visit our mortgage center and use one of our mortgage calculators to see if it makes sense for you!

www.eriefcu.org/mortgage-center

Loans subject to credit approval. Rates, terms and conditions vary based on creditworthiness, qualifications and collateral conditions and are subject to change. Property insurance required. Membership eligibility required. A pre-qualification is not an official loan approval, rather, it’s a conditional statement based on the financial information provided.

4 Questions to Answer Before Buying a Home

If you’re making major life moves—getting married or having kids—and starting to get the home buying itch, consider asking yourself these 4 questions.

1. How healthy is my credit score?

A mortgage can be one of the biggest financial obligations you’ll ever take on. Don’t add to that burden by paying a high interest rate. It’s a fact that the lower your credit score is, the higher your interest rate will likely be. It’s important to boost your score before even thinking about borrowing.

One way to help boost your score is to get current on credit card and loan payments. No one is saying that you can’t have any debt before you buy a home. But, depending on how much of your income is going to pay debts such as student loans, you may not get approved for a mortgage.

2. What do my savings look like?

Before you’re even in position to buy, it’s important to feel confident you can continue contributing to other financial goals while having a house payment. The last thing you want is a large mortgage that takes away from your retirement plans or emergency savings. On top of staying financially secure you should be prepared to put down 15 to 20 percent on a home.

3. Have I accounted for ALL the costs of a home?

Your mortgage payment isn’t the only thing you’ll be paying when you become a homeowner. It includes taxes, insurance, utilities, periodic repairs, and regular maintenance. You can expect to pay one to four percent of your home’s value on maintenance per year, on things such as lawn care, gutter cleaning, snow removal, pest control, etc. The cost of homeownership can quickly snowball.

To help get a feel for what you may pay as a homeowner, look at local tax records and talk to others you know that own a home about estimates of what they pay for maintenance each year. Plug the numbers into your budget and see how they fit.

4. How long do I plan to live here?

When looking at buying a home, think about your future — will your housing needs be the same as your current ones? Are you expecting to grow your family? Will you be changing jobs? Factor in these possibilities, if you are anticipating a lot of unknowns, it may be better to hold off on buying a home. Buying should be something you’re committed to for the long haul. Also, houses aren’t good short-term investments; you’ll need to own the home for at least five years to recoup the fees spent on the sale, as well as to allow you to accumulate some equity (the difference between how much you owe on your mortgage and the current value of your home).

Understanding the Appraisal Process and Its Role in Loan Approval

Introduction:

The appraisal process plays a crucial role in the loan approval process for lenders. It provides an unbiased assessment of a property’s value, ensuring that the loan amount aligns with the property’s worth. This article aims to shed light on the appraisal process and how lenders utilize it to make informed lending decisions.

Appraisal Process Overview:

When a borrower applies for a loan, the lender typically requires an appraisal. A professional appraiser conducts an extensive evaluation of the property, considering factors such as location, condition, size, comparable sales, and market trends. The appraiser generates a detailed report that includes an estimated value of the property.

Determining Loan Viability:

Lenders rely on the appraised value to determine the loan-to-value (LTV) ratio, which is the percentage of the loan amount in relation to the property’s value. This ratio helps lenders assess the level of risk associated with the loan. Lenders generally prefer lower LTV ratios to mitigate exposure to potential losses.

Mitigating Risks:

The appraisal process serves as a risk management tool for lenders. It ensures that borrowers do not overestimate the value of the property and helps identify potential issues that may affect its value. By obtaining an accurate appraisal, lenders can make informed decisions, reducing the risk of lending more than the property is worth.

Loan Amount and Terms:

The appraised value of the property directly influences the loan amount and terms. Lenders typically cap the loan amount at a certain percentage of the appraised value. Additionally, the appraisal can impact the interest rate and loan terms, as lenders adjust rates and conditions based on the property’s assessed value.

Protecting Buyers and Lenders:

Appraisals protect both borrowers and lenders. For buyers, it ensures that they are not overpaying for a property and that their investment aligns with its market value. For lenders, appraisals provide a level of assurance that the property serves as collateral, reducing the risk of potential financial losses.

Conclusion:

The appraisal process is a critical step in the loan approval process, enabling lenders to make informed decisions based on accurate property valuations. By assessing the property’s value, lenders can determine appropriate loan amounts, and mitigate risks protecting both borrowers and the credit union. The appraisal process provides transparency and reliability, fostering a more stable and secure lending environment for all parties involved.

“Sunday Family Fun Day”

is back for Erie FCU Members!

Saving our members money is what we do! Every SeaWolves Sunday home game, Erie FCU members can present an Erie FCU Mastercard, debit card or member ID (when purchasing tickets) at the UPMC Park ticket office to receive a free Smith’s Hot Dog and fountain drink with the purchase of a regularly priced Sunday ticket. Limit 4 hot dog/drink vouchers per member. Learn more: www.eriefcu.org/sunday-fun-day

*APR = Annual Percentage Rate. Loans subject to credit approval. Rates, terms and conditions vary based on creditworthiness, qualifications and collateral conditions and are subject to change.

1 Special offer applies to New Home Equity loans with a minimum amount borrowed of $5,000 new money. New Money: amount borrowed after payoff of any EFCU loan or credit card. Rate reduction of .25% to .75% is based on loan term and lien position. Lowest rate available after rate reduction is 5.75% APR. Maximum Loan to Value (LTV) 80%. Property insurance required. Certain restrictions apply. See your credit union mortgage loan officer for details. Membership eligibility required. NMLS# 414454

Whether you’re saving for your children’s education, planning for your retirement or securing your family’s financial future, you can depend on Erie Advisors to help you find strategies to address your long-term financial objectives.

Unlike some financial companies, our focus is on investment strategies and service. You can feel confident that you’ll receive the same level of personal service together with the knowledge you need to make sound financial decisions.

Through LPL Financial, Erie Advisors offers a vast array of exceptional wealth management products and services including:

• Comprehensive financial guidance

• Retirement planning and income strategies

• 401(K) transition assistance

To learn more, call 814-897-2500 or contact Erie Advisors online at https://www.eriefcu.org/invest/appointment-request to schedule a complimentary consultation.

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. Erie Federal Credit Union and Erie Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Erie Advisors, and may also be employees of Erie Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Erie Federal Credit Union or Erie Advisors. Securities and insurance offered through LPL or its affiliates are:

Train Your Kids to Save

Getting financially fit isn’t easy. But teach children how to save and they’ll have one of the most difficult aspects of finance mastered by the time they’re teens—being consistent savers.

Here are a few ideas to help your kids get money fit:

• Have young children—preschool age—sort different types of money into piles by color and size.

• Play store. Help them use a pretend cash register.

• At the grocery store, let children of all ages help you shop. Teach them how to comparison shop—for example, show them that for every $5 box of cereal, there may be similar brands on sale for half as much.

• As children get older, let them know what things cost. Share sales receipts and bills that you receive for items or services you’ve purchased for them.

• If you decide to pay your children an allowance, include them in the decision. Discuss allowance amounts and what they should use their allowance for. The amount is your call but allow their input. One idea is to have children set aside part of their allowance for spending, part for saving, and part for sharing. Explain what you’ll pay for and what they should be responsible for. For example, when you’re at the movies, maybe you agree to pay for the movie ticket, but the Milk Duds are on them.

• As your kids reach high-school age, clarify what you will pay for and what your teens are responsible for. For example, they may want the newest cellphone that comes with a high price tag. Establish your spending limit. If they still want the more expensive version, have them make up the difference. Often, once the responsibility of paying for items is on them, the “latest and greatest” aren’t as important.

Are You Looking for a Flexible Way to Grow your Savings?

For a limited time only, you can make additional New Money* deposits of any amount, at any time, to your current Erie FCU 12-month share certificate during the term of the certificate with our Add-On option. The Add-On option provides a unique opportunity to safely and securely invest when you have extra funds available. Why not Add-On today!!!

Interested? Visit any Erie FCU branch or call us to discuss at (814) 825-2436.

*New money is defined as deposits not previously held at or by Erie FCU by any member of the credit union in the past 30 days. Add-on deposits to eligible share certificates are subject to the terms and conditions of the qualifying share certificate. Limited Time Only. Restrictions apply. Membership eligibility required. Insured by NCUA

In April, we’re “Celebrating Our Youth”. Our goal is to set an example and inspire our young members to learn the importance of saving.

Together, we’re encouraging young members to set a financial path early in life to develop solid saving goals for their future.

To reward good saving habits, all qualifying Treasure Club Kids Accounts - opened in April will receive:

• An Erie FCU piggy bank to help your child save for their future

• One (1) free admission to the Erie Zoo

• With a deposit of $10 or more, your child can pick a treasure from the Treasure Club Treasure Box.

• All accounts opened in April will be entered for  a chance to win one (1) of four (4) $50 gift cards*. Learn more: www.eriefcu.org/invest/investment-planning/youth-saving-options#features

For your teenager, 13 - 17 years of age, perhaps a share certificate or checking account makes sense?  Want to really boost your child’s savings? With an adult cosigner, your teen can open a share certificate, a checking account, and receive a debit card to get them acclimated and prepared for their financial future. As an added bonus, present this coupon and Erie FCU will make the initial $5.00 required membership deposit to your child’s account to get them started on the road to saving for their future.

Redeem coupon to open your new Erie FCU account, now!

Summer fun is right around the corner and what better place to build those family memories than Waldameer Park and Water World. Find Member discounts on All-Day Combo Passes when you purchase online with our Erie FCU member code. Details at www.eriefcu. org/special-offers/waldameer-discounts-for-members

As an Erie FCU member, you can make withdrawals and deposits at our ATMs or Fast Branch/ATMs using your Erie FCU Debit Mastercard ® 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

Routing Number: 243380927

Website: eriefcu.org

E-mail: memberservices@eriefcu.org

E-Z Phone: 814.825.2436, Option 9

Toll Free: 800.480.0494

Lost/Stolen Debt & Credit Cards

Debit Mastercard® or ATM Card:

1.866.820.2868 (After Hours)

Mastercard® Credit Card:

1.866.611.4864 (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 27, 2024

All offices will be closed Juneteenth Wednesday, June 19, 2024