Erie FCU - 2024 Winter Newsletter

Erie Federal Credit Union

F nanc al Solut ons Winter Newsletter 2024 www.eriefcu.org

Erie FCU Earns CDFI Certification 10 Money Mistakes Balance Transfer Special Offer

Insured by NCUA

MESSAGE FROM THE CEO Happy New Year

The beginning of a new year provides a great opportunity to reflect on all that Erie Federal Credit Union has accomplished over the past year, and look forward to what we wish to achieve in the year ahead. I am proud and honored to share a few highlights from 2023, and give you a peek at where we plan to go in 2024. From the development and enhancement of credit union products and services, to being active in our local communities, everything Erie FCU does is attainable because of our members continued trust and support. It is that simple.

The Year in Review

“Winter is a season of recovery and preparation.” ~Paul Theroux

While excited for the new year, allow me to briefly review some of the more notable events that occurred in 2023. There were many changes and opportunities that Team Erie FCU encountered throughout the year. With all hands on deck, our largest challenge for the year was the conversion of both Erie FCU’s credit and debit card processing platforms to a new vendor.

To summarize, we consolidated all of our card processing and card management services under a single global leader providing advanced technology and payment services to the financial industry.

The conversion was necessary in order to gain much needed efficiency relative to our card management platform, and to provide member requested and enhanced benefits, including the latest security features, a new member card management application, and contactless payment.

In addition, we took the time to update the face of our card programs by providing new plastics in line with current industry aesthetics and payment technology. Overall, we considered each conversion a huge success, albeit a few bumps in the road, although necessary to bring new life to an over 35 year old existing platform. We sincerely appreciated your patience and understanding during the conversion process!

Erie’s Choice – Erie’s Best! – Erie FCU was extremely proud to have once again been voted “Erie’s Choice in Credit Unions” for the 11th consecutive year by readers of the Erie Times-News/GoErie.com. In addition, we were voted “Erie’s Choice in Mortgage Lender” and “Erie’s Choice in Financial Advisory” for services provided by our Erie Advisors group, and for the very first time, “Erie’s Choice Top Employer 101-500 Employees. And… hot off the presses, we are honored to share that Erie FCU, competing against both regional banks and other credit unions, was voted “Best Bank” for the 10th consecutive year in Erie Reader’s Best of Erie 2023! From all of us at Erie FCU, thank you! We take this recognition very seriously as it further confirms our vision and desire to be the #1 most trusted financial resource in the region.

On September 5, 2023, we opened our newest branch location in Fairview, PA. The Fairview Branch strengthens our presence in western Erie county and further extends Erie FCU’s “5-Star” service experience and convenience to current and future members as well as to local businesses in this area. Today, Erie FCU is proud to operate nine branches where employees strive to provide exceptional service to the many loyal members who prefer an in-person and friendly banking experience.

Strength

Despite some unfortunate events impacting the banking world, Erie Federal Credit Union remains a financially strong credit union and is planning to continue strong membership growth while expanding our valuable product and service offerings. Erie FCU’s ability to offer highly competitive rates and lower fees, grounded in our financial strength, is undoubtedly important to our members, but, so is great service. This is why we continued to expand staffing throughout 2023. Erie FCU grew by an additional 20 employees to ensure we keep up with increasing demand for the personal touch we know you value. In addition, we continue to invest heavily in the online technology you use every day to manage and secure your finances. Erie FCU is well on our way to becoming a billion dollar credit union! That is amazing growth when you consider Erie FCU began with only a couple hundred dollars and ten members back in 1936. We have come a long way, together!

Community

Erie FCU remains committed to supporting the communities in which we serve. As an example, over the holiday season, and for the fourth consecutive year, Erie Federal Credit Union was proud to have donated $30,000 to ten local nonprofit food agencies to fight hunger through our “Give Hope – Feed the Need” campaign. This campaign was established in response to the increased demand for food assistance and hardships realized right here in our local community. 2024 is set to be another “people helping people” kind of year as we look to ramp up our #TeamAOK outreach and volunteerism efforts throughout the year.

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MORTGAGE • BUSINESS • AUTO • PERSONAL

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Are You Financially Fit?

In 2023, a national survey revealed that nearly 84% of Americans made a New Year’s resolution to improve their financial condition. With inflation and higher priced consumer goods still a factor, Americans are expected to continue prioritizing their financial well-being by, once again, making resolutions to achieve monetary goals throughout the year. Many of the goals we’ve seen in the past include paying down debt, improving one’s credit score, saving more, and creating a personal budget. In tough times, it’s more important than ever to develop and maintain good financial habits. Having a household budget and shedding high-rate credit card debt are two obvious things that could benefit most consumers. However, figuring out where to start can be a daunting task— especially if you feel like you’re already in trouble. The thing to remember is that it is never too late to ask for help from your credit union. Please be sure to check out the 10 MONEY MISTAKES: DON’T GO THERE article in this newsletter containing a list of common “money management” mistakes and how to correct them. Also, watch for our educational seminars in 2024. These seminars are free of charge and offered both in-person and virtually to you or your family members.

And if this is not enough to answer your most pressing financial questions or concerns, Erie FCU remains committed to investing in the ongoing education and professional development of our staff and volunteers. We are extremely proud to announce that 100% of Erie FCU staff employed for a period of one year or more have successfully completed the courses necessary to achieve their HERO Community Development Certified Financial Counselor (CDCFC) certification! The objective of the HERO (“Helping Everyone Reach Opportunities”) curriculum is to train all credit union staff on the very best techniques in identifying financial distress, intervention, and coaching individuals and families to improve their financial lives. Through consistent coaching, education and development, Erie FCU desires to increase our team’s knowledge and overall valuable service to you, our members.

Erie FCU has an 87-year history of serving our members and community, and we are proud of our record of financial strength and stability. We look forward to honoring that commitment for many more decades to come. We take pride in listening carefully to your feedback and responding accordingly in an effort to meet your needs and help you reach your financial goals.

In conclusion, and from all of us here at Erie FCU, thank you for your continued membership and support. We look forward to a safe and prosperous 2024, together.

Over the holidays, Erie FCU donated $30,000 to 10 Erie area organizations that support local hunger awareness and food assistance programs through its Give Hope - Feed the Need campaign. Erie Federal Credit Union (FCU) distributed $30,000 to following organizations: • Meals on Wheels

• Erie Salvation Army

• Emmaus Soup Kitchen • Community of Caring

• St. Martin Center, Inc.

• Erie Martin Luther King Center

• Home House of Erie Food Pantry • Lake Erie Food Rescue • Edinboro Food Pantry

• Northeast Community Food Pantry

Brian J. Waugaman, CEO

CDFI Certification

In the upcoming New Year and in step with our commitment to community outreach, we are excited to have earned a Community Development Financial Institution (CDFI) certification. Community Development Financial Institutions or CDFIs - are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities. With this certification, Erie FCU will be able to further invest in the local community and the residents who live there by providing critically needed financing and servicing often unavailable from mainstream financial institutions.

For more information about CDFI: https://www.eriefcu.org/why-us/community/cdfi

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Tax Season is Here!

The Volunteer Income Tax Assistance (VITA) Program is Here to Help!

2023 Tax Filing Options - Income Based Tax Filing Assistance Available

Erie FCU is proud to once again offer the VITA program, a no-fee program that helps anyone with low to moderate income to file their Federal, State, and Local taxes for free. This free service is available to members with household incomes of $60,000 or less. *Drop-Off service will be available at the

If you find yourself struggling to make ends meet, then this list may help you to see where you might be slipping and how to correct the problem:

1. Do not lose track.

Be mindful of your daily or weekly cash expenses or credit card purchases.

For a week, record every cent you spend. Then do the math. For example, an $8 lunch five days a week amounts to over $2,000 a year.

2. Do not forget what always happens.

Erie FCU Glenwood Office 3503 Peach Street Erie, PA 16508

Month-to-month rent, car payments, and utility bills are generally consistent. But also plan for any payments that are due quarterly or once a year, like car registration.

Set aside money every payday for those expenses so you are not caught short when the bill is due.

3. Do not load up on plastic.

Here’s what you need to do:

4 Please pick up your packet at any of our branches and complete at home Packets are now available.

4 Place all tax documents in envelope with your

completed paperwork. Packets must be complete prior to drop off.

4 Drop off at Glenwood Branch at the Peach

Street / West Entrance only. There will be a drop off box. Location pictured above.

4 The drop off box will be available February 5, 2024.

4 Drop off hours will coincide with Branch hours –

www.eriefcu.org/atms For more information -- www.eriefcu.org/taxes

Need Professional Help Filing Your Taxes?

Try *Tax Strategies Have your Federal, State, and Local taxes prepared for one low price. Call our friends at Tax Strategies to schedule your appointment.

Tax Strategies - 4420 Peach Street 814-866-5494

*Tax Strategies cannot prepare or file your tax returns without copies of your W-2 form(s).

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10 Money Mistakes: Don’t Go There

Avoid maxing out your credit cards. If you can only pay the minimum on each of your monthly credit card bills, then you’re headed for trouble. Don’t open new cards to pay off older credit card bills. Carry only one major card on you at a time and use it sparingly.

4. Do not lose touch with reality.

Many people set themselves up for failure by planning a budget that’s too strict.

Make your budget realistic. You’ll have greater success with it.

5. Do not shop without a list.

A list forces you to plan ahead and acts as a voice of reason when your will is weak.

6. Do not walk away from free money.

Participate in your company’s 401(k) plan, especially if it matches a portion of what you contribute. If your company offers flexible spending accounts, use them.

FSAs let workers set aside part of their pay—before it’s taxed—to cover medical and dependent-care costs.

7. Do not underestimate the power of compounding.

Few people realize how interest and time swell the cost of borrowing. If you only paid a 2% minimum monthly payment on a credit card bill of $2,000, at an interest rate of 19%, you’d need 22 years to pay off the card. In that time, you’d pay $4,800 in interest!

If you’re saving money, interest works in your favor. A $2,000 certificate earning 4.0% compounded monthly each year would earn $442 in 5 years.

8. Do not try to buy happiness.

Don’t use shopping to distract you from emotional pain or stress. Instead, find healthier ways to deal with them, like seeing a therapist.

9. Do not make excuses.

Many people claim they can’t afford to save, yet spend money on smoking, gambling, and streaming services.

To achieve financial freedom and peace of mind, spend less than you earn and save at least 10% or more of your income.

10. Do not be shy.

It’s better to admit that you can’t swim than to find yourself in over your head and all alone.

Don’t be afraid to ask for help. See the professionals at your credit union for help or visit the National Foundation for Credit Counseling website.

MORTGAGE • BUSINESS • AUTO • PERSONAL

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NO Annual Fee!

NO Balance Transfer Fees!

*Offer applies to balances transferred from January 1 - March 31, 2024. After December 31, 2024, remaining balances will accrue interest at the regular annual percentage rate applicable to your account, which can range from 8.90% to 17.90% based on your creditworthiness.

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(814) 825-2436

Insured by NCUA

Loans subject to credit approval. Existing Erie FCU loans, credit card balances, purchases, cash advances, and Business Mastercard® accounts are not eligible for this offer. Membership eligibility required.

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EFCU BT299 FP-Ad.indd 1

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12/18/23 12:23 PM

We’ll Be With You Every Step of the Way.

Chuck Molloy

LPL Financial Advisor

Whether you’re saving for your children’s education, planning for your Dave Garres retirement or securing your family’s financial future, you can depend on LPL Financial Advisor 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

• Investment management • Insurance needs analysis

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: Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

Official Notice of Election of Directors Three-Year Term Commencing May 13, 2024

The Erie FCU Board of Directors consists of seven directors who each serve a three-year term. The duties of a director include: setting operational policies for personnel; reviewing investments; and ensuring guidelines for asset–liability management and federal regulatory compliance. A director must also be committed to the Credit Union Philosophy, understand Federal NCUA Regulations, and make competent policy decisions. Members in good standing who are interested in learning more about how the credit union operates, may request to serve in the Associate Volunteer Program.

Nominated by Committee: Laurie Becker and Bill Dietz Requirements to hold the Office of Director: 1. Attend a full-day orientation session and meetings scheduled by the Chairperson.

Laurie Becker has served the credit union 2. Attend state, national and local meetings as required. for 31 years. She was a member of the 3. Attend specialized training sessions on Asset-Liability Management, Supervisory Committee and is currently Investment Polices, and other training as required by NCUA. the Chair of the Board of Directors.

4. Complete all required board training provided by the credit union.

Members interested in becoming a candidate for the Office of Director Bill Dietz was elected to the Board of must be at least 18 years of age and a member in good standing.

Directors in 2022. He served on the The petition process requires a candidate to obtain signatures from Erie Times News FCU board 1% of the primary Erie FCU membership and submit them by for seven years.

March 1, 2023. If there are nominations by petition*, an election will be held by email or paper ballot.

Petition and additional information can be obtained by contacting Susan King at 814-825-2436, opt.1, Ext 1037. *Erie FCU will not conduct the election by ballot and there will be no nominations from the floor when the number of nominees equals the number of open positions.

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Niagara Awards

Online Bill Payment Helps You Control Your Bills Have you tried our online bill payment service yet? Online bill payment makes paying bills less painful, reduces the risk of identity theft, and makes it easier to pay off credit cards and other debts. This versatile tool is available for free to all Erie FCU members.

You can do it—Anyone with internet access easily can learn to use online bill payment to manage money. Online bill payment lets you automate payments to take place on a set date every month or schedule a bill for payment weeks before a specific date.

Tie payment to paydays—Since you can schedule payments for a specific date, you can tie payments to paydays. If your ability to pay changes before the payment is sent, just go online to alter the payment date or amount.

Even when you forget about a bill until it’s due, online bill payment can help by minimizing the delay between when the payment is sent and when the recipient acknowledges its arrival, reducing late fees and interest charges.

Reduce risk—Mailing a check from your home mailbox makes an ID thief’s job so easy. The account information printed on both bills and paper checks offers a wealth of data to thieves who could misuse the information to open accounts in your name. Using an online bill payment service reduces this risk.

Manage your debt—Online bill payment can also be a good strategy for reducing debt. For example, you can make an extra online payment on loans at every payday, thereby reducing your balance quicker. The smaller the balance, the smaller your interest payment.

Learn more about online banking and sign up for Erie FCU’s online bill payment service today by visiting: www.eriefcu.org/bank/home-mobile-banking/online-banking-center.

You’ll find that online bill payment is a convenient way to get control over your bills.

Erie FCU was honored to have been recognized with a gold and a silver award at this year’s PRSA NWPA Chapter, Niagara Awards.

The Niagara Awards honor the best of Northwestern Pennsylvania’s Public Relations and Marketing Communications Practices.

Erie FCU won a gold award for our Checking Options video series and a silver award for our Fairview Branch Grand Opening marketing.

Best of Erie for Over a Decade!

It is with great excitement to announce that Erie FCU, for the 10th straight year, was recognized by the Erie Reader as “Erie’s Best Bank”! We are proud of our credit union heritage and this award, but our biggest honor is in serving our community and our valued membership. As this new year begins, we will look forward to continuing to earn your trust and remain as your #1 choice for all your financial needs.

Thank you to everyone who voted for us!

Home Buying Seminar Tired of renting?

Thinking about purchasing a home in 2024?

Buying a new home is both exciting and overwhelming.

Get the answers you need at our Spring Home Buying Seminar, March 19th at the Erie FCU Glenwood Branch – Community Room B. Registration begins at 5:30 pm with presentation starting at 6:00 pm. From how to shop for a home, what to expect during the mortgage process, to closing time, our mortgage experts will be on hand to answer all your questions.

Seminar is presented by Michelle Jackson, Mortgage Loan Officer at First Heritage.

Knowledgeable, local real estate professionals will also be there to answer your questions and share information.

Registration is currently underway. Seminar is open to the public with free refreshments.

No obligation and you do not have to be a member to attend. Bring a friend!!!!

For more information and to register: https://www.eriefcu.org/events/free-home-buying-seminar eriefcu.org

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3503 Peach Street • Erie, PA 16508-2741

Office Locations & Hours of Operation 38th Street Office

Fairview Office

Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM

Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM

1109 East 38th St. Erie, PA 16504

Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Fri: 9AM-6PM Saturday: 9AM-1PM

Bayfront Office

1005 Greengarden Rd. Erie, PA 16501 Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Friday: 9AM-6PM Saturday: 9AM-1PM

Buffalo Road Office 2436 Buffalo Rd. Erie, PA 16510

Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM

Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Fri: 9AM-6PM Saturday: 9AM-1PM

Edinboro Office

101 Washington Towne Blvd.

Edinboro, PA 16412 Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM

Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Fri: 9AM-6PM Saturday: 9AM-1PM

Erie FCU No Surcharge & No Fee ATMs

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

7141 West Ridge Rd. Fairview, Pa 16415

Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Fri: 9AM-6PM Saturday: 9AM-1PM

Glenwood Office 3503 Peach St. Erie, PA 16508

Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM

Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Friday: 9AM-6PM Saturday: 9AM-1PM

State Street Office 518 State St. Erie, PA 16501

Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM

Peach Street Office (Walmart Supercenter Peach & I-90 )

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

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 Martin Luther King, Jr. Day Monday, January 15, 2024 All branches will be closed

President’s Day Monday, February 19, 2024 All branches will be closed

1825 Downs Drive Erie, PA 16509 Lobby Hours Mon-Tue: 9AM-5PM Wed-Thur: 9AM-6PM Friday: 9AM-7PM Saturday: 9AM-3PM

Zuck Road Office 5500 Zuck Rd. Erie, PA 16506

Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM

Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Friday: 9AM-6PM Saturday: 9AM-1PM

Financial Statistics Financial Data as of December 31, 2023 Assets...................... $779,445,947 Deposits................... $731,741,286 Loans...................... $497,358,711 Membership............. 76,010