__MAIN_TEXT__

Page 1

Erie Federal Credit Union

F nanc al Solut ons Fall Newsletter 2019 www.eriefcu.org

INSIDE:

Celebrating International Credit Union Day Meet Our Branch Managers Membership Perks The Origins of Veterans Day

Insured by NCUA


MESSAGE FROM THE CEO

Getting to Know Your Credit Report Wow…where did the summer go? The leaves are falling and our kids are back in school. We sincerely hope you enjoyed some quality time with family and friends this summer and that your fall is off to a terrific start. When you opened your account with Erie Federal Credit Union, you became a member-owner of the credit union. Having member-owners, and not customers, means that we must work to provide you, our members, with the best service experience and financial products possible to meet your needs. Our focus is on helping our members succeed financially. With this in mind, I would like to discuss how important it is in getting better acquainted with your credit report. Your credit report contains your credit history as reported by lenders who have extended credit to you. There are three credit reporting agencies: Equifax, TransUnion and Experian. Your credit report lists what types of credit you use, the length of time your accounts have been open, and whether you have paid your bills on time. It tells lenders how much credit you have used and whether you are seeking new sources of credit. It is important to know what is included on your credit report, especially if there is inaccurate or outdated information. The potential negative impacts of errors can be catastrophic on your ability to get loans, new lines of credits, or better lending terms and interest rates. There are plenty of companies promising to remove negative items from your credit report and boost your credit score. These promises of a “quick fix” or “new credit identity” come at a heavy price, and are credit repair scams.

“Our focus is on helping our members succeed financially.”

No one can legally remove negative information from your credit report if it is accurate and current. Only time can correct accurate and negative information on your credit report. You can rebuild your credit by paying bills on time, paying off debt and not establishing new debt.

To clean up your credit report and protect yourself from credit scams: • Get a free copy of your credit report at www.annualcreditreport.com and review it carefully. This is the only official site explicitly directed by Federal Law to provide them. • If you find mistakes, contact the credit bureau and the business that provided the inaccurate or incomplete information and include the following: • Your complete mailing address • Clearly identify each item you are disputing, and why • Copies (not originals) of documents supporting your position and request the mistake(s) be removed or corrected • Enclose a copy of your credit report, and circle the items in question • Mail your letter by certified mail and pay for a “return receipt” so you have a record the credit bureau and business received your dispute • Keep copies of everything you sent with your dispute • Credit bureaus must investigate the items you question within 30 days, unless they reasonably determine that your dispute is frivolous. Lenders may review credit reports from any one of the three credit bureaus, so it is suggested that you check your credit report from all three agencies to ensure they are all accurate. For more information on understanding your credit report, credit repair scams and other credit tips – please visit eriefcu.balancepro.org, and click on the Resources tab and search for credit report.

Brian J. Waugaman

Page 2 |

MORTGAGE • BUSINESS • AUTO • PERSONAL

eriefcu.org


Membership Perks

Of course you will earn more and save more on your banking with our great credit union rates, but we also offer our members a bunch of extra perks and special members-only discounts. It’s just another way of saying thanks for your membership.

For Instance, as a member, you’ll enjoy:

International Credit Union On October 17, credit unions Day! around the world will join together

to celebrate International Credit Union Day. That’s 200+ million people from 57,000 credit unions in 105 countries celebrating together the credit union cooperative spirit. This cooperative spirit has led to life-changing opportunities for people all over the world who’ve wanted to start a small business, own a home or continue their education but were denied access to other financial institutions. In many parts of the world, people’s first taste of democracy is through their credit union, where “one member, one vote” is the governing structure.

BOGO Nights! Erie FCU members can enjoy BOGO (buy one, get one free) nights for Erie Otters hockey, Erie Bayhawks basketball and Erie Playhouse performances for their upcoming seasons, along with Otters’ and Bayhawks’ discounts on merchandise too!

Membership truly has its advantages! Certain restrictions apply.

At Erie Federal Credit Union, you are always our top priority - We strongly believe in the People Helping People movement, working towards financial wellbeing globally every day.

For more information: Otters | Bayhawks info: www.eriefcu.org/BOGOnights Erie Playhouse BOGO lineup: www.eriefcu.org/erie-playhouse-BOGO

Halloween Spook-tacular Savings

This is truly something to celebrate! Stop in to any of our branches on credit union day and have a treat on us!

A Big Thank You from Our Movie Buddies Erie FCU was a very proud sponsor of “Movie Night at the UPMC Park”. The event took place in August and featured the movie Incredibles 2. Erie FCU members were able to attend for FREE!

A few days after the movie, we received an awesome hand-made thank you card from our movie buddies and VIP guests from the Mercy Center for Women!

Love a good ole fashioned Hayride? Who doesn’t? Then take advantage of our “member only” 20% discount for the “Sparrow Pond’s Spooky Hayride and Walk of Darkness”. Haunted happenings take place now thru October 26 at Sparrow Pond Family Campground 11103 Route 19 North, Waterford, PA. More info: www.eriefcu.org/hauntedhayride

eriefcu.org

MORTGAGE • BUSINESS • AUTO • PERSONAL

| Page 3


DeDad Scholarships Awarded

The Erie Chapter of Credit Unions has selected the winners of the 2019 DeDad Scholarships. Judges selected eight (8) winners based on their essay“Credit unions are not-for-profit financial cooperatives that exist to serve members, not generate profit. “People helping people” is the philosophical foundation of these institutions. Define the value of this foundation; what ways your credit union demonstrates this philosophy; how it makes your credit union different than a for-profit financial institution; and what is one new initiative/program you would implement?” Since 1995, the Erie Chapter has awarded nearly $190,000 through the DeDad Scholarship to credit union student members from the Erie Chapter. Erie FCU Scholarship Winners:

Lighten the Load.

2nd place - $1,500 Emily Zukowski 3rd place - $1,000 Brandon Cunningham

One Card is All You Need.

4th place $500 Jacob Triola Pictured: Erie FCU CEO, Brian Waugaman; and Scholarship Recipient, Brandon Cunningham.

Forget about all those big bank credit card offers. The Erie FCU Platinum Mastercard® is the right card for your wallet! In fact, our card’s average interest rate is 43% lower than the big banks card’s national average! That’s 43% lower! Now, that is a lot of lifetime savings for our members!*

Share a Pair!

Speaking about perks, check out this offer: Now, through the holidays, our loyal members get an extremely low 1.99% promotional APR through March 31st, 2020 - on purchases made now through December 31st, 2019. No gimmicks, no hoops equal a happy shopper. Add more savings to your digital wallet too with Apple and Samsung Pay!

For the month of October, Erie FCU will be reaching out to our community asking for donations of new, warm and practical, adult sized socks which will be donated to a local homeless shelter.

*According to www.creditcards.com Aug. 28, 2019 *On April 1, 2020 remaining balances will accrue interest at the regular purchase annual percentage rate applicable to your account, which can range from 8.90% to 17.90% APR based on your credit worthiness. Cash advances, balance transfers, existing balances, and business Mastercard® transactions are excluded from this promotion. Loans subject to credit approval. Membership eligibility required.

October is Socktober

You can visit any Erie FCU branch (during business hours) to donate.

Refi Your Auto Loan TODAY!

Score BIG with low rates & payments you can afford. Our Auto Refinance 1-1-60 promotion can save you money! It “Pays to Refinance” your auto! “Keep your car , but trade your loan”! See if we can shrink your monthly payment, earn cash back or both!

SCORE A SAVINGS TOUCHDOWN and stop in today to see if you

qualify to receive a 1% rate reduction, 1% cash back with no payment for 60 days!

You call the plays and we’ll tackle your payment! *APR = Annual Percentage Rate. Loans subject to credit approval. Rates, terms, and conditions vary based on credit worthiness, qualifications and collateral conditions and are subject to change. 1% auto loan rate reduction is applied to qualifying interest rate and interest will accrue on the loan during the first 60 days. Lowest rate available after rate reduction is 1.99% APR. 1% cash back amount is based on amount refinanced and cannot exceed $500. 1% cash back amount will be paid one year after loan closing date and will be forfeited if loan is closed before one year term. Existing Erie FCU auto loans are excluded. Membership eligibility required. Promotion ends November 30, 2019.

Page 4 |

MORTGAGE • BUSINESS • AUTO • PERSONAL

eriefcu.org


Veterans Day November 11th

The Origins of Veterans Day Cash-Out Mortgage Refinance

Now May Be the Time to Refinance for a Better Rate With rates still historically low, now may be the time to refinance for a better rate, and while you’re at it, get the cash you need for home improvements, debt consolidation, tuition or for just about anything! With cash-out mortgage refinancing, you take out a loan for more than what you owe on the home. For example, say you owe $100,000 on your mortgage. If you refinance for a total of $150,000, you receive $50,000 in cash -- that you can spend on whatever you want. You then pay back your new mortgage of $150,0001. Many Erie FCU Members use this extra cash to make home improvements in lieu of a home equity loan. A cash-out refinance is significantly different from a home equity loan. While a home equity loan is a second mortgage, a cash-out refinance replaces your existing home loan. Our mortgage loan officers can take a look at your current loan and present solutions to help meet your needs. Learn more: www.eriefcu.org/mortgage-center

To all the men and women who have defended our country, we thank you for your service. Happy Veterans Day!

Give Back It Feels Good Be a St. Martin Center Shining Star

1 We cannot and do not guarantee payment examples applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. Membership eligibility required.

Holidays Are Around the Corner! It’s never too early to start planning. A Holiday Cheer Loan makes it easier to take care of everyone on your list – including yourself! Take advantage of our low interest rates and affordable monthly payments with a Holiday Cheer Loan. Apply online or at any office location today.

By 1954, our country survived two more major wars, WWII and the Korean War. American effort during World War II (1941-1945) saw the greatest mobilization of the U.S. Army, Navy, Marines and Air Force in the nation’s history (more than 16 million people); some 5.7 million more served in the Korean War (1950 to 1953). At the urging of the service organizations, the 83rd Congress decided to reinstate ‘Armistice Day’ as ‘Veterans Day’ to honor veterans of all wars. President Eisenhower signed the legislation on June 1, 1954. Veterans Day was not always celebrated on November 11th . In 1968 the Uniform Monday Holiday Bill ensured three-day weekends for federal employees by celebrating four national holidays on Mondays: Washington’s Birthday, Memorial Day, Veterans Day, and Columbus Day. This bill assigned the fourth Monday of October as Veterans Day, despite the disapproval of many states who chose to continue to celebrate the holiday on its original day.

*Loans subject to credit approval. Membership eligibility required.

Visit any Erie FCU branch in mid-November and choose a star with a child’s name, age, and gift ideas. Purchase gifts for your child and return them in a gift bag to any Erie FCU* branch by December 2nd. * Gifts cannot be dropped off at the Walmart Office. No time to shop? Donate at any office and we’ll do the shopping for you.

They’re Here!!!!

Greater Erie 2020 SaveAround Coupon Book Just $25 and available at all offices while supplies last.

eriefcu.org

MORTGAGE • BUSINESS • AUTO • PERSONAL

| Page 5


MESSAGE FROM Keep Calm, Stay Invested

Expect volatility, but avoid letting the headlines alter your plans. Provided by Erie Advisors

Recent headlines have added volatility to the markets. There will always be new headlines, and any of them could mean turbulence for Wall Street.

As an investor and retirement saver, how much will this turmoil matter to you in the long run? Not as much as you may expect. There are many good reasons to remain in the market rather than attempting to intuit or guess when and where big shifts in fortune may arrive.

What is market timing? Michael Tanney, one of the directors at Magnus Financial

Group, puts it plainly: “Market timing doesn’t work […] Every bear market has historically given way to a bull market […] No one can predict the timing of these moments.” Market timing is the use of predictive tools and techniques to predict how the market may move and make investments accordingly.1,2

Your Financial Team

When you work with your trusted financial professional and cultivate a financial strategy, your need to factor in market timing diminishes. You also don’t need to sit still if you have concerns. Instead, you have a strategy that is based on your goals, risk aversion, and time horizon. This balanced approach means that you won’t need to make hurried decisions when volatility arises.

Brandon Armella Stacey Iadeluca Larry Amenta

There may well be a situation in which you may need to adjust your strategy, but it’s also possible that snap judgments might cause you to undercut yourself. The market reacts to headlines, but it’s just as common that quick dips might see fast relief. This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. 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 (866) 512-6109. 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.

Page 6 |

Remember that many investors come to regret emotional decisions.

The average recovery time for bear markets (meaning a downward swing of 20% or more), where equities return to bull market levels? About 3.2 years (measuring each recovery since 1900). For that reason, investing with the longer term in mind, with periodic and carefully considered rebalancing (alongside your trusted financial professional), may allow you to better weather headline-induced peaks and valleys.3

Breaking news should not dissuade you from pursuing your long-term objectives.

The stock market is always dynamic. Episodes of upward and downward volatility come and go. A wise investor acknowledges that downturns are expected and has patience when they do. Decisions made during market turbulence can backfire. While some of these ups and downs may be significant enough to signal a change in your asset allocation, they need not change the fundamentals of your investment policy.

Contact Program Coordinator Stacey Iadeluca to speak with Erie Advisors today. Please call 814.897.2500 or Stacey.Iadeluca@cunamutual.com. Citations. 1 - money.usnews.com/investing/stock-market-news/articles/2019-05-10/how-investors-can-mark-the-markets-seasons [5/10/18] 2 - investopedia.com/terms/m/markettiming.asp [4/10/19] 3 - marketwatch.com/story/why-retirees-shouldnt-fear-a-bear-market-2019-01-16 [1/29/19]

MORTGAGE • BUSINESS • AUTO • PERSONAL

eriefcu.org


Meet the Team Who is Ready to Help You!

In person, by phone, or online — We are here to serve you.

Kickoff to Kindergarten #TeamAOK took the bus to help out the expERIEnce Children’s Museum with their 2nd annual Kick-Off to Kindergarten program. The program was designed to help ready children for their “big day”, the 1st day of kindergarten! Check out our Youth Savings options https://www.eriefcu. org/invest/investment-planning/youth-saving-options to discover everything we have to offer our youth members now, and throughout the school year!

Meet our Branch Managers: Left to right, Front: Lynne McIntyre (Buffalo Rd), Stacie Northrup (Bayfront), Susan Markiewicz (West 32nd), Tara Straneva (Walmart), Carrie Kohan (Edinboro) Left to right, Back: Melissa Mizikowski (East 38th St), Stephanie Shilling (Glenwood) Carrie Trojanovich (Zuck Rd.), Katie Cross (Support Center), Lisa Madewell (State St.)

Regardless of which of our nine local branches you bank at, you will work with staff passionate about finding financial solutions for you, your family and your business. From your first visit to your most recent, you’ll understand that getting to know you and your needs is all about building a banking relationship focused on helping you succeed.

Our strength is our people!

Sarah Fornalczyk promoted to Erie FCU Training Manager

Erie FCU is pleased to announce that Sarah Fornalczyk has been recently promoted to the newly created position of Training Manager. Sarah joined the Credit Union 8 years ago as an Assistant Head Teller and has held roles as Head Teller, Member Service Officer and Branch Manager. In this new role, she will work collaboratively with all departments to identify and fill performance and training gaps. She will also play a key role in the rollout/delivery of new products, services and technology. “Sarah is a proven leader and go-getter” says Chris Cortes, Chief Operations Officer of Erie FCU. “The Credit Union has been very successful over the last few years and we felt it was time to create a position dedicated specifically to assessing developmental needs, deepening member relationships, and improving cross-functional collaboration which inevitably helps in driving continued growth.” “I am eager to take on the challenges of Training Manager and working closely with our employees to ensure the highest level of 5-star service to our members”, said Fornalczyk. “Our team looks forward to developing an even stronger training program and making Erie FCU an even better place to work and do business”. eriefcu.org

Shared Branching

Your credit union is just around the corner Erie FCU’s participation in the CO-OP Shared Branch network means convenience when, where and how you want it. As our member, you can visit any of the more than 5,700 locations where you see the CO-OP Shared Branch logo, and conduct transactions just like you were at your home branch.

Financial Statistics Financial Data as of August 31, 2019 Assets........................$531,333,735 Deposits...................$467,907,322 Loans...................$317,259,894 Members...........62,196

MORTGAGE • BUSINESS • AUTO • PERSONAL

| Page 7


3503 Peach Street • Erie, PA 16508-2741

Office Locations & Hours of Operation

Important Information 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-Friday: 10AM-7PM Saturday: 10AM-3PM Sunday: 11AM-3PM

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

32nd Street Office

Buffalo Road Office

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

1220 West 32nd Street Erie, PA 16508

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

2436 Buffalo Rd. Erie, PA 16510

Edinboro Office

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 Rd. Erie, PA 16506

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

101 Washington Towne Blvd. Edinboro, PA 16412

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

3503 Peach St. Erie, PA 16508

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

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

Columbus Day Monday, October 14th All offices will be closed

Veterans Day Monday, November 11th

All offices will be closed except Walmart open 10AM-3PM.

Thanksgiving Day Thursday, November 28th All offices will be closed

Christmas Eve Tuesday, December 24th Glenwood Office

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

Website: eriefcu.org

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

Branch lobbies, branch drive thrus, and Corporate are closing at 1PM. Walmart open 10AM-3PM.

Christmas Day Wednesday, December 25th All offices will be closed

New Year’s Eve Tuesday, December 31st

Branch lobbies, branch drive thrus, and Corporate are closing at 1PM. Walmart open 10AM-3PM.

New Year’s Day Wednesday, January 1st All offices will be closed

Profile for Erie FCU

Erie FCU - 2019 Fall Newsletter  

Erie FCU - 2019 Fall Newsletter

Erie FCU - 2019 Fall Newsletter  

Erie FCU - 2019 Fall Newsletter