Erie Federal Credit Union
F nanc al Solut ons Fall Newsletter 2020 www.eriefcu.org
INSIDE:
International Credit Union (ICU) DayÂŽ Taking Care of Business During a Pandemic Refi Your Ride & Save! October is Sock-tober
Insured by NCUA
MESSAGE FROM THE CEO International Credit Union Day – Thursday, October 15, 2020
Each year International Credit Union (ICU) Day brings people from credit unions worldwide together to celebrate their cooperative history and achievements while promoting the international credit union movement. Credit unions represent the story of a simple idea…a simple idea that people could pool their money and make loans to each other. The credit union idea evolved from the European cooperative activities of the early 19th century. Moved by crop failure and famine that had devastated Germany in 1846 – 1847, Franz Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen created the first true credit unions in the mid-19th century.1 Over the years, credit unions spread to communities around the world. In the early 1900’s Alphonse and Dorimène Desjardins started a credit union (caisse populaire) in Lévis, Quebec. Shortly thereafter, Alphonse, along with Americans Edward A. Filene and Roy F. Bergengren, helped establish credit unions in the United States.1
“One hundred individuals, saving
their money individually, could not provide themselves with much protection, but let them organize a credit union and their opportunity to help themselves has multiplied.”
As time passed, a desire emerged to establish an annual occasion to acknowledge both the credit unions’ important role in creating opportunity for their members and communities and the achievements of pioneers who laid the foundation for ongoing credit union success.1
Edward A. Filene,
founding father of the U.S. credit union movement, 1936.
On January 17, 1927, the Credit Union League of Massachusetts celebrated the first official holiday for credit union members and workers. They selected January 17th because it was the birthday of America’s “Apostle of Thrift”, Benjamin Franklin (1706–1790), who early credit union founders believed symbolized “the life and teaching embodied in the spirit and purpose of credit unions.”1
In 1948, the U.S. Credit Union National Association (CUNA) decided to initiate a new national Credit Union Day celebration. CUNA and CUNA Mutual Insurance Society set aside the third Thursday of October as the national day of observance. By then, many more of America’s credit union leaders believed there was a need for an occasion that would bring people together to reflect upon credit union history and achievements and to promote the credit union idea across the country.1 1 World Council of Credit Unions, Inc, 2020, ‘International Credit Union Day – A Brief History’, World Council of Credit Unions, Inc in partnership with Worldwide Foundation for Credit Unions, September 18, 2020, <https://www.woccu. org/events_and_engagement/ icuday/icuday_history>.
By 1971, substantial worldwide credit union progress led to the creation of the World Council of Credit Unions to assist others in establishing and maintaining viable credit union movements in countries across the globe.1 Erie Federal Credit Union was chartered in June 1936 by ten local educators who believed in the credit union philosophy. We believe the credit union principle of “people helping people” is what sets us apart from all other financial institutions. At a time of worldwide uncertainty, your credit union remained dedicated to providing financial security for you and your family. Our focus was to provide much needed relief to our members, who like all of us, were dealing with insurmountable challenges brought on as a result of the COVID-19 pandemic. Erie FCU was quick to adjust to the changing landscape in which we operate to ensure safe, continued and quality service to our members and community. Please join us in celebrating International Credit Union Day and the credit union movements success in upholding our purpose-driven mission to operate for the benefit of our members. We are here for you! Remember that you are joined by more than 274 million members in 118 countries who also recognize and celebrate the credit union difference!
Cover photo courtesy of: Brian Fromknecht Trailside Photography
Thank you for being a member of Erie Federal Credit Union.
Brian J. Waugaman Page 2 |
MORTGAGE • BUSINESS • AUTO • PERSONAL
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Member Appreciation Week
Help Our Neighbors In Need Keep Warm This Winter
For the month of October, Erie FCU is reaching out to the community asking for donations of new, warm and practical, adult sized socks which will be donated to local homeless shelters. Along with collecting warm, winter, adult size socks to give to those in need, this year, we are asking members to kindly donate winter hats, scarves & mittens. (Men’s and women’s). We will be collecting these items at any one of our 8 branch locations (during business hours) beginning Thursday, October 1st and running through Saturday, October 31st. Due to the Pandemic and social distancing, shelters are limited in the number of beds available. Coupled with the winter weather, the concern is an increase in the homeless population and the need for access to warm clothing and shelter! Members who donate to Socktober, will have a chance to win a Fall Themed Basket!
Any week where we can honor our truly remarkable members is a great week! During Member Appreciation Week, we had the opportunity to meet and thank many of our members along with a few of our fine business partners.
Erie FCU MSR Paige surprised member, Earles G with a $10 gift card!
During the week-long celebration, members enjoyed appreciation gifts and fun surprises.
We LOVE Our Members!
...We also had a SHRED DAY!
“Just SHREDDING in the rain... What a glorious feeling” ... A little rain (and humidity) did not stop our masked #TeamAOK or our annual Member Shred Day! 25 bins were shredded to the tune of 7,500 pounds! A huge shout out also goes to our awesome members for donating 579 pounds of PB&J to the Second Harvest Food Bank of NW PA!
“We’re Happy Again”!!
October Is National Cyber Security Awareness Month
Due to COVID-19, a record number of Americans are working from home and have become even more reliant with using online services for their everyday needs. Identity theft and fraud affects the lives of millions each year. With your personal info, criminals can open accounts, file tax returns, buy property and more. Don’t wait to get identity theft protection. Fraud Defender protection is available to credit union members. Learn more here: https://www.eriefcu.org/fraud-defender
eriefcu.org
‘Tis The Season For Fraudsters!
It’s that time of year again when the credit card fraudsters are busy at work. Here is how you can protect yourself from these credit card scams: https://eriefcu.balancepro.org/ resources/articles/how-to-protect-yourself-fromcredit-card-fraud
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Halloween Spook-tacular Savings!
Fall In Love With This Offer!
Shopping. It’s what we do. Whether you’re an online warrior or in-store only type of shopper, at Erie FCU, we’ve got your savings covered! Now through December 31, 2020, new and current card holders can take advantage of our Platinum Mastercard® special offer - a 1.99% promotional APR on all purchases. Yup. Purchases online, in-store, wherever - all at a 1.99% APR. Oh, and our card has no annual or balance transfer fees with Apple® and Samsung Pay® available. Don’t have our card? Apply today at eriefcu.org.
Ready for some fall fun? Enjoy a tractor drawn Spooky Hayride through the deep dark woods of the Sparrow Pond Family Campground! Our members can take advantage of our 20% discount on tickets. Sparrow Pond Family Campground is located at 11103 Route 19 North, Waterford, PA. More info: www.eriefcu.org/hauntedhayride
*On April 1, 2021 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.
Members Get More!
As a Erie FCU member, you have access to exclusive discounts available through My Credit Union Rewards. This program partners with U.S.based companies to offer their products and services at savings to credit union members. Visit LoveMyCreditUnion.org for details on how to save.
Paying Too Much On Your Auto Loan?
We can help! Refi your ride and Save! Bring us your auto loan from another financial and we’ll see if we can shrink your monthly auto payment with a 1% rate reduction; earn you a 1% cash back rebate or both! You can also choose a 60 day - no pay option too! Keep your car but trade your loan! Your budget will love you! Stop in today to see if you qualify! Don’t you owe it to yourself? With rates as low as 1.99% APR, you can keep more of your money with you! Learn more: www.eriefcu.org/1160
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. *1.99% APR includes a .25% discount. To qualify for the .25% discount, member must have an Erie FCU checking account with direct deposit and enroll in auto pay/payroll deduction. Promotion ends November 30, 2020.
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MORTGAGE • BUSINESS • AUTO • PERSONAL
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Give Back It Feels Good
Taking Care of Business During a Pandemic
Be a St. Martin Center Shining Star
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. No time to shop? Donate at any office and we’ll do the shopping for you. * Gifts cannot be dropped off at the Walmart Office.
The COVID-19 virus has impacted everyone’s life and regular routines are being affected, including taking care of banking needs. Fortunately, most of your banking can now be handled safely online, via your mobile device, or by landline. To help you take care of your credit union business safely, we offer the following suggestions: • Use our online banking service www.eriefcu.org/online-banking. If you haven’t set up your online banking and would like some help with it, give us a call at (814) 825-2436. • If you need to set up a new account or apply for a loan, you can do that using our secure website www.eriefcu.org • If you don’t have a debit card, apply for one now. It will enable you to access your money at any ATM without going into a branch. Debit cards can be used wherever select Mastercard® cards are accepted. You can also access your money, surcharge free, by going to any www.eriefcu.org/ locations. Our call center at (814) 825-2436 is also available to help you with most banking needs. In addition, if your employer offers direct deposit, we suggest getting that set up. Your HR department will be able to help you with that. Rest assured that Erie FCU will do our utmost to help you with your financial concerns. To stay informed of our schedule and updates regarding our operation, please make sure we have your current email address and follow us on our Facebook page: www.facebook.com/eriefcu
Need Some Extra Dough For The Holiday?
How about a Ho-Ho-Holiday Cheer Loan? Just in time for holiday shopping or a family trip. Take advantage of our new low interest rates and affordable monthly payments with a Holiday Cheer Loan. Apply online or at any office location today.
T H E
E N S I V E C O M P R E H
G U I D E
T O
g | Financing Finding | Buyin
A HOME g Your Own Front More Than Havin Nothing Means
Door…
Now Available Online… HOMEBUYER’S GUIDE
This FREE invaluable guide will take you step-by-step through the home-buying process. You’ll have all that you need to navigate today’s market!
Start Your Journey Today! Nothing Means More Than Having Your Own Front Door. Find it here: https://www.eriefcu.org/mortgage
Greater Erie 2021 SaveAround Coupon Book
Just $25 and available at all offices while supplies last.
*Loans subject to credit approval. Membership eligibility required.
eriefcu.org
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DOLLARS and $ENSE A Message From Your
Keep Calm, Stay Invested Expect volatility, but avoid letting the headlines alter your plans. 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.
Meet Our Financial Advisor
Chuck Molloy, MBA
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
“Work with someone you can trust”
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.
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.
There may well be a situation in which you may need to adjust your strategy, but it’s also possible that snap judgements might cause you to undercut yourself. The market reacts to headlines, but it’s just as common that quick dips might see fast relief. 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.
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.
Ready to get started? Please call 814.897.2500 or email to: Chuck.Molloy@cunamutual.com or You can request a complimentary, no obligation consultation by completing this form: www.eriefcu.org/invest/appointment-request Citations. 1 - money.usnews.com/investing/stock-market-news/articles/2019-05-10/how-investors-can-mark-the-mar kets-easons [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]
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MORTGAGE • BUSINESS • AUTO • PERSONAL
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Virtual Estate Planning (Wills & Trusts) Seminar! Your Business Lending Team: from left to right: Katlyn Trapp, Nathan Crouch, Katrina Drake and Natali Kulesza
Business Loans Help You Realize Your Dreams
Many people dream about a job that fits their special skills and needs. But entrepreneurs face daunting odds: An estimated four out of five businesses fail. Why? Poor management is cited most often, while inadequate financing is a close second. If you can work on perfecting your management skills, your credit union may be able to provide you with the money you need to start your own business.
How to Get a Small Business Loan
First, you’ll need to write a business plan. This plan should explain how you will manage, operate, and finance your company. Call the credit union and ask what our lending officers look for in a plan. There is a lot of free assistance available in creating a business plan, such as through SCORE--Service Corps of Retired Executives https://www.score. org/ or through the Small Business Administration https://www.sba.gov/
To obtain a loan, make sure your plan answers these 10 questions:
1. A rule of thumb is that 20% to 30% investment in the company needs to come from the owner, from either personal cash and savings or equity in the business. 2. What will you use the money for? Give a clear description of how you’ll use the money and how you intend to pay it back. 3. How will the loan affect your financial position? 4. What will you pledge as collateral? You’ll have to pledge some tangible asset--such as stocks, certificates of deposit, or property--to obtain a loan. If the loan is for the purchase of equipment or real estate, that can become collateral. 5. How will you repay the loan? 6. When will you repay the loan? 7. If you don’t realize projections, can you still repay the loan? For example, do you have a spouse with outside employment? 8. How much can your business afford to lose and still remain viable? 9. How will the business manage risk? 10. For an existing business, how has it performed to date? Is the financial position of the business improving or declining?
Presented by Colleen R. Stumpf, Esq., Quinn Law Firm Tuesday, Oct 6th 10:30 am to 11:15 am or Tuesday, Oct 27th 5:30 pm to 6:15 pm Join us for a FREE virtual presentation and discussion on the “need-to-know” basics of estate planning for Pennsylvania residents. Attorney Colleen R. Stumpf will present on the three documents everyone should have a basic understanding of -- Last Wills and Testaments, Powers of Attorney, and Advance Health Care Directives. She will also be addressing the use of Trusts and dispelling some common myths about Trusts. Register here: https://www.eriefcu.org/seminars
Attorney Colleen R. Stumpf, a shareholder with the Quinn Law Firm, devotes her practice to transactional matters. Specifically, she develops estate plans for her clients and competently assists in the administration of estates of all sizes. She also provides expertise in the areas of trust administration, asset protection, elder law, and guardianship issues. Attorney Stumpf’s business law practice includes entity formation for both for-profit and non-profit organizations, structural questions, general counsel, and the development of succession plans.
remember to vote
Make your vote count! November 3, 2020
creditunionsvote.com
You’ll need to provide the following information when you visit the credit union to apply for a business loan: • Purpose of the loan • History of the business • Projected opening day balance sheets • Lease details • Amount of investment in the business by the owner(s) • Projection of income, expenses, and cash flow • Signed personal financial statements • Personal résumé • Names and contact information for at least three credit references • List of business and personal assets that could be used as collateral For existing businesses, also bring financial statements for the past three years, schedule of term debts, and aging of accounts receivable and payable.
Financial Statistics Financial Data as of August 31, 2020 Assets........................$651,351,929 Deposits...................$583,511,931 Loans...................$350,860,925 Members...........64,885
The next time you are in the credit union or visiting us online, ask what resources our Business Lending team can offer to get your business dream started.
eriefcu.org
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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-Thursday: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM
1005 Greengarden Rd. 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 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
Zuck Road Office 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
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 12th All offices will be closed
Veterans Day Wednesday, November 11th All offices will be closed
Thanksgiving Day Thursday, November 26th All offices will be closed
Christmas Eve Thursday, 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
Christmas Day Friday, December 25th All offices will be closed
New Years Eve Thursday, December 31st
Branch lobbies, branch drive thrus, and Corporate are closing at 1PM
New Years Day Friday, January 1st
All offices will be closed