Erie FCU - 2021 Spring Newsletter

Erie Federal Credit Union

F nanc al Solut ons Spring Newsletter 2021 www.eriefcu.org

CELEBRATING 85 YEARS

of People Helping People

Insured by NCUA

FROM THE CEO MESSAGE

Your Financial Partner

Spring is a refreshing time of year, providing us the opportunity to consider what we would like to accomplish during the warm months ahead and perhaps get us thinking about what we may need financially to accomplish these goals.

You have made the right decision in choosing Erie Federal Credit Union as your primary financial partner. Erie FCU is here for you, our membership. Quite frankly, this is why we exist. We exist to operate for the benefit of our members, pure and simple.

For 85 years, Erie FCU has delivered on the promise to serve our members and community, and we are getting better every day.

Yes, Erie Federal Credit Union will celebrate our 85th anniversary this year. Your credit union was founded on, believes in, and continues to operate under the credit union philosophy of “people helping people”. Erie FCU is very proud to have served our surrounding communities over the past 85 years and we look forward to serving for another amazing eighty-five. We are here to help you and your family accomplish your financial goals, whatever they may be.

We are committed to educating our staff and volunteers to ensure we remain knowledgeable of the ever-changing financial landscape and are available to answer any questions or concerns you may have or direct you to the various financial resources we have made available to assist you. We care about your financial wellness. Through our free financial seminar series and in partnership with industry-leading BALANCE, we provide you with free access to expertly-crafted financial education and resources to help with your fiscal matters. Should you need, BALANCE can also assist with confidential, no-cost financial counseling services to help you develop a sensible budget managing both spending and debt. Yes, all of this for

“The best view

comes after the hardest climb.”

– Unknown Author

free and with no obligation. For more information, visit: https://eriefcu.balancepro.org/ There is no denying that 2020 brought the world enormous challenge. There is no question the economic environment was disrupted in many ways; the best thing we could do was to acknowledge reality and adjust accordingly. Over the past year, we have been doing just that, adjusting, adapting and rethinking the ways we provide and serve our membership. We have made significant advancements over the

past year and remain optimistic for the opportunities that lie ahead.

Traditional banking models were challenged throughout 2020. The need for innovation and the use of available technology came to an all-time high. Digital became an undisputed priority with the lasting impacts of the pandemic. Moving ahead, we are challenged to further develop and refine our relationships with business members, especially those smaller business members needing assistance to regain their footing in this new economic environment. Set to unveil later this year, we have committed substantial time and resources to the development and integration of an enhanced business product/services suite aimed to better serve our local and small business community. Be on the lookout as more details will become available over the coming months.

As your personal and business needs evolve and technology advances, we look forward to introducing new ways to provide you with exceptional banking experiences, both online and in-person.

Thank you for your continued trust. Your membership matters.

Happy spring everyone,

Brian J. Waugaman, CEO

Page 2 |

MORTGAGE • BUSINESS • AUTO • PERSONAL

eriefcu.org

Maximum Imprint Area: 2” x 1.5”

Read Across America Day

April is National Credit Union Youth Month National Credit Union Youth Month serves to encourage kids to develop healthy saving habits by making saving fun and exciting. Together, we’re encouraging young members to share their financial future goals so we can help them achieve their dreams. By staying true to the credit union philosophy of “people helping people” we can set our young members on the path to financial awareness and success.

In preparation for 2021 National Read Across America Day, members of our #TeamAOK, including CEO/”Mr. Rogers”, Brian Waugaman, recorded reading sessions for Perry Elementary School! This fun and educational holiday calls all children and youth in every community across America to celebrate reading every day!

Our team had a great time. We applaud all the educators and parents who celebrated!

Erie FCU supports Youth Financial Literacy!

Together, we all can make a difference in our community!

“Be a credit union saver & your savings will never go extinct”

is the official theme for this year’s National Credit Union Youth Month.

This dinosaur theme makes it fun for kids to save for their future and helps them find joy in setting aside a little money for everyday spending and helping others.

As an added bonus, present the coupon below and Erie FCU will make the initial $5.00 deposit to your child’s account to get them started on the road to saving for their future.

Your kids are never too young to establish good financial habits.

Open an account for your child today!

When an account is opened, each child will receive: an Erie FCU Piggy Bank One (1) free admission to the Erie Zoo *A chance to win $50 deposit to account.

*We will draw two (2) winners from all accounts opened in April for $50 deposit to their new savings account. Scheduled to be done on Monday, May 3rd.

Open a new savings account and receive a $5.00 deposit with this coupon. *Account must be opened for a new member age 12 and under. One coupon per social security number and cannot be combined with any other offer.

Account must remain open for one year or $5.00 deposit will be forfeited.

Membership eligibility required. Offer valid 4/1/2021-4/30/2021. GL-PUMP.0

“The more that you read,

the more things you will know.

The more that you learn, the more places you’ll go!

”

-Dr. Seuss

And the Honor Goes To...

We are very pleased to share with you that Erie FCU was voted “Erie’s Best Bank” by the Erie Reader for the 7th consecutive year! Even though we are not a “bank” per se, we are extremely proud of this recognition and humbly accept this award on behalf of all Erie area credit unions who are making a difference in the lives of their members each and every day. eriefcu.org

MORTGAGE • BUSINESS • AUTO • PERSONAL

| Page 3

Give the Power of a Roth IRA The U.S. savings rate–as a percentage of disposable personal income–fluctuated greatly over the last 5 years. In 2015, it hovered around 7%. But in April 2020 when the COVID-19 pandemic roared to life and the economy began to suffer, savings jumped to 33.7%.

In December 2020, Americans resumed their spending habits, decreasing the amount they saved to 13.6%.

Personal finance experts suggest saving 20% of your income. This will enable you to pay for major expenses (vacation, home repairs, etc.) with cash instead of credit, create an emergency fund, and to build a retirement fund.

Put the Equity in Your Home to Work–or Play

Many parents and grandparents want to know how to teach their children to save. The earlier a child learns these skills, the easier it will be to save throughout their lifetimes. Roth IRAs (individual retirement accounts) are one solution. This is a savings account that increases in value by compounding interest. The longer the account is kept, the greater the interest it earns. Some young people with earned income are realizing that a Roth IRA is a gift that keeps growing, long after graduation.

When you need to borrow funds for life’s big expenses, like upgrading your kitchen or going on that special vacation, Erie Federal Credit Union can help! With rates still at historical lows, now is the time to take advantage of our Home Equity Loan Special Offer. Find rates as low as 2.50% APR* with no or low closing costs.

In addition, you may qualify for a .50% rate reduction.

Consider this: If an 18-year-old high-school senior starts a Roth IRA with just $1,000, and makes no additional contributions to the account, that investment will be worth more than $38,000 at age 72, assuming an average annual return of 7% over the long term. If the graduate contributes just $600 a year for those 54 years, the investment grows to more than $383,000.

But hurry, offer ends June 30, 2021.

Apply today online at www.eriefcu.org or at a local branch office.

Loans subject to credit approval. Rates, terms and conditions vary based on creditworthiness, qualifications and collateral conditions and are subject to change. Offer ends June 30, 2021. 1Special Offer applies to New Home Equity loans with a minimum amount borrowed of $15,000 or an existing Home Equity loan with a loan increase of $15,000 or more. Loan payment must be by payroll deduction or auto transfer from an Erie FCU account. Member(s) must have an open Erie FCU checking account. Maximum Loan to Value (LTV) 80%. See your credit union mortgage loan officer for details.

Property insurance required. Certain restrictions apply. *APR=Annual Percentage Rate.

Membership eligibility required. NMLS# 414454 Insured by NCUA.

There are some important rules to know before opening a Roth IRA: • There is no age requirement.

• To be eligible for a Roth, anyone (including a child) must have earned income from a job; investment income, allowances, and money earned from chores do not count.

• You only can make a gift equal to (or less than) the amount of the child’s earned income, up to the $6,000 limit.

• You will be taxed on the money going into the account, but all withdrawals after age 59½ will be tax-free.

• If withdrawals are made within the first five years after opening the Roth IRA, then a ten percent penalty tax will be applied.

The Dream of Home Ownership Can Be Made Possible!

Get up to $5,000 in cash for a new home down payment and closing costs!

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

Compound interest is a powerful tool, making a Roth IRA at graduation a gift that steers the young adult down a sensible savings path for life. Check with the credit union for more information.

Page 4 |

First Front Door funds are available on a first-come, first-served basis.

MORTGAGE • BUSINESS • AUTO • PERSONAL

eriefcu.org

My Erie FCU STORY Rita We are so proud that some of our members have taken the time to share how they feel about us.

We thought you might like to hear from one of them.

I wanted to take this opportunity to write to you about my experience in selecting Erie Federal Credit Union as my new bank.

I had some experience with Erie FCU in my position with a local non-profit organization. I was always treated like a valued customer any time I called or stopped at any of the branches, despite the fact that our account was small without a lot of activity. In 2020, my personal accounts were with a large regional bank. I received mailings from them indicating that they were making changes to their accounts, and that my checking and savings accounts would be affected by those changes. At that time, I also had a credit card account, and an auto loan with them, and had utilized them for mortgage financing in the past. So, I considered myself a valued customer. Without any contact, the Bank changed my account to their highest tier account. Prior to the changes, I had interest-bearing checking and savings accounts. Being a single woman, with a meager paycheck, my account balances did not meet the requirements of the high-tier accounts they had moved my accounts to. I regularly checked my accounts for deposits, checks and payments that I knew I had made, but really didn’t pay attention to the fees being deducted from the accounts until several months had passed. When I finally did take a good look at my accounts, I realized that they were charging a monthly $15 fee on my accounts. When I called to get an explanation, I found a voice mail maze that was difficult at best to try and navigate. I decided I would stop at the bank to inquire. Unfortunately, COVID was in full force at the time, and I was not aware that the bank was not allowing access without an appointment. When I finally did get someone to return my call, the representative was dismissive of my concerns. I admit, I did not pay attention to the small-print mailing that was sent announcing the changes, and was not very conscientious about fully reviewing my accounts.

It was at this point that I realized that this “home town bank” was changing its focus, and small customers like me were not what they were focusing on.

I contacted several banks locally, inquiring as to types of accounts, availability of credit cards and auto/personal loans, as well as fees associated with accounts.

When I contacted Erie FCU, I was connected with you (Jillian Carroll, Director of Business Development) and you spent a great deal of time explaining everything to me. It was at that point I was sold that this was the place for me.

I had found my new “home town bank”. I scheduled an appointment with you, again in the early phase of the COVID pandemic, and you handled everything in one visit: checking account, savings account, credit card, auto loan. With a little follow up on loan balances, the transfer was complete. You and members of the EFCU community stayed in touch with me every step of the way.

Since switching the accounts over in 2020, I receive comprehensive information via mail and email. I have downloaded the Erie FCU app on my smart phone, and find it very user friendly. I have also “liked” the Erie FCU Facebook page, and am impressed with the content that is provided with this platform as well.

I now have an interest-bearing account again...even with my meager balance!

I wish I had made the move sooner, but better late than never. I don’t hesitate to let friends and family know that if they are looking for a new banking institution, that they should contact Erie FCU.

Join Us For Our 2021 ANNUAL MEETING

For the continued safety of our members, guests, and employees, Erie FCU’s 2021 annual meeting will again be a VIRTUAL event! We invite all members to join us for an opportunity to hear how the credit union is performing and about all of the exciting things to come through the rest of 2021!

The Annual Meeting will be held on Monday, May 10, 2021 at 5:30PM. The meeting will be virtual and streamed live via GoToMeeting from the Community Room at 3503 Peach Street, Erie, PA. Members may attend, from the comfort of their own homes, online or via phone.

Registration is required to join the meeting.

Details are available at www.eriefcu.org/annualmeeting.

The event will be also recorded and made available on our website.

Business Members

are saying…

Thank you Erie Federal Credit Union for the recognition (Business profile in February 2021).

My family found your “bank” over 15 years ago and has never been happier with our financial institution.

Your “Small Business Shout Out” impresses me even more. Thank you for caring for our community and thank you for celebrating Black History Month.

- Antoine H. – Flagship City Consulting

Thank you again for making the switch a pleasant experience.

Sincerely,

Rita Y. eriefcu.org

At Erie FCU, we treat your Business like you treat your Business.

MORTGAGE • BUSINESS • AUTO • PERSONAL

| Page 5

Concerned about your financial plans?

Need a second opinion?

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

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

Chuck Molloy

Financial Advisor

Dave Garres

Financial Advisor

(814) 897-2500 • 3503 Peach Street, Erie, PA 16508 *Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/ SIPC, a registered broker/ dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members.

Not NCUA/NCUSIF/ FDIC insured, May Lose Value, No Financial Institution Guarantee.

Not a deposit of any financial institution. CBSI is a registered broker/dealer in all fifty states of the United States of America. The representative may also be a financial institution employee that accepts deposits on behalf of the financial institution.

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

Page 6 |

MORTGAGE • BUSINESS • AUTO • PERSONAL

eriefcu.org

Erie Federal Credit Union Welcomes New Business Lender We are pleased to announce the addition of Mark Paradise to our Member Business Lending Team as Business Lender.

Paradise will be responsible for helping to grow Erie FCU’s business loan portfolio and for building relationships with new and existing business members in Erie and Crawford Counties by identifying and serving their financial needs with appropriate products and services. He will work out of the credit union’s Glenwood corporate office at 3503 Peach Street, Erie, PA. Paradise holds a bachelor’s degree in Business Administration from Mercyhurst University and has been in the finance industry for over 21 years. Before joining Erie FCU, he was a Personal Banker and Business Relationship Manager at PNC Bank. He has also has held posts at Citizens Bank and Mellon Bank.

“We’re very excited to welcome Mark Paradise to our growing team as he brings a wealth of business banking knowledge and overall banking experience in his new role”, said Nathan Crouch, Commercial Lender, Erie FCU. Paradise lives in Edinboro, PA with wife, Darcy and has two children, Marcus and Joshua. In his free time, he is involved at St. Lawrence Church as an Eucharistic minister and member of the Finance Committee. He is also a Member of Knights of Columbus Council 39/79 serving as Treasurer.

Whether you’re looking for a short-term line of credit or a long-term loan for a major expense, our Business Lending team offers multiple options designed to fit your businesses’ unique needs. We work hard to find a lending solution that’s right for you, whether you’ve been in business for a few months or a few decades.

Contact us today – 814-825-2436 or online at: www.eriefcu.org/business

Early Heads Up

Member Shred Day is:

Tuesday, July 20th

– more details to come!

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

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

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

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

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

Eligible Candidates:

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

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

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

Erie FCU needs volunteers like you to ensure we are serving the needs of our members!

Financial Statistics Financial Data as of February 28, 2021 Assets........................$688,183,615 Deposits...................$620,266,107 Loans...................$359,179,710 Members...........65,923

eriefcu.org

MORTGAGE • BUSINESS • AUTO • PERSONAL

| Page 7

3503 Peach Street • Erie, PA 16508-2741

Office Locations & Hours of Operation

Routing Number: 243380927

38th Street Office

State Street Office

1109 East 38th St. Erie, PA 16504

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

518 State St. Erie, PA 16501

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

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

Walmart Office

(Walmart Supercenter)

1825 Downs Drive Erie, PA 16509

Bayfront Office

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

1005 Greengarden Rd. Erie, PA 16501

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

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

32nd Street Office

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

Buffalo Road Office 2436 Buffalo Rd. Erie, PA 16510

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

5500 Zuck Rd. Erie, PA 16506

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

Edinboro Office

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

Zuck Road Office

101 Washington Towne Blvd.

Edinboro, PA 16412

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

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

Website: eriefcu.org

E-mail: memberservices@eriefcu.org E-Z Phone: 814.825.2436, Option 9 Toll Free: 800.480.0494

Debit Mastercard® or STAR Card®:

800.523.4175 (After Hours)

Mastercard® Credit Card Lost/Stolen:

866.604.0381 (After Hours)

Erie FCU NMLS #414454

Privacy Policy Notice - The Erie FCU privacy policy has not changed. You may obtain a copy at www.eriefcu.org/pp or contact us at (814)-825-2436 or (800)-480-0494.

Holiday Hours & Closings Memorial Day Monday, May 31, 2021 All offices will be closed

Independence Day Monday, July 5, 2021

All offices will be closed

Glenwood Office

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

Erie FCU No Surcharge & No Fee ATMs

Important Information

3503 Peach St. Erie, PA 16508

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

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

As an Erie FCU member, you can make withdrawals and deposits at our ATMs or Fast Branch/ATMs using your Erie FCU Debit Mastercard® or STAR® Card and you will not be charged a surcharge or Out-of-Network Fee. For a current listing of all ERIE FCU ATMs, visit www.eriefcu.org/atms

Online Appointments For the safety and convenience of all, members can make appointments online to meet with a Member Services Representative at one of our local branches.

Visit www.eriefcu.org/appointment to schedule an appointment or for more information.