Erie FCU - 2021 Winter Newsletter

Erie Federal Credit Union

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

INSIDE:

Help Kids Get Money-Savvy 7 Ways to Protect Your Credit Score Dig Yourself Out of Holiday Debt!

Insured by NCUA

FROM THE CEO MESSAGE

History, Hope and Optimism Happy New Year, everyone! All of us here at Erie FCU hope you and yours had a very safe and warm holiday season. Last year tested us all in ways no one could have ever imagined, and with each passing year, a new year awaits with prospects for a brighter, more promising future, and Erie FCU remains committed to being here for you!

From the beginning of our great nation, through present day, American history is marked by what seemed to be insurmountable events at the time, that challenged not only our nation, but the lives of each and every American. What roared into the beginning years of the 1920’s was gone in an instant with the Stock Market Crash in October 1929, triggering The Great Depression. Great crisis and extreme threat oftentimes present great opportunity. Franklin D. Roosevelt’s presidency saw us through World War II and introduced the New Deal bringing many of the Great Society programs we continue to benefit from today. The 50’s brought us another war, but left us with the idea of a chicken in every pot, two cars in every garage, color television, McDonald’s, Disneyland, and a race to the stars. The challenges of the 60’s delivered us through the civil rights era, the Vietnam War, and ended with the United States successfully delivering the first man to the moon.

Challenging times do provide much opportunity even though it may be hard to see at the time.

In fact, the credit union idea itself evolved from the European cooperative activities of the early 19th century, moved by crop failure and famine that had devastated Germany between 1846 and 1847.

“What is hope but a feeling

of optimism, a thought that says things will improve, it won’t always be bleak [and] there’s a way to rise above the present circumstances.”

– Dr. Wayne W. Dyer

In 2021, Erie Federal Credit Union will celebrate its 85th anniversary. Erie Federal Credit Union was chartered in June 1936, at the height of the Great Depression, by ten local educators who believed in the credit union philosophy of “people helping people”. The original founders believed strongly that the credit union would serve an important role in lives of its members and the local community. After eighty-five years, this sentiment remains pivotal to our growth and the way in which we operate today. We truly believe this is what sets us apart from all other financial institutions. Today, Erie FCU serves over 65,000 members with greater than $660 million in assets, and employs over 170 employees across nine Erie County branch locations and our corporate headquarters located in Erie, PA.

Erie FCU is proud to have served the local area and surrounding communities for these past 85 years. At this time of worldwide uncertainty, your credit union remains dedicated to providing financial security to you and your family. It is more important than ever that we step-up and do our part to take care of our community and make a difference. Our mission is to provide financial solutions that meet the needs of our community, who like all of us, continue to recover from the insurmountable challenges brought about as a result of the COVID-19 pandemic.

We have made significant advancements over the past year and remain optimistic for the opportunities that lie ahead. We are thankful for the continued loyalty and flexibility of our members, and we look forward to continuing to serve you, the needs of your family and our community for next 85 years to come. We look forward to celebrating the next year with you.

Thank you for being a member of Erie Federal Credit Union.

Brian J. Waugaman

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In 2021, we will be

Celebrating 85 Years

A Proud History of Service

We’ve been here since our founding in 1936 and we would not have it any other way!

Erie FCU is northwest PA’s largest locally-owned (by you!) credit union and that means your money, and our decisions stay here, for the benefit of our community. Our name has changed since our founding, but our commitment to the credit union philosophy of “People helping People” has held steady.

Please stay tuned for announcements of exciting events and fun to thank you for your ongoing membership!

Back in December of 2020, due to the increased demand for food assistance caused by the COVID-19 pandemic, Erie FCU donated $21,000 to seven local food agencies and nonprofits.

The credit union’s “Give Hope - Feed the Need” campaign was created to provide monetary relief to various local agencies and non-profit organizations who have found less funding, but greater demand for services. Rooted in a firm belief that no one should be hungry, Erie FCU plans to work with these agencies to help eliminate hunger and its root causes.

Pictured are; Top Left to right: • Dr. Grace Kennedy, Executive Director of Community of Caring • Catherine Simon, Food Pantry & Soup Kitchen Coordinator of Emmaus Ministries, Inc. • James Sherrod, Executive Director of the Martin Luther King Center • Zach Webb, Director of Development of Second Harvest Food Banks of NWPA Bottom Left to right: • Wendy Wallace, Executive Director of Metro-Erie Meals on Wheels • David Gonzalez, CEO of the St. Martin Center, Inc. • Major Colin DeVault of the Salvation Army Erie Corps.

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“This year, more than ever, local foodbased charities are in need of desperate support to realize the full impact of their mission to serve those less fortunate” said Brian Waugaman, CEO of Erie FCU. “Adhering to the credit union philosophy of ‘People Helping People’, Erie FCU is committed to providing support to these community resources so desperately needed during the holiday season.”

The campaign earmarked $21,000 and was distributed to the following seven (7) Erie area organizations. Metro-Erie Meals on Wheels, The Salvation Army of Erie, Emmaus Soup Kitchen, Community of Caring, St. Martin Center, Erie Martin Luther King Center and Second Harvest Food Bank of NWPA. Each received a $3,000 check to be used for programs affiliated with supplying meals, nourishment and warm companionship to families and individuals in need.

And the Honor Goes To...

Awards & Recognition We love giving back to our communities in Erie and Crawford Counties. And, we certainly appreciate when our efforts are recognized and rewarded by others.

Here are some of our awards, accolades and public recognition from 2020: • Cross State Credit Union Association awarded Erie FCU with two MIC awards for Marketing excellence - Best Annual Report and Best Newsletter.

• Erie FCU received an A+ rating from Deposits.com.

From Deposits.com: “The growth Erie Federal Credit Union has shown is excellent”. A strong track record of growth is an indicator of consumer confidence and the financial institution’s ability to strengthen its balance sheet.

• Erie FCU hit a milestone in 2020 reaching 5,000 page likes on Facebook! We love interacting with our members and we’re proud of our status as a not-for-profit organization that stands up for you and the community. If you’re as proud as we are, we hope you’ll show your support by “liking” us and “following” us on Facebook.

• Eric Brotherson, Erie FCU’s Director of Business Intelligence was named to Erie Reader’s 40 Under 40: Class of 2020! Every year, Erie Reader recognizes top local professionals, who continue to help make the region a better place to work and live.

• Erie FCU was named by the Erie Times News/ GoErie.com as “Erie’s Choice in Credit Unions” for the 8th year in a row and the credit union won as Erie’s Choice in Mortgage Lending.

Our Erie Advisors group, located at the credit union, was also honored as Erie’s Choice in Financial Advisory services.

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Help Kids Get Money -Savvy One of the most important life skills you can to teach your children is how to manage their own money. The sooner children begin financial education, the greater the likelihood they’ll avoid the mistakes many adults make today.

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Ways to Protect Your Credit Score

The average per week allowance for American children is $30, according to the American Institute of CPAs. If parents help their children save and manage this money wisely, these young consumers will be better prepared to navigate the increasingly complex financial world as they grow older.

Your credit score is a three-digit number that creditors use to assess how likely you are to repay your loans. A high score can help you qualify for the lowest interest rates and gives you the ability to borrow money for purchases.

Here are seven things you can do to make sure your credit score stays healthy: 1. Pay back your debts on time. How you’ve repaid past debt is the most important factor (35%) in calculating your credit score.

Educating your kids about money matters isn’t as hard 2. Apply for new credit only when you need it. Ten percent of your credit score as you might think. Here are some simple ways to start is determined by how many new credit accounts you’ve opened and the teaching your kids the value of money: number of times lenders have checked your credit. Another 15% of your score is • Open a savings account in your child’s name. Kids determined by the length of your credit history. When you add a new account as young as five years old can begin to understand the into the mix, the average age of your credit accounts drops. idea of saving. It doesn’t matter how much money is 3. Don’t co-sign. Be cautious about co-signing a loan, even for family members, deposited—what matters is creating a regular savings unless you are willing and able to take on the payments later, if necessary. If a habit. Take your kids to the credit union with you and payment is missed and you don’t pay it, it can negatively affect your credit score. let them take an active role in saving. They’ll understand 4. Consider keeping starter cards open. Cards designed for people without a more than you think. Check out our Youth Savings credit history, called starter cards, usually have high interest rates and fees, low options at: https://www.eriefcu.org/invest/invest limits and few rewards. Even though you’ve stopped using them, it’s a good ment-planning/youth-saving-options idea to keep them open. This will help the 15% of your score that comes from the length of your credit history. It also will help the even bigger part (30%) of • Set goals with your kids. Having a reason to save your score that’s based on your utilization ratio: your credit card debt relative to makes kids want to save. Their goals don’t have to be your total available credit. huge—for many kids, watching their money grow is a 5. Guard your personal information. Be very careful when giving out your reward in itself.

Social Security number, birth date, credit card numbers, and other personal • Consider your child’s age and find appropriate information. Use secure websites and be cautious on phone calls. Don’t leave ways to communicate. While it’s important to start paperwork with this information on it lying around—shred it. early, make sure activities or discussions are age6. Regularly monitor all your accounts. Even if you don’t use them, check appropriate. Younger children learn through books, each account to make sure there aren’t charges, such as annual fees, and online activities and simple saving, while older children that no one is fraudulently using your card. Order a free credit report from can create budgets and manage allowances. https://www.annualcreditreport.com/index.action, the only site sanctioned by • Include older children in family financial planning the Federal Trade Commission. Stagger your reports from the three reporting meetings. Some parents feel uncomfortable talking agencies so that you get one report every four months. about their budget or other money matters with their 7. Stay diligent. Make sure that the good credit score you’ve worked so hard to kids but letting them witness your habits before they build stays that way. are forced to make their own decisions gives kids a solid financial foundation.

• Show kids your money values through your actions.

Forget “Do as I say, not as I do.” Kids watch their parents and mimic their habits. If your money management habits are less than perfect, use this as an opportunity to educate yourself about financial matters, and then share what you learn with your kids.

Click the link below for details: http://links.lovemycreditunion.org/client/love_my_cu/banner/?bid=5694&campid=75&clientid=1476&sid=1

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We re Here To Help...

Hiding From Your Holiday Debt?

With Your Taxes!

2020 Tax Filing Options - Income Based Tax Filing Assistance Available

Dig Yourself Out!

Shovel away debt by transferring those high rate credit card balances to an Erie FCU - Platinum Mastercard®! Enjoy a 2.99% promotional APR – and get it thru December 31st, 2021 on balances transferred now through March 31, 2021! With no annual or balance transfer fee - ever! The Erie FCU Platinum Mastercard®!

Apple and Samsung Pay available. Don’t have a card?

Apply today - www.eriefcu.org. *APR is Annual Percentage Rate. After December 31, 2021, remaining balances will accrue interest at the regular APR applicable to your account, which can range from 8.90% to 17.90% APR, based on your creditworthiness. Existing Erie FCU loans or credit card balances, purchases, cash advances, and Business Mastercard® accounts are not eligible for this offer.

Loans subject to credit approval. Membership eligibility required.

Get Your Taxes Done Right with TurboTax® & Erie FCU

Erie FCU is proud to once again support Erie FREE Taxes, 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 $56,000 or less. *Drop-Off service will be available at the

Erie FCU Glenwood Office 3503 Peach Street Erie, PA 16508 Things are a little different this year due to COVID-19.

Here’s what you need to do:

4 Please pick up your “VITA”/Erie Free Taxes packet at any of our branches and complete at home Packets will be available January 8th.

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.

4 The drop off box will be available February 1 4 Drop off hours will coincide with Branch hours – www.eriefcu.org/atms

For more information -- www.eriefcu.org/taxes Online Filing - Log onto www.unitedwayerie.org/learn/ eriefreetaxes/ to file your taxes.

Tax time doesn’t have to be stressful! With TurboTax®, you’ll get your biggest possible refund fast and your taxes done right. PLUS, Erie FCU members save up to $15 on TurboTax federal products, all through tax season.

TurboTax makes it easy to find the best solution for your unique tax situation.

Simple filer? Homeowner? Independent contractor, freelancer or sidegigger? TurboTax has a product that is right for you.

File with confidence, knowing that TurboTax guarantees 100% accurate calculations and runs thousands of error checks as you go. And if you need help, TurboTax has it: from answers online anytime, to unlimited advice and a final review from a CPA or Enrolled Agent with TurboTax Live.

Save on TurboTax today! For more information: www.eriefcu.org/turbotax

Try it for free and pay only when you’re ready to file.

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For appointment information at other tax sites call 1-888-829-5680

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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MESSAGE FROM

Should You Think About Changing Financial Professionals?

Your Financial Team

You rely on your financial professional to provide experience and expertise to help develop a practical financial plan for you, manage debt and establish an emergency fund, weather market volatility, create a budget, grow your assets, save for the life you want, and invest and plan for retirement — and more.

Dave Garres, Financial Advisor

Let’s reflect on the most recent opportunity for your financial professional to exceed expectations. Now that we are making our way through a market rebound, are you happy with your current financial professional’s ability to help you get through the storm? If you didn’t answer with an enthusiastic “yes!”, you may want to consider whether it’s time for a change.

Chuck Molloy, Financial Advisor Ansley Lawson, Program Coordinator

7 Reasons to Consider Changing Your Financial Professional

Changing financial professionals is not a minor decision. You have placed a great deal of trust, along with your money, in their hands. In return, he or she should be consistently working to earn that trust, not only through returns on your investments but also by providing consistent and high-quality access, information, flexibility, and transparency. Consider these questions: 1. Is your money working as hard as it should? Of course, the goal of working with a financial professional is to see your overall position strengthen over time and be able to weather the ups and downs of the market. No one, not even the shrewdest investor, knows what the future holds, so it’s important to assess your portfolio against a reasonable goal — but consistent underperformance points to a problem. As you consider this, take into account your personal risk tolerance and market conditions. A good advisor should communicate clearly with you, helping you feel confident about these factors.

*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.

2. Are costs and fees acceptable? Your financial advisor should be working with your best interests in mind and finding the most cost-effective approaches to achieving your goals. If fees are eating away too much of your returns, you may want to explore other options.

3. Have you heard from your financial professional lately? Especially when markets are volatile, a solid financial professional knows the importance of reaching out to communicate, to ensure you understand what’s happening, and to advise on any actions you may need to take.

4. What happens when you call your financial professional? Do you worry that you’re a bother?

Does the call go to voicemail every time? Conversations with your financial professional should not cause dread, and you should come away feeling that you have been heard.

5. When your life changed, did your plan change, too? Did you recently add a family member? Send a child off to college? Marry or divorce? Big life changes should spur changes in your plan. Your financial professional should help you adapt and flex your financial plan to meet your changing needs.

6. How does your financial professional respond when you need more explanation?

Transparency and trust go hand in hand. If you need more information to fully understand a decision and to feel confident moving forward, your financial professional should be happy to make sure you have a crystal-clear understanding of the details.

CBSI-724 Why Change Financial Professional Adtrax #: CBSI-3123015.1-0620-0722

7. Are you a portfolio, or a person? If you get the sense that your financial professional fails to care about or get to know the real human behind the financial plan, then why is he or she your planner? Money, after all, is the means to an end — and the long-term goal is a life well lived.

At Erie FCU, you’re more than a number, or an account or portfolio. You’re a whole person, with individual goals and challenges, and the financial professionals located at your credit union are here to help you create a plan to build the life you want.

Does your financial professional listen, respect your values and priorities, and help you create an individualized financial plan? If not, it may be time for a change.

Give our office a call at 897-2500 if you have any questions, or contact us online at www.eriefcu.org/invest/retirement-planning/erie-advisors to request a no-cost, no-obligation consultation.

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Erie FCU Board of Directors Meet the People Who Provide Direction to Your Credit Union From left to right Front row: Laurie Becker, James Lazan, Dennis Howard Back row: Rick Macer, Joe Rys, Daniel Nawrocki, Norb Kaczmarek

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

Official Notice of Election of Directors

Three-Year Term Commencing May 10, 2021

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.

Requirements to hold the Office of Director: 1. Attend a full-day orientation session and meetings scheduled by the Chairperson.

2. Attend state, national and local meetings as required.

3. Attend specialized training sessions on Asset-Liability Management, Investment Polices, and other training as required by NCUA. 4. Complete all required board training provided by the credit union.

Nominated by Committee: Laurie Becker and Daniel Nawrocki Laurie Becker has served the credit union for 28 years. She has served on the Supervisory Committee as well as Secretary and Treasurer of the Board of Directors.

Daniel Nawrocki has served the credit union for 51 years. He has served as Chairman of the Supervisory Committee and as Secretary, Treasurer and President of the Board of Directors.

Members interested in becoming a candidate for the Office of Director must be at least 18 years of age and a member in good standing. The petition process requires a candidate to obtain signatures from 1% of the primary Erie FCU membership and submit them by March 8, 2021. 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.

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 November 30, 2020 Assets........................$660,491,349 Deposits...................$593,212,802 Loans...................$359,706,163 Members...........65,666

*Erie FCU will not conduct the election by ballot and there will be no nominations from the floor at the Annual Meeting when the number of nominees equals the number of open positions.

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

32nd Street Office

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

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

Buffalo Road Office 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

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 Martin Luther King, Jr. Day Monday, January 18, 2021 All offices will be closed

Presidents’ Day Monday, February 15, 2021 All offices will be closed

Tax Forms All tax forms we are required to provide will be processed and postmarked by January 31, 2021

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 https://www.eriefcu.org/bank/ member-appointment-request to schedule an appointment or for more information.