FROM THE CEO MESSAGE
Summertime Activities and Understanding Your Account Balance
Summer is here, abuzz with activity, and it’s time to embrace the season with open arms! Sun-kissed days, laughter, and memories. Beach trips, ice cream, and bare foot adventures. Summer is the season to savor life’s simple joys. And, in an attempt to ease any lingering summertime anxiety, so that you can enjoy this time of year to its fullest, let’s take a brief moment to reflect on how transaction processing affects the money in your pocket.
At Erie Federal Credit Union, we are more than just financial services. We are a community. Being part of a community means more than just sharing physical spaces; it’s about connecting through thoughts, ideas, and experiences. It’s about contributing to a collective purpose, sharing ideas, and creating a positive impact that extends beyond our individual existence. Let’s keep those conversations flowing!
“Earning a lot of money is not the key to prosperity. How you handle it is.”
~Dave Ramsey
Understanding Your Account Balance. Your share draft, or checking account, has two kinds of balances: the actual balance and the available balance. Your actual balance represents the total funds in your account at any given moment. It includes all cleared transactions but excludes any outstanding items. Think of it as a snapshot of your account’s true value. It does not reflect checks you have written that are still outstanding or transactions that have been authorized but are still pending. Your available balance reflects the money you can immediately access and use. It respects any holds on deposits and/or pending transactions, and may differ from the actual balance due to pending transactions and/or authorization holds. So why the discrepancy? 1) Pending Transactions. When you make a purchase (like a debit card purchase), a pending transaction may take a day or two to clear your account. Until then, your actual balance remains unchanged, but your available balance adjusts. 2) Authorization Holds. When you make a purchase, a merchant will seek authorization that you have funds available, and if so, an authorization hold is placed on your account in the amount of the transaction. Merchants may authorize an amount higher than your actual purchase (e.g., restaurants for tips). Gas stations often pre-authorize an amount before you pump gas. These holds impact your available balance temporarily and impact the amount available to you for subsequent purchases. Understanding your account balances is crucial. Remember, your actual balance reflects transactions settled to your account, while your available balance takes into consideration any pending items. Stay informed to make confident financial decisions. You may check your available balance online at eriefcu.org, at an ATM, by visiting a credit union branch, or by calling us at 814-825-2436.
Credits. Deposits are generally added to your account when we receive them. However, in some cases when you deposit a check, the full amount of the deposit may not be available to you at the time of deposit. Please refer to the Funds Availability Policy Disclosure for details regarding the timing and availability of funds from deposits.
Debits. There are several types of debit transactions. Common debit transactions are checks you write, ACH payments, PIN-based debit card purchase transactions and signature-based debit card purchase transactions. Keep in mind that there are many ways transactions are presented for payment by merchants, and Erie FCU is not necessarily in control of when transactions are received.
Checks. When you write a check, it is processed through the Federal Reserve system. We receive data files of cashed checks from the Federal Reserve each business day. The checks drawn on your account are compiled from these data files and paid each business day. We process payments from low to high dollar value reducing the impact of potential fees for overdrawing your account.
ACH Payments. We receive data files every business day from the Federal Reserve with Automated Clearing House (ACH) transactions. These include, for example, automatic bill payments you have authorized. ACH transactions for your account are posted throughout the day from low to high dollar value reducing the impact of potential fees for overdrawing your account.
PIN-Based Debit Card Purchase Transactions. These are purchase transactions using your debit card for which a merchant may require you to enter your personal identification number (PIN) at the time of sale. They are processed through a PIN debit network. These transactions are similar to ATM withdrawal transactions because the money is usually deducted from your account immediately at the time of the transaction. However, depending on the merchant, a PIN-based transaction may not be immediately presented for payment.
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Signature-Based Debit Card Purchase Transactions. These are purchase transactions using your debit card that are processed through a signature-based network. Rather than entering a PIN, you typically sign for the purchase; however, merchants may not require your signature for certain transactions. Merchants may seek authorization for these types of transactions. The authorization request places a hold on funds in your account when the authorization is completed. The “authorization hold” will reduce your available balance by the amount authorized but will not affect your actual balance. The transaction is subsequently processed by the merchant and submitted to us for payment. This can happen hours or sometimes days after the transaction, depending on the merchant and its payment processor. These payment requests are received in real time throughout the day and are posted to your account when they are received.
Remember, understanding these balances ensures confident financial decisions. Whether you are enjoying summer activities or managing your daily credit union finances, clarity empowers you!
We thank you for your continued trust, support, and for being a valued member of Erie Federal Credit Union.
On behalf of all of us here, we wish you and your family a very safe and memorable summer,
Brian J. Waugaman, CEO
#Team AOK in the Community
Erie FCU takes great pride being a part of the local community it serves. It is our hope that we can make a meaningful difference by volunteering our resources, time and talents.
#Team AOK’s outreach efforts allow us to bring awareness and support to local charities and organizations, who need it most.
Here are some of the latest photos from those activities:
Missed the Annual Meeting? No problem.
Thank you to everyone who attended our Annual Meeting on Monday, May 13th, 2024.
If you missed the Annual Meeting, or if you would like to view the presentation again, you can watch the video recording of the event in its entirety.
Follow along, as the Erie FCU leadership group takes a look back at 2023 and walks you through the credit union’s financial position and goals for the future.
To view the Erie FCU Annual Meeting, click here:
https://www.eriefcu.org/news/annual-meeting
Save Time by Scheduling Your Next Branch Visit
We know your time is valuable. With our online appointment scheduling, it’s easy to stop by one of our branch locations at a time that works best for you.
Set up an appointment for everyday banking transactions, applying for a loan, opening a share certificate and more. A friendly member services representative is ready to serve you when you need them. All it takes is a click or two!
www.eriefcu.org/appointment
Community Impact Report
Erie FCU is proud to share its Community Impact Report, telling the story of our community investments and engagement initiatives in Erie County and beyond. You can view the Impact Report and our Annual Report here: https://www.eriefcu.org/why-us/about-us/annual-report
How You Can Do Better Than 0%
When it comes to auto loans, a 0% interest rate is a head turner. But it’s not always the best deal.
Car dealerships generally advertise 0% offers in the summer when they’re looking to make room in the showroom for newer models. The offers come from the financing arms of the large auto manufacturers, who, unlike traditional lenders, profit directly off the sale of the car and don’t necessarily need the interest revenue.
But like any great deal—there’s a catch. The New York Times reports that only about 10% of consumers actually qualify for 0% interest loans, which require pristine credit— usually a FICO score of 720 or higher. And the loans typically are reserved for a limited number of models and are not available if you’re shopping for a used car, which obviously tend to cost less than newer models. These 0% loans often are paired with shorter-term loans, which cost you less overall but mean a higher monthly payment.
Before you head to the dealership, keep these points in mind.
Look at All Available Deals - Check for other offers, such as cash back. If you can get a rebate—which lowers the overall price of the car—paired with a low-interest loan, it may save you more than the 0% financing. So be sure to crunch the numbers. You can find a number of online calculators to help you, like this one on our financial calculators page at www.eriefcu.org/financial-calculators
Negotiate the Price - Before you get to the interest rate, finalize a sale price and stick to it. Don’t feel pressured to accept expensive add-ons. Once the sale price is established, then talk about financing. Get Pre-approved for a Loan at your Credit Union
Heading to the dealership with a firm offer in hand will give you a point of comparison and puts you in a stronger negotiating position. Credit unions, as not-forprofit financial cooperatives, offer competitive rates.
Shared Branch Locations
Whether you are going across town or across the country, Erie Federal Credit Union is where you are through CO-OP Shared Branch. As a member, you have access to the same friendly, in-person service at over 5,600 credit union branch locations nationwide. All you need is your credit union name, account number and a valid photo ID to make a withdraw, deposit, transfer, or loan payment. Click here to find a branch near you: https://co-opcreditunions.org
7 Questions About Traveling Abroad
Traveling to another country can be one of life’s great highlights. It does, however, require a little more preparation than traveling across the U.S. If you plan to venture out of the country for the first time, here are answers to a few common questions.
1. How do I get a passport and visa?
Before you travel internationally, check the government site of the country you’re visiting to see if you need a visa in addition to a passport. What’s a visa? It’s an endorsement stamp issued by a country that allows you to visit for a specific length of time. Apply for a passport at passport agencies throughout the U.S. First-time cost is $130 if you’re age 16 or older and $100 for travelers younger than age 16. Renewals cost $130. Fast processing costs extra. Before you leave home, make two copies of your passport so it’s easier to replace them if they are lost or stolen. Leave one copy with someone you trust and take the other copy with you. To avoid theft, always carry your passport with you. If you do leave it, place it in your hotel room safe. Never leave it out in the open, or in your suitcase.
2. Should I bring cash, credit cards, or both?
Using a credit card for your spending needs is the simplest option. You also can obtain currency in advance, so you have some when you arrive. Ask your credit union if it provides this service or can recommend a local source for foreign currency.
3. What should I know about travel advisories?
Before planning your itinerary, particularly right now where there is unrest in a lot of different countries, check out the U.S. State Department’s list of countries that present travel-safety concerns for Americans.
4. Should I buy trip cancellation or medical insurance?
If you plan to travel overseas, travel insurance is recommended. If you’re unable to take the trip, trip cancellation coverage will reimburse you for pre-paid or non-refundable costs. If your current medical insurance does not include emergency medical coverage outside the U.S, then you may also want travel medical coverage.
5. What shots do I need?
This depends on your itinerary. See your physician several weeks in advance of travel because some vaccinations need to be given well before your departure date. Check with the CDC site for a travel health notice.
6. How can I avoid jet lag?
If you travel over more than three time zones, your body’s circadian rhythm can be disrupted. When you reach your destination, sleep may be difficult for a few nights— you may wake up several times because your internal “clock” thinks it’s daytime. But you can help trick your body into adjusting to different time zones.
If you’re traveling east to west, a few days before departure, start going to bed an hour or two earlier each night. West to east travelers should stay awake an hour later each night.
After you board your plane, set your watch to your destination’s time, then eat and sleep as if it’s that time of day.
Even though you may be exhausted when you arrive, don’t go to bed right away. Get outside and take a walk. Absorbing natural daylight helps reset your internal timing. Then eat your meals and go to bed according to local time.
7. How can I best fit in when I travel overseas?
Take time to learn about the country you’re visiting and learn a few phrases of its language. That effort will be very appreciated by the local citizens.
The Travel.State.Gov site is a great resource for any other questions you may have about traveling internationally.
We’ll Be With You Every Step of the Way.
Whether you’re saving for your children’s education, planning for your retirement or securing your family’s financial future, you can depend on Erie Advisors to help you find strategies to address your long-term financial objectives. Unlike some financial companies, our focus is on investment strategies and service. You can feel confident that you’ll receive the same level of personal service together with the knowledge you need to make sound financial decisions. Through LPL Financial, Erie Advisors offers a vast array of exceptional wealth management products and services including:
• Comprehensive financial guidance
• Retirement planning and income strategies
• 401(K) transition assistance
• Investment management
• Insurance needs analysis
To learn more, call 814-897-2500 or contact Erie Advisors online at https://www.eriefcu.org/invest/appointment-request to schedule a complimentary consultation.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Erie Federal Credit Union and Erie Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Erie Advisors, and may also be employees of Erie Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Erie Federal Credit Union or Erie Advisors. Securities and insurance offered through LPL or its affiliates are:
Not Insured by NCUA or Any Other Government Agency | Not Credit Union
It’s SHRED-TACULAR!
HOW
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4. CLEAR UP ANY COLLECTION ACCOUNTS Pay off the debt as soon as possible. These accounts stay on your report for 7 years, so the sooner you pay it off, the quicker it will come off your report.
Our Annual Shred Day will be held at our Glenwood Office at 3503 Peach Street on Friday, July 12th from 4 PM to 6 PM.
Each member can bring up to two (2) paper sized boxes of unwanted documents. If you’re able, bring us an unopened plastic jar of Peanut Butter or Jelly (or both) to be donated to the Second Harvest Food Bank of NW PA.
As a member, your security is paramount. Shredding is a safe and secure way of preventing valuable information from getting into the wrong hands. Help protect your identity while cutting through the clutter and shredding some pounds! Grab those boxes of old receipts, statements and other personal documents you want to get rid of and we’ll shred away. Details here: www.eriefcu.org/news/erie-fcu-free-shred-day
Chuck Molloy
Dave Garres
Financial Advisor
This great offer lets you skip your JULY -or- AUGUST loan payment* without skipping out on summer fun— and it’s our way of saying thanks for choosing us as your Credit Union. If you’re using Skip•A•Pay for a Personal, Auto, RV, Boat, or Motorcycle Loan, the fastest and easiest way to request your skip is in Erie FCU Online & Mobile Banking Get Started 24/7!
• Log in to EZ Money Manager, at www.eriefcu.org, sign onto your account and choose Skip•A•Pay from the Transactions menu.
• Click the loan payment that you would like to skip.
• Review your information, and click Skip. It’s that easy! If you do not have online banking:
• Skip-A-Pay forms are available at any Erie FCU office or call (814) 825-2436 today to get the process started.
*A $30 fee applies. See credit union for eligibility requirements and complete details. Erie FCU Mastercard®, mortgage, home equity, and FreshStart loans are not eligible. Membership eligibility required. Insured by NCUA.
Make the season sizzle with an Erie FCU personal loan. We’ve got cool cash and great rates for whatever summer fun you have planned. An Erie FCU personal Loan allows you to consolidate debt, plan your dream vacation, or pay for a summer wedding.
Find a low competitive rate along with flexible repayment terms and same day decisioning (in most cases).
Get started today! www.eriefcu.org/personal-loans
All Loan Rates are Subject to ChangeContact Erie FCU for additional Information. Fund
Sunday is Always
“Fun
Day” with Erie FCU!
Erie FCU offers members great family savings at the ballpark! Every Erie SeaWolves Sunday home game, Erie FCU members can present an Erie FCU Mastercard, debit card or member ID (when purchasing tickets) at the UPMC Park ticket office to receive a free Smith’s Hot Dog and fountain drink with the purchase of a regularly priced Sunday ticket. Limit 4 hot dog/drink vouchers per member. Learn more: www.eriefcu.org/sunday-fun-day
Save on Summer fun! We’ve arranged for a special online discount for our members on Waldameer & Water World all day combo passes! Membership has its advantages! Get your online discount code here: www.eriefcu.org/waldameer-member-discount
BOGO Nights at the Erie Playhouse!
We are excited to offer our members the opportunity to enjoy the arts with two “member only” BOGO nights! To receive the BOGO discount, members must use their Erie FCU Platinum Mastercard/ Debit Card or show their “member ID” (for cash purchases) at the box office to “buy one” ticket and get the 2nd ticket free! Erie FCU BOGO nights are for the “Newsies - The Broadway Musical” and the classic “Beauty and the Beast”! (Offer not available for online purchases. Limit one BOGO offer per individual.)
3503 Peach Street • Erie, PA 16508-2741
Office Locations & Hours of Operation
Drive Thru Hours:
38th Street Office 1109 East 38th St. Erie, PA 16504
Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM
Mon-Wed: 9AM-5PM • Thur-Fri: 9AM-6PM Saturday: 9AM-1PM
Bayfront Office 1005 Greengarden Rd. Erie, PA 16501
Mon-Wed: 9AM-5PM • Thur-Friday: 9AM-6PM Saturday: 9AM-1PM
Buffalo Road Office 2436 Buffalo Rd. Erie, PA 16510
Fairview Office 7141 West Ridge Rd. Fairview, Pa 16415
Lobby Hours
Mon-Thur: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM
Drive Thru Hours: Mon-Wed: 9AM-5PM • Thur-Fri: 9AM-6PM Saturday: 9AM-1PM
Lobby Hours
Important Information
Routing Number: 243380927
Website: eriefcu.org
E-mail: memberservices@eriefcu.org
E-Z Phone: 814.825.2436, Option 9
Toll Free: 800.480.0494
Lost/Stolen Debt & Credit Cards
Debit Mastercard® or ATM Card: 1.866.820.2868 (After Hours)
Mastercard® Credit Card: 1.866.611.4864 (After Hours)
Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Lobby Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM
Mon-Wed: 9AM-5PM • Thur-Fri: 9AM-6PM Saturday: 9AM-1PM
Edinboro Office 101 Washington Towne Blvd.
Edinboro, PA 16412
Mon-Thur: 9AM-5PM Friday: 9AM-6PM Saturday: 9AM-1PM
State Street Office 518 State St. Erie, PA 16501
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
Labor Day
Peach Street Office (Walmart Supercenter Peach & I-90 ) 1825 Downs Drive Erie, PA 16509
Lobby Hours
Mon-Tue: 9AM-5PM Wed-Thur: 9AM-6PM Friday: 9AM-7PM Saturday: 9AM-3PM
Hours Mon-Thur: 9AM-5PM Friday: 9AM-6PM Glenwood Office 3503 Peach St. Erie, PA 16508
9AM-5PM • Thur-Fri: 9AM-6PM
9AM-1PM
Erie FCU No Surcharge & No Fee ATMs
As an Erie FCU member, you can make withdrawals and deposits at our ATMs or Fast Branch/ATMs using your Erie FCU Debit Mastercard ® and you will not be charged a surcharge or Out-of-Network Fee. For a current listing of all ERIE FCU ATMs, visit www.eriefcu.org/atms
Zuck Road Office 5500 Zuck Rd. Erie, PA 16506
Monday, September 2, 2024 All offices will be closed Columbus Day Monday, October 14, 2024 All offices will be closed
Financial Statistics
Data as of May 31, 2024