Eco Credit Union Spring Newsletter - 2016

ēCO News Spring 2016

Who will win the Fourth Edition of the ēCO Savings Race? p.3

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What’s Happening p. 2

Introducing Our Enhanced Mobile App Our new mobile banking app is now available for download. Your ēCO Credit Union app offers you the most effective tool yet for managing your finances, while saving time, miles and money.

If you’re new to mobile banking, welcome to an easy way to get the most from your ēCO Credit Union accounts. Simply download the new app and enroll by providing your account information after you finish your download.

Add our app to your phone or tablet, and you’ll be able to: • Get a comprehensive view of your ēCO Credit Union accounts • Make account-to-account transfers • Check account history • Transfer money and pay anyone instantly with real-time person-to-person payments • View nearby CO-OP Shared Branches and ATMs

Spring Loan April 1 - April 29

Get ahead this season with ēCO’s Spring Loan. Spring is here and it’s a perfect time for cleaning, home improvements and much more.

5.99% for up to 12 months

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A Message From Your CEO

By Joey Hand Spring is off to a wonderful start for ēCO and its members. We are working with the ēCO Credit Union Foundation to host its first fundraising event (eCO Credit Union Foundation Charity Trail Run) on April 9th at Red Mountain Park. The ēCO Credit Union Foundation encourages financial literacy in the community through the ēCO Savings Race, sponsorships, one-time donations, and classroom seminars. ēCO Credit Union and the Foundation invests time and resources to teaching sound financial principles. There is still time to sign up for the race at ecocufoundation.org

At ēCO, we love to give back to the community as much as possible, and we fundraise for two major campaigns each year. We raise money for the Muscular Dystrophy Association in the spring and Children’s Hospital in the fall. We just wrapped up another successful Shamrocks Against Dystrophy Campaign to benefit MDA. With help from members, employees and local businesses ēCO raised over $10,300. We are constantly impressed by the generosity of our members each and every year. Thank you for your support, and be on the lookout for our Children’s Hospital Fundraiser in the fall.

We have been actively working on new, exciting services for our members. This day in age, convenience is a top priority. Accordingly, we have recently launched an app to be used with mobile devices. I encourage you to download the app from the App Store or Google Play today. We have also improved our credit card program with newly designed cards (which include enhanced security with the new EMV chip), online access to view your account, and electronic statement availability . The program also includes a new rewards program for members.

We can’t forget it’s almost time to wrap up our fourth edition of the ēCO Savings Race! It’s been a thrilling season as we’ve watched three families work hard and make practical lifestyle changes to improve their financial being. Don’t forget to turn in your Mini-Race Checklist for the opportunity to win prizes. Also, tune in to CBS WIAT 42 on April 18th to find out who the winner of the fourth edition of the ēCO Savings Race will be.

Each year ēCO awards branch of the year to the branch that best meets and exceeds all of their goals. Our Alabaster branch is known for it’s exceptional member service, and they are ēCO’s 2015 Branch of the Year!

Congratulations! Don’t forget our Alabaster Branch will have a new location, and we’re scheduled to move in the fall of 2016. The new branch will offer more space, a new and improved office, and will be just down the road on Highway 119.

What’s Happening

April 1-30 National Credit Union Youth Month Check ēCO’s Website, Facebook, and Twitter for special youth benefits throughout National Credit Union Youth Month.

Finally a reminder when you are looking to borrow money, consider your credit union first. We have low, competitive rates, and we are here to meet any need you have. Whether you want to reduce the term of your mortgage, finance a car, or take a vacation, we have loans at great rates to meet these needs! Contact any branch manager or apply online to get the process started.

Thank you for trusting us!

For the latest ēCO News and great financial tips don’t forget to like ēCO Credit Union on Facebook, Twitter, Snapchat, Youtube, and Instagram.

April 9 ēCO Credit Union Foundation Charity Trail Run & Doggie Dash The ēCO Foundation Charity Run is a local initiative to help raise community awareness to encourage financial literacy in the community. The race will take place at Red Mountain Park on April 9, 2016. Our online race registration form is available here.

Who will win the $10,000 grand prize?

About the Race Finances play a major role in every adult’s life. As ēCO Credit Union saw a greater need for financial education in the community, we sought to meet the need. In 2012, ēCO launched the first ēCO Savings Race. During the first race four individuals improved their financial picture by more than $44,000 and gained knowledge they can use for the rest of their lives. The Second Edition of the ēCO Savings Race was also a tremendous success. The three families that participated improved their financial pictures by more than $75,000 and taught many others what they were learning along the way.

During the Third Edition, four teams improved their financial pictures by more than $106,000!

We are excited to wrap up the Fourth Edition of the ēCO Savings Race. After receiving a great number of applications, we selected three teams to improve their financial pictures and share their journey. Each team is made up of a family or

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What’s Happening Continued

individual and two coaches from ēCO Credit Union’s staff.

Coaches help their team set goals, create a budget, and hold them accountable. Throughout the race, WIAT 42 follows the progress and features teams weekly during the 6 o’clock news on Monday evenings and during Wake Up Alabama on Tuesday mornings. Teams complete Dave Ramsey’s Financial Peace University and attend ēCO Savings Race University Seminars.

They also share their progress through blogs, video blogs, and social media outlets.

Of course, the ēCO Savings Race wouldn’t be complete without a little friendly competition. The three teams are also contending for the Grand Prize of $10,000. The winner will be determined based on public vote and a committee from WIAT 42 and ēCO Credit Union. No one will walk away empty handed, though. Along with improved finances, all other teams will receive $2,000 each just for being a part of the race.

Tune in to CBS WIAT 42 at 6 p.m. on April 18th to find out who will win.

April 18 - 6 p.m. ēCO Savings Race Grand Finale

May 2 - June 17 ēCO Savings Race Applications

June 3 Teacher Appreciation Day

Tune in to CBS WIAT 42 to find out who the winner of the ēCO Savings Race will be! The winner will receive $10,000, and all other teams will receive $2,000.

Interested in being a part of the 5th Edition of the ēCO Savings Race? Go to ecosavingsrace.org to download an application and begin the journey towards an improved financial picture!

At ēCO, we are very grateful for our teachers and the way they help the community. Teachers- stop by any branch on June 3rd for giveaways and treats.

A Successful Shamrocks Against Dystrophy Campaign With the help of members, vendors, and sponsors, ēCO Credit Union raised $10,300 for the Muscular Dystrophy Association.

The Muscular Dystrophy Association is the largest nonprofit health organization sponsoring research seeking the causes and effective treatment for neuromuscular diseases. ēCO Credit Union is proud to support this outstanding organization for the tenth year in a row. Through shamrock sales, branch contests, and employee contributions, ēCO Credit Union raised $10,332.18 for the Muscular Dystrophy Association.

Funds raised through the Shamrocks against Dystrophy campaign directly benefit children living with muscular diseases. Each ēCO branch sponsors local children to send to camp, providing a true motivation to work hard throughout the fundraiser.

“We were thrilled to have great participation from our members and employees. They went above and beyond in fundraising efforts for the Muscular Dystrophy Association,” said Nathan Pearman, ēCO Marketing Manager. “Through their efforts, we were able to join together to send twelve local kids to MDA Summer Camp.”

About MDA MDA is leading the fight to free individuals — and the families who love them — from the harm of muscular dystrophy, ALS and related muscle-debilitating diseases that take away physical strength, independence and life. We use our collective strength to help kids and adults live longer and grow stronger by finding research breakthroughs across diseases; caring for individuals from day one; and empowering families with services and support in hometowns across America. Learn how you can fund cures, find care and champion the cause at mda.org.

ēCO Credit Union Marketing Manager, Nathan Pearman, presents Terri Wilson, Executive Director for the Muscular Dystrophy Association, with the 2016 Shamrocks against Dystrophy check.

National Credit Union Youth Month

By Credit Union National Association Inc.

How to Do Allowances Right, According to the Experts One of the best ways to ensure your children grow up financially fit is to give them practice managing money with an allowance.

But what’s the best way to do an allowance? There are many theories on that.

Ron Lieber, personal finance writer for The New York Times, says he and his wife pay their 7-year-old daughter $3 a week, no chores necessary.

Lieber’s daughter puts $1 in a “save” jar and $1 in a “give” jar for a cause of her choosing. The final $1 she can spend as she wants. Lieber’s reasoning is that an allowance is a teaching tool, and making it contingent on chores muddies the issue. What if the children decide they don’t want money? Do they still have to do the chores?

Lewis Mandell, a financial economist and professor emeritus at the State University of New York, Buffalo, however, says unconditional allowances are a “terrible idea,” citing a 2000 study that showed kids who received a regular allowance left high school knowing less about personal finances than kids who received no allowance—though the differences were slight.

One problem may be that, like many Americans, kids aren’t the most diligent about saving. While 61% of parents pay an allowance, only 1% report that their children save any of it, according to a 2012 survey by the American Institute of CPAs. The survey found that as children age, they receive a higher allowance, but across all ages the average take is $780 a year. That’s enough to buy an iPad or a good start for a college savings plan—if they were saving.

About 90% of the parents who paid their children an allowance required them to do chores to earn it, but only 81% had spoken to their kids about money management. More parents had spoken to their kids about good manners, their grades, and healthy eating habits than how to handle their money.

So how should you handle an allowance with your own children?

Use it as a teaching tool Regardless of how your children earn an allowance, use it as a tool to reinforce good money habits from an early age. Talk about finances early and often, and set a good example.

Consider matching their savings To encourage savings, tell your children for every $1 they set aside for long-term goals, you’ll match it in their ēCO Credit Union youth savings account. Share the statements with them so they can see their money grow.

Gradually introduce them to financial products Deposit their allowance into a ēCO Credit Union youth savings account, later a share draft/checking account, and help them manage them wisely. And we can help.

Bring in your children to participate in Credit Union Youth Month at any of our branches, and we’ll help them pump up their savings.

Research shows that kids who learn to manage money at an early age are better prepared to handle their finances when they leave home. And, ultimately, teaching children good money skills is a sound investment for parents, who often are the ones helping their adult children when they run into real-world problems.

First Quarter Dividends

Time to Switch to Sprint?

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The first quarter dividends on savings (Share) accounts are at the following levels: Tier 1 ($100,000 or more): 0.40 APY Tier 2 ($75,000-$99,999): 0.30 APY Tier 3 ($40,000-$74,999): 0.25 APY Tier 4 ($10,000-$39,999): 0.20 APY Tier 5 ($100-$9,999): 0.15 APY

It’s worth it to switch to Sprint.

Visit LoveMyCreditUnion.org/Sprint to learn more and to start saving today with the Sprint Credit Union Member Discount. Mention Corporate ID: NACUC_ZZM.

Tier 6 ($0-$99): 0.00 APY

Locations and Office Hours Alabaster Office 507 First Street North Alabaster, AL 35007 Phone: 205.226.3951 M-F 9:00 AM-5:00 PM Drive-Thru: 9:00 AM5:30 PM

Clay Office 2430 Old Springville Road, Suite 100 Birmingham, AL 35215 Phone: 205.226.3940 M-F 9:00 AM-5:00 PM Drive-Thru: 9:00 AM5:30 PM

Gardendale Office 1233 Pecan Avenue Gardendale, AL 35071 Phone: 205.226.3948 M-F 9:00 AM-5:00 PM Drive-Thru: 9:00 AM5:30 PM

Homewood Office McCalla Office * Jefferson County Colonial Promenade Board of Education & Tannehill Homewood City Schools 4933 Promenade ParkBoard of Education way Suite 113 Employees Only Bessemer, AL 35022 Phone: 205.226.3959 Phone: 205.226.3944 M-F 8:00 AM-4:30 PM M-F 9:00 AM-5:30 PM Closed from 12:30-1:30

Riverchase Office 3746 Lorna Road Birmingham, AL 35216 Phone: 205.226.3938 M-F 9:00 AM-5:00 PM Drive-Thru: 9:00 AM5:30 PM

Toll-Free: 1.877.217.0513 | Member Services: 205.226.3900 | Voice Response: 205.250.6141 | Mortgage Department: 205.226.3902 | www.ecocu.org