MoneyWisdom Hanscom FCU Summer 2015

MoneyWisdom Summer 2015

Apple PayTM and Chip Card Technology COMING

SOON!

7 MOBILE BANKING MOVES

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Manage Your Financial Life with Ease

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GOING FOR A COLLEGE DEGREE? We Can Help 6

A CO MPL I ME NTA RY SUB SCRIP TION FROM HAN SCOM FCU

Apple PayTM and Chip Card Technology

COMING SOON!

Your ATM & Check Card and Platinum Credit Card will soon carry the latest chip technology designed to increase security and decrease fraud. As part of this upgrade, new cards will be issued through MasterCard®.

through the Fuel Rewards® Network, travel services and shopping benefits. Your cards will have acceptance worldwide and optional MemberPoints rewards.

Widely used in Europe and Canada, chip cards look like typical plastic cards, but have an embedded microchip. The new ATM & Check Card and Platinum MasterCard card will function in chip-enabled terminals.

Beginning in the fall, you will receive a replacement card for each active ATM & Check Card and credit card you have with us.

Merchants that have your card information for recurring payments will be notified with your new account number and expiration date.

Your new cards will also be compatible with Apple Pay, so you can make mobile payments at participating retailers. Should you need to use a terminal or ATM that has yet to upgrade, you can still use the magnetic stripe.

You will receive more information about the changes and your new benefits before your new cards are sent. When the change is completed, your existing cards will no longer be valid.

Foil Stamp option

To use your chip card, insert it in the card reader and follow the instructions on the screen. Your card can continue to be used for online and phone transactions just like it is today.

We think you’ll like the new benefits and security that your MasterCard chip-enabled cards will offer you.

Platinum Card ATM & Check Card /

As part of the MasterCard family, you will enjoy additional benefits, including fuel savings

AUTHORIZED SIGNATURE - NOT VALID

Learn more about chip card technology on our blog: go.hfcu.org/blog

Use of this ca 800-656-432

Color Match: PMS 7477 C

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Summer 2015

Metallic white or silver card

SMALL BUSINESS ADVICE

HOW DO I GROW My Business and Manage Cash Flow?

“Shooting for the moon” demonstrates enthusiasm in many aspects of managing a business. But when it comes to business loans, it’s important to stay grounded.

Obtaining too large a business loan may initially seem satisfying, but can prove problematic in the long term. Think, for instance, if you were approved for a loan beyond your means and your business stumbles. Rather than focusing on what likely matters most at that time – like customer service or marketing – instead you may spend valuable time juggling your finances.

fueling your next stage Think about Apollo 11, the historic spaceflight that landed the first humans on the moon. You may recall that the astronauts didn’t get to the moon and back in a single rocket shot, but rather through a series of rockets fired in stages.

Business loans work in similar fashion – not disbursed in a single “moon shot” but rather reviewed, approved and distributed in stages to individual businesses as they evolve and require additional funds to fuel their growth.

For business owners, this means thinking about your external financing in increments: “What do I want to accomplish over a specified time, and what additional resources

will I need to get there by then?” Your lender, in turn, will ask for documentation of your interests. This will likely include your work history and references (if you’re applying for start-up financing), a business plan, credit report, tax returns, financial statements and accounts payable/receivable. You may also be asked to provide collateral and legal documentation (such as licenses, contracts, leases, etc.).

You should also be prepared to answer the following standard business loan questions: • Why are you applying for this loan?

• How will the funds be used?

• What assets, if any, need to be purchased and who will be supplying them?

• What are your other debts, and who are your creditors?

• Who comprises your management team?

• What is your personal background?

rely on our expertise When assessing lenders, consider not only the funding you immediately need but also the long-term relationships you can build in the process — to assist now and at your next growth stage. Talk to Phil Purcell, VP of Commercial Lending, about your plans. We’re eager to help your business grow.

Phil Purcell VP of Commercial Lending 781-698-2186

Do your business plans include investment property? Get started with our free Investment Property Ownership eGuide at go.hfcu.org/ financing-an-investment-property.

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Seven Popular Mobile Banking Activities A revealing report from the Federal Reserve, titled Consumers and Mobile Financial Services 2015*, highlights what consumers are doing when they access account information on a mobile app.

Here are the seven most popular mobile banking activities, starting with the most popular: Checking an account balance or recent transaction. Some 94% of people check their balances on their phone at least once a year. See your account balances as well as transaction history for all your Hanscom FCU accounts with our mobile app.

Downloading a mobile banking app. Seventy-one percent loaded an app on their phone in the last 12 months. Download the Hanscom FCU mobile app at Google Play or iTunes.

Transferring money between accounts. More than six in 10 (61%) said they moved money from a savings to a checking account or vice versa. Keep your Hanscom FCU accounts up to speed by setting up one-time or recurring transfers in your account or another member account using our mobile app.

Receiving an alert. Getting a notice by phone about your account is handy — 57% of consumers have done it.

You can, too. Get an alert to your email or phone to track balances, transactions and account security on your Hanscom FCU account.

Depositing a check using a mobile device. This is a growing practice. In 2014, just 38% of mobile account users indicated they used their phone's camera to deposit a check. In 2015, 51% did. Learn about our EasyDeposit Mobile service at www.hfcu.org/easy.

Making a bill payment. Fully 48% used a mobile device to pay a bill through their financial institution this year.

Hanscom FCU’s free Online Bill Pay is accessible on your phone. Learn more at www.hfcu.org/billpay.

Locating the closest in-network ATM. Some 40% of mobile banking users have done this in the past 12 months. We have over 100,000 surcharge-free locations. Find the closest one at www.hfcu.org/locations. * S ource: www.federalreserve.gov/newsevents/press/other/20150326a.htm

Get the most from your phone by downloading the Hanscom FCU mobile app at Google Play or iTunes.

GET YOUR COMPLETE

Financial Picture on Any Device We’re improving your online experience. Now you can harness the power of information faster and easier than ever, wherever it's most convenient for you.

This new design is smart and intuitive. Designed to look great whether you’re using a tablet or phone, our Online Access screens offer a consistent experience across all devices.

Other improvements include: • Convenient access on your home page to your most commonly used transactions • Faster, easier bill payment access • Improved search function to find your most important data quickly • Interactive maps to help you find a branch or ATM right from your online account The new look is available now. Get more information at www.hfcu.org/access.

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Summer 2015

LEAVES FOR LUNCH?!

HUNGRY Caterpillar Maze

&

KIDS TEENS

This hungry caterpillar needs your help! He is looking for some green leaves to munch for lunch. Can you help the caterpillar find the leaves at the end of the maze?

Don’t let this hungry caterpillar munch on your green cash! Keep it safe in your savings account at Hanscom FCU.

I Want. I Need. CAN

“Mom, the new Air Jordans are coming out Saturday. I just have to have a pair!”

I HAVE?

“Hey, Dad, can I have $20 to go to the movies tonight?”

Have you ever asked your parents for some money to pay for something you want, and then been surprised when they said no?

Earning your own money is a better way to get the things you want. It helps you become more independent and gives you choices. Because it is your money, you get to decide what it will be used for – within family guidelines. You can buy things you need like clothes or school supplies. You can pay for things you want like games or those pricey shoes.

You will also learn important skills that will help you later in life. These skills may include how to deal with money, how to please customers and how to use your time wisely.

spend, save and share Just remember that spending isn’t the only thing you can do with money. You can save some of your money toward a bigger goal like summer camp or a gaming system. You can also share with others in need or support a cause you believe in like a food pantry or a pet shelter.

save with us!

Hanscom FCU has nifty savings accounts where you can stash your hard-earned cash. Just stop by a branch with one of your parents to open an account, or ask them to help you open one online. If you already have a savings account, good for you – save away!

Ways to Rake in Some Cash Here are some ideas for earning money this summer: • Help with extra jobs around home.

• Wash the family car (or pet) every weekend.

• Do yard work for neighbors.

• Offer to walk someone’s pet daily.

• Make and sell lemonade at an outdoor stand.

• Create a piece of art or something else to sell.

Just make sure you have permission first!

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COLLEGE DEBT Keep It in Check

Move over credit cards – college debt is now the No. 1 source of consumer debt in America, according to data from the Federal Reserve Bank of New York.* Student loans account for more than $1 trillion in outstanding debt for U.S. consumers, surpassing what’s owed on credit cards.

A student loan from Hanscom FCU can

help fund the remaining balance of a college education.

the college conundrum Still, higher education remains a boon to most graduates’ future prospects. Statistics show that those with a college degree enjoy lower unemployment rates, a better chance of having health insurance and job satisfaction, and higher lifetime earnings (nearly $20,000 per year higher according to the U.S. Census Bureau**). So how can degree-seekers balance the cost and benefits? Very carefully.

When it comes to borrowing, consider limiting the total loan amount to no more than twice what you can expect to earn in your field as an entry-level worker. Subsidized federal loans often offer the lowest interest rates and most flexible terms, including covering the interest payments while you’re in school. Take the maximum amount offered in subsidized loans before turning to unsubsidized federal loans.

let us help

Repaying Your Loans? Consolidate and Save You can now consolidate your current student loans with Hanscom FCU. Here's why you should consider refinancing: • Simplify repayment with one loan

• Lower your payments

There are many things to consider when consolidating your student loans, including the type of loans you currently have, your credit history, and your employment status. Before making a decision, research all your options. We can help. Call our Student Loan Center at 888-549-9050 for assistance.

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Summer 2015

A student loan from Hanscom FCU can help fund the remaining balance of a college education. Our loan officers work with you to understand your goals and situation, then create a strategy that makes the most sense for you and your family. To learn more about how we can help you keep college debt under control, call our Student Loan Center at 888-549-9050 or visit us at www.hfcu.org/ student. * Source: www.newyorkfed.org/studentloandebt/ ** Source: http://www.census.gov/prod/2011pubs/ acs-14.pdf

PEOPLE HELPING PEOPLE

Hanscom FCU IN

THE NEWS hanscom fcu recognized with national member service award Hanscom FCU received the Louise Herring Philosophy-in-Action Member Service Award from the Credit Union National Association. The program honors credit unions for practical applications of the credit union philosophy that benefit members.

elebrating our 61st annual meeting c The 61st Annual Meeting took place May 2, 2015, at Moseley’s on the Charles. Highlights included the presentation of a $45,000 donation to Children’s Hospital Boston, the total amount raised from the 2015 Boston Marathon campaign. Jane Melchionda, founder of the CU Kids at Heart program and President/CEO of EasCorp, left, accepted the check from Marathon participants Andy Martin, Jr. (holding check), Mike Rzeszutek and Ray Phillips and Hanscom FCU President/CEO David Sprague.

Hanscom FCU earned first place among all credit unions with $1 billion or more in assets for its efforts to support members during the federal government shutdown that affected many of the credit union’s members.

atick employee group receives $1,500 n matching grant s even college-bound seniors receive scholarships Condon Scholarship Committee Chairman Hugh McNeil (left) and Chairman of the Board Paul Marotta (right) congratulate Hanscom FCU’s 2015 scholarship recipients. Standing left to right are Theresa Chen, Gina D’Addario, Caroline Johnston, Jeremiah Menyongai and Emma Valentine.

Two additional students, Brianna Kitts and Joseph Romano, were unable to accept their scholarships in person.

Hanscom FCU Chairman of the Board Paul Marotta, center, presents a $1,500 matching grant from the Armed Forces Financial Network to Natick Soldiers Systems Center Civilian Welfare Fund (CWF) volunteers.

The grant matches funds presented by the Hanscom FCU directors in 2014. Left to right are Jim Potter, Hanscom FCU SVP Operations; CWF volunteers Lavern Olmstead, BG William Cole, Theresa Sourbutts, Kathy Ferent and Duane Young; Hanscom FCU President/CEO David Sprague; and LTC Brian Greata. Photo Courtesy of USAG-Natick and Natick Soldier Systems Center.

anscom fcu helps 66th abg recognize best h of the best Hanscom FCU Chairman of the Board Paul Marotta presented a $2,500 check to Col. Michael A. Vogel, 66th Air Base Group Commander, to support the 66th ABG’s annual awards banquet. Left to right are Chuck Paone, Hanscom Air Force Base Public Affairs Officer; Tom Fredericks, 66th Air Base Group Deputy Director; Col. Vogel; Mr. Marotta; Hanscom FCU President/CEO David Sprague; and CM Sgt. Craig A. Poling, Hanscom AFB Command Chief Master Sgt. Photo Courtesy of US Air Force.

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our mission To provide superior financial service responsive to our members’ needs.

contact us Headquarters: 1610 Eglin Street, Hanscom AFB, MA 01731

1610 Eglin Street Hanscom AFB, MA 01731 Page 1 of 1

800-656-4328 www.hfcu.org Download our free app for iPhone® and AndroidTM Short code for text access: 692667 Routing Number (for direct deposits and withdrawals): 2113-8048-3 NMLS# 410771 To report a lost or stolen ATM & Check Card or Credit Card card: 800-656-4328 Overseas (24 hr): 701-461-0621 (call collect)

Switch to email delivery today. Just scan the code with your smartphone.

Go green. Log in to Online Access HD to sign up for online statements.

Learn more at www.hfcu.org/online.

MANAGE YOUR MONEY

and Still Have Fun This Summer board of directors Paul J. Marotta, Chairman Mark D. Walsh, Vice Chairman John A. Delcore, Secretary Alan M. Hart, Treasurer Teresa S. Conrad Hugh W. McNeil Ray T. Phillips Frederick C. Ryan Lawrence S. Rzepecki

statistics Members . .............................................. 58,490 Assets........................................ $1,101,000,000 Loans...........................................$814,000,000 Deposits...................................... $973,000,000 Reserves...................................... $103,500,000 April 30, 2015

Federally insured

by NCUA. This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to Hanscom FCU are provided for information only. No endorsement is implied. Images may be from one or more of these sources: ©iStock, ©Fotolia, ©Canva. ©2015 Hanscom Federal Credit Union.

After record snowfall around the country, the joys of summer are even sweeter this year.

Here are two suggestions to help you savor the good times without financial worries.

http://bitly.com/SM3Slv.qrcode

12/7/2012

skip your payment If you could use a little wiggle room in your budget, consider skipping a loan payment.

You can skip a payment on any of your qualified loans with us for just $25. This is especially useful if your income normally goes down in the summer or your expenses go up. See details at www.hfcu.org/skip.

open a cu thrive savings account Plan for next year’s barbeques, concerts and trips to the beach with year-round savings. Open a CU Thrive Account and get a great rate while saving every month.

It’s also a handy way to separate your “fun money” from what you need to pay regular expenses. Visit www.hfcu.org/thrive to check out today’s rate and get started.

Ready to make a plan for your money?

Download our Build a Budget handbook at go.hfcu.org/build-a-budget-ebook.