Newsletter Fall 2017

MoneyWisdom TIPS, NEWS, AND HAPPENINGS FROM HANSCOM FCU | FALL 2017

WANT PEACE OF MIND? Pay Yourself First

5 STEPS TO A SUCCESSFUL

BALANCE TRANSFER

GET FINANCIALLY SAVVY with a Free Credit Card Guide

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Fall 2017

Chairman’s Corner: Reflections from a Volunteer

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nternational Credit Union day is coming on October 19. As such, I am reminded to take time to recognize the power of the credit union cooperative spirit. I reflect on what it means to be a volunteer for Hanscom FCU and

I take great pride in what the credit union movement has done for so many ordinary Americans.

The CU difference. A recent Harris Poll of 2,000 U.S. consumers shows that over 60% believe credit unions care more about their members than banks care about their customers. It’s 100% true. Unlike many other financial institutions, credit unions do not issue stock on which dividens have to be paid. Earnings are returned to members in the form of lower rates, higher returns, and fewer fees.

Not for profit, not for charity, but for service. Hanscom FCU, like all credit unions, exists solely to serve members, and every member counts.

Credit unions are economic democracies, with equal ownership and voting rights.

Staying true to our roots. In 1924, Roy Bergengren, one of the architects of the credit union movement, wrote “The credit union is, in fact, a bridge.”

We help members achieve their financial goals, providing unique services such as credit score reviews and education to help someone buy a home or launch a business.

Member service. Hanscom FCU offers innovative services such as the 3 in 1 Advantage Line of Credit to help members tap home equity, and the CU Thrive Account to establish a savings habit with regular transfers at an outstanding rate. Plus, we offer convenient online loan application, approval, and funding.

Paul Marotta was named 2017 Volunteer of the Year for the National Association of Federally-Insured Credit Unions (NAFCU).

I hope you will take a moment on October 19 to think about how your credit

Dan Berger, NAFCU President and CEO (left) and Charles A. Rutan,

union membership has helped you achieve your goals, and maybe talk with

NAFCU Board of Directors (right) presented the award at NAFCU’s

a family member or co-worker. If you are near a branch, be sure to stop by for

50th Annual Conference and Solutions Expo in Honolulu.

treats as we celebrate the credit union difference.

Statistics

Our Mission

Board of Directors

To provide superior financial

Paul J. Marotta, Chairman

Raymond A. Kahre

Members . ...............................................77,906

service responsive to our

Mark D. Walsh, Vice Chairman

Hugh W. McNeil

Assets........................................ $1,249,000,000

members’ needs.

John A. Delcore, Secretary

David Pronchick

Loans........................................ $1,087,000,000

Ray T. Phillips, Treasurer

Lawrence S. Rzepecki

Deposits.....................................$1,106,000,000

Teresa S. Conrad

Reserves.......................................$126,000,000 July 31, 2017

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Fall 2017

InTRIBUTE

Get More from Your Membership with Online Service

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all is a busy time of year. Cut down on the time you spend managing your money by going online. You’ll love the convenience of managing your accounts from your computer or phone.

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Access Your Accounts – It’s not just for checking your balance. You can set up transfers, update your contact information, order checks, and open new accounts. View and download statements going back seven years, certificate renewals, and recent tax documents.

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Pay Bills – Instead of logging in to a different site for each biller, use our free online bill pay service to receive, review, and pay bills. You’ll save time and stay organized.

Plus, your personal information isn’t stored on multiple web sites, where it could be compromised.

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Deposit Checks – It’s easy to deposit paper checks using your phone’s camera. Just download the free Hanscom FCU mobile app and the EasyDeposit mobile app. Open the app and follow the simple directions.

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Apply for a Loan – Make your request from the comfort of home – or wherever you are. There’s no waiting, and you’ll have everything you need at your fingertips. Online loan applications are safe, convenient, and fast.

The best part of going online is that we’re here whenever you need us. Our website and mobile app are available anytime, and you’ll get instant results from many of the services.

Remembering Al Hart

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t is with great sadness that we share the news that Alan M. Hart, Hanscom FCU director, passed away on June 24,

2017, at the age of 77. A lifelong resident of Lowell, Massachusetts, Mr. Hart is survived

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by his wife Jacqueline, five children, and 18 grandchildren.

Be UP-TO-DATE

Mr. Hart was a board member for 28 years,

online access at

Administration at Hanscom Air Force Base,

www.hfcu.org/access.

interacting with small business owners and

Learn more about

serving the last five as treasurer. His career included heading up the Small Business

base personnel.

“Al was 100% committed to Hanscom FCU and the credit union philosophy,” reflected Paul Marotta, Hanscom FCU’s Chairman of the Board and fellow volunteer. “He embraced the philosophy of people helping people.”

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Cut the Cost of Debt with a Balance Transfer

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here is no magic wand to poof away debt. But you can save money and pay what you owe faster by thoughtfully managing your credit card balances. Start with a close look at your

finances, and follow our tips to power down your balances.

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Add up all your unsecured debt – include credit card balances, medical debt, and personal loans. Can you see yourself paying it off in five years? If not, transferring your debt may not be enough to cut costs.

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What is your interest rate on each balance? Could you consolidate to one card with a lower rate? Consult one of our member service representatives for a free credit score review so you are sure you’ve got the best deal.

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Be clear on how you got into debt. If overspending is an issue, address it before consolidating. You might be tempted to run your balance up again and end up in even more debt.

Once you’ve established that your debt is manageable and you’re committed to paying it off, you’re ready to reap the rewards of consolidating your debt. Not only is it a good financial move, but you’ll simplify your life and reduce your risk of accidentally missing

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Be FINANCIALLY SAVVY

For more information about balance transfers, visit us at www.hfcu.org/balancetransfer.

a payment and getting dinged with a late fee.

Steps to a Successful Transfer So, you’ve done your homework and determined a balance transfer is right for you. You still need a plan to choose the best way to consolidate your debt. These five tips will help you get the most from your efforts and avoid common pitfalls.

Remind yourself of your goals.

Transferring your debt does not mean it will go away. You are simply moving your debt so you can pay it off faster and stay organized. Once you complete your transfer, do not let your balances creep back up.

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Beware of fees. Many credit card companies charge a fee to transfer Fall 2017

a balance, sometimes as much as 5% of the amount you’re moving over. Read the fine print of any offer and make sure the fee is not wiping out your savings.

Know your rates. If your rate for new charges is different from your transferred balance, watch out! It’s common for companies to apply payments to your lower-rate balance first, costing you extra on the higher-rate balance.

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Cut your cost, not your payment.

This is not the time to make minimum payments. You’ll just lengthen the time until you’re free of debt, and you’ll reduce the benefit you get from a transfer.

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No “Rinse and Repeat.” You can’t put off paying your debt by transferring your balance a second time. This is especially true if you got a low introductory rate that’s about to expire. That’s bad for your credit score and makes it less likely that you’ll qualify for the best rates on future loans.

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Be MONEY WISE

Hanscom FCU's credit card has no balance transfer fees

and no annual fees. Get details at www.hfcu.org/creditcard.

BeINFORMED

Pay Yourself First for Peace of Mind

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e automatically do some things every day because they’re good for us: Brush our teeth. Buckle

Start Today Even if you can only save a small amount at first, you’re developing a savings habit. As you

our seatbelts. Deposit money into our savings

see the balance grow, you’ll know the peace

accounts. Oops – maybe scratch that last one.

of mind that comes from having a cushion

If you’d like to build your savings but lack the

against a financial downturn.

money, time, or discipline to make deposits,

Take this habit to the next step and set a

you’re not alone. But now is the perfect time

goal. Save for a new car, prepare for a special

to get in the habit of saving, and we have an

purchase, or build an emergency fund.

ideal way for you to save automatically with

Knowing why you are saving makes it easier

each paycheck.

to achieve.

Join us Thurs.

Oct.19

Thursday, October 19 #ICUday

Our CU Thrive account allows you to

once or twice a month, or every week.

Celebrate International Credit Union Day

After one year, your CU Thrive account

Join us at any branch on Thursday,

matures, and the whole amount, including

October 19 for refreshments as we

your dividends, are transferred into your

celebrate International Credit Union Day.

primary savings account. You can renew your

Since 1948, credit unions have set aside

CU Thrive and keep saving.

the third Thursday in October to celebrate.

designate an amount of money to save every month, from $5 to $500. You choose how often to transfer funds from your Hanscom FCU checking account – with every paycheck,

This is a time to remember the principles Automatic transfers ensure that you don’t

that make credit unions the best financial

overlook your savings goals. Since the money

partners of people all over the world.

isn’t in your checking account, you’re less tempted to spend it. Plus, CU Thrive has

Dreams Thrive Here, this year’s ICU Day

an attractive rate to make saving even

theme, highlights the spirit of the global

more rewarding.

credit union movement. Learn more about International Credit Union Day and all Hanscom FCU events at

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Be PREPARED

www.hfcu.org/events.

To set up a CU Thrive account, stop by a branch

or call us at 800-656-4328 for details.

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5 Ways to Whip Your Investments Into Shape

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on’t wait until the end of the year rush to assess your investment portfolio. Whether you have an employersponsored retirement plan, a brokerage account, or both,

you still have time to improve your strategy this year.

Take a look at these tried-and-true investing strategies you can put into practice anytime.

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Choose an appropriate asset allocation How you divide your investments among major asset classes such

as stocks, bonds and cash equivalents has a major influence on the returns your money will earn. Each asset class tends to react differently to market and economic conditions, so by dividing your money among them, gains in one asset class may help offset losses in another. The asset allocation that’s right for you depends on your goals, timeline and risk tolerance.

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Maintain a long-term outlook Investment prices routinely experience ups and downs, called

volatility. If you don’t intend to tap your investments for many years, the day-to-day and even year-to-year performance shouldn’t be a

may have drifted to 67% stocks, 25% bonds, and 8% cash equivalents,

major concern. What matters is the result at the end of your investment

a more aggressive mix than you first committed to.**

period. Historically, over the long term, the direction of the stock and bond markets has been up.

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To rebalance, you can sell shares in the asset class that’s overweight and use the proceeds to buy more assets in the underrepresented classes.

Take advantage of dollar-cost averaging

Or you can redirect future money to the underweight classes to realign

A systematic investment plan, often called dollar-cost averaging,

your portfolio over time.

can help manage volatility and even make it work in your favor.* It’s a very simple strategy: You invest a set dollar amount at regular intervals, regardless of what the market is doing. That way, you don’t risk buying all your shares at the “wrong time.” You buy fewer shares when prices are high and more shares when prices are low.

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Schedule a portfolio review with a professional An honest assessment of your portfolio by an objective party boosts

your confidence that your investments are working for you and will serve you well no matter what the year ahead brings. The financial consultants at Hanscom Financial Services can help you understand your options

If you invest in a 401(k) or other retirement plan at work, you’re already

for saving and choosing the investments that are right for you. Schedule

taking advantage of this approach with payroll deduction.

a free consultation at www.hanscomfinancialservices.org or call

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800-656-4328 ext. 2236.

Rebalance regularly Rebalancing means to adjust your portfolio periodically to keep it

in sync with the target asset allocation and risk level you’ve chosen. For example, say you chose an asset allocation of 60% stocks, 30% bonds, and 10% cash equivalents. If stocks did well since then, your allocation 6

Fall 2017

* Dollar-cost averaging (systematic investing) cannot guarantee a profit or protect against loss in a declining market. You should consider your ability to continue investing during periods of low price levels. ** Asset allocations are hypothetical and not intended to suggest appropriate allocations for any individual.

Investment products: Not federally insured | Not a deposit of this institution | May lose value

Hanscom FCU in the News 1

BeINVOLVED

Tuck the Bear Helps Kids Sleep Soundly Tuck, a 6-foot teddy bear, spent a few weeks at our branches

spreading the word about A Bed for Every Child. This initiative of the Massachusetts Coalition for the Homeless raised funds to provide new beds for children in need. Thanks to donations from generous members and visitors, Hanscom FCU contributed enough to fund three beds.

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A Hero’s Welcome at the Ballpark Mike Kaminsky, Hanscom FCU Hero Among Us, enjoyed a

Spinner’s game at LeLacheur Park. Mr. Kaminsky is a World War II veteran. He served in the 42nd Rainbow Infantry in Germany under General Patton. Today he lives an active life at Bedford Green, located on the grounds of the Bedford VA Hospital.

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Meet Hanscom FCU Rising Star Lola Johnson Lola Johnson, manager of Hanscom FCU’s member relations

center, was named a Credit Union Rising Star by the Cooperative Credit Union Association. The award recognizes the brightest and most vibrant young credit union employees in the region. Lola joined the credit union in 2004 as a call center representative. Since then, she has been

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an example of leadership, creativity, and service to the community.

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HMS Student Gives Advice, Wins Essay Contest

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Hanscom Middle School Student Emma Dominy was chosen as a finalist in the 27th Annual Massachusetts Student Essay Contest presented by the Cooperative Credit Union Association (CCUA). Her advice about spending and saving money won out over 800 entries submitted by seventh- and eighth-graders throughout the state.

Standing with Emma at the ceremony, from left, is Hanscom FCU President/CEO David Sprague, her parents Matthew and Cara Dominy, and Hanscom FCU Chairman of the Board Paul Marotta.

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Hanscom FCU Provides Award-Winning Service to Veterans

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Hanscom FCU was recently recognized by the Marketing Association of Credit Unions with a silver MAC Award for community engagement, focusing on our efforts to support U.S. military veterans. We conducted over 150 events last year, helping our veterans with personal financial education tools, branch service at three VA Hospitals, charitable resources, and partnering with community organizations. Pictured are three Coast Guard members at one of our popular ice cream deliveries.

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Contact Us Headquarters: 1610 Eglin Street | Hanscom AFB, MA 01731 800-656-4328

1610 Eglin Street

www.hfcu.org

Hanscom AFB, MA 01731

Download our free app for iPhone®, AndroidTM, and Kindle Fire.

Go green. Log in to Online Access HD to sign up for online statements. Learn more at www.hfcu.org/statements.

Routing Number (for direct deposits and withdrawals): 2113-8048-3 NMLS# 410771 To report a lost or stolen ATM & Check Card or Credit Card call: 800-656-4328 Overseas (24 hr): 412-552-2698 (call collect) 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. ©2017 Hanscom Federal Credit Union.

Federally insured

by NCUA.

Get Financially Savvy with Our Free Credit Card Guide

C

hoosing the right credit card is crucial to building your credit. Don’t leave this important decision to chance.

Learn the ins and outs of all those offers to find the card

that best fits your unique needs.

We’ve created a free guide especially for people who are new to credit. “The 20-Something’s Guide to Savvy Credit Card Ownership” covers why and when to choose credit over debit, how credit is established or ruined, how to use a credit card to improve your credit score, and what to look for in a financial institution.

You’ll feel empowered and get the financial advice you need to make smart credit card choices. Don’t miss the bonus Credit Card Checklist on page 7 of the guide that you can customize to compare the credit cards you’re considering!



Be IN THE KNOW

Get your free copy at https://go.hfcu.org/cc.