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A quarterly online publication

for HRCCU Member/Owners.

New Home Loan Rates! First Time Homebuyers Workshop Last Call for College Scholarships!

New Auto Loan Rates Available.

PLUS... Need to Skip a Loan Payment? Find Out How. April 2014

Making Life Better


From the Operations Center Commit to improving your financial situation in 2014! We at Hudson River Community Credit Union have started our year off strong and continue to see steady growth in membership. I hope that you have enjoyed a prosperous start to your year as well! While we are still early in the year, why not take this opportunity to consider improving your Sue Commanda financial situation with the products and CEO services available through HRCCU! 1. Refinance your high interest credit cards. Do you have a high interest bank, department store or gas credit or charge card? Why not consolidate your credit cards into a single low-rate HRCCU Platinum Visa card. We offer low rates, no annual fee, and a special introductory, low rate, no fee balance transfer offer for new accounts. 2. Purchase or refinance your vehicle at a low interest rate! Springtime is when many of our members begin to shop for new and used vehicles. Just in time for the spring auto shopping season, we have lowered our interest rates and expanded the model years that we will finance! See hrccu.org for details. If you are in the market for a new or used vehicle, I encourage you to take a look at our new loan rates. Apply for low-rate HRCCU vehicle financing at over twenty dealers throughout our service area. Check hrccu.org for details and a list of dealers by brand! Did you finance the purchase of a new or used car, truck or motorcycle during the past year? If so, consider refinancing your loan with us. Refinancing your vehicle at a lower interest rate can decrease your monthly payments - or reduce the number of monthly payments you will owe! 3. Use HRCCU financial education tools! Make this your year to try one or more of our convenient FREE HRCCU financial education programs. Participation in our on-site education programs and available online education, combined with our low-interest rate products and friendly, helpful staff can provide you with the tools and the know-how you need to improve your financial situation this year!

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Welcome to HRCCU’s new feature...Live Chat!

Chat online with an HRCCU Call Center Representative through our website at any time during our regularly scheduled business hours! It’s safe, secure and immediate. After hours Credit Union product and service information is available at hrccu.org. Think of a question for us after hours? Simply send HRCCU an email, and your question will be addressed the next business day.

HRCCU Plans Rebuild of Corinth Branch Work on HRCCU’s Corinth Branch is scheduled to begin in the Fall of 2014. The existing building (which is more than 50 years old,) will undergo a rebuild with completion anticipated in the spring of 2015. Member service at the branch will continue uninterrupted during this process. We will notify members of our progress via emails, newsletters and hrccu.org. Memorial Day Saturday, May 24th and Monday, May 26th Independence Day Friday, July 4th and Saturday, July 5th Labor Day Saturday, August 30th and Monday, September 1st When our branches are closed, access your accounts via Virtual Branch, Mobile MoneyTM or our Audio Response System and withdraw cash at any of our fee-free ATMs!


Important Account Info

Don’t let card fraud slow you down this summer. There has been a sharp increase in the number of fraudulent debit and credit card charges, especially in foreign countries. If you plan on traveling for business or pleasure this summer, please notify Hudson River Community Credit Union as soon as possible before you plan to travel. Tell your credit union representative if you will be traveling domestically or internationally and using either your VISA® Credit Card or your VISA® Debit Card. Authorize international charges to your debit card, with one quick call to 654-9028 or ask a Credit Union representative at any branch.

Mark Your Calendar! You have until April 15, 2014 to make a contribution to an Individual Retirement Account (IRA) for the 2013 tax year! For more information, contact an HRCCU Representative at 518-654-9028 or visit our website at hrccu.org.

CONVENIENCE CHECKS AVAILABLE Are you an HRCCU Visa Platinum Credit Cardholder and need paper checks for one or more large credit card purchases, to pay bills or to transfer balances from your high-balance charge and credit cards? Just request NO FEE Visa Platinum Credit Card Convenience Checks! Your HRCCU Visa Platinum credit card account is extra versatile. Our NO FEE Convenience Checks look like and are accepted like regular checks, but the amount of your purchase or payment is charged to your HRCCU credit card account.

FRAUD WATCH

Phishing Scam Resurfaces

Some of our credit union members throughout the area have reported receiving calls from individuals telling them there has been suspicious activity on their account. The caller then prompts them to enter personal information such as an account number, a personal identification number (PIN) or credit card information. The scammer is just trying to gain confidential account information. Remember to never give out confidential information. If you think that you may have been a victim of a phishing scam, you should close your account and open a new one. If you believe your personal information has been stolen, you can add a code word to your account and anyone trying to gain access to your account will have to know the word. If your card number was stolen, we can block your current card and reissue another one.

Use your Convenience Checks to: • Consolidate your higher interest rate accounts • Pay bills • Send a gift • Access your line of credit • Make a down payment on a new car As long as you stay within your credit limit, there is no minimum or maximum dollar amount that can be written. Request your Convenience Checks:

• Simply call us at 518-654-9028 or 1-866-291-2973 • Stop in to any of our conveniently located branches

If you receive paper statements, request your Convenience Checks prior to the 21st of any given month, meet eligibility and credit availability requirements - you will receive two (2) Convenience Checks in your next monthly Visa Credit Card statement. You may request Convenience Checks once every thirty (30) days. If you receive HRCCU Visa eStatements, you may order Convenience Checks once every 30 days at any time during the month. You will receive three (3) Convenience Checks per request and they should arrive within 7 - 10 days of the request.

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For Our Member/Owners

Need to Make Home Repairs or Improvements?

2.50%

New Roof

Rates NOW as low as

Replacement Windows Gutters

A.P.R.* Other rates and terms available.

Replacement Doors Siding

New Porch, Deck or Patio

Our new low Home Loan rates give you the flexibility to borrow what you need, when you need it. You can always access your funds 24/7 through Virtual Branch Online Banking! To learn more about all of HRCCU’s loan options, rates and terms:

Even Landscaping, a Pool or Garage!

Call, Click or Stop By Today!

*A.P.R. = Annual Percentage Rate. Rates, terms and conditions are subject to change and may vary based on creditworthiness qualifications and collateral conditions. All loans are subject to approval. This loan offer is available on new home loans or existing HRCCU home loans. NOTE: Home loan financing may be tax deductible. Consult your tax professional about deductibility in your situation.

FREE First Time Homebuyers Workshop

Thursday, May 8, 2014 • 6:00 - 8:00 pm

HRCCU Operations Center, One Third Street, Corinth

Tom Iuorno Homeowners Advantage

Lorie VanAuken HRCCU

Joe Mulone Licensed Real Estate Agent Garnet Realty

This FREE workshop will address the following topics: • Understanding your credit report • The importance of pre-qualification • A step-by-step explanation of the mortgage application process • The role of the realtor • Understanding the purchase contract • Tips and considerations to make buying your first home easier!

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For Our Member/Owners Dealer Financing or Credit Union Financing: Which is better for me? Sometimes, it can feel as though shopping for a car loan is more difficult than shopping for the car itself. Here is some good information on vehicle financing to know - before you sign on the dotted line. Credit Union: When you apply for a loan at a credit union, you have the opportunity to create a relationship with the lender. By doing this you can persuade the credit union that you are responsible with your finances. Personal interactions allow you to explain in detail that you’re not at risk and that you will pay back the loan. Additionally, credit union financing is typically simple interest, which mean interest is paid out evenly throughout the duration of the loan. Traditional Dealer Financing: When you walk into an auto dealer and explain that you need financing before you can purchase a car, the salesman will typically help you pick a car and then sit down to discuss financing. He will begin sending information to financial institutions that he works with on a consistent basis or he may send your information to a manufacturer’s financing department such as Ford Motor Credit. If you are approved for a loan, it is based on your financial data alone; nothing you say will likely impact the decision. In addition, dealer financing may come with a higher interest rate that is front-loaded. Front-loaded loans result in a large portion of your payment going toward interest at the beginning of the loan and more going toward the principal payment at the end of the loan. Buy Here, Pay Here Dealerships: Financing is often done at the dealership itself because there’s no outside financial institution to go through. Typically these dealerships offer loans that include higher-than-normal interest rates. These loans are almost always front-loaded. You must pay your loan payments at the dealership itself. When shopping for your next new or used vehicle, talk with an HRCCU Financial Services Representative first. We’ll work with you to get the best interest rate and a low payment you can afford down the road.

Has the Winter taken a toll on your vehicle? Update your ride with a low rate auto loan from HRCCU!

% 1.99

Rates NOW as low as

APR*

(Model Years 2011 - 2014)

• Loans now available for ALL model years • Shop online inventories of over twenty dealers at hrccu.org! • Prequalify or apply online, by phone or in a branch.

Call, click or stop by for details and to apply today! * A.P.R. = Annual Percentage Rate. Offers listed herein are available for qualified HRCCU members only for new/used auto and motorcycle loans approved after 2/15/14. Rates, terms and conditions are subject to change an may vary based on creditworthiness and collateral conditions. Vist hrccu.org for more details. 4


For Our Member/Owners

Reach your long term savings goal with our high yield 15 Month IRA Certificate Special!

0.50% A.P.Y.*

$500 minimum deposit required.

The rate and term for this IRA Certificate Special are only available for a limited time, so act now! Find out more. Ask an HRCCU Financial Services Representative for more information today! *APY= Annual Percentage Yield. Dividends are compounded monthly and paid on the last day of the month.

Which is better - Money Markets or Share Certificates - for your portfolio? Certificates and money market funds are popular choices for investing. Both offer a unique set of advantages, terms, yields, pricing, conditions and restrictions. Depending on your circumstances, either or both can work for you when trying to find a place with a relatively secure stream of interest income. Certificates: You can calculate expected earnings at the outset of the investment. Maturities on certificates can range from a few weeks to several years. The drawback is that in order to have a higher rate of interest, you must opt for a longer maturity and you will lose access to your funds and forgo alternative uses of your capital. Money Market Account: This account offers many of the benefits of a certificate but has the added feature of check writing. Some financial institutions place a limit on the number of checks that can be drawn against the account in any given month. If you have a larger balance, you might be able to get a slightly higher yield with a shorter maturity time thus freeing your funds for other uses. The rate of interest is directly proportional to the investor’s level of deposited assets, not to maturity as in the case of certificates. Both savings accounts can be useful. For those who need access to their capital and/or have higher cash balances, money market accounts are often the better choice. For those who want to time maturities to certain events or benefit from a willingness to lock away savings for a long period of time, certificates are often the better portfolio selection. Plan For The Unexpected With An HRCCU Money Market Account Do you have a plan in place for your short-term needs and emergencies? With a money market account from HRCCU you can earn higher dividends and you will always have easy access to your funds online, over the phone or in a branch. • Deposits are NCUA Insured • Earn more as you save more with tiered interest rates • Make up to six transfers or withdrawals per month *APY= Annual Percentage Yield. Dividends are compounded monthly and paid on the last day of the month.

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Balance

Dividend Rate

APY*

$1,000 - $9,999.99

0.15%

0.15%

$10,000 - $24,999.99

0.20%

0.20%

$25,000 and up

0.25%

0.25%


For Our Member/Owners New Enhancements To Virtual Branch Log on On March 13, 2014 HRCCU launched an updated version of Virtual Branch. The image that appeared as a part of your log on process (above the Security Code) is no longer displayed. Now, after you log on, you are prompted to re-enroll in Enhanced Authentication by selecting new security questions and a Security Phrase. The Security Phrase will replace the image you are currently using. It is not your Security Code (password). After enrollment, when you logon, this phrase will display in the same place as the previous image. If you haven’t logged on to Virtual Branch since March 12th, you will need to: 1. Replace your existing image with a phrase of your choice. 2. Create three (3) new Challenge Questions with Answers.

YOUR OWNER’S GUIDE TO HRCCU Doug Collignon, Chief Information Officer Spring - A Time for Change! Regardless of the view out your window, it truly is spring. Springtime heralds many changes - and change is what we have seen in our Information Technology department and in the digital services we provide to our members.

You will not be required to change your Log on ID or your Security Code.

I’d like to recap a few of the most recent system enhancements:

Should you have any questions or concerns, please call us at 654-9028 or 1-800-824-0700.

Upgrade to Audio Response HRCCU’s popular Audio Response Telephone Banking System was upgraded on April 8th. Members will notice new log on requirements to access the system and see new menus that provide faster, more convenient access to their accounts. Telephone calls were made and emails sent to current users explaining the details and new log on instructions.

CHANGES TO THE AUDIO RESPONSE SYSTEM HRCCU’s Audio Response Telephone Banking System underwent a system upgrade on Tuesday, April 8, 2014. Please note the following system changes: • There are new system log on instructions. Please see below. • The system provides options customized to your individual account. • Some prior menu options have been consolidated for fast and easy access. New System logon instructions Access our new Audio Response System by following these instructions:

• • • • •

Dial 518-654-7330 (518-237-4582 in the Troy/Cohoes area). Select where you wish to go when prompted. Enter your Member ID number then the # sign. Enter your Personal Identification Number (PIN) #. Enter the last four digits of the primary accountholder’s Social Security number.

Security Upgrade to Virtual Branch On March 13th, we implemented a “Multifactor Authentication” security upgrade to our Virtual Branch Online Home Banking System. This was done to strengthen our already secure home banking system. “Live Chat” added to hrccu.org Monday, February 24th saw the implementation of a “Live Chat” function to hrccu.org. Always available for members through Virtual Branch, this allows members and non-members access to chat during our Call Center regular business hours. Changes in the digital world happen quickly. We’ll keep our members posted on future upgrades and enhancements that will help make your life better!

Click here to download a PDF file of the new Audio Response System map. 6


HRCCU In the Community Details Coming Soon!

7th Annual

G OL F CL ASSIC

You “like” us as your financial partner, now you can “Like” us on Facebook! Be among the first to learn about HRCCU member events and contests, new and updated member discounts, free workshops, weather related office closings and more. Find us on Facebook at: Hudson River Community Credit Union VOTE FOR HRCCU! It’s time to vote in the Times Union ”Best of the Capital Region poll. Find us in category “7” in the “Goods and Services” category.

Discount Programs for Members Only! As a member of HRCCU, you have access to special discount programs that help you save money on insurance, admission to theme parks and special attractions and more! Tell these local merchants that you’re an HRCCU member and save money! Only By Hand Car Wash - Glens Falls G&S Printing - Fort Edward Major League Barbers - Saratoga Springs Meme’s Florist - Corinth Clearview Exterior Cleaning Solutions - Corinth Seeley Office Systems - Glens Falls M & M Digital Printing - Glens Falls Save on nationally-known brands, including: Dell GM DirecTV and more! Visit hrccu.org for discount details, pricing and purchase locations. Our Member Discount Program offers savings on products, services and entertainment. To receive your member discount, tell the retailer before your purchase that you are a member of Hudson River Community Credit Union and make your purchase with an HRCCU VISA Platinum Credit or HRCCU Debit Card. If you are buying with cash or a check, simply show your HRCCU Member ID card at point of purchase.

Tax Day is Almost Here!

April 15th is fast approaching! This year, trust yourself to do your own taxes. With TurboTax, you can be confident they’ll be done right. Plus, HRCCU Members can save money on TurboTax federal products. No tax knowledge needed. TurboTax translates taxes into simple questions about your life, and puts your information in the right places for you. Double checks as you go. TurboTax coaches you every step of the way and automatically double checks your return for errors. You’re never alone. If you have questions, TurboTax has answers and is ready to help. As always, with TurboTax you’re guaranteed to get your maximum refund - or your money back. Don’t wait any longer - get started now! © 2013-2014 Intuit Inc. All rights reserved. State filing charges apply. Limited time offer for TurboTax 2013. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of their respective owners.

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For Our Youth & Young Adult Member/Owners FINAL CALL for 2014 HRCCU Scholarship Applications!

HRCCU College Scholarships HRCCU is offering five $1,000 scholarships in 2014 to qualified members attending an accredited 2 or 4 year institution of higher education. For students in need of money to pay college tuition, an HRCCU scholarship can help ease the burden of tuition costs. Deadline for application is April 11, 2014.

Making Life Better Scholarship HRCCU will also offer one $1,000 scholarship for a member who excels academically and has volunteered 40+ hours of exemplary community service work in the last 12 months. Applicants must be high school seniors and HRCCU members in good standing who are graduating in June and plan to attend an accredited college or university for the first time in the Fall of 2014. Deadline for application is April 11, 2014. Applications for all scholarships are available online at hrccu.org, at local school guidance offices and at all HRCCU branches. Please note that parents’ membership does not qualify a student for eligibility in any HRCCU scholarship contest. Student must also be a member of HRCCU.

If you would like more information on the above scholarships, please visit our website or contact Christine Somers by phone at 518-654-9028 or email at csomers@hrccu.org.

CATCH THE HRCCU $AVE WAVE DURING NATIONAL CREDIT UNION YOUTH WEEK APRIL 20 - 26, 2014

Kowabunga! Celebrate National Credit Union Youth Week by surfing your way over to HRCCU! This year’s theme “Catch the $ave Wave” highlights tips and resources you can use to boost good habits and “hang ten” on the $ave Wave. This year we have multiple ways to gain entry into our Youth Week contest. One lucky youth member will be chosen to win a 4 pack of tickets to the Great Escape Lodge Waterpark and a surfing lesson! So stop by Hudson River Community Credit Union for your Prize Passbook and then get in on the action. There are multiple ways to enter:

1. Open an HRCCU Youth Account and receive a slide rule calculator. 2. Make a single deposit of $25 or more and receive a slide rule calculator. 3. Make a single deposit of $100 or more and receive a slide rule calculator AND beach towel. 4. Like us on Facebook! 5. Visit hrccu.org and find our new mascot, “HRCCULES”! Use the form on our website to tell us where you found him. 6. Stop into an HRCCU branch and meet the Branch Manager. 7. Submit the coloring form of “HRCCULES” to your local branch by April 26th. (For ages 1 - 6, forms are in branches and at hrccu.org)

Meet “HRCCULES”, our HRCCU youth program mascot.

So surfers, bring your savings into HRCCU, and we’ll show you how to grab some air and carve through the $ave Wave.

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Credit Union Partners

FREE COMMUNITY FINANCIAL EDUCATION WORKSHOPS Healthy Money Habits for Kids

Wednesday, April 16 10:00 am - 10:30 am or 10:35 am - 11:-05 am Cohoes Community Center 22-40 Remsen Street, Cohoes Pre-register by calling 654-9028 ext. 2131 or csomers@hrccu.org. All are welcome! This workshop is designed to provide elementary-aged kids a fun introduction to money management topics. We explore attitudes about money, how to set goals, the importance of saving and making good spending choices all through hands-on activities. This is a fun, creative way to start creating healthy money habits for kids.

Presented by:

Making Life Better

www.hrccu.org www.hrccu.org

Can’t make it to one of our free workshops? HRCCU provides financial education through its Financial Literacy and Member Resources pages found at hrccu.org. Find calculators, take quizzes, view educational videos and more!

Budgeting on a Fixed Income:

Explore how to redefine income and find ways to meet monthly expenses. Wednesday, April 23rd 10:00 - 11:00 am The workshop will be held at The Cohoes Senior Center, 10 Cayuga Street, Cohoes All are welcome to attend. Center membership not required. Seating is Limited. Call to reserve your spot today! Pre-register online at hrccu.org/corporate-info/hrccu-financial-literacy, by calling Christine at 654-9028 ext. 2131 or csomers@hrccu.org. 9


For Sale by the Credit Union Occasionally, Hudson River Community Credit Union will offer property, vehicles, and recreational vehicles for sale in “As Is” condition. The process is simple. Vehicles, Campers and Travel Trailers are offered for sale on a bid basis. Choose the item you are interested in, complete the bid form and submit it to HRCCU. Forms available in-branch or online. Homes and property are offered at asking price. To purchase the real estate or for more details, contact the Realtor© listed on the information page. Be notified when new vehicles or properties become available. Visit our For Sale page in the Quick Link section at hrccu.org and register today!

Celebrate Earth Week with HRCCU!

SAVE THE DATE! 3rd Annual HRCCU FUN Day at the Great Escape

Only

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t foo

Grea

$35

Fam

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un!

Per Person

Price includes:

Individual park admission, parking, all-you-can eat buffet lunch and fountain soft drinks (a $100 value!)

Sunday, July 20, 2014 10 AM - 6 PM Great Escape Season Ticket Holders: Pay only $17 for parking, all-you-can-eat buffet lunch and fountain soft drinks!

Partial proceeds will be donated to: Local Youth Centers Tickets will be available in all branches by May 27th. While supplies last!

We’re holding our 3rd Annual Community Electronics Recycling Event Saturday, April 26 9:00 am to 12:00 pm at our Corinth, Glens Falls and Troy branches ERSI Electronics Recycling and Scrapping will be on hand to collect: Computers, printers, scanners, keyboards, mice, cords, power supplies, TV’s 20” and under, LCD, LED and CRT monitors, copiers, office electronics and small household electronics. NO glass inside microwaves or mixers; NO Alkaline batteries, NO light bulbs of any kind.

For a full list of items accepted, please visit hrccu.org. 10


Credit We’re offering you a little financial relief after a long, tough winter! With the biting winds and snow storms, it’s been a tough winter. Many of our members have experienced higher than usual fuel costs. We realize money may be tight and HRCCU would like to help you with a limited time offer Skip-A-Pay Promotion. • Qualifying members can defer a monthly payment on any eligible HRCCU loan and we will advance both your payment due date and your loan maturity date. • Interest will continue to accrue during the month the payment is skipped. • Skip-A-Pay does not apply to Home Equity Loans/Lines of Credit, Interest Only and Indirect Lending Loans. • A $20 fee will apply for each loan payment skipped. • Members may opt to skip one loan payment per loan only once during the promotional period. • Offer expires June 30, 2014. • Loans must be at least 6 months old to qualify. • All loans must be up-to-date and you must not have had a past due payment history within the past 6 months. • Your HRCCU account must be in good standing. Simply call us at 654-9028 and we’ll get the process started!

A fee of $20 will be assessed per loan. You may skip one loan payment per calendar year. Interest and any charges for disability, and/or life insurance will continue to accrue for any skipped month. By participating in the Skip-A-Pay program, you may have a balance owed in connection with a GAP insurance claim due to the extension of the contract maturity date. This offer does not guarantee eligibility. HRCCU reserves the right to change loan eligibility at any time. 11

Which do I pay off first? High Interest or High Balance Credit Cards This can be a tough question for someone struggling with their personal finances. There is no one answer in every instance that is always correct. On one hand, a high interest rate card costs you money every month and compounds what you owe every 30 days. That’s bad news if you are carrying a credit card with a 29% interest rate. On the other hand, high balance cards are a drain on your wallet too. Even if you have a low interest rate, you might be paying a hefty chunk of cash each month on a big balance. So what should you do? Start with one card. Pay the minimum on all the rest and pay everything you can into that one card. It costs more to carry a balance on a high interest rate credit card. The longer you take to pay off the card, the more money it costs you. Paying off high interest rate debt saves you money and usually lets you pay off the debt faster. For Example: Credit Card A has a $3,000 balance and a 22% interest rate. Credit Card B has a $1,500 balance and a 12% interest rate. You can spend $250 a month toward these debts. If you pay off Credit Card A first, you’d pay a total of $1,283 in interest and it would take you 39 months to become debt free. On the other hand, if you paid off Credit Card B first, you’d pay a total of $1,764 in interest and it would take you 42 months to become debt free. Paying off the high interest rate debt saves you $481 in interest and you’ll pay off the debt 3 months sooner. When you are ready to pay off your debts you have to decide if you need the motivation from paying off smaller debts at the expense of spending more money on interest. Don’t spend too much time thinking it over, the important thing is that you get started!

Having a hard time paying down those high-rate credit cards? Transfer the balances to an HRCCU Visa Platinum Credit Card and enjoy rates as low as 8.90% A.P.R.*! We’ll make your payments even more affordable with: • No balance transfer fees • No annual fee • No cash advance fee *APR = Annual Percentage Rate. Rates, terms and conditions are subject to change and may vary based on creditworthiness and collateral conditions.


The Last Word How to Reach Us PHONE: Corinth: ....................................518-654-9028 Glens Falls and Hudson Falls: 518-743-0561 Troy and Cohoes:.................... 518-237-1121 Toll Free:.............................. 1-800-824-0700 24-Hour Audio Response System Corinth, Glens Falls & Hudson Falls:.......................518-654-7330 Troy and Cohoes: ...................518-237-4582 FAX: ........................................518-654-7234 Loan FAX: ...............................518-654-6507 WEB: www.hrccu.org Email: General questions: Collections: Donation Requests:

info@hrccu.org alemay@hrccu.org donations@hrccu.org

Operations Center: One Third St., Corinth, NY

12822

BRANCHES AND 24 HOUR ATMS: CORINTH: 312 Palmer Avenue COHOES: 35 Niver Street GLENS FALLS: 160 Broad Street HUDSON FALLS: 3762 Burgoyne Avenue TROY: 40 Leversee Road BRANCH HOURS: Monday to Wednesday Lobbies: 9:00 am - 3:30 pm Drive Thrus: 8:00 am - 5:00 pm Thursday and Friday Lobbies: 9:00 am - 6:00 pm Drive Thrus: 8:00 am - 6:00 pm Saturday: Lobbies: 9:00 am - 1:00 pm Drive Thrus: 9:00 am - 1:00 pm

Comments? Please forward your comments on our online magazine to info@hrccu.org. Edward M. Behan

AVP, Marketing & Communications Christine Somers

Manager, Community & Electronic Media Federally Insured by the NCUA

One of the fastest growing and least understood crimes in the United States involves financial exploitation of vulnerable and incapacitated adults. Some elderly people add family members to bank accounts for emergency purposes only to have the relatives withdraw all of their funds. Financial institutions are quick to suspect elder financial exploitation based on bank personnel familiarity with their elderly customers. Often, vulnerable adults do not report abuse because they are ashamed or afraid that they might lose their independence. Anyone can be a victim of financial exploitation. It crosses all social, educational and economic boundaries. Elder financial exploitation is the theft of money, property or belongings often by close family members who gain access to the victim’s financial information. Whether the abuser is an outsider or a family member, here’s what to look for: • • • • • • • • • • •

Erratic or unusual banking transactions or a change in banking patterns. Sudden Insufficient Fund activity. Closing of certificates or accounts without regard to penalties. A caregiver or other individual shows excessive interest in the elder’s finances or assets. The elder lacks knowledge about his/her financial status. Uncharacteristic attempts to wire large sums of money. The elder shows an unusual degree of fear or submissiveness toward a caregiver. Legal documents such as powers of attorney which the older person didn’t undertsand at the time he or she signed them. Belongings or property are missing. Absence of documentation about financial arrangements. The elder is unaware of or does not understand financial arrangements that have been made for them.

What should you do if you or someone you know becomes a victim of financial exploitation or another form of elder abuse? In most cases, you would contact Adult Protective Services, generally a part of your county or state department of social services. You can find contact information at www.eldercare.gov, a public service provided by the US Administration on Aging or by calling 1-800-677-1116. For cases of identity theft, contact your local police and the Federal Trade Commission (FTC). If the loss involves the funds held in a financial institution, such as a bank or credit union, report the problem to the institution immediately. 12


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