Milestone Magazine 1st Quarter 2023

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Meadville

Our Offices

868 Park Ave Meadville, PA 16335

Main Line..........................................814.336.2794

300 Arch St. Meadville, PA 16335

Toll Free............................................888.299.7351

Debit Cards Activate/Pin Change...........800.992.3808

Saegertown

Lost/Stolen...................................833.337.6075

280 North St. Saegertown, PA 16433

Fraud Watch.................................844.682.4502

Conneaut Lake 10998 State Highway 18 Conneaut Lake, PA 16316

Credit Cards Activation.......................................800.456.6870 Lost/Stolen...................................800.991.4961 Card/Balance Info.................800.433.0505

Cochranton 180 N. Franklin St. Cochranton, PA 16314

Online Website www.onefcu.com

Web Banking onlinebanking.onefcu.com

Email info@onefcu.com

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IN THIS ISSUE: 2 Letter From The President 3 2022 Financial Review/IRA Updates 4 Community & Events 6 Event Calendar 7 Technology: 8 Financial Wellness: 10 Business Spotlight 12 Financial Relationships: 14 Youth: 16 Fraud: 18 Checking in From: 19 Credit Union Culture: Online and Mobile Banking Feature Enhancements

Rethinking Spending and Debt

The Relationship With Your Credit Union (or Bank) is Still Important Website Updates

Fake Check Scams

A Word From Our Branch Managers Differences Between Credit

Unions and Banks

Insured by NCUA

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As one year welcomes the next, millions of people are taking this time to reflect on the past year to assess what was and to envision the year ahead to make choices on what can be. So, I take this moment to share some of my thoughts with you.

In 2022, a conducted national survey revealed that 84% of Americans made a New Year’s resolution to improve their financial situation. With inflation still a factor as we enter 2023, Americans are expected to continue prioritizing their financial well-being by, once again, making resolutions to achieve monetary goals throughout the year. Many of the goals we’ve seen in the past include paying down debt, improving one’s credit score, saving more, and creating a personal budget.

These financial goals are, more than likely, what we will see Americans working to achieve in the upcoming year as well.

At ONE Federal Credit Union, we pride ourselves in providing products and services to help our members meet these goals. Working to reach monetary achievements, whether big or small, can be a daunting task to take on by oneself. That is why ONE provides an abundance of products and services for our members to utilize in their venture toward financial well-being.

One of the all-inclusive tools we offer to our members is Money Desktop through online banking.

Utilizing this service allows members to view transactions and spending breakdowns for specific date ranges, set up financial goals and budgets, and view trends to see how their spending looks over time. This is not only beneficial to help members reach their goals, but also helpful in keeping members on the right track even after achievements have been met. Additionally, by adding cash events to track important dates surrounding money, members can guarantee themselves financial preparedness in the future.

We also understand the benefit that financial advice can have when working to meet goals.

Along with offering our members ways to better manage their money, we also work to provide them with tools to build a better understanding of how to navigate their finances. ONE Federal Credit Union works to share tips and tactics to reach financial well-being through our Financial Wellness Program. Through this program, we offer solutions to consider when combating financial stress, inflation, unanticipated expenses, and more. If your financial goals include decreasing your debt or improving your credit score, ONE’s Financial Wellness Program also provides resources to actively overcome existing debt. Through Financial Wellness, members can access personalized assistance with budgeting, debt repayment, housing counseling, student loan counseling, and more.

For those who worked persistently in 2022 to achieve those financial goals and are now able to say “yes” to something bigger, turn to ONE for vehicle loans, mortgages, or personal loans.

Additionally, ONE will be enhancing business accounts and business lending products this year for the small businesses of our communities looking to target the financial momentum of their business. We will be announcing further details on these products in the near future. In addition, ONE has taken great strides to stay competitive in the market of rising rates, by increasing dividends on deposit accounts. As a member of the credit union, our team works to empower your goals, dreams, and life that happens in between. To find out about the many other products and services offered at ONE, visit us online or in-person to speak to one of our amazing team members.

In closing out one year and looking well into the next, ONE continues to pride itself with remembering that it is you, our members who have made us who we are today and who we will be in the future. Thank you for trusting us with your financial needs, and we look forward to serving you for many more years to come.

Thank you for allowing me to serve you.

Heather Clancy-Young CEO/President

FINANCIAL REVIEW / IRA UPDATE

Financial Review Wow, 2022 was a different year with what we were experiencing with rates. The Federal Reserve increased rates several times last year. The Fed Funds rate puts a lot of pressure on financial institutions to follow suit. Therefore, you are seeing CD and loan rates at the highest they have been in well over 10 years.

The speed at which the Federal Reserve is increasing the fed funds rate is hindering the rate at which financial institutions can follow. This explains why you are just now seeing rates in the upper 3%, maybe even 4% range. Over time, we will continue to see specials being run, which will allow financial institutions to align their balance sheets accordingly.

In my opinion, we will see rates go up more, and then, just as quickly as they went up, they will go back down and likely, or should I say hopefully, settle around the 1-3% range.

2023 IRA Contribution Limit Increase!

The limit on Individual Retirement Accounts (IRAs) has been increased for the 2023 tax year. Traditional and Roth IRA contributors can now contribute up to $6,500 in 2023, an additional $500 from the previous $6,000 limit. If the contributor is age 50 or older, they are also eligible for a catch-up contribution in an amount not to exceed $1,000. This catchup amount limit ha s remained the same.

The goal of a comfortable retirement begins with a small step. Let us help you get walking in the right direction! You control the amount and frequency of your contributions, with no minimum balance required. You can even automate the process with payroll deduction!

If you currently have an IRA with ONE, or are interested in starting one, please contact us for more information!

We can help guide you through starting your retirement fund today.

Contact our offices for more information.

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ONE Events & Community Service Get caught up on some of last quarter’s community service and events!

BREAST CANCER AWARENESS MONTH Our team at ONE Federal Credit Union came together this October to support Breast Cancer Awareness Month. Our team discussed what we could do to share support and pulled together a few ideas...

Each of our branches hosted a pink basket full of comfort items for breast cancer victims. Members who made a donation were able to nominate an individual to receive the basket. By the end of October, we raised a generous total of $615.00, which ONE FCU matched for a total donation of $1,230.00! The four basket winners have received their prizes and the donation was made to the Yolanda G. Barco Oncology Center. Thank you to all who donated and shared their story.

SANTA DAY On December 14th, ONE Federal Credit Union hosted Santa and all his friends for a spectacular evening of holiday fun.

Featuring Mrs. Claus, Rudolph, The Grinch & Cindy Lou, The Snow Queen & Princess, and more holiday favorites!

Families were able to get free printed pictures with Santa, hot cocoa & cookies from the baker elves, crafts from the toy shop, candy from the Grinch, stories and magic with The Snow Queen & Princess, and a lot of smiles. Our youth and team had a lot of fun sharing their Christmas Spirit.

Santa would like to let all the children know that he will make a return next year, so be prepared for another winter wonderland come Christmas season 2023!

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Community Spotlight!

Community Spotlight highlights organizations and individuals who help others and in turn, grow our community. In this issue, Meadville High School’s Caring Closet, run by Natalie Stearns, caught our attention after we made a donation. Here, Natalie, otherwise known by her students as Mrs. Stearns, details how the Caring Closet has grown and impacted MASH’s students.

THE CARING CLOSET The Caring Closet is a donation-based organization to which students who need clothing are directed. We aim to maintain student dignity above all, and this is precisely what ONE Federal Credit Union has helped us to continue. The school nurse and the Closet were both in need of undergarments for students, which is not typically something that we provide, but we are constantly finding places where they’re needed. We are always in need of gym clothes and leggings, and ONE Federal Credit Union really came through with a supply of those necessities .

Caring Cupboard was created to respond to a food insecurity issue in our complex. Students are selected on a desperate need basis. Community outreach to support our cause has been overwhelming.

In 2019, we established a toiletries program and a free laundry service at MASH called “The Laundry Basket.”

In 2020, we began stocking the restrooms with high quality feminine products as this was seen as a need in our school.

In the nearly 13 years that I have run the closet, never once has a parent tell me they didn’t want my help. I do believe that students age 13-18 are particularly often overlooked. The Caring Closet in its different branches addresses needs of students who are homeless, and even teen parents. I think that over the years, we have become something that the students trust and look to as a safe place to come for help at school.

Conversely, I am able to impact many students who have everything that they could possibly need by accepting donations and asking for their volunteer help in organizing our donations. They have a chance to interact with students in need and I help to guide them through this process as it is a learning experience for them and makes them feel as though they can make a difference to someone. They know how good it feels to show kindness.

Think someone else deserves a spotlight, too? Send us an email at marketingdept@onefcu.com and tells us who & why!

UPCOMING DATES 02.09.23 MEMBER APPRECIATION DAY Member Appreciation Days are always a great day to do banking. In the past, we’ve handed out all kinds of goodies, from snacks to seasonal items. Stop by Thursday, February the 9th for a special surprise!

02.27.23 DR. SEUSS WEEK Beginning 02.27.23 and running until 03.03.23, we’re celebrating Dr. Seuss Week to highlight the importance of reading. We invite members to donate new or used books to any of our branches which we will distribute to local elementary schools.

March 2nd, we have some fun planned for our youth members at each branch, so be sure to stop by!

03.29.23 EASTER BUNNY DAY Don’t miss your chance to meet the Easter Bunny! He had such a fun time last year, he’s decided to make a return. Light refreshments will be provided and families are encouraged to take pictures. Stay tuned for more information coming soon!

04.03.23 YOUTH MONTH BEGINS Come April, Credit Unions across the nation are kicking off Youth Month. This year, ONE Federal Credit Union has some special things planned for our youth members.

So, make sure to check in online or at your local branch for updates. Youth members will not want to miss this! More information will be released closer to April.

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HOLIDAY CLOSURES: JAN. 16 Martin Luther King Jr. Day FEB. 20 President’s Day APR. 07 Good Friday

TECHNOLOGY UPDATES

Online & Mobile Banking Feature Enhancements Did you know that our Online and Mobile Banking offer various features to make your banking experience easier; all from the comfort of your home, on your time?

Have you ever noticed when logging into Mobile Banking, our sneak peek feature at the bottom of the screen where it is written, “Tap to See Your Balance”? This is a cool feature that will let you see your balance and the last 5 transactions on an account of your choosing without having to log into the app. You can also schedule account-specific alerts to notify you either via text or email that: • • • •

Your balance is low.

A new deposit has been made.

A withdrawal above a certain amount has been deducted, Your loan payment is due.

You can also notify us if you are planning to travel out of town through our Travel Notification Center.

Simply click on the “Travel Notification,” enter which cards you will be traveling with, your travel locations, and your start and end dates, and we will take care of the rest.

With the Online and Mobile Banking, you can also...

• • • • • •

Inquire about transactions Place Stop Payments on checks Request Check Withdrawals Book an Appointment Open a new Account Deposit Checks with Remote Deposit Capture

Also, with tax time right around the corner, you can find all your year-end tax documentation conveniently loaded into our eDocuments section.

Explore the mobile app features and learn what you can do to maximize your banking.

The ONE FCU Mobile Banking is available on all platforms. Having trouble accessing your account? Give us a call and we’d be happy to help!

New Enhancements Launched in December • • • •

ONE FCU’s Routing Number is now listed for all Checking Accounts Instant Real Time posting for Mobile Deposits All pending transactions will now display the expected release date and Add notes to any transaction to help you remember what a deposit or charge was

We continue to upgrade and update our Online experience to best serve our Membership and we always love to hear feedback. If you have any questions or concerns, we are here to help you in any way possible!

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Rethinking Spending and Debt Financial freedom looks different to everyone, so it’s important to remember some core truths about creating a stable financial future.

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Not Everyone Needs Debt to Live Lavishly Having a mortgage or an auto loan is not a requirement for financial success. While loans can be highly beneficial to some, to others they can become a trap. The debt can become more than you can afford, and money isn’t the only thing you should consider. Your time and your energy are just as important. Consider the value of your time and energy as much as tangible things.

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Spending Less Can Lead to Bigger Rewards These rewards may not be apparent in the short term, but in the long term, you will see the benefit. Making spending decisions as a family and learning to do more with less can relieve the burden and stress that comes with an expensive and overstrained budget.

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Paying On Time is Important As an individual or household, it is important to become a responsible consumer. Paying on time establishes respect and is extremely vital when establishing and maintaining your financial wellness. Consumers who pay on time will see access to a larger variety of goods and services. The ability to borrow becomes easier and at a lower cost to those who keep a good payment history and sustain a good great score.

Every Decision Regarding Debt Deserves Thoughtful Consideration When considering a loan or purchases on a credit card, consider the value of the product or service. Is it a necessity, and will what you are purchasing maintain its value over the life of the debt? Consider the rate and cost of the purchase and how long it will take you to pay it off.

FINANCIAL WELLNESS

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You Can Determine Your Financial Future Financial mistakes and life events can create debts and challenges that can be difficult to overcome. But you have the ability to take contact of your financial future. The quicker you get started the more you can achieve.

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Don’t Settle for Minimum Payments Making minimum payments is a trap for the unwary and can lock you in a cycle of endless financial obligation, especially when it comes to credit cards. When looking to pay off credit card debt, speak with a trusted advisor or financial counselor to review your options and develop a plan and time frame to pay off your debt.

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Saving Creates Possibilities The only way to truly get ahead and take control of your financial wellness is to save.

This includes your day-to-day purchases and expenses, as well as your lifetime goals.

Establish a budget, consider your wants over your needs, set aside money monthly in an account for emergencies, and find resources to help you reach your financial goals.

‘‘

Habits of financial success are learnable, as all habits are, by practice and repetition.”

- Shane Johnston

As an institution supported by our members, we like to reciprocate that support however possible. Our Financial Wellness Program, newly established in 2022, is entirely free to our membership. If you are struggling to make ends meet, figuring out how to plan for future financial goals, or are recovering from ID theft or fraud, we can help you get on the right track. Get started today by scheduling an appointment online.

Casey Carlson Financial Wellness Coordinator 868 Park Avenue Meadville, PA 16335 ccarlson@onefcu.com 814-336-2794 Ext.403

BUSINESS SPOT SMALL BUSINESS

Explore some of our favorite local businesses and get to know them through their stories! Each quarter, we will spotlight local companies within our membership.

CHALETS BY THE LAKE If you’re looking for a private and comfortable getaway not too far from home, Chalets By The Lake has what you’re looking for! Nestled on a secluded 12 acres in Conneaut Lake, we offer 6 short term rental options with full kitchens. Each 550 square foot chalet sleeps up to 6 people; perfect for an affordable family getaway.

Support Local Business https://chaletsbythelake.com/

ONE FCU has been an instrumental part of the growth and success of our small business. Heather, Dan, Blake, Samantha, Marissa, and the entire team at ONE treat you like family and genuinely care about you and your business. When several members of the ONE team showed up at our open house on their own time, we knew we were working with the right financial institution.

They have a professional, genuine, and honest approach to banking, while aligning with our values when it comes to the importance of investing into the local community.

We look forward to many years of continuing to build our relationship with ONE.

Nominate a business or submit your own to be considered for a feature in our next issue! marketingdept@onefcu.com

LIGHT TLIGHT AUTO DEALERSHIP

PRIME RIDEZ LLC Prime Ridez LLC was born out of a lifelong passion for everything automotive. I grew up around a car lot, memorizing vehicle specs and dealer pamphlets instead of children’s books.

From hanging out in the wash bay and service department to checking out all of the inventory on the lot, I knew this is what I had to do. I have brought that dream to life to specialize in unique and hard to find cars, trucks, and SUVs. Support Local Business https://www.ridezllc.com/

We have had the pleasure of being a ONE Federal Credit Union member for over the last fifteen years.

It has always felt like a partnership in our endeavors, not a favor, like some institutions. At ONE, they are community-minded, and I feel that we share the same mission and values. We, like most members, are on a first name basis with the staff, and they are always friendly and attentive to our needs. They understand that as a business owner, there is no such thing as a day off. We have met with them after hours, on weekends, even at our locations, so that they could better understand our business and our goals. Heather Young and her staff are amazing at what they do, and I would highly recommend them to all businesses and individuals looking to grow and succeed!

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FINANCIAL RELATIONSHIPS

The Relationship With Your Credit Union (or Bank) is Still Important Most would attest that having a close relationship with your banker has become an antiquated idea since banking has become so automated. However, if the pandemic taught us anything, it’s that having a quick and reliable connection to your banker is critical. At ONE Federal Credit Union, our focus is on creating the perfect blend of technology and human connection. Below are some of the top benefits to having a reliable relationship with your business’s financial institution.

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Obtain Higher Levels of Customer Service Having a relationship manager provides you with a single point of contact at your financial institution, which saves you time and streamlines many of the banking processes.

Gain a Seasoned Advocate for Your Business Because your banker is familiar with your business, they can serve as your advocate across several platforms, such as communicating your situation to management or underwriters during loan processing. They may also serve as your advocate for speaking engagements or referrals to help promote your business

They Can Help You Acquire New Business and Business Contracts Since bankers are typically well connected and interact with a wide variety of professionals, they can easily assist you in networking with prospective vendors and clients.

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A Consistent Banking Relationship Simplifies the Banking Process Commercial lending can at times be a challenging process. Having a consistent banking professional in your corner can simplify the process and even eliminate a portion of the work on the business’s side. With each loan or account, the process simplifies over time.

At ONE Federal Credit Union, we value our relationships and our success hinges on our ability to assist you in all of your business and personal banking needs. For more information on how ONE Federal Credit Union can help your business grow, contact Daniel Webster.

Daniel Webster Jr. Executive of Relationship Management 868 Park Avenue Meadville, PA 16335 dwebster@onefcu.com 814-350-5915

Federally Insured By NCUA

$1,000.00 Minimum Balance, Tiered Savings Rates & Check Writing Ability.

Interested in learning more? Contact our Team at 814-336-2794 or at info@onefcu.com

https://onefcu.com/youth/

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Identifying Fake Check Scams...

With an influx of online shopping comes a greater risk of fraud. Please be aware of the many fraudsters out there trying to earn some easy money. Although they use many different tactics, in this issue, we will address fake check scams.

You’ll most likely find these fraudsters on the internet when searching for jobs, selling products, or even through a companion. A person whom you haven’t met in person will ask you to deposit a check. It’s usually for more than they owe you, and it’s sometimes for several thousand dollars. They’ll tell you to send some of the money back to them or to another person. They always have a good story to explain why you can’t keep all the money, such as that you need to cover taxes or fees for a prize, buy supplies for a job, send back money they overpaid, or something else. However, anytime you deposit funds from this type of transaction and they request something be sent back in return, it’s a scam!

These fraudsters often use fake checks to try to get your money. They generally look just like real bank checks, even to credit union employees. Most times, they are printed with the names and addresses of legitimate financial institutions. They may even be real checks written on bank accounts that belong to someone whose identity has been stolen. By law, credit unions have to make deposited funds available quickly, usually within two days, unless they consider the check to be fraudulent.

When the funds are made available in your account, the bank may say the check has “cleared,” but that doesn’t mean it’s a good check. Fake checks can take days, or even weeks, to be discovered! By that time, the fraudster has any money you sent, and you are responsible for paying the money back to the credit union.

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‘‘

If it’s too good to be true... it is probably fraud.”

- Ron Weber

FRAUD

Mystery Shopping.

These fraudsters will hire you to be a mystery shopper. You’ll get a fake check to deposit into your personal account and be asked to rate the customer service skills of a store employee. You’ll then be asked to buy gift cards, money orders, or wire transfers and send these funds to someone else. Once you send the funds, they’re gone.

Claiming prizes.

A sweepstakes says you’ve won and gives you a check. They tell you to send them money to cover taxes, shipping and handling charges, or processing fees, but that’s not how legitimate sweepstakes work.

Overpayments.

People buying something from you online “accidentally” send a check for too much and ask you to refund the balance.

Purchase of a Product or Service You respond to an offer for car wrap advertising. The company tells you to deposit a check and then send money to decal installers.

However, you realize that the installers aren’t real, and now your money is gone.

Companions.

These fraudsters will pretend to be someone they’re not and get involved in an online relationship. They will send you a check to help cover the costs of moving them to your area. You deposit the check; send the funds to help them move; and they disappear along with your money.

The easiest way to avoid being scammed is to not rely on money from a check unless you know and trust the person who sent it, even if it looks real. So, never deposit a check and use those funds to send gift cards, money orders, or wire transfers. Always notify a credit union employee if you are unsure of who sent the check. If you have any questions, we would be happy to hold the check for a longer period of time. Please be aware that if anyone ever sends you a check and asks for money back, you’re likely dealing with a scammer! Protect yourself—when in doubt, hold the check.

Aaron Hefner Member Solutions ahefner@onefcu.com 814-336-2794 Ext.232

Checking In From...

A word from our branch managers...

Meadville The Park Avenue, Meadville branch had such a wonderful time celebrating the holiday season with the community. Our yearly visit from Santa and his elves brought so many smiles and all the Christmas cheer. We wish all our members a happy and healthy New Year!

Casey Carlson

Saegertown

Hey everyone! Next time you’re in the branch, make sure to take a break from the cold weather and grab a cup of joe or hot cocoa by our fireplace, and check in on any upcoming events or news. If you’re just looking to chat, poke your head into the office and say Hi! We have a lot going on here, so make sure you swing by to check in, so you don’t miss out!

Tristyn Mattern

Conneaut Lake The Conneaut Lake branch had a great time this past quarter helping out with the multiple parades in the surrounding communities. It’s always a rewarding experience engaging with all of our communities in the Crawford County area.

That’s what makes ONE special! It’s always a great feeling to help each other out!

Melinda Danko

Cochranton Did you know that the Cochranton Office is open 5 days a week in the lobby and drive thru? We can help you with anything from retirement saving, to purchasing your first vehicle. Stop in for help and advice. Also, meet our newest member of the team, Stephanie! She transferred from our Park Ave. branch and says she’s excited to get to know our great community better.

Samantha Hays

CREDIT UNION CULTURE

It is a credit union’s mission to provide its members with the best terms it can afford for their financial products. This means members generally get lower rates on loans, pay fewer (and lower) fees, and earn higher APYs on savings products than bank customers do (depending on economic climate).

Differences Between Credit Unions and Banks When discussing products and services with new or existing members, our team is often asked, “What makes you guys better than a bank?” Well, that’s really for the individual to decide. However, what we can do is explain some differences between credit unions and banks so our members are able to create a better-informed opinion.

Arguably, one of the greatest differences between banks and credit unions is profit status. While banks are for-profit, meaning they are either privately owned or publicly traded, credit unions are nonprofit institutions. This for-profit vs. not forprofit divide is the reason for the difference between the products and services each institution offers.

A credit union is owned by its members, and so credit unions typically open membership to individuals who share a common bond, ONE Federal Credit Union’s being location.

Banks typically have a technological advantage over credit unions, which in turn, can mean greater convenience. With a plethora of products and services, vast branch & ATM locations, and advanced online solutions, banks are able to offer their services to a wide array of individuals.

The majority of credit unions stay local and focus their spending power on community and member relations, thus better savings and loan rates, as well as higher community involvement.

Credit unions are committed to serving their members, and so they are often described as having better service.

Although both types serve as financial institutions, each has its advantages. At ONE Federal Credit Union, we’ll make sure to help you reach your financial goals, however that may be.

868 Park Ave Meadville, PA 16335 www.onefcu.com

Banking... but Better!