Onthe Money. September/October Back To Savings

Transcription

1 Onthe Money September/October 2016 Back To Savings

2 A Letter from the President/CEO Shortly, fall will arrive and bring with it all the beautiful colors for which the Great Northeast is famous. We will leave the windows open and welcome in the crisp air as we begin to plan for the new school year, and the upcoming holidays. While we are busy with our lives, we must still check our accounts, pay our bills and shop for the family. At First New York we have financial solutions that will allow you to enjoy the season knowing that your accounts and bills are up to date. We keep you in touch 24/7/365. Our First OnLine suite of products includes computer-based internet banking and mobile device-based app banking. You can transfer between accounts, pay your loans, pay your bills, make a deposit, see your statement, view your pending debit card transactions and even set up alerts with the click of your mouse. When you are on the move, you can access your accounts, transfer money, deposit checks, pay bills, receive alerts, pay a friend and view your pending debit transactions through the App for iphone, ipad, Android phone/tablet, Kindle or use web banking on other smart phones/tablets at m.firstnewyork.org. We strive to remain current with the changing technology to ensure that we offer you the convenience that you need. The best part is, our suite of e-services are free. If electronic access is not your preference, we offer Call 24 where you can check your balance, pay your loan or transfer between accounts from any phone. We have a solution for any time of day or night. Most importantly, with First New York, your new loan is just a call away. You can call , choose option 3 and speak to a loan expert who will deposit your loan funds into your First New York account, all done electronically, wherever you are. Convenience, excellence in service and an investment in our membership is what you deserve and you get at First New York. Thank you for choosing First New York, you are truly appreciated. Sincerely, Lucy Gottung Halstead, President/CEO Free Wi-Fi Access. First New York is proud to host free Wi-Fi access from all of our six branch locations. Retirement Investment Seminar 6 p.m. 7:30 p.m. Tuesday, September 20, Wall Street, Colonie Long-Term Care and Medicare Seminar 6:00 p.m. - 7:45 p.m. Wednesday, October 12, Wall Street, Colonie We ll treat your kid like a Millionaire! Enter the Millionaire for the Day Drawing at November 16, 2016 Holiday Closings Labor Day Monday, September 5, 2016 Columbus Day Monday, October 10, 2016 Veterans Day Friday, November 11, 2016 Thanksgiving Day Thursday, November 24, 2016 We know you re a member but are you a fan? Like us on facebook.

3 Back To School Back To Savings First New York proudly partners with more than 29 Capital Region schools offering our KID$ (Keep Investing Dollars Savings) Program. Our school program teaches students that saving can be fun, rewarding and important. First New York s commitment to the community is to help build a solid financial future through education. It is no secret that children who learn at a young age what it means to be financially responsible will carry that knowledge and skill with them into adulthood. Start your child s school banking account with only $5.00 and we will match it* Students can earn up to $20 each year for their report cards Students receive prizes and rewards throughout the year just for saving The KID$ school banking program is available to any school or organization throughout the region. If your child is already enrolled in school banking, watch for upcoming details for opening day at your school. Don t have a First New York KID$ banking program at your School? Contact Carol Valenza, Vice President of Marketing and Business Development at , ext or via at carol.valenza@firstnewyork.org. Participating schools in the KID$ Program Albany County Giffen Memorial Elementary School Mater Christi School Montessori Magnet School North Albany Academy Pine Hills Elementary School Sheridan Preparatory School Saratoga County Charlton Heights Elementary School Galway Elementary School Pashley Elementary School Schenectady County Bradt Elementary School Brown School Central Park International Magnet School Draper Middle School Duanesburg Elementary School Elmer Avenue Elementary School Hamilton Elementary School Hillside Elementary School Howe Early Childhood Education Center Jefferson Elementary School Mont Pleasant Middle School Pinewood Intermediate School Rosa Venerini Early Childhood Center Schenectady Day Nursery Van Corlaer Elementary School Yates Magnet School Schoharie County Radez Elementary School Ryder Elementary School Schoharie Elementary School *Offer expires 10/31/

4 We ve Always Been Local, Now We re... MOB Full Service Banking iphone ipad Android Kindle apps at your fingertips. If your phone or tablet is always by your side, then so is your First New York account. Download our FREE FNY On-The-Go App from the App store, Google Play or Amazon. Check Account Balances Deposit Checks See Recent Transactions Get Alerts Transfer Money Pay Bills Find a First New York Branch or ATM Pay other people - Check Deposit Bill Pay Deposit History Scheduled payments Add an alert + To Amount Front CHOICE CHECKING Deposit $ $25.00 (Max: $3,500.00) Accounts CHOICE CHECKING 0075 Current Available SHARE SAVINGS 0002 Current Available $ **$ $ **$ Send on Oct 8 Liberty Mutual $ Discover $ Visa $ Verizon $ National Grid $ Time Warner Cable $ Send on Oct 19 T-Mobile $ Make a new payment Which alert would you like to add? Accounts Balance update Activity Low balance High balance Large withdrawal Large deposit Check cleared Reminders Loan payment due Deposit checks right from your phone or tablet Pay Bills Loan payment overdue Maturity date Personal message Messages Contac Text Message Today 10:49 AM FNY OTG Banking: Acct: CHKG 0075 Curr bal: $ Avail bal: $ (may include overdraft) Reply LAST for recent history. Reply HELP for help Text bal and instantly receive this reply Account History Text Banking Text us at *, and within seconds, you will know your balances. Sign up for Text Banking with your First OnLine account under the Mobile Banking and Alerts tab. Send any of the commands below to : bal Primary account balance bal all All account balances last Last 5 transactions on primary account trans Transfer funds to primary account help Receive a full list of short codes From To Amount Transfer Funds Transfers CHOICE CHECKING Transfer $ CHOICE CHECKING Linked $25.00 Monitor your accounts and loans with and text message notifications. Set up your alerts with your First OnLine account under the Mobile Banking and Alerts tab. 4 *Wireless carrier rates may apply.

5 ILE First New York On-The-Go mobile banking app available on: 7 am Used my First New York On-The-Go App and paid my National Grid bill before I boarded my flight to Orlando. 8 am 10 am Took the kids to Thacher Park. Looked up where the closest Co-Op ATM was to get cash for a treat! Noon Received a birthday check from my Grandmother in Florida. Deposited the check right from my phone with tap-snap-deposit. 2 pm Received an an alert. Used my IDProtect mobile app and checked the alert. 6 pm 5 pm Got a call from my son in college at The University at Buffalo. He needed money to pay his rent. Transferred money from my account to his. Had lunch with Karen at Panera. Forgot my wallet. She picked up the bill, and I paid her back with 11 pm Received a low balance alert text on my checking account. Texted trans 200 from my savings to my checking. Finally ready for a new SUV. Applied right online at IDProtect is a full service identity monitoring system available to our members and their families for only $1.95 per month. Full details at Popmoney is a personal payment service that will allow you to send money directly to just about anyone, with no need to write a check, exchange account numbers, or carry cash. 5

6 Money Habits That May Help You Become Wealthier Why do some households tread water financially while others make progress? Does it come down to habits? Sometimes the difference starts there. A household that prioritizes paying itself first may end up in much better financial shape in the long run than other households. Some families see themselves as savers, others as spenders. The spenders may enjoy affluence now, but they also may be setting themselves up for financial struggles down the road. The savers better position themselves for financial emergencies and the creation of wealth. How does a family build up its savings? Well, money not spent can be money saved. That should be obvious, but some households take a long time to grasp this truth. In the psychology of spenders, money unspent is money unappreciated. Less spending means less fun. Keeping consumer debt low is a good habit. A household that uses credit cards like cash may find itself living on margin that is, living on the edge of financial instability. When people habitually use other people s money to buy things, they run into three problems. One, they start carrying a great deal of revolving consumer debt, which may take years to eliminate. Two, they set themselves up to live paycheck to paycheck. Three, they hurt their potential to build equity. No one chooses to be poor, but living this way is as close to a choice as a household can make. Investing for retirement is a good habit. Speaking of equity, automatically contributing to employer-sponsored retirement accounts, IRAs, and other options that allow you a chance to grow your savings through equity investing are great habits to develop. Smart households invest with diversification. They recognize that directing most of their invested assets into one or two investment classes heightens their exposure to risk. They invest in such a way that their portfolio includes both conservative and opportunistic investment vehicles. Long-term planning is a good habit. Many people invest with the goal of making money, but they never define what the money they make will be used to accomplish. Wise households consult with financial professionals to set longrange objectives they want to accumulate X amount of dollars for retirement, for eldercare, for college educations. The very presence of such long-term goals reinforces their long-term commitment to saving and investing. Every household would do well to adopt these money habits. They are vital for families that want more control over their money. When money issues threaten to control a family, a change in financial behavior is due. For more information on financial planning contact Don Dorr, our MEMBERS Financial Services Representative at at and press 4. Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. Home Free by the time her pumpkin turns into a coach...your loan can be paid off. APR ** Term 2.74% 2.79% 2.84% 2.89% 2.94% 2.99% 3.05% 3.10% 5 YRS 6 YRS 7 YRS 8 YRS 9 YRS 10 YRS 11 YRS 12 YRS Choice of 5-12 year term Competitive fixed rates No prepayment penalties No Title Insurance No Attorney Fee No Appraisal Fee No Recording Fee No Points Our Easy Street Flex-Mortgage has NO CLOSING COSTS! * *New York State Mortgage Tax is required and paid by the borrower. Title insurance may be required. The remaining closing costs paid by First New York on behalf of the borrower will be charged back and added to the payoff amount of the loan if the mortgage is paid and closed within three years of closing. Closing costs are estimated at $200-$600. **Annual Percentage Rate. Rates for Easy Street Flex-mortgage are fixed. Must be primary residence and first lien only. This offer is good for refinance only. Existing First New York real estate loans are eligible with $50,000 of new money. Loan-to-value (LTV) must be 50% or less to receive listed APR. Other rates and terms available up to 75% LTV. $50,000 min loan amount/$417,000 max loan amount. All loans are subject to credit approval. Actual rate may vary and rates are subject to change without notice. Other terms and conditions may apply. 6 On the Money

7 Free Seminars Retirement Investment Seminar 6 p.m. 7:30 p.m. Tuesday, September 20, Wall Street, Colonie Is it time to protect your market gains and reduce portfolio risk? Do you want to participate in the market s upside potential while helping limit your downside risk? This informative seminar will show you how to protect your retirement assets, participate in growth opportunities, and personalize your strategy. This complimentary investment seminar will be presented by Mark Cornstock, Regional Vice President for Metlife, and Don Dorr, MEMBERS Financial Services Representative. To register call ext by September 15, Long-Term Care and Medicare Seminar 6:00 p.m. - 7:45 p.m. Wednesday, October 12, Wall Street, Colonie Learn the essentials of Medicare, Medicaid and Long term care insurance as they relate to the payment of nursing home costs. The expenses for nursing home placement and in home care are increasing annually. Early planning is imperative to make certain that a financial plan is in place long before a nursing home placement or other necessary long term care are required. Come hear the facts about how to help protect yourself and your family, and live the type of lifestyle that you ve worked so hard to earn. This seminar is presented by Attorney Arthur Pasquariello Esq. and Shane Kimmel, Regional Vice President from ASH Brokerage. To register call ext by October 7, Seminars are sponsored by Don Dorr, MEMBERS Financial Services Representative Whether you are looking for a new or used auto, First New York will put you in the driver s seat of your dream car or truck for less. We understand that everyone s story is different. We listen and find you an auto loan and payment structure that fits your lifestyle. Follow these steps before you buy: Get pre-approved for your loan with First New York. Take notes. If you plan to shop around, this will help you remember what each car has to offer. Ask questions. This is a big decision. By receiving a pre-approval, you can take the guess work out of the loan process and concentrate on getting the best deal for your car. Give us a call before you finance anywhere else. Applying for an auto loan is quick and easy! Call a Loan Expert at and press 3 Visit your local branch Apply online at Auto Loan Rates as Low as 1.74 % APR* up to 36 month term on models Up To 100% Financing * *Fixed Annual Percentage Rate (APR). Rate listed includes a 0.25% APR discount for automatic loan payments and is based on model years. Rates are current as of 9/1/2016 and are subject to change at any time. Financing up to 100% of book value or purchase price, whichever is lower, plus tax, title, registration and warranty. Other rates and terms may apply. All loans are subject to approval and actual rate may vary. 7

8 2 Wall Street, Albany, NY It s Time to Start Using Your Equity. Loan-To-Value up to 90% available on Home Equity Lines of Credit. A Home Equity Line of Credit may be the most convenient, flexible way to borrow money for any purpose home improvements and renovations, education and even a wedding or vacation expenses. Borrow up to 90% of your home s appraised value (up to $417,000) and enjoy no-closing costs* with a First New York Home Equity Line of Credit. You can access your line of credit anytime you need by writing a check. Contact a First New York Loan Expert today at and press 3. Renovate a kitchen or a bathroom Consolidate debt Add a new addition for the new addition Update your home for the holidays Introductory APR** as low as 1.99 % 80% loan-to-value for 13 months Introductory APR*** as low as 2.99 % 90% loan-to-value for 13 months As low as 4.00 % thereafter * New York State Mortgage Tax is required and paid by the borrower. Title insurance may be required. The remaining closing costs paid by First New York on behalf of the borrower will be charged back and added to the payoff amount of the loan if the Home Equity Line of Credit (HELOC) is paid and closed within three years of closing. Closing costs are estimated at $200-$600.**Annual Percentage Rate. Special Introductory Rate is as low as 1.99% APR with 80% loan-to-value (LTV) for the first 13 months then as low as prime plus 0.00% APR thereafter. *** Special Introductory Rate is as low as 2.99% APR with 90% LTV for the first 13 months then as low as prime plus 0.00% APR thereafter. Rates for HELOC are variable. Rates are based on the Prime rate as published in the Wall Street Journal. Prime rate as of 8/16/16 is 3.50%. HELOC has a 25 year repayment term. This is a limited time offer and only applies to new First New York loans. All loans are subject to credit approval and actual rate may vary. Mobile: m.firstnewyork.org Text: First New York mobile Main Number (518) (800) banking app available on: Locations Niskayuna ATM 1776 Union Street Cobleskill ATM 795 East Main Street Glenville ATM 19 Glenridge Road Albany ATM 818 Central Avenue Rotterdam ATM 1879 Altamont Avenue Saratoga Springs Drive-up ATM 424 Maple Avenue (Route 9) Colonie Drive-through Service 2 Wall Street (at New Karner Rd) & Community Room Website member.services@firstnewyork.org Your savings federally insured to at least $250,000 and backed by the NCUA full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency On the Money is a newsletter published for the benefit of First New York Federal Credit Union members First New York FCU