FIRSTOn NEW YORK THE. Money. Welcome Home MARCH/APRIL 2018

Transcription

1 FIRSTOn NEW YORK Money THE MARCH/APRIL 2018 Welcome Home

2 CEO s Corner... Lucy Gottung Halstead President/CEO Spring will come soon and with it we all breathe a sigh of relief. Although our winters are beautiful, a renewal of the landscape is welcome. At the credit union, spring is a time to give back to our members with great promotions, excellent service and flexible lending. This year is no exception. Helping you buy a new car, whether it is new, or just new to you, is our specialty. You can look for a car with confidence with a First New York preapproved car loan. This means, you know exactly how much you have to spend with a payment that fits your budget. To assist you before you go, check out at where you can compare prices on the make and model of many vehicles with just a few clicks. You may even be able to find the vehicle you have been wishing for, while sitting on your couch. Our car loan rates are the lowest in the Capital Region, as low as 1.74% APR. With our lending flexibility, you will get the loan that is right for you. For less out of pocket cost, you can finance up to 100% of the value of the vehicle and include tax, title, registration fees and warranty cost. To ensure that you are secure, we offer extended warranties for your vehicle at a significantly lower cost than the dealerships. Applying for your loan is simple. We have four convenient ways that fit perfectly with your busy life. Apply online at You can apply on your mobile device on the First New York app, FNY. If you are out and about, stop in at a branch and apply via video directly with our loan experts or call and apply by phone. It doesn t get any easier or faster than that. First New York is known for our fast, flexible lending. We recognize that in our fast-paced world the ease of getting a loan quickly is an important benefit to you. We are here to serve you. Thank you for being a member, your business is very much appreciated. Happy spring, Sincerely, What s Happening at FNY 2018 Annual Meeting - Tuesday, April 24, 2018, 5:30 p.m. Stockade Inn, 1 North Church Street, Schenectady Free Seminars Online Banking/Mobile and Text Banking How To Seminar Thursday, March 29, p.m. 2 p.m. IDProtect How To Register Seminar Wednesday, April 11, p.m. 2 p.m. Home - Buyers Seminar Wednesday, April 18, :00 p.m. 7:30 p.m. Social Security Seminar Thursday, April 26, :00 p.m. 7:30 p.m. Defensive Driving Class Tuesday, March 20 and Thursday, March 22, :00 p.m. 9:00 p.m. Saturday, April 21, :00 a.m. 3:30 p.m. First New York Community Room Used Auto Sale Saturday, April 28, :00 a.m. 1:00 p.m Union Street, Niskayuna

3 Competitive Rates, Expert Service Great Mortgages! Everyone dreams of owning their own home, and as your financial partner, we are here to help you realize your dream. From a mortgage to help you buy your first home, to the mortgage that will help you buy your dream home, we have a variety of products with rates and terms to meet your needs. Finding the right mortgage loan is as important as finding the right house. That is why we personally help you select the loan that will fit your needs and your lifestyle. To fit all your needs we offer a variety of mortgage options. Fixed Rate Mortgages A fixed rate mortgage has a consistent interest rate and monthly payments that never change. This is a great option for those planning to stay in their home for a long time and who want to minimize the effects of rising interest rates on their mortgages. 15, 20, 25, 30 year fixed terms with fixed monthly payments Only 5% down payment required Low closing costs Bi-weekly payment option available 1-4 unit owner-occupied No pre-payment penalties Locally approved Adjustable Rate Mortgages (ARMS) Adjustable rate mortgages begin with a low, fixed rate and then adjust upward or downward after the initial term. These loans are ideal if you need a larger loan amount but want to keep your payments lower initially. 5/1, 3/1 and 1 year adjustable rate mortgages available Only 5% down payment required Low closing costs 1-4 unit owner-occupied No pre-payment penalties Locally approved Bi-weekly payment options Save thousands of dollars in interest and take years off your mortgage with a bi-weekly mortgage. Bi-weekly savings are achieved by simply paying half of your monthly mortgage payment every 14 days. By the end of a year you would have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. Bi-weekly Payments Monthly Payments Mortgage amount $200,000 $200,000 Interest rate 4.5% 4.5% Mortgage Term 25.7 years 30 years Payment $ $1, Total Interest $137,574 $164,814 Interest Savings $27,240* When you are ready to finance or refinance, simply call a Mortgage Originator at and press 3 to start your mortgage. We re here to help make your lending experience smooth and efficient. Home Buyers Seminar Wednesday, April 18, 2018, 6:00 p.m. - 7:30 p.m., First New York would like to help take the mystery out of the home-buying process and walk you through the steps from applying for a mortgage to moving into your new home. All attendees will receive a coupon for $100 off closing costs on mortgages obtained through First New York. Seating is limited. To reserve your spot, call ext by April 16, *Based on standard amortization, individual results may vary. We assume that no prepayments were made prior to the start of your biweekly payments. The interest rate comparison assumes that you refinance your outstanding mortgage balance with a new mortgage that has a term the same length as your original mortgage. In the case presented, this is $200,000 for 30 years. No closing costs are taken into consideration, which could add to the cost of refinancing. 3

4 Saving for a Home has Never Been Easier! The First Home Club makes home ownership easy. First New York is proud to offer our members the First Home Club. The First Home Club is a grant program that provides down payment and closing cost assistance to first-time homebuyers who meet income and eligibility guidelines.* The program is offered through the Federal Home Loan Bank of New York. Eligible first-time home buyers can earn $4 in matching grant funds (up to $7,500) for every $1 saved to use toward their down payment and closing costs. Eligibility Requirements: Be a resident of New York State Agree to complete a home buyer counseling program Open a dedicated savings account with First New York and start a program of systematic savings for a minimum of 10 months and achieve home ownership within 24 months Obtain mortgage financing from First New York Must meet Federal Home Loan Bank income and employment requirements Make your dream of owning a home a reality. Contact a Mortgage Originator today at and press 3. Banking at the Speed of Life Manage your finances anytime, anywhere with Mobile Banking! Our mobile banking services deliver account access to you anywhere, anytime, through your mobile phone or tablet. So, regardless if you are at home, at work, or at play, you can be in touch with your First New York accounts, day and night. Mobile banking is available, FREE*, to all members. With First New York : Deposit checks with Remote Check Deposit Log in with the touch of a finger using Touch ID Transfer funds between accounts Set alerts to notify you of account activity Send money through Popmoney Pay bills Locate Free ATMs & Shared Branches Transfer money To get started Visit the App store, Google Play or Amazon and search First New York. Once you download our app, the login process is simple; just use your established First OnLine username and password. Not a First OnLine user? Simply enter your First New York account number as your username and the last 4 digits of your social security number as your password. Follow the prompts to log in and access your account. Online Banking/Mobile and Text Banking How To Seminar Thursday, March 29, 2018, 1-2 p.m., (light lunch will be served), *Participants must meet program requirements, including: regularly scheduled recurring deposits for at least 10 consecutive months; meet definition of first-time homebuyer and income requirements; complete approved homeownership counseling program; and obtain your mortgage through First New York. Additional eligibility requirements are required. Only a certain number of participants are accepted in this program. We make it easy to keep your finances in order with our electronic banking services. Learn how to check balances, view statements, transfer funds, pay bills, load our mobile App and even text! To register for this free seminar, please call and press #1804 by March 27, *Carrier rates may apply for text banking.

5 NO Application Fee NO Annual Fee NO Closing Costs NO New York State Mortgage Tax Start Unlocking The Possibilities Consider a First New York Federal Credit Union Home Equity Line of Credit or Home Equity Loan to consolidate existing debt, complete a home improvement project, or finance a large purchase. With both options, you can borrow up to 90% of your home s appraised value less your primary mortgage balance at a low rate while choosing from various terms. Variable Home Equity Line By establishing a variable-rate line of credit you can access your money when you need it, wherever you are to help with home improvements, large purchases, college tuition and more. Introductory rate as low as 1.99%* Draw on your Home Equity for up to ten years as a revolving line of credit Borrow up to 90% of your home s appraised value Access funds via First OnLine or HELOC checks 25-year repayment term During March & April - No Closing Costs and We Pay the New York State Mortgage Tax, Too!* Fixed Home Equity Loan Get the best of both worlds. Our fixed rate home equity line of credit combines the flexibility of a line of credit with the peace of mind knowing your rate is fixed. Receive your funds in a lump sum Fixed rate for the life of the loan Flexible repayment terms choose 10, 15 or 20 years Draw on your Home Equity for 5 years with your fixed rate We make it simple to apply - no need to visit a branch Apply online at and click the Apply Now tab on the home page or contact a Loan Expert at and press 3. *Closing costs including the New York State Mortgage Tax paid by First New York on behalf of the borrower. No closing costs offer ends 4/30/18. Reimbursement of fees will be added to the payoff amount of the loan if the home equity line of credit is paid and closed within three years of closing. Title insurance may be required. Minimum loan amount is $10,000, maximum is $453,100. Annual Percentage Rate. SPECIAL INTRODUCTORY OFFER: Rates for Home Equity Line of Credit (HELOC) are variable. Special Introductory Rate is as low as 1.99% APR for the first 13 months then as low as prime plus 0.00% APR thereafter. Rates are based on 80% combined loan-to-value with a 25 year repayment term and are based on the Prime Rate published in the Wall Street Journal with an 18.00% APR lifetime ceiling and a 4.00% APR lifetime floor. Prime Rate as of February 2018 is 4.50%. 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. Don t save what s left after spending; spend what s left after saving. Paying yourself first is important to building savings. One of the best ways to save is automation. Instead of being tempted to spend your extra dollars throughout the month, automation helps you save without even having to think about it! Tips: Have a portion of each paycheck automatically deposited into a savings or money market account, 401(K), or other investments. Start with a small amount, such as 3%, then increase your contributions by 2% until you reach your goal. Use First New York Bill Pay to easily schedule automatic monthly payments for fixed expenses such as cable, insurance or even rent. You can also manage your bills anytime, anywhere, using our mobile app- First New York. You ll never miss a payment and your accounts will always be kept up to date. 4 Call us if you need help setting up your automated bill pay at and press 2.

6 Social Security and Your Retirement Are you looking for more information about how to maximize your Social Security benefits? Regardless of when you plan to retire, Social Security will likely be an important part of the road ahead. But many individuals don t realize there are options to consider when it comes to collecting Social Security. The decisions you make now could help you get more out of your benefits. Your plans for drawing Social Security are a critical financial decision, and if you know the rules of the road, it can make a big difference in the success of your retirement journey. Whether it s the timing of beginning to collect Social Security or options for you and your spouse to coordinate your income plans, the path you follow could help you get the most out of your benefits. What are the rules for collecting your Social Security benefits? How can spouses coordinate their benefits and possibly receive more? Are there different routes to take that could increase your benefit amount? How can Social Security fit within your overall retirement income plan? Get all your Social Security questions answered at our no-cost, no-obligation seminar presented by Travis Stanley, Regional Sales Director with MEMBERS Financial Services.* Social Security Seminar Details: Thursday, April 26, p.m.-7:30 p.m. First New York Community Room Seating is limited. To register, please call ext by April 23, 2018 * All guarantees are based on the claims-paying ability of the issuer. Representative does not specialize in Social Security issues. For questions about your Social Security benefits contact your local Social Security office. For information regarding your specific tax situation, consult a tax professional. For legal questions, consult an attorney. Representative is neither a tax advisor nor attorney. Representatives are registered, securities are sold and investment advisory services offered through CUNA Brokerage Services, Inc (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA 50677, Nondeposit investment and insurance products are not federally insured, involve risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. Money Management Budgeting for a Brighter Future Create &Track Your Budget Balancing your checking account and sticking to a budget doesn t have to be a mystery anymore, especially when you use First New York s FREE Online Banking budgeting tool, Money Management, formerly FinanceWorks. With Money Management, you ll be monitoring all of your expenditures in real time, allowing you to make adjustments to your spending habits to improve your financial picture for the future. Money Management analyzes all of your transactions and automatically divides them into categories like rent, groceries or utilities. From the Money Management home page, you can see a quick view of where you are spending your money, or click on any category of the pie chart to view all the transactions for that category. Schedule alerts and reminders to help you track your budget, pay bills on time, and get timely updates about your accounts See how you are really spending your money Create new categories to fit your specific spending profile Separate business income and expenses from personal transactions to help simplify tax time Truly analyze your overall financial picture from one location. Money Management is free with any First New York account. You can view the activity of all your accounts, loans, investments, bills and credit cards you Know Your Finances Watch Your Spending have from any First New York account or any other financial institution. It s a new way to think about your money, so you can make more informed financial decisions. Get started today by logging in to your First OnLine account. If you need assistance, call and press 2 to speak with a Member Service Specialist. 5

7 Defensive Driving Classes Save 10% on your auto insurance and reduce points on your NYS license*. The cost for each class is $25 per person and reservations are required. Seating is limited. To reserve your spot call ext Online defensive driving classes are also available at Tuesday, March 20 and Thursday, March 22, :00 p.m. 9:00 p.m. Saturday, April 21, :00 a.m. 3:30 p.m. First New York, Community Room Sponsored by First New York Federal Credit Union and Liberty Mutual *Actual discounts and point reductions may vary. Consult with your auto insurance carrier for more details. A minium number of attendees are required to hold the seminar. Upcoming Community Shred Days The events run from 9 a.m.-1 p.m. May 12 - Niskayuna Branch 1776 Union Street June 2 - Albany Branch 818 Central Avenue June 16 - Saratoga Branch 424 Maple Avenue (Route 9) July 14 - Cobleskill Branch 795 East Main Street July 28 - Rotterdam Branch 1879 Altamont Avenue August 11 - Glenville Branch 19 Glenridge Road There is a 100 lb. maximum of shredding per person. Keep Your Identity Safe with IDProtect As your trusted financial partner, First New York takes your identity protection seriously. That s why we offer members our identity theft protection service, IDProtect. This service is our proactive step to protect you and your family from identity fraud. For just $1.95 a month*, First New York s IDProtect service provides family protection with these benefits: Credit Monitoring daily 3 bureau credit file monitoring and automated alerts of key changes to your credit reports Total Identity Monitoring continuous monitoring of over 1,000 databases including credit, Social Security, public records and real property records along with many others Credit Report you can request a new report upon receipt of credit alert or every 90 days Fully managed Identity Theft Resolution Services Debit and credit card registration Online identity theft news center and valuable phone and web resources Start your IDProtect coverage today and call a Member Service Specialist at and press 2 or visit any First New York branch. It s Cookie Time! First New York has partnered with The Girl Scouts of Northeastern New York to offer our branch locations for their cookie sales. Look for the Scouts at our various branches selling their delicious treats on Saturdays from 9 a.m. - 1 p.m. For a list of cookie sale locations, please visit our website at and select the Events tab. IDProtect How To Register Seminar Wednesday, April 11, 2018, 1 p.m.-2 p.m. Attend our free seminar and learn how to register yourself and eligible family members for IDProtect. First New York will walk you through the how to of IDProtect registration. To register for this free seminar, please call and press #1804 by April 9. *Identity theft insurance underwritten by insurance company subsidiaries or affiliates of Chartis, Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policy described. Please refer to actual policy for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.**idprotect covers any joint account holders and their family (spouse, persons qualifying as domestic partner, children under 25 years of age and parent(s) who are residents of the same household) against the threat of identity theft. 6 On the Money

8 2018 Annual Meeting You re Invited Tuesday, April 24, 2018 This year s Annual Meeting will be held at the Stockade Inn, 1 North Church Street, Schenectady on Tuesday, April 24 th beginning at 5:30 p.m. Our standard business meeting includes a brief review of the state of the credit union. To RSVP, please call the Marketing Department at ext by April 17, Election for Board of Directors Two positions on the Board of Directors are open for election at the 2018 Annual Meeting of First New York Federal Credit Union scheduled for Tuesday, April 24, A nominating committee consisting of Richard L. Palmerino, Gary Comley and David Wagner has nominated two individuals to stand for re-election for three year terms: Donna Michele and Ronald Szczepanski. BOARD OF DIRECTORS Charles R. Smith Chairman of the Board Donna Michele Vice Chairman of the Board Brian Krawiecki Treasurer Donna Michele Donna Michele, CPP (Certified Payroll Professional), has been a credit union volunteer since 2004 when she was appointed to the Supervisory Committee. In January 2007, she was appointed to serve in the position of Associate Director. She was appointed to the Board as a Director in 2011 and elected as the Vice Chairman of the Board in Donna received her Bachelor of Science Degree in Finance from Siena College and is currently Manager of Finance - Payroll Operations for St. Peter s Health Partners. She is also an active member of the American Payroll Association and serves as Chapter President of the Capital Region Chapter of the APA. Donna is also a contributing editor for the American Payroll Association- Guide to Accounts Payable-published by Wolters-Kluwer and has authored an article for APA s PayTech magazine. Ronald Szczepanski, Ph.D., Secretary Ron has been a volunteer with First New York FCU since 1981 when he was appointed to the Supervisory Committee. Ron was elected Chairman of the Supervisory Committee in 1983 and held that position until his election to the Board in April Ron has served as Secretary of the Board of Directors since He holds a B.S., M.S. and Ph.D. from SUNY Albany. Ron is retired from the Schenectady City School System, where he taught high school math from From 2000 to 2011 he was a consultant for the New York State Education Department. Ronald Szczepanski, Ph.D. Secretary Matthew Lynch Director Timothy Schramm Director Kevin Veitch Director Erin Coufal Associate Director Erin Hughes Associate Director Richard Palmerino Director Emeritus SUPERVISORY COMMITTEE Richard Arthur Chairman James Dunham Robert Roback, Jr. Nominating petitions on behalf of members seeking election to the Board of Directors may be completed and returned to the credit union by close of business on April 6, Petitions must be signed by at least 1% of the membership, with a minimum of 315 and a maximum of 500 signatures. A resume of qualifications, experience and biographical information should be provided, along with a signed statement indicating a willingness to serve should you be elected. Petitions are available by calling Terri Clasen at , press #1201. Nominations will not be accepted from the floor during the Annual Meeting, and there will be no balloting if there is only one nominee for each vacant position. 7

9 2 Wall Street, Albany, NY First New York s Used Auto Sale! Get rates as low as 1.74%* APR First New York and 2010 Auto Sales have teamed up to offer members a great opportunity to save money on high-quality used autos. Join us for a Super Sales Spectacular Day at First New York s Niskayuna Branch on: Saturday, April 28, 2018, 9 a.m. 1 p.m Union Street, Niskayuna Get pre-approved before the sale; call and press 3, online at or visit any First New York Branch. Lending Experts will be on site for immediate approval. Receive a $25 Visa Gift Card with all Auto purchases at our Car Sales *Annual Percentage Rate. Rate is fixed. Rate listed includes a 0.25% APR discount for automatic loan payments. 1.74% APR rate is based on model years with a 24 or 36 month term. Rates are current as of 2/1/2018 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. Main Number (518) (800) First New York mobile Text: 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