It s Not Too Late... To Improve Your Rate!

Transcription

1 Exchange the WINTER 2018 It s Not Too Late... To Improve Your Rate! Ditch Those High-Interest Bills For Our Super-Low Rate! If you re looking at high-interest debt you can do better at BFCU! BFCU VISA Platinum Special Offers Start January 16th : CURRENT CARD HOLDERS BALANCE TRANSFER 3.90%APR* for 12-months (Rate after 12-month period is 9.90% APR) Fixed Rate No Transfer Fees Any balances you move to your BFCU VISA card by March 31, 2018 will be at 3.90% APR * for your first 12 billing cycles. NEW CARD SPECIAL BALANCE TRANSFER AND PURCHASE 3.90%APR* for 12-months (Rate after 12-month period is 9.90% APR) Fixed Rate No Transfer Fees No Annual Fees Apply by February 28, 2018 and get 3.90% APR * on all balance transfers by March 31, 2018 and all purchases for 12 months. Get Started Paying LESS Today! Apply bosfirecu.com, give us a call or just stop by. *Approved credit required. Offer valid for BFCU Platinum VISA cards only. Following the introductory period, your rate will change to our going rate of 9.90% APR for the BFCU Platinum VISA card. For new cards, the 3.90% APR is good for 12 months from date of first balance transfer or first purchase, whichever comes first. For current card holders, the introductory APR applies to non-bfcu balance transfers and the rates are valid for the next twelve billing cycles. The introductory APR does not apply to cash advances. We apply your minimum payment to balances with the lower APRs first. Amounts paid over the minimum payment will be applied in the order of highest to lowest APR balances. Offer valid through February 28, 2018 for new cards and March 31, 2018 for existing cards.

2 President s Message January 2018 On behalf of the Board of Directors and the employees of BFCU, best wishes for a happy, healthy and financially successful At this time of year, we often stop and reflect on the past and set goals for the future. Your credit union, its Board of Directors and its management team are no different. We are working on the close of another year and preparing for new ways we can improve the financial lives of our members. The end of 2017 was a challenging one for the credit union and its members. On October 1, we converted our core data processing system as well as our ibanking (home and mobile systems). The core conversion went quite smoothly and I credit the preparation work that was done by our management team and staff for helping us to achieve this success. The ibanking conversion has been difficult for both members and our member service team. As with any web based service that undergoes a significant modification, there were a number of member related questions and problems. These were mostly focused on usernames and passwords as well as access to VISA accounts. At times, our member service team has been overwhelmed with calls and members have experienced delayed responses. We are working diligently to resolve these issues with each affected member and it is working. Call volumes are dropping, the number of calls going to voic is decreasing and we believe that most members are now settled into the new system. Despite the conversion related problems, 2017 was another good year for the credit union and its members. We continue to provide superior value as evidenced by our 5th consecutive award from the Credit Union National Association for being the credit union that provides the greatest value to its members. Furthermore, we remain the only financial institution in the City of Boston that is devoted exclusively to serving public safety officials and their families. As such we often meet with members to discuss their personal goals and sometimes financial problems, with an eye to finding a unique solution for them. Please take advantage of this if and when we can be of assistance. In November, Mayor Walsh was re-elected for a new four-year term of office. We offer our congratulations to the Mayor and express our appreciation for the respect and support that he provides on a daily basis to his police and fire departments. Nowhere is this more evident than his support for the Fire Department and Commissioner Finn in his efforts to curtail the scourge of occupational cancer which has hit the fire department in recent years. We are conscious of the many members, including two of our own Board members, who are fighting this dreaded disease. We keep all of them in our thoughts and prayers and keep hopeful that the Commissioner s efforts will be fruitful. As we turn the corner into 2018, a number of exciting things will continue to happen at BFCU. In response to the 2017 Equifax breach, we will soon be providing members with identity theft insurance coverage and credit bureau monitoring. Ray Lazcano is seeing members on a regular basis at BFCU Financial Advisors and providing them with financial planning and investment advice. We will be expanding our services in the area of payments with P to P payments and automated transfers from other financial institutions, which will be rolled out soon. Our most important mission remains to provide quality and valuable services to our members and we will continue to work every day to make that happen. Happy New Year! John B. Winne, President and CEO

3 CONVERSION UPDATE AND FAST FACTS Thank you for your patience and your cooperation during our recent technology upgrade. During the coming months we will begin to unveil many new features built into the new systems. In order to keep the conversion as simple as possible, we avoided the roll out of anything new and will make these decisions over the next few months. The following are some suggestions that can help you to access your accounts in the most efficient manner: VISA: There are two ways to access your BFCU VISA account electronically. We strongly suggest that you periodically review all of the charges on your VISA account in the same manner that you review the items in your checking account or any account that allows for electronic access. This is true of all of your banking relationships and is your best defense against account fraud. 1) If you are using a computer or laptop and are accessing your accounts on our ibanking site, there is a clickable item on the far right called credit card access Quick Links estatements Pay Bills Manage my Alerts Apply for a Mortgage Credit Card Access This site allows you to see all of your transactions, pay your bill, obtain copies of your statement and perform other related tasks. 2) If you are using a mobile device or a tablet, please dowload the BFCU VISA App from the appropriate source and follow the instructions for the initial setup. This will provide access to all transactions, payments and other card related functions. 3) Our member service team can assist you with either of the above or can arrange for a scheduled transfer from your BFCU checking or savings account as a convenient way to pay your VISA. Members Accessing Multiple Accounts: Post conversion, there have been some difficulties with members who access other accounts in addition to their personal accounts. This may affect House Funds, Charitable Organizations or even Trust Accounts. If the electronic access that is currently provided does not meet your needs, please contact a member of our service team and they will be happy to re-establish access to those accounts in the manner that you desire. Calls To Our Member Service Team: Your call to us is important to you and to us. Please help us to assist you in the fastest time possible. If your call to our member service team is answered by voice mail, please leave a message and a call back number. Often, all of our team members are busy at the same time and voice mail answers. It is our policy to review call logs hourly and to be sure that all messages are returned promptly.

4 More Cash. Less Car Payment. BFCU CASH BACK AUTO LOAN EVENT Begins February 15th! Get 1% CASH BACK PLUS Won t your winter be a lot easier with a lower car payment and more cash in your wallet? Refinance your auto loan from another lender or purchase a new or used vehicle with a BFCU auto loan between Feb. 15 and Mar. 31, 2018, and you ll get a super-low rate plus 1% CASH BACK at closing. Don t let this offer pass you by! Call, come in or apply online at bosfirecu.com. Rates as low as 2.49%APR* up to 72 months + Purchase or Refinance * *Qualifying credit and other conditions may apply. Minimum annual percentage rate of 2.49%. Rate reflects.50% discount for automatic payments from your BFCU account. Refinancing only valid for non-bfcu auto loans. Finance up to 100% of Kelly Blue Book Value. Rates may vary based on individual credit score. Payments as low as $4.10 per week per $1,000 borrowed for 60 months. APR = Annual Percentage Rate. No pre-payment penalties month financing applies to 2015 and newer autos and motorcycles only. BFCU KNOWLEDGE BANK Compare these sample store cards to the BFCU 9.90% APR VISA Platinum Card. Macy s 26.24% APR Kohl s 24.99% APR Best Buy up to 25.24% variable rate Home Depot 17.99% APR % APR Before You Charge It, Know What They re Charging You! Now that the holidays are over, it s time to close the books on the old year and start off the New Year on the right track! Just as we may have indulged in an extra slice (or two) of pie and need to start getting back into shape for the summer, we also have to reckon with some of the costly conveniences we might have used to get through the holidays. Prime among these are the super-high interest rates that large retailers charge for the modest benefits of charging your purchases on their store cards. Many stores charge upward of 26.00% interest. Regardless of any extra discounts or other benefits you received for using their cards, these exorbitant rates will ensure you pay them back in spades unless you take action NOW. To maximize the benefits you obtained by using those store cards, you can now transfer your balances to a lower rate card and save big on future interest payments. Currently, BFCU is offering members a very low 3.90% APR* 12-month rate on our VISA Platinum card that could save you a lot of money over the coming year. After that, the rate returns to our regular rate, which is currently only 9.90% APR* (See our offer on the front page of this newsletter). Whether you take advantage of our offer or not, it s always important to know who you re dealing with when you charge something, and what they could and will charge you.

5 BFCU FINANCIAL ADVISORS THE SMART CHOICE A Committed Partner To Work With You To Help Achieve Your Financial Goals. 401(k)/Pension Rollovers ** Retirement Planning Business Planning Estate Conservation Education Funding Wealth Management Mutual Funds Investment Planning Life Insurance Long-Term Care Insurance Whether your goals are large or small, contact our dedicated advisor Ray Lazcano today at , or Raymond.Lazcano@cunamutual.com to schedule a no-cost, no-obligation appointment to discuss your individual needs. + 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. **Prior to requesting a rollover from your employer sponsored retirement account to an Individual Retirement Account (IRA), you should consider whether the rollover is suitable for you. There may be important differences in features, costs, services and withdrawal options. FR Retirement Planning/ Social Security Seminar a Success! As it does in banking, trust means a lot in insurance. That s why you know you can trust the agents at Eastern Insurance, because they work with us, your credit union. Eastern Insurance agents listen attentively to your individual needs, then help you devise a plan that best fits you. To see what Eastern Insurance can help you protect, schedule a TOTALLY FREE consultation at the BFCU Main Office. Agents Are On-Site at 60 Hallet Street: Tuesday & Friday: 10am 2pm Thursday: 1pm 6pm Members received great info and many, many answers. In November, the BFCU Financial Advisors hosted two information-packed seminars dealing with the subject of retirement planning, including social security and other issues. Members heard from featured speakers Ray Lazcano of BFCU Financial Advisors and Kevin Flynn from Nationwide Insurance as they walked through the key elements to creating an easy and achievable plan. Discussions included picturing your retirement, looking at key milestones and preparing for living in retirement. Watch for information about our next seminars coming this spring. When It Means A Lot To You... Insure It With Eastern! Contact Information Chris Madden Phone: Direct CU Line: jmadden@easterninsurance.com Ann Brogan Phone: Direct CU Line: abrogan@easterninsurance.com Eastern Insurance products are not federally insured by NCUA. Scholarship Applications Now Available Pick up forms online or in person Members can visit bosfirecu.com or any branch to obtain applications for the 2018 BFCU scholarships to be awarded this spring. There are two College Scholarships for $5,000 each as well as two High School Scholarships for $1,000 each available to members and member children. There is an additional $1,500 available to current high school seniors headed to college in the fall of 2018 granted by the state credit union association to one recipient in our regional area. BFCU applications are due back by April 13, The state association application is due March 2, If you have any questions, call Kristen Russell at , ext 143.

6 Member Services: DEPOSITS Free Checking IRAs & IRA CDs echecking All Purpose Club Regular Savings Christmas Club Money Market Accounts Jake Jr. Account CDs HS/College Student Accounts REAL ESTATE LOANS Mortgages Home Equity Lines of Credit PERSONAL LOANS Unsecured Vacation Tuition Holiday Line Of Credit Share Secured CONSUMER LOANS Automobile/Motorcycle Loans Boat VISA Credit Card eservices Mobile/Text Banking * Mobile/Remote Check Deposits * Direct Deposit Online Banking Bill Pay estatements Debit Card Apple Pay SERVICES Surcharge Free ATM Networks Shared Branching Payroll Deduction Wire Transfers Finance Works Pre-Authorized Payments Property & Casualty Insurance # BFCU Financial Advisors + 24 Hour Hotline Notary VISA Gift Cards Extended Car Warranties GAP Insurance *Carrier Fees May Apply # Eastern Insurance products are not federally insured by NCUA + 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. EQUAL HOUSING OPPORTUNITY Federally Insured by NCUA Equal Opportunity Lender Consumer Loan Interest Rates Locations & Hours: Main Branch 60 Hallet Street, Dorchester, MA (Located across from Florian Hall) Monday, Tuesday, Wednesday and Friday 8:30a to 3:30p Thursday 8:30a to 7:00p Saturday 8:30a to 12:30p New Branch 2029 Centre Street, West Roxbury, MA (Located at the intersection of Centre St and Lagrange St) Monday, Tuesday, Wednesday and Thursday 10:00a to 5:00p Friday 8:30a to 5:00p Saturday 8:30a to 12:30p Visit us at: bosfirecu.com for product information, online banking, bill pay and more. Loan Type APR * Auto (new or used) as low as 2.49% Personal as low as 7.99% Tuition 6.99% ** VISA Platinum Credit Card 9.90% * APR = Annual Percentage Rate. Rates reflect a.50% discount for automatic payments from your BFCU account. Rate may vary based on terms and individual credit scores. ** This rate does not apply to the Student Choice private loan. Board of Directors Charles M. Buchanan, Jr., E-24 - Retired, Chairman William G. Dewan, E-10 - Retired, Clerk Edmund M. Street, L-18 - Retired, Vice Chairman Daniel Magoon, District 3, Gr. 2, Treasurer Joseph Casper, District 3, Gr. 2 Sean P. Costello, L-19, Gr. 2 Ralph Dowling, FAO, Gr. 2 Joseph Finn, Fire Commissioner and Chief of Department Robert Ford, HQ, Retired Kevin Meehan, E-3, Gr. 3 Sean O Brien, TL 10, Gr. 4 Edward Paris, Jr., HQ John Soares, L-4, Gr. 4 Contact Numbers: Main Phone: The Hot Line: Lost VISA Card: Lost MasterMoney Card: st Floor Fax: nd Floor Fax: Holiday Closings Martin Luther King, Jr. Day Monday, January 15th Presidents Day Monday, February 19th