FIRSTOn NEW YORK Money THE JULY/AUGUST 2017 Summer Time We Make Living Easy
A Letter from the President/CEO As we welcome our long awaited summer season, it is time to review how your First New York account is convenient whether you are away on vacation or a staycation. We have 6 easy ways for you to transfer funds from your account to linked accounts, accounts of another FNY member or move money between your accounts with other financial institutions. With our state of the art technology, you are in control of your account at all times. There is no need to call the credit union to move money and there is no cost to you as you use these services to make your life easier. First OnLine offers the convenience you need; the apps ensure that you can move money wherever you are. 1. Make a transfer or Schedule a transfer From the move money tab you can transfer to your other First New York accounts, linked accounts or other member accounts with a click of the mouse. You can even move money from your line of credit directly into your checking account. Just log in to First OnLine and choose the Move Money tab. 2. Transfer between My Accounts Account to Account transfers will assist you to move money from your First New York account to another financial institution. We have made this service available to you at no charge standard delivery is 3 days, set it and forget it enjoy your day because your money is on the way. Just log in to First OnLine and choose the Move Money tab. 3. PopMoney-Pay Other People Popmoney is the easiest way to pay other people you can pop your friends and family from First OnLine or from your smart phone or device. Quick, easy and free payments to those you owe. Just log in to First OnLine and choose the Move Money tab. 4. Mobile Banking the app gives you account access directly from your mobile device so you can transfer between your accounts anywhere, anytime. 5. Text Messaging isn t just for sending a message to your friends and family you can move money between your accounts as quickly as you can send an emoji. 6. Call 24 no access to a device or the internet? No problem, use Call 24 to get immediate telephone access to your account using voice command or your telephone keypad, 24/7/365. Call 518-393-1326 and choose 1. I hope you have a safe and sunny summer. Thank you for being a member of First New York. We truly appreciate your business. Sincerely, Lucy Gottung Halstead, President/CEO What s Happening at FNY Join Our Team! For current openings visit: www.firstnewyork.org/home/about/careers Community Shred Days The events run from 9 a.m.-1 p.m. July 8 - Cobleskill Branch 795 East Main Street August 5 - Glenville Branch 19 Glenridge Road August 19 - Niskayuna Branch 1776 Union Street September 9 - Rotterdam Branch 1879 Altamont Avenue Defensive Driving Classes All classes are $25 and are held in the First New York Community Room 2 Wall Street, Colonie Thursday, July 27 and Friday, July 28 6:00 p.m. 9:00 p.m. Saturday, August 26 9:00 a.m. - 3:30 p.m. Monday, September 18 and Tuesday, September 19 6:00 p.m. 9:00 p.m. Holiday Closing Independence Day Tuesday, July 4 Labor Day Monday, September 4
Live Easy with a Low Rate This Summer, Life Takes Visa, and so Should You! Your First New York Visa Credit Card can do much more than help you shop. It can be invaluable for planning a well deserved vacation. Shop the best deal, then use your First New York credit card to pay for all your expenses. Take your First New York Visa card everywhere you go this summer; to the beach, to the mountains, even to the ball game. Wherever life takes you, your Visa credit card needs to come along. During the months of July and August, we are offering our members a Visa credit card promotional fixed rate of 3.99% APR*. This offer is good for all purchases from July 1, 2017 until August 31, 2017. Our Visa Card offers: No Annual Fee No Balance Transfer Fee Competitive, variable interest rates after your promotional period Local decision making Worldwide acceptance $0 fraud liability guarantee from Visa ScoreCard -Don t Miss Out on These Rewards. EMV chip for enhanced security 25 Day grace period Your First New York Visa credit card earns ScoreCard Bonus Reward Points for every purchase you make. Your Visa credit card earns one point for every dollar you charge. You can use your points toward travel rewards such as airline tickets, vacation packages, cruises, hotel stays, rental cars and more. Destinations are available worldwide. Hundreds of Choices If you haven t redeemed your ScoreCard points yet, you re missing out on a great opportunity. Points are easily redeemed through the ScoreCard site at www.scorecardrewards.com. You ll find hundreds of items to choose from for your home, office, or to give as gifts. Plus, shipping is always free! *Annual Percentage Rate. Promotional APR is applicable for all purchases made during the promotion period beginning 7/1/17 until 8/31/17. After 8/31/17, rate is based on Prime Rate, as published in the Wall Street Journal, plus a margin. Prime Rate as of 5/1/17 is 4.00%. Rates are subject to change at any time. Offer valid for existing First New York credit card holders only. Offer not valid for card holders currently in another promotional program. www.firstnewyork.org 3
Anyphone. Anywhere. Anytime. As a First New York member, you have access to your account 24 hours a day, 7 days a week through your smart phone, mobile device, or through text message. Whether you want to make a deposit, pay bills, transfer funds or even purchase a cup of coffee, we ve got you covered! Our mobile banking services are free*, with apps available for Android, Kindle and Apple devices. Get started with First New York Mobile Banking today! Download our mobile banking app from the App Store, Amazon or Google Play by searching First New York Federal Credit Union. Check Account Balances Transfer funds between accounts Apply for a loan NEW! View recent transactions Deposit Checks Pay Your Bills Locate fee-free ATMs Locate a First New York Branch Check Rates Set up account alerts Popmoney Texting If you can text, you can bank! With First New York text banking, you can schedule alerts, make transfers and check your account balance. Text 454545 and use any of these short codes BAL TRA LAST HELP STOP Receive account balances Transfer money between accounts View transaction history Receive a full list of short codes Disable all text alerts *First New York does not charge a fee for our Mobile Banking service. Fees may apply from your mobile carrier. Check with your service carrier for more information. Vehicle Savings Rates are at rock bottom, so it s a perfect time to upgrade your vehicle with a First New York car loan. Summer is a great time to spring into a new ride and we will send your savings through the roof. We offer up to 100% financing and rates as low as 1.74% APR*. We understand everyone s story is different and you may need some help. We listen to your story and find you an auto loan and payment structure that fits your lifestyle. No application fees or pre-payment penalties Rates as low as 1.74% fixed APR Financing up to 100% of purchase price Flexible terms that fit your budget Local financing When you re ready to roll, we re ready with the best auto loan rates around. Or, if your current car is great, but the payments aren t, talk to us about refinancing at our lower rates to keep more money in your pocket. Through the Roof Applying for an auto loan is quick and easy! Apply online at www.firstnewyork.org and click on the apply for a loan tab Call a Loan Expert at 518-393-1326 and press 3 Apply with our mobile banking app -First New York Use our video loan center at any branch *Annual Percentage Rate. Rates are fixed. Rate listed includes a 0.25% APR discount for automatic loan payments and based on 2010-2017 model years. Rates are current as of 5/1/2017 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. Refinancing is not eligible for First New York existing vehicle loans. 4 www.firstnewyork.org
The Many Benefits of a Roth IRA Why do so many people choose it rather than a traditional IRA? The key argument for going Roth can be summed up in a sentence: Paying taxes on retirement contributions today is better than paying taxes on retirement savings tomorrow.* You contribute after-tax dollars. You have already paid federal income tax on the dollars going into the account, but in exchange for paying taxes on your retirement savings contributions today, you could potentially realize greater benefits tomorrow. You position the money for tax-deferred growth. Roth IRA earnings aren t taxed as they grow and compound. If, say, your account grows 6% a year, that growth will be even greater when you factor in compounding. The earlier in life that you open a Roth IRA, the greater compounding potential you have. You can arrange tax-free retirement income. Roth IRA earnings can be withdrawn tax-free as long as you are age 59½ or older and have owned the IRA for at least five tax years. The IRS calls such tax-free withdrawals qualified distributions. They may be made to you during your lifetime or to a beneficiary after you die. (If you happen to die before your Roth IRA meets the 5-year rule, your beneficiary will see the Roth IRA earnings taxed until it is met.) How much can you contribute to a Roth IRA annually? The 2017 contribution limit is $5,500, with an additional $1,000 catch-up contribution allowed for those 50 and older. (That $5,500 limit applies across all your IRAs, incidentally, should you happen to own more than one.) You can keep making annual Roth IRA contributions all your life. You can t make annual contributions to a traditional IRA once you reach age 70½. Does a Roth IRA have any drawbacks? Actually, yes. One, you will generally be hit with a 10% penalty by the IRS if you withdraw Roth IRA funds before age 59½ or you haven t owned the IRA for at least five years. (This is in addition to the regular income tax you will pay on funds withdrawn prior to age 59½, of course.) Two, you can t deduct Roth IRA contributions on your 1040 form as you can do with contributions to a traditional IRA or the typical workplace retirement plan. Three, you might not be able to contribute to a Roth IRA as a consequence of your filing status and income; if you earn a great deal of money, you may be able to make only a partial contribution or none at all. For more information on financial planning contact Don Dorr, our MEMBERS Financial Representative at 518-393-1326 and press 4. FIRST NEW YORK SCHOLARSHIPS Helping Students Make The Grade First New York is committed to helping students succeed. We do this in various ways, including scholarship opportunities and a variety of products and services. Scholarship Winners First New York congratulates the winners of its 2017 scholarship program. The skills these students have developed, along with their proven commitment to excellence, will no doubt lead them toward achieving their ambitious goals and experiencing a variety of extraordinary opportunities. First New York Scholarships First New York provides four $1,000 scholarships which were awarded to the winners in May at the annual Mohawk Valley Independent Credit Union dinner. The winners were; Nicholas Bearup, Colonie Central High School Aqila Khwajezada, Schenectady High School Max Lautenberg, Stillwater High School Aiden VanWagenen, South Glens Falls High School We are pleased to recognize these outstanding students in our community for their academic accomplishments and commitment to community service, said Lucy G. Halstead, President/CEO. Congratulations to Nicholas, Aqila, Max, and Aiden. We wish them and all graduating seniors the best of luck in the future. Applications for next year s First New York Scholarships will be available in January 2018. *This information in this article does not necessarily represent the views, opinions or advice of First New York FCU and should not be taken as such. This information should not be construed as investment, tax or legal advice. Consult a tax advisor for complete tax advice. Consult a legal professional for legal advice and consult an investment professional for investment advice. www.firstnewyork.org 5
Everything We Do, We Do for You! We love to share. Take advantage of our shared branching services through the CO-OP Shared Branch SM network, and you can access your account at any of the 5,000 credit union branches local and nationwide, just as if you were visiting one of our own. The CO-OP Shared Branch network links participating credit unions electronically, allowing credit union members to do branch banking even when the branch near you doesn t belong to First New York. This is a huge benefit to our members who travel, whose workplaces don t coincide with our branch locations, or who simply enjoy the convenience of expanded access. At CO-OP Shared Branch locations you can: Make cash or check deposits Make cash or check withdrawals Make loan payments Make transfers between accounts Get a statement printout Purchase official cashiers checks Finding the nearest branch is easy with locator tools that include phone, mobile apps and internet. Just visit www.allco-op.org or call 1-888-748-3266. You can download the free app in the App Store and Google Play by searching co-op atm/shared branch locator. 6 On www.firstnewyork.org the Money Join Us for a Community Day Enjoy Complimentary Hot Dogs and Popcorn! All events run from 9 a.m.-1 p.m. Saturday, July 8, Cobleskill Branch, 795 East Main Street Saturday, August 5, Glenville Branch, 19 Glenridge Road Saturday, August 19, Niskayuna Branch, 1776 Union Street Saturday, September 9, Rotterdam Branch, 1879 Altamont Avenue Community Day Loan Special No Credit Check Personal Loan, $500 for 12 months, only $45.84 per month.* FREE Shredding, 9:00 a.m. to Noon There is a 100 pound maximum of shredding per person to allow all members the opportunity to have their materials shredded. Open a KID$ Membership and Receive $10 in Your Account** Face Painting & Cookie Sales Girl Scouts, 9:00 a.m. to 1:00 p.m. D.J. Jaime Roberts / Chris Warren from 98.3 WTRY 9:00 a.m. to Noon Operation Safe Child Booth Receive a wallet-sized card including the child s name, photo along with date of birth, gender, height, weight, eye color and fingerprinting image. *Payments are calculated based on a fixed annual percentage rate of 17.95% for 12 months. Offer only valid for members 21 and older who are in good standing and have maintained an open membership with First New York for a minimum of 12 months. Eligibility also requires proof of income. Personal loan must be applied for and disbursed at the branch on Community Day only. Only one promotional personal loan per member. First New York employees and their immediate family members are not eligible. Not eligible if you are currently in a personal loan promotion. **$10 will be reported as dividends. Protect Your Family and Your Wallet Take Our Defensive Driving Class First New York is pleased to offer Defensive Driving classes at our First New York Community Room. Save 10% on your auto insurance and reduce points on your NYS license. Thursday, July 27 and Friday, July 28. 6:00 p.m. 9:00 p.m. Saturday, August 26, 9:00 a.m. - 3:30 p.m. Monday, September 18 and Tuesday, September 19, 6:00 p.m. 9:00 p.m. All classes will be held at the First New York Community Room at 2 Wall Street, Colonie. To reserve your spot call 518-393-1326 ext. 1804. The cost for each class is $25 and reservations are required. Seating is limited. Defensive driving classes are also available online at www.firstnewyork.org. Sponsored by Liberty Mutual and First New York Federal Credit Union. A minimum of 20 attendees is required to hold this class.
A Road Map to Better Credit Plot your course to an improved credit score with these strategies A credit score is a three-digit number that lenders, and others, use to objectively measure your creditworthiness. Consumers with higher credit scores get better rates because of their past payment experience, and consumers with lower credit scores often pay higher interest rates because they re viewed as riskier customers. What Makes Up Your Score Payment History 35% of your credit score is derived from your payment history. More weight is placed on your current pay history. Even if you are making the minimum payments, it s essential to never miss a payment. The dollar amount of the late payment does not matter. A $10 deliquency on a credit card affects your score as much as a late $1,000 mortgage payment. Capacity 30% of your credit score is linked to how much of the approved revolving debt is still available to you. Mix of Credit 10% of your credit score looks at what type of debt you have. Installment debt (car loans or mortgages, etc.) or revolving debt (credit cards carrying balances). Length of Credit 15% of your credit score depends on length of credit the number of years you have had the credit in your name. The younger you start good credit habits, the better your score. Accumulation of Debt 10% of your credit score is a reflection of the last 12-18 months of your credit history. This includes the number of inquiries into your credit score and opening dates of your new credit. Slow Down on Opening New Accounts Don t shop for credit excessively. Every time your credit report is accessed for the purpose of opening a new credit card account or taking out a new loan, it reduces your credit score. Don t open a credit card just because they offer a 10% discount or a special gift at the register. Don t Close your Credit Card Accounts Do not close your credit card accounts. Closing them decreases your capacity and can lower your credit score. Leave the cards open, but leave them at home. Are you ready to seriously commit to getting out of debt? Even if your credit is less than perfect, First New York may be able to help you consolidate your high-interest debt into a loan with a fixed rate and term. Call us at 518-393-1326 and press 3 to ask about a debt consolidation loan today. Better Credit Need to Skip a Loan Payment? It s Easy! To help stretch your budget, you can skip a loan payment any month you choose, on your auto loan, personal loan or Visa credit card. It s a great way to free up cash for family vacations, unexpected expenses, or anytime you need some extra cash. With First New York s Skip-A-Pay program, you can skip two non-consecutive payments in a 12-month period on your eligible First New York loans and enjoy a little extra cash when you need it most. To take advantage of this offer, visit a First New York branch, download a Skip-A-Pay form at www.firstnewyork.org or call us at 518-393-1326 and press 2. Skip-A-Pay Details: Auto, Personal and Visa loans are eligible for the Skip-A-Pay program. All skipped payments are added to the end of the loan term and interest continues to accrue during the skip. There is a $35 fee per skip, per loan. You must apply for Skip-A-Pay at least 10 days in advance of your payment due date. If you have automatic loan payment, ACH or payroll deduction, the Skip-A-Pay date may not be effective until the following month. You may skip two nonconsecutive loan payments in a 12 month period on each loan with the credit union. Skip-A-Pay may only be used a maximum of six times during the duration of the loan. Interest will continue to accrue at the prevailing interest rate during the time your payment is skipped. The processing fee does not apply towards interest or principle on the loan or Visa. You are required to resume your regular monthly payment the following month. Skipping a payment will extend the duration of your loan. All deferrals are subject to credit union approval. Please note that Skip-A-Pay is not available for Home Equity, Mortgage and Commercial Loans. www.firstnewyork.org 7
2 Wall Street, Albany, NY 12205 Let Your Home Pay for its Upgrades! Our Home Equity Line of Credit is a great way to give your house a new look inside and out. Cash from a home equity can go a long way toward a major renovation or dealing with one of life s little surprises. Borrow up to 90% of your home s appraised value (up to $424,100) and enjoy no closing costs* with a First New York home equity line of credit. We offer low rates on both variable and fixed products which are perfect for long-planned projects and instantly accessible for emergencies. Variable Home Equity Line of Credit Revolving line of credit for 10 years 25-year repayment term Introductory rate as low as 1.99% APR** Apply Today! No closing costs* Fixed Home Equity Line of Credit Low, fixed interest rate for the life of the loan Revolving line of credit for 5 years with a fixed rate Flexible repayment terms 10, 15, 20 years No closing costs* *Closing costs are paid by First New York on behalf of the borrower and 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. Closing costs are estimated at $200-$600. New York State Mortgage Tax is required and paid by the borrower. Title insurance may be required. **Annual Percentage Rate. Rates for HELOC are variable. Introductory Rate is as low as 1.99% for the first 13 months then as low as prime plus 0.00% APR thereafter. Rates are based on 80% combined loan-tovalue 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 May 2017 is 4.00%. Fixed rate HELOC options also available. 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: 454545 First New York mobile Main Number (518) 393-1326 1 (800) 734-7375 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 www.firstnewyork.org E-mail 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. 2017 First New York FCU