Making the grade

T IPS A N D T R EN D S F R O M SE F C U SUMMER 2014
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learn
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Making the grade
Smart finance options for college students
PLUS FREE SEMINARS — SUMMER discounts — CYBER SAFET Y — 5 K REGISTRATION — AND MORE!
Moneyclips
S U M M E R 2 014
Issue Highlights
8
Need new wheels?
Check out a SEFCU auto loan
10
14
Making the grade
Banking and loan information for college students
Get to know your wealth management team Fifteen minutes with SEFCU Wealth Management’s Becky Sciortino
Lifestyle/Opportunities
4
16 Meet our scholarship
winners!
SEFCU recently awarded $55,000 in scholarships
to students from across the state
Summer seminar schedule
9
ARMs provide low rate mortgage option
12
Life insurance 101
18
School Banking update
18
Smart Sense prize
19 SEFCU Labor Day 5k registration
News
3
6
20
Message from the President & CEO
SEFCU news and information
SEFCU named “Best Bank/Credit Union” for 8th year!
Moneyclips is
Holiday closings
All SEFCU branches and the Member
www.twitter.com/sefcu
Solutions Center will be closed in
observance of the following holiday.
Labor Day l Monday, September 1
www.facebook.com/sefcu
MESSAGE FROM THE PRESIDENT AND CEO
■ Summer is a time for new
growth, endless opportunity, and travelling
to our favorite places. It’s also a time when
SEFCU ramps up our Community Support
efforts involving members, the community,
and non-profits in preparation for a number
of summer and fall events. At SEFCU, we do
much more than simply make a contribution to
organizations in our areas. We are committed
to helping children and families through the
donation of time and talent as well. That means
giving our employees, Board Members, and
you – our members – an opportunity to be
involved in this life-changing work.
As we watched spring slowly turn into summer
we were especially excited this year at the
promise of a great season for harvesting fruits
Above: SEFCU Community Support
and vegetables. That’s because in Binghamton,
Executive Kathy Lanni, left, and Nancy
the CHOW Community Food Bus design was
Witter, Southern Tier member and community liason, show off the new CHOW
revealed as part of a collaborative project
food bus. SEFCU volunteers also showed up in force for the American Heart
between Broome County Council of Churches,
Association’s Heart Walk, top right, and raised money playing Monopoly for
Cornell Cooperative Extension of Broome
charity, bottom right.
County, and the Mental Health Association of
the Southern Tier. This innovative bus will bring
health – especially as they relate to women – and had the
fresh produce into communities and double as a food
opportunity to listen to local celebrity, Tumi Oguntala, talk
pantry on wheels to deliver perishable and non-perishable
about her experience on “The Biggest Loser” and provide
food items free of charge to communities that lack access
motivation for participants to maintain a healthy weight.
to an emergency food source. The food is grown locally
in the CHOW garden and will be distributed throughout
For the 22nd year SEFCU’s Monopoly Tournament has
the Southern Tier.
benefitted the Center for Disability Services. This year,
SEFCU presented a check to the Center for $20,000.
In Buffalo, SEFCU teamed up with the American Red
And, registration is now open for SEFCU’s Labor Day
Cross to support The BASH, a one-of-a-kind military5k. Watch for information coming soon letting you know
themed fundraiser that helps support disaster relief in
how you can vote to see which non-profit will receive the
Buffalo. In 2014 the event raised more than $300,000.
proceeds from this year’s race.
In the Capital Region, SEFCU volunteers have been busy
I hope you will join us on our journey by donating your
on a number of different events. In May more than 200
time to a non-profit near you. To get involved in any of our
employees, Board Members, and their families wore
events, please e-mail us at [email protected]. Enjoy
their “heart” on their sleeves as they participated in the
reading this issue of MoneyClips. On behalf of everyone
American Heart Association’s Heart Walk to raise money
at SEFCU, thank you for choosing us as your financial
and awareness for this devastating disease. Between
institution. As always, I welcome your comments at
SEFCU’s sponsorship and fundraising donations, SEFCU
[email protected] or follow me on
contributed more than $62,000 to this cause.
twitter@castellana_.
SEFCU also supported the Go Red for Women Luncheon
where attendees learned important facts about heart
Michael J. Castellana
President & CEO
Federally insured by NCUA
MONEYCLIPS SUMMER 2014 3
E D U C AT I O N U P C O M I N G S E M I N A R S
Summer seminars
JULY
■ Back to School on a Budget
Going back to school? Learn how to create a spending plan
to help you meet your needs and achieve your financial
goals. We will discuss creating a budget that you can stick
to and ways SEFCU can help.
■ Children Save for a Goal and Activity
Attend this interactive lesson on the importance of saving
with your K-5 children. We will begin with a short story
about setting savings goals and then provide children with
tools to create a savings jar of their own to bring home.
■ Meeting Women’s Unique Challenges in
Retirement*
It is projected that more than 43% of Americans aged 48-64
will lack adequate income to pay for basic expenses and
uninsured health care costs during retirement.* You are
invited to a valuable retirement income planning workshop
that will help you:
• Understand the three major challenges of The Retirement Red Zone: longevity, rising costs, and market uncertainty
• Create a plan to help address these challenges
• Discuss a smart strategy that can provide a guaranteed
retirement income stream with a variable annuity available through PrudentialSM companies
■ Pension Maximization
Planning on retiring soon? Learn how to maximize
your pension and protect your loved ones with the use
of life insurance.
■ Top 10 Tasks of Estate Planning
Join Bill Pfeiffer from the Girvin and Ferlazzo Law
Firm to learn about basic estate planning tools and
their importance for you and your family. Topics will
include wills, trusts, guardianships, Medicaid and
long-term care planning, the use of medical directives,
and power of attorney forms. Find out how these
important tools and topics have an impact on your
planning.
Not NCUA Insured
Not Credit Union Guaranteed
May Lose Value
Not Insured by Any Federal Government Agency
Not a Credit Union Deposit
*Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.
SEFCU and SEFCU Wealth Management Services are not registered broker/dealers and are not affiliated with LPL Financial. Advisory services
offered through LPL Financial, a registered Investment Advisor.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a
qualified tax advisor.
Variable annuities are long-term, tax deferred investment vehicles designed for retirement purposes and contain both an investment and insurance
component. They have fees and charges, including mortality and expense risk charges, administrative fees, and contract fees. They are sold only by
prospectus. Guarantees are based on the claims paying ability of the issuer. Withdrawals made prior to age 59 ½ are subject to 10% IRS penalty and
surrender charges may apply. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. The investment returns and
principal value of the available sub-account portfolios will fluctuate so that the value of an investor’s unit, when redeemed, may be worth more or less
than their original value. No strategy assures success or protects against loss.
4 MONEYCLIPS SUMMER 2014
E D U C AT I O N U P C O M I N G S E M I N A R S
SEMINAR INFO Reservations are required for all seminars and
SEPT
can be made by calling 518-464-5321 or 866-733-2880 x5321,
or online at sefcu.com. Please visit sefcu.com the day of
the seminar to make sure the seminar hasn’t been cancelled due
to inclement weather or circumstances beyond our control.
Capital Region
Binghamton
Capital Region seminars will be held at the Dora Maxwell
Auditorium at SEFCU Headquarters, 700 Patroon Creek
Boulevard, Albany. Directions to the Dora Maxwell Auditorium
are available at sefcu.com or by calling the Member
Solutions Center at 518-452-8183 or 800-727-3328.
■ Wednesday, August 6
■ Tuesday, July 29
Buffalo
AUG
Meeting Women’s Unique Challenges in Retirement*
6 p.m. – 7:30 p.m.
■ Wednesday, August 6
Back to School on a Budget
6 p.m. – 7:30 p.m.
■ Wednesday, August 20
Top 10 Tasks of Estate Planning
6 p.m. – 7:30 p.m.
■ Wednesday, September 17
Pension Maximization
6 p.m. – 7:30 p.m.
Children Save for a Goal and Activity
11 a.m. – 12 p.m.
This seminar will be held at the Broome County
Public Library, 185 Court Street, Binghamton.
■ Wednesday, July 30
Children Save for a Goal and Activity
11 a.m. – 12 p.m.
This seminar will be held at the Buffalo Central Library
(downtown Buffalo), 1 Lafayette Square, Buffalo.
Syracuse
■ Wednesday, July 23
Children Save for a Goal and Activity
11 a.m. – 12 p.m.
This seminar will be held at the Soule Branch Library,
101 Springfield Road, Syracuse.
Business Series: QuickBooks 101
QuickBooks™ is the leading accounting software utilized by small business owners across the country. The QuickBooks
101 class, offered by the NYS Small Business Development Center, is designed to assist new users of the software with
initial setup, entering transactions, and generating financial reports. The interactive program will be offered at the Dora
Maxwell Auditorium at SEFCU Headquarters in Albany, over the course of three weeks with three progressive classes:
Class 1: Getting Started and Setup — Tuesday, September 23 • 6 p.m. – 9 p.m.
Basic functions of QuickBooks software • Basic accounting principles • Understanding the importance of lists in QuickBooks
Class 2: Working with Accounts and Entering Transactions — Tuesday, September 30 • 6 p.m. – 9 p.m.
Setting up bank accounts • Recording sales • Recording deposits • Entering and paying bills and expenses
Class 3: Generating Financial Reports, Tracking Payables & Receivables — Tuesday, October 7 • 6 p.m. – 9 p.m.
Reports • Using QuickBooks to track and pay vendors, invoice and track time, and invoice and track customer receivables
The cost is $99 for all three sessions. When you register, you are registering for all three sessions. It is strongly
recommended that you attend all three sessions for the maximum benefit of the training.
This course requires you to attend all classes with a laptop or other portable computer with the QuickBooks software
already installed. In order to follow along with all in-class exercises and demonstrations, use of QuickBooks Pro or higher
is encouraged. (QuickBooks online is also an option, but does not offer all features discussed throughout the course.)
MONEYCLIPS SUMMER 2014 5
S E F C U N E W S A N D I N F O R M AT I O N
Save time with recurring payments
■ If you have recurring monthly payments – like gym
memberships, car wash packages, or insurance premiums –
don’t waste time scheduling the payment each month.
With recurring payments, you can pay these regular,
monthly bills with your SEFCU Visa® Check or Credit
Card. When paying with your Check Card, funds are
automatically deducted from your Really Free SEFCU
Checking account. Prefer to pay with credit? Simply pay
one bill each month and avoid the hassle of multiple bills.
Schedule your recurring payments today and take advantage
of all the extra time you can enjoy!
Save this summer
new address?
■ School’s out but that doesn’t mean you have to
break the bank to keep the kids occupied this summer.
Take advantage of some great savings you can enjoy just
for being a SEFCU member. A portion of the proceeds
from all ticket sales will benefit SEFCU’s Community
Support Program.
Theme park tickets
Purchase single day, discounted tickets to The Great
Escape for just $35 each and Darien Lake for $30 each.
Prices are the same for adult and children’s tickets and
are available at all SEFCU branches through Labor Day.
Cool off in the theater
Buy your discounted movie tickets to Regal Cinemas for
just $7.50 each. Stop by any branch and purchase yours
today. Some restrictions apply.
NYS Fair tickets
Get advance, discounted tickets to the New York State
Fair (Aug. 21 to Sept. 1) for just $6 at all Syracuse-area
branches through Aug. 20.
■ Have you recently moved or are you a
snowbird who spends part of the year away from your
primary address? SEFCU wants to make sure that we can
send you important information so if you have a new address
make sure you share it with us! If you have a second home,
let us know that address too and the dates you’ll be living
there so you can be sure you’re receiving important SEFCU
information.
Just call the Member Solutions Center at 518-452-8183
or 800-727-3328, stop by any branch, or log into SEFCU
OnLine to update your address today.
Go electronic
Although it’s important that we have your current address on
file, one way to ensure you can receive important information
no matter where you are is to provide your e-mail address.
You can also sign up for eStatements and access confidential
SEFCU information via your SEFCU OnLine account.
Log into SEFCU OnLine and click on “eStatements“ to get
started today!
6 MONEYCLIPS SUMMER 2014
S E F C U N E W S A N D I N F O R M AT I O N
Computer hacked? Now what?
■ Maybe you opened an e-mail attachment
you shouldn't have and now your computer has slowed
to a crawl. Or perhaps you’re running an out-of-date, or
unpatched, operating system software (such as Windows
XP) and have started to see anti-virus warnings. Maybe your
friends and family are complaining about spam messages
they’re receiving from you. These are all signs that your
computer may have been hacked and that means there are
some important steps you should take.
Secure your computer
If your computer system has indeed been compromised and
infected with a virus or other malware, you need to take
action to protect your data and prevent your computer from
being used to attack others. Ensure your computer is current
with all available patches, fixes, and upgrades. If you do
not have your operating system set to automatically update,
do so now by visiting your operating system’s Website and
following the instructions. Your computer’s security software
should also be up to date. To check the status, click on the
icon for the security program on your system. If an update is
needed, it will be indicated there. If you don’t have security
software installed, you need to get it. Make sure you have
anti-virus and anti-spyware software installed and a firewall
enabled. Confirm that your browsers are up to date.
Secure your accounts
You probably access numerous online accounts, including
social media, banking, news sites, shopping, and others.
If you’ve been hacked, there’s a chance that important
passwords have been stolen. Reset passwords for your critical
accounts first, starting with your e-mail account, followed by
financial and other critical accounts. It’s important to start
with e-mail accounts, since password resets for all of your
other accounts are typically sent to your e-mail.
Use separate and unique ID/password combinations for
different accounts and avoid writing them down. Make the
passwords more complicated by combining letters, numbers,
special characters, and changing them on a regular basis.
If you are unable to log into one of your accounts, contact
the service provider or Website immediately. Most online
providers include an online form, e-mail address to contact,
or phone number to call.
Secure your mobile device
Our increased reliance on smart devices – including mobile
phones and tablets – for everyday activities has led to an
increased number of hacking attempts against these devices.
As we do with our personal computers, we must ensure
proper steps are taken to protect our information and
devices. This includes installing security software (when
available) and keeping all installed software updated.
U.S. impacted by first major mobile banking security threat
If you’re like many consumers you’ve become accustomed
to the convenience of using your smartphone to manage
your finances right from the palm of your hand. But,
fraudsters continue to look for ways to prey on people
who use the mobile channel to access their financial
information. Recently a new type of malware was
discovered, called Svpeng, which targets mobile devices.
How does Svpeng work?
Mobile phone users receive a text message or an e-mail
which allows the malware to infect the device. Once it is on
the device it looks for apps from financial institutions and
then locks the screen with a fake FBI penalty notification
letter and demands $200 in the form of Green Dot
MoneyPak cards to unlock the phone. It also displays a
photo of the phone’s user taken by the phone’s front camera.
Currently only Android phones are being affected by
Svpeng and IOS consumers have not been affected yet.
Protect your information
There are a few important things to keep in mind to
make sure your mobile device and your confidential
information remain secure.
• Never click on links sent via text or e-mail from
unknown sources
• Only download apps from your device app store
• Install anti-virus software on your smartphone
• If your device is infected have it reset to the factory
default – don’t pay the “ransom”
For more information on how to ensure that your
confidential information remains secure on your mobile
device visit the Privacy & Security Center on sefcu.com.
MONEYCLIPS SUMMER 2014 7
SOLUTIO N S LE T SEFCU FINANCE YOUR NEW CAR
Need new wheels?
SEFCU has the
best deal in town
Payment protection
■ When shopping for a new car, instead
of automatically going with dealer financing, make sure
you do your homework ahead of time to compare what
options SEFCU has instead of just taking whatever the
dealer has to offer. If you do a little research you could
save money — and headaches — down the road.
Competitive products
SEFCU realizes one loan doesn’t fit all. That’s why, in
addition to our traditional auto loans with a number of
terms to choose from, we also offer products like Auto
Advantage, our lease-like loan program, that can put you in
more car for the same monthly payment.
Local servicing
When you choose the added protection of any of these
additional coverages, the good news is your payment will
only increase by a few dollars each month and you’ll have
peace of mind.
Get pre-approved today at sefcu.com, at any branch, or
by calling the Member Solutions Center at 518-452-8183
or 800-727-3328. That way you’ll know how much you’re
approved to borrow and SEFCU can fund your loan
quickly once you find the car of your dreams!
“I love my new car”
During the course of your
loan, we understand things
may change. You may want
to change your method of
payment or need to make
up for a missed payment.
All SEFCU auto loans are
maintained and serviced locally so you can stop
by a branch or call the Member Solutions Center to
discuss any problems or concerns you may have.
-Michelle S., satisfied SEFCU member
Loan repayment options
Depending on your preference, you can choose a
number of repayment options for your loan. Payments
can be made via direct deposit, automatically deducted
monthly or bi-weekly from your SEFCU Checking account,
transferred via SEFCU OnLine, or paid at a SEFCU branch
depending on what is most convenient for you.
Fees
As a credit union, SEFCU is committed to keeping
fees low in order to provide the greatest benefit to our
members. When you apply for an auto loan at SEFCU you
won’t be charged an application fee and you can enjoy
competitive rates.
8 MONEYCLIPS SUMMER 2014
Once you select the loan that’s right for you, SEFCU offers
payment protection options – like life and/or disability
coverage – at very reasonable prices. When you choose
life and/or disability protection for your loan, your
payments will be made for you in the event of the death or
disability of one of the borrowers. GAP insurance covers the
difference between what your car is worth and what you owe
in the event of a total loss accident.
O l d ca r
New ca r!
S O L U T I O N S T H E B E N E F I T S O F A D J U S T able R A T E M O R T G A G E S
SEFCU MORTGAGE SERVICES
ARMs provide low rate mortgage option
■ Are you in the market for a home
and searching for a product that will allow you to enjoy
a lower interest rate the first few years of your mortgage?
SEFCU Mortgage Services offers a 10/1 Adjustable Rate
Mortgage that could be exactly what you’re looking for.
What is an ARM?
An Adjustable Rate Mortgage offers a fixed rate for a
specified term and then the rate becomes adjustable for
the remainder of the mortgage. For a 10/1 ARM the rate
is fixed for the first 10 years of a 30-year loan, providing
you the security of knowing your mortgage payment will
remain the same during that time. After the first 10 years
your interest rate will adjust annually (the “1” in the “10/1
ARM”) so your payment could fluctuate from year to year.
Benefits of a 10/1 ARM
Quite possibly the biggest benefit of an ARM is that you
get 10 years at a lower interest rate than what you can
get from a 30-year fixed mortgage. If you plan on selling
your house within 10 years there is no reason to lock in an
interest rate for 30 years when you can take advantage of
the lower payments for the first 10 years of the mortgage
and then sell your home or refinance.
of the loan as a result of a lower interest rate will translate
into a lower monthly payment for the remaining term of
your mortgage.
Our 10/1 ARM:
• Has no pre-payment penalty
• Has no additional fees at closing
• Is competitively priced below our fixed rate mortgages
Want to learn more about SEFCU
Mortgage Services’ 10/1 ARM?
Call us today at 518-783-1234 or
315-701-1390.
Contact a SEFCU Mortgage Services representative for
a full listing of products and details. Please note: We
reserve the right to alter or withdraw these products or
certain features thereof without prior notification.
Another reason people choose ARMs is because when the
rate starts adjusting after 10 years, your new payment is
based on the current outstanding balance. That means that
all the principal you have paid off during the first 10 years
621 Columbia Street Ext., Cohoes, NY 12047 and
200 Salina Meadows Parkway, North Syracuse, NY 13212
Licensed Mortgage Banker New York State Department of Financial Services
NMLS Company ID – 309847
MONEYCLIPS SUMMER 2014 9
MAKING THE GRADE CAMPUS CONNECT AND SEFCU STUDENTS LOANS
College students: choose
W
hether you’re starting your freshman
year in college or working toward an
advanced degree, money and time are
probably tight. That’s why you should
choose a SEFCU Campus Connect
account so you can spend your valuable time studying for
class, not managing your finances.
With a Campus Connect account you’ll enjoy:
• Free Checking
• Free ATM withdrawals at more than 55,000 locations*
• Free smartphone apps and Text Banking
• Free online banking and bill pay
• Free, quick, and easy electronic account transfers from
other financial institutions
Free ATM withdrawals
SEFCU is a member of the Allpoint® network of ATMs
which means you can withdraw* your cash for free at more
than 55,000 ATMs, including those at major retailers like
CVS®, Target®, and Walgreens®.
Allpoint ATMs can be found at locations across the U.S.
Canada, Mexico, Puerto Rico, England, and Australia.
To find a location when you’re on the go, download the
Allpoint or SEFCU app.
Smartphone apps and Text Banking
Free Checking
What’s one thing you never leave your dorm or apartment
without? Your phone! With SEFCU’s free iPhone®, iPad®,
Android®, and Kindle Fire® apps, manage your money
conveniently from the palm of your hand.
Now that you’re out on your own, you’ll be responsible for
managing your finances and probably even paying some of
your own bills. At SEFCU, we have a Really Free Checking
account so you don’t have to worry about any additional fees.
Need to check your account balance in a hurry? Sign up for
SEFCU’s free Text Banking service and keep tabs on your
balance or transfer money just by typing a few characters.
10 MONEYCLIPS SUMMER 2014
Campus Connect this fall
MEMBER TUITION LOANS
Bridge the financial gap
with a SEFCU Student loan
Tuition payments will be due for the fall semester soon and
if you are still worried about how you are going to pay the
bill, consider a SEFCU Student loan.
Free account transfers!
With a SEFCU Campus Connect Checking account, your
parents can transfer funds directly into your account from
any other financial institution at no charge. SEFCU also
offers ways to send money quickly, easily, and securely
through an e-mail address or text message.
Enter to win** $500 for textbooks!
Books are expensive, so we’ll help you save a little on
your textbooks this fall. Campus Connect members have
a chance to win $500 toward textbooks. New winners will
be selected each fall so make sure you enter every year!
Visit sefcu.com/textbooks to enter and for official rules.
Enroll today!
Becoming a Campus Connect member is easy. Simply speak
to a SEFCU representative at any branch or call the Member
Solutions Center at 518-452-8183 or 800-727-3328.
We’re on campus!
SEFCU has a full-service branch on campus at the
University at Albany, the University at Buffalo, Skidmore
College, and Rensselaer. Stop by and say hello!
* SEFCU members are not required to pay a cash withdrawal fee at Allpoint ATMs. If a
charge screen appears during your Allpoint ATM transaction, enter “yes” to accept the
charge and proceed with your withdrawal. The additional fee will not be deducted from
your SEFCU account. The savings can be as much as $3 per transaction. Please note, at
international Allpoint ATMs, you will still be responsible for the Visa Foreign Currency
transaction fee.
**No purchase necessary. One entry per person and only offered to Campus Connect
members. Duplicate entries will not be included in the drawing. Contest runs through Sept.
1, 2014. All entries must be received by Sept.8, 2014. A total of 10 winners will be selected
as follows: two from the University at Albany, two from the University at Buffalo, two from
Rensselaer Polytechnic Institute, two from Skidmore College, and two from all additional
Campus Connect members. Winners will receive a $500 gift card or voucher to their school’s
bookstore. No exchange of cash for prizes. SEFCU staff and their immediate families are not
eligible. Winners will be contacted by phone. To participate without entering online, send
a 3”x5” card with your name, college attending, and phone number to SEFCU Marketing/
Textbooks, 700 Patroon Creek Blvd., Albany, NY 12206. Entries must be postmarked no later
than Sept. 6, 2014.
SEFCU Student loans are designed to fill the funding gap
that federal loans, financial aid, and scholarships have left
behind and funds are applied directly toward tuition or room
and board expenses. Borrowing limits range from $2,000 to
$30,000 and you can choose a fixed- or variable-rate option.
Requirements
To be eligible for a Student loan, applicants may need to
provide:
• Proof of student maintaining a 2.0 GPA
• Proof of income
• A copy of the college/university award letter
• A copy of the tuition bill
• A self-certification form
• Have a SEFCU Campus Connect account
Repayment options
Once you’ve selected the loan that’s right for you, repayment
options include monthly automatic transfer from a SEFCU
account and direct deposit. With this option you’ll also enjoy
a quarter-percent rate discount. While the student is enrolled
in school (at least halftime), your loan payment will be the
greater of the interest amount due or $35. Full principal
and interest payments begin six months after graduation, or
when the student is no longer enrolled in school.
We’ll pay the school
To make it convenient, once you are approved for the loan
and all the documents are signed, SEFCU will send the
funds directly to the college or university for the approved
amount. Payments will be made at the beginning of each
semester (for the current school year) as long as all the
requirements are met.
Ready to get started? Apply online at sefcu.com, stop
by any branch, or call the Member Solutions Center at
518-452-8183 or 800-727-3328.
MONEYCLIPS SUMMER 2014
11
“
“
If you know any person who would be affected financially if you
died tomorrow, you probably need life insurance.
12 MONEYCLIPS SUMMER 2014
L I F E I N S U R A N C E P R O T E C T I O N F O R Y O U R F A M I LY
SEFCU INSURANCE AGENCY
Life Insurance 101
Protection for your family
■ There’s nothing more important than protecting your family and life insurance is the
best way to do it. Life insurance, or income replacement, makes sure your family’s financial future is secure. If you have
children, a mortgage, a spouse or anyone else who’s dependent on your income, you probably should have life insurance.
How does it work?
How much do you need?
In exchange for a life insurance company’s promise to
pay the death benefit to the beneficiary, the owner of the
life insurance policy (policyholder) pays a premium either
monthly, quarterly, semi-annually, or annually. There are
different types of life insurance, but term life insurance is
usually the most affordable. With a term policy, you are
covered for a set amount of time (5, 10, 15, 20, 25, or 30
years) and pay premiums that remain level throughout the
duration of the policy.
Life insurance experts recommend buying a life insurance
policy that is 10 to 20 times your annual salary, but how
much you earn isn't the only factor to consider when
evaluating your life insurance needs. You need to also
figure in how much money will be enough to protect your
family when you're no longer around. When discussing
your life insurance options with a licensed advisor,
make sure to ask yourself how much money your family
will need to cover final expenses (like funeral costs and
outstanding debts) and how much they’ll need to maintain
their current lifestyle.
Who needs it?
If you know any person who would be affected financially
if you died tomorrow, you probably need life insurance.
We never expect the unexpected, but you can protect
against tragedy with life insurance. A life insurance policy
gives you the peace of mind that comes with knowing
your family will be taken care of in the event that you’re
not around.
Whether you’re married with no children, married with
children, single, a single parent, a stay-at-home parent
or retired, there’s a customized life insurance solution
for you.
SEFCU Insurance Agency offers
Homeowners insurance • Condo and renters insurance
Auto insurance • Motorcycle insurance • Life insurance
Boat and RV insurance • Personal Umbrella insurance
Vacation and Rental Home insurance
Antique car insurance • Collectible insurance
SEFCU Insurance Agency has partnered with AccuQuote to provide reliable insurance
options to meet your needs. For your free personalized life insurance review, call
AccuQuote at 877-654-8916 or visit www.sefcu.com/accuquote.
MONEYCLIPS SUMMER 2014 13
W E A L T H M A N A G E M E N T S E R V I C E S Q & A W I T H B ec k y S ciortino
WEALTH MANAGEMENT SERVICES
Get to know your
wealth management team
Fifteen Minutes with Becky Sciortino, LPL Financial Advisor
W
hen making the decision to invest your hard-earned cash, it’s
important to find someone you trust and someone who has
a similar philosophy. Becky Sciortino, an LPL Financial Advisor for
SEFCU Wealth Management Services, shares some of her thoughts about
the market, her experience, and changes in the industry.
“Everyone has a story, an
amazing story that
deserves respect. I find
it both an incredible
honor and pleasure
to participate in my
clients’ journey and
being there for their
life events.”
14 MONEYCLIPS SUMMER 2014
IN SU R AN CE PROTECT YOURSELF WITH AN UMBRELL A POLICY
Question: What can members expect
when they work with you?
Becky: SEFCU Wealth Management Services is
built on the premise that two powerful causes of care
and concern in most lives are family and finances. My
job is to understand our clients’ vision by focusing on
their past experiences, questions, ideas, and future goals.
We then develop a financial plan that is based on those
goals and shaped by client input. From there members
can expect strategies that aim to increase the likelihood
of achieving those long term goals. These strategies
almost always include investment and insurance reviews
and recommendations. Ultimately, once we have an
understanding of who our clients are as people we
provide advice that is objective and personalized.
Question: You’ve been in the financial
services business for over 15 years, what
would you say is the biggest change
since you started?
Becky: From an industry perspective, the biggest change
has been the abundance of information and technology
as well as the complexity of the markets which have left
many members feeling overwhelmed. Having lived through
periods of market volatility, investors are greatly influenced
by what is more relevant, recent, or dramatic. While these
concerns need to be taken into consideration, it is important
for investors not to allow these concerns to thwart their longterm financial goals. Creating a plan and sticking to it helps
keep members focused on their long-term goals.
Question: How has this low interest
rate environment impacted retirement
planning?
Becky: My experience has been that most investors
dedicate their time and attention to accumulating assets
rather than an income planning strategy. Today’s low
interest rate environment requires a carefully crafted
strategy that involves detailed conversations about
what income sources are available (i.e. pensions, social
security, etc.), and realistic expectations regarding yields,
withdrawal rates, and market risk. In an ideal situation a
client’s fixed expenses would be funded by guaranteed
sources of income whether that is pension, social security,
or some sort of annuity. Discretionary expenses would be
funded by a diversified and variable portfolio.
Question: What’s the best part of being
a financial advisor?
Becky: Truly the best part of being a financial advisor
is the clients with whom I work. Everyone has a story,
an amazing story that deserves respect. I find it both
an incredible honor and pleasure to participate in my
clients’ journey and being there for their life events. I
enjoy participating in the path of the client who can now
afford to retire and is now looking forward to a dream
trip, helping take care of their twin grandchildren, or
volunteering on mission trips. I also want to be there to
help comfort the client who recently lost a spouse and is
transitioning into a new phase of life. I am grateful and
appreciative that my clients invite me into their lives.
Schedule your no-obligation consultation today!
Call SEFCU Wealth Management Services at 518-451-2948.
Not NCUA Insured
Not Credit Union Guaranteed
May Lose Value
Not Insured by Any Federal Government Agency
Not a Credit Union Deposit
*Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. Insurance products offered
through LPL Financial or its licensed affiliates.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a
qualified tax advisor.
MONEYCLIPS SUMMER 2014 15
mem b er b enefits sefcu awards scholarships
SEFCU presents $55,000 in scholarships
■ In May, the credit union awarded $1,000 scholarships to SEFCU members graduating from
high school and planning to attend college in the fall. SEFCU also presented an additional $7,500 in scholarship money in
the memory of two past Board Members: Jean Myers1 and Robert Berroyer2. Yvette Boafo was awarded the Dr. Carmen
M. Cornute Memorial Scholarship3 to her further her education in nursing. SEFCU also awarded $1,000 scholarships to
current students attending Rensselaer4, Skidmore5, the University at Albany6, and the University at Buffalo7. Applications
were judged based on academic achievements, leadership positions held, a written essay, and community service. This
year’s recipients had a combined total of 16,000 volunteer hours. Congratulations to all!
capital region
Maxine Petrosino
UC Berkeley
Marissa Page4
RPI
Lauren Miner
Northeastern Univ.
Daniel Grogan
Marist College
Marina Hands
The Coll. of
Saint Rose
Areli MendozaPannone
Russell Sage Coll.
Laura Treers
MIT
Nicolette Angioli6
Univ. at Albany
Alyssandra Lang
Quinnipiac Univ.
Peter Hamlin
Northeastern Univ.
Allison Hacker
WPI
Lara Idris
Columbia Univ.
Bianca Viscusi
Cornell Univ.
Matthew Hardy
Morrisville State
Aidyanne Torres
Univ. at Albany
Alison Digena
Siena College
Emily Gray
SUNY Oneonta
Erin Gannon
St. Michael’s College
Andrew Wilkinson7
Univ. at Buffalo
Erik Backstrom2
Univ. of Rochester
Erin Billings
Boston Univ.
Elizabeth Bjork
Univ. of Conn.
Deirdre O'Hanlon
Cornell Univ.
Alexander Berry
Middlebury College
Madeline Welsch5
Skidmore College
Gina Capobianco1
WPI
Emerson Wells
Brown Univ.
Michael Landry
Virginia Military Inst.
Katherine McLean
George Washington
Univ.
Seth Farkas
Columbia Univ.
Yvette Boafo3
Univ. at Albany
Rosalie Banner
Oberlin College
Jennifer Cerutti
Skidmore College
Justin Montione
Univ. of Rochester
Rani Schoenhaus
Binghamton Univ.
Bianca Foltan
Univ. of Maryland
Alessandra Sitterly
SUNY Geneseo
Lydia Liu
UC Berkeley
Erik Ritzenthaler
St. John’s Univ.
Nicholas Bruni
Stonehill College
Connor Morelli
St. John Fisher
Seth Schoenhaus
Denison Univ.
Brian Toy
McGill Univ.
Eileen Zhou
Albany College
of Pharmacy
Ashley Whiteside
Univ. at Albany
Michaela Wozniak
SUNY Fredonia
buffalo
Rebecca Skakal
Marywood Univ.
Bradley Roman
Univ. of Pittsburgh
Katharine
Umphred-Wilson
RIT
binghamton
Brandy Illsley
SUNY Oneonta
Michael Powell
Univ. of Scranton
syracuse
Troy Robinson
Albany College
of Pharmacy
Julie Sessler
Hartwick College
Sarah Cook
SUNY Oswego
Jacqueline Knapp
Cornell Univ.
Applications for next year’s awards will be available in the fall.
Watch for October’s edition of Moneyclips for more information.
MONEYCLIPS SUMMER 2014 17
smart sense school ban k ing and giveaway
SEFCU starts students saving young
■ Learning the importance of making saving a
habit should be started very early in life. SEFCU has made
it even easier to get students started on the right financial
foot with our School Banking Program.
About School Banking
SEFCU has School Banking programs at a number of schools
throughout the Capital Region, Syracuse, and Buffalo. That
means students can bring in their deposits on regularly
scheduled school banking days and a volunteer coordinator
will accept the deposit and drop it off at a SEFCU branch.
Students are encouraged to make deposits into their accounts,
with an emphasis on regular savings and not large balances.
Mobile branch visits
If you’ve seen SEFCU’s Mobile branch, you know why our school
bankers get excited to see it pull up in front of their school. It’s
our full-service branch on wheels and makes special visits to
elementary schools to allow our Smart Sense school bankers to
understand the whole banking experience.
Top Teacher
SEFCU, in conjunction with WNYT NewsChannel 13, recently
honored the Capital Region’s Top Teachers along with our school
bankers. Students who made the greatest number of deposits
throughout the year were recognized and three students received
SEFCU Share Certificates.
Sign up Find out how your school can get involved
in SEFCU’s School Banking Program. E-mail
[email protected] or visit sefcu.com/schoolbanking.
The SEFCU School Banking team recently visited the Charter
School for Applied Technologies in Buffalo, top photo. Above,
School Banking Coordinator Mark Duffy, left, and SEFCU
President & CEO Michael Castellana presented this year’s top
school banking award to Kylee from Marie Curie Institute in
Amsterdam at the Capital Region Top Teachers Awards banquet.
SEFCU SMART SENSE
You could be a winner!
Register for a drawing to win* a $100 Visa® Gift Card.
If you have a Smart Sense account at SEFCU, here’s your chance to win
a $100 Visa Gift Card. Visit sefcu.com/Moneyclips and enter the drawing
by September 30, 2014 for your chance to win.
*SEFCU employees and their immediate families are not eligible. Open to Smart Sense
members only. If you have more than one Smart Sense member in your family,
you may complete the online form for each child. One entry per person.
18 MONEYCLIPS SUMMER 2014
S E F C U L a b or D ay 5 k R E G I S T R A T I O N F O R M
Monday, September 1, 2014
SEFCU Headquarters
Race / Walk Start: 9:00 a.m.
2 6 T H A N N UA L
L A B O R DAY 5 k
This year’s 5k is pre-registration only; participants may not register the day of the event.
Location:
Race/walk starts and finishes at SEFCU Headquarters,
700 Patroon Creek Blvd., Albany
HMRRC Entry Fee for 5k Race/Walk*: q $12 for HMRRC members and SEFCU members
q $15 for all others q $25 for HMRRC fee and a donation to the non-profit recipient
of the race funds
Applications must be received by Friday, August 29, 2014.
HMRRC Entry Fee for Kids*:
$1 per child; 1 mile; approximate 10 a.m. start
Event day registration only
Separate application for team competition is available at sefcu.com
Race Prize Structure:
Medals to the first three male and female finishers in each of the following age groups: 11-17; 18-21; 22-29; 30-34; 35-39; 40-44; 45-49; 50-54; 55-59; 60-64; 65-69; 70 and over.
Trophies will be awarded to the first three male and female overall finishers. Trophies will
also be awarded to the first three male and female overall finishers who are SEFCU members. No duplication of prizes.
Shirts:
Commemorative SEFCU 5k T-shirts will be given to all participants.
Refreshments:
Complimentary fruit, drinks, etc. available at end of event.
Results:
Posted 15 minutes after event and available the same day at http://www.hmrrc.com.
For More Info:
Call 518-464-5300, or visit www.sefcu.com.
I will participate in:
5k Run o
5k Walk o
Name________________________________________________________________________________________________
Address______________________________________________________________________________________________
City_______________________________________________________________ State_____________Zip________________
Age _____
Sex
SEFCU Member o
Male o
Female o
HMRRC Member o
Phone______________________________________________
Where did you hear about this event?_________________________________
*I would like to make a donation directly to the SEFCU Community Support Program in the amount of $___________________.
Mail donations to: SEFCU Community Support Program, 700 Patroon Creek Blvd., Albany, NY 12206
Signature
Parent/Guardian (if under 18)
I know that running a road/trail race is a potentially hazardous activity. I attest that I am physically fit and sufficiently trained to compete in this event. I agree to abide by any decision of a race official relative
to my ability to safely complete the run. I assume all the risks associated with running in this event, including but not limited to falls, contact with other participants, the effects of weather, including high heat
and humidity, traffic and the conditions of the road, all such risks being known and appreciated by me. Having read this waiver and in consideration of your acceptance of my entry, I, for myself and anyone
entitled to act on my behalf, waive and release the Hudson-Mohawk Road Runners Club, SEFCU, the SEFCU Foundation, non-profit recipients of funds from the race, the State of New York, their sponsors,
officials, representatives, and successors from all claims or liabilities of any kind arising out of my participation in this event, even though that liability may arise out of negligence or carelessness on the part
of the persons or organizations named in this waiver. I also understand that the use of headphones, ear buds, or other listening devices during this race is prohibited and may result in my disqualification. I
agree that any digital or print photographs taken during this event are the sole property of SEFCU and may be used appropriately in future SEFCU publications.
Make registration checks payable to Hudson Mohawk Road Runners Club. Send entry fee with completed
application form to: SEFCU Labor Day 5k, HMRRC, P.O. Box 12304, Albany, NY 12212
Applications cannot be accepted at SEFCU locations.
Directed by
MONEYCLIPS SUMMER 2014 19
MONEYCLIPS
S U M M E r 2 0 14
Patroon Creek Corporate Center
700 Patroon Creek Boulevard
Albany, NY 12206
PRESORTED STANDARD
U.S. POSTAGE
PAID
SARATOGA SPRINGS NY 12866
PERMIT #426
MoneyClips is a quarterly newsletter published
for the benefit of SEFCU members.
Main Number 518-452-8183 • 800-727-3328
DIAL Automated Phone Svc. 518-452-2874 • 800-733-2848
SEFCU Insurance Agency 518-786-9905 • 888-250-6689
SEFCU Mortgage Services 518-783-1234 • 800-444-6313
Website www.sefcu.com
a w ards sefcu named “ best ban k / credit union ” for 8 th year in a row !
Thank
you!
Eighty years and 8 wins in a row...
We’ve got a lot to celebrate!
Making members’ financial dreams come true and helping neighbors make the community a better
place to live … that’s what we’ve been doing since we opened our doors back in 1934!
That’s Banking with a Purpose.
Thank you for voting us the “Best Bank/Credit Union” in the
Albany times union readers’ poll for the 8th year in a row