Central Connection, Spring 2009 - Central One Federal Credit Union

SPRING 2009
Connection
Central One
Federal Credit Union
A NEWSLETTER
714 Main Street
Shrewsbury, MA 01545
Your Credit Union May Be the Best Place for Auto Loans
(508) 842-7400
(800) 527-1017
Tel Talk (508) 841-0875
(800) 527-1011
visit us online at
www.centralfcu.com
IN THIS
ISSUE:
• Legal Counsel
• Improvements to eCentral
• April is Children’s Book
Month
• Did You Know…
• Want Less Mail Cluttering
Up Your House?
• Annual Meeting
• Tax Talk
• Important Reminder
About Your Visa Extras
• Join Us for Family Fun Day
• Money Matters
• Shred Days are Coming
Back!
• Early Riser?
• Do We Escrow Your Real
Estate Taxes?
• Expanded Hours in
Waltham
• Main Office Open Later
• New Address?
• Holiday Closings
• Hours and Locations
FOR
MEMBERS
OF
CENTRAL ONE FEDERAL CREDIT UNION
Thinking about a new car? Unless you have been living in a hut without television for the last several months,
you have heard about the troubles U.S. carmakers are having. Now may be a great time to buy a new car and take
advantage of the offers that the dealers are putting out there, such as employee pricing, cash back bonuses and
rebates.
Keep these things in mind if you are shopping for a new car:
• If you select dealer financing, you may forfeit manufacturer’s rebates.
• Watch for extra features on “sale priced” vehicles that you may not need or even want, which add cost to
the vehicle.
• There may be costs or limitations with dealer financing, such as higher down payment requirements or
even a pre-payment penalty.
• Dealer stock is often limited to on-site stock, so you may be limited if they do not have a color or features
you are looking for.
• The best financing rates (2.99%, 0%) are for “very well-qualified buyers”, meaning those with perfect credit
and often for a shorter term, leading to higher payments.
Dealer financing is not always the best option. Take a look at the example below.
CU Financing
Dealer Financing
Vehicle Price
$20,000
$20,000
Rebate
$3,000
0
Amount financed
$17,000
$20,000
APR/Term
4.99%/36 months* 2.9%/36 months
Monthly payment
$509.42
$581.53
Total payback
$18,339.12
$20,935.08
Total Savings
$2,595.96
*Actual rate received based on credit score and other factors. Rate in example based on
credit score of 720.
Another reason to get financing from your credit union…
GM and Chrysler have partnered with credit unions to offer members special incentives for buying one of their
vehicles and getting financing from the credit union. The incentives vary by vehicle type and model, but can be
as high as an extra $1,500 or $2,000 in savings! You can visit www.centralfcu.com and click on the “Invest in
America” link to learn more or to find out how much more you can save on your next new car!
One last reason to buy this year…
The IRS announced recently that taxpayers who buy a new passenger vehicle this year may be entitled to deduct
state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. Consult your tax
professional for more information.
So, when you decide to go ahead and buy that new car to take advantage of the great deals out there, remember to
visit your credit union first, or apply online at www.centralfcu.com.
Legal
Counsel
Home Improvement Scams
In these tough economic times, your home is your castle and your most valuable investment. The home
improvement business is crawling with cheats who are looking to make money. Always remember the
following:
• Be wary of a salesman who comes to your home uninvited, especially if he claims he is doing work for
your neighbor or was “just in the neighborhood.”
• Be sure that you ask for references with names and telephone numbers and contact those people.
Nothing drives away a swindler quicker than asking for references.
• Beware of low ball bids or offers that are too good to be true. Obtain more than one estimate.
• Beware of people that ask for a large “deposit” or require payment in full before the work is complete.
• Read all documents carefully before you sign them and make sure you understand all of the terms.
If necessary, you may want to consult an attorney.
• DO NOT sign a contract with blanks in it.
Attorney
Michael N. Abodeely, Jr.
34 Mechanic Street
Worcester, MA 01608
508-791-1199 ext. 229
• Beware of a salesman who claims his offer is for a “limited time” or is “today only”, especially where
he is pressuring you to sign the contract before you have read it.
• If you have a problem with your contractor, first try resolving it with the contractor. Honest mistakes
can occur and can easily be corrected. Make sure that you follow up with a letter sent by certified
mail. Be sure to keep a copy of the letter for yourself. If this does not solve the problem, contact your
local or state consumer protection office or consult an attorney.
If you have any questions, please give me a call.
Improvements to eCentral:
View & Pay
In early April, changes and enhancements were made to the View
& Pay product. The most common tasks have been consolidated to
one screen. On the first page you see when you sign in, you will be
able to make payments, view and pay e-Bills, view pending
payments, view recent payments and add a new payee. These were
previously all on different screens.
On the new landing
page, several
convenient features
have been added as
well. All of the
funding accounts
available will be
shown to select from
and memos can be
added to checks. You
will also find improved sorting options, all e-Bills to be paid will
be listed, pending payments will be displayed, last five processed
payments will be shown, and the method to Add a Payee has been
simplified.
For first time View & Pay users, the interface provides more
guidance, including step-by-step instructions in setting up payees
and making those first payments.
Save yourself time and money and keep track of your bills and
payments easily with eCentral: View & Pay from Central One. Sign
up today! If you are already signed up for CentralNet, you can sign
up for eCentral: View & Pay after you log in to your account. If
you have not signed up for CentralNet, please call our Member
Support Center at 800-527-1017. One of our Service
Representatives can get you signed up in no time!
April is Children’s Book Month!
Central One has teamed up with the Massachusetts Credit Union
League and the Credit Union Community Hope Initiative to
collect children’s books during the month of April. Members are
invited to drop off any new or used children’s books at our
Auburn, Northborough (148 Main Street) and Shrewsbury branch
locations. All books collected will be donated to local organizations
for their children’s programs.
Got other books, too?
If you have non-children’s books that you would like to get rid of,
you can visit our branch at 148 Main Street in Northborough and
drop your unwanted books in the Got Books bin located in the
parking lot of the branch. The money raised from the collected
books benefits the Northborough Senior Center. They also accept
DVDs and VHS tapes. No magazines or newspapers, please!
Insurance
Info
Oak Tree Insurance Agency, LLC
Located at Central One Federal Credit Union
(508) 841-0515
1-800-527-1017 x 515
fax (508) 842-6092
Did You Know…
… that Oak Tree Insurance Agency is
Central One’s full service insurance agency?
… that Central One members can receive up to an
additional 8% discount on their auto insurance policy?
In the past, Central One contracted with independent insurance agents to provide insurance services for Central One members. While
this provided a great service to members, it limited the control that Central One had over the quality of the products and services
available to members.
To remedy this situation, in 2007 Central One created Oak Tree Insurance Agency, LLC, allowing Central One to continue its pursuit
to provide World Class Service to its members. Central One is no longer affiliated with other insurance agents. If you have taken
insurance through Central One prior to 2007 or if your policy does not list Oak Tree Insurance Agency as your agent, you are no
longer getting your policy through a Central One affiliate… and you are missing out on the 8% member discount.
At Oak Tree Insurance Agency, we want to help you find the insurance protection you need, save you money and provide World Class
Service. As a full-service agency offering homeowners, automobile, renters, boat and yacht, umbrella, valuable items, flood, identity
theft protection and commercial insurance products, we take pride in the personal service and competitive rates we are able to provide
our clients.
We can help you with your insurance needs. We encourage you to evaluate your insurance to make sure your coverage is appropriate.
It won’t cost you anything to review your insurance, but it could cost you money if you don’t. If you would like to review your
existing coverage to make sure it still meets your needs or to see if you could benefit from any additional coverage options that we
offer, please call us at 508-841-0515 to set up a review. We look forward to the opportunity to earn your business and to provide you
with World Class Service!
Want Less Mail Cluttering Up
Your House?
If you do not want to
receive statements by
mail, you can opt for
online statements. You
will receive an email
from us notifying you
that your statement is
ready for viewing. To
view your statement, you
can simply log in to
your CentralNet account
and click on online
statements. Several
months of statements are
stored, and you are able
to print them if you
need them. To sign up
for online statements,
call our Member Support
Center at 800-527-1017.
Annual Meeting
Our annual meeting will be held Monday, May 11 at 5:00 P.M.
at our Main Office in Shrewsbury.
Tax
Talk
American Recovery and Reinvestment Act of 2009
This is the latest of several recently enacted tax acts. This act contains a wide-ranging tax package that
includes tax relief for low and moderate-income wage earners, individuals and families with college expenses
and home and new car purchasers. Following is a very brief summary of some of the changes.
Making Work Pay Credit is an individual tax credit in the amount of 6.2% of earned income not to exceed
$400 ($800 for joint filers) in 2009 and 2010. The credit is phased out at adjusted gross income in excess of
$75,000 ($150,000 for joint filers). The credit can be claimed as a reduction in the amount of income tax
that is withheld from a paycheck, or through a credit on your tax return.
Economic Recovery Payment provides for a one-time payment of $250 to retirees, disabled individuals and Social
Security beneficiaries and SSI recipients receiving benefits from Social Security Administration and Railroad
Retirement beneficiaries, and to veterans receiving disability compensation and benefits from the U.S.
Department of Veterans’ Affairs. To receive the payment you must have been eligible for either social security
benefits, railroad retirement benefits, veteran’s compensation or pension benefits or SSI benefits for any of the
following three months: November 2008, December 2008 or January 2009.
Refundable credit for certain federal and state pensioners in the amount of $250 to certain government
retirees who are not eligible for Social Security benefits.
Unemployment compensation exclusion on the first $2,400 of benefits received in 2009.
Higher education credit in the amount of $2,500 available for the first four years of college. The credit is
based on 100% of the first $2,000 of tuition and related expenses (including books) paid during the tax year
and 25% of the next $2,000.
Pauline Hammer
382 Boston Turnpike
Shrewsbury, MA
508-842-3882
Computers as an education expense. Computers and computer technology qualify as qualified education
expenses in 529 education plans for tax years beginning in 2009 and 2010.
First-time home buyers credit has been expanded and increased. Last year Congress provided for a credit to
first time home buyers of up to 10% of the purchase price of a home to a maximum of $7,500. The credit
had to be repaid over 15 years. The new law increased the credit to $8,000 for first time home buyers for a
home purchased on or after January 1, 2009. It also eliminates the repayment obligation and extends the
credit through the end of November 2009.
Tax break for new car purchases allowing taxpayers to deduct State and local sales taxes paid on the
purchase of a new automobile, including light trucks, SUV’s motorcycles, and motor homes. The tax break
phases out with taxpayers earning $125,000 per year ($250,000 for joint filers) and is available to both
itemizers and non-itemizers.
These are just a few of the most recent tax law changes. Stay tuned… I’m sure there’s more to come.
Important Reminder About
Your Visa Extras
Visa Extras points expire 36 months from the date in which they
were earned. Check www.visaextras.com to see your point balance or
to redeem your points today.
Haven’t enrolled in Visa Extras yet? It’s easy. Call 800-960-8472
or visit www.visaextras.com and fill in the information in the
enrollment/activation area. Make sure you have your card handy.
Don’t forget, you won’t earn any points on purchases until you have
enrolled in the program!
New card?
If you recently received a new
Visa Credit or Check Card due to
the data breach at Heartland and
another undisclosed processor,
don’t forget to enroll your new
card in the Visa Extras program.
Join us for Family Day
Sunday, May 17 · 714 Main Street · Shrewsbury
11:30 a.m.–3:00 p.m.
Lunch will be provided free of charge to members of Central One
from 12:00 P.M.–2:00 P.M. Non-members will be asked to pay a
nominal fee. No R.S.V.P. is necessary! See you there!
Money
Matters
Making Sense of Your Dollars and Cents with Budgeting
With the recent economic downturn, many individuals are paying greater attention to their bottom line.
Maybe you’ve experienced a life change and you’ve had to tighten your purse strings, or you need to save for a
specific goal, or you simply want to know where your money goes each month—creating a budget can shed
light on your financial situation.
Determine how you will track your expenses. You can use a software program, a worksheet, a spreadsheet,
or even a notebook. Your budget format will vary depending on how detailed you choose to be.
Understand essential versus non-essential spending. The example above allows you to mark an expense as
essential or nonessential, which makes it easier to analyze your spending. An essential expense is a must-have,
as opposed to a good-to-have.
Track your expenses for a month. This will give you a true picture of your spending and all of your fixed
expenses. As an alternative, log your monthly fixed expenses and then keep a two-week inventory of other
variables.
Everything counts. Don’t forget about the quarters you put in the parking meter, or the soda you got from
the vending machine. Also, if there are quarterly expenses that you won’t capture in your tracking period, be
sure to account for them on a prorated basis (e.g., a $45 satellite radio subscription would be $15 in your
monthly budget).
Michael J. Canfield
W.F. Financial Services
Located at Central One’s
Main Office
at 714 Main Street
in Shrewsbury
508-842-7400
800-527-1017 ext. 560
Analyze. Once you’ve logged your expenses, categorize items as essential and nonessential. Still coming up
short for a specific goal? Try to cut down on some of those items you deem essentials. Is your morning storebought coffee on your personal essentials list? Consider making coffee at home. Same goes for dining out—
can you eat one, two, or three more meals at home each month?
Don’t cut items that impact your future. Trying to decide between splurging on that dream vacation and
contributing to a retirement account? You may tell yourself that you’ll make a larger contribution down the
road when you have more money, but consider the impact on your future and the future of your loved ones.
Maybe it makes more sense.
Securities Offered Through Commonwealth Financial Network, Member FINRA/SIPC. Securities are not NCUA insured deposits,
are not obligations of or guaranteed by Central One Federal CU and are subject to risk, including the possible loss of principal.
Shred Days Are Coming Back!
Get rid of your unwanted paperwork and protect yourself from identity theft!
Pick up a shred bag at any of these locations, fill it with paper to be shred, and bring it
back to one of our Shred Day events! Shred Day is open to members only. All shred
material must be in a Central One shred bag to be accepted. Limit three bags per
member. E.L. Harvey will have a mobile shred truck on site.
Saturday, April 25
Saturday, April 25
Saturday, May 2
Auburn Branch
63 Southbridge Street
9:00 a.m.–11:30 a.m.
Northborough Branch
148 Main Street
9:00 a.m.–11:30 a.m.
Shrewsbury Branch
714 Main Street
9:00 a.m.–11:30 a.m.
Early Riser?
For the protection of our staff, if anyone is in the parking lot waiting in a vehicle
at the drive up, or at the front door prior to our branch opening, our staff is
instructed to contact the police to have the person(s) removed from the property
until the branch is open. This is done for the safety of our staff. Thank you in
advance for your cooperation.
Do we escrow your real estate taxes?
If so, please remember to forward a copy of your bill to the credit union as soon as
possible each time you receive one from your town.
Expanded Hours in Waltham
The Waltham location, located in the new National Grid building, will be
expanding its hours towards the end of May, based on the completion of the
facility. The branch office will be next to the cafeteria and will be open
Monday through Friday from 8:30A.M.–2:30 P.M. An ATM will be available.
Our Main Office is Staying Open Later
Beginning April 1, our Main Office in Shrewsbury will have longer hours on
the days that our members need it most!
Our Shrewsbury lobby is now open until 5:00 P.M. on Fridays and until
12:30 P.M. on Saturdays. In addition, our drive-up also has extended hours on
those days. On Fridays, the drive up will be open until 5:30 P.M. and on
Saturdays the drive up will be open until 1:00 P.M.
Do You Have a New Address?
Please alert us of any address changes, even if the move is a temporary one.
Each day we get hundreds of pieces of mail back from the post office due to
outdated addresses, which delays the time the information can get to you.
714 Main Street • Shrewsbury, MA 01545-3018 • www.centralfcu.com
508-842-7400 or 1-800-527-1017
Tel-Talk Numbers: 508-841-0875 or 1-800-527-1011
Branch Hours:
Shrewsbury Main Office - 508-842-7400
Monday and Thursday...........................................................................7:00 a.m. to 6:00 p.m.
Tuesday and Wednesday......................................................................7:00 a.m. to 4:30 p.m.
Friday ....................................................................................................7:00 a.m. to 5:00 p.m.
Saturday ..................................................................................................8:30 a.m. 12:30 p.m.
Northborough - 148 Main Street - 508-393-8112
Monday and Thursday...........................................................................7:00 a.m. to 6:00 p.m.
Tuesday, Wednesday and Friday..........................................................7:00 a.m. to 4:30 p.m.
Saturday .......................................................................................................8:30 a.m. to noon
Auburn - 63 Southbridge Street - 508-832-2100
Monday and Thursday...........................................................................7:00 a.m. to 6:00 p.m.
Tuesday, Wednesday and Friday..........................................................7:00 a.m. to 4:30 p.m.
Saturday .......................................................................................................8:30 a.m. to noon
* Westborough - 50 Otis Street (AstraZeneca)
Monday..................................................................................................7:00 a.m. to 2:00 p.m.
Tuesday and Thursday........................................................................11:00 a.m. to 3:30 p.m.
Wednesday ................................................................................................................CLOSED
Friday ....................................................................................................7:00 a.m. to 3:00 p.m.
*Northborough - 55 Bearfoot Road (National Grid)
Monday and Friday .............................................................................12:00 p.m. to 4:00 p.m.
Tuesday and Thursday..........................................................................9:00 a.m. to 1:00 p.m.
Wednesday ................................................................................................................CLOSED
*Salem - 24 Fort Avenue
Tuesday.................................................................................................9:00 a.m. to 1:00 p.m.
Friday ................................................................................................... 8:30 a.m. to 1:30 p.m.
*Westborough - 25 Research Drive (National Grid)
Monday through Friday .........................................................................8:00 a.m. to 4:00 p.m.
*Waltham - 201 Jones Road
Monday through Friday .........................................................................8:30 a.m. to 2:30 p.m.
BOARD OF DIRECTORS
Robert A. Zeveska - Chairman of the Board
Jeffrey M. Pond- Secretary
Roland G. Carlson
Michael J. Cavanaugh
Diane L. Collins
Monday, May 25 . . . . . . . . . . . . . . . . . . . . . . . Memorial Day
Saturday, July 4 . . . . . . . . . . . . . . . . . . . . Independence Day
Monday, September 7 . . . . . . . . . . . . . . . . . . . . . . Labor Day
Thomas E. Davey
Carl W. Masshardt
Robert Scarfo
MANAGEMENT
David A. L'Ecuyer - President/CEO
Michael P. Rooney - CFO
Thomas D. Clancy - VP of Operations & Information Systems
April B. Healey - VP of Retail Services
Craig S. Madonia - Senior VP of Lending
Wendy B. Morin - VP of Human Resources & Administration
Jeffrey A. Dunn - Assistant VP of Lending
Paul A. Ravina - Assistant VP of Database Administration
*Bank at work locations
714 Main Street
Shrewsbury, MA 01545-3018
www.centralfcu.com
The Credit Union will be closed:
James S. Chalke - Vice Chairman