Special Member Services Issue - Franklin Mint Federal Credit Union

F R A N K L I N
M I N T
F E D E R A L
C R E D I T
U N I O N ’ S
M A G A Z I N E
Choices
ISSUE 1, 2007
®
Special Member Services Issue
WORLD
CLASS
Convenience
FMFCU’s 24-hour-a-day service
lets you handle your finances
easily from HOME or ABROAD!
DENNIS REUSTLE
MEMBER SINCE 1989
LONDON, ENGLAND
7 NEW IRA
CHANGES
FMFCU'S LATEST
CABLE TV SPOT
OUR CHESTER
"CONNECTOR"
REFINANCING
YOUR "ARM"
USING YOUR
CARDS ABROAD
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
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Choices
®
FRANKLIN MINT FEDERAL CREDIT UNION’S
MAGAZINE
ISSUE 1, 2007
Publisher
John D. Unangst
Managing Editor
Laurie Long
Executive Art Director
Peter Richardson
Executive Editor
Jim Murphy
Supporting Editors
Christine T. Bicking
Cindy Wanamaker
Photography
Charlene Barth, American Candids
Lien-Nibauer Photography
Circulation: 60,000 Members and Business Offices
For permission to reproduce any article in this
magazine, to request advertising information or
to submit a Letter to the Editor, contact:
Dear FMFCU Family,
It's really a little hard to believe. But our Credit Union, which started in
a small closet at the Franklin Mint in 1970, now operates 24 branches …
and regularly serves members in all 50 states and over 35 foreign
countries.
All along, our strategy has been to try to offer you the best of all
possible worlds: Free checking without account minimums, convenient
brick-and-mortar branches and more recently, round-the-clock Member
Service Center coverage with live people you can actually talk to 24/7.
High-tech and high touch
This blending of technology and personal service has been a real
juggling act. But as you'll see in this issue, our members seem pleased
by our efforts. And more and more partners like Aqua America, M.A.B.
Paints (and just recently Harrahs' Chester Casino and Racetrack) are
asking us to serve their employees, too.
Please note that besides adding 24-hour Member Service Center
coverage, we've completely revamped our Web site to make it easier
to use, have begun offering Live Chat service, and have also added
25,000 surcharge-free ATMs to our network.
Enjoy reading this issue. As always, please let us know what you
think of it … and our progress here at FMFCU. Just e-mail me at the
address below.
Choices Magazine
1974 Sproul Road, Suite 300
Broomall, PA 19008
610-325-5100
610-325-5299 (fax)
[email protected]
Sincerely,
Choices is the official magazine of Franklin Mint
Federal Credit Union. It is published for the benefit
of our current and prospective members and
partnering organizations. The information presented
is as accurate as possible, but as with all financial
matters, you should consult your financial, tax or
other advisors before implementing any of the ideas
presented. For specific information about any FMFCU
product or service mentioned, please visit our Web
site at www.fmfcu.org. You can also call the Member
Service Center at 610-325-5100 (for calls originating
outside of PA, call toll-free 1-800-220-3193).
© 2007 Franklin Mint Federal Credit Union.
John D. Unangst
President/CEO
[email protected]
COVER PHOTO:
Dennis Reustle, Senior
Vice President and
Director of Commerce
for QVC in the United
Kingdom, finds FMFCU's
home banking convenient
— even though he lives
3,500 miles away in
Surrey, England.
Photo by Olivia Antolik.
w h a t ’s i n s i d e
Going the Distance
4
Ready Reps
7
Members' Forum
12
On the Run
14
IRA Q&A
16
Financial Report
20
departments
Profile: Aqua America
22
Family Finances
10
Newsbriefs
18
Consumers' Corner
24
14
3
GOING THE DISTANCE!
These services make it easy for members
to manage their money … from near and far!
With FMFCU's 50,000+ members spreading across the country and world,
the Credit Union keeps adding new ways to serve you
DENNIS REUSTLE
MEMBER SINCE 1989
LONDON, ENGLAND
For Dennis Reustle, Senior Vice President and Director of
Commerce for QVC in the United Kingdom, long-distance
banking is not a problem.
He has a checking and savings account with FMFCU, has
taken out a home equity loan, does wire transfers and also
buys Travelers Cheques.
"With e-mail and having a good relationship with the
Branch Manager, things can be done rather well," Dennis says
in an e-mail.
He has worked in England since February of 2001,
leading buyers, planners and broadcasting, and helping build
4
QVC's UK operation into a $550 million (or £300 million)
business.
A Credit Union member for 18 years, Dennis lives with
his family in Cobham, Surrey, England, about 20 miles
southwest of London, and says FMFCU's Home Banking
on the Internet is his main means of banking.
Dennis credits Linda Jones, FMFCU Branch Manager
at QVC, for making the long distance relationship easier.
"She is helpful and always looking out for our best interest.
She makes suggestions on the best way to utilize the various
services that the Credit Union offers."
Photo by Olivia Antolik
This QVC exec works near Chelsea, London, and banks from home with FMFCU.
NEW FMFCU CONVENIENCES:
TIMOTHY MOONEY
MEMBER SINCE 2006
DELTONA, FLORIDA
24-HOUR MEMBER SERVICE
In February 2006, as part of our Home
Banking conversion (and knowing there
would be an increase in member
questions), FMFCU began working with
a trusted partner to help handle overflow
calls. Soon afterward, we quietly started
offering members 24-hour service every
day of the year (including Christmas Day).
When the Member Service Center
closes, calls now are handled outside of
the Philadelphia area. This helps FMFCU
in several ways, says Cindy Wanamaker,
Chief Operating Officer and Senior Vice
President. First, it gives members the
option of talking to a “live” person,
24 hours a day. "We have a lot of shift
workers who may look to do their
banking during non-traditional hours."
Second, it gives the Credit Union an
easy way to handle high-volume periods
— so we don't keep members waiting
too long.
"A third benefit is that it gives us
a disaster backup. If an ice storm,
hurricane or other natural disaster hits
the Philadelphia area, calls can be
seamlessly transferred to Florida or
Arizona," she says. Service to members
can continue without a hitch.
25,000 MORE
SURCHARGE-FREE ATMS
In addition to enjoying surcharge-free
transactions at 700 Automatic Teller
Machines (ATMs) in 14 states as part of
CU$®, Pennsylvania's Selective Surcharge
Alliance, you now have access to 25,000
more.
These ATMs are part of the CO-OP
Network, the largest credit-union-only
ATM network in the country. Among its
25,000 ATMs are 6,000 deposit-taking
ATMs and 5,500 at 7-Eleven® locations
throughout the U.S. and Canada.
Sources: http://www.cudollar.org
http://www.coopnetwork.org/public/locators/ATMloca
tor/index.cfm
NEW AND IMPROVED WEB SITE
Completely updated, FMFCU's sleek and
attractive new site is far better organized
and easier to navigate than before,
making it a snap to find what you need
quickly. New are: a Site Map, a Kids'
Section, Corporate Information, maps to
each branch, and about a dozen other
improvements.
Timothy Mooney, an M.A.B. Paints’ employee who lives in Florida,
grows oranges in his own back yard.
New Florida member enjoys his experience with FMFCU
When M.A.B. Paints merged its credit union into FMFCU, Timothy Mooney, a 25-year
M.A.B. employee who lives in Florida, became one of our ever-increasing number of
long-distance members.
So far, so good, he reports. He received a starter package, is getting statements
on time, and says his experience "has been positive."
While he didn't realize that FMFCU offered certificates, he quickly learned and
made the investment. "They're doing well," he says.
FMFCU's marketing department
created the new site, which has been in
the planning stages for about a year. "We
were limited to the site design before,"
says Mike Bunner, FMFCU Assistant Vice
President of Electronic Marketing. "Now
we have full control of what we want to
do on the site." Take a look … and put it
in your Favorites or Bookmarks. There's a
wealth of valuable information here that
will bring you back again and again.
LIVE CHAT
Another key new feature of FMFCU's
Web site is Live Chat, which is similar to
instant messaging. Initially this service
will be offered 8 a.m. to 5 p.m., Monday
through Friday. Members can also call the
Member Service Center at 610-325-5100
(or 1-800-220-3193 if you live outside of
Far-Flung
Members
FMFCU members live in all
50 U.S. states and over 35
countries. The "Top 5" foreign
countries represented are:
• France
• England/United Kingdom
• Germany
• Japan
• Canada
(Continued on next page)
5
"No need to change banks," member says from New Mexico
From: Dan Egan
Sent: Sun 11/26/2006 4:04 PM
To: President at FMFCU
Subject: Choices Magazine Issue 3, 2006
John,
I have been a member since 1987. Retired from Media to Lincoln, NM
in 2001. Still maintain my relationship with FMFCU, frequently using the
Internet and toll-free number. I find there is no inconvenience when
compared to the local bank 12 miles down the road.
My continued patronage of FMFCU is for the most part based on the
friendly people I deal with. In particular, Cecily Venkatesh, who watches
over my IRA and prompts me to upgrade my CDs to a higher rate — to
mention only one of her good deeds. Cecily masterfully watched over my
IRA transfer from Smith Barney so as not to incur any penalties. Cecily
introduced me to Performance Checking as an alternative to a short-term
CD and quick access to my money.
During my last visit East, I had an opportunity to visit the Media
office and set up my laptop while enjoying coffee and watching the activity
on State Street — a most enjoyable experience.
With the Internet, there was and is no need to change banks!!
The folks at FMFCU are as friendly as the local cowboys and cowgirls.
Dan Egan, who opened his FMFCU account in Media,
now lives in New Mexico. He’s shown here with his horse,
Cry Baby.
Regards from a happy member,
Dan Egan
Used with permission
DAN EGAN
MEMBER SINCE 1987
LINCOLN, NEW MEXICO
(Continued from previous page)
FOR "REALLY FREE* CHECKING"...
CHECK OUT FMFCU!
YOU GET:
No
minimum
balance
❦ FREE Premier Check Card
❦ FREE Premier Access Home Banking,
Bill Payer and Telephone Banking
❦ FREE check copies via Home Banking
❦ FREE e-statements
❦ FREE first order of checks with Direct Deposit
* There is no small print. It really is FREE!
Come in and open an account today!
Mention this ad and receive a FREE gift!
FRANKLIN MINT
FEDERAL CREDIT UNION
The Credit Union of Choice! ®
www.fmfcu.org • 610-325-5100
6
PA). The Live Chat service simply gives
you another way to communicate with
FMFCU.
QUICK ONLINE MEMBERSHIP
APPLICATION
A new online automated members'
enrollment form that makes joining
FMFCU faster and easier is coming soon,
says Linda Timmins, E-branch Supervisor.
The new form should reduce processing
time.
NEW SECURE E-MAIL SERVICE
Early in 2007, FMFCU anticipates being
able to offer a new secure e-mail service.
If certain private information, such as
your member number or Social Security
number appears in an outgoing e-mail
from FMFCU, it will automatically be
encrypted, says John Hargrove, Vice
President of Information Technology.
An e-mail will direct you to a secure
portal, where, after providing a user
name and password, you'll be able to
open the e-mail.
If you want to send secure e-mail
messages to FMFCU, you'll be able to
click on a link at: www.fmfcu.org,
compose your message and send it to
the Credit Union.
READY REPS
(Continued on next page)
MARY LEE DOWNEY
Manager, Member Services
Time at FMFCU: 13 years
Previous Life: Bank One
Quote: "In Member Services, our field
of knowledge continuously expands and
changes. There is always something new."
Meet some of the people behind the voices
at FMFCU's Member Service Center
T'S 9 A.M. ON MONDAY MORNING here in FMFCU's
Member Service Center. In this quiet, secure area of about
2,000 sq. ft., complete with a conference room and small
kitchen area, some of the center's 13 Member Service
Representatives (MSRs) are taking members' inbound calls,
making outbound calls or responding to e-mails.
Of those present, says Gloria Mann, Manager, Contact Center,
four representatives respond mainly to the Premier Access
Telephone (PAT) system loan option, four primarily handle
inbound calls, one “Welcomes” all members and three handle
electronic venues.
For quality control purposes, every call is recorded and
stored. Mary Lee Downey, Manager, Member (Continued on next page)
I
GLORIA MANN
Manager, Contact Center
Time at FMFCU: 2 1/2 years
Previous Life: The Franklin Mint and
Bank of America
Quote: "I was a member before John
Unangst came to the Credit Union.
I remember when he was the Branch
Manager at Provident National Bank,
where he suggested everyone at the
Franklin Mint open an account — so
they could cash their payroll checks.
Who knew that he would become the
visionary that has led the Credit Union
to its present level of success?"
7
(Continued from previous page)
Services, and the Quality Facilitator,
monitors calls and responses and reviews
each rep’s performance monthly.
Introducing new products and/or
changes in procedures directly affecting
members usually results in a higher
number of calls. So when a major change
takes place in Home Banking or when
Multi-Factor Authentification was introduced, several staff participated in the
pre-launch. As a result, the reps knew
what questions to expect, and were
prepared to answer them.
The staff's goal is one-call resolution,
which means that when we end the call,
the member is satisfied and there is no
need for follow-up or a return call, Gloria
says. They do this successfully over 90%
of the time.
Barbara Mulhern
Team Lead, Loan Origination
Time at FMFCU: 13 years
Previous Life: Bookkeeper
Quote: "The majority of people I talk
with are very happy to hear about our
recent loan promotions. Some call back
months later to discuss a product, and
even refer their family members to me.
I feel really good about that."
EDUCATION IS EMPHASIZED
One difference here from other financial
call centers, Gloria says, is that the reps
do both education and relationshipbuilding. "We're not in and out, focusing
on quick calls." While the average talk
time is about 2 1/2 minutes, an initial call
on Home Banking or Bill Payer may take
15 minutes. "We take the time to educate
the member, and after that, the member
is generally self-sufficient."
Another difference at FMFCU is the
courteous attitude of our members. Reps
rarely deal with a truly irate member who
they can’t help or bring a solution to,
Gloria says.
Her reps go out of their way to save
members' money, too. When a member
asks for a document copy that will cost
$7, the staff reminds those with Home
Banking that they can retrieve records for
up to 48 months at no charge. For a copy
of a cleared check, rather than paying a
$3 fee, the service reps will suggest that
members check those out at Home
Banking, too — absolutely free.
As FMFCU members branch out
across the country, and we partner with
organizations like Aqua America (see
page 22) or M.A.B. Paints, with employees
in numerous states, security becomes
a big issue, says Mary Lee. That's why
our reps ask for three pieces of information
on every call, and often vary the questions
to deter people who might be trying to
steal your identity.
5
GREAT REASONS
TO GET YOUR MORTGAGE
THROUGH FMFCU
1 Get personal attention from us every step of the way
with loan officers that have 60 years' combined experience
… plus FREE pre-qualifications
2 Enjoy low closing costs, low down payment programs
and NO points on most loan products
3 NO pre-payment penalties of any kind
4 Always deal with your Credit Union … because our wholly
owned subsidiary, State Financial Network, Inc. (SFN), will
service your mortgage throughout the life of your loan
5 You can be confident that we know all about mortgages
— we've been handling them for our members since 1984
NEW!
NANCY PEWEE
MEMBER SINCE 2003
" Brian from FMFCU provided me with exceptional
care and service. He made sure I got the lowest
mortgage rate possible."
8
40 -Year Fixed-Rate Mortgages, which may lower
your payment and offer greater purchasing power.
Apply today.
www.fmfcu.org/mortgages
610-325-5017
FRANKLIN MINT
FEDERAL CREDIT UNION
The Credit Union of Choice! ®
Linda Timmins
E-Branch Supervisor
Previous Life: Bryn Mawr Hospital
Employees Federal Credit Union
Quote: "We even get e-mail from
people who think they are talking to
the Franklin Mint."
BUSIEST DAYS ARE EARLY
AND LATE IN WEEK
Monday, Thursday and Friday are the
most popular days for inbound calls, with
the highest volume of calls coming
between 9 a.m. and 2 p.m. To keep up
with the ever-increasing demand, the
Member Service Center recently hired
two additional reps.
Many calls are for information
members can easily obtain through Home
Banking or PAT, like balance inquiries.
"Sometimes it's just more convenient to
call," says Mary Lee. "But we encourage
members to learn how to get this
information electronically to minimize
identity theft concerns." Some members
don't have access to a PC, says Gloria,
plus a number of members are elderly or
visually challenged. So the phone is
perfect for them.
Barbara Mulhern, Team Lead, Loan
Origination, spends most of her time
calling members with special promotions.
"The majority of the people I talk to are
very happy to get the call," she reports.
Reneé Clements, Outbound Lead,
makes "Welcome Calls" a month after a
membership is opened. After introducing
herself and welcoming the new member,
she reviews their information for accuracy
and encourages questions. "My job is to
make sure we have given the member
everything they deserve," she says.
Reneé also calls on people with
certificates a few weeks before the
maturity date, so she can help match
Reps not shown in individual photos include:
Kelly Beavers, Pearl Brown, Amy Figueroa,
Jean Gardner, Angel McCormick, Betty Roehre,
Stephanie Sunner and Maggie Tucker.
Reneé Clements
Outbound Lead
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
Time at FMFCU: Over 16 years
them with the right term.
Another key part of the Member
Service Center is headed by Linda
Timmins, E-Branch Supervisor. Linda and
her team receive all correspondence by
web or e-mail, log them, and route the
communications to the appropriate
department for answering. If the answer
is too complicated for e-mail, Linda picks
up the phone and calls the member.
Linda's team also is working with
the new streamlined online members'
application, and will also respond to the
new Live Chat feature on FMFCU's Web
site. To contact FMFCU by e-mail, she
says, you can use a secure form within
Home Banking, or go to the Contact link
on FMFCU's Web site.
No matter how you choose to communicate with them — or where you are
physically located — the representatives
in the Member Service Center are ready,
willing and able to help you.
Time at FMFCU: 12 years
Previous Life: Sales Manager,
The Franklin Mint
Quote: "We really do care. Whatever
you need, we'll help you or direct you.
Talk to us about anything you need
help with."
SERVICE STATS FOR
NOVEMBER, 2006
Inbound calls:
Average wait time:
Outbound calls:
Inbound e-mail:
12,187
18 seconds
793
2,145
9
Family Finances
3
IRS
1
9
5
6
The 2006 Pension Protection Act, which
runs over 900 pages in length, includes
significant changes to Individual
Retirement Accounts (IRAs). Here are
seven key revisions you should know
about, courtesy of Cecily Venkatesh, an
Investment Coordinator and Certified
IRA Professional at FMFCU, as well as
a Chartered Retirement Planning
Counselor SM designee.
You can direct-deposit your tax
refund into your IRA
"This probably has the most universal
interest," Cecily says. But different IRS
forms are required for 2006 and 2007.
"If any part of your tax refund will go
into an IRA, call us," she advises, "to
make sure the deposit is recorded
correctly."
This is a great tax break for seniors,
because your direct charitable
distributions don't increase your
adjusted gross income and are
TAX CODE
5
nd Y
IRAs a
How the complex 2006 Pension
Protection Act affects your IRA
Seniors 70 1/2 or older can make
tax-free contributions directly
from an IRA to a qualified
charitable organization
6
4
900+ PAGES … IN A NUTSHELL
10
8
7
TAXES
2
2
1
4
OU
3
completely tax-free. Note that the new
law limits donations to $100,000 per
year, and applies to returns for 2006 and
2007 only.
You'll be able to directly roll eligible
401(k) benefits to a Roth IRA
(if you qualify)
Before, you had to roll employee plan
assets into a Traditional IRA, and then
convert it to a Roth. But starting January
1, 2008, if you qualify, you can directly
roll that money to a Roth IRA. "Where
before-tax and after-tax money is
involved, it does get messy," Cecily says.
Your best bet is to consult with your
financial advisor or financial planner
about this change.
Income thresholds and contribution
limits will rise with inflation
The new law makes permanent IRA and
retirement savings contribution limits
that were due to expire in 2010. Even
better, beginning in 2007, income limits
for a traditional deduction or Roth
contribution and contribution limits will
be tied to cost of living adjustments.
More beneficiaries can roll over
assets from a deceased person's
retirement plan
In the past, only spouses could roll over
assets from an inherited employer plan
into their IRAs. If you weren't a spouse,
you had to take the money out and pay
taxes on it. Starting this year, nonspouse beneficiaries will be allowed to
receive a tax-free rollover of a qualified
person's plan into an inherited IRA, as
long as it is a direct transfer.
Active-duty military reservists can
take penalty-free withdrawals from
their IRAs
Reservists meeting certain active duty
requirements can take distributions from
their IRAs to pay bills — without being
hit by a 10% early withdrawal penalty.
They'll have two years from the end of
active duty to re-contribute the money,
if they choose to do so.
The Saver's Tax Credit is made
permanent
For taxpayers with low-to-moderate
income, the new law extends this special
tax credit of up to $1,000 — just for
contributing to your workplace savings
plan or an IRA.
Note: many of these new provisions
have income limits. Please check with
your tax or financial advisor.
Chartered Retirement Planning Counselor SM
is a registered service mark of the College for
Financial Planning®.
Sources:
http://www.smartmoney.com/taxmatters/
index.cfm?story=20060821
http://personal.fidelity.com/planning/retirement/
content/pensionprotection.shtml.cvsr?banner=12493134&immid=00086&psite=google&crtyp
e=search&kw=pension_protection_act
IT MAY BE TIME TO
REFINANCE YOUR "ARM"
Nearly $2 trillion in Adjustable Rate
Mortgages (ARMs) will reset by the end
of 2008, a top economist says. The
result? For some people, minimum
monthly payments could go up 50
to 100%.
Among those hardest hit will be
people with Payment Option ARMs,
who've been paying the minimumrequired payment or the interest-only
payment, says Marty Burke, Assistant
Vice President and Mortgage
Development Officer at FMFCU.
The smallest payments on those
ARMs do not cover all the interest
accrued during the month. This creates
"negative amortization" — an unfavorable situation where your principal
balance actually increases.
While Marty doesn't usually recommend 40-year fixed-rate mortgages, he
says these long-term mortgages may
help members coming from Payment
Option ARMs have a softer landing.
Or, you can choose a standard hybrid
ARM, which has a fixed-rate component
for several years. Those who remain in
the Payment Option ARMs probably
have already experienced "payment
shock" — or will shortly when the loan
increases to both the rate and the
payment.
FMFCU offers our members a variety
of mortgage refinancing options you
may want to consider. These include
fixed-rate mortgages, ARMs, and our
unique 3/2 ARM that allows qualified
members to avoid Private Mortgage
Insurance (PMI).
For more information, talk to the
Mortgage Officer serving your branch,
or call Marty Burke at 610-325-5017.
assets on the Free Application for
Federal Student Aid, or FAFSA, another
big plus.
"TAX TALK"
LAST-MINUTE TAX TIPS
Avoid these common tax errors:
➧ Incorrect or missing Social Security
numbers.
➧ Incorrect tax entered from the
tables (for example, using the
wrong column for your filing
status).
➧ Computation errors in figuring the
child and dependent care credit or
the earned income credit. Also,
missing or incorrect identification
numbers for child care providers.
➧ Withholding and estimated tax
payments entered on the wrong
line.
➧ Math errors, both addition and
subtraction.
“I am proud to be paying taxes
in the United States. The only
thing is — I could be just as
proud for half the money.”
— Arthur Godfrey, entertainer
“People who complain about
taxes can be divided into two
classes: men and women.”
— Unknown
“Income tax has made more liars
out of the American people
than golf.”
— Will Rogers, humorist
Source:
http://www.irs.gov/newsroom/article/0,,id=
110483,00.html
Source:
http://www.irs.gov/taxtopics/tc303.html
Sources:
http://www.foxnews.com/story/0,2933,227318,00.ht
ml?sPage=fnc.business/realestate
http://www.tooeletranscript.com/index.php?option=
content&task=view&id=17999&Itemid=
http://www.americanchronicle.com/articles/viewArtic
le.asp?articleID=17678
http://www.bankrate.com/gookeyword/news/
USE THE "LEEWAY PERIOD"
TO MAKE A 2006 CONTRIBUTION
OR TO OPEN A NEW IRA
It's not too late to contribute to an IRA
for 2006. The deadline across the U.S.
has been extended to April 17, 2007 for
taxes, as well as for contributions to
IRAs, Coverdell Education Savings
Accounts and Health Savings Accounts.
Why? When April 15 falls on a
weekend, the deadline usually moves
to April 16. But because April 16 is
Emancipation Day, a legal holiday in the
District of Columbia, you get an extra
day to contribute.
ADVISE YOUR CHILDREN
TO OPEN ROTH IRAs
If your children have any earned
income, suggest that they open Roth
IRAs now. They'll be able to start
funding their own retirement program
with contributions that can grow
tremendously over the long haul. Plus,
those contributions are not included as
11
MEMBERS' FORUM
SOME KEY QUESTIONS
ASKED BY OUR MEMBERS
FMFCU members call, send e-mails or
write letters to us with compliments,
concerns or questions about the Credit
Union's operations.
Because we thought those
questions might be of interest to all our
members, we're including them here —
without revealing any personal information about the senders.
And if you have any comments
or complaints, please send them to us.
We want to hear from you. See How to
Contact FMFCU on the next page.
Q:
A:
Q:
I haven’t used my Credit Union
account for a while and recently
received a letter from you stating the
funds were going to be sent to the
State of Pennsylvania. Why would you
send my money to them?
12
INDIVIDUAL COVERAGE
Individual
Individual
$100,000
IRA
Retirement
$250,000
Keogh
Retirement
$250,000
TOTAL
Under present state law, proceeds
of most accounts with no activity
$600,000
FAMILY OF TWO
Individual Accounts
Husband (Individual)
$100,000
Wife (Individual)
$100,000
Joint Tenancy Accounts
Husband & Wife (Joint)
$200,000
Testamentary Revocable Trust Accounts
Husband as Trustee for Wife
$100,000
Wife as Trustee for Husband
$100,000
Husband & Wife (Both have IRA)
$500,000
How is money insured at
the Credit Union?
Deposits are insured by the
National Credit Union
Administration (NCUA), a federal agency
that charters and supervises federal credit
unions and insures savings in federal and
most state-chartered credit unions across
the country. NCUA insures these deposits
through the National Credit Union Share
Insurance Funds (NCUSIF), a federal fund
backed by the full faith and credit of the
United States government. Coverage is
very similar to the Federal Deposit
Insurance Corporation (FDIC) that insures
deposits at banks.
No member has lost one cent of
NCUA-insured funds as a result of credit
union failures. Although failures are rare,
NCUA would cover your share accounts
dollar for dollar up to insurance limits.
These limits were recently increased to
$250,000 for retirement accounts. While
basic insurance coverage is still $100,000,
there are many ways to qualify for more
than basic coverage at any one financial
institution. (See chart at right.)
If you or your family have $100,000
or less in all your accounts at the same
insured credit union, you don’t need to
worry about insurance coverage. Your
A:
INSURANCE COVERAGE
IRA
TOTAL
$1,100,000
FAMILY OF THREE
Individual Accounts
Husband (Individual)
$100,000
Wife (Individual)
$100,000
Child (Individual)
$100,000
IRA
Husband, Wife & Child
$750,000
Joint Tenancy Accounts
Husband & Wife (Joint)
$100,000
Husband & Child (Joint)
$100,000
Wife & Child (Joint)
$100,000
Husband as Trustee for Wife
$100,000
Husband as Trustee for Child
$100,000
Wife as Trustee for Husband
$100,000
Wife as Trustee for Child
$100,000
Testamentary Revocable Trust Accounts
TOTAL
$1,750,000
money is fully insured. If you have more
than $100,000, the above represents
only a sampling of options to expand
your coverage. Please note that NCUA
insurance applies to your Credit Union
accounts only, and NOT any investments
in mutual funds, stocks, bonds, life
insurance policies or annuities.
for a period of five years must be
remitted to the State Treasury Department,
Office of Unclaimed Property. The most
common types of unclaimed property are
savings or checking accounts, checks that
have not been cashed and certificates.
As the holders of these funds, we must
transfer what is considered “abandoned”
property to the state. The Treasury, which
receives millions of dollars each year,
maintains custody of unclaimed property
until the rightful owner claims it.
The best way to prevent this from
happening is to be an active member
and be sure you keep your address
updated at FMFCU. Before taking any
action, we will always attempt to notify
you. You simply have to acknowledge
ownership, in a timely fashion, to
prevent us from transferring your funds.
To search the Pennsylvania unclaimed
database, go to:
http://www.patreasury.org.
For other states, go to the Web site of
the National Association of
Unclaimed Property Administrators at:
http://www.unclaimed.org
HOW TO CONTACT FMFCU
If you have a comment, compliment, or
concern about FMFCU's operations, it's
easy to contact us and get a response.
You can:
☛ Call the Member Service Center
at 610-325-5100
(1-800-220-3193 outside PA)
☛ Send an e-mail via the Contact
link on our Web site at
www.fmfcu.org, or directly to
President/CEO John D. Unangst at
[email protected]
☛ Send a letter.
The mailing address is:
Franklin Mint Federal Credit Union
Attn: Chief Operating Officer
P.O. Box 1907
Media, PA 19063-8907
New Delco Hi-Q Hall of Honor at the Delaware County Intermediate Unit in Morton pays
tribute to those who've made significant contributions to the program. FMFCU is Delco Hi-Q's
primary corporate sponsor.
Student Loans 101
American Educational Services (AES), Franklin Mint
Federal Credit Union’s preferred higher education partner,
is among the nation’s leading providers of student
financial aid services, offering low-cost Federal Stafford
Loans for students, Parent PLUS Loans for parents of
undergraduate students and Grad PLUS Loans for
graduate and professional students. AES is also the
nation’s leading consolidation loan guarantor.
No matter what delivery method you
choose, all correspondence is tracked
and forwarded to the proper department
and staff member for a timely response.
Applying for your AES education loan is quick and
convenient at FMFCU’s website, www.fmfcu.org, just click
on “Loans,” then “Student” and the aesSuccess.org link.
QUICKHITS
FMFCU has dedicated its fourth and fifth
student-operated branches. The latest
were Penn Wood High School in
Lansdowne and Strath Haven High
School in Wallingford. … The Credit
Union also helped dedicate the Delco
Hi-Q Hall of Honor at the Delaware
County Intermediate Unit (DCIU) in
Morton. The Hall of Honor recognizes
supporters who have made significant
contributions to the program, as well
as distinguished past participants.
FMFCU is the primary corporate sponsor
of Delco Hi-Q, which is the oldest
continuous academic quiz competition
in the United States.
HOW TO GET THE BEST EDUCATIONAL
LOANS, QUICKLY AND EASILY
The AES Advantage
TARA MORINELLI
MEMBER SINCE 2005
KeystoneBEST is the nation’s most affordable Stafford
Loan featuring low to 0% origination fees and no
prepayment penalties. Students also receive a 1%
graduation credit and numerous interest rate reductions
during repayment. KeystonePLUS is a reduced-cost loan
for parents and graduate/professional students with both
up-front and repayment savings.
To learn more, visit www.fmfcu.org.
Or call
" I liked the low
rates, the easy
approval and the
fact that there
were no hassles."
800-692-7392 Stafford & PLUS Loans
800-338-5000 Consolidation Loans
FMFCU's Lender Code is: 834156
Be sure your membership is established before you apply.
FRANKLIN MINT
FEDERAL CREDIT UNION
The Credit Union of Choice! ®
13
O N THE RUN
WITH
RICHARD ELAM
FMFCU's Richard B. Elam Sr. (center with tie), chats over coffee at Dawn's Diner in Chester
with waitress Jeanne Johnson (left) and James Artis (right), a member since 2005.
He races from meals to meetings, connecting
FMFCU with the Chester community
R
ICHARD B. ELAM SR., Community Relations
Manager at FMFCU's Chester Branch, is
rarely alone. Or sitting down.
A tall friendly man with a sales background,
a ministry degree and membership on more
boards than you can count, Richard keeps
moving and talking, promoting FMFCU and
14
trying to improve the financial life of people in
the City of Chester.
His goal is "to educate to elevate," and
place people on the road to recovery. In
Chester, he knows just about everyone in every
key organization and works to bring people
together. "Every group I connect with ties in
with the next one."
Because anyone who lives, works,
worships, volunteers or attends school
in the City of Chester is eligible for
FMFCU membership, Richard reaches
out to the whole community, promoting
financial literacy, and trying to help
those who need it most.
In addition to helping bring in
partners like PathWaysPA and Elwyn to
the Credit Union, Richard promotes
FMFCU's free checking accounts and
direct deposit advantages to Chester
residents. To date, over 4,200 people
have become members at FMFCU's
Chester branch, with about 30 new
accounts being opened each month.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
Many success stories
Richard is especially proud of one young
woman with children who opened an
account at FMFCU. Even after a series
of problems left her homeless, she kept
her account open, eventually getting
her life, home and children back. "We
see success stories all the time," Richard
says, even though most people don't
want to be quoted or to put their stories
in writing.
Richard is also realistic. "You can't
change or save everybody," he says.
However, he gets upset when he sees
companies taking advantage of the
poor. "They're doing it on the backs of
people who are already bent over."
Free tax preparation
After Richard learned that an area tax
preparer refused to return the W-2
forms of a female client at PathWaysPA
(a local provider of residential and
community-based services for women
and their children) unless she paid $360,
FMFCU's Chester branch began participating in the IRS Volunteer Income Tax
Assistance (VITA) Program. The result?
Some 83 residents with low-to-moderate
income ($38,000 and below) received
free tax preparation in 2006.
Richard uses his broad background in retail sales, hotel management, the restaurant business and
banking to make things happen on the
many boards he serves on. "I don't
believe in being on something where
I can't make a difference," he says.
Besides his busy board and
community activities, Richard makes
time to teach financial literacy for
MoneyWi$e. He also is a Certified
Instructor in the "Philadelphia Saves"
Wealth Building Workshops for
Consumer Credit Counseling Services
of Delaware Valley (CCCSDV).
Family-oriented financial literacy
Richard believes that parents need to
talk to their kids about how their house
runs, and how adults must pay bills, such
as the mortgage and electricity. That
way, children learn to be responsible for
paying for things. "They need familyoriented financial literacy groups."
For his part, Richard talks to high
school kids at health fairs and benefit
days, encouraging them to open
accounts with FMFCU and to learn how
to save money.
Richard enjoys his non-stop,
life-on-the-go. "Being out and about
and making things happen is the easy
part," he says. "The hard thing is doing
reports." It's difficult to keep up with the
paperwork when you're out of the office
four days a week, and using e-mail and
voice mail, he concedes. But he realizes
how important that paperwork is. "No
one knows what you're doing without
the reports."
When he first interviewed with
FMFCU, he said: "I'm looking for a place
that can use what I have without trying
to change me. "Evidently that's been
the case, because he's still promoting
FMFCU and financial literacy in Chester
four years later.
A sampling of
Richard's activities
Chester Education Foundation
Chester Microenterprise Project
Chester-Wallingford Red Cross
Chester Youth Collaborative
Chester YWCA
CTC (Community That Cares)
Delaware County Chamber of
Commerce (Ambassador's
Committee)
J. Lewis Crozer Library
Mt. Pleasant Baptist Church
Community Development Board
Delaware County Asset Development
Group (Foundation Board)
Greater Chester Business and Civic
Association
New Hope (Delco) Association
PathWaysPA
Philadelphia Council of the Clergy
Philadelphia Police Clergy
Rotary Club of Chester (Past President)
YouthBuild
Widener University President's
Community Advisory Board
15
Q&A
Individual Retirement Accounts (IRAs)
An interview with Cecily Venkatesh,
FMFCU Investment Coordinator, Certified
IRA Professional and a Chartered Retirement
Planning Counselor SM designee; and
Brian Fee, Registered Representative,
CUSO Financial Services, L.P. (CFS).
Q
A
What changes are you seeing in IRAs?
people are a bit afraid of them. And it's
just hard in general to motivate people
to save.
Q
What missed opportunities do you
see members making?
A
Brian: Too many people leaving a job
are letting the money sit in the company
retirement plan. Also, people don't
Cecily: We are opening as many Roths
as Traditional IRAs, especially if people
are putting new money in. Before it
was three or four to one in favor of
Traditional IRAs. I tell our younger
members to start a Roth and use the
money as a down payment for a house,
as long as you have the account for five
years. I say, think of it as your "saving for
anything account."
Brian Fee
realize that if they are over 59 1/2 and
still employed, they are eligible to roll
their money over to an IRA. You are free
from the shackles of your employer's
plan and able to invest in a far greater
selection of investment choices. You can
receive advice and ongoing counseling
to get a potentially greater return on
your money. The difference between a
person averaging 5% versus 10% a year
on $100,000 over 30 years is $1,312,746.
So I tell people: I applaud you for saving
for retirement. Now what are you
investing it into?
Cecily Venkatesh
16
Q
What is the major difference between
the two types of IRAs?
A
Brian: With a Traditional IRA, you get
the tax break in the year you contribute.
With a Roth IRA, you receive the tax
break when you take your distributions,
which are tax-free, compared to
Traditional IRAs, which are taxable
at distribution.
Q
Why don’t more people take
advantage of the benefits of IRAs?
A
Cecily: IRAs can be pretty complex, so
Q
A
What's the biggest problem you see?
Cecily: Premature withdrawals from
Traditional IRAs. The money may never
have been taxed and there is a 10%
penalty. That's the most worrisome
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
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thing. No matter how much or little
money you have, you will have to pay
that penalty.
Q
A
A
You’ll love the convenience.
You’ll cherish the elegance.
Any final advice to our members?
Brian: If retirement is on your mind, you
have to take the bull by the horns.
There's no pot of gold if you don't
prepare. Most people spend more time
planning a vacation than spending it on
a retirement program that can give them
a lifetime of vacations.
Cecily: If you don't have an IRA, you
should start one. We don't charge a fee
at the Credit Union, you can start with
as little as $5 in FMFCU's flexible
Variable-Rate IRA, and you can use
payroll deductions to make it grow. If
you accumulate over $3,000 or so, you
probably should be investing in the
market. There's a place in your portfolio
for insured deposits, but it's also good to
meet with Brian (Fee) or Christina
(Moore) in Financial Services. I can't give
investment advice. But I tell members to
look at their overall retirement picture
and see if they have too large a cash
position. I try to awaken their awareness
so they can invest that money.
Notes:
FMFCU members' retirement accounts are insured for up to $250,000 by
the National Credit Union Share Insurance Funds (NCUSIF), an arm of the
National Credit Union Administration (NCUA) and backed by the full faith
and credit of the United States Government.
Investment products and services offered through CUSO Financial Services,
L.P. (CFS), an independent broker/dealer, are not NCUA/NCUSIF insured, not
credit union guaranteed and may lose value. Representatives are registered
through CFS. Member NASD/SIPC and SEC Registered Investment Advisor.
Chartered Retirement Planning Counselor SM is a registered service mark
of the College for Financial Planning®.
17
newsbriefs
HOLIDAYECLUB ADS
DEBUT IN TV & PRINT
Ads promoting FMFCU's holidayeclub
ran on cable TV and in local newspapers
during November and December.
The spots ran on CNN, ABC Family,
the Weather Channel, Comcast SportsNet and ESPN2, says Drew Stanley,
Assistant Vice President, Market
Development.
"We're very happy with the spot and
the results," he says. Print ads also ran
in the Philadelphia Inquirer "Neighbors"
section and on the front page of the
Delaware County Daily Times.
Over 2,000 accounts have been
opened, he says, many of them instantly
online at the special Web site,
www.holidayeclub.com.
ALLAN STEVENS APPEARS
TWICE ON CABLE TV
After attending a Federal Reserve Bank
seminar on recent developments in credit
scoring last November, Allan Stevens,
FMFCU's Allan Stevens has appeared twice
on CN8's Money Matters Today.
Vice President/Senior Loan Officer at
FMFCU, was contacted by Money Matters
Today, a program that appears on
Comcast's CN8.
The show's Coordinating Producer,
Students serving on FMFCU's Youth Advisory Board include (front row, left to right): Luke Grossi,
Strath Haven High School; Davinder Pal Singh, Upper Darby High School; Bethany Cheezum,
Interboro High School; Phil Sabato, Springfield High School; (back row) Brittany Cantona, Strath
Haven High School; Val Gibson, Penn Wood High School; (FMFCU representatives Rick Durante
and Kelly Lynn); Steven Aikens, Interboro High School and Dontaye Jones, Penn Wood High
School. Other students serving on the advisory board are: Joe Winkler, Springfield High School
and Sarah Antolini, Upper Darby High School.
18
Derek Stevenson, asked Allan if he would
be willing to discuss the subject on TV
that night. "It was crazy," Allan says. "I
got a call at 4:15 in the afternoon for a
6 p.m. show. One hour later I was in their
studios in Philadelphia."
On the show, Allan discussed recent
developments in consumer credit scoring,
including the new VantageScore and Fair
Isaac Expansion Score.
Of his TV experience, Allan says,
"Naturally, I was nervous. I've been in
front of groups before, but never
anything like that."
Host and Executive Producer Mary
Caraccioli and her team must have liked
Allan's performance, because they
asked him back again. His subject the
second time was: How to manage your
credit cards, and whether to close
accounts or not. "It's a very relevant
topic," Allan says.
FMFCU GETS MARKETING IDEAS
FROM YOUTH ADVISORY BOARD
Ten members of FMFCU's newly established Youth Advisory Board are helping
the Credit Union better reach the youth
market (ages 14 to 18), says Rick Durante,
Assistant Vice President and Director of
Education.
For their part, the board members,
selected from FMFCU'S current student
branch employees, are learning about
the business of banking.
At one recent meeting, the board
discussed giveaway items, such as book
covers or pens, that could be used as
incentives for students to open accounts.
Their goal was to convince more
students to choose FMFCU for their
banking needs during high school and
beyond.
One suggestion: establishing a
"Celebration Account," similar to a
"Christmas Club" or "holidayeclub" to
help students save for the prom, a class
ring or senior week expenses. Another
idea was raffling off prom tickets as an
incentive for students to open an account.
The board, representing five
Delaware County High Schools, will meet
monthly with Credit Union representatives
to work on special projects and provide
feedback and guidance to FMFCU.
BRANCH NEWS
MacDade is busy all week long
Well before its first-year anniversary on
April 10, 2007, the MacDade branch
exceeded its membership goals. "We've
been very busy and well-received," says
Donna Surotchak, Branch Operations
Manager.
"I didn't think we would be as busy
on weekends as we are. It's not just
transactional work — it's also closing
loans and taking new member
applications."
In addition to its normal 7-day-aweek schedule, the MacDade branch
will now open on the same additional
holidays as the Granite Run branch.
These include: Martin Luther King Jr.
Day, Presidents' Day, Labor Day and
Veterans' Day.
Chester branch gets
"more comfortable"
Improvements to the Chester branch
should make it more pleasant for both
members and employees alike. The
changes, says Joe Zeminski, Assistant
Vice President of Facilities and
Purchasing, include: a new lunch area
for employees, larger backroom workspace, new carpeting, painting, and
the addition of an Internet café.
The new area will be "more comfortable," says John Greskiewicz, Vice
President and Regional Manager. The
renovations come just before the branch
again begins offering free tax preparation
to area residents as part of the Volunteer
Income Tax Assistance (VITA) Program.
The tax assistance and preparation will
take place on Monday, Tuesday and
Saturday mornings, January through
April 16, 2007.
Going the extra mile — literally
FMFCU employees take the Credit
Union's commitment to exceptional
service seriously. So when Marie Cannon
received a call for assistance from a blind
person while managing FMFCU's
Delaware County Memorial Hospital
branch, she responded immediately.
Marie learned that the member
needed help getting to the branch. She
agreed to meet him at the SEPTA trolley
stop nearby, and walked with him to the
branch's door at the back of the hospital,
describing what was on his right and left
along the way.
The member, who taped Marie’s
instructions to and from the trolley stop,
FMFCU employees at the Keystone Mercy Health Plan Branch in Tinicum have been honored
as the Credit Union's Branch of the Year. Shown here are (left to right): Keisha Davis,
Branch Manager Peggy Crowley and Sharon Pomponio. The award goes to the branch
achieving the best growth, performance, goal attainment and member satisfaction.
then was able to come back to the branch
on his own.
Downplaying her role, Marie, now
Branch Sales Manager at MacDade, says,
"I would hope anyone would do it. I feel
it's part of my job to care for him."
Lots of other FMFCU employees feel
the same way.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
We Sell Cars
{ and Franklin Mint Federal Credit Union finances them.}
Bring In This
*
Ad To Receive A
$100 Gas Card!
Upon Pre-Approved
Used Vehicle Purchase.
Offer good through July 31, 2007.
Enterprise is selling a great selection of certified used vehicles
with no-haggle pricing and one of the best used car warranties
in the business. Plus, with this ad Enterprise Car Sales is offering
a $100 gas card to qualified buyers. To get pre-approved, simply
apply in person, over the phone (610) 325-5100, or visit our
website at www.fmfcu.org.
Shop online at www.fmfcu.org or call (610) 325-5100.
*$100 gas card will be issued 30 business days upon purchase (or financing) of vehicle. Offer valid only on Enterprise vehicles purchased through 7/31/07 and financed through Franklin Mint Federal
Credit Union. Offer void when 7-Day Repurchase Agreement is activated. No cash advances. Cannot be combined with any other offers. Not valid on previous purchases.
The “e” logo, ECAR, Enterprise, Perfect Used Package and “Haggle-free buying. Worry-free ownership.” are trademarks of the Enterprise Rent-A-Car Company.
©2006 Enterprise Rent-A-Car Company.
071435 9/06 JB
19
FINANCIALS
Franklin Mint Federal Credit Union Chief Financial Officer's Report
As a financial cooperative whose mission is to provide
outstanding service, protect member capital and offer
well-priced products and services, your Credit Union had
a solid year in 2006. Operating in a very competitive
environment, we succeeded in bringing you innovative
deposit products and loan rates that met your needs.
Key results? Members' shares increased 9.2% to $355
million, loans grew 2.3% and our assets jumped 4.1%
to $392 million. In addition, capital grew at a rate of
over 10%.
Annual audits performed by FMFCU internal and
external independent auditors and the National Credit
Executive Vice President/
Chief Financial Officer
Franklin Mint Federal Credit Union
and Subsidiaries
Franklin Mint Federal Credit Union
and Subsidiaries
Consolidated Balance Sheets
Consolidated Statements of Income
(Per NCUA Call Reports)
(Unaudited)
(Per NCUA Call Reports)
(Unaudited)
December 31, 2006 and 2005
December 31, 2006 and 2005
Assets
2006
2006
2005
Loans to Members, Net
$ 301,192,000
$ 294,362,000
Cash and Cash Equivalents
$ 22,612,000
$ 12,417,000
Investments
$ 51,070,000
$ 48,985,000
Loans Held for Sale
$
8,550,000
$ 12,861,000
Equipment and Leasehold
Improvements, Net
$
2,960,000
$
2,385,000
NCUSIF Deposit
$
2,821,000
$
2,643,000
Other
$
3,760,000
$
3,813,000
Total Assets
$ 392,965,000
Interest and Fees On Loans
$ 19,454,000
$ 17,616,000
Interest On Investments and
Interest Bearing Accounts
$ 2,695,000
$ 2,171,000
$ 22,149,000
$ 19,787,000
Dividends On Members' Shares
and Savings Accounts
$ 8,778,000
$ 6,547,000
Interest On Borrowed Funds
$
$
Interest Expense:
$ 377,466,000
$ 13,197,000
$ 12,873,000
Provision For Possible Loan Losses $
—
100,000
$
465,000
$ 325,580,000
Net Interest Income After Provision
For Possible Loan Losses
$ 13,097,000
$ 12,408,000
$ 17,785,000
Noninterest Income
$ 6,505,000
$ 5,683,000
Noninterest Expenses
$ 17,629,000
$ 15,989,000
Operating Income
$ 1,973,000
$ 2,102,000
Gain/(Loss) On Sale Of Investments
$
36,000
$
Gain On Sale Of Loans, Net
$
623,000
$ 3,240,000
Net Income
$ 2,632,000
$ 5,157,000
Accounts Payable and
Accrued Expenses
$
Total Liabilities
$ 360,059,000
$ 347,586,000
Equity, Retained Earnings
$ 32,906,000
$ 29,880,000
Total Liabilities and Equity
$ 392,965,000
$ 377,466,000
4,255,000
367,000
$ 6,914,000
Liabilities:
Notes Payable and LOC’s
174,000
$ 8,952,000
Net Interest Income
$ 355,804,000
2005
Interest Income:
Liabilities and Equity
Members’ Shares and
Savings Accounts
20
Union Administration (NCUA) help us maintain the highest
standards of accuracy in our accounting records and
reports. These audits also aid us in complying with credit
union regulations.
We appreciate the continued support of our valued
members and business partners … and with your
assistance, will continue to focus on asset safety and
security, and keep your Credit Union on a strong financial
footing.
Michael B. Magnavita, CPA
$
4,221,000
Other Income
(185,000)
Assets
49,069
$392,965
in thousands
1995
2000
2006
1980
1985
1990
Capital
Branches
$140,082
1975
$107, 302
1990
$33,775
5,467
2,250
1985
$5,366
1980
$828
1975
2,250
1,008
22,500
$204,560
34,000
40,590
Membership
1995
2000
2006
in thousands
$32,906
24
18
$15,452
14
1980
1985
1990
1995
2000
2006
BOARD OF DIRECTORS
Chairperson
Mary O. Kennedy
Vice Chairman
J. Patrick Killian
Secretary
R. Stephen Ikeler
Treasurer
John J. Sullivan, CPA
1980
1985
1990
$6,985
1975
$3,209
$925
1
1975
$131
3
2
$21
8
1995
2000
2006
SENIOR STAFF
Directors
Catherine M. Byrne
John P. Caskey, Ph.D.
James A. Geier
Harry J. Jamison, Ph.D.
Joseph E. Lastowka Jr., Esq.
Hollace (Holly) Ann Rutkowski
Eugene Zegar, Esq.
President/CEO
John D. Unangst
Executive Vice President/CFO
Michael B. Magnavita, CPA
Senior Vice President/COO
Cindy Wanamaker
Vice Presidents
Dawn Bressler
Daniel Catamusto Jr.
John Greskiewicz
John Hargrove
Stefanie Henson
Ruth E. Kauffman
Laurie Long
Liza Mattis
Anne G. McNally
John T. Powers
Allan C. Stevens
21
PARTNER PROFILE
Fast Facts
Name:
Aqua America
Revenue:
$496 million (2005)
Residents Served:
2.5 million
Number of Customers:
864,894
Number of States Served:
Number of Employees:
13
1,600
WATER WORKS
Aqua America provides water
to over 2.5 million people
W
HEN LOCAL RESIDENTS and
engineering professors at Swarthmore
College began operating a small water
company in the 1880s, they did it solely to
provide for their own water needs.
Little did they know that their organization,
the Springfield Water Company, would grow
to become Aqua America, now the largest
U.S.-based publicly traded water company.
Headquartered in Bryn Mawr on Lancaster
Avenue, Aqua America now serves over 2.5
million residents in 13 states from Maine to
Florida, as well as Texas. And the company is
growing larger every day.
Acquiring new companies
Known as Philadelphia Suburban Corporation
before changing its name in January 2004,
Aqua America continues a "growth through
acquisition" strategy, says Michael A. Battista,
Director of Corporate Benefit Planning, with new
companies being brought in each year.
In this atmosphere of high growth, Michael's
biggest challenge is providing consistent
benefits to Aqua America's 1,600 current and
future employees.
As part of this effort, he began looking for
a Credit Union that could accommodate Aqua’s
widely scattered workforce. He was impressed
by FMFCU's online Home Banking, and last
November, Aqua America became an FMFCU
Partner. "Even if people are far away, they can
use FMFCU's services," he says, “and when we
design a benefit package, this is what matters
most: access to the benefit, otherwise it’s not
really a benefit at all. FMFCU is able to accom-
(Photo on left): Silent and serene, Aqua America's Springton
Reservoir on Route 252 in Delaware County holds up to 3.5 billion
gallons of water. The Springton dam, built in 1931 to create the
reservoir, is over 70 feet high, 40 feet wide and 2,000 feet long.
modate our diverse family of Aqua employees."
Aqua America's corporate goal is to provide
quality and reliable water service at an affordable price. By acquiring small regional companies in a very fragmented market, Aqua America
uses its infrastructure to lower costs, improve
efficiencies and take advantage of economies
of scale.
The company's ever-expanding service
area also helps minimize the effects of regional
weather patterns, such as droughts, floods or
even extreme cold that can snap water mains.
Aqua’s business weighs heavily on the
amount of rain an area gets during the year,
Michael explains. If it's too dry, people can't
wash cars or water lawns. If it's raining, they
won’t wash their cars or water their lawns, so
there are always two sides to the equation.
So good weather usually means good times
for Aqua America. Because as people use water,
the meter keeps running … and Aqua America's
profits keep flowing.
MONOPOLY Mistake
While many of us first learned about
Water Works in the board game,
Monopoly®, Atlantic City did not
really have one at that time. According
to online encyclopedia Wikipedia,
"the city's water
was piped in from
the New Jersey
'mainland' through
two pipes."
Source: http://en.wikipedia.org/wiki/Monopoly_(game)
23
CONSUMERS' CORNER
BEWARE OF THIS SCAM
Con artists continue to devise schemes
to separate you from your money, says
John Hargrove, Vice President of
Information Technology.
Here's how one swindle works: you
receive a legitimate-looking letter or
postcard from a financial institution that
instructs you to validate your credit card
or other sensitive information by calling
a toll-free 800 number.
When you call, you hear an officialsounding message that says something
like: "Welcome to Account Verification,"
and you're instructed to enter your
credit card number.
How do you keep from being a
web wonders
Find just about anything …
in seconds
This well-organized New York Times
Newsroom Navigator helps you
locate just about any information
you need — in seconds. Breaks
the information into 13 key subcategories of links, describes new
additions and suggests 24 ways
to search the Net. Now includes
Business Navigator, Politics
Navigator and Health Navigator,
too. Note: The New York Times
Web site requires you to provide
your e-mail address and create an
identity and password. It's well
worth it! Registration is free.
http://tech.nytimes.com/top/news/technology/
cybertimesnavigator/index.html
Learn a language …
through the BBC
The BBC Languages Web site is a
treasure trove for language lovers.
Offers you self-contained online
courses in French, Spanish, German,
Italian and Mandarin Chinese.
Includes an audio guide to slang,
a quick way to see how much you
know, audio and video clips,
grammar, vocabulary guide, tests
and more. It is meraviglioso
(marvelous in Italian).
http://www.bbc.co.uk/languages
24
victim? "Think about what you are being
asked for," says John, "and don't give
out sensitive information over the phone
that your financial institution already
has."
Why would your financial institution
ask for your credit card number or Social
Security number, he asks? "They already
have it. That's a dead giveaway right
there," he says.
So if something doesn't make sense,
just don't respond.
Sources:
http://www.microsoft.com/hk/athome/security/email/
phishing_with_phones.mspx
http://www.fmfcu.org/security/onlinetargeting.htm#
pharming
REVERSING ATM PIN #
DOES NOT CALL FOR HELP
One of the 25 Hottest Urban Legends on
Snopes.com’s Web site as 2007 began
was the "ATM Reverse Pin Panic Code."
FMFCU also was getting lots of calls
about this rumor.
Bottom Line: It is false.
According to Snopes.com,
de-bunker of false e-mails, rumors,
common fallacies and misinformation,
a seemingly helpful e-mail began
circulating in September, 2006.
It said: "I just found out that should
you ever be forced to withdraw monies
from an ATM machine, you can notify
the police by entering your PIN # in
reverse. The machine will still give you
the monies you requested, but unknown
to the robber, etc., the police will be
immediately dispatched to help you."
THIS IS ABSOLUTELY UNTRUE, as
the Banking Department of the State of
New York warned on December 21,
2006. "If a consumer feels he or she is in
danger at an ATM, the only safe and
effective way to contact the police is via
telephone — not via the ATM keypad.
Entering a PIN backward will not contact
the police," the Banking Department
said. For a list of helpful precautions to
take around ATMs, see the banking
department site below.
Sources:
http://www.snopes.com/business/bank/pinalert.asp
http://www.banking.state.ny.us/pr061222.htm
A BACHELOR'S DEGREE
MEANS MORE CASH, TOO!
Earning a bachelor's degree can also
help you earn more money per year
than someone with just a high school
education. A lot more.
DON'T FORGET ...
■ To wash your hands after touching
a shopping cart
A recent survey conducted in South
Korea reveals that shopping carts are
the most bacteria-infested items among
commonly used public objects. Why?
Shopping cart handles are larger than
the other objects in the study, the
Reuters news agency reported, giving
people more space to put their hands.
Some other top germ villains, in order,
were: hand straps on buses, bathroom
doorknobs, elevator buttons and hand
straps on subways. Washing hands with
soap removes most of the bacteria, the
report said.
your loved ones' names in your cell
phone address book or phone book.
This will help emergency personnel
contact next-of-kin after an accident,
disaster or crime.
Source: http://www.snopes.com/crime/prevent/
icephone.asp
■ To give these simple tests
to a potential stroke victim
■ To "ice" your cell phone
If you think someone is having a
stroke, ask the person to do three
separate things: Smile, raise both
arms, and speak a simple sentence.
If the person has trouble with any of
these tasks, call 9-1-1 immediately.
The faster the person gets to the
hospital, the better the chance of
recovery.
Put the letters ICE — which stand for
"In Case of Emergency" — in front of
Source: http://www.snopes.com/medical/
disease/stroke.asp
Source: http://www.msnbc.msn.com/id/11343972
For example, says a report by the
Census Bureau, adults 18 and older with
a bachelor's degree earned an average of
$51,554 in 2004. Those with a high
school diploma earned $28,645, and
those not graduating, $19,169.
■
Carry more than one debit or credit
card, in addition to Travelers Cheques.
■
Inquire about international fraud
blocks. Some companies will limit
access in certain countries, or even
prohibit all transactions.
Source: USA Today
■
Check your card limits and expiration
dates.
HOW TO AVOID PROBLEMS
WHILE TRAVELING OVERSEAS
Going abroad? Just follow these simple
hints to make your trip more enjoyable …
and less stressful.
Health tips
■
Know what your blood type is, and
keep it with your passport.
■
Check on whether your health
insurance covers you abroad. Medicare
and Medicaid do not provide payment
for medical care outside the United
States, warns the U.S. Department
of State.
■
Consider purchasing one of the shortterm health and emergency assistance
policies designed for travelers. Also,
make sure that the plan you purchase
includes medical evacuation in the
event of an accident or serious illness.
Credit and debit card tips
■
■
■
Tell your credit or debit card provider
where and when you are traveling. If
you don't, and the company notices a
suspicious charge from a new location,
a large amount or unusual frequency,
it may "red flag" your card and lock
your account.
Find out how to contact your card
company from overseas if your card is
lost or stolen. The 800 number listed
on your card probably won't work.
Give the card company a phone
number where it can reach you, if
that's possible.
Sources:
http://travelwithkids.about.com/od/tipsforfamilytrips/
a/creditcardblues.htm
http://www.credit.com/life_stages/getting_ahead/
Travel-Checklist.jsp
http://money.aol.com/bankrate/credit/canvas3/_
a/20-savvy-tips-for-using-plastic-on/
20060518113109990001
http://travel.state.gov/travel/tips/safety/safety_
1747.html
THE # 1 CAUSE OF CAR
CRASHES IS ______________
Know what causes more car crashes
than anything else?
Driver inattention within three
seconds before the crash.
So says a landmark study released
by the National Highway Traffic Safety
Administration and the Virginia Tech
Transportation Institute.
Key distractions included: reaching for
a moving object, drowsiness, use of cell
phones, reading, and applying makeup.
Driver inattention accounted for
80% of crashes and 65% of near-crashes,
the study said, a far higher percentage
than once thought. Using video and
speed and radar sensors, the study
tracked 241 drivers in Northern Virginia
and metropolitan Washington, D.C.
Sources:
http://www.vtnews.vt.edu/story.php?relyear=
2006&itemno=237
http://www-nrd.nhtsa.dot.gov/departments/
nrd-13/810594/images/810594.pdf
/LNHDOZD\V/LNHQHYHUEHIRUH
%DOWLPRUH3LNH‡&OLIWRQ+HLJKWV3$
‡VDWXUQRIVSULQJ¿HOGSDFRP
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
25
our many branches & ATMs are ready to serve you
Broomall ▲ ◗
1974 Sproul Road, Suite 100
Pamela L. Hellyer, Branch Manager
Norristown
Mercy Suburban Hospital ▲
2701 DeKalb Pike
Carol Amplo, Cluster Manager
Chadds Ford
Village at Painters Crossing ▲ ◗
Routes 1 & 202
Carolyn Guzzo, Branch Manager
Philadelphia
Mercy Hospital of Philadelphia ▲ ◗
501 S. 54th Street
Wanda Johnson, Management Associate
Chester
University Technology Park ▲
1450 Edgmont Avenue
Ann Wilson, Branch Manager
Ridley Park
Taylor Hospital ▲
175 E. Chester Pike
Pat Herko, Branch Manager
BRANCHES
Crozer-Chester Medical Center ▲
Old Main Building
One Medical Center Boulevard
Pamela Caldwell, Branch Associate
Widener University ▲ ◗
University Center Building
One University Place
Cathy McInnis, Management Associate
Darby
Mercy Fitzgerald Hospital Campus
Medical Office Building ▲ ▲ ◗
1501 Lansdowne Avenue, Suite 109
Deborah Warrick, Branch Manager
Drexel Hill
Delaware County Memorial Hospital ▲ ◗
501 N. Lansdowne Avenue
Christina Gerlacher, Branch Manager
Horsham
Centocor ▲
800 Ridgeview Road
Suite H-2 1058
Melanie Moser, Branch Manager
Restricted Access
Ridley Township ▲ ◗
2211 MacDade Boulevard
Marie F. Cannon, Branch Sales Manager
Donna Surotchak, Branch Operations Manager
Open 7 days a week
Swarthmore
Swarthmore College ▲ ◗
Parrish Hall
500 College Avenue
Kelly Lynn, Cluster Manager
Tinicum Township
Keystone Mercy Health Plan ▲ ◗
200 Stevens Drive
Ground Floor Lobby
Peggy Crowley, Branch Manager
Media ▲ ◗
100 W. State Street
Linda Fahey-Hudyma, Cluster Manager
ADDITIONAL ATM LOCATIONS
Boscov’s, Granite Run Mall
Lower level, entrance nearest
AMC Theater
U.S. Route 1
Media, PA
Delaware County Community College
901 S. Media Line Road
Media, PA
Endo Pharmaceuticals
100 Endo Boulevard
Chadds Ford, PA
Restricted Access
West Chester
QVC Studio Park ▲ ◗
1200 Wilson Drive
Linda Jones, Branch Manager
Restricted Access
MacDade Mall
Inside mall, near Kmart entrance
MacDade Boulevard
Holmes, PA
Lansdowne
Penn Wood High School
100 Green Avenue
Kelly Lynn, Cluster Manager
Roger Chambers, Branch Council President
Restricted Access
Media
Granite Run Mall ▲▲ ◗
1067 W. Baltimore Pike
Lower Level
Larry Schuelie, Branch Sales Manager
Elaine Palandro, Branch Operations Manager
Open 7 days a week
MEMBER SERVICE CENTER
P.O. Box 1907
Media, PA 19063
610-325-5100
1-800-220-3193 (calls originating outside of PA)
Gloria Mann, Manager
Community Hospital
9th & Wilson Streets
Chester, PA
STUDENT-OPERATED BRANCHES
King of Prussia
Maschellmac Office Complex ◗
1020 First Avenue
Ground Floor Lobby
Lynda Stanton, Branch Manager
Riddle Memorial Hospital ▲
Outpatient Pavillion, Suite 3108
1098 W. Baltimore Pike
Peggy Barnum, Branch Manager
Restricted Access
Wallingford
Strath Haven High School
205 S. Providence Road
Kelly Lynn, Cluster Manager
Ezra Skobeloff, Branch Council President
Restricted Access
Prospect Park
Interboro High School ▲
500 16th Avenue
Kelly Lynn, Cluster Manager
Mike Sheils, Branch Council President
Restricted Access
Mercy Health System
One W. Elm Street
Conshohocken, PA
Limited Access
Springfield Mall
(Two ATM locations)
Inside mall, upper & lower levels
Baltimore Pike
Springfield, PA
QVC
Enterprise Building
1365 Enterprise Drive
West Chester, PA
Restricted Access
Springfield
Springfield High School ▲
49 W. Leamy Avenue
Kelly Lynn, Cluster Manager
Phil Sabato, Branch Council President
Restricted Access
Upper Darby
Upper Darby High School ▲
601 N. Lansdowne Avenue
Kelly Lynn, Cluster Manager
Davinder Pal Singh, Branch Council President
Restricted Access
▲
▲▲
◗
ATM Location
Two ATMs at this location
Night Depository Location
(Night Depositories are for personal deposits,
not business drop-offs.)
IT'S EASY TO JOIN FMFCU IF:
NOT
A MEMBER
YET?
■ You are the spouse, child, parent or step-parent,
sibling or step-sibling, grandchild, grandparent
or housemate to any current FMFCU member,
or to any employee/member of a partnering
organization.
■ You live, work, worship, volunteer, attend school or
regularly conduct business in the City of Chester or
Borough of West Chester.
For a Membership Application, go to:
https://www.fmfcu.org/fmfcuinfo/membership/memberapp.htm
Or call our Member Service Center at
610-325-5100. (Outside PA, call 1-800-220-3193.)
26
■ You yourself are an employee or member of any
of our 900+ partnering organizations.
☛
Important: Once a member,
you're a member for life!
HOW TO BUY A CAR
in minutes
FMFCU OFFERS:
•
•
•
•
Loan decisions in seconds
Competitive rates on new and used auto loans
Terms up to 84 months for new autos
Up to 100% financing
Your check can be mailed to you or you can pick
it up at your local branch before you go to your
dealer. And your loan doesn't start accruing
interest until the check is negotiated.
The bottom line: You have 90 days to find
your car … and your interest rate is locked in.
So apply today. You'll never buy a car another way.
Go to: http://www.fmfcu.org/loans/autoexpress.htm
Just finance before you shop …
with FMFCU's Auto Express check
" I’ve gotten two auto loans and refinanced
one — all at FMFCU’s DCMH branch. I have
even bought a car through FMFCU car sales.
Each experience has been handled efficiently
and quickly."
MARY AGNES BOYLE
MEMBER SINCE 1992
IF CHECK IS NEGOTIATED BY JULY 1, 2007,
YOU'LL RECEIVE A $25.00 GAS CARD!
This ad must be presented to an FMFCU representative
to receive gas card.
www.fmfcu.org | 610-325-5100
FRANKLIN MINT
FEDERAL CREDIT UNION
The Credit Union of Choice! ®
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
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Or go to www.newcardonline.com and enter priority code FAAUCI
For information about the rates, fees, and other costs and benefits associated with the use of this Rewards Card, or to apply, call toll free, visit online or write to P.O. Box 15020,Wilmington, DE 19850.
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This credit card program is issued and administered by FIA Card Services, N.A. The WorldPoints program is managed in part by independent third parties, including a travel agency registered to do business in California (Reg.
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P.O. Box 1907 • Media, PA 19063-8907
www.fmfcu.org
T-608325-082806
AD-04-06-0053.WP.T.0806
BAD-01-07-9659
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