we`re branching out - The Summit Federal Credit Union

Official Newsletter of The Summit Federal Credit Union
Fall 2004
WE’RE BRANCHING OUT
Shared Service Centers now provide More
Convenience and More Locations for Summit Members
The Summit Federal Credit Union is proud to
announce that we are now part of a local,
regional and national network of credit union
branch locations called Credit Union Shared
Service Centers or CU Service Centers.
This means that our members will now have
even more convenient places to transact their
credit union business. CU Service Centers
operate just like a branch of The Summit.
You can conduct all of your credit union
business, on your way to and from work,
while you’re out shopping, even when you
are away from our area, including:
Deposit Funds
Make Loan Payments
Withdraw Funds
Cash Checks
Transfer Funds
There is no charge for using these CU
Service Centers, and all you’ll need is your
Summit account number plus your picture ID
to do business in another branch.
IN
TH
IS
IS
SU
E
Shared
Service
Centers
1
President’s
Message
2
Shared Service
Centers (hours &
locations)
3
Summit
News
4
Summit in the
Community
5
Check 21
and You
7
You’ll get direct access to your accounts just as you would with The Summit. What could be more convenient? Look
for the swirl logo welcoming you at the various CU Service Centers. There are currently over 1,500 shared service
centers nationwide that our members are free to use. How do members find a Shared Service Center? Members can
perform location searches via the web at www.cuservicecenter.com.
Visit page 3 for a listing of Shared Service Centers in the Rochester and Buffalo areas!
SUMMITUP
1
PRESIDENT’S MESSAGE
By Michael S. Vadala,
President & CEO of The Summit Federal Credit Union
New Initiatives Will Dramatically Improve
Convenience and Access for Members
T
here is an old saying that “the only thing constant
these days is change.” This is especially true these days at The
Summit. For example, it’s hard to believe that it has been one year
since we joined hands with The Buffalo Telephone Employees Credit
Union to form the largest credit union with a presence in Rochester
and Buffalo. We’re pleased to have welcomed these members to the
credit union and introduced a full array of products and services that
were not available before.
We have a host of other exciting events happening that will have a
great impact on the short-term growth and long-term financial stability
of our credit union.
You’ll be able to learn a great deal about
many of these new initiatives and more
in this Newsletter including:
•
•
•
•
As I said in our Spring Newsletter, we would be taking dramatic
steps to improve overall convenience and access for our member/
owners, and I’m proud to say that this has definitely come true, including
new full service branches coming to Rochester and Buffalo in early
2005.
These are exciting times for our credit union and I’m pleased to bring
you the good news. But, I want to emphasize that as we grow in size
and scope, we will never lose sight of our reason for being, to serve
our members’ individual financial needs. Without you, and without
your continued relationship with our credit union, we would be just
like all of the other financial institutions out there who want your
business but return nothing back to the corporation or the cooperative.
We value your business and will work harder than ever to satisfy
your needs.
As you can clearly see by our slogan, “We’re Here For You,”
everything that we do at The Summit is done with members in mind.
From introducing new products like a Visa Platinum Card with
Rewards (coming soon), to expanding our partnerships with other
credit unions that allow more convenient access to our services through
branches and ATM’s, to our Financial Education Committee,
Community Outreach efforts and Financial Literacy programs, we’re
on a positive track to provide superior service that meets and exceeds
member needs every day of the year.
•
•
•
•
Michael S. Vadala,
President & CEO of The Summit Federal Credit Union
•
2
SUMMITUP
A new mini-branch location now open
at Univera Healthcare’s corporate
headquarters in Buffalo
Branch Sharing with our credit union
friends in all markets we currently serve
Exciting new surcharge-free ATM’s
at financial institutions throughout
Western NY and across the country
We hosted a workshop for 300 credit
union professionals from around the
northeast on October 11th on “Serving
the Underserved Without Losing Your
Bottom Line” featuring United States
Senator Hillary Clinton and the
Honorable Debbie Matz, Board Member
of the National Credit Union
Administration (NCUA)
Our commitment to Financial Literacy
continues to deepen through a variety of
Youth Programs as well as Employee
Seminars at Member Companies
The Roland Williams Youth Lifeline
Foundation awarded us their 2004
Outstanding Sponsor Award for our
Financial Literacy program
We hosted over 60 young adults from
Hillside Children’s Center and
KidsPeace for an afternoon of “Fun
and Finances” at the June 2004
Rochester International LPGA Golf
Tournament with New York State
Amateur Golf Champion Christy
Rittenhouse and LPGA Pro, and former
Rochester International Champion Deb
Richard
We’ve just introduced our new Custom
Educational Seminars on topics like
Credit 101, Buying Your First Home,
Getting Out of Debt and Fraud &
Identity Theft to rave reviews at
member companies and will soon
provide these same presentations on our
website
We achieved world-class member
satisfaction levels once again in 2004
Shared Service Centers
(continued from cover)
Now you can use any of these 16 Shared Service Centers in the Rochester
and Buffalo area:
Shared Service Center
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
ROCHESTER
Family First of NY FCU
6800 Pittsford Palmyra Rd, Fairport
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-12:00p
2520 Browncroft Blvd, Rochester
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-6:00p
9:00a-12:00p
850 Ridge Rd, Webster
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-6:00p
9:00a-12:00p
WCTA FCU - Coming Soon!
3255 Moran Rd, Canandaigua
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-6:00p
closed
10 Benton Place, Sodus
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-6:00p
closed
950 Ridge Rd, Webster
10:00a-6:00p
10:00a-6:00p
10:00a-6:00p
10:00a-6:00p
10:00a-6:00p
closed
205 North Main Street, Newark
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-6:00p
closed
1520 Victor Rd, Macedon
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-5:00p
9:00a-6:00p
closed
Xerox FCU
1552 Ridge Rd West, Rochester
9:00a-5:00p
9:00a-5:00p
10:00a-5:00p
10:00a-6:00p
10:00a-6:00p
closed
9:00a-5:00p
9:00a-5:00p
10:00a-5:00p
10:00a-6:00p
10:00a-6:00p
closed
8:30a-4:30p
8:30a-4:30p
8:30a-4:30p
8:30a-5:30p
8:30a-5:30p
closed
Niagara County FCU
260 West Ave, Lockport
9:30a-4:30p
9:30a-4:30p
9:30a-4:30p
9:30a-5:00p
9:30a-6:00p
closed
Haeberle Plz, 750 Portage Rd, Niagara Falls
9:30a-4:30p
9:30a-4:30p
9:30a-4:30p
9:30a-4:30p
9:30a-4:30p
closed
Niagara’s Choice FCU
3619 Packard Rd, Niagara Falls
8:30a-5:00p
8:30a-5:00p
8:30a-5:00p
8:30a-6:00p
8:30a-5:30p
Drive-In only
3571 Niagara Falls Blvd, North Tonawanda
9:30a-5:00p
9:30a-5:00p
9:30a-5:00p
9:30a-5:00p
9:30a-5:00p
closed
Local 424 UAW
3333 Harlem Rd, Cheektowaga
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
9:00a-4:00p
closed
189 West Main St, Webster
BUFFALO
Buffalo Metropolitan FCU
62 South Elmwood Ave, Buffalo
More Rochester-area credit unions will be joining the network in 2004 & early 2005!
The Summit FCU opens an exclusive
mini-branch for Univera Healthcare and
Lifetime Health Medical Group Employees
The Summit is pleased to announce the opening of an exclusive minibranch facility with an on-site ATM at the corporate headquarters of
Univera Healthcare in Buffalo. The location, at 205 Park Club Lane in
Amherst, will serve over 600 employees on-site, along with hundreds
of other employees in the affiliated Lifetime Health facilities in the Greater
Buffalo area.
The Grand Opening Celebration included daily prize drawings to
giveaways of a pair of club seat tickets to a Buffalo Bills game! Employees
of Univera Healthcare were invited to visit their new on-site branch and
meet the Summit staff, open accounts, apply for loans, learn about
investments and, of course, to share in all the free fun and excitement.
The response so far has been terrific!
Lisa Ford,
Business
Relationship
Account
Executive, helps
a member at the
Grand Opening
Celebration
This is The Summit’s second branch location in
the Buffalo area with an existing branch open to all
current members at 2727 Main Street. This location
is not the first internal branch the Summit has
opened within member companies. In fact, we have
another mini-branch at Excellus BC/BS’s corporate
headquarters in Rochester, plus numerous ATM’s
at other member companies.
SUMMITUP
3
CREDIT UNION
VOLUNTEERS W ANTED
The Summit FCU Hosts PALS Workshop
Would you like to share your expertise in areas
such as strategic planning, marketing, finance or
member service? If so, The Summit’s Nominating
Committee would like to hear from you. The
Nominating Committee is looking for our
members to volunteer for a seat on The Summit’s
Committees or Board of Directors. As a Summit
volunteer, you would play a vital role in
determining the direction of the credit union by
developing policies, as well as monitoring the
credit union’s performance. If you are an
interested member, please forward a letter of
interest, along with your resume, to:
Ken Schirmuhly
The Summit Federal Credit Union
Nominating Committee
Canal Ponds Business Park,
100 Marina Dr.
Rochester, New York 14626
The submission deadline is January 1, 2005
Please note: There are a limited number of
opportunties available on Committees
and on the Board of Directors
“Serving the Underserved Without Losing Your Bottom Line”
with Senator Clinton as Keynote Speaker
T
he Summit proudly hosted a free Partnering and
Leadership Successes (PALS) workshop on October
11th in Rochester, N.Y., which focused on “Serving the
Underserved Without Losing Your Bottom Line.”
Speakers described many needed services to reach the
underserved, including:
!
Risk-Based Lending – making credit available to
almost everyone, at reasonable prices based on
their own credit histories
Payday Loan Alternatives – providing affordable
small short-term loans to help members survive
financial emergencies
Financial Education – teaching children and adults
to make life-changing choices and become better
consumers
Micro-Business Loans – revitalizing communities
by helping small businesses grow
Affordable Mortgages – providing the American
dream for first-time homebuyers
Volunteer Income Tax Assistance – ensuring that
low-income workers avoid usurious refund
anticipation loans and receive all tax credits they
have earned
International Remittances – opening low-cost
getaways to life support for immigrant families
“This workshop is inspired by New York State credit union
!
leaders who will share their success stories in serving
underserved areas,” stated Ms. Debbie Matz, Board
Member of the NCUA (National Credit Union
!
Administration). “Across the State, credit unions are building
valuable relationships with new members – including
immigrants who are using insured financial institutions for
!
the first time; small business owners who are finally gaining
access to needed capital; and predatory lending victims who
!
are learning to break their cycle of debt and despair.” Mike
Vadala, President and CEO of The Summit, added, “we are
!
thrilled to bring this national workshop to the Rochester area
and very pleased to have Senator Hillary Clinton as a keynote
speaker and moderator for select workshop sessions. The
Summit is committed to serving the underserved and this
!
affirms our dedication to reaching out to all people within
our field of membership.”
The PALS workshop was open to credit unions of all sizes and charter types. Potential partners from organizations
based in underserved communities were also invited to share their ideas and network with credit union officials.
Rochester Skyline courtesy of Dixon Schwabl Advertising
4
SUMMITUP
The Summit Scores Top Financial Marks
at the 2004 Rochester International
LPGA Golf Tournament
Roland Williams Youth
Lifeline Foundation Awards
2004 Outstanding Sponsor
Award to The Summit
I
n honor of The Summit
Federal Credit Union’s continuing
support of the Roland Williams Youth
Lifeline Foundation’s Financial
Literacy Program, Mike Vadala,
President and CEO of The Summit
FCU, was presented with the 2004
Outstanding Sponsor Award on June
25th. In a ceremony at The Rochester
Riverside Convention Center to
benefit the Youth Lifeline Foundation
Center, Roland Williams, a graduate
of East High School in Rochester, a
Syracuse University alumnus, current
NFL player for the Oakland Raiders
along with John Prizner, Executive
Director of the Roland Williams Youth
Lifeline Foundation, presented Mike
with the award for 2004.
For the past three years, dedicated
financial professionals from The
Summit Federal Credit Union have
held financial literacy classes including
young people from The Hillside
Community of Agencies as part of a
program with the Roland Williams
Youth Lifeline Foundation. Roland
Williams started this foundation with
the goals of positively impacting youth,
teaching life skills and giving back to
the community where he grew up.
(continued)
T
special guests who generously gave of
their time. Deb Richard, a veteran top
LPGA professional, and Christy
Rittenhouse, a 2004 New York State
Amateur Champion, shared insights into
their own lives, along with their personal
views on motivation and their own vision
on life choices. They made important
connections between their own success
and the importance of making smart and
sound choices, plus their own
philosophies on setting and committing
to goals, both short-term and long-term.
After a question-and-answer period,
the kids were given the rest of the
Chris Kausch, East Rochester Branch
afternoon for fun time in the LPGA’s
Manager of The Summit FCU, helped
Sport Zone where they explored many
make a serious subject both easy to
interactive games and activities.
understand and fun to learn. Chris
introduced the kids to basic financial Michael Vadala, The Summit’s
principles such as, Financial Worth vs. President and CEO and host of this
Self Worth, Balancing a Checkbook, Financial Literacy Event along with
and Setting Up a Budget. The Summit Chairman of The Board, Jeffrey
FCU was also fortunate in having two Peters, summed up the day by saying:
he Summit Federal Credit Union
continues to lead the way in
providing financial education life skills
to area youth with its most recent event
at Locust Hill Country Club during the
2004
Wegmans
Rochester
International Golf Tournament in June.
Over 60 young adults from both Hillside
Children’s Center in Rochester and
KidsPeace in Romulus, New York,
attended a specially prepared and
organized afternoon of Fun and
Finances at the 2004 LPGA
Tournament.
Christy Rittenhouse (top),
Deb Richard (bottom)
“These kids don’t have the
advantages that many other young
people do. By spending an
afternoon interacting with strong
role models and positive examples
of what dedication and goal
setting can mean, they are being
introduced to some basic
fundamentals that can help them
achieve great things in life.
Gather two role models like
Christy and Deb, along with
dedicated employees from The
Summit, and suddenly, the kids are
paying attention—it means
something.”
SUMMITUP
5
THE FINANCIAL
LITERACY PROGRAM
INCLUDES TOPICS ON:
Roland Williams Youth Lifeline Foundation Awards
2004 Outstanding Sponsor Award to The Summit (continued)
"Short-term vs.
Each hour-long session has been held at Clover Lanes in Brighton, followed by a
complimentary dinner and night of bowling. This past Spring’s 5-week session ended
with classes held at The Summit’s corporate headquarters.
"How to handle a
Attendance has steadily been increasing every session and, this year, Roland Williams
donated $5 to each young person who completed the course enabling them to open an
account at The Summit.
long-term financial
goal-setting
paycheck
"Managing a
checking account
"Strategies for
savings
"The importance of
good credit
"Strategies for
creating a monthly
budget
“The Summit strongly believes in the mission and goals of the Roland Williams Youth
Lifeline Foundation and the importance of
reaching young people through education,
interaction, and entertainment,” stated Mike
Vadala. “The Summit is proud to be a
sponsor of this important financial literacy
program for kids, and we’re committed to
continuing this vital life skills program for the
foreseeable future.”
The Fall Session of the Financial Literacy
Programs kicked off on October 1, 2004.
(left to right) Roland Williams, Mike Vadala, and John
Prizner, Executive Director of the Roland Williams Youth
Lifeline Foundation.
WE CAN’T PREDICT THE FUTURE…..
But We Can Help You Prepare For It!
Our focus at Summit Federal Credit Union is to help you be financially prepared for life’s uncertainties. That is why
we’ve partnered with representatives from The Family Security Plan® to offer programs of permanent life insurance,
disability income protection, critical illness insurance and the Best Doctors® program to all members.
Life insurance is a way to make sure
that your family can maintain the
standard of living you have set for them
in the event something happens to you.
The Family Security Plan® Whole Life
program features premiums that never
increase and death benefits that never
decrease.
The Family Security Plan’s Disability
Income program can help you meet
your basic monthly financial
commitments should you become too
sick or injured. Disability Income does
more than insure your income. It
protects your lifestyle. The Family
Security Plan’s Critical Illness Benefit
can help ensure that you won’t have to
face the possibility that your family can’t
carry on if you are affected by a covered
critical illness.
To find out more about any of these programs from The Family Security Plan®,
call 1-800-990-7890 ext. 172.
6
SUMMITUP
Purchasing any Family Security Plan®
policy makes you automatically eligible
for Best Doctors®, an extremely
affordable program designed to connect
people to the best medical care when
they need it most. When you or a
member of your family becomes
seriously ill or hurt, Best Doctors® will
provide a second opinion from the
Harvard Medical Review Board.
The Family Security Plan
NEW LEGISLATION NOTICE
Check 21 and You.
Beginning October 28, 2004, Check 21 (The Check Clearing for the 21st Century Act) will
change the way all financial institutions handle paid checks including The Summit FCU.
Check 21 is new legislation which allows institutions to convert original checks into
electronic images or “substitute checks.” It was designed to improve the efficiency of the
nation’s check collection system. As a member, you will not have to do anything differently. Check 21 will reduce
check clearing time and provide you with greater control over your account and personal finances.
?
W
“
” “
”?
Q. WCheck 21Cpermits21financial institutions
Q.
to save money by
Yes. A substitute check is the legal equivalent of its
A. eliminating the handling, manual processing
A.
and storage
original paper check for all purposes. The substitute
HY IS
HECK
IMPORTANT
of paper checks and to collect, process and return checks
more quickly. As a credit union, this savings will allow us
to provide our members with more competitive loan rates
and higher dividends on your savings. There will be less
chance that a check will be lost or destroyed while going
through the collection process. Electronic check images
can be processed electronically which reduces the amount
of time needed to do the processing, reduces
transportation costs, and eliminates delays resulting from
bad weather or other natural causes.
ILL THE SUBSTITUTE CHECK BE LEGAL
check can be used in the same legal manner as if it was
your original cancelled paper check. For example,
courts, retailers, and others are all required to accept a
“substitute check” as proof of payment to the same
extent that they would accept a paper check.
Q. HThat is hard to say since the new law?does not require
A. financial institutions to take advantage of its provisions.
OW FAST WILL CHANGE TAKE PLACE
Changes may happen slowly, as financial institutions
need time to purchase equipment and otherwise “gear
up” for a fully electronic check exchange environment.
21
?
Q. IfHthe originalCpaper check
is taken out of circulation earlier
A. in the process and electronic check images are used more
OW WILL
HECK
CHANGE THINGS FOR ME
frequently, there will be less chance for someone to obtain
your personal financial information from a physical copy
of the check and to steal your identity. You will receive
information about your checks clearing more quickly and
be able to identify forged or altered checks more rapidly,
and thereby mitigate the adverse consequences of check
fraud. If an electronic image of a paper check is made
and the check is truncated (removed from circulation),
you will not be able to obtain either the actual original
paper check or an exact copy of the paper check. Instead,
you will only be able to obtain a “substitute check.”
Q. WA “substitute check”“ is a printed copy of”?the electronic
A. image of the original paper check that contains all the
HAT EXACTLY IS A SUBSTITUTE CHECK
information contained on the original paper check or that
would have been contained on the original paper check if
it had gone all the way through the check processing
system and bears the legend: “This is a legal copy of your
check. You can use it the same way you would use the
original check.”
WHAT IF THE “SUBSTITUTE CHECK” IS NOT AN ACCURATE
REPRESENTATION OF THE PAPER CHECK, BOTH THE PAPER
CHECK AND THE SUBSTITUTE CHECK ARE PAID, OR
?
Q.
new law gives you specific “recredit rights.” If you
A. The
believe that a substitute check was not properly charged
SOMETHING ELSE GOES WRONG IN THE CLEARING
PROCESS
to your account, the recredit rights allow you to pursue
a correction.
Q.
A.
IS THERE ANYTHING I SHOULD DO DIFFERENTLY WITH
REGARD TO MY CREDIT UNION CHECKING ACCOUNT?
No. Accurately maintain your checking account records,
and reconcile your statements timely, as you have in the
past. As always, if you have any questions about your
accounts, please call or stop in to see us—we would
be happy to assist you.
SUMMITUP
7
Canal Ponds Business Park
100 Marina Drive
Rochester, NY 14626-5104
www.summitfcu.org
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Coming Soon:
NEW! VISA Platinum
The Card with Rewards!
The Summit’s Surcharge-Free ATM Network is
E X P A N D I N G !
From Seneca Falls to Rochester to Buffalo and beyond...
Our network is expanding to give you
more Surcharge-Free* ATM choices
than ever before!
Soon, we’ll be participating in the KeyBank® and the Credit Union
Co-Op Networks® to give you access to over 60 Surcharge-Free
ATMs in the Rochester and Buffalo areas. Please visit
The Summit’s website at www.summitfcu.org
for details and start dates.
Also, please note that beginning
November 1, 2004, the fee for
foreign ATM transactions that
exceed your Relationship Level
Benefit, will be $1.50 (formerly
$1.00). Due to a change in
ESL®’s ATM policy, beginning
November 1, 2004, ESL® ATM
transactions will be considered
foreign transactions and will be
counted in connection with your
Relationship Level Benefit.
*Surcharge-Free means that you will not be
charged a fee by the owner of any ATM in
the Network.