Making the grade
Transcription
Making the grade
T IPS A N D T R EN D S F R O M SE F C U SUMMER 2015 Moneyclips save I learn I dream I enjoy I balance I live Making the grade with campus banking PLUS FREE SEMINARS — MORTGAGE MATCH — SCHOLARSHIP WINNERS — LABOR DAY 5K REGISTRATION — AND MORE! Moneyclips S U M M ER 2 015 Issue Highlights 7 Business profile: W&W Property Management Firm maximizes time with SEFCU products 8 Savings count with Mortgage Match Check out this program to boost your down payment on a new home 9 When buying life insurance, don’t forget college tuition A good policy should include coverage for college expenses 10 SEFCU student loans bridge the gap It’s the convenient way to cover your college expenses 11 What’s big on campus 12 Why I Care: Shane Rauh and Dawn Martin SEFCU’s Campus Connect account offers plenty of perks For these two, giving back is personal Lifestyle/Opportunities 6 Making the most of your Debit MasterCard® ! Tips for taking 4 6 14 Summer seminar schedule Planning a trip? Let us know Understanding insurance 18 Smart Sense giveaway SEFCU 5k registration form 19 advantage of your new benefits News 3 6 16 18 20 Message from the President & CEO Don’t let your assets become abandoned property SEFCU scholarship winners announced Community events update SEFCU named “Best Bank/Credit Union” for 9th year in a row www.twitter.com/sefcu Holiday closings All SEFCU branches and the Member Solutions Center will be closed in observance of the following holiday. Labor Day l Monday, September 7 Hope to see you at the SEFCU Labor Day 5k! www.facebook.com/sefcu Moneyclips is MESSAGE FROM THE PRESIDENT AND CEO ■ As SEFCU is committed to our members and our community I have exciting things to report on both fronts. First and foremost, thank you to all of our members who voted SEFCU the “Best Bank/ Credit Union” in the Times Union Readers’ Poll for the ninth year in a row. While we are on “Cloud 9” to receive this honor, we are grateful for the support our members provide us day in and day out and are proud to serve your financial needs. With respect to our commitment to the community, I’m proud to announce this quarter’s employee and member recipients of SEFCU’s Why I Care award which honors people who go above and beyond in the community by providing support, leadership, companionship, and compassion to those who need it most. Meet our award recipients, Shane Rauh, SEFCU employee, and Dawn Martin, SEFCU member, on page 12. SEFCU President and CEO Michael Castellana, right, caught up with Ray Rudolph, chair of the Capital Region Heart Walk, before the big event at the Empire State Plaza in Albany. Even though April is National Volunteer Month, SEFCU employees are encouraged to give their time to organizations in the community all year long. In 2015 SEFCU hopes to have its employees donate 35,000 hours of their time and you can get in on the fun too by logging your volunteer hours by visiting sefcu.com. Before the last school bell rang for the year, SEFCU was busy planning and participating in some springtime community events, raising money and awareness for important causes in our community. In May, SEFCU members and employees rolled the dice and passed “Go” at the 23rd Annual Monopoly Tournament® to benefit the Center for Disability Services. More than $20,000 was raised through this popular event. For the second year in a row, SEFCU has been part of the American Heart Association’s Heart Walk with SEFCU teams raising more than $40,000 for the 2015 event. Once again staff put their best foot forward and stepped up fundraising efforts for this walk that took place in downtown Albany. In Binghamton, staff participated in the American Cancer Society’s Relay for Life, and the credit union provided $5,000 to support their mission. In Buffalo, SEFCU teamed up with the American Red Cross and provided $10,000 to support The BASH, a one-of-a-kind military themed fundraiser that helps support disaster relief in Buffalo, and more than 30 SEFCU employees attended this fun event. For the first time ever, SEFCU employees participated in a mentoring reading program at Arbor Hill Elementary School in Albany where volunteers were assigned a third grade student at the school to meet with once a week. Student and tutor practiced reading and comprehension skills. While the program was for the children, as a mentor myself, I found it to be an extremely rewarding experience. In June, we wrapped up this year’s program with a party, but I’ll look forward to meeting up with my student again in the fall when he enters fourth grade. As always, the work that SEFCU does in the community wouldn’t be possible without the support from our members. If you’re looking for an easy way to get involved, sign up for Giving for Good. For as little as $1 a month you can help us make a huge difference in your community. Enjoy reading this issue of MoneyClips. On behalf of everyone at SEFCU, thank you for choosing us as your financial institution and we value the trust you have placed in us. I welcome your comments at [email protected] or follow me on twitter@castellana_. Michael J. Castellana President & CEO Federally insured by NCUA MONEYCLIPS SUMMER 2015 3 E D U C AT I O N U P C O M I N G S E M I N A R S Summer seminars ■ Affordable Care Act: Small Business Health Care Tax Credit Susan R. Jensky, Internal Revenue Service Sr. Stakeholder Liaison, will discuss the qualifications and reporting requirements of the Small Business Health Care Tax Credit, Provision 45R of the Affordable Care Act. To register, contact [email protected] or call 518-361-4330 by July 31. ■ Alternative Solutions to Long-Term Care Planning Join Sheila Cervera, certified long-term care specialist, to review new planning options for long-term care expenses and decide what is best for you and your family. ■ Are You Social Security Savvy?* When it comes to retirement income, Social Security plays an important role. Find out how you can maximize your Social Security benefits, learn the benefit rules you need to know, and more at this seminar. ■ Get Financially Fit Balancing life and your budget can get tricky. Get simple suggestions and realistic options for successfully trimming monthly expenses and saving for goals. You’ll also hear strategies to help repair and build credit to improve your financial fitness. july ■ Medicare Advantage Plans and Long-Term Care Planning Are you turning 65 and need to choose a Medicare Advantage Plan? Gearing up for open enrollment and want to learn more? Join Vicki Beyer, Nevin’s Insurance Agency director of sales and marketing, and Sheila Cervera, SEFCU certified long-term care specialist, to learn the ins and outs of Medicare Advantage Plans and Long-Term Care Planning. ■ Owning Your Financial Future: Six Ways Women Can Take Control of What’s Ahead* Today, women are earning more money, making more financial decisions, and planning for the future. Join us while we explore six potential financial scenarios that affect women and learn how you can take action. ■ Super Savers: Save for a Goal and Activity Attend this interactive lesson on the importance of saving with your elementary-aged child. We’ll begin with a short story about setting savings goals and then provide tools to create their own savings jar to bring home. ■ Top 10 Tasks of Estate Planning Join Bill Pfeiffer, Esq. to learn about basic estate planning tools. Topics will include wills, trusts, guardianships, Medicaid and long-term care planning, the use of medical directives, and power of attorney forms. Business Series: QuickBooks 101 (BACK BY POPULAR DEMAND!) QuickBooks™ is the leading accounting software utilized by small business owners across the country. The QuickBooks 101 series, offered by the NYS Small Business Development Center, is designed to assist new users of the software with three progressive classes. Attendees must bring a laptop or other portable computer with the QuickBooks software already installed. In order to follow along with all in-class exercises and demonstrations, use of QuickBooks Pro or higher is encouraged. Session 1: Getting Started and Setup • Thursday, September 17 • 8 a.m. – 11 a.m. Basic functions of QuickBooks software • Basic accounting principles • Understanding the importance of lists in QuickBooks Sessions 2: Working with Accounts and Entering Transactions • Thursday, September 24 • 8 a.m. – 11 a.m. Setting up bank accounts • Recording sales • Recording deposits • Entering and paying bills and expenses Session 3: Generating Financial Reports, Tracking Payables and Receivables • Thursday, October 1 • 8 a.m. – 11 a.m. Overview of reports • Using QuickBooks to track and pay vendors, invoice time, and track customer receivables Cost is $99 for all three sessions, payable by check at the first session. When you register you are enrolling in all three sessions and it is strongly recommended that you attend all three for maximum benefit. Reservations are required. See seminar reservation information on the top of the next page. Not NCUA Insured Not Credit Union Guaranteed May Lose Value Not Insured by Any Federal Government Agency Not a Credit Union Deposit *Securities offered through LPL Financial, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. SEFCU and SEFCU Wealth Management Services are not registered broker/dealers and are not affiliated with LPL Financial Advisory services offered through LPL Financial, a registered broker/dealer. The LPL representatives associated with this website may discuss and/or transact securities business only with residents of the following states: CA, CT, FL, MA, ME, NC, NJ, NY, PA, UT, VA, and WI. 4 MONEYCLIPS SUMMER 2015 aug sept SEMINAR INFO Reservations are required for all seminars and can be made by calling 866-733-2880 x5321, or online at sefcu.com. Please visit sefcu.com the day of the seminar to make sure the seminar hasn’t been cancelled due to inclement weather or circumstances beyond our control. Capital Region Capital Region seminars will be held at the Dora Maxwell Auditorium at SEFCU, 700 Patroon Creek Boulevard, Albany. Directions to the Dora Maxwell Auditorium are available at sefcu.com or by calling the Member Solutions Center at 800-727-3328. ■ Tuesday, July 28 Super Savers: Save for a Goal and Activity 10 a.m. – 11 a.m. ■ Tuesday, July 28 Get Financially Fit 6 p.m. – 7:30 p.m. ■ Wednesday, July 29 Top 10 Tasks of Estate Planning 6 p.m. – 7:30 p.m. ■ Wednesday, August 5 Affordable Care Act: Small Business Health Care Tax Credit 1 p.m. – 2 p.m. This is a webinar and you will receive instructions when you register. ■ Tuesday, August 18 Alternative Solutions to Long-Term Care Planning 6 p.m. – 7:30 p.m. ■ Wednesday, September 9 Medicare Advantage Plans and Long-Term Care Planning 6 p.m. – 7:30 p.m. ■ Wednesday, September 16 Are You Social Security Savvy?* 6 p.m. – 7:30 p.m. Binghamton ■ Wednesday, July 15 Super Savers: Save for a Goal and Activity 10 a.m. – 11 a.m. This seminar will be held at the Broome County Library, 185 Court Street, Binghamton. ■ Wednesday, September 30 Alternative Solutions to Long-Term Care Planning 6 p.m. – 7:30 p.m. This seminar will be held at SEFCU’s Kirkwood branch, 4 Crescent Drive, Kirkwood. Buffalo ■ Thursday, July 30 Super Savers: Save for a Goal and Activity 10 a.m. – 11 a.m. This seminar will be held at the Buffalo & Erie County Public Library, 1 Lafayette Square, Buffalo. Syracuse ■ Thursday, July 23 Super Savers: Save for a Goal and Activity 12 p.m. – 1 p.m. This seminar will be held at the Soule Branch Library, 101 Springfield Road, Syracuse. ■ Wednesday, September 16 Alternative Solutions to Long-Term Care Planning 6 p.m. – 7:30 p.m. This seminar will be held at SEFCU’s Midler branch, 107 Simon Drive. ■ Wednesday, September 30 Owning Your Financial Future: Six Ways Women Can Take Control of What’s Ahead* 6 p.m. – 7:30 p.m. MONEYCLIPS SUMMER 2015 5 S E F C U N E W S A N D I N F O R M AT I O N Planning a trip? Let us know ■ Summer vacation season is in full swing and if you’re planning on using your SEFCU credit or debit card while you’re away give us a call to let us know. Just contact SEFCU’s Member Solutions Center at 800-727-3328 and tell us the dates you are traveling and where you’re going. That way if we notice transactions coming from a location where you don’t normally make purchases, we’ll know you’re traveling and won’t assume your card is being used fraudulently. Have a great vacation! Don’t let your assets become abandoned property Making the most of your new Debit MasterCard® ■ For your protection, banks, credit unions, insurance ■ Over the past several months all SEFCU companies, utilities, investment companies, and many other businesses are required by New York State law to surrender accounts that have been inactive for three years. These accounts are known as “lost,” “abandoned,” or “unclaimed” funds. debit cardholders received an upgraded MasterCard. Now that you have your new card follow these tips to take full advantage of all the benefits it offers! ACTIVATE your new card by calling the number on the sticker. If accounts remain dormant for three years, the assets will be turned over to the Office of the State Comptroller which will serve as the custodian of the money. If you can prove you are entitled to the money you can reclaim it as yours at any time. To avoid this hassle, simply make a deposit or withdrawal to or from your account. For information about SEFCU’s abandoned property policy, call the Member Solutions Center at 800-727-3328. You can search for New York State abandoned property or unclaimed funds at osc.state.ny.us. Remember, even though your new MasterCard is chipenabled you can still swipe it like you always have to pay for purchases at merchants whose terminals aren’t EMV compatible yet. Thank you for your patience as we upgraded all of our members’ debit cards to MasterCard and we apologize for any inconvenience you may have experienced during this time. USE it online and at retailers that accept MasterCard. PAY BILLS like your utilities, gym memberships, or insurance premiums — by providing your card number. Funds will be deducted from your Checking account. SEFCU credit cardholders will receive an upgraded Credit MasterCard later this summer. To learn more about the upgrade to MasterCard visit sefcu.com/ NewMasterCard or stop by any branch. 6 MONEYCLIPS SUMMER 2015 BUSINESS PROFILE W&W PROPERTY MANAGEMENT Property management company maximizes time with SEFCU products A s a full service real estate management company, W&W Property Management Company in Binghamton covers all the bases when it comes to homeownership, coordinating advertising and renting vacant housing units, collecting monthly rents on behalf of their clients, coordinating lawn mowing and snow removal services, as well as general maintenance, construction, and remodeling. With clients all around the world, W&W Property Management owners Josh Williams and Dave Watson needed a financial institution that could save them time and help them manage their finances quickly and conveniently. Since W&W Property Management was established four years ago their business has grown to more than 300 tenants — and so has the number of rent checks they receive on a daily basis. To save time, W&W Property Management uses SEFCU iTeller for Business, which allows Williams and Watson to deposit checks they receive from their office right into their SEFCU account via a special check scanner, saving hours each week. W&W Property Management has helped restore three houses on historic Front Street to their original glory. These properties are fully rented and Williams and Watson are proud of the work they’ve done to bring these homes back to their original condition. “We were SEFCU members before W&W Property Management was established and built some solid relationships so it just made sense to pursue SEFCU for our business needs.” “We were SEFCU members before W&W Property Management was established and built some solid relationships so it just made sense to pursue SEFCU for our business needs,” said Williams. “Running a business is challenging at times and it’s nice to have a team that we can rely on to make our lives much easier.” To learn how SEFCU can make managing your finances easier, contact a Business Solutions Officer at 800-727-3328 x5222. Josh Williams MONEYCLIPS SUMMER 2015 7 O P P O R T U N I T I E S M O R T G A G E M AT C H F O R N E W H O M E O W N E R S SEFCU MORTGAGE SERVICES Savings count with Mortgage Match I f you’re in the market for a new home, Mortgage Match might be the boost you need to save enough for a down payment. When first-time homebuyers enroll in this program, you’ll earn $4 for every $1 you save – up to a maximum match of $7,500 – to use toward your down payment and/or closing costs. With Mortgage Match you make regular deposits (at least $20 per month) into a Mortgage Match account for a period of 10 to 24 months. During that time you’ll also need to attend free seminars on finance and homeownerships to help you learn how to budget and pay bills. When you close on your mortgage, you’ll receive a match from the Federal Home Loan Bank equal to $4 for every $1 you saved. Not a first-time home buyer? Displaced homemakers and single parents who have previously owned a home may also be eligible. Ask about it today! Call SEFCU Mortgage Services at 518-783-1234 in the Capital Region or 315-701-1390 in Syracuse. 700 Patroon Creek Boulevard, Suite 301, Albany, NY 12206 and 200 Salina Meadows Parkway, North Syracuse, NY 13212 Licensed Mortgage Banker New York State Department of Financial Services NMLS Company ID – 309847 8 MONEYCLIPS SUMMER 2015 I N S U R A N C E P R O T E C T I N G YO U R C H I L D R E N ’ S E D U C AT I O N SEFCU INSURANCE AGENCY When buying life insurance, don’t forget college tuition M any people buy life insurance so that in the event of the unexpected, death benefits can serve as income replacement. Life insurance can’t replace a loved one, but it can ease the financial hardship caused by the loss. People typically plan on life insurance to help pay for a mortgage and ongoing living expenses, but it is also important to make certain that an untimely death does not deprive your children of a quality college education. It is very important to calculate and plan for the cost of higher education when evaluating your family’s life insurance needs. SEFCU Insurance Agency has partnered with AccuQuote to provide reliable insurance options to meet your needs. For your free personalized life insurance review, call AccuQuote at 877-654-8916 or visit www.sefcu.com/ accuquote today! You can protect your children’s future by purchasing sufficient life insurance coverage to pay for their college education in the event that a parent passes away. According to the College Board, the average cost of tuition and fees at a private college for 2014-2015 was approximately $31,000, bringing the cost of a four-year degree at a private school to an average of $120,000. If your son or daughter attends a public college, tuition and fees over a four-year period will cost approximately $40,000 to $90,000, depending on state residency requirements. Life insurance is a cost-effective means of providing the financial resources necessary to make the dream of college education for your children come true. Rest easy knowing that all of your family’s financial needs (including college education, mortgage, long-term living expenses, and more) are adequately provided for by purchasing the correct amount of life insurance. You can start the process today by visiting sefcu.com/accuquote or calling 877-654-8916. SEFCU has partnered with AccuQuote to provide this important coverage and their licensed representatives are available to assist you in determining exactly how much life insurance protection you need and will guide you through the application process. Call today and enjoy peace of mind knowing that your family is protected from the financial loss in the event of a loved one’s passing. MONEYCLIPS SUMMER 2015 9 SEFCU student loans bridge the gap T uition payments for the fall semester will be due soon and if you are still worried about how you are going to pay the bill, consider a SEFCU student loan. SEFCU student loans are designed to fill the funding gap that federal loans, financial aid, and scholarships leave behind. Borrowing limits range from $2,000 to $30,000 and you can choose a fixed- or variable-rate option. Requirements To be eligible for a student loan, applicants must have a SEFCU Campus Connect account and may need to provide: • A copy of the college or university award letter • A copy of the tuition bill • A self-certification form • Proof of income • Proof of maintaining at least a 2.0 GPA Repayment options Once you’ve selected the loan that’s right for you, several repayment options are available, including monthly automatic transfers from your SEFCU account. With this option you’ll also enjoy a quarterpercent rate discount. While the student is enrolled in school (at least half time), your loan payment will be the greater of the interest amount due or $35. Full principal and interest payments begin six months after graduation, or when the student is no longer enrolled in school. We’ll pay the school To make it convenient, once you are approved and all the loan disclosures have been finalized, SEFCU will forward loan funds directly to the college or university. Funds are sent at the beginning of each semester, provided all the requirements are met. Ready to get started? Apply online at sefcu.com, stop by any branch, or call the Member Solutions Center at 800-727-3328. 10 MONEYCLIPS SUMMER 2015 COLLEGE BAN KIN G EVERY THING YOU NEED TO MAKE THE GR ADE ! What’s big on campus ■ Whether your plans for college keep you close to Smartphone apps and Text Banking home or thousands of miles away, SEFCU has a solution to help you save money – and time. Find out how you can enjoy free ATM access, open a Really Free Checking account, and bank right from your fingertips. What’s the one thing you never leave your dorm or apartment without? Your phone! With SEFCU’s free iPhone®, iPad®, Android®, and Kindle Fire® apps, you can manage your money conveniently from the palm of your hand. Need to check your account balance in a hurry? Sign up for SEFCU’s free Text Banking service and keep tabs on your balances or transfer money just by typing a few characters. Find out more at Campus Connect designed for you Whether you’re starting your freshmen year on campus or are a returning student, SEFCU’s Campus Connect account is designed with college students in mind so you can focus on your classes, not managing your money. We’ll even get new members started by making the $1 minimum deposit to open an account! You’ll also enjoy: • Free Checking • Free online banking • Free ATM access Open your account today at sefcu.com/CampusConnect! Save with free ATM withdrawals Money is tight so don’t waste it by paying ATM fees! SEFCU is a member of the Allpoint® network of ATMs which means you can withdraw your cash for free at ATMs at major retailers like CVS®, Target®, Walgreens®, and Hess®. Allpoint ATMs are located throughout the U.S., Canada, Mexico, Puerto Rico, England, and Australia. Find a location near you by downloading the Allpoint or SEFCU app. Learn more at sefcu.com/allpoint. Attending college next year? If you’re a Campus Connect member e-mail [email protected] with your name, expected graduation year, and the name of the college you’re attending and we’ll send a scholarship application when they are ready in the fall. sefcu.com/apps or sefcu.com/TextBanking. Campus Connect Textbook Contest Books are expensive, so SEFCU gives our Campus Connect members a chance to win $500 toward textbooks again this fall! Enter online this summer at sefcu.com/textbooks. Winners will receive a $500 gift card or voucher to their school’s bookstore. *No purchase necessary. One entry per person and only offered to SEFCU Campus Connect members. Duplicate entries will not be included in the drawing. Contest opens June 1, 2015 and runs through September 8, 2015 for University at Albany, University at Buffalo, Rensselaer Polytechnic Institute, and all other Campus Connect members except Skidmore College. Skidmore College contest opens June 1, 2015 and runs through September 15, 2015. A total of ten (10) winners will be selected as follows: two (2) from the University at Albany, two (2) from the University at Buffalo, two (2) from Rensselaer Polytechnic Institute, two (2) from Skidmore College, and two (2) from all additional Campus Connect members. Winners will receive a $500 gift card or voucher to their school’s bookstore. No exchange of cash for prizes. SEFCU staff and their immediate families are not eligible. Winners will be contacted by phone. To participate without entering online, you may also send a 3”x5” card with your name, phone number, and college attending to SEFCU Marketing/Textbooks, 700 Patroon Creek Blvd., Albany, NY 12206. Mailed entries must arrive no later than September 8, 2015 with the exception of Skidmore College entries which must arrive no later than September 15, 2015. MONEYCLIPS SUMMER 2015 11 BANKING WITH A PURPOSE WHY I CARE Why I Care: sHANE RAUH & DAWN MARTIN For these two, giving back is personal E ach quarter, SEFCU honors individuals who go above and beyond in the community with the Why I Care award. Our latest recipients, Shane Rauh and Dawn Martin, have reasons for volunteering that hit close to home. Thank you, Shane and Dawn, for all you do! Shane Rauh, Employee Recipient SEFCU Business Banking Officer Shane Rauh learned the importance of giving back at an early age from his mom. She believed the idea of showing someone you care is as simple as giving them your time – by volunteering, checking in on someone, or just holding a door. Now a father of two, Shane hopes to make the same impression on his children – and so far he has. Showing someone you care is as simple as giving them your time. Shane recalls a time he was stopped at a traffic light when his young son noticed a man with a sign standing on the corner. After Shane explained why the man was there, his son asked if he could give the man a dollar and pay his dad back from his piggy bank when they got home. Shane’s son got the message of giving back loud and clear. Shane is an active volunteer for a number of organizations, including Crossroads Center for Children (in 2014 he received the Distinguished Service Award), the Regional Food Bank of Northeastern New York, Equinox, and the Schenectady YMCA. But his favorite volunteer moments occur during his time at Schenectady Home Furnishing, especially observing the expressions on the faces of those who are receiving much needed furniture. Dawn Martin, Member Recipient Eight years ago when Dawn Martin’s son, Shawn, a U.S. Marine, was killed while serving in Iraq, she began looking for a purpose and a way to honor Shawn’s memory, a young man who was well known for his strong hugs. Soon after, Uncle Shawn’s Hugs was born, a non-profit that makes and distributes warm, fleece blankets (hugs) to underprivileged children. Dawn vividly remembers one of the first times she was handing out blankets at stops on the Toys for Tots Holiday Train and a young boy who had just received a new toy asked if he could have a blanket in exchange for his toy. “I knew that was a wake-up call for me,” said Martin. “It made me realize that although there are great needs everywhere, I could make a difference right in my own backyard.” Since it started, Uncle Shawn’s Hugs has distributed more than 5,800 “hugs” to children in need. Dawn finds comfort in knowing that each time she wraps a blanket around a child, she is keeping Shawn’s mission of giving to others alive. Shane Rauh, center, pitches in on a community clean-up with other SEFCU volunteers. Know a SEFCU employee or member who deserves the Why I Care Award? Visit sefcu.com/WhyICare to nominate someone you believe makes a difference in his/her community. 12 MONEYCLIPS SUMMER 2015 Above: SEFCU President & CEO Michael Castellana presents Why I Care awards to Dawn Martin and Shane Rauh for their communty volunteerism. Below: Dawn Martin shows off a finished blanket ready to be handed out to someone who needs a “hug.” “I have been so very blessed to meet so many wonderful, caring people through Uncle Shawn’s Hugs and I will forever have a place in my heart for them,” said Martin. Since it started, Uncle Shawn’s Hugs has distributed more than 5,800 “hugs” to children in need. Dawn finds comfort in knowing that each time she wraps a blanket around a child she is keeping Shawn’s mission of giving to others alive. To learn more about Uncle Shawn’s Hugs visit uncleshawnshugs.org. MONEYCLIPS SUMMER 2015 13 W E A LT H M A N A G E M E N T I N S U R A N C E Q & A W I T H S H E I L A C E R V E R A WEALTH MANAGEMENT SERVICES Your key to UNDERSTANDING INSURANCE Fifteen Minutes with Sheila Cervera LUTCF, CLTC, CES U nderstanding and finding the right insurance coverage for your needs can be overwhelming and confusing, but SEFCU’s credit union insurance specialist, Sheila Cervera, can help you navigate the process and get you the protection you need. Question: Can you descibe what you do at SEFCU? Sheila: As part of the Wealth Management team, I’m the credit union’s insurance specialist. I meet with members and develop comprehensive solutions that help them protect their families. When we get together, we do a thorough review of their current situation and any existing insurance coverage they may have. If there are any gaps, I recommend strategies that can help fill them. “I am not a commissioned sales person, I’m here to help members.” 14 MONEYCLIPS SUMMER 2015 “Not having enough life insurance coverage and not having their own disability income insurance are two of the most common errors people make.” Question: Everyone knows they need insurance but, next to buying a car, it’s the last thing most people want to do! What’s the experience like working with you? Sheila: It’s funny that you say that because there are studies out there that say people avoid getting insurance because they fear a high pressure sales pitch. We just don’t do that at SEFCU. Our wealth management approach is very simple. We learn as much as we can about our members and we make recommendations that we feel are in their best interests. I am not a commissioned sales person, I’m here to help members. When you get a recommendation from me, or any of my colleagues on the Wealth Management team, it’s what we think is the best course of action for you. Question: What are some common insurance mistakes people make? Sheila: Not having enough life insurance coverage and not having their own disability income insurance are two of the most common errors people make. Life insurance needs change over your life, so it’s important to evaluate your coverage from time-totime to make sure it’s enough. Also, a lot of people have coverage from their employer, however, if you’re between jobs, you will lose that extra coverage. Disability insurance protects your income in the event you get hurt and can’t go to work, whether on a temporary or permanent basis. While losing a loved one is never easy, in some ways, caring for a permanently disabled family member can be even more stressful, especially when their salary stops. We always take a look at your disability coverage as part of any wealth management review. Question: Aside from life and disability insurance, is there any other coverage people should consider? Sheila: Long-term care insurance can help cover the costs of advanced nursing care at home, in an assisted living facility, or in a nursing home. New York State offers the Partnership for Long-Term Care which can be a more affordable approach to long-term care than a traditional policy. With a Partnership policy, members receive long-term care benefits that protect their assets, or part of their assets, for a certain number of years. After that time is up, they can then receive coverage through Medicaid without having to spend down all their assets. These are good plans for folks who intend to stay in New York after retirement. There are a couple of different Partnership plans available, but some people may find a traditional policy better meets their needs. Question: Any final thoughts? Sheila: I work with SEFCU’s Wealth Management financial planners to help put a comprehensive plan together. We look at all aspects of your financial life, including loans, credit cards, insurance, income, and investments. If you’re interested in getting the ball rolling, I would be happy to send you our fact finder. It’s the first step in developing a financial plan for you. E-mail me today at scervera@ sefcuinsuranceagency.com or call 518-862-1955. Not NCUA Insured Not Credit Union Guaranteed May Lose Value Not Insured by Any Federal Government Agency Not a Credit Union Deposit *Insurance products offered through LPL Financial or its licensed affiliates. SEFCU and SEFCU Wealth Management Services are not registered broker/dealers and are not affiliated with LPL Financial. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. MONEYCLIPS SUMMER 2015 15 MEMBER BENEFITS SEFCU PRESENTS $ 52,000 IN SCHOLARSHIPS SEFCU presents $52,000 in scholarships ■ In May, the credit union awarded $1,000 scholarships to SEFCU members graduating from high school and planning to attend college in the fall. SEFCU also presented an additional $7,500 in scholarship money in the memory of three past Board Members: Jean Myers1, Robert Berroyer2, and John Ilacqua3. Felisha Brown was awarded the $2,500 Dr. Carmen M. Cornute Memorial Scholarship4 to help her further her education in nursing. SEFCU also awarded $1,000 scholarships to current students attending Rensselaer5, Skidmore6, the University at Albany7, and the University at Buffalo8. Three students9 were also recipients of the New York Credit Union Association’s scholarships. Applications were judged based on academic achievements, leadership positions held, a written essay, and community service. This year’s recipients had a combined total of 26,000 volunteer hours. Congratulations to all! capital region Ifeoluwa Adelugba Siena Coll. Erick Bower Hudson Valley Comm. Coll. Mark Brenner 3 Siena Coll. Anna Brewer Brandeis Univ. Kristin Connolly Austin Daily 2 Catholic Univ. of America Catholic Univ. of America Felisha Brown 4 DePaul Univ. Laree Burden Univ. of Bridgeport Caitlin Chauhan Albany Coll. of Pharmacy Carolyn Cimo Clarkson Univ. Ethan DiMura Siena Coll. Cameron Duwe New York Univ. Rachel Gamache Elmira College Tyler Gannon Albany Coll. of Pharmacy Bryan Gellner Binghamton Univ. Caroline Halburian 1 SUNY Cortland Katia Hernas Nazareth Coll. Jennifer Hoffmann 9 Case Western Univ. Christopher Kelsey Boston Coll. Zachary Kircher Univ. of Maryland Claudia Heritage Syracuse Univ. 16 Cameron Bartow Northeastern Univ. Lillian Herrmann Colby Coll. MONEYCLIPS SUMMER 2015 Benjamin Long Summit Univ. of Penn. John Mackay Haverford Coll. Bianca Mascitelli Albany Coll. of Pharmacy Abbey McGrath Berklee School of Music Ryan Mullane 7 Univ. at Albany Gerson Murillo-Nunez Univ. at Albany Annie Ouyang 8 Univ. at Buffalo Allegra Padula 9 Colgate Univ. David Parker Wheaton Coll. Ariane Ramlochan Binghamton Univ. Tyler Ruhle Marist Coll. Robert Schmitz Clarkson Univ. Morgan Shaw Siena Coll. Oneida Shushe Colgate Univ. Kaitlyn Smith Siena Coll. Jacob Spencer Marist Coll. Zoe Sykes-Varnhagen Case Western Reserve Univ. Briela Tollisen SUNY Oneonta Katherine Wainwright Univ. of Penn. Evelyn Welch SUNY Geneseo Buffalo Binghamton Patrick Crowley Canisius Coll. Michayla Paniccia SUNY Broome Comm. Coll. David Stackrow 9 Northeastern Univ. Madeline Welsch 6 Skidmore Coll. Hanna Sykes-Varnhagen Univ. of Colo./Boulder Deborah Winograd 5 Rensselaer Applications for next year’s awards will be available in the fall. Watch October’s edition of MoneyClips for more information. ! 5 1 0 2 f o s s la C s n io t Congratula MONEYCLIPS SUMMER 2015 17 C O M M U N I T Y E V E N T S U P D AT E CAPITAL REGION’S SMARTEST COMPANY PRESENTED BY SEFCU Save the date! Capital Region’s Smartest Company coming this fall Monopoly® Tournament wrap up Special thanks to the more than 160 people who participated in the 23rd Annual Monopoly ® Tournament to benefit the Center for Disability Services. More than $20,000 was raised at this year’s event. As his prize for winning the tournament, SEFCU member Jeff Foote donated $5,000 to a local food pantry. The Albany Devils were the winning Mogul table and they selected the Center for Disability Services as the charity to receive their $5,000 donation. Thank you to everyone who participated, especially our Platinum Partners, CUNA Mutual Group and NYSID! See you next year! SEFCU SMART SENSE You could be a winner! Register for a drawing to win* a $100 Amazon gift card! If you have a Smart Sense account at SEFCU, here’s your chance to win a $100 Amazon gift card. Visit sefcu.com/Moneyclips and enter the drawing by September 30, 2015 for your chance to win. *SEFCU employees and their immediate families are not eligible. Open to Smart Sense members only. If you have more than one Smart Sense member in your family, you may complete the online form for each child. One entry per person. 18 MONEYCLIPS SUMMER 2015 Round up some of your smartest employees and save the date for the Capital Region’s Smartest Company, a multi-media trivia event. Tuesday, October 13 SEFCU Headquarters Kiernan Plaza, 575 Broadway, Albany, NY Companies interested in participating should e-mail [email protected] for a sponsorship packet. S E F C US M LA DN AY I SNTDR A AB RO T RS E S E5 K G ARMEEG A P TRIIO ZN E Monday, September 7, 2015 SEFCU @ Patroon Creek Race / Walk Start: 9:00 a.m. Location: Race/walk starts and finishes at SEFCU, 700 Patroon Creek Blvd., Albany HMRRC Entry Fee for 5k Race/Walk*:q $15 for HMRRC members and SEFCU members who pre-register q $20 for all others who pre-register q $25 day of the race registrants q $30 for HMRRC fee and a donation to the non-profit recipient of the race funds Applications must be received by Friday, September 4, 2015. HMRRC Entry Fee for Kids*: $1 per child; 1 mile; approximate 10 a.m. start Event day registration only Separate application for team competition is available at sefcu.com Race Prize Structure: Shirts: Medals to the first three male and female finishers in each of the following age groups: 11-17; 18-21; 22-29; 30-34; 35-39; 40-44; 45-49; 50-54; 55-59; 60-64; 65-69; 70 and over. Trophies will be awarded to the first three male and female overall finishers. Trophies will also be awarded to the first three male and female overall finishers who are SEFCU members. No duplication of prizes. Commemorative SEFCU 5k T-shirts will be given to all participants. Refreshments: Complimentary fruit, drinks, etc. available at end of event. Results: Posted 15 minutes after event and available the same day at www.hmrrc.com. For More Info: Call 518-464-5341, or visit www.hmrrc.com. Name I will participate in: Address City Age o 5k Run o 5k Walk StateZip Sex SEFCU Member o Male o Female oPhone HMRRC Member o Where did you hear about this event? *I would like to make a donation directly to the SEFCU Community Support Program in the amount of $ Mail donations to: SEFCU Community Support Program, 700 Patroon Creek Blvd., Albany, NY 12206. Signature . Parent/Guardian (if under 18) I know that running a road/trail race is a potentially hazardous activity. I attest that I am physically fit and sufficiently trained to compete in this event. I agree to abide by any decision of a race official relative to my ability to safely complete the run. I assume all the risks associated with running in this event, including but not limited to falls, contact with other participants, the effects of weather, including high heat and humidity, traffic and the conditions of the road, all such risks being known and appreciated by me. Having read this waiver and in consideration of your acceptance of my entry, I, for myself and anyone entitled to act on my behalf, waive and release the Hudson-Mohawk Road Runners Club, SEFCU, the SEFCU Foundation, non-profit recipients of funds from the race, the State of New York, their sponsors, officials, representatives, and successors from all claims or liabilities of any kind arising out of my participation in this event, even though that liability may arise out of negligence or carelessness on the part of the persons or organizations named in this waiver. I also understand that the use of headphones, ear buds, or other listening devices during this race is prohibited and may result in my disqualification. I agree that any digital or print photographs taken during this event are the sole property of SEFCU and may be used appropriately in future SEFCU publications or other marketing materials. Make registration checks payable to Hudson Mohawk Road Runners Club. Send entry fee with completed application form to: HMRRC c/o John Parisella, 117 Elmer Avenue, Schenectady, NY 12308. You may also register online at http://members.hmrrc.com/event-1967097 Applications cannot be accepted at SEFCU locations. Directed by MONEYCLIPS SUMMER 2015 19 MONEYCLIPS s U M M E R 2 015 Patroon Creek Corporate Center 700 Patroon Creek Boulevard Albany, NY 12206 PRESORTED STANDARD U.S. POSTAGE PAID SARATOGA SPRINGS NY 12866 PERMIT #426 MoneyClips is a quarterly newsletter published for the benefit of SEFCU members. Main Number 800-727-3328 DIAL Automated Phone Svc. 518-452-2874 • 800-733-2848 SEFCU Insurance Agency 518-786-9905 • 888-250-6689 SEFCU Mortgage Services 518-783-1234 • 800-444-6313 TTY Phone Number 518-464-5252 Website www.sefcu.com awards sefcu named “ best bank / credit union ” for 9 th year in a row ! Thanks for voting SEFCU the “Best Bank/Credit Union” in the Albany Times Union Readers’ Poll for the 9th year in a row.