Dollars and sense

T IPS A N D T R EN D S F R O M SE F C U F A LL 2 0 1 5
Moneyclips
save
I
learn
I dream
I
enjoy
I
balance I
live
Dollars and sense
How to beat the most common financial scams
PLUS FREE SEMINARS — AUTO TIPS — SCHOLARSHIPS — INSURANCE ADVICE — BUYING A HOME — AND MORE!
Moneyclips
FA L L 2 015
Issue Highlights
8
Drive into fall with a new car!
Two SEFCU products take the hassle out of car shopping
9 Don’t let an accident wreck your finances
GAP insurance protects your new car investment
10
Dollars and sense
Watch out for these common financial scams
10IDProtect® provides peace of mind
Guard against identity theft for just a few dollars a month
12
Why I Care: Mark Duffy and Steah Htoo
16
Get to know your financial services team
No longer in need, now these two volunteers are giving back
15 minutes with Bob Laferriere, LPL Financial Advisor
Lifestyle/Opportunities
14 Income protection
is another word (or two) for life insurance Safeguard your family’s
4
15
18
Fall seminar schedule
Benefits of buying a home
SEFCU can help pay for college
18
Smart Sense game and giveaway
financial future
Moneyclips is
News
3
6
14
Holiday closings
20
Message from the President & CEO
News and information
SEFCU 5k draws a crowd
Shout out to School Banking volunteers!
All SEFCU branches and the Member
Solutions Center will be closed in
observance of the following holidays.
Veterans Day l Wednesday, November 11
www.twitter.com/sefcu
Thanksgiving l Thursday, November 26
Christmas l Friday, December 25
New Year’s Day l Friday, January 1
www.facebook.com/sefcu
MESSAGE FROM THE PRESIDENT AND CEO
■ We’ve often heard the phrase “lazy
days of summer,” but for SEFCU the summer
of 2015 was anything but. In addition to
upgrading all members’ debit and credit cards
to MasterCard®, the credit union reached
some pretty significant milestones, surpassing
$3 billion in assets and more than 330,000
members. While this is positive news for
the credit union, it’s even better news for the
communities we serve because this growth
will allow us to continue to provide support to
those who need it most.
Speaking of making a difference in our
community, skip ahead to page 12 to learn
how this quarter’s Why I Care award
recipients are having an impact on people
right in their neighborhoods. SEFCU
employee recipient, Mark Duffy, and SEFCU
member recipient, Steah Htoo, are being
recognized for providing support, leadership,
and compassion in our community.
SEFCU President and CEO Michael Castellana, right, and SEFCU Board Member Peter
Komarinski, far left, present a $15,000 donation to the Veterans Miracle Center at the
27th Annual Labor Day 5k. STRIDE Adaptive Sports – Wounded Warrior Programs and
Operation Adopt a Soldier were also awarded funding to help support their work with
active military personnel and veterans.
Last month we wrapped up the 27th Annual
SEFCU Labor Day 5k and presented $20,000
to non-profits. A public vote was held and the
Veterans Miracle Center received the most votes and earned
$15,000, STRIDE Adaptive Sports – Wounded Warrior
Programs earned the second highest votes and $3,000, and
Operation Adopt a Soldier had the third highest votes and got
$2,000.
Our busy summer also included once again serving as the
premier sponsor of the Chris Thater Memorial Races in
Binghamton, which are held annually in memory of Chris
Thater, an avid cyclist who was killed by a drunk driver, and
in Syracuse staff volunteered their time at the Rescue Mission.
In August, SEFCU staff boarded a bus bound for Buffalo and
spent the day at Cradle Beach, hosting games and friendly
competitions for the campers and staff. And, to make sure
students can get their year started on the right foot, the credit
union donated 5,000 backpacks to schools, houses of worship,
and community centers throughout the Capital Region,
Binghamton, Syracuse, and Buffalo.
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 FALL 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
Fall seminars
OCT
NOV
DEC
■ Business Planning Basics
Thinking about starting a business? Intimidated by the thought
of writing a business plan or having difficulty finding time to
devote to developing the business concept? Join Kate Baker,
business advisor from the Small Business Development Center,
as she provides participants with an easy to understand business
planning guide and offers suggestions to refine business
concepts into workable business models.
■ Getting the Most Out of Employee Benefits
Are your employee benefit packages utilized effectively by your
employees? Dave Ball, SEFCU Insurance Agency’s expert in
insurance and benefits, will guide you in the changing features
of health insurance options, help you maximize short- and
long-term disability benefits, and obtain additional disability
and life insurance when coverage is denied by traditional
insurance companies.
■ Changes to Employee Wage and Hour Laws
Do you pay all or most of your employees a salary, regardless
of the number of hours worked? Do you allow “comp” time in
lieu of overtime? Do you deduct amounts from an employee’s
paycheck for equipment breakage or other losses? If you
answered yes to any of these questions, you are not alone.
Attend this session and attorney Sarah Delaney Vero will show
you how to protect your business from the most common wage
and hour law violations. Essential takeaways for those who
attend will include a worker classification checklist, sample
overtime policy, and record retention guidelines.
■ How to Protect Your House, Investments, and
Choices from Nursing Homes
Join Sheila Cervera, SEFCU’s certified long-term care
specialist and Bill Pfeiffer from Albany Elder Law to learn what
you need to know to protect your retirement and to maintain
control of both your assets and your options.
■ College Financing and Scholarships
Get an overview of the financial aid process from Priscilla D.
Armsby, Rensselaer’s assistant director of financial aid.
■ Defensive Driving
Attend this Department of Motor Vehicles-approved defensive
driving workshop for a refresher on safe driving tips and today’s
vehicle and traffic laws. When you complete the course you may
be eligible to remove as many as four points from your driving
record and receive a 10% reduction on your car insurance. The
cost of the class is $25 for members and $35 for non-members.
Please bring a money order or check for payment on the day of
the class.
■ Dollars and Cents
Attend this interactive lesson on the importance of saving with
your elementary-aged children. We will begin with a short story
about setting savings goals and then provide them with tools to
create a savings jar of their own to bring home.
■ Marketing on a Shoestring Budget
Need to get the word out about your company but don’t have a
lot of funds? Learn how to wisely spend your marketing dollars
by identifying your audiences and exploring how best to reach
them. Join Nicole Stein, SEFCU’s vice president of marketing,
to discuss the importance of target marketing.
■ Pension Maximization*
Planning on retiring? Learn how to maximize your pension and
protect your loved ones with the use of life insurance.
■ Taking Care of Your Future: Estate and Long-Term
Care Planning Strategies
Learn the basics of estate planning and how you can protect
your family’s assets from a long-term illness.
■ Tapping into the Business of Science
Business is the vehicle that gets those scientific breakthroughs
to the consumers. The goal of this webinar is to support the
idea-generators and the innovators with customized business
solutions that help them bring their products and services to
their target market and start changing the world.
■ Understanding Reverse Mortgages
Learn about Reverse Mortgages and the new guidelines
impacting them. Get your questions answered on the spot.
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.
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MONEYCLIPS FALL 2015
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.
■ Pension Maximization
Wednesday, October 28 • 6 p.m. – 7:30 p.m.
■ College Financing and Scholarships Tuesday, November 3 • 6 p.m. – 7:30 p.m.
■ Dollars and Cents
Saturday, November 7 • 1 p.m. – 2 p.m.
This seminar will be held at the Guilderland Public
Library, 2228 Western Avenue, Guilderland.
■ Defensive Driving
Saturday, November 14 • 9 a.m. – 3 p.m.
■ How to Protect Your House,
Investments, and Choices from Nursing Homes
Wednesday, November 18 • 6 p.m. – 7:30 p.m.
Binghamton
■ Understanding Reverse Mortgages
Wednesday, October 28 • 10:30 a.m. – 12 p.m.
This seminar will be held at SEFCU’s Kirkwood branch, 4 Crescent Drive, Kirkwood.
Buffalo
■ Taking Care of Your Future:
Estate and Long-Term Care Planning Strategies
Wednesday, October 21 • 10 a.m. – 11 a.m.
This session will be held at SEFCU’s Amherst branch, 3155 Niagara Falls Boulevard, Amherst.
Syracuse
■ Defensive Driving
Saturday, November 21 • 9 a.m. – 3 p.m.
This seminar is being held at the SEFCU Mortgage
Services office, 200 Salina Meadows Parkway,
Suite 120, North Syracuse.
Business Seminars
The seminars listed below will be held at SEFCU’s Dora Maxwell Auditorium, 700 Patroon Creek Boulevard, Albany, NY 12206,
unless otherwise noted.
Getting the Most out of Employee Benefits
Changes to Employee Wage and Hour Laws
Thursday, October 22 • 6 p.m. – 7:30 p.m.
Thursday, November 12 • 6 p.m. – 7:30 p.m.
Marketing on a Shoestring Budget
Tapping into the Business of Science
Thursday, October 29 • 6 p.m. – 7:30 p.m.
Wednesday, December 9 • 9 a.m. – 10 a.m.
Business Planning Basics
This is a webinar and you will receive further instructions when
you register.
Thursday, November 5 • 6 p.m. – 7:30 p.m.
MONEYCLIPS FALL 2015
5
S E F C U N E W S A N D I N F O R M AT I O N
Regulation reminder
Attention UAlbany fans!
■ If you're planning to attend a University at Albany
men's football, basketball or lacrosse game this year, pay with
your SEFCU credit or debit MasterCard ® and you'll save $2 on
each ticket (maximum of eight tickets per game, and they must
bePrimary
purchased
at the box office). Go Great Danes!
Logo
Football helmet, banners, anything large scale
■ Have you ever tried to make an electronic withdrawal*
to another account or third party and been denied? Here’s why.
A federal regulation (Regulation D) limits you to a maximum
of six electronic withdrawals
and transfers from a Savings
account per month. Keep
in mind, this is a federal
regulation that SEFCU must
comply with. Want to avoid
this inconvenience? Open a
Really Free Checking account
at SEFCU and make as many
transfers from your account
as you like. Log in to SEFCU
OnLine, visit a branch, or call
the Member Solutions Center
at 800-727-3328 today.
*Defined as telephone, ACH, bill payment, or SEFCU OnLineinitiated transactions.
Buy your 2016 coupon book now
and start enjoying discounts!
■ Get your 2016 Entertainment® or Save
Around® Book now and maximize your savings! Use it
the rest of this year and all of next year at restaurants, retailers,
for entertainment, and more!
Help stop hunger!
■ Text “4food” to 91999. Choose the amount you’d
like to donate via your credit or debit card. All donations will
benefit your local food pantries.
6 MONEYCLIPS
MONEYCLIPSFALL
FALL
2015
2015
Stop by a Capital Region branch to get your Entertainment
Book for only $25 and get your Binghamton Save Around book
for $25, or Buffalo and Syracuse books for $20.
These books also make great gifts, so pick one up for the thrifty
shopper in your life and cross one item off your holiday giftbuying list.
S E F C U N E W S A N D I N F O R M AT I O N
SEFCU has upgraded
to MasterCard®
■ With our new credit cards, members
can now enjoy the same great rate, but improved
benefits, chip technology, and more rewards –
including cash back!
Make the SEFCU MasterCard the first credit card
you reach for in your wallet!
Why choose a SEFCU MasterCard credit
card?
• All SEFCU credit cards are now chip enabled
which means additional security for you and more
acceptance worldwide.
• Enhanced rewards program where you can
earn one point for every $1 you spend or
redeem for up to 1% cash back.
• Enjoy Zero Liability when your card is
used to make unauthorized purchases.
• Feel secure with Identity Theft Resolution
Services that include credit bureau
notification and card replacement if you
become the victim of Identity Theft.
• Get a refund with Price Protection if you
buy something with your MasterCard and
see it advertised for less within 60 days.
• Get reimbursed with MasterRental Insurance
for physical damage to or theft of a rental
vehicle.
• Enjoy unique access and special
experiences with MasterCard Priceless®
Cities so you can enjoy more of the cities
you love.
• Get 24/7 assistance with lost and stolen card
reporting, emergency card replacement, and
more with MasterCard ® Global ServiceTM.
Don’t have a SEFCU MasterCard credit card yet?
Why not? Apply for one today and start taking advantage
of all the priceless benefits it has to offer! Visit
sefcu.com/MasterCard, call the Member Solutions Center
at 800-727-3328, or stop by any branch.
MONEYCLIPS
MONEYCLIPSFALL
FALL
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2015 7
SOLUTIO N S SEFCU AUTO - BUYING PROGR AMS TO GE T YOU ON THE ROAD
Drive into fall with a new car!
■ Buying a new car can be
stressful, but with the right tools you can
find the car you’re looking for at a dealer
near you – without the runaround. Check
out SEFCU’s Auto-Buying Center to assist
you with your search and make your carbuying experience efficient and stress free.
SEFCU’s Auto-Buying
Concierge
When you buy a new car, you don’t want
to spend hours negotiating the price.
SEFCU’s AutoPREMIER service has
partnered with select dealers to ensure
that you receive a great, member-only
price on your new vehicle without having
to engage in the haggle. These dealers
offer you the lowest price possible up
front – no negotiation necessary. You can
be sure you’re getting the lowest price
by requesting to see the dealer’s SEFCU
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MONEYCLIPS FALL 2015
confidential member pricing agreement
along with the factory invoice at the time
of your vehicle purchase.
AutoPREMIER dealers also offer
purchase incentives, like a service credit,
to SEFCU members in the market for a
pre-owned vehicle. Members can quickly
and easily view pre-owned vehicles in real
time from our premier dealers’ inventories,
as well as vehicle pricing, gas mileage, and
safety information all in one place. Our
advanced search allows you to find the
exact vehicle to fit your budget and your
needs, and our online research tools can
help you decide exactly what car is right
for you!
View dealer inventory
Searching for the right car has never been
so easy! With SEFCU’s AutoSMART
program, you can look through inventory
from auto dealers all over New York State,
without ever having to leave your home.
Search for your dream vehicle, and then
use our search engine to find a dealer and
make it yours! When you’re ready to buy,
SEFCU will be right alongside you to help
you finance your new vehicle.
SEFCU’s auto-buying program helps you
find the vehicle most suited to your needs.
Our members deserve the best, and our
program representatives are trained to give
you superior, hassle-free service, and great
prices and purchase incentives on your new
vehicle.
For details, visit sefcu.com/AutoBuying,
stop by a SEFCU branch, or call our AutoBuying Concierge at 800-614-4194.
SEFCU PRODUCTS GAP INSURANCE FOR EXTRA PROTECTION
Don’t let an accident wreck your finances
You don’t expect your car to be totaled
by an accident or stolen – but you
get car insurance just in case. And
you probably don’t expect that your
insurance settlement could suddenly
leave you thousands of dollars in debt
because you owe more on your car
loan than your car is worth. You’ll be
glad to know there is a way to make
sure a car accident doesn’t wreck your
finances: GAP, or Guaranteed Asset
Protection, for your vehicle loans.
Americans have taken on a record
amount of vehicle loan debt for a
record length of time. Almost one out
of every four car buyers took out
a six-to-seven-year loan – which has
extended their risk of being upside
down to around five and half years.1
The reason for this problem is that
most car insurance companies will
reimburse you only for “fair market
value.” Fair market value is the
common resale value for a specific
car (based on
make, model, age,
mileage, condition,
demand, etc.) in
a specific market.
In some ways,
fair market value
doesn’t seem fair if
your car is totaled
because you could end up owing
more on your loan than the insurance
company says your vehicle is worth.
If your vehicle is totaled, you
could end up owing more on
your loan than your vehicle is
worth.
If your vehicle is totaled, you could
end up owing more on your loan than
your vehicle is worth. This is known
as being “upside down” on your loan.
As vehicles become more expensive
and people apply for loans for longer
periods of time, their risk of being
“upside down” has increased.
The greatest gap between your loan
value and the fair market value usually
occurs in the first years of your loan.
The second you drive your new car off
the lot, it drops in value and keeps
dropping. Value often drops 78% in
one year, and 46% in five years.2 But,
your loan value doesn’t decrease as
fast, creating a gap. It may no longer
be enough to protect your car, you
may want to consider optional loan
protection as well.
Fortunately, you can now fill this
gap and protect your loan and your
finances with GAP. GAP is like an
airbag for your vehicle loan. It can
help fill the gap between what your
vehicle insurance will pay and what
you owe on your loan to cushion you
against sudden out-of-pocket expenses
if your vehicle is totaled.
As a SEFCU member, you can sign
up for GAP anytime. The best time
is when you’re signing your loan
paperwork and you can add it on
to your monthly payments or pay
separately with a check.
Ask about GAP today and feel secure
knowing you are protected in the event
of an accident or theft of your vehicle.
Learn more by visiting sefcu.com/gap
today!
Experian Study, 1st quarter 2014, from Daily Finance Financial Literacy, “Auto Buyers Set New Records, Load Up On
Longer Loans
2
% for a typical vehicle in America. Edmunds, “How long should my vehicle loan be?”
1
Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your
application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements,
conditions, and exclusions may apply. Please contact your loan representative, or refer to the GAP Waiver Agreement
for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase
the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive
a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this
product.
State chartered credit unions in FL, GA, IA, RI, UT, VT, WI may choose GAP with or without a refund provision.
Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may
cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.
State chartered credit unions in CO and SC may cancel at any time during the loan and receive a refund of the unearned
fee calculated by the actuarial method.
MONEYCLIPS FALL 2015
9
S E C U R I T Y B E AT T H E S E C O M M O N F I N A N C I A L S C A M S
SECURITY CORNER
Dollars and sense
Watch out for these common financial scams
A
lthough fraudsters continue to design more and more
complex plans to con unsuspecting people out of
their hard-earned money, there are still a number
of very common scams that you can avoid simply by being
aware of what they are. Learn about some common scams
and what you can do to avoid becoming a victim.
LOTTERY OR SWEEPSTAKES SCAM
These scams are usually done via U.S. Mail
or e-mail and include a letter or check saying
you’ve won the lottery and require that you pay
the taxes for your prize up front via Western
Union or other payment option.
WHAT YOU SHOULD DO
Typically the letters you receive with lottery
or sweepstakes scams are poorly written and
contain typos. If you receive this type of letter
or e-mail you should throw it away or delete it
immediately, especially if you haven’t entered a
lottery.
Phishing scam
Although phishing scams have been
around for awhile people continue to
fall victim to them. With a phishing
scam you would receive a phone call
or an e-mail requesting your personal,
confidential information like Social
Security Number, debit or credit card
number, or passwords. The caller or
e-mail usually says the reason you need
to provide this information is because
there is a problem with your account or
credit or debit card.
What you should do
SEFCU will never call you to ask you
to provide that type of information.
If you receive a call like this you
should hang up and report it to SEFCU
immediately.
IDProtect® provides peace of mind
With identity theft on the rise it’s important to protect all
of your confidential information, not just your banking
information. SEFCU has partnered with IDProtect to offer
Identity Theft Protection to our members so you’re covered in
the event your identity is stolen.
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MONEYCLIPS FALL 2015
SEFCU members can take advantage of a number of services
through IDProtect including credit monitoring, helpful
resources, and reimbursement coverage if you become a
victim of identity theft. IDProtect offers:
• Up to $10,000 identity fraud expense reimbursement
coverage1
• Comprehensive identity theft resolution services and access to
a dedicated fraud specialist to manage your identity fraud case
• Debit and credit card registration
• Online identity theft news center and valuable phone
and web resources
• Total identity monitoring – continuous monitoring of over
1,000 public databases [activation required]
You and your immediate family2 can enjoy the peace of mind
IDProtect provides for just $3.95 per month3. Funds
will be automatically debited from your SEFCU Checking
account on the fifth of each month so you don’t need to
remember to send a check or make a payment. You may cancel
the IDProtect service at any time.
Craigslist/eBay scam
A buyer seems interested in purchasing whatever you’re selling, but then
they send you a check for more than the asking price and ask you to wire
the excess money to them. Again – the check is fraudulent and you’ll be
out the money.
What you should do
If you are selling on these types of sites insist on
cash, U.S. Postal Money Order, or bank check
for payment up to the amount of the sale.
You can validate a U.S. Postal Money
Order by calling the Money Order
Verification System at 866-459-7822.
Bank checks can also be validated by
contacting the financial institution
directly.
Secret Shopper scam
Usually with these type of scams one of the
first services you are asked to evaluate is a
money transfer service like Western Union
or MoneyGram. Shoppers receive a check
with instructions to deposit it in a personal
bank account, withdraw the amount in cash,
and wire it to a third party, but the check is
fake.
helpful tips:
• Take time to research offers you receive
• Do not deposit any checks you receive from unknown sources
– especially if they are asking you to wire the funds after
depositing the check
• Never provide your personal or financial information unless
you know who you are talking to
What you should do
• Consult friends and family before making major financial
decisions
The best way you can protect yourself is by
refusing to wire money.
For more information about how you can protect yourself, visit
SEFCU’s Privacy & Security Center at sefcu.com/privacy.
In addition, the following services are available for an additional $1
per month (per individual). This is optional and is made available to
you once enrolled in IDProtect. Eligible family members may also
be added for an extra $1 per month (per individual).
• 3-in-1 credit report – request new 3-in-1 credit report every 90 days
or upon receipt of an alert
• 3-in-1 credit file monitoring – daily credit file monitoring and
automated alerts of key changes to your Experian, Equifax, and
TransUnion credit reports
• Credit Score – receive new single bureau credit score with every
new credit report
®
Enroll today!
Visit IDProtectMe247.com, enter NY471979 as the
access code and complete the short online enrollment
form. Don’t have a SEFCU Checking account? Open
one today!
Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. (AIG). The description herein is a summary
and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms,
conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.
1
IDProtect service is a personal identity theft protection service available to account owner(s) and their family. Family includes: Spouse, persons qualifying as domestic
partner, and children under 25 years of age and parent(s) who are residents of the same household. Service is not available to a “signer” on the account who is not an account
owner. Service is not available to businesses and their employees, clubs and/or churches and their members, schools and their employees/students.
2
This identity theft protection program is provided on a month-to-month basis with no minimum number of months required, for a monthly fee of $3.95 for a Family Plan.
This fee will be conveniently deducted from your SEFCU Checking account each month by IDProtect. Coverage begins immediately upon enrollment. The monthly fee will
be deducted the fifth day of the month and will apply to coverage for the current month. This authority is to remain in effect until you cancel it by notifying IDProtect (by mail:
3 Gresham Landing, Stockbridge, GA 30281; by phone: 877-610-7889), in advance of the intended termination date of the coverage. Cancellation will be effective the first
month following receipt and processing of cancellation request. For billing inquiries please contact IDProtect (by mail: 3 Gresham Landing, Stockbridge, GA 30281; by phone:
877-610-7889.)
3
Insurance product is not a deposit; not NCUA insured; not an obligation of credit union; and not guaranteed by credit union or any affiliated entity.
MONEYCLIPS FALL 2015
11
BANKING WITH A PURPOSE WHY I CARE
Why I Care: Mark Duffy and Steah Htoo
No longer in need, now they’re giving back
S
EFCU is proud to introduce this quarter’s recipients of the Why I Care award, which honors individuals who give back to the
community through volunteerism. Learn how the latest recipients, Mark Duffy (SEFCU employee winner) and Steah Htoo
(member recipient) are making a difference through their commitment to the community.
Mark Duffy, Employee Recipient
As a former “little” in the Big Brothers Big Sisters mentoring
program, Mark Duffy, SEFCU’s senior marketing coordinator,
knows firsthand how a volunteer can change a life. When asked
about the impact he thought his volunteerism had on others he
said, “It’s just the opposite. Volunteers changed my life. I would
not be where – or who – I am today without the love and support
of caring people in my life.”
Now, Mark is using his experience as a young child to give back
to his community. While he believes volunteering makes our
communities better and stronger, he says he gets so much more
out of it, making lifelong friends, learning new skills – and
having fun at the same time!
Mark’s commitment to volunteerism is vast. He volunteers for
Interfaith Partnership for the Homeless, serving as planning
committee chair for the A Taste of Albany event, is an active
board member of the Capital Alliance of Young Professionals
(CAYP) where he participates in a number of community service
projects and was named CAYP’s Spirit Award winner in 2014. He
also supports the Northeastern Association of the Blind at Albany
and is a member of the annual Casino Night planning committee.
“Volunteers changed my life.
I would not be where – or who
– I am today without the love
and support of caring people
in my life.” Mark Duffy
Mark is also committed to a number of
SEFCU events, co-chairing two credit union
events: the annual Monopoly® Tournament
to benefit the Center for Disability Services
in 2015 and SEFCU’s annual Labor Day 5k
in the past.
When asked to describe his favorite
volunteer moment he said, “There’s no
better feeling than someone finding
you after an event to say ‘thank you.’
That’s how you know you’re making a
difference.”
Steah Htoo, Member Recipient
left, takes a break
Mark Duffy, third from
Humanit y.
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MONEYCLIPS FALL 2015
with other volunteers hel
ping out Habitat for
Everyone has a story – that’s true – but
few are as remarkable as Steah Htoo’s,
a Burmese refugee who has not only
found her place in the United States, but
is committed to help others make the
transition, too.
Separated from her family when she was just
14 years old, Steah lived in a refugee camp for
16 years before coming to the United States.
Equipped with basic knowledge
about electricity, indoor plumbing,
and other things she would
encounter in her new country, she
bravely made the journey to the
United States.
In addition to a full time job,
being a wife and mother to three
children, and maintaining a home,
Steah has become a resource in her
community for other refugees trying
to assimilate into American culture.
In the U.S. only six years herself,
she has become the “go to” person
for these families, volunteering her
time to help them with seemingly
simple tasks like reading mail or
Steah has
Above: SEFCU President & CEO Michael Castellana presents Why I Care awards to Mark Duffy
and Steah Htoo for their community volunteerism. Below: Steah Htoo, center, and volunteer Debbie
become a
Taylor, right, assist a member of the local Karenni community with paperwork.
resource in her
community for
other refugees
trying to assimilate
into American
culture.
making appointments, or more difficult
ones like understanding and completing
complex paperwork or attending parent/
teacher conferences as a translator to help
make the transition easier for families. She
often accompanies other refugees to doctors’
appointments and jokes she can’t count the
number of babies she’s watched being born.
Htoo credits her friend Debbie Taylor, a volunteer for the U.S. Committee for Refugees and Immigrants, with helping her establish
herself in this country – and for answering questions and helping Steah and other refugees navigate and understand the American
system.
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.
MONEYCLIPS FALL 2015
13
S E F C U I N S U R A N C E A G E N C Y I N C O M E P R O T E C T I O N F O R Y O U R F A M I LY
SEFCU INSURANCE AGENCY
Income protection is
another word (or two)
for life insurance
Labor Day 5k
draws a crowd
On Labor Day, hundreds of
runners and walkers participated
in SEFCU’s 27th Annual Labor
Day 5k.
Once again, SEFCU held a public
vote to determine which nonprofit received $15,000. After the
results were counted Veterans
Miracle Center received
the highest number of votes.
The non-profit with the second
highest votes and receiving
$3,000 was STRIDE Adaptive
Sports – Wounded Warrior
Programs, and Operation
Adopt a Soldier finished third
and received $2,000.
The top male finisher in the race
was Chuck Terry. The top
female finisher was Meghan
Mortensen.
Thanks to everyone who
participated. See you next year!
Special thanks to our Platinum Partners
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MONEYCLIPS FALL 2015
I
n addition to safeguarding your family’s financial
future, life insurance also protects your
income. If you’re the bread winner
in the house and you pass away, the
income you bring in that supports
your family is lost as well.
When you die, the amount
of life insurance you
carry may, in essence,
be your final paycheck.
It is just one check, sure, but
it’s possible it’ll need to last
your family the rest of their
lives.
Most of us would do anything
to protect our kids and family,
yet so many of us put off owning
life insurance. Why? Do we
think it will be too expensive?
Maybe, but the fact is a healthy
40-year-old non-smoker could buy a $500,000
life insurance policy, with a 20-year level premium,
for less than $30 a month.
Of course, life insurance cannot ever replace
the loss of a father, mother, wife, or husband.
It can, however, replace their economic
value, and it can do so for peanuts when
compared with what we routinely spend on
other types of insurance. At today’s record
low rates, doesn’t it make sense to make sure
your income is protected and your family is
financially secure?
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!
SEFCU MORTGAGE SERVICES BENEFITS OF BUYING A HOME
SEFCU MORTGAGE SERVICES
Benefits of buying a home
W
hile owning a home isn’t right for everyone, the advantages are evident for many. You might pay the same, or
even less, while building equity (the difference between how much the home is worth and how much you owe
on it). In addition, you may save on your federal taxes by deducting the interest paid on your mortgage. These
reasons provide a great incentive for many to seriously explore their buying options.
Pros and Cons of Ownership
How can you tell whether owning a home would benefit you? A good way to find out is by considering the ways homeownership can
affect your life.
Pros
Cons
• Build equity – your wealth will increase as you gain more
home equity
• Gain tax advantages – mortgage interest is tax deductible
according to IRS code
• Stabilize your payments – monthly payments are relatively
steady if your loan has a fixed interest rate, while your landlord
can increase the rent
• Have a secure place for your family to live – a home provides a
permanent place where your family can live and grow, and you
can decorate or expand a house the way you like to create your
dream home
• Gain a sense of community – homeowners often are more
involved in the well-being of their communities; many
homeowners work together for better schools and less crime
• Maintenance costs – it takes work and money to keep a home in
good condition
• Ties up your cash – selling the house may not be possible
during the first few years of ownership; moving is more difficult
and complicated and you may not have as much flexibility in
choosing a new job location
• Can fluctuate in value – there is no guarantee that your home
will increase in value; it could decrease in value
• Obligates your finances – when you buy a home, you are
obligated to a set monthly payment
If you’re ready to buy a home, get pre-approved with SEFCU
Mortgage Services and find out how much you can borrow. Call
518-783-1234 in the Capital Region or 315-701-1390 in Syracuse
or visit www.sefcumortgageservices.com today!
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
MONEYCLIPS FALL 2015
15
W E A LT H M A N A G E M E N T 15 M I N U T E S W I T H B O B L A F E R R I E R E
WEALTH MANAGEMENT SERVICES
Get to know your
financial services team
Fifteen Minutes with Bob Laferriere, LPL Financial Advisor
K
nowing the person who is helping to develop your financial plan is
important. Learn about Bob Laferriere’s, LPL Financial Advisor,
philosophy, goals, and values.
Question: Why did you decide to pursue a career as a financial planner?
Bob: A career in financial planning offers the opportunity to help people
change their lives in a significant way. Being a financial planner allows me to
work with people throughout their lives to help move them toward their
financial goals. It is a very rewarding career where I can make a
measurable difference in someone’s life.
Question: What about the job do you enjoy?
Bob: One of the most exciting aspects of financial planning is
helping members improve their well-being. It is the highlight of my
day when a member thanks me for helping address his/her family’s
financial future.
“It is the highlight of
my day when a member
thanks me for helping
address his/her family’s
financial future.”
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MONEYCLIPS FALL 2015
“Our approach to financial planning is different and
more comprehensive than what you may experience at
another financial institution. ”
Question: What are common problems
you help members solve?
Bob: As the baby boomer generation reaches retirement
Question: What do you enjoy doing in
your spare time?
Bob: With a three-year-old daughter and one-year-old
age, I am creating financial plans to address retirement
income needs, protecting the surviving spouse/family
members, transferring assets in a tax efficient manner,
estate planning, and creating Social Security claiming
strategies. The timing of when you take Social Security
can have a big impact on your financial plan. We help show
members different strategies to maximize their Social
Security benefits.
son I don’t have much spare time! My idea of a good day
is spending time with my family at the park, swimming,
or just unwinding and catching up on Doc McStuffins and
Handy Manny.
Question: Why should members work
with SEFCU Wealth Management
Services?
Bob: Our approach to financial planning is different
and more comprehensive than what you may experience at
another financial institution. The financial planning process
we use at SEFCU requires time and effort, for both the
member and me. The planning process will cover many
areas of a member’s life to ensure we create a thorough plan
that does not overlook any important detail. The process is
never rushed and we will work at a pace that is comfortable
for the member. Keep in mind that a major part of my
position at SEFCU is educating members and I will always
recommend strategies that are in the member’s best interest.
Question: What’s important to you?
Bob: My family is always my first priority, and my
career at SEFCU Wealth Management Services provides a
balance between work and my family. At this point in my
life I am trying to give back to my community when I can.
One area that is important to me is fundraising for animal
rescues. I am on the steering committee for the Camp Bow
Wow comedy series that raises substantial funds for many
animal rescues in the Capital Region.
Question: What’s the value in working
with you?
Bob: I have a strong academic foundation in financial
planning that provides me with a different insight. I
completed the financial planning program at the College
of Saint Rose where I also earned my MBA. The skills
I developed at Saint Rose are applied on a daily basis in
many different aspects of my role as a financial planner.
If you’d like a free, no obligation consultation with Bob or one of SEFCU Wealth
Management Service’s Financial Advisors, call 518-451-2948 today to schedule your
appointment.
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. Securities and Advisory Services offered through LPL Financial, a Registered Investment
Advisor. Member FINRA/SIPC.
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 FALL 2015
17
M E M B E R B E N E F I T S C O L L E G E S C H O L A R S H I P S O N TA P
SEFCU can help pay for college
Whether you are a high school senior or already
attending college, the thought of paying for
college tuition can be overwhelming. To
help ease the financial burden, SEFCU
offers a number of scholarships. Check
the descriptions below to see if you’re
eligible and how to apply.
For 2016 College Freshmen
Smart Sense Scholarship
Available to high school seniors
planning to attend a two- or four-year
college in the fall of 2016, SEFCU’s Smart
Sense scholarship provides a $1,000 one-time
award to students who have a strong academic
record and have demonstrated a commitment to their
community through volunteerism. Multiple winners will be
selected for this scholarship.
Jean L. Myers Memorial Scholarship
Created in memory of Jean Myers, a former SEFCU Board
Member, this award is available to one high school senior
graduating from South Colonie schools and planning to attend
a two- or four-year college. This one-time scholarship provides
$2,500 to a student who has a strong academic record and has
demonstrated commitment to his or her community through
volunteerism.
Robert Berroyer Memorial Scholarship
Established in memory of Robert Berroyer, a former SEFCU
Board Member, this $2,500 one-time award is available to
a student graduating from La Salle Institute and planning to
attend a two- or four-year college. Applicants must have a
strong academic record and demonstrate a commitment to their
community through volunteerism.
John Ilacqua Memorial Scholarship
Created in memory of John Ilacqua, a former SEFCU Board
Member, this award is available to one high school senior
Get an application!
Applications will be ready this fall, but request yours
today by e-mailing [email protected]. Make sure
you include the student’s name and address in the body
of the message and the name of the scholarship in the
subject line. The application deadline is January 15,
2016.
SEFCU reserves the right not to award any of the above
scholarships in any given year.
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MONEYCLIPS FALL 2015
planning to attend Siena College in the fall of 2016.
The one-time scholarship provides $2,500 to a
student with a strong academic record who
has demonstrated a commitment to his/her
community through volunteerism.
For Current College Students
Campus Connect Scholarship
If you will be entering your sophomore,
junior, or senior year in college next
fall, you’re eligible to apply for a $1,000
Campus Connect scholarship. And, if you’re
a student at Rensselaer, Skidmore College,
the University at Albany, or the University
at Buffalo – colleges where we have a campus
branch – you can apply for the same $1,000 scholarship
and you’ll only be competing against students from your school.
Applicants must have a strong academic record and demonstrate
a commitment to their community through volunteerism.
For Graduate Students
Dr. Carmen Cornute Memorial Scholarship
Established in memory of Dr. Carmen Cornute, the late wife of
SEFCU Board Member Robert Cornute, this $2,500 award is open
to applicants pursuing an advanced (Master’s) degree in nursing or
the social sciences in an accredited program.
Candidates must also provide evidence
of involvement in extracurricular,
volunteer/community service,
and/or career-related activities.
SMART SENSE GAME AND PRIZE
SMART SENSE
MAD LIBS
Fall is one of our favorite seasons! Help us finish our story about
why we love it so much! Fill in the blanks with the types of
words noted below the blank – the more silly and creative the better.
Feel free to be as silly and creative as you want!
Fall is the best season. In September, the
watching them change from
(plural noun)
to
(color)
(color)
picking or hiking. My favorite place to hike is
up mountains because if you
(verb)
. In the fall, you can go
(body part)
(adverb)
begin to change. I love
Mountain. I love
(noun)
(verb ending in -ing)
enough, you feel like one with nature.
The next best part about fall is Halloween.
This year, I plan to go as
treating. Smelling the
(noun)
(adjective)
having fun definitely makes fall the
so I can get lots of candy while
autumn air, drinking
(superlative)
(noun)
(verb)
-or-
cider, and just
season of all!
Puzzle created by SEFCU intern Olivia Hess
SEFCU SMART SENSE
You could be a winner!
Register for a drawing to win* a $100 Regal® gift card!
If you have a Smart Sense account at SEFCU, here’s your chance to win a
$100 Regal gift card. Visit sefcu.com/Moneyclips and enter the drawing
by December 31, 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.
MONEYCLIPS FALL 2015
19
MONEYCLIPS
FA L L 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
SCHOOL BANKING SHOUT OUT TO OUR VOLUNTEERS !
Shout out to School Banking volunteers!
School is back in session and that means our School
Banking volunteers are busy helping our youngest
members learn healthy savings habits they can carry with
them the rest of their lives.
Special thanks to all our volunteers for showing their
School Banking pride in 2015!
Don’t have SEFCU School Banking at
your school?
E-mail us at [email protected] today! We’re
enhancing our program to include easy ways for your
school to earn money and more incentives for school
bankers.
Learn more by visiting sefcu.com/schoolbanking today.
“As a parent of an 8- and a 10-year-old student, I
found the program to be so very educational and
the kids had fun learning about saving. Each week
as they deposited their allowance into the SEFCU
account through the School Banking program, they
received educational activity items (e.g., activity
booklet and information as well as excellent
promotional materials).”
-Elizabeth, School Banking parent