Blooming - Franklin Mint Federal Credit Union

F R A N K L I N
M I N T
F E D E R A L
C R E D I T
U N I O N ’ S
M A G A Z I N E
ISSUE 1, 2008
®
Booming
AND
Blooming
New FMFCU branch in West Chester
is attracting NEW MEMBERS
and NEW BUSINESSES
JUDY SHAW AND JUDY THOMPSON,
MEMBERS SINCE 2008, AT "THE GREENERY"
HIGH-COST
MISTAKES
IMPROVING
CURB APPEAL
"THE VOICE"
OF FMFCU
HELP FOR NEW
HOME BUYERS
PHILLY PARKING
SMART CARDS
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
p r e s i d e n t ’s u p d a t e
Choices
®
FRANKLIN MINT FEDERAL CREDIT UNION’S
MAGAZINE
ISSUE 1, 2008
Publisher
John D. Unangst
Dear FMFCU Family,
It's hard to believe another spring season is almost here.
It's time, once again, to be thinking about spring cleanup around the
house, and getting your kids' applications in for student loans — if they
are attending college in the fall. This issue includes timely stories to
help with financing home improvements and information about student
loans, along with articles on avoiding costly financial mistakes, buying
your first home and protecting your identity.
Although we continue to focus on adding numerous electronic services
to better serve you around-the-clock, we also know many of you still
like to walk into a branch and see people you know. As you’ll see in this
issue, we recently opened our 25th branch in the very center of the
borough of West Chester. For the first time, people who live and work
in the borough have the opportunity to benefit from a hometown
Credit Union.
Managing Editor
Laurie Long
Executive Art Director
Peter Richardson
Executive Editor
Jim Murphy
Supporting Editors
Christine T. Bicking
Cindy Wanamaker
Photography
Lien-Nibauer Photography
American Candids
Circulation: 60,000 Members and Business Offices
For permission to reproduce any article in this
magazine, to request advertising information or
to submit a Letter to the Editor, contact:
While it's only a few miles away from our Chadds Ford branch in the
Village at Painters Crossing, this location should make life far easier for
our members who live and work in the West Chester area.
Please read through this issue and let me know what you liked ... or
didn't. And be sure to give me any story suggestions you have. Just
e-mail me at the address below. And stay tuned! We are already
working on our next issue of Choices, and will have some exciting news
to tell you about new products and services.
Sincerely,
Choices Magazine
1974 Sproul Road, Suite 300
Broomall, PA 19008
610-325-5100
610-325-5299 (fax)
[email protected]
Choices is the official magazine of Franklin Mint
Federal Credit Union. It is published for the benefit
of our current and prospective members and
partnering organizations. The information presented
is as accurate as possible, but as with all financial
matters, you should consult your financial, tax or
other advisors before implementing any of the ideas
presented. For specific information about any FMFCU
product or service mentioned, please visit our Web
site at www.fmfcu.org. You can also call the Member
Service Center at 610-325-5100 (for calls originating
outside of PA, call toll-free 1-800-220-3193).
© 2008 Franklin Mint Federal Credit Union.
COVER PHOTO:
Judy Shaw (left)
and Judy Thompson
run The Greenery,
FMFCU's first
new business partner
in West Chester.
John D. Unangst
President/CEO
[email protected]
w h a t ’s i n s i d e
Filling A Need
4
Help for Homeowners
8
16
First-Time Home Buyers
10
Mortgage Mess
11
Pansies Pay Off
12
Cheerful Greeting
13
departments
Profile: Kaplan's Jewelry
14
Newsbriefs
16
Financial Report
18
Consumers' Corner
20
10 Financial Mistakes
22
Family Finances
24
3
FILLING A BIG NEED
Borough of West Chester finally gets its own Credit Union
W
EST CHESTER, PA, the county
seat of Chester County, seems
to have something for
everyone: historic buildings, charming
restaurants, a 12,000-student university,
unique retail stores, and beautiful bricklined streets.
That's probably why it was named
one of the "Top 100 Best Places to Raise
a Family in the United States," as well as
one of "America's Dozen Distinctive
Destinations in the U.S."
Yet, despite these accolades, until
December 17, 2007, the borough lacked
something very important: its own Credit
Union.
That changed the day FMFCU
opened the doors of its 25th branch at
106 W. Market Street. Set in a prime
downtown location, the branch sits
between Painted Plate at 104 W. Market,
and Pisano & Sons Shoe and Tack
Repair at 108. It's also across the street
from Kaplan's Fine Jewelry, an FMFCU
partner organization.
The new branch is expected to
attract borough residents and businesses,
and be a real time-saver for FMFCU's
West Chester members, who previously
had to travel to the Chadds Ford branch
near Routes 1 and 202 at the Village at
Painters Crossing Shopping Center to
conduct their financial affairs. It also will
give many of FMFCU's QVC members an
option when they are not at work.
Due to a regulatory change in
FMFCU's field of membership, now
anyone who lives, works, worships,
volunteers, attends school or regularly
conducts business in the Borough of
West Chester is eligible to join FMFCU.
Before, the area was "underserved" by
credit unions, says Cindy Wanamaker,
Senior Vice President/COO.
Laurie Long, Vice President of
Marketing and Public Relations, says
FMFCU's theme for the new branch is:
"Welcome to Your Hometown Credit
Union." And FMFCU is doing everything
possible to fit comfortably into the
historic West Chester community.
Photo on Left: Lisabeth, Hui Hui and Tim
Daniels, family members since 1990, can now
walk to FMFCU's new West Chester branch.
Home-like atmosphere is inviting
Walk into the new branch and you are
immediately struck by the cozy feel. You
stand in front of a mission-style "concierge"
desk sitting on an attractive rug and feel
like you are in someone's living room.
Nearby you see an umbrella stand, coat
rack, a coffee pot, beautiful exposed
beams and two original brick fireplaces.
At the desk, an FMFCU employee
instantly welcomes you, other members
and prospects. Close by is the manager's
office. Two teller stations are located
(Continued on next page)
Top Left: The Credit Union's newest branch is well-marked with FMFCU signs.
Top Right: Anne Dunion is one of two full-time Tellers at the West Chester office.
Bottom: Assistant Manager Sumita Suresh and Suresh Tyagarajan, a member since 2007,
enjoy the home-like atmosphere.
5
Jennifer Grillo, a member since
1995 and Partner in Adagio, a
West Chester consulting group,
says the new branch "fits with
the borough."
Tim, who lives four blocks from the
branch in the historic Sybilla Brinton
House, which he says was built in 1871,
appreciates the fact that the older
features of the building, like the
brickwork and the beams, have been
preserved.
He and his wife Lisabeth hope to
walk their 2-year old daughter Hui Hui
to the new office.
Jennifer Grillo, a Partner in the
technology consulting firm Adagio
Consulting Group, Inc., says the new
office is right around the corner (actually
four blocks). "I'm thrilled not to have to
drive any more."
She likes the branch, and thinks it
is "cute and fits with the borough."
Jennifer, who banks online with FMFCU
and also has an auto loan and mortgage
with the Credit Union, says. "I do pretty
much all my banking there."
West Chester has really undergone
a renaissance in recent years, she says.
With all the great retail stores, restaurants
and businesses, "there's no need to go
out of the borough."Philadelphia
Magazine seems to agree, naming West
Chester "Best New Shopping District" in
its Best of Philly issue some years ago.
Simple to get to
(Continued from previous page)
further back in the branch. The building,
formerly a children's boutique, is part of
West Chester's Downtown Historic
District.
"It already feels like home here,"
Assistant Manager Sumita Suresh told
Choices several days after the branch
opened, as she showed guests around
the branch. West Chester residents and
businesses alike have been welcoming.
"While the building's outside storefront is narrow, the long first floor has
some 1,800 sq. feet of space, about the
same as our Granite Run Branch," says
Joe Zeminski, Assistant Vice President of
Facilities and Purchasing. A lunchroom
and additional office space are on the
lower level.
While West Chester is well represented by banks, with 15 or so clustered in
the downtown area, the new FMFCU
branch should fill a real need for the
over 18,000 residents of the borough
who want the personal service and
money-saving benefits of Credit Union
membership.
Membership has its advantages
What are those benefits? Money
Magazine Writer Carolyn Bigda listed
these advantages in a story last
6
November, titled, "The Best Little Deal in
Banking": Higher than average CD yields;
credit cards with low rates and fees; auto
loan rates several percentage points lower
than bank financing, good deals on home
financing, and "heaps of personalized
services."
For the 18,047 people who live in
the borough or those who work there, the
branch offers them something different
and something extra. It should also
provide added convenience for our
members who travel to and from work
between Chester and Delaware counties.
On average, more than 18,000
residents of Delaware County, where
64.7% of our members live, commute to
work in Chester County, where 8.9% of
our members reside; about 17,500 do
the reverse daily.
The West Chester branch should also
make life easier for existing and former
employees of QVC, which has restricted
access.
An easy walk in a walkable city
Borough members seem very happy to
have a branch nearby. Tim Daniels,
Executive Director of the Pennsylvania
Coalition of Charter Schools, says, "I like it.
It's a historic building, it's convenient, and
I can walk to it."
Cynthia Turner also welcomes FMFCU's
West Chester branch. Cynthia, an
Attorney who specializes in mediation
and family law with a goal toward
amicable resolution, has had an office on
Miner Street for 11 years. Until now, she
and her husband Mark have been using
the branch at Chadds Ford. The new
FMFCU office, which is just a few blocks
How West Chester
got its name
The city of Chester was Chester County's
first "seat" or center of administration.
However, when the formerly huge county
was split up in 1789 (with Delaware
County getting 191 sq. miles and Chester
County 760 sq. miles), the City of Chester
ended up in neighboring Delaware County.
So a local citizen suggested that the seat of
Chester County be named West Chester,
because it was in a "westward position" to
Chester, and the name was approved.
Before that, the area was called Turk's
Head, after an inn of the same name
located at Gay and High Streets.
Sources: Chester County Place Names,
Edward Pinkowski; and Wikipedia
"It already feels like
home here."
away, will be much easier to get to, she
says. "It's going to be far more convenient."
Matthew Roland, a real supporter of
FMFCU, sees the new office as "proof
positive that FMFCU is willing to open new
branches to better serve their members,"
and he will use it.
A Buyer at Lumbermens Merchandising
Corporation and a Troop Leader for the
Boy Scouts, Matthew has a personal
account with FMFCU, while his wife
Carolyn has a business account.
After years of putting up with
impersonal and downright bad service from
banks, Matthew is thrilled by his treatment
at FMFCU. "It doesn't get any better than
this. If you have any questions, they are
quick to give you answers. And they return
calls right away. Everyone is totally about
service, everyone knows you personally."
"Right off the bat, credit unions are in
another league. They're more personal,
not as much pressure."
Members like Matthew are the reason
FMFCU is moving west, bringing the
personal credit union experience to
residents and businesses who may never
have experienced this service before. It's
a chance to win new people to the credit
union way of life, and show them what
banking is like — FMFCU-style.
gosh, what's going on?"
She called FMFCU, who advised her
to file a police report. "Within five days,
all that money was back in my account. It
was definitely a scare. It's reassuring to
know the Credit Union protected me in
that way."
Regarding the Credit Union, she
says, "I am glad FMFCU has come into
the borough. I know how active their
employees become within the communities they work. We are looking forward
to them getting involved.”
West Chester Branch Hours
Monday – Wednesday: 9 a.m. – 5 p.m.
Thursday: 9 a.m. – 6 p.m.
Friday: 9 a.m. – 7 p.m.
Saturday: 9 a.m – noon (free parking)*
* Parking is free all weekend in borough
parking garages and lots, and at
on-street meters. Plus you never have
to feed the meters after 5 p.m. on
weekdays.
C of C of Greater West Chester’s
President is FMFCU member
Katie Walker, President of the Chamber of
Commerce of Greater West Chester, is
glad to see FMFCU come to town. "I'm
really looking forward to the new branch.
I can walk there. It's very convenient."
Until the new branch opened, she
drove to the Media office. "I've been
traveling quite a bit to get there."
Katie, who grew up in Glenolden,
Delaware County, joined FMFCU when she
worked at the Delaware County Chamber
of Commerce.
She stayed with FMFCU after she took
the job in West Chester two years ago,
because of the personal way she was
treated after her identity was stolen.
Upon returning from a wedding in
New England, Katie found numerous
charges on her account from places she
had never heard of. Later, she learned a
local gas station had been stealing credit
card numbers.
"I was confused, she recalls. "Oh my
Katie Walker, a member since 2000 and President of the Chamber of Commerce of Greater
West Chester, drove to FMFCU's Media branch before the West Chester office opened.
7
HELPING HOMEOWNERS
Behind the scenes, State Financial Network, Inc. (SFN)
has processed nearly $1 billion in mortgage loans
W
WHEN
YOU GET A
m
mortgage
loan through
F
FMFCU,
your Mortgage
Officer is often the most visible person in
the process. But, quietly assisting at every
step is a team of mortgage professionals
from State Financial Network, Inc., who
help turn your dreams of homeownership
into a reality.
Ruth E. Kauffman, Vice President of
SFN, a wholly owned mortgage banking
subsidiary of FMFCU, explains that the
mortgage application and initial documents gathered by your Mortgage Officer
are just the first steps in a long involved
process.
And she has seen a lot of mortgage
paperwork in her time. Since 1986, when
SFN began providing mortgage services
to FMFCU and 15 other credit union
clients, the staff has closed nearly 8,000
loans for just under $1 billion.
Everything starts with "the App"
Whether an application or "app" comes
in on paper, over the telephone or via the
Web, once Mortgage Officers complete
their work, the loan package is delivered
to SFN. A Mortgage Processor then
prepares a file with all the required
documents needed by the Mortgage
Underwriter. It includes the borrower’s
credit report, income and asset verifications, property appraisal and any other
information deemed necessary.
After the loan is approved, settlement is scheduled and ultimately the loan
is sent to the SFN Servicing Department
for the life of the loan. Here, employees
handle a myriad of details, including
payment processing and making tax and
insurance payments on the borrower’s
behalf. The Servicing Department also
handles collecting delinquent accounts.
"Once borrowers are making payments, we work very closely with them,"
says Frank Watson, Assistant Vice
President/Operations Manager. "If they
are having trouble paying, we do what we
can to get the loan back on track at the
least possible cost. We do a pretty good
job of helping people keep their homes
Bill Thornton and Maria Morales-Francis
help move your mortgages through the
process at SFN.
and minimize damage to their credit
history."
Betsy Talone, Production Manager,
concurs, "I think the service we provide
is better, and more personal." She recalls
one FMFCU member who became ill
the day of settlement. As soon as the
member was well and ready to close, we
made sure the papers were ready and
waiting for the closing. We do everything
reasonable to accommodate our
borrowers."
An evolving industry
It takes a team of SFN people to handle the many details associated with mortgages. Pictured
here are: (left to right): Lisa Ramirez, Roberta Ficarra, Janet Pane, Sue Sambuco and Betsy Talone.
8
Ruth, who's been in the mortgage
business for 32 years, 19 of them at SFN,
says she has seen many changes in her
time.
When she started, only 25-year
fixed-rate mortgages were available.
Since then, 30- and 40-year fixed-rate
mortgages, Adjustable Rate Mortgages
(ARMs) and interest-only products have
been developed, Ruth says.
Asked about other changes, she
says: "Technology has made the biggest
difference."
Before computer databases were
developed, SFN had a room filled with
blank forms. Employees would type the
required data onto the forms, a long and
laborious task. "Today, the information
is entered into our database at the time
of application. It carries through to the
closing papers, then transfers to the
Servicing Department," Ruth says.
"The process moves much quicker
today, and it's much easier and more
efficient to pull data together."
Before technological advances, credit
reports were ordered and received in
three days. An appraisal took three weeks.
Now, everything is ordered electronically.
Appraisals are received in a few days and
credit reports are available instantly.
"If a loan application came in at 9
a.m. and included all the required documentation, we could enter it into our
system and have it approved by 10 a.m.
if necessary," Ruth says. "We try to
accommodate everyone’s requests as best
we can."
The SFN Team:
SFN's staff includes: Ruth E. Kauffman,
Vice President; Frank Watson, Assistant
Vice President/Operations Manager; Betsy
Talone, Production Manager; Lisa Ramirez,
Processing Supervisor and Senior Loan
Analyst; Janet Pane, Senior Loan Analyst;
Roberta Ficarra and Susan Sambuco,
Consultants; Bill Thornton, Loan Servicing
Supervisor; Mary Spadaro, Mortgage
Specialist; Maria Morales-Francis and Pam
Caldwell, Servicing Associates; and
Bethany Cheezum, Servicing Intern.
Betsy Talone and Frank Watson discuss SFN's numbers with FMFCU President/CEO
John D. Unangst.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
9
h o u s i n g
MAKING THE
RIGHT MOVE
How first-time home buyers
can still get a mortgage
T
O SAY THE HOUSING market has had
a rough year is an understatement.
Credit is tight. Homes are on the market
longer. Sales are down.
But this might be a golden opportunity for first-time home buyers. Why?
Because you don't have to sell a house
before you buy one. So you can take
advantage of the market's lower prices,
and may even be able to get motivated
sellers to sweeten the deal. Also, rates
are at levels not seen since 2004.
Here are some tips FMFCU's Marty
Burke, Assistant Vice President/Mortgage
Development Officer, provides at Credit
Union seminars held for first-time home
buyers. Look for seminar information at
the Mortgage Center on our Web site at
www.fmfcu.org/mortgages, or for an
e-mail invitation.
consider a combination or average of the
three.
Know your credit score
Your credit score is made up of five parts.
Your payment history and how much you
owe account for about 65% of your score.
The rest: length of credit history, 15%;
pursuit of new credit, 10%; and type of
credit used, 10%.
For more information, go to:
www.myfico.com
And if it isn't good, do what you can to
bring it up. (See more on that in next
column.)
You are entitled to a free copy of
your credit report from each of the three
nationwide credit reporting agencies
each year. To get your report, go to:
www.annualcreditreport.com. However, be
aware that you will have to pay extra for
your credit score. At TransUnion, for
example, the cost on January 21, 2008
was $7.95. Mortgage lenders usually use
your middle score (the middle of your
three scores), or lower middle score on a
joint application (the lower of two middle
scores), to see if you qualify for a loan.
In this case, if your “middle score”
is 630, then this would be the basis on
which your creditworthiness is judged. In
essence, the high and low scores would
be “thrown out” and disregarded. Note
that not all lenders work this way. Some
will take only your lowest score, some will
take only your highest, and some might
10
http://www.mortgageratesetc.com/2007/06/25/
credit-score-basics/
What the scores mean to
mortgage underwriters
• 620 or less: your credit reputation is
not acceptable
• 620 to 660: your reputation is uncertain
• 660 and above: your reputation is
acceptable
The higher the score, the lower risk you
represent. If your score is below 660, talk
to a Mortgage Officer about ways to
improve your credit. The most favorable
rates and terms are offered to members
with a middle score of at least 680.
How your score is compiled
Ways to boost your credit score
• Pay your bills on time.
• Keep balances low on credit cards.
• Pay off debt rather than moving it
between credit cards.
• Apply for and open new credit accounts
only when you need them.
• Check your credit report yearly for
accuracy, and contact the creditor and
credit reporting agency to correct any
errors.
• If you miss payments, get current and
stay current.
Mortgage loans available at FMFCU
FMFCU has programs that require as little
as 0 to 3% down, and allow you to qualify
with lower credit scores and higher debt
limits. For these mortgages, annual
income cannot exceed the area's Median
Income Household Limit, which in 2007
was set at $71,600.
FMFCU offers first-time home buyers
fixed-rate loans with 15, 20, 30 and 40year terms. If you have a good underwriting score, the Credit Union has a 3/2
Adjustable Rate Mortgage (ARM) loan
with no or low down payment and no
Private Mortgage Insurance (PMI)
required. Talk to your Mortgage Officer
about available options.
Note: Home buyer education is
required for all mortgage loans with less
than a 5% down payment. Ask us about
FMFCU seminars, online training, or for
a referral to community-based housing
education.
Gather money for your
down payment
Try to save at least 5% of the purchase
price to cover closing costs, which can
easily be $10,000 on a $200,000 purchase
price. Closing costs are in addition to the
down payment. Talk to your Mortgage
Officer about what funds can be used for
these costs, and smart ways to save for a
down payment.
Get pre-approved
Realtors expect you to be pre-approved
for a mortgage before you start searching
for a home. You can apply with your
Mortgage Officer or use an Express
Pre-Approval Application on our FirstTime Home Buyers site: www.fmfcu.org/
mortgages/firsttimebuyers.
Next steps
• Do your homework when buying your
first home.
• Educate yourself about mortgages and
home buying at FMFCU's Financial
Learning Center. You'll find a wealth of
information here.
• Contact the Mortgage Officer servicing
your branch. Go to: www.fmfcu.org/
mortgages/officers. FMFCU recommends that you speak to one of our
Mortgage Officers about the mortgage
process before you begin searching for
a home. A lot of information about the
mortgage process can be shared in a
brief conversation.
• Earn a commission rebate when buying
or selling a home. Learn how to get
back 20% of a standard agent's
commission by using CU Realty. Go to:
www.fmfcu.org/curealty. (See related
story about CU Realty on page 16.)
MORTGAGE
MESS
How to minimize its effect on you
I
F YOU HAVE A MORTGAGE you can't
pay, the possibility of losing your house
is terrifying.
But with daily new revelations about
the subprime lending crisis, predatory
lending practices and tightening credit,
it's becoming an all-too-common
problem.
The good news is that because the
housing market plays such a key role in
our economy, people at the highest levels
of industry and government are searching
for solutions to our current mortgage
woes.
In the meantime, here are some
helpful tips from the Federal Trade
Commission (FTC) and FMFCU.
call, the fewer options you will have.
Some possible alternatives:
Talk to FMFCU and see what we can
do to assist you. The Credit Union will
consider any non-conforming loan on
a case-by-case basis, Marty says.
Talk to a Credit Counselor
Counse at our
partner organization,
ization, Consumer
Consum Credit
Be familiar with your mortgage
Clarify exactly what kind of mortgage you
have – whether it's an Adjustable Rate
Mortgage (ARM), or a Hybrid Adjustable
Rate Mortgage with fixed payments for
a set length of time before becoming a
1-year ARM or a fixed-rate loan.
Try to refinance
If you have a Hybrid ARM or a regular
ARM and rates are due to reset, call
FMFCU for a free pre-approval and see if
refinancing to a fixed-rate loan is the right
move. FMFCU’s mortgage products do
not have pre-payment penalties.
Get help
Do business with people you trust
The current real estate crisis demonstrates
the need to deal with organizations and
individuals you can depend on: who are
not hiding information in loan documents
and practices; who use sound financial
management and underwriting practices;
and who help educate members. If
something looks too good to be true,
it usually is.
Talk to FMFCU first about all your
financial needs. We have the products
and services you need at competitive
rates. We are here to serve you as a
member, not to take advantage of you.
Source:
http://www.ftc.gov/bcp/edu/pubs/consumer/
homes/rea04.shtm
Check on refinancing penalties
Find out if your mortgage carries prepayment penalties, major obstacles to
refinancing. Marty Burke, Assistant Vice
President/Mortgage Development Officer
at FMFCU, suggests you talk to your
lender's Payoff Department about these
penalties. Customer Service may not
know, or may not tell you. You want
to avoid being surprised by unexpected
costs, particularly a few days before a
refinance settlement. If you're still not
sure your mortgage includes pre-payment
penalties, forward a copy of your Note to
the FMFCU Mortgage Officer servicing
your branch. We'll review it for you.
• Reinstatement of the loan — if
problems paying your mortgage are
temporary
• Repayment — if you've missed only
a small number of payments
• Forbearance — which temporarily
reduces or suspends your payments
for a specified period
• Loan modification — permanent
changes that make the loan more
manageable
• Selling your home
• Bankruptcy
Counseling Service of Delaware Valley
(CCCSDV). For more information, go to:
www.cccsdv.org. Or call them at
1-866-513-6328 (1-866-51FMFCU). (For
a related story on CCCSDV, see page 22.)
First Aid for
Mortgage Borrowers
M
from Your Hometown
fr
Credit Union
Receive the personal attention you deserve from our loan
officers, with over 50 years of combined experience.
Low or Zero-point financing available
FREE pre-approvals
CU Realty — earn a rebate on a portion
of the realtor’s commission
First-time home buyers program
with lower rates for qualifying members
Refinancing options to save money
For more information, visit FMFCU’s
online mortgage center at www.fmfcu.org/mortgages
or call 610-325-5100
Talk to your loan servicer
If you're having difficulty making payments, talk to your loan servicer sooner
rather than later. The longer you wait to
11
h o u s i n g
Pansies pay off
A little landscaping can add great value
to a home you're selling
O
NE OF THE FIRST THINGS
prospective homeowners look at
is curb appeal, says Virginia Corcoran,
Owner of Moore Outdoor Rejuvenation,
Inc. (MOR), a landscaping company in
Boothwyn, and an FMFCU member
since she was a teenager.
So, if you want to increase both the
appeal and value of your home, she
says, follow these simple steps to
improve it:
• Look at your house from the curb.
How does it look to a prospective
owner?
• Do a simple cleanup and spruce up
your property. Remove dead plants
and rotted railroad ties/wood.
Replace cracked blocks. Spread fresh
mulch. Trim shrubs and low branches.
• Fix sinking areas near the foundation
or puddles in the yard. These raise
red flags in the minds of buyers. Add
topsoil and seed those areas.
• Add color with appropriate plants for
the season, such as: flowering shrubs,
perennials, summer annuals and fall
flowers.
12
• Wash windows, clear off the sidewalk, clean the driveway.
• Install lighting, so the house doesn't
look too dark at night. Now you can
even buy solar light bricks that are
easy to install in any walkway or patio.
Landscape lighting is attractive and
makes the house safer.
• Don't overdo or underdo landscaping.
If you are in a house worth $180,000,
you don't want to put in a $50,000
patio. If you're in a very expensive
home, you want it to be comparable
to those in the neighborhood.
• Check references for any landscapers
you hire. Make sure they are dependable, and have insurance. Proper
insurance raises their costs, but do
you really want people on your
property using equipment who are
not insured?
• Finally, she says, ask about the
company's certifications, safety and
training programs, continuing education and affiliations.
MOR offers an extensive variety of
residential and commercial services,
and the company's motto is: "One
call does it all." For more information,
see the company's Web site at:
www.morlandscape.com, call
1-888-2LAWN-NU or e-mail
[email protected]
GIVING BACK
TO THE COMMUNITY
MOR is offering assistance to two
groups in our area: those in the
armed forces and senior citizens.
As part of GreenCare for
Troops, the company is accepting
applications from families who have
breadwinners on active duty overseas
in the armed service, and who are
stressed by the hardship of yard work
and lawn maintenance.
MOR is also looking for a
low-income senior citizen who is
trying to remain at home, but is
unable to care for his or her own
yard. To apply for either of these
programs, call Stephanie at:
1-888-2LAWN-NU.
Y
OU MAY NOT REALIZE IT. But if
you've called the Member Service
Center at any time of day, or
FMFCU administrative offices after
regular working hours, you've listened to
the pleasant tones of FMFCU's Marketing
and Public Relations Coordinator Christy
Bicking.
A recorded Christy greets you and
says, "Thank you for calling Franklin Mint
Federal Credit Union, the Credit Union
of Choice." She then offers you a number
of options, including Premier Access
Telephone (PAT), current rates on loans
and deposits and more.
A native of St. Clair in Schuylkill
County near Pottsville, PA, Christy
graduated from Shippensburg University
in 1997 with a B.A. in Communications
Journalism and a minor in Speech
Communications.
Christy chose her major after being
impressed with a representative for pop
singer Madonna, whom she saw speaking
on the entertainer's behalf. "I want to do
that," she told college officials.
Both her major and minor fields of
study have helped Christy find suitable
jobs.
After graduation, she worked as a
Public Relations Specialist for one year
with the Lancaster Employment and
Training Agency, where she also recorded
Public Service Announcements (PSAs)
once a month at a country music station.
After four years as PR Coordinator
at the Pennsylvania Dental Association
in Harrisburg, Christy joined FMFCU in
January 2002.
In her marketing position here,
Christy writes news releases, public service announcements as needed, brochures
and on-hold messages for FMFCU,
places advertising, is a Supporting Editor
for Choices, and also sets up photo
shoots.
Her recording career at FMFCU
came about by chance. While
representing the Marketing Department
at meetings to introduce the Credit
Union's new PAT System about three
years ago, Christy casually mentioned
that she used to record PSAs that aired in
the Lancaster/Harrisburg area.
"I'd be happy to do recordings
here," she said. Done.
Since then, she has been FMFCU's
initial contact with members who
The voice of Christy Bicking greets phone callers to FMFCU. She has been a member
and employee since 2002.
Cheerful Greeting
Meet the person behind the voice
welcoming you to FMFCU
telephone the Credit Union. However,
on-hold announcements are recorded by
an outside vendor.
Her "studio" is a conference room
Christy records her messages in an
FMFCU conference room about once a
month, more often when rates change.
She also does recordings for some of
FMFCU’s branch offices.
The recording time varies, she says,
depending on how many messages there
are "and how much I mess up. I try to
nail them the first time." Otherwise, she
gets tongue-tied.
Christy, who won oratory contests as
a child and loved giving speeches in
school, enjoys being FMFCU's voice.
When friends call in and hear her, they're
sometimes surprised. "They call me and
say, 'I heard your voice. Is that you?'"
Christy admits it's strange to hear
her own voice. "I think, it's weird. Hey,
that's me."
Does she enjoy it? "Yeah, I do. It's
fun. It gives me the opportunity to use
my minor. I wouldn't mind doing more if
the opportunity presents itself."
13
FAMILY JEWEL
Kaplan's has been designing and selling
customized jewelry for over 32 years
W
HILE THE INTERNET has hurt
many small retail shops throughout the U.S., it's had very little
impact on Kaplan's Fine Jewelry in West
Chester. With good reason.
"We handcraft custom jewelry and
offer very personal service by establishing
close relationships with our customers
and our community," explains Lisa
Kaplan, co-owner since 1984. "We are
not a commodity."
Ivan, her husband and co-owner,
hand-makes all his jewelry on the
premises. The store employs four
jewelers in all. "We do all of our jewelry
work right on the premises, providing
customers with the peace-of-mind knowing that nothing leaves the store. They
can talk with the person responsible for
fixing their jewelry. It's amazing how
much we do in our store," she says.
And the store itself is hard to miss.
As you walk down Market Street, near
FMFCU's new branch, a black awning
with a large white letter "K" announces
that you're approaching Kaplan's Fine
Jewelry. Inside the 1,350-sq.-ft.-showroom, customers gather around beautiful
jewelry displays.
Matching old jewelry to new tastes
Kaplan’s does very customized work, Lisa
says. "We specialize in giving customers
exactly what they want. Some clients
come in with estate pieces that we help
redesign into more wearable jewelry,
more their style. It modernizes the
jewelry, but keeps the sentimental value,
since these usually are pieces handed
down from loved ones."
Customers bring in pictures or
sketches for ideas of what they like.
"Others just leave the decisions up to
Ivan," Lisa says. "One of my husband’s
many talents is interpreting a customer's
style and designing jewelry that fits that
style. There is nothing more special than
having a piece of jewelry, hand-crafted
14
especially for you, and there's not
another piece like it!"
A master craftsman, Ivan enjoys the
challenge of working with different
metals and repairing all types of jewelry.
"He takes on complicated repairs that
most jewelers don't work on, like rebuilding antique filigree rings," Lisa says.
When a couple chooses that perfect
diamond, Kaplan's often hand-makes the
mounting and personalizes the setting
to express the union between the jewelry
and their relationship. Lisa says, "In a
time when most things are mass produced, it's nice to know that we will
spend the time to hand-craft jewelry that
helps celebrate the most important
events in peoples' lives. We also handpick all the jewelry we sell in our store,
for structural integrity, quality, and value.
We stand behind everything we do."
every color of the rainbow are also
strong."
"With the popularity of square and
rectangular shaped-diamonds, we have
the most brilliant rectangular-shaped
diamond cut today," she says. 'The
Original Radiant Cut Diamond,'
developed by master diamond cutter
Henry Grossbard, uses his specific
proportions and mathematical equations
to provide these diamonds with
"unparalleled brilliance."
"You see an Original Radiant Cut
Diamond and they take your breath
away," Lisa says. "We are proud to be
the only authorized store in the area to
sell these diamonds. You have to come
in and view one to really understand how
special they are. The usual response we
hear from customers is WOW — that's
amazing!'"
High-tech help for an ancient art
Market Street now a 'hub'
Ivan uses a Computer-Aided Design
(CAD) program to help create his customized jewelry. "It's really kind of neat,"
says Lisa. After designing pieces, he
renders them on the computer. The
technology allows Ivan to make changes
quickly, displaying items from different
angles to show the customer exactly
what their jewelry will look like. "It takes
the guesswork out of having something
made," she says.
Lisa credits the store employees for
Kaplan's long-term success, saying "They
care about our customers as much as we
do." Kaplan's provides excellent service,
she says, and does business with companies that have the same mentality. That's
why Lisa likes dealing with FMFCU. "It's
all about the level of caring and relationships with people. It's how we want to be
treated."
What’s new in jewelry? Lisa says new
trends are toward earth-tone gemstones
like "Seafoam Green, Lemon and
Cognac-colored Quartzes. Sapphires in
Since they took over the store in 1984,
the Kaplan's have seen many changes,
including the neighborhood. "We were
the only draw on our street," Lisa recalls.
Even though it's just one block away,
“Gay Street was considered the main
part of town.” Since then, numerous
shops and restaurants have moved in
and Kaplan's feels less isolated. "Market
Street has become the hub, especially
with the Justice Center opening this year,
just a few blocks away."
One thing that hasn’t changed is the
relationship the Kaplan's have with their
customers. "We are serving a new
generation," says Lisa. "We have
customers we've known for 20+ years,
whose children are now getting married
and buying their engagement rings from
us. "It's a very special and sentimental
business. We’re so lucky to be doing
something we love."
Photo on Right: Ivan Kaplan and Lisa Kaplan,
FMFCU members since 2007, stress service
at their custom jewelry store.
PARTNER PROFILE
Fast Facts
Address:
1976:
111 W. Market Street, West Chester, PA
Ethel Kaplan started the business
Ivan and Lisa graduated from Bowman Technical
School in Lancaster, PA for pocket watch
restoration, jewelry repair and design
1982:
1984:
Ivan and Lisa Kaplan became owners
Number of Employees:
11
Number of Full-time Jewelers:
Showroom Size:
4
1,350 sq. ft.
Custom-designed jewelry, engravings,
appraisals, jewelry and watch repair
Services:
15
newsbriefs
asking price.
"We didn't take too long to buy,
either," he says. "The quick sale really
helped the situation." From then on, "it
was really just working with the realtor
to find the right home." CU Realty also
followed up constantly by e-mail, he says.
"Literally, it was as easy as signing
up, listing the property and finding one
to buy. Then, let the rebates begin."
Would he recommend CU Realty to
others? "Absolutely."
QUICKHITS
John D. Unangst, FMFCU President/CEO, Ben Franklin (portrayed by Ralph Archbold) and Jeffrey
G. Vermeulen, President of the Delaware County Chamber of Commerce, are all smiles after
FMFCU was named Business of the Year by the chamber.
FMFCU IS NAMED
BUSINESS OF YEAR
The Credit Union has been honored as
the Delaware County Chamber of
Commerce's 2007 Business of the Year.
FMFCU received the award for its
financial literacy initiatives and support
of Delaware County Hi-Q, the nation’s
longest-running academic high school
quiz competition.
Jeffrey G. Vermeulen, Chamber
President, told the Delaware County
Daily Times, "It's truly unique to see a
very successful financial institution like
Franklin Mint Federal Credit Union stress
an importance and philosophy on education," he said. "It's pretty awesome."
The Daily Times reported that
the audience chuckled when John D.
Unangst, FMFCU's President/CEO
accepted the award and slightly
paraphrased the words of Ben Franklin:
"A penny saved is a penny earned and
you can get 7% for savings at Franklin
Mint Federal Credit Union," he said.
16
MEMBER GETS CASH
BACK FROM CU REALTY
Brian J. O'Neill, the first member to buy
and sell a house through FMFCU partner
CU Realty, is very clear about his motivation: money. "Anytime you get a break in
a very expensive process, you go for it,"
he says.
Brian, a Pension Consultant, and his
wife Amy received $3,000 to $3,500 in
rebates for selling their townhome in
Phoenixville and buying a single home
in Chester Springs.
'It was relatively easy," he says. CU
Realty's requirement to use one of its
realtors was "the only catch." And it was
not a problem. "They have experienced
and reputable realtors to select from,"
he says.
The O'Neills worked with Dan Carroll
from the real estate office of Tom
McCouch, and completed the selling and
buying process in about three months.
Fortunately for them, the first person who
looked at their home bought it — at their
FMFCU employees donated $1,000 to
Operation Warm, an organization that
provides new winter coats to children in
need. Thanks to these and other donors,
42 children from Stetser Elementary in
Chester and Main Street Elementary in
Upland are now sporting warm new coats
that help protect them against the cold
winter weather. ... FMFCU's first shredyour-own event attracted a big crowd
of members toting boxes and bags of
personal information they wanted
destroyed. Laurie Long, Vice President of
Marketing and Public Relations, hopes to
repeat the event. ... Choices magazine
was named Best Member Newsletter for
2007 by the National Association of
Federal Credit Unions.
OLD FMFCU COMPUTERS GET
NEW LIFE HELPING CHESTER
AREA STUDENTS
While preparing to teach a financial
lesson last fall at East Side Neighborhood Connection (ESNC), a non-profit
organization in the City of Chester,
FMFCU Youth Education Specialist
Michelle Skrobak noticed something
unusual.
Only four students were using
computers in a lab equipped with 14
stations.
After learning that the other
computers were inoperable, Michelle
had an idea: since FMFCU occasionally
offers employees an opportunity to
purchase older — but still functioning
computers — could those computers be
donated to help these students? The
answer was yes.
In December 2007, FMFCU donated
14 computers, monitors, keyboards,
speakers, mouse pads and software to
ESNC. John Hargrove, Information
Technology Vice President, Langston
Williams, Network Administrator, and
Tom Amorim, IT Intern, personally
drove to ESNC and set up, installed,
configured, verified and tested each
computer.
Now FMFCU is looking into providing
free ongoing training in Microsoft Word
and Excel for the students as well. The
evolving relationship seems to be paying
dividends for everyone involved: ESNC,
the students and FMFCU.
While teaching her last financial
literacy class of the year in December,
Michelle distributed goodies to the
students. "They aren't much," she said
apologetically, but were a "token of her
appreciation" for their attention during
class. She hoped they would act as
reminders of her financial teachings.
Then, a female student turned to
Michelle and replied: "Don't worry
about the goodies. Those computers
are our gift."
RUN THE NUMBERS
Appearing happy about FMFCU's donation of computers to East Side Neighborhood
Connection (ESNC) are (left to right): Elijah McCray, Shantae Freeman, Michelle Skrobak,
FMFCU’s Youth Education Specialist, Maggie Grasty, ESNC Executive Director, Quaronah
Saunders and Amin Abdullah.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
16
Percent of workers in their 20s who invest
only in low-yielding bond and money
market funds, and have no money in
higher-yielding stocks.
40
Percent of young workers who invest all
their assets in conservative investments
that Wall Street Journal Personal Finance
Reporter Jeff D. Opdyke calls "little more
than glorified money-market funds, or
fixed-income funds."
100
Industry benchmark used to determine
what percent of your portfolio should be
in stocks. To use it, subtract your current
age from 100. The result is the percent
financial experts believe you should have
in stocks. For example, if you are 25, then
75% of your portfolio should be in stocks.
Source:
http://online.wsj.com/article/SB116355424
937623381.html
17
FINANCIALS
Franklin Mint Federal Credit Union Chief Financial Officer's Report
In 2007, FMFCU had another strong year of financial
performance in a challenging economic environment.
Key indicators for 2007 included: increasing
outstanding loan balances by 11.4% and growing
deposits more than 10%. We also paid out over $12
million in dividends to our members, representing an
increase of more than 41% over the prior year. All in all,
2007 was very rewarding for our membership.
Annual audits and examinations were performed by
FMFCU's Internal Auditors, External Independent
Auditors and Federal Examiners from the National Credit
Union Administration (NCUA). Collectively, these audits
Michael B. Magnavita, CPA
Executive Vice President/
Chief Financial Officer
Franklin Mint Federal Credit Union
and Subsidiaries
Franklin Mint Federal Credit Union
and Subsidiaries
Consolidated Balance Sheets
Consolidated Statements of Income
(Per NCUA Call Reports)
(Unaudited)
(Per NCUA Call Reports)
(Unaudited)
December 31, 2007 and 2006
December 31, 2007 and 2006
Assets
2007
$ 335,560,000
$ 301,192,000
Cash and Cash Equivalents
$ 18,031,000
$ 22,612,000
Investments
$ 65,825,000
$ 51,070,000
Loans Held for Sale
$
$
1,500,000
2007
2006
Loans to Members, Net
$
2,611,000
$
2,960,000
NCUSIF Deposit
$
2,999,000
$
2,821,000
Other
$
5,578,000
$
3,760,000
Total Assets
$ 432,104,000
2006
Interest Income:
Interest and Fees On Loans
$ 22,188,000
$ 19,454,000
Interest On Investments and
Interest Bearing Accounts
$ 4,113,000
$ 2,695,000
$ 26,301,000
$ 22,149,000
$ 12,433,000
$ 8,778,000
$
$
8,550,000
Equipment and Leasehold
Improvements, Net
Interest Expense:
Dividends On Members' Shares
and Savings Accounts
Interest On Borrowed Funds
$ 392,965,000
—
174,000
$ 12,433,000
$ 8,952,000
$ 13,868,000
$ 13,197,000
Liabilities and Equity
Net Interest Income
Liabilities:
Provision For Possible Loan Losses $
Members’ Shares and
Savings Accounts
Net Interest Income After Provision
For Possible Loan Losses
$ 13,623,000
$ 13,097,000
Noninterest Income
$ 8,203,000
$ 6,505,000
Noninterest Expenses
$ 19,562,000
$ 17,629,000
Operating Income
$ 2,264,000
$ 1,973,000
Gain/(Loss) On Sale Of Investments
$
3,000
$
36,000
Gain On Sale Of Loans, Net
$
—
$
623,000
Net Income
$ 2,267,000
$ 393,283,000
Notes Payable and LOCs
18
and examinations insure that we maintain the highest
standards of accuracy in our financial recordkeeping
and reporting.
We appreciate the continued support of our valued
members and growing number of business partners.
Rest assured, we will continue to provide asset safety
and security, serve the needs of our communities and
keep the Credit Union financially strong.
$ 355,804,000
—
—
Accounts Payable and
Accrued Expenses
$
Total Liabilities
$ 396,437,000
Equity, Retained Earnings
$ 35,667,000
$ 32,906,000
Total Liabilities and Equity
$ 432,104,000
$ 392,965,000
3,154,000
$
4,255,000
$ 360,059,000
245,000
$
100,000
Other Income
$ 2,632,000
Assets
51,292
$432,104
in thousands
1990
1995
2000
2007
1975
1980
1985
1990
Capital
Branches
$140,082
$5,366
$828
5,467
2,250
1985
$107, 302
1980
$33,775
1975
2,250
1,008
22,500
$204,560
34,000
40,590
Membership
1995
2000
2007
in thousands
$35,667
25
18
$15,452
14
1980
1985
1990
1995
2000
2007
BOARD OF DIRECTORS
Chairperson
Mary O. Kennedy
Vice Chairman
J. Patrick Killian
Secretary
R. Stephen Ikeler
Treasurer
John J. Sullivan, CPA
1980
1985
1990
$6,985
1975
$3,209
$925
1975
$131
3
2
1
$21
8
1995
2000
2007
SENIOR STAFF
Directors
Catherine M. Byrne
John P. Caskey, Ph.D.
James A. Geier
Harry J. Jamison, Ph.D.
Joseph E. Lastowka Jr., Esq.
Hollace (Holly) Ann Rutkowski
Eugene Zegar, Esq.
President/CEO
John D. Unangst
Executive Vice President/CFO
Michael B. Magnavita, CPA
Senior Vice President/COO
Cindy Wanamaker
Vice Presidents
Dawn Bressler
Daniel Catamusto Jr.
Richard (Rick) Durante
John Greskiewicz
John Hargrove
Stefanie Henson
Ruth E. Kauffman
Laurie Long
Liza Mattis
Anne G. McNally
John T. Powers
Allan C. Stevens
19
CONSUMERS' CORNER
FIND A PHILLY
PARKING LOT ONLINE
PHILLY SMART CARDS
MAKE PARKING EASIER
If you use parking meters within
Philadelphia's city limits, do yourself a
favor. Forget about carrying a pocketful
of quarters and get yourself a Smart
Card from the Philadelphia Parking
Authority.
Available online in denominations
of $20 (the Liberty Bell version) and $50
(the Art Museum version), these handy,
colorful Smart Cards fit every one of the
city's 14,500 parking meters (7,000 of
them in Center City).
To use the Smart Card, which is the
same size as a credit card, you simply
slip it into an angled slot on the front of
the meter. The meter reads the card and
displays how much money is left on it.
You leave the card in the slot while
it adds time to the meter in 25-cent
increments. When you reach the amount
of meter time you want, you simply take
the card out of the meter and go on
your way.
Note: The card will not let you
purchase more time than is legal. If the
meter allows only 2-hour parking, that
is all you can purchase. Or if parking is
prohibited after 4 p.m. and it is 3:30
p.m., you'll only be able to buy 30
minutes of time.
The cards are also available at 150
Wawa, ShopRite and 7-Eleven retail
locations in $5 and $10 denominations.
They are not reloadable at this time.
The company behind the Smart
Cards, OmPay, was formed by James
Kohler and Nitin Khanna, two alumni
from Drexel University. OmPay eventually
hopes to use the cards for garage
parking and taxi cabs.
Source:
http://www.philapark.org/smartcards/
purchase_smartcard.aspx
20
Locating parking lots in Center City is now
easier than ever before, thanks to the
Internet.
Simply go to the Philadelphia Parking
Authority's Web site. You can either enter
an address at its Parking Locator, or use
the pull-down menu to select by popular
destinations. These include: City Services,
Entertainment, Hospitals, Landmarks,
Museums, Neighborhoods and Shopping.
The site shows you on a map where
the closest lots are, their estimated cost,
number of spaces, distance to your
destination, and more.
some still are permitted. These include
calls from: political groups or candidates,
tax-exempt charitable or fraternal organizations, veterans' organizations, and
companies you've done business with in
the last 12 months.
Where to register:
Pennsylvania's Do Not Call list:
http://dnc.attorneygeneral.gov/
Register.aspx
National Do Not Call list:
https://www.donotcall.gov/register/
reg.aspx
DOES THE IRS
OWE YOU MONEY?
Source:
http://www.philapark.org/findparking/
find_parking.aspx
2 WAYS TO AVOID GETTING
FLEECED BY CHECK-SCAMMERS
Due to quirks in the check-cashing
system, consumers are getting fleeced
by con artists, says USA Today.
Two ways to stay safe:
• Don't deposit checks and wire
money to people you don't know
• Don't accept a check for more
money than an item you are selling
For more information, go to:
www.FakeChecks.org. The site includes six
interesting fraud tests.
Source:
http://www.usatoday.com/money/perfi/basics/
2007-12-04-check-fraud-scams_N.htm
TIRED OF TELEMARKETERS?
TELL THEM: DO NOT CALL!
Frustrated by too many telemarketing
phone calls interrupting your meals? Then
maybe it's time to register (or re-register)
your phone number on both the
Pennsylvania and national Do Not Call
lists and get some relief.
Registration on the Pennsylvania list,
which started in 2002, is valid for only
five years. The National Do Not Call
Registry, managed by the Federal Trade
Commission (FTC), has no set expiration
date. Legislation to make registration
permanent is pending.
While these Do Not Call lists help
eliminate many home telemarketing calls,
Believe it or not, the Internal Revenue
Service (IRS) is trying to give money
away. The agency is looking for 115,478
taxpayers due refund checks worth
about $110 million after the checks were
returned as undeliverable.
The refund checks, averaging about
$953, can be claimed as soon as taxpayers update their addresses with the IRS.
Some taxpayers have more than one
check waiting.
To see if one of those checks is yours,
just type "Where's My Refund" into your
Google search box. The Web site will
direct you from there.
To check on refunds by phone, call
toll-free 1-800-829-1954.
Source:
http://www.irs.gov/newsroom/article/
0,,id=175727,00.html
WATCH WHERE YOU PUT
YOUR HANDS ON THE WHEEL
Many of us were taught to drive with our
hands at the 10 o'clock and 2 o'clock
positions on a car's steering wheel. But
William Van Tassel, Ph.D., Manager of
Driver-Training Operations at the AAA's
national office in Heathrow, Florida, gives
different advice to readers of Bottom
Line/Personal.
He says, "Drive with one hand
between 8 o'clock and 9 o'clock ... and
the other between 3 o'clock and 4 o'clock
on the wheel. The traditional 10 and 2
o'clock positions cause unnecessary arm
fatigue on long drives, leading to lessthan-optimal driver reaction time in
emergencies. It also increases the odds
that one of your arms will hit you in the
face if your air bag deploys, causing lost
teeth or a broken jaw."
Note: Do not discharge extinguishers to
test if they are working. That will empty
the units.
Source:
Source:
http://www.bottomlinesecrets.com/blpnet/
article.html?article_id=42472
http://www.home-wizard.com/maintenance/
fireextinguisher.asp
HAVE YOU INSPECTED YOUR
FIRE EXTINGUISHER LATELY?
It's a good idea to check the pressure
gauges of fire extinguishers in your house
at least once a year to be sure they have
a full charge. Doing this also reminds you
where your extinguishers are located.
Here's a quick checklist from HomeWizard, an interactive home maintenance
guide:
Check pressure gauge to ensure
a full charge.
Check that the nozzle isn't
clogged by insects, debris, etc.
Shake the extinguisher so that
chemicals do not become packed.
Check that the hanger is securely
fastened and that everyone knows
the location of the extinguisher.
Make sure all fire extinguishers are
accessible and not buried under
other items.
WEB WONDERS
Learn all about money
Here's everything you need to know
about wealth: 66 ways to save it, how to
prevent fraud, plan for retirement and
more. And it's all free. These are your
tax dollars at work.
http://www.mymoney.gov
Get the skinny on your
neighborhood
This unusual Web site is packed with
stats about where you live. Just enter
your zip code. Instantly you'll see
demographics, social indicators, facts
about your community's stability,
economic indicators and more. It even
lets you compare data with up to 20
other zip codes.
http://zipskinny.com
Track where your money has been
Just go to Where's George? Enter
your money's denomination, the serial
number (on the left), the bill series (on
the bottom right next to the signature),
and your zip code. Instantly, you'll find
out where your bill has been (if it's been
registered.) If you want to track your
bill's journey, register, come back later
and see where it's been.
http://www.wheresgeorge.com
FREE STUFF
Want free travel information about
Pennsylvania? Just go to VisitPA
(www.visitpa.com) and sign up for a
free travel guide and subscription to
Pennsylvania Pursuits, a quarterly
magazine. Or call 1-800-VISIT PA
(800-847-4872).
For hundreds of free and low-cost
publications about everything from
cars to food ... and health to travel ...
check out the Consumer Information
Catalog published by the GSA Federal
Citizen Information Center. Many items
can be downloaded free in a Portable
Document Format (PDF). Go to:
www.pueblo.gsa.gov.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
21
COLL EGE
HE A L THCA
RE
TI REMEN
E
T
R
$
$
$
$
$
$
HIGH-COST errors
The 10 biggest financial mistakes most people make
W
HAT BLUNDERS AND ERRORS
do most of us make with our
finances? Choices recently sat down
with Christina Moore, Financial Advisor,
CUSO Financial Services, L.P. (CFS*) at
our Media Branch to find out. Here's her
response:
1
N emergency fund
No
O off the biggest mistakes I see is that
One
people don't have emergency funds. So
they use credit cards to handle emergencies and end up with way too much
credit card debt. Most experts recommend that you have enough money set
aside for emergencies to get by for three
to six months. The amount depends on
whether you own a house or not, your
medical expenses and deductibles, and
what your unique situation is. But the
bottom line is you need to have an
emergency fund.
22
2
Credit card debt
C
If you don't pay off your credit cards
each month, the interest rate is so high
that you end up just paying interest. Once
you get caught in that cycle, it's tough to
get out.
You need to buy only what you can
afford, and pay down your credit card
debt as fast as you can. If you are having
credit problems, talk to FMFCU. The
Credit Union can also refer you to the
Consumer Credit Counseling Service of
the Delaware Valley (CCCSDV), one of our
partners. For more information, go to:
www.cccsdv.org.
3
Lack
La
a of planning
For some reason, people don't realize the
importance of planning — whether it's for
retirement, life insurance, college or estate
planning. Having a plan is the first step to
success … and helps ensure that you
aren't forced to rely on your kids for
money as you get older.
4
Overlooking
your assets
O
A big problem is that many people don't
know what they have regarding their
pension or retirement plans. They don't
even look at their Social Security
Statements. So they don't know what
income they will receive. And they don't
know how they are invested — whether
their investments are aggressive,
conservative or in the middle.
My advice: Keep a file with all your
updated investment statements, Social
Security Statements and pension
information in one place. Look at this
information regularly, and use it to plan
your financial future.
Note: Social Security Statements are
mailed annually to workers and former
workers ages 25 and older; also, at
any time to workers of any age who
request it.
Source: http://www.ssa.gov/mystatement
5
N thinking about retirement
Not
Everybody wants to enjoy retirement.
But people aren't saving enough, or are
waiting too long to begin saving. By the
time members get to me, they usually
have some investments. But those who
don't are just going to have to work
longer than they had planned. Or they
are going to need to make savings a
priority now, so they have some money
when they retire.
6
No
N disability insurance
Many people have short-term disability
insurance at their jobs. But they need
to understand exactly what it covers.
Disability insurance usually provides
about 50 to 60% of your income. But if
you're self-employed or at a smaller
company that doesn't offer this coverage,
you need to take out an individual
disability policy.
Many people don't realize it, but a
person 35 years of age is six times more
likely to become disabled than to die
before reaching age 65. So you want to
protect yourself and your family with
disability insurance.
8
Little
college planning
Lii
You need to prepare for college tuitions.
And to decide for yourself what to save
for college … and what to save for retirement. Remember, you can always take out
a loan for college. You can't do that for
retirement. Today, there are a number of
ways to save for college — 529 plans,
custodial accounts, Coverdell Education
Saving Accounts and more. We'd be
happy to talk to you about any of them.
For more information on Student Loans,
go to: www.fmfcu.org/studentloans.
9
No
N long-term care insurance
We're all living longer today, and care in
a nursing home is very expensive. I think
everyone should at least look into longterm care insurance and get a quote. And
the earlier you start, the less expensive it
is. At least check it out.
10
Lack
La
a of estate planning
or so, you probably want to pass on your
assets without paying a fortune in estate
taxes. To do this, you should talk to a
professional about estate planning.
… Our younger members are
getting the message
Younger people finally seem to realize
that Social Security will not be there for
them, and that they have to start saving
for themselves. I have one client in high
school, and one in college. I'm seeing
more kids come in for retirement planning when they get their first job. That's
definitely a good sign.
* Investment products and services offered through
CUSO Financial Services, L.P. (CFS), an independent
broker/dealer, are not NCUA/NCUSIF insured, not
credit union guaranteed and may lose value.
Representatives are registered through CFS. Member
FINRA/SIPC and SEC Registered Investment Advisor.
For more information, call:
Brian Fee or Christina Moore,
Registered Representatives at
Financial Services,
610-480-9996.
If you expect to have assets of $2 million
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
Source: National Education Association
http://www.neamb.com/lifeplan/cgdii/cg
disins.jsp
7
No
N life insurance … or the
wrong
kind
w
Our members may not have the proper
type or amount of life insurance, or
count what is provided by employers as
permanent insurance. It's important to
remember that if you leave a job, your
coverage may not be portable. In other
words, you may not be able to convert
that insurance to an individual plan.
In this ever-changing world, you may
want to obtain a life insurance policy that
is not connected to your employment.
You also want to be sure the amount
of coverage you have is adequate for
your family's goals. Many different types
of policies are available, with many
options. I suggest you consult with
an advisor — either here at Financial
Services, or elsewhere. See what is
available today.
23
Family Finances
PLAYING CATCH-UP
WITH YOUR IRA
Most Americans either don't have an
Individual Retirement Account (IRA), or
can't make the maximum allowable
contribution. According to the Fidelity
Investments Web site, more than 56%
of American households are behind
where they should be in saving for a
comfortable retirement. And a survey by
the Employee Benefit Research Institute
published by BusinessWeek.com
indicates that more than two-thirds of
workers and their spouses have saved
less than $50,000 toward retirement.
If you fall into the "don't have one"
or "can't make the maximum allowable
contribution" categories, don't worry —
there is still time to start and contribute
to a Traditional or Roth IRA. You have
until April 15, 2008 to open an IRA and
make a contribution for 2007. If you
aren't able to make a contribution before
this year's tax filing deadline, the good
news is you may be able to make a
"catch-up contribution" next year. The
2008 IRA contribution limit was recently
raised by $1,000 for all contributors.
Below is a chart of the current and new
contribution limits.
IRA CONTRIBUTION LIMITS
2006-2007
2008
Under age 50
$4,000
$5,000
Age 50 or older
$5,000
$6,000
Why are people behind in saving for
retirement? Cecily Venkatesh, FMFCU
Investment Coordinator, Certified IRA
Professional and a Chartered Retirement
Planning CounselorSM Designee says,
"A majority of people don't have an IRA
established. If they do have a retirement
account, they aren't making the maximum allowable contribution because
they lack the funds. They just don't have
enough extra cash flow."
If you need to catch up, then listen up
Don't be discouraged if you don't have
much of a nest egg. No matter what your
age, or where you fall in the savings
24
spectrum, you can make solid progress
toward your retirement savings goals.
Here are some tips to help you get
started, or move your savings effort into
high gear.
• If you don’t have an IRA or 401(k),
open one and begin making regular
contributions.
• Make contributions to your IRA, and
make them automatically.
• Contribute as much as you can to your
401(k) plan or IRA on a tax-deferred
basis. Check to see if your company
matches 401(k) contributions.
• Diversify your portfolio by selecting
domestic stocks, international stocks and
bonds. Make certain your allocations are
right for you.
• Change the status of your IRA account
either from a Traditional IRA to a Roth
IRA and vice versa, depending on your
tax needs. Changes like this may have
a large impact on your taxes when it’s
time to withdraw money from your IRA
account.
Sources:
http://personal.fidelity.com/planning/retirement/
saving/content/latestart.shtml
credit.
Be aware that if you go to get a loan
or mortgage, apply for a job, or buy a
cell phone, house or car, you'll need to
lift the freeze at a cost of $10 per credit
reporting agency, and it can take up to
three business days to go into effect.
Other simple ways to prevent
identity theft:
• Shred personal information.
• Consider using a credit monitoring
service. See Deluxe ID TheftBlock on
our Web site.
• Secure your social security number and
provide any other personal identifying
information only to trusted people.
• Get the free credit reports you're
entitled to each year from the three
credit reporting agencies. Just go to:
www.annualcreditreport.com.
Note: To stay current on the latest ways
to minimize identity theft, visit FMFCU's
Security Alert Center at www.fmfcu.org.
Constantly updated, it's packed with
samples of the latest "Phishing"
attempts, and contains numerous tips
on avoiding fraud.
http://www.bankrate.com/brm/news/DrDon/
20020828a.asp
http://www.bankrate.com/brm/itax/news/taxguide/
retirement-plan1.asp?prodtype=pfin
http://www.businessweek.com/print/investor/
content/jan2007/pi20070110_335201.htm
Chartered Retirement Planning CounselorSM is a
registered service mark of the College for Financial
Planning®.
FREEZING CREDIT
You can lock your file — for a price
If you are concerned about identity theft,
there's a new way to help prevent it.
Now you can put a security freeze on
your credit and greatly reduce the chance
of anyone opening new accounts in your
name. To do this, just contact one or more
of the three nationwide credit reporting
agencies, TransUnion, Experian and
Equifax, and request a freeze, says Allan
Stevens, Vice President and Senior Loan
Officer at FMFCU.
Unless you have been the victim of
identity theft, it will cost you $10 at each
credit reporting agency to freeze your
HOW TO SAVE ON
STUDENT LOANS
With education costs skyrocketing, it's
always a good time to investigate ways
to finance your child's education — at
the lowest possible cost.
Here's some helpful money-saving
advice to help you do just that, from
both a parent/loan originator, and a
Consumer Loan Officer at FMFCU.
Barbara Mulhern, Team Lead/Loan
Origination at FMFCU's Member Service
Center, gets questions from people who
know she's had two children go through
the student loan process. Besides
attending financial aid nights, Barbara
also volunteered in her school district's
guidance department. So she's seen the
student loan process from the lender and
parent perspective.
The # 1 question
Most parents, who see a major gap
between what their student is getting
from Stafford Loans, scholarships or
grants and the expected family
contribution, ask if their sons or
daughters can get additional student
loans in their own name.
Loan options for students are
limited, Barbara says, because of their
own "limited credit experience."
Moreover, interest rates for private loans
usually are higher than for governmentbacked loans.
Barbara's advice: Consider a home
equity loan, or a KeystonePLUS parents'
loan available through FMFCU and its
partner, American Education Services
(AES). She also suggests asking college
financial aid offices for additional sources
of funds.
Laura Stidham, a Consumer Loan
Officer at FMFCU, points out that you
can lower the interest rate on both
student KeystoneBEST Stafford Loans
and parent KeystonePLUS loans with
auto-debit and on-time payments.
Student loan rates are subject to change
annually on July 1, and AES treats
consumers favorably by offering rate
discounts in return for prompt payment.
On a Stafford Loan at AES, for
example, with automatic direct debit
payments, the interest rate is reduced
by .25%. You'll receive a KeystoneBEST
fixed interest rate of 6.55% after
automatic debit.
The parents' KeystonePLUS loan is
now at a fixed rate of 8.5%. You can
receive .25% rate reduction for automatic
direct debit payments and a .5% rebate
of principal balance after the first 12
on-time monthly payments. This rate will
never exceed 9%.
AES also has a good loan for
graduate school students, appropriately
called the KeystonePLUS for graduates,
with the same rate and discounts as
above.
Loan consolidation
If you already have student loans, and
want to consolidate them, you can do
that, too. The advantages: you lock-in a
fixed interest rate, make a single, lower
monthly payment to one lender, and
have a longer repayment period, which
may make your monthly bills easier to
pay.For more information on any of
these products, check out student loans
on FMFCU's Web site at: www.fmfcu.
org/studentloans. Or call AES at
1-800-692-7392.
Be aware that rates are subject to
change at any time.
"FEED THE PIG" IS EDGY ADVICE
FOR YOUNGER AMERICANS
Because Americans 25 to 34 years of
age have an average credit card debt of
$4,088, an average student loan debt of
$20,000, and the second highest rate
of personal bankruptcy in the nation, a
special Web site is showing them how to
take small savings steps and "Feed the
Pig."
Feedthepig.org is a joint effort of
the American Institute of Certified Public
Accountants (AICPA) and The Advertising
Council.
The unusual site, which is more
daring in tone than you would normally
expect from public accountants, welcomes visitors with the grunt of a pig. It
also includes videos, calculators, articles,
tips and podcasts on managing money.
If you want to collect your coins and
deposit them in a savings account at the
Credit Union, says Cindy Wanamaker,
FMFCU Senior Vice President/COO, it's
easy. Free self-service coin counters are
available for members and non-members
at our Broomall, Granite Run and Media
branches.
Source: http://www.feedthepig.org
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
25
HOME EQUITY LINE OF CREDIT (HELOC) VS. HOME EQUITY LOAN
Which is best for you?
Things to consider
Many members know they can use the
equity in their home to make improvements, consolidate debt or even make
tuition payments.
What they don't know is which to
apply for: a HELOC or Home Equity
Loan.
Below is a quick guide, and if you
have questions afterwards, you can
get more information at any branch,
online, or by calling the Member Service
Center (610-325-5100;1-800-220-3193
for calls originating outside of PA).
Dan D'Imperio, Assistant Vice
President/Lending Manager, offers
these suggestions:
If you have an immediate need,
it's probably best to go with a Home
Equity Loan, with a locked-in rate.
However, if you have a home improvement project starting in five months,
consider a Home Equity Line of Credit.
Why pay interest on the whole amount
now when you aren't going to access it
right away, or if you will be using the
funds in increments?
How to choose the right home equity product
TYPE
NEED
INTEREST RATE
PAYBACK
RATE RISK
HELOC
Future/Recurring
Variable
When Used
Rate Can
Go Up or Down
Home Equity Loan
Existing/Current
Fixed
Right Away
Rate is
Locked In
A Home Equity Line is like a credit
card. It's there when you want it. Plus,
you can pay it down and keep using
the line. That's why it's particularly
good for recurring expenses, like tuition.
You pay it down and start over again.
Many people apply for both a
HELOC and Home Equity Loan at the
same time. This way, both credit
vehicles are established, so they're
available if and when you need them.
Here's a tip: If you are considering
buying a second property, you might
want to apply for a HELOC ahead of
time. When buyers are competing for
the same property, having the financing
in hand may give you the advantage
you need to win the deal.
Note: Equity is defined by the
Federal Reserve System as: The
difference between the fair market value
(appraised value) of the home and the
outstanding mortgage balance.
Source:
http://www.federalreserve.gov/pubs/homeline/
glossary.htm#eequity
HOW TO CONTACT FMFCU
If you have a comment, compliment,
or concern about FMFCU's
operations, it's easy to contact us
and get a response.
You can:
• Call the Member Service Center at
610-325-5100 (1-800-220-3193
outside PA)
• Send an e-mail via the Contact Us
link on our Web site at
www.fmfcu.org, or directly to
President/CEO John D. Unangst
at [email protected]
• Send a letter. The mailing
address is:
Franklin Mint Federal Credit Union
Attn: Chief Operating Officer
P.O. Box 1907
Media, PA 19063-8907
No matter what delivery method
you choose, all correspondence is
tracked and forwarded to the
proper department and staff
members for a timely response.
26
our many branches & ATMs are ready to serve you
Check below for branches with SATURDAY and SUNDAY hours!
Media
Granite Run Mall 1067 W. Baltimore Pike
Lower Level
OPEN SATURDAY AND SUNDAY
BRANCHES
Broomall 1974 Sproul Road, Suite 100
OPEN SATURDAY
Media 100 W. State Street
OPEN SATURDAY
Chadds Ford
Village at Painters Crossing Routes 1 & 202
OPEN SATURDAY
Crozer-Chester Medical Center Old Main Building
One Medical Center Boulevard
Widener University University Center Building
One University Place
Darby
Mercy Fitzgerald Hospital Campus
Medical Office Building 1501 Lansdowne Avenue, Suite 109
OPEN SATURDAY
Drexel Hill
Delaware County Memorial Hospital 501 N. Lansdowne Avenue
Horsham
Centocor 800 Ridgeview Road
Suite H-2 1058
Restricted Access
King of Prussia
640 Freedom Business
Center Drive Suite 125
Springfield
Springfield High School 49 W. Leamy Avenue
Restricted Access
Norristown
Mercy Suburban Hospital 2701 DeKalb Pike
Philadelphia
Mercy Hospital of Philadelphia 501 S. 54th Street
Ridley Park
Taylor Hospital 175 East Chester Pike
Ridley Township 2211 MacDade Boulevard
OPEN SATURDAY AND SUNDAY
245 MacDade Boulevard Swarthmore
Swarthmore College Parrish Hall
500 College Avenue
Coming
soon!
Tinicum Township
Keystone Mercy Health Plan 200 Stevens Drive
Ground Floor Lobby
West Chester
QVC Studio Park 1200 Wilson Drive
Restricted Access
Lansdowne
Penn Wood High School
100 Green Avenue
Restricted Access
Prospect Park
Interboro High School 500 16th Avenue
Restricted Access
Riddle Memorial Hospital Outpatient Pavillion, Suite 3108
1068 W. Baltimore Pike
Restricted Access
Chester
University Technology Park 1450 Edgmont Avenue
OPEN SATURDAY
STUDENT-OPERATED BRANCHES
Upper Darby
Upper Darby High School 601 N. Lansdowne Avenue
Restricted Access
Wallingford
Strath Haven High School
205 S. Providence Road
Restricted Access
MEMBER SERVICE CENTER
P.O. Box 1907
Media, PA 19063
610-325-5100
1-800-220-3193 (calls originating
outside of PA)
ATM Location
Two ATMs at this location
Night Depository Location
(Night Depositories are for personal deposits,
not business drop-offs.)
106 W. Market Street
West Chester, PA
OPEN SATURDAY
Find a SURCHARGE-FREE ATM in seconds!
The CO-OP Network has over 25,000 ATMs
in 50 states, including 5,500 at 7-Eleven locations.
To locate one, just go to: www.fmfcu.org/coop,
or go to FMFCU's home page and click on the CO-OP logo.
27
GET SMART!
At FMFCU
we’re driving
down rates!
Joe Stubblebine,
member since 2001,
with his FMFCU-financed
"SMART For 2" car
Looking for a new or used car?
Look no further!
FMFCU can provide you
with your next Auto Loan!
•
•
•
•
•
100% financing and terms up to 84 months on new cars
FREE Auto Express Check lets you shop with 'cash' in hand
FREE automatic payment deduction
GAP (Guaranteed Asset Protection)
Auto equity loans and more!
For more information, visit online
at www.fmfcu.org/vehicle
or call 610-325-5100
FRANKLIN MINT
FEDERAL CREDIT UNION
The Credit Union of Choice! ®
P.O. Box 1907 • Media, PA 19063-8907
www.fmfcu.org
Presorted
Standard
PO
U.S.FPostage
PAID
PSB
92630