How an FMFCU donation made a huge impact on a DELCO

Transcription

FRANKLIN
MINT
FEDERAL
CREDIT
UNION’S
MAGAZINE
ISSUE 3, 2008
®
How an FMFCU donation
made a huge impact on
a DELCO community
KEITH LAWS
PARAMEDIC COORDINATOR
MEMBER SINCE 1986
DO YOU NEED
A LIVING TRUST?
FMFCU ENHANCES
BUSINESS SERVICES
HOW YOUNG MEMBERS
ARE CUTTING COSTS
QUESTIONS TO ASK
BEFORE YOU MARRY
WHAT FMFCU’S AWARDS
MEAN TO YOU
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 3, 2008
Publisher
John D. Unangst
Managing Editor
Drew Stanley
Executive Art Director
Peter Richardson
Executive Editor
Jim Murphy
Supporting Editors
Davinder Pal Singh
Natalie Pantaleo Smoley
Cindy Wanamaker
Photography
Lien-Nibauer Photography
Annalisa Torrente
Circulation: 60,000 Members and Business Offices
For permission to reproduce any article in this
magazine, to request advertising information or
to submit a Letter to the Editor, contact:
Dear FMFCU Family,
I’d like to thank everyone connected with FMFCU for our unprecedented
sweep of awards from readers of the Delaware County Daily Times, the
local business community at the Delaware County Chamber of Commerce,
and from our peers at the National Association of Federal Credit Unions.
It's humbling and rewarding to receive these awards. And it shows that
our efforts — and those of our partners — to provide Speed, Service and
Convenience to our members are being noticed.
I especially want to thank our Directors for their guidance ... our
employees who routinely go the extra mile ... and you, our members, for
your continued support and feedback. Combined, it all has a huge impact
on our success and this issue of Choices helps explain why.
We have also covered topics to help with financial decisions that affect
your future ... what questions you should ask before and after you say, "I do."
And what changes you might have to make if "I do" turns into "I don’t" and
you are facing a divorce. One of our Board Members, a top attorney in the
area, also discusses trusts — who needs them and who doesn't.
Plus, you'll discover how the Credit Union can help you buy cars when
your lease is up; what members are doing to save money in this difficult
economic climate; how to manage debt; how to solve problems when
traveling; and how former FMFCU student employees are putting their
experience here to good use.
As always, our goal is to help you live better, and provide you with
important information in one place that you simply won't get anywhere else.
Please let us know how we are doing. Just e-mail me with your
comments or story suggestions at the address below.
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.
Sincerely,
John D. Unangst
President/CEO
[email protected]
w h a t ’s i n s i d e
Triple Crown Winner
COVER PHOTO:
Keith Laws, Paramedic
Coordinator at Riddle
Memorial Hospital
and a Credit Union
member since 1986
says, "Thanks to
FMFCU, we now carry
Phillips MRX 12-Lead
machines in every
ambulance."
4
Cardiac Challenge
12
Business Building
16
Money & Marriage
20
Profile: Crozer-Keystone
22
Stepping Up
26
departments
Cost-Cutters
30
Consumers' Corner
18
What Was I Thinking?
32
Newsbriefs
24
The Truth About Trusts
36
Family Finances
40
3
TRIPLE CROWN
WINNER
[
"Federal
"
Fe
Credit Union of the Year"
National Association of Federal Credit Unions – 2008
FMFCU sweeps
FMFCU
swe
swee
eps
ps fi
field
ield with top awards from
business, local consumers and the CU industry
FMFCU has three big reasons to cheer
In a nine-month period, the Credit Union has
won three top awards: one from the Delaware
County Chamber of Commerce, one from the
readers of the Delaware County Daily Times
and one from the National Association of Federal
Credit Unions (NAFCU).
FMFCU President/CEO John D. Unangst
says, "Winning one is good, two is great, but
three is spectacular! Any company would be
happy with one win, but here we won all three."
FMFCU was honored with the first of the
three awards last November. That’s when the
Delaware County Chamber of Commerce named
it the 2007 Business of the Year, primarily for
its financial literacy initiatives and support of
Delaware County Hi-Q, the nation's oldest
academic high school quiz competition.
The second honor came from readers of
Fast Facts
Started: 1970
Members: Over 54,000
Employees: 200
]
the Delaware County Daily Times, who named
FMFCU "Best Bank" above powerhouses
Wachovia, Citizens and Commerce Bank in the
"BEST of DELCO" Awards. Readers sent in a
total of more than 10,000 ballots and cast over
240,000 votes in the competition.
Tops among federal credit unions
The latest award, NAFCU’s highest honor, named
FMFCU "Federal Credit Union of the Year"
among credit unions with assets of $150 million
or more. FMFCU was recognized for its
educational initiatives, offering members the
best financial products and excellent service,
and giving back to the community.
These accomplishments, plus a strong year of
financial performance and membership growth,
contributed to FMFCU's selection by NAFCU.
John compares the awards to legendary racehorse War Admiral, who won horse racing's Triple
Crown in 1937. Coincidentally, this legendary
horse was owned by local owner Samuel Riddle,
whose estate helped build Riddle Memorial
Hospital ... and where the Credit Union's second
branch opened back in 1985.
"All the awards validate what we do," says
Mary O. Kennedy, FMFCU Board Chair.
Source: en.wikipedia.org/wiki/Samuel_D._Riddle
Branches: 26
Surcharge-Free ATM Network:
Over 25,000 ATMs nationwide
States Where Members Live: 50
Countries Where Members Live: Over 35
WHAT'S BEHIND FMFCU'S MANY AWARDS
Here are some of the reasons FMFCU has been
honored by so many organizations:
Youth Financial Education: FMFCU hired a
full-time employee devoted to youth education;
established five high-school branches where
(Continued on page 7)
4
"Best of Delco"
"Business of the Year"
"Best Bank"– Delaware County Daily Times – 2008
Delaware County Chamber of Commerce – 2007
Because of FMFCU's involvement,
the Hi-Q program is now a model
in the state and nation.
Joseph J. O'Brien
Educational Partner Since 2005
I was impressed that the Credit Union
went to that limit for a member.
Lisa O’Malley
Member Since 2007
(Continued from page 4)
students get hands-on experience; started
the Youth Advisory Board; began a
Partners In Learning Program reaching
3,490 students with 91 lessons in the
2007 school year; and became primary
corporate sponsor of the Delaware County
Hi-Q program.
Community and Member Education:
Staff informed over 600 adults in 40
sessions at workshops on such subjects as:
"Estate Planning for Seniors," "First-Time
Home Buyers," "Retirement Planning"
and "Understanding Credit"; introduced
the Delaware County Excellence in Teaching Awards to recognize outstanding and
dedicated teachers; provided scholarships
to five graduating seniors.
Proactive Fraud Prevention: FMFCU
ran programs on "Identify Theft" and
"Stopping Elder Abuse"; educated
membership about online frauds;
developed an online Security Alert Center
that has become the third most visited
page on FMFCU's Web site.
Communications Online and in Print:
FMFCU's Web site and Choices Magazine
are routinely recognized in national award
competitions for their ability to inform and
educate our members. They've received
seven awards in the last few months alone.
Speed, Service and Convenience:
Unlike banks, FMFCU offers: free checking
and free savings accounts with no monthly
maintenance fees or minimum balance
requirements; an Individual Retirement
Account (IRA) you can open with as little
as $5, with no set-up or annual maintenance fees; plus, money for mortgages,
student loans, home equity loans; Saturday hours in nine branches and Saturday
and Sunday hours in three; 24/7 phone
access for account information; and new
or enhanced services all the time.
Why should you care about
these awards?
They show that you made a wise
decision to be a member, rather than
a customer.
Charitable Donations: Employees
donated time, resources and funds to a
number of local non-profit organizations.
Among them: The United Way, American
Cancer Society, March of Dimes, Habitat
for Humanity's House in a Box Program,
Adopt-A-Family, Juvenile Diabetes
Research, Children First and Operation
Warm.
They show that FMFCU's efforts
to focus on Speed, Service and
Convenience make a difference to
our members.
Volunteerism: Staff donated and
installed computer equipment at East Side
Neighborhood Connection in Chester.
Employees also prepared tax returns free
of charge in Chester for low-to-moderate
income residents as part of the IRS
Volunteer Income Tax Assistance (VITA)
Program, and served on various boards.
In addition, our Board Members donated
their time and expertise to running your
Credit Union.
Honoring our employees
Investments: FMFCU has invested
in and served communities in four
underserved areas that other financial
institutions do not; offered a 7% APY*
Super Saver Savings Account to help
residents get started with savings;
provided risk-based lending to those
with poor credit scores; offered a Credit
Rebuilder program, and partnered with
Consumer Credit Counseling Service of
Delaware Valley to get our members help.
HEN JANELL MOORE, a
member since 2007, went
online to buy a $392 airline
ticket through Orbitz, she thought it
would be easy.
But as Janell clicked to complete
the transaction, the screen message said,
"Your purchase did not go through."
Hesitantly, she repeated the transaction
— five times in all until it worked. "Great.
All is well," she thought.
It wasn't. When her FMFCU debit
card was declined the next day, Janell
figured it was a momentary glitch. Then,
a day later, she learned her account had
*APY (Annual Percentage Yield) is quoted as of
11/1/2008. 7.00% APY on balances up to $500.
Balances over $500 will earn a 1.00% APY. Variable
rates apply. One account per member.
They show that businesses, local
residents and other credit unions
recognize our achievements. So take
a bow. You deserve it.
To recognize our employees who serve
you every day, FMFCU continued the
"Best Of" theme internally. For months,
Credit Union employees received gift certificates to other "Best Of" winners from
the Daily Times Reader's Choice Awards.
STELLAR SUPPORT
W
a "hold" on it. "This is ridiculous," she
said.
She instantly spoke to Member
Service Representative Pearl Brown in the
Member Service Center. "We had a long
relationship that week, me, Pearl and
Orbitz."
When Air Tran, the carrier, noticed
the multiple purchases, it flagged them
and processed a refund the next day. But
Orbitz failed to tell Janell the credit would
not show up in her account for a week.
So Pearl dogged Orbitz repeatedly,
saying, "How are you going to make this
right? When are you going to refund the
money?" Having Pearl's help facilitated
the refund, Janell says. "I truly felt she
was my advocate during my ordeal."
"This experience has definitely
confirmed that FMFCU is truly The Credit
Union of Choice," Janell said in a letter
to President/CEO John D. Unangst.
"Kudos to you and your team."
Special Assistance
Lisa O'Malley appreciates the personal
attention she's received from FMFCU
since joining last September. So when she
received one of about 10,000 member
surveys FMFCU sends out each year by
e-mail and direct mail, she wanted to
complete it.
Problem is, Lisa's been blind since
birth. And while Jaws, her speech
recognition hardware, can recognize
(
p g 9))
(Continued
on page
BIG NUMBERS
Deposits:
grew more than 10%
Membership:
grew 3x the state average
Dividends Paid
to Members:
grew to $12 million,
an increase of 41%
Satisfaction Rating:
95.2% in annual
member survey
7
When I saw how nicely Carolyn Guzzo took care
of the problem, I opened another account for
our son Ryan Jr.
Christina Kilpatrick
Family Membership Since 1994
(Shown with Ryan Jr. on her lap and son
Stephen on her husband Ryan Sr.'s lap.)
Word files and read aloud pretty much
everything on her computer screen, she
could not work with the link the survey
sent her to.
So Lisa called the MacDade branch,
and told Assistant Manager Dot Brooks,
"I'm a blind member and I'm having
trouble filling out the survey in its current
form."
Dot spoke to Drew Stanley, Assistant
Vice President, Market Development, who
put the survey into a Word document and
sent it to Lisa for her input.
Was Lisa surprised by FMFCU's treatment? "More like impressed," she says,
that the Credit Union "went to that limit
for a member."
Hometown Touch
While he works in the booming West
Chester area, Tim LaFlamme, a member
since 1999, has a small-town background.
He comes from Waterford, PA, in Erie
County, population 1,500, "with one bank,
one grocery store and one traffic light."
So FMFCU's small-town service
makes him feel at home. "The people
at FMFCU treat you like a king." They
have "a hometown touch in a big city
atmosphere. When I transferred a
mortgage to the Credit Union, it was
seamless. You feel like one of the family."
Tim says he's always treated with a
smile and some friendly chat. Often, that
chat includes questions ("Do you want us
to order checks for you?"), suggestions
("You might want to move some money
into this Certificate"), or information
("We have a special going on"). The staff
"offers solutions to my current issues at
hand," he says.
Tim also relies on FMFCU for "little
tasks" that are "always an emergency,"
he says. "FMFCU has not let us down
once."
He adds: "Where banks say, 'This is
the way it is, too bad' — FMFCU finds a
way to help you. It really feels like my
hometown bank."
Super Service
Christina Kilpatrick values great service.
And she recently opened a new account
for her 5-month-old son because of it.
Christina went to the Chadds Ford
Branch to correct a problem with an
incorrect name on a custodial account
she'd opened for her son Stephen, 2, in
February.
Carolyn Guzzo, Branch Manager,
stopped what she was doing and took
about an hour of time to research and
correct the problem. At the same time,
she "made a big fuss" over Stephen and
Ryan, gave Stephen a lollipop, and both
kids piggy banks.
"When I saw how nicely she did that,
I opened another account for our son
Ryan Jr.," Christina says.
"My husband (Ryan) and I, as well as
his family, have been with FMFCU since
1994, and we are happy to continue that
tradition with our sons, thanks to Carolyn."
Instant Action
Laura and Ned Focht have been FMFCU
members since the Credit Union started
in 1970. And they particularly like the
help they receive from Granite Run Mall
Branch Manager Larry Schuelie.
"We had a couple little problems
over the last two-to-three years. He would
just help us straighten it out right away."
In his actions, she says, Larry
"reminds me of John Unangst (FMFCU
President/CEO) when the Credit Union
started (at the Franklin Mint). He is very
accommodating."
If the Fochts couldn't reach someone
or had a problem, "Larry would say: 'Hold
on a minute. Let's see what I can do.'
And he'd take care of it."
Laura says, he remembers you,
"makes you feel good, and always has
a smile."
He has also helped them select the
right Certificate for them. "We knew he
would always steer us straight."
"Nothing has ever been too much
for him."
Model Program
As Superintendent of the Springfield
School District from 1995 to 2005, Joseph
J. O'Brien, Ed. D., partnered with FMFCU
on several programs. That relationship
continues now that he is Executive
Director of the Chester County Intermediate Unit.
Joe describes the work of FMFCU
and John Unangst, President/CEO, as
"phenomenal. He asks you what you
need. He goes the extra mile, and when
he leaves, you have a world-class program
where before you had nothing."
At one point, Joe recalls, when Delco
Hi-Q, the oldest, continuous academic
quiz competition in the nation, was having
some financial challenges, FMFCU
stepped in and became its primary
corporate sponsor.
What's more, John raised the
"academic celebration" to the level of
FMFCU members
speak out
FMFCU recently conducted its
annual member satisfaction survey.
Our member satisfaction ratings
continue to increase in many areas ...
and exceed the performance of
other credit unions and banks.
Below is a sampling of what you
or other members told us:
• 95.2% of members surveyed are
satisfied or very satisfied with the
service provided by FMFCU.
• 96.4% of you indicated your
satisfaction has increased or
stayed the same over the last
12 months.
• 95% of you are likely to suggest
FMFCU to your friends and family.
Our members are most
impressed with FMFCU's:
• Knowledge, friendliness and
professionalism.
• Accuracy in handling transactions.
• Prompt problem resolution.
FMFCU prides itself on the service
levels we provide to all members,
and we thank you for these
outstanding scores!
More locations, more hours
When asked what FMFCU could do
to enhance the value of the Credit
Union, many members indicated we
should add more ATM locations and
extend office hours. Good news!
FMFCU is part of the CO-OP ATM
network, so members have free
access to over 25,000 ATMs
nationwide, including those
located in 7-Eleven convenience
stores. FMFCU is also adding
branches with Saturday, and even
Sunday hours, plus we are extending
hours at some of our hospital
branches! Your feedback matters!
a sports banquet. "He treats the kids like
sports stars," Joe says. "They walk out
feeling like they were all-Delco in basketball or football. That's great." The
program, he says, is now a model in the
state and nation.
9
UNIQUE BRANCHES
Granite Run Mall
S
INCE OPENING our first free-standing branch in
November, 1988 in Media, FMFCU has built a network
of 26 branches and 33 ATMs in four counties. New branches
at QVC on Enterprise Drive in West Chester and in Springfield,
Delaware County on Baltimore Pike are coming soon.
Riddle Memorial Hospital
U
NLIKE BANKS, FMFCU's branches are located where
they best serve our members: at hospitals, corporations,
colleges, high schools, strip malls and shopping centers.
They are in hometowns like Media and West Chester and
in business areas like King of Prussia.
MacDade
West Chester
10
Media
T
HESE ARE NOT cookie-cutter branches. Each one is
designed individually to blend in with its surroundings.
So you have a brick fireplace in West Chester; a coffee
shop and home-like atmosphere in Media; and a super-sized
plasma screen at Granite Run Mall.
Chadds Ford
F
MFCU just does whatever it takes to provide
Speed, Service and Convenience to our
members — wherever you need it most.
Mercy Fitzgerald Hospital
Ridley
CARDIAC CHALLENGE
Fund-raising effort equips Riddle ambulances
with state-of-the-heart technology
HANKS TO A LITTLE FRIENDLY
competition sparked by John D.
Unangst, FMFCU's President/CEO,
residents served by Riddle Memorial
Hospital's seven ambulances are much
safer today.
That's because each of those ambulances now carries a cardiac monitor/
defibrillator capable of restarting the heart,
recording and monitoring electrical activity
from 12 different views, sending vital
information to the emergency department
and more while the patient is enroute.
The bottom line: paramedics can
make better diagnoses on-the-spot, lifesaving treatment begins right away and
hospital teams can quickly assemble in
the cardiac catheterization lab, saving
precious time.
This advance notice cuts the allimportant "door-to-balloon" time — or
period between arrival at the hospital
and insertion of a "balloon" to open a
heart blockage — to minutes.
Riddle can also assist "sister" hospitals
in the Main Line Health System by acting
as a "server site." They will use Riddle's
T
server to direct electrocardiograms (ECGs)
to their hospitals instead of each
institution’s having to implement its own.
$20,000 challenge
John D. Unangst, who is also a member
of the Riddle Healthcare Foundation Board,
fired up efforts to raise money for the
equipment.
When he learned that Riddle needed
the new Phillips HeartStart MRx Monitor/
Defibrillator with Q-CPR units, John
issued a challenge: FMFCU would donate
$20,000, if the board would match it. Not
only did the Foundation Board match the
grant, the Riddle Memorial Hospital
Board did, too.
"The community wins, "John says.
One community member who won
was Leo Muldoon, who has been owner
of Muldoon's Custom Drapes in Media
since 1982.
Muldoon, who has a family history of
heart problems, goes to the gym about
four days a week and keeps his cholesterol
low. But one morning earlier this year,
while getting ready to take a shower, he
suddenly collapsed on the floor.
No pain
Heart disease
is a killer
• About one in every five deaths in
the U.S. is due to coronary heart
disease.
• About 38% of people who
experience a coronary attack in
a given year die from it.
• The good news: 16,000,000 victims
of angina (chest pain due to
coronary heart disease), heart
attack and other forms of coronary
heart disease are still living
(8,700,000 males and 7,300,000
females).
Sources:
www.americanheart.org/downloadable/heart/
1168615457098551041%20KnowTheFactsStats07_
loRes.pdf
www.americanheart.org/presenter.jhtml?
identifier=4591
12
"I had no symptoms," he says. "None.
Only thing I was feeling was very lightheaded. It was a weird feeling."
He's not sure how long he was on the
floor. "It could have been 10 seconds or
two minutes." Shaken, Leo took a deep
breath and tried to diagnose himself. When
he touched the back of his neck and realized he was sweating profusely, Leo made
the "broad assumption" that he was having
a heart attack and called 911.
A police officer arrived first at the
house, followed by a Riddle ambulance
with an Emergency Medical Technician
(EMT). The technician hooked Leo up to
the new monitor/defibrillator right away,
and almost immediately a cardiologist at
the hospital could see that Leo was in
extreme distress.
"Because of this monitoring, they
were able to get an accurate reading,"
Leo says, and save his life.
He's thankful for the equipment and
the tech who operated it, whom he
describes as "professional and efficient.
Very smooth, calm and collected."
When Riddle demonstrated the new
equipment at a special celebration in
mid-July, Leo attended, wondering if he
would see the EMT who cared for him.
He didn't.
Chance meeting in Media
But several weeks later, while having
coffee with friends at a coffee shop in
Fast Facts
* Number of Riddle Memorial
Hospital Ambulances:
7
* Number of Riddle Memorial Hospital
Ambulance Calls Per Year:
6000 +
* Number of Riddle Patients Requiring
12-Lead Electrocardiogram (ECG)
Monitoring in First Six Weeks
of Operation:
Media, Leo spied the EMT who helped
save his life pulling into the parking lot.
"I went up and said, 'Excuse me, you
assisted me when I had a heart attack a
few weeks ago.'"
The EMT said, "Are you the guy?"
"He was surprised at how good I looked."
Leo thanked the man for saving his life.
Leo, 53, only missed three days of
work. But as he talks about his family, he
fully realizes how lucky he is to be here
at all.
At the time of his heart attack, his
daughter was six months pregnant. Now
Leo is enjoying his new grandson, Sean
Michael McCabe, and relishing time with
his family.
"I didn't know how fortunate I was
with this (monitor/defibrillator) machine,"
he says. "I want to thank everyone
involved with this.
"If it had been 20 minutes (before
receiving treatment), I would have expired.
That's pretty amazing."
25-30
Paramedic Eugene Smith (top), who
helped convince the Riddle Hospital
Board of the need for the new cardiac
monitor/defibrillators, and Keith Laws,
Paramedic Coordinator, say the new
machines "are lifesavers." Keith has been
a member since 1986.
13
Q & A:
Q
A
What do you do in that situation?
I explain to them that what you had
with your husband may not meet
your risk tolerance. If it's aggressive and
you are not, or if it is all in one stock, you
can get hurt. You need to evaluate the
investments and develop a plan that
meets your short-term and long-term
goals — which may have changed
because of the divorce.
Q
A
How will someone's income
change after a divorce?
Q
A
What do divorced women
need to know?
That varies. Typically, you sell a
home and may have a large lump
sum to work with. You no longer have
the spouse's income, but you may have
alimony and child support. And if you are
older, you may get your spouse's Social
Security, or be getting funds from a
retirement plan, Qualified Domestic
Relations Order (QDRO) or Domestic
Relations Order (DRO), due to a property
settlement.
Money Dos and Don'ts
for Divorced Women
Choices recently spoke with Christina
Moore, Financial Advisor, CUSO Financial
Services, L.P. (CFS)* about the financial
effects of divorce on women.
DIVORCE STATISTICS
• One of three Americans who marry
has been divorced at least once.
• Only 63% of American children grow
up with both biological parents, the
lowest figure in the Western world.
• America's divorce rate has declined
steadily since 1970. However, the
number of couples who live together
without marrying has increased
tenfold since 1960.
www.barna.org/FlexPage.aspx?Page=Barna
Update&BarnaUpdateID=295
www.divorcemag.com/statistics/statsUS.shtml
www.msnbc.msn.com/id/18600304/
14
The reason? Some 55% of our
members are women; a number of them
are divorced; and some statistics indicate
a woman's standard of living is likely to
drop by 27% after a divorce.
Source:
articles.moneycentral.msn.com/CollegeAndFamily/
SuddenlySingle/HowToLeaveYourHusband.
aspx?page=1
Q
A
Do you deal with many
divorced women?
I see a fair amount. One of the
biggest issues divorced women face
is the need to re-evaluate their finances.
They need to redo their budget, have a
plan, and be aware that there will be big
changes financially.
Day-to-day budgeting is important.
You also need to be aware of your joint
finances, your personal investments and
your spouse's investments. In many cases,
members will gather all of the information
for us to sort through together.
If you get a lump sum settlement,
you have to make a decision about
how to invest it. Unless you change your
spouse's allocation, the investment stays
as is. So you have to evaluate the investment and match it to your risk tolerance.
Even the paperwork can be difficult, so
you want to roll it over correctly and
transfer it properly.
Q
A
Anything else?
You should be re-evaluating longterm goals and how Social Security
will affect your retirement. It's also
important to have credit in your own
name. I suggest you meet with a financial
advisor before a settlement, so you can
put your plan and budget together. You
also need to be aware of any joint debt.
For example, it has happened where one
spouse ran up the credit card debt
before the divorce, and both parties were
liable for it.
Q
A
Are there things divorced
women overlook?
If you have joint investments or a
joint bank account, both you and
your spouse now have access to it. It's
important to be aware of this.
If you have your former spouse as
a beneficiary, you may also want to
change that. And if you have your
children as beneficiaries and you die,
think about who will handle that money.
Will it be your former spouse? If so,
you may want to set up a trust. There
is a lot to think about.
Q
A
Are there other common issues?
Claiming kids on your taxes can
become an issue. Sometimes spouses
take turns. You also have to look at all your
insurances: life insurance, car insurance
and medical insurance. Medical insurance
is a big one, and may disappear if you are
covered by your spouse's insurance. If you
have a high net worth, you may want to
look into estate planning.
Q
A
has co-authored an article published
in the Journal of Financial Planning.
Christina consults with FMFCU
members by appointment, in-person
as well as over the phone.
Complimentary consultations
Christina and her colleague Brian Fee
offer members complimentary planning
sessions at no charge. Their goal: to
help you turn your financial dreams
into reality. They can talk to you about
investment planning, retirement
planning, college planning, estate
planning and more. To contact either
Registered Representative, go to:
www.fmfcu.org/financialteam and
click on the e-mail address of the
representative you wish to speak with.
What about college planning?
Whether your spouse's assets go on
the financial aid form varies. Also,
your former spouse may not be saving for
the child's future college expenses.
Q
A
Any final advice?
There is no cookie cutter plan for
divorced women. Talk to a professional. Talk to an attorney and a financial
advisor, even if you don't think you will
need one.
Divorce is a time of change. Sometimes women are aware of that at the very
beginning, and some at settlement. But
there will be changes.
Christina Moore, who holds a B.S. in
Economics and M.Sc. in Taxation from
Widener University, is also an Associate
Member of the Society of Financial
Service Professionals. In addition, she
* 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.)
15
BUSINESS BUILDING
New FMFCU services provide
big-time savings to businesses
HILE OTHER FINANCIAL
institutions are merging,
moving and even dropping
their long-time business customers,
FMFCU is doing just the opposite.
In response to members' requests,
the Credit Union is marketing its
expanded business services to small
and medium-sized companies.
W
Better products, better rates
Marc Ernest, FMFCU's District Manager,
Chester County Division, who has eight
years of experience in commercial
banking and lending, says flatly, "Our
products and service are better than the
competition. Banks are limited on paying
interest (dividends) to businesses; we can
pay dividends to any business entity, and
our rates are often more attractive."
FMFCU has provided a basic
business checking account for some time,
says Cindy Wanamaker, Senior Vice
President/COO, mainly to accommodate
members who had small side businesses.
Earlier this year, the Credit Union
expanded its offerings to three different
business checking accounts, as well as
additional deposit products like business
and savings accounts, money market
accounts, and Certificates.
New services were also added to
provide a full menu to business owners,
including e-Banking and Bill Payer, a
business debit card with a VISA® Extras
Reward program, merchant services to
handle merchant gift card and credit card
payments, and payroll ACH services.
Plans are also underway to offer remote
deposit capture services in the future.
In addition, FMFCU offers business
loans and lines of credit, SBA loans and
a business credit card with a rewards
program. "We have everything the small
business owner would need," states
Cindy.
Marc illustrates mathematically the
difference between FMFCU and other
financial institutions: FMFCU offers a free
business checking account for 100
transactions or less. "Depositing 10
checks in one deposit with us is equal to
one transaction," Marc says. "This same
transaction done at a bank would
Being a member, not
a customer, is a huge
advantage and businesses
recognize that.
typically equal 11 items: 10 checks plus
the deposit slip." Businesses save with
FMFCU!
"With the introduction of FMFCU’s
new business accounts, a business now
has the freedom to worry more about
their business and less about their fees,"
he says. As a not-for-profit, FMFCU is
"not aggressive with fees. I have already
worked with some businesses in comparing their merchant services program, and
FMFCU has saved them significant dollars
in handling their credit card processing."
Better to be a member
than a customer
Marc and his fellow District Managers
promote numerous FMFCU advantages
when they call on area businesses. "We
Dr. Robby Wiemer, a Podiatrist at Mercy
Philadelphia Hospital, says both his new
business and personal accounts are "working
out well." He has been a member since 2008.
can offer Credit Union services to their
employees as a free employee benefit.
What business wouldn’t want a free
enhancement to their benefits package!
"We're not getting bought out,"
Marc says. "We are financially strong and
smart. We don't answer to stockholders,
we answer to our members. We do not
rest our laurels on pure historic existence
like many financial institutions. We have
and will always strive to succeed with
Speed, Service and Convenience."
Being a member, not a customer,
is a huge advantage, he believes, and
businesses recognize that.
Mercy doctor "jumped right on it"
Two members who recently opened
business accounts are Dr. Robby Wiemer
from Mercy Philadelphia Hospital and
Attorney P.J. Redmond in West Chester.
Dr. Wiemer, a Podiatrist who provides
wound care, mostly for the feet of diabetic
patients, opened up a business checking
and savings account (and personal
accounts) when he went into business for
himself earlier this year. "It's working out
very well," he says. Dr. Wiemer had heard
about credit unions, and when he learned
Mercy Philadelphia had one right in the
hospital, "I jumped right on it," he says.
P.J. Redmond has been an FMFCU
member "so long I have a four-digit
member number." He opened an account
during college while working as a courier
in Media. "I actually did banking around
the back of the Franklin Mint on U.S.
Route One, when the FMFCU branch was
there," he says.
So he was "ecstatic" when the West
Chester Branch opened up right around
the corner from his office.
P.J. does not care for banks,
describing them as: "remote-operating ...
doctrine-driven, business-unfriendly
organizations."
Now P.J. has business checking and
savings accounts with FMFCU to go along
with his personal accounts and car loan."
I'm a fan of credit unions generally,
because of my history with FMFCU.
They're really interested in getting the
customer what he wants, and they just
make it happen, instead of having to
check with somebody higher up and
elsewhere."
To get the word out about FMFCU's
Business Services, FMFCU is sending out
mailers and advertising. "We're touching
all bases," Marc says. For his part, Marc is
calling on prospects face to face, targeting
attorneys and accountants, whom he
describes as "centers of influence with
other businesses." Future plans include
networking meetings where small business
owners can share common challenges and
successes.
To learn more or to open a business
account, stop in your local branch, or
go to: www.fmfcu.org/business. You can
also call Marc at 610-696-4999.
Fast Facts
Mercy Health System of
Southeastern Pennsylvania
Name:
Headquarters:
Conshohocken, PA
Number of Employees:
Number of Patients:
Over 8,000
500,000
4 acute-care
hospitals (Mercy Fitzgerald Hospital,
Mercy Philadelphia Hospital, Mercy
Suburban Hospital and Nazareth
Hospital); plus, St. Agnes Continuing
Care Center, and Mercy Home
Health, a home health care agency
Hospitals in System:
2
(Keystone Mercy Health Plan and
Gateway Health Plan)
Medicaid Managed Care Plans:
Sisters of Mercy, 1831,
Dublin, Ireland.
Origin:
DELCO Chamber of Commerce
sharing space in two branches
FMFCU has donated office space to the
Delaware County Chamber of Commerce in
two branches: Chester and Chadds Ford.
The Chadds Ford space, where the
Chamber had offices in the '90s, will allow
it to host networking events and educational
programs that encourage business opportunities in the area.
One-on-one confidential business
counseling and mentoring also will be
available to Chester small business owners
and aspiring entrepreneurs through the
Chamber’s strategic partnership with
SCORE.
SCORE, "Counselors to America's
Small Business," is a nonprofit association
aimed at educating entrepreneurs and
promoting the formation, growth and
success of small businesses nationwide.
17
CONSUMERS' CORNER
THE # 1 RULE FOR SOLVING
YOUR TRAVEL PROBLEMS
Travel troubleshooter Christopher Elliott,
a consumer advocate, National Geographic Traveler’s ombudsman and
nationally syndicated columnist, is an
expert at solving travel problems.
Christopher believes if you approach
travel grievances the right way, you can
resolve 99% of them.
He helps travelers with the other 1%.
Christopher, who appears in USA
Today, the Philadelphia Inquirer,
MSNBC.com and more, says you need
"the right information, a positive attitude,
realistic expectations and, above all,
patience."
say 'no.'"
Christopher offers numerous
troubleshooting suggestions on his
excellent Web site:
Keep meticulous records; when
necessary, take snapshots, keep all
e-mails, brochures, and receipts.
Stay calm.
Don't call — write. It gives you a
paper trail.
Start at the bottom and work up. But
copy influential people. Customer
service people may give your complaint
more weight.
Keep your letter or e-mail to one page
and be courteous.
Use Christopher's "file" list to reach the
right people at your travel company.
Be specific about what you want ...
and be realistic.
Don't take "no" for an answer by
phone. Ask the company to put its
answer into an e-mail or letter. That
way, you have something to add to
your file.
Speak up right away
But his most important advice is: Don't
wait. "The sooner you speak up, the
better your chances of getting what you
deserve."
Rather than writing a letter or calling
when you get home, "mention your
problem before you check out, deplane
or disembark.
"The person behind the counter
frequently is empowered to fix the
problem on the spot. Leave without
saying something, and you’ll have to deal
with an outsourced call center where
operators have 50 ways (or more) to
18
If all else fails, e-mail Chris:
[email protected].
Contact info & troubleshooting tips
If you have a problem, check out
Christopher's Web site. It includes contact
information at the various airlines, plus
his evaluation of individual carriers.
The Travel Troubleshooter section of
his Web site includes recent Q & A
columns responding to travelers'
complaints. It's an eye-opening look at
common travel problems ... and Christopher's attempts to solve them. Well-worth
checking out.
But remember the first rule: try to fix
the problem when it happens. Once you
leave, resolution becomes much more
difficult and time-consuming.
Sources:
www.elliott.org/help/how-to-fix-your-trip
www.elliott.org
BEST WAYS TO HANDLE
THOSE FLIGHT DELAYS
You know the drill. You're at the airport
and your flight is already two hours late.
Suddenly, it's cancelled.
About 300 angry passengers start
mobbing the lone customer service agent.
In seconds, the line snakes through the
terminal.
What should you do?
Be prepared. Take the airline's 800 reservation number with you. And print out the
"Contract of Carriage" from the airline's
Web site. It spells out the ticket contract,
and what the airline will and won't do
for you.
Be courteous. Most veteran travelers will
tell you that politeness pays. If you are
nice to the ticket agent, you have a better
chance of getting what you want. Or
getting where you want to go faster.
Be creative. Have a backup plan. While
others are standing in line, call the airline's
800 reservation number to get another
flight. Or use a nearby kiosk to rebook.
Another tip from a veteran traveler: look
at the screen for the next two flights to
your destination, go there and try to get
on the stand-by list. It works.
Skip the 800 number. Call the direct
number of your local rental agency. If they
have a surplus of cars, they're more likely
to make a deal.
Bring a digital camera. Turn on the dateand-time option, and photograph dings
and dents. If the company tries to hit you
with a repair charge when you return the
car, you have proof that the damage was
already there.
Be fuel savvy. Know what the company's
refueling policy is and follow it.
Watch for falling prices. Several days
before you pick up your car, check prices
online. If they have dropped, call the local
rental agency and ask them to lower the
rate for you. They may do it.
Rent on a Saturday. This is often the
cheapest day to get a car, so call that
morning. Many pre-booked cars are never
picked up, so the lot may have a surplus.
Source:
www.aarpmagazine.org/travel/contrarian_traveler_
SO08_rental_car_relief.html?NLC-WBLTRCTRL&DET=F5-82908
WEB WONDERS
Sources:
current.newsweek.com/budgettravel/2007/07/reader_
tips_on_handling_flight.html
usatoday.com/travel/flights/2008-04-21-rule-240canceled-flight_N.htm#Stuck
BE CAREFUL DIPPING INTO
THAT AIRLINE SEAT POCKET
Warning! Before you reach into the
bottom of the airline seat-back pocket in
front of you, consider this: passengers are
unexpectedly finding some nasty items
inside.
Among them, say the New York Times
and Wall Street Journal are dirty diapers,
melted candy, mushy french fries and
half-eaten hamburgers. Middle seats
appear to be the worst, because children
often sit there.
Exacerbating the problem today is the
fact that most airplanes today are only
lightly cleaned. "In many cases, seat-back
pockets aren't thoroughly checked until
overnight cleaning crews work over a
cabin," says the Wall Street Journal.
What's more, some people are simply
mad at airlines and seeking retribution.
"Putting a melting chocolate bar in a seatback is a way of punishing the airline for
shoddy treatment," Robert Bro, a Clinical
Aviation Psychologist in London, told the
Wall Street Journal.
Sources:
well.blogs.nytimes.com/2008/05/09/whats-really-inthat-seat-back-pocket/
online.wsj.com/article/SB121002938540469015.html
6 WAYS TO SAVE
ON RENTAL CARS
Peter Greenberg, "The Contrarian
Traveler," in AARP Magazine offers these
money-saving tips when renting cars:
Avoid the airport. Taxes and fees are
usually higher there. It's often cheaper to
take a shuttle and rent your car in the city.
Avoid being an Internet fraud victim
The U.S. Postal Inspection Service and
Federal Bureau of Investigation fund a
very helpful site to protect you against
various types of Internet fraud. It
includes easy tests to determine your
fraud risk, FAQs and the latest consumer
fraud alerts. Definitely worth checking
out on a regular basis.
www.lookstoogoodtobetrue.com
Stay informed with Google Alerts
The geniuses at Google just keep
coming up with great services! Google
Alerts is one in a long line. Create an
alert and Google will e-mail you
information on whatever term you
want to monitor: your own name, a
competitor, a sports team, a developing
story, whatever. It's easy. And free.
www.google.com/alerts
Get a list of the greatest
movies of all time
The American Film Institute's Web site
is a super site for any movie aficionado.
Here you'll find the 100 best movies of
all time. Plus, you can download lists of
the 100 best songs, heroes and villains,
laughs, musical scores and other
interesting categories. Registration is
free. So join today, and get the popcorn
ready.
www.afi.com
Locate baseball box scores
going back to 1957
Retrosheet is a baseball buff's idea of
heaven. This extraordinary site has box
scores of every game from 1957 to
2006. In addition, you'll find stats on
every ballpark, as well as top performances by every team, every player,
and more. It even tells you where major
leaguers are buried.
www.retrosheet.org
Define financial terms instantly
If acronyms like EBITDA throw you, no
problem. Investopedia lists thousands
of easy-to-search definitions by
category and alphabet, along with
buzzwords, articles, tutorials and more.
By the way, EBITDA stands for Earnings
Before Interest, Taxes, Depreciation
and Amortization.
www.investopedia.com
Find old manuals online in seconds
Chances are the manual that came with
your kitchen appliance, DVD player or
cell phone is hidden away in a secret
spot where you'll never find it. No
problem. Just go to www.retrevo.com
and download a PDF of your manual.
It's a real time-saver.
www.retrevo.com
Learn how to do just about anything
Here's a great "how-to" site. Whether
you want to learn how to tie a tie, set a
classic table or do a bar trick, you'll find
an instructional video to teach you.
WonderHowTo pulls videos from over
1,700 Web sites. Try it. You're sure to
learn something.
www.wonderhowto.com
19
Would Margaret ask a prospective
partner for a FICO credit score? "If the
person is secretive about credit, I might.
I guess it would just depend. You would
hope the person you are with would be
honest with you about debt and with
everything else."
Talking the talk
Here is Margaret's "money & marriage"
advice for both would-be couples …
and well-established ones:
Be open about your goals. Do you
want a house? Or will you be renting?
What's important to both of you? Is it
owning a home? Going on a ski trip?
Or spending $80 a week with your
golfing buddies? "You have to have a
discussion about money at some point."
Have a budget you agree on. And
make sure everyone gets paid on time.
"That's a juggling act in itself," she says.
Save money. Delay some gratification.
You need to set money aside for your
pension, retirement and emergencies.
You have to look at your financial future.
Margaret says she and her husband lived
on a lot of beans and franks early in their
marriage to build for the future. Specific
checks paid specific bills, and they made
sure there was money to do that.
Look at your partner's spending
habits. Does one like expensive clothes?
Is one hitting the ATM frequently, and
"You have to have a discussion about money at some point."
MONEY & MARRIAGE
How to minimize problems before and after you say "I do"
I
F YOU'RE SERIOUSLY DATING
someone or engaged to be married,
you can probably rattle off your partner's favorite foods, movies and songs.
But it's much more important to
know something else: how do they handle
money?
That information can help you
eliminate or reduce fights over finances,
one of the biggest and most common
problems in marriage.
Questions to ask
Here's what you should know before you
walk down the aisle: "Are you going to
pool your money or have separate
accounts? And if you are going to pool it,
20
who is in charge of paying bills, and what
bills?"
These questions come courtesy of
Margaret DeLucas, who was a Certified
Credit Counselor at the Norristown office
of Consumer Credit Counseling Service
of Delaware Valley (CCCSDV), when
Choices interviewed her late last year.
"You have to talk about this. It's just as
important as discussions about children."
Margaret says you need to ask these
questions when you are dating. "Women
didn't ask them before. You still run
across some houses in which the husband
controls everything, and the woman
doesn't know anything about their
finances."
Suze Orman weighs in
with her advice
Until recently, financial guru Suze
Orman, called a "one-woman financial
advice powerhouse," by USA Today, had
a Sunday column in the Philadelphia
Inquirer titled "Women & Money."
Here's what Suze said about
a financially happy marriage:
"After you marry, every asset either
of you acquires is jointly held. That's
why you both need to be in sync on your
long-term financial goals, from paying
off the mortgage to putting money away
for retirement.
"Ideally, you should talk about all
this before you wed. If you don't, you
can end up deeply frustrated and
financially spent. Discussing money
with the man you hope to spend the rest
of your life with doesn't mean you don't
love him. It means you love him and
yourself."
Source:
www.philly.com/inquirer/columnists/
suze_orman/20071223_Women___Money___
Toward_financially_happy_marriage.html
buying expensive coffee several times
a week? One partner is often more free
with money than the other.
Her solution: First, Margaret has the
couple estimate what they spend in a
month. Next, they look at the two
amounts and jointly discuss what they can
cut back on. Finally, they agree on a
weekly allowance and stick to it.
Before any of that happens, though,
both partners need to track every penny
they spend a month. That way, they know
exactly where their money is going.
By the time most couples meet with
Margaret, their situation is desperate.
Usually, they've maxed out their credit
cards and are trying to pay interest rates
in the high 30% range. That's when they
realize they'll never get out of debt on
their own.
The couples are often embarrassed
to come in. But they're very appreciative
of Margaret's help. And, she says, most
are very serious about getting out of debt.
Note: Because FMFCU has partnered
with CCCSDV, our members can take
advantage of confidential credit counseling and Free Debt Management Plan
Account set-up. For more information,
go to: www.cccsdv.org. Or call CCCSDV
at 1-866-513-6328 (1-866-51FMFCU).
Money Talk
"Whoever said money can't buy
happiness simply didn't know
where to go shopping."
— Bo Derek
" Never go to bed mad. Stay up
and fight."
— Phyllis Diller
" A wedding anniversary is the
celebration of love, trust,
partnership, tolerance and
tenacity. The order varies for
any given year."
— Paul Sweeney
" Never marry for money.
You'll borrow it cheaper."
— Scottish Proverb
" She cried, and the judge wiped
her tears with my checkbook."
— Tommy Manville
" Marriage halves our griefs,
doubles our joys, and quadruples
our expenses."
— English Proverb
" I'd marry again if I found a man
who had fifteen million dollars
and would sign over half of it to
me before the marriage, and
guarantee he'd be dead within
the year."
— Bette Davis
" Love is grand; divorce a hundred
grand."
— Author Unknown
" Marriage is the only war in
which you sleep with the enemy."
— François, Duc de La Rochefoucauld
Sources:
thinkexist.com/quotations/money
www.quotegarden.com/marriage.html
21
PARTNER PROFILE
Crozer-Keystone Health System
CHANGING WITH THE TIMES
B
EING A HEALTH CARE ADMINISTRATOR
today is a lot like playing a challenging
computer game.
Your environment varies from minute to
minute, problems come at you from all sides and
your level of difficulty keeps rising.
Richard (Rick) I. Bennett, Executive Vice
President and Chief Operating Officer of the
five-hospital Crozer-Keystone Health System
(CKHS), admits that meeting the changing health
care needs of the community is not easy.
"For example, the ERs (Emergency Rooms)
are busy with our brothers and sisters, not our
grandparents," Rick says. And today's customer
wants different amenities and services than
previous generations did.
At the same time, the county's population
is aging, new residents are entering from foreign
countries, chronic diseases continue to be a
problem, and hospitals struggle to stay in the forefront of promoting wellness and healthy lifestyles.
One way CKHS adapts to these competing
and fast-changing needs is by doing community
health phone surveys of 500 households every
two years to help it determine what services to
offer families ... and where.
As a result of these and other research
efforts, CKHS continues to add and shift services
at locations throughout the county.
"We're trying to service our customers
where they feel comfortable and where it is
convenient for them," Rick says.
In recent years, for example, CKHS has
expanded facilities in the center of Media, and
opened new ones in Glen Mills at the Crozer
Medical Plaza at Brinton Lake, which it promotes
as "Advanced Care Close to Home."
Both are attractive, well-appointed offices
in pleasant suburban locations with easy parking
close by.
But Crozer-Keystone also is adding new
technology and services to its long-established
campuses, too.
Here's what's new at CKHS:
CyberKnife radiosurgery
Situated in Havertown, this advanced, pinpointprecise radiation therapy system targets and
destroys previously inaccessible tumors "anywhere
in the body," says CKHS's Web site. CyberKnife
uses radiosurgery to treat brain, liver, prostate,
pancreatic and some lung cancers without
damaging nearby healthy tissue.
Crozer-Keystone is partnering with
Philadelphia CyberKnife in this venture.
Philadelphia CyberKnife is operated by U.S.
Radiosurgery as part of the comprehensive array
of services offered by Delaware County Memorial
Hospital (DCMH).
More sleep centers
The first certified sleep center in the five-county
area opened at Crozer-Chester Medical Center
(CCMC) back in the 1970s, and was moved to
Photo on Right: Excited by CyberKnife radiosurgery's potential to destroy previously inaccessible tumors
and heal more patients are: (left to right:) Luther Brady, M.D., Medical Director of Philadelphia CyberKnife;
Rachelle Lanciano, M.D., Chief of the Department of Radiation Oncology at Delaware County Memorial
Hospital; and John Lamond, M.D., Radiation Oncologist at Crozer-Chester Medical Center.
22
Fast Facts
System created: 1990
Hospitals in system: 5
(Crozer-Chester Medical
Center, Delaware County Memorial Hospital,
Taylor Hospital, Springfield Hospital and
Community Hospital – with a total of 744 beds)
Special facilities: CyberKnife radiosurgery, sleep
centers, regional burn center, level II trauma
center, two regional cancer centers, two neonatal
intensive care nurseries, da Vinci robotic surgery,
fertility center and wound center
Emergency visits: More
Births: More
than 131,000
than 3,700
Admissions: More
than 43,000
Rank among largest employers in county:
# of doctors and nurses:
# of employees:
7,100
2,600
1
Taylor Hospital in 1987, Rick says. To accommodate increased demand and help area residents
cope with sleep disorders, CKHS has opened additional sleep centers in the Medical Office Building at DCMH and at the Crozer Medical Plaza at
Brinton Lake in Glen Mills. "The need for services
outstripped our space," says Kathy Scullin, Vice
President, Public Relations and Marketing.
Faster access to physicians and facilities
Crozer-Keystone also is making it easier for
patients to get the medical services they need
in disease-specific areas. "We give patients the
opportunity to speak directly with caregivers in
areas of specialization," Kathy says — through a
series of convenient 800 numbers.
Health care employees trained to answer
questions in select areas are now available for:
medical imaging, musculoskeletal care, sleep
disorders, cardiac tests, cancer services and
senior services.
Since caregivers often call to make appointments, these Crozer-Keystone employees not only
NEW!
Upgraded emergency departments
In recent years, CKHS also extensively updated
its emergency departments at DCMH and CCMC,
and is opening a new upgraded facility at Springfield Hospital.
Crozer-Keystone's system of hospitals,
medical office buildings, family health centers,
centers for occupational health and sports club
serves some 500,000 people in Delaware County.
"The way we compete is on service ... to be an
invaluable resource in our community where you
live, where your neighbors work and where you
are in a comfortable environment," Rick says.
Taking care "of our neighbors" is a tough
job, he admits. But he's immensely proud of the
7,100 employees who do it and "perform miracles
every single day." That won't change.
newsbriefs
ONLINE IRA CONTRIBUTIONS
NOW AVAILABLE AT FMFCU
In response to member requests, you can now make
current-year contributions to FMFCU's Variable-Rate
Individual Retirement Accounts (IRAs) through
e-Banking.
You can also make the same current-year
contributions to Coverdell Education Savings
Accounts (ESAs) or to Simplified Employee Pension
(SEP) accounts, says Liza Mattis, Vice President of
Support Services.
To request the service, login to e-Banking on
FMFCU's Web site. Choose the "Enable IRA Transfer" form under the "Forms & Applications" link.
FMFCU RECOGNIZED FOR
PROMOTING DIRECT DEPOSIT
FMFCU placed fourth among 27 U.S. financial
institutions for promoting Direct Deposit of govern-
24
schedule the visits, they can counsel caregivers
and patients about fitness, wellness and other
subjects as well.
For imaging, you usually can get an appointment the same day, Kathy says. For the others,
within 24-48 hours.
ment checks. The Credit Union's Direct Deposit
accounts grew 9.6%, compared to an average
of 4.36% for those in its same tier.
The federal government promotes Direct
Deposit for a number of reasons:
• You get access to your money faster than
with checks.
• You don't have to go to the bank to get
your money.
• You don't have to wait for the check to clear.
• Your check can't get stolen from your
mailbox.
Plus ... paperless checks save U.S. taxpayers
millions of dollars a year.
However, Americans 51 to 60 years of age,
those closest to retirement age, still favor paper
checks. And one in four Baby Boomers still
gets paid with paper checks at work. The
government hopes to change that.
F M F C U
M O R T G A G E S
What’s the
best investment
you ever made?
FMFCU’s Mortgage Center offers
so much more than meets the eye —
versatile terms, terrific rates, a first-time
buyers’ program, service for the life
of your loan, online applications and
calculators, cash-back when you buy
or sell a home through CU Realty of PA,
checklists for applying and closing,
"If these walls could talk, I’d bet they’d have a lot of great stories
to tell me about past owners. Sometimes I sit here and visualize
the transformation underway, creating my dream house one wall
and a whole lot of hand-holding!
at a time. Sometimes I can’t wait until we’re finished fixing her up.
But then again, it’s this process that begins our own special story."
For more information and to apply
Jennifer Howe
Member Since 2000
for a mortgage, visit us online:
www.fmfcu.org/mortgages
or call 610.325.5100.
(Outside PA, call 1.800.220.3193.)
S P E E D
•
S E R V I C E
•
C O N V E N I E N C E
Many organizations coming
to Media now contact
FMFCU first to see what
the Credit Union can do
for them. That's quite
a feat in a town with
25 financial institutions
within a three-block radius
of FMFCU's branch.
PPING
E
T
S
UP
FMFCU has become the go-to
sponsor for community
activities in Media
W
HEN LINDA HUDYMA became
Manager of the Media Branch in
2005, her primary goal was to help make
FMFCU a key part of the local community.
Between what Linda, now a District
Manager, and current Manager Bryan
Messick have done together, you'd have
to say they've certainly reached that goal.
In fact, says Bryan, many organizations
coming to Media now contact FMFCU first
to see what the Credit Union can do for
them. That's quite a feat in a town with 25
financial institutions within a three-block
radius of FMFCU's branch.
Starting with one small table at a
street event shortly before the current
Media branch opened in 2006, Linda,
Bryan and the branch staff now are
involved in a dizzying swirl of community
activities in Media.
On the 2nd Saturday of each month,
for example, FMFCU is one of more than
30 businesses in Media, that throw open
their doors from 6-9 p.m. Shops, galleries
and cafés host local musicians or display
the works of local artists.
Hugely popular, 2nd Saturday, run by
Linda Hudyma (left) and Bryan Messick
believe FMFCU's community involvement
is "the right thing to do." The Media Branch
participates in 25-35 events annually.
26
Top: FMFCU's Media branch celebrates its Grand Re-Opening in August, 2006.
Bottom, Right: The Credit Union has a prime spot at the Media Town Fair.
Bottom, Left: A smiling youngster enjoys himself at the Grand Re-Opening.
27
Top: Its central location and spacious lobby make FMFCU's Media branch
a popular host for community activities. Bottom, Right: The Media branch
is a great place to display artwork, says District Manager Linda Hudyma.
"Everyone wants to get in." Bottom, Left: During the holidays, the lobby
is transformed into "Santa's Wonderland."
28
the Media Arts Council, draws over 10,000
people into Media. "It's phenomenal,"
Linda says.
2nd Saturday's major sponsor
FMFCU is also its lead sponsor. When
asked to consider taking on this role,
FMFCU immediately said, "Yes," and
started the sponsorship last January.
At its branch, the Credit Union has
hosted art displays, musicians, opera,
fashion and jewelry exhibits, even an
edgy "Human Puppet Paintbrush," who
hovered over the crowd and whose
movements were controlled by the
crowd on the floor below.
FMFCU's branch is "a great place to
display artwork," Linda says. "Everybody
wants to get in."
The Credit Union also participates in
Super Sunday events in both the spring
and fall hosted by Town Talk and CrozerKeystone Health System. In addition,
FMFCU hosts the annual holiday party
for the Media Business Authority (MBA),
as well as an annual Coffee Connections
meeting with the Delaware County
Chamber of Commerce that attracts
60-70 business people.
The cozy Coffee Beanery, located
inside the branch, plays an important
welcoming role in these community
activities, too, says Linda. The shop
usually hosts musicians during 2nd
Saturday, sells frozen drinks from a tent
at Super Sunday, and offers after-dinner
espresso and cappuccino to those
"Dining Under the Stars."
"Santa's Wonderland"
In late November, for the second straight
year, FMFCU will work with the MBA to
turn the branch into "Santa's Wonderland"
for about 30 days.
Among the holiday events taking
place will be: numerous visits to the
branch by Santa from the time he arrives
in town by fire truck on the day after
Thanksgiving until Christmas; plus,
strolling carolers, carriage rides, marching
bands, chestnuts roasting in front of the
Credit Union on Wednesday nights and
more.
Helping transform space inside the
branch is a holiday backdrop from the
Radio City Christmas Spectacular.
In all, FMFCU is involved in about
25-35 events annually, something it could
not do without enthusiastic, cooperative
employees. "We have a great staff in
Media," Linda says. "They like to do it and
have a great time. We actually have
to turn people down who want to work on
2nd Saturday." Students from the nearby
Strath Haven High School student branch
"are a big help."
Doing well by doing good
"Our involvement and getting that
exposure really gives us an edge," Bryan
says. He's also pleased that FMFCU's
community relations efforts have resulted
in frequent business referrals.
"It's the right thing to do," says
Bryan, who serves on the Media Rotary
Board, Media Business Authority, Media
Arts Council and Delaware County
Chamber of Commerce Young Professionals Committee.
Good timing always helps, and
FMFCU's community relations focus
coincided nicely with successful efforts by
the local arts and business communities
to turn Media into an inviting destination
for food, shopping, the arts and antiques.
As a result, Media has emerged as
a vibrant, energetic town that attracts
people from miles around.
Things really started to pick up in
2005, Linda says. "The last three years,
it's been unbelievable."
After the MBA started "Dining Under
the Stars" along State Street, it had to
extend the hours until 11 p.m.
"You couldn't get people off the
street," Linda says.
Note: To see a map of the next
2nd Saturday event, go to:
mediaartscouncil.org/maps.htm.
Some annual Media events
FMFCU participates in:
Jazz Festival
Blues Festival
Reggae Festival
Roots Festival
Bike Race
Food Festival
2nd Saturday
Santa's Wonderland
29
(
COST-CUTTERS
Is the economy slashing your spending money?
FMFCU Members offer these money-saving tips.
G
AS PRICES ARE HIGH. Disposable income for
most everyone is low. And, the stock market is
turbulent. If you’re like a lot of people, you
may be thinking twice these days before ordering out
on a Friday night, taking the family to a Saturday
movie or even going for a Sunday drive.
According to Merrill Lynch, “By the end of 2007,
36% of consumers' disposable income went to food,
energy and medical care, a bigger chunk of income
than at any time since records were first kept in1960.”1
)
At the close of this past summer, leisure spending
among Americans was down. In its annual survey, The
State of the American Traveler, Destination Analysts,
Inc., a San Francisco-based tourism industry research
company, reported that gasoline prices and personal
financial concerns are the most important issues
impeding leisure travel.2
So what are FMFCU members doing to compensate for the crunch? To find out, we conducted a contest on our Web site, and asked for your suggestions.
Here’s what some of you had to say:
"Lower your electric bill"
"As gas prices have sky-rocketed,
my husband and I decided to pinch
pennies in other places. I walk to the
local convenience store ... and he
bought an old-fashioned push lawn
mower that doesn't need gas. As a
bonus, we have both lost 10 pounds
from the added exercise!
We also moved going out for
Saturday night dinner to a Saturday
afternoon lunch — most places offer
the same menu at a reduced fare.
But, the biggest changes we’ve
made have resulted in lowering our
electric bills. Unplug the DVD players, stereos and microwaves when
not in use, because those blinking
clocks that never tell the right time
anyway burn energy all day."
— Gina Slavin
Winner of FMFCU’s Online Contest
Member Since 2006
"Check Your Receipts"
Contest winner Gina Slavin received
a $100 FMFCU VISA gift card, plus
an 8 x 10 copy of a professional photo
"The best way I save gas is by carpooling and rotating
drivers in the carpool. I fill my tank up on Sundays and
I try not to drive at different speed levels. If you drive
at a consistent speed limit, you can save a little gas.
Plus, try not to leave your car running unnecessarily."
— Deatria Cunningham
Member Since 2003
Sources:
1
www.ajc.com/business/content/business/stories/2008/03/21/econ_0322.html
www.destinationanalysts.com/SATSJuly2008.pdf
30
— John Bevilacqua
Member Since 1999
taken for Choices.
"Save on gas"
2
"You should always verify the prices
charged on grocery store receipts
after shopping. Most of the grocery
stores have a policy that will give a
shopper an item for free if the price
charged at the register differs from
the price marked on the shelf. Over
the past year, I have saved over $75
on the purchase of various items
such as cereal, beverages and other
groceries by simply reviewing the
receipt after shopping. If I see an
unusual price, I go to the customer
service counter to verify it. My
neighbors think that I am unusual,
but I am simply trying to save
money where I can."
"Get new price quotes"
" . . . Every year or two, I call for [new] quotes on our car,
homeowners and umbrella insurance. Last year I saved
$500.00! I also call the cell and landline companies every
year to try and get a better rate. I usually end up saving
a couple of dollars a month.
I also switched from standard to basic cable. Our kids
watch PBS and DVDs, so I was wasting $40.00 a month
on a service we did not use. It all adds up!"
— Lynn LeBlanc
Member Since 2000
MEMBERS' FORUM
SOME KEY QUESTIONS
ASKED BY OUR MEMBERS
Thanks for your feedback! Our recent
Member Survey contained a number of
questions and comments about check
holds. Because we thought those
questions might be of interest to all our
members, we're including them here —
without revealing any personal information
about the senders.
If you have any comments or concerns,
please send them to us. We want to hear
from you. (See How to Contact FMFCU
on the right.)
Q: It is great that FMFCU has branch
locations open on Saturday and Sundays,
but why don’t those dates count when
calculating check holds?
A: The Federal Reserve controls the
physical and electronic movement of
checks throughout the country. They only
operate on "business days" — which do
not include Saturdays, Sundays or federal
holidays. The good news is they are
consolidating their processing centers,
and more and more checks are now
considered local checks vs. non-local in
regards to check holds. All members
were sent a disclosure regarding these
beneficial changes in their September
2008 statements.
Q: Can FMFCU place a hold on a payroll
check?
A: Yes. The best option for payroll checks
is to set up Direct Deposit. Funds must be
made available on the payment date when
received electronically. While holds are
generally not placed on payroll checks
from partnering sponsors of FMFCU,
unless there have been prior returns or if
the individual member account is not in
good standing, there are no special check
hold regulations for payroll checks.
transaction, since it may be returned a
second time.
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)
Q: FMFCU recently re-deposited a check
that was returned and I got an exception
hold notice in the mail. What does that
mean?
• 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]
A: Exception holds are used when a
financial institution does not follow its
normal check hold policy. At FMFCU,
local holds are two business days and
non-local holds are five business days.
We use an exception hold notice on a
check that was previously deposited but
returned unpaid. We extend the hold,
to lessen the risk associated with the
• 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 member for a timely response.
Q: Recently FMFCU placed a hold on
a cashier’s check. I thought cashier’s
checks were supposed to be honored
immediately?
A: A cashier’s check is issued by a financial
institution and is a direct obligation of the
financial institution. In the past, cashier's
checks were considered risk-free and a
trusted source of payment. Unfortunately,
many consumers have become victims
of scams involving fraudulent cashier’s
checks, and when a financial institution is
suspicious on the validity of a check, a
hold may be placed, and proper notice
given to the member. It may take weeks
to discover that a cashier’s check is bogus.
In the meantime, you may have spent
the funds or wired all or a portion of the
funds to a scam artist. When the check is
returned, you will owe the full amount
of the check back to FMFCU. See
www.occ.gov/ftp/ADVISORY/2007-1.html
for a review of common scams involving
cashier’s checks.
31
A
S I SAT IN MY Personal Finance and
Investing class towards the end of
my sophomore year at Upper Darby
High School (UDHS), there was an odd
change of pace as we wrapped everything
up earlier than usual. My teacher started
handing out FMFCU job applications to
the class as we wore confused looks on
our faces.
It didn’t matter that I had no idea what
Franklin Mint or even a Credit Union was;
opportunity was knocking and this was a
quick way to make money over the summer. Little did I know that this one day
would have a lasting impression on my
future.
That summer, other students and I
learned how to run a Credit Union. The
training ran 9 a.m. to 4 p.m. for about six
weeks. Before I knew it, I was back in
school. This year was different, however.
There was more to look forward to than
soccer season, ridiculous amounts of
homework, standardized tests or being
assigned to sit next to the smelly kid in
class. This year FMFCU would be opening
a student-operated branch in Upper
Darby High, and I would be part of it.
Like the other four high school
branches, it’s entirely student-operated.
Upper Darby's is supervised by FMFCU
employees from our partner branch at
Delaware County Memorial Hospital.
During my junior year, when I was
the branch Marketing Officer, we had 12
student employees, myself included. At
the start, there was a lot of curiosity as to
how the branch would perform.
WHAT WAS I THINKING?
My experiences as an FMFCU student employee
BY DAVINDER PAL SINGH
promotional materials.
The following year, I was elected President of the UDHS Branch. That meant
doing the schedule, overseeing marketing
operations, and speaking to the high
school administration for permission to
promote the Credit Union at school events.
You’re probably thinking, "Whoa! . .
President!" I can attest that without the
"There was more to look forward to
than soccer season, ridiculous
amounts of homework, standardized
tests or being assigned to sit next to
the smelly kid in class."
cooperation of the staff, we would have
easily failed. Although the employees were
assigned different roles, we put our heads
together and succeeded. All of us worked
together as a team to meet our quotas and
achieve our goals as a branch. It definitely
was not a one-man show.
Another opportunity
This past summer, I learned that FMFCU's
Marketing Department was going to be
shorthanded through November. Again,
I saw an opportunity and asked if I could
temporarily fill the position of Marketing/
Public Relations Coordinator. What do you
know? The staff agreed.
My mom always told me to push the
envelope. You can’t really know what
you’re capable of unless you ask questions
and get out there and do it.
Like usual, mom was right. I write the
On-Hold messages that you hear when
you call FMFCU’s automated telephone
banking system (also known as PAT), along
with community press releases. I handle
donation and advertising requests from
various partner groups, and I am the internal coordinator for Choices Magazine,
making sure articles get reviewed by the
right staff members at FMFCU.
(Continued on next page)
vision... fun... lo ve...
Lots of questions
How many accounts would we open?
Would prospective members even be
aware of the branch in a school of almost
4,000 students? What were we as a team
going to do to educate students on the
Credit Union’s products and services?
All the student employees underestimated the Credit Union when it said the
branch was to be "Student-Operated."
Never did we think 12 students would be
running a branch. But our student staff was
responsible for opening and closing
procedures, providing member service
and taking care of marketing and public
relations needs ... whether that meant
giving a speech on back-to-school night or
holding table days with giveaways and
Photo on Left: Davinder Pal Singh, who headed
Upper Darby High School's student-operated
branch and has worked in FMFCU's Marketing
Department, says, "Don’t ever look at one
opportunity as just that." Davinder has been
a Member Since 2005.
scott nibauer photography
scottnibauerweddings.com 267.303.8348
33
(Continued from previous page)
Apart from these responsibilities, I tend
to other things, such as promotions and
cataloging media clips just to name a few.
You’re probably saying right now, "What
the heck was this kid thinking?!"
Seeing the big picture
I have really enjoyed my marketing experience at FMFCU. By being behind the
scenes, I saw how all the departments
come together to make things work.
In addition to my role in the Marketing
Department, in the three and a half years
I’ve been with the Credit Union, I presided
over a student-operated branch, worked in
over five different "regular" branches and
served on FMFCU’s Youth Advisory Board
(a board of young people that help in
Kevin Ricker
Member Since 2004
product development for high school
branches).
I participated in the Delaware County
Chapter competition for Youth Ambassador, and represented Delaware County
Credit Unions at the state conference.
Before I knew it, my "summer job"
rapidly evolved into so much more. I have
learned so much about business, finances
and effective decision-making, along with
a plethora of other things — all of which
can be applied to my everyday life and to
my future career.
Everyone I’ve met through this experience, all of the relationships I’ve made
and the advice and encouragement I’ve
received, have really helped in shaping me
into the person that I am today. I would
like to sincerely thank those people and
David Tran
Member Since 2008
also FMFCU for asking me to write about
my experience.
I am now in my second year as a
student at Delaware County Community
College (DCCC), and will transfer to
Villanova for my Bachelor’s in Business
Administration with a focus on Marketing.
Good advice
My advice to people my age that might be
reading this article? Don’t ever look at one
opportunity as just that; it can open doors
to many other opportunities in which you
can excel.
Everything in life is going to be what
you make out of it; so get out there, make
it fun, play hard — but work harder, be
honest . . . and listen to your mom, she’s
usually right.
Viktoriya Kobchenko
Member Since 1992
Michael Baschoff
Member Since 2007
SMART SAVERS
Young members tell how they cope with today's cash crunch
BY DAVINDER PAL SINGH
D
AVINDER PAL SINGH, who filled in
during the summer and fall of 2008
as a Marketing/Public Relations
Coordinator at FMFCU, was sent out to
take the pulse of fellow Generation Y
members. His assignment: to see how
they are coping with the money crisis.
Davinder spoke to four young FMFCU
members:
Kevin Ricker, 21, one of the first
student employees at FMFCU's Interboro
High School branch.
David Tran, 17, a student employee
at the Credit Union's Upper Darby High
School branch.
Viktoriya Kobchenko, 23, a Credit
Union employee for about two years.
Michael Baschoff, 17, a student
employee at the Strath Haven High
School branch.
Here are their answers:
Q: How are you coping with tighter
money all across the board — school
supplies, tuition, food, etc.? What are you
doing to stretch and save your money?
Kevin Ricker: "Well for one, I’m commuting to school now. Before, I lived on
campus. I go to Temple. I didn’t want to
have to borrow more money that I would
have to pay after I graduate."
David Tran: "I try to shop for bargains and
look around for the best deal. It’s harder
than I make it sound. Before, I would buy
whatever I liked. Now I think twice."
Viktoriya Kobchenko: "It’s very difficult.
Money goes out of your pocket quickly
now. I try to put a priority on the things
I buy. I try to buy necessities."
Michael Baschoff: "Less WAWA trips.
34
I try to spend less. I buy things I absolutely
need and if the other things can wait, I’ll
buy them later on — if they’re even
needed."
Q: How are you dealing with gas prices?
Kevin Ricker: "I was really upset when
gas prices started rising. Now I’m kind
of used to it and I accept the fact that
they’re high. I try to drive less. I find
myself prioritizing my trips now. If it’s
important for me to drive, I will."
David Tran: "You can’t really do anything
about gas prices. I just drive more
efficiently — I take it easy on the pedals.
I manage my money pretty well, so it’s
not really affecting me too much."
Viktoriya Kobchenko: "It’s outrageous
that a necessity now costs that much. To
some people, it really is a necessity —
getting places is needed. I consolidate
my trips and try to do multiple things in
one trip."
Q: Do you still go out/eat out as often?
Kevin Ricker: "Honestly, I still go out. It’s
less often than before, but I try to scope
places out to see where I can get the best
price for whatever I’m doing."
Viktoriya Kobchenko: "I still go out.
I mean it’s not as often as I used to, but
I still do it. I don’t think anyone can just
stop living. I just spend less when I’m
out."
Michael Baschoff: "I don’t go out as
much. I definitely don’t go to the movies
anymore — it costs too much. I try to look
for cheaper alternatives. Money that I
would be spending to go out, I now have
to spend on things that I need."
Q: Is there anything else you want to
add? Advice for other young people?
Kevin Ricker: "My advice to young
people: don’t use credit cards if you can’t
afford whatever you’re buying. The way
I look at it, my philosophy if you will, is:
plan ahead and save your money. At the
same time though, you only live once —
so don’t be too greedy with saving it,
because you won’t be taking it with you
when you die. Just live your life and plan
for the future."
David Tran: "The only advice I have is use
your money wisely — just save for your
future."
Viktoriya Kobchenko: "Set money aside.
I just designate a certain amount that
I take out of my paycheck that is saved.
I don’t even touch that amount."
Michael Baschoff: "My advice to other
people my age: save as much as you can."
HIGH ENERGY
Rachael Edwards leads
by example
A
S COUNCIL PRESIDENT OF
FMFCU's student-operated Upper
Darby High School (UDHS) Branch
during the 2007/2008 school year,
Rachael Edwards' primary goal was to
increase membership.
To the surprise of no one who knows
the energetic, outgoing young woman,
she accomplished all that ... and more.
In fact, under Rachael's leadership,
the Upper Darby branch was named
FMFCU's 2008 Student Branch of the Year.
She was also its top producer.
Rachael Edwards, a Member Since 2005, doesn't take no for an answer.
Her method: she "wouldn't take no
for an answer." In fact, her fellow students
"pretended to hide from us in the hallway," Rachael says. "If they said they
would think about it, we would follow up.
We got their friends, too," she says.
Rachael, described by Chris
Gerlacher, Delaware County Memorial
Hospital Branch (DCMH) Manager, as
"charismatic," used her personality,
persistence and megawatt smile to
recruit members. She also was the top
producer at Mandee, a teen fashion
specialty store at the Manoa Shopping
Center.
Reaching out to ESL students
Rachael brought a real creative flair to her
Credit Union position. As an English as a
Second Language (ESL) tutor, Rachael
and Javada Hill, a fellow student branch
associate, went to a Spanish class and
promoted the benefits of the Credit
Union in Spanish. A number of students
in the ESL class, as well as their parents,
became FMFCU members.
Rachael opened her first FMFCU
account — or rather her brother did for
her — at DCMH, before she was even 18.
Rachael, knowing college was approaching, wanted to start saving money.
Impressed by the friendliness of the
staff at FMFCU's DCMH office, which was
headed by Chris, Rachael knew she
wanted to be part of that group and
work with them.
At Upper Darby's student-operated
branch, she got that opportunity. Chris
and her associates managed the students
at the high school branch, and often
oversaw their work at the DCMH branch.
Having fun at work
During summer training, Rachael became
immersed in the details of running a Credit
Union branch. She also learned how
innovative businesses like the renowned
Pike Place Fish Market in Seattle, WA can
make the business of serving customers
(or members) a fun experience, a lesson
she took with her to college.
Now a freshman at Elmira College in
New York, Rachael is majoring in clinical
psychology, because "I want to help
people."
Of her time at FMFCU, Rachael says:
"I didn't really expect working there to be
so much fun. We're close, like a family."
Chris says Rachael "has a positive
attitude about everything."
While serving as Council President,
Rachael also organized Pollyannas at
Christmas and rallied people for table
days at the high school. "She thrives on
working with large groups of people,"
Chris says. "She's got so much going on.
I don't know how she does what she does.
"She's not a follower. She's a leader."
35
"Some will rob you with a six-gun. And some with a fountain pen"— Woody Guthrie
THE TRUTH ABOUT TRUSTS
Consider one if your kids are under 25;
for most senior citizens, forget them
OU DON'T CUT GRASS with a pair of
tweezers. Or dig holes with a spoon. But
many seniors today are doing something
"If you leave something to your spouse in
Pennsylvania, there is no inheritance tax. And
living trusts do not reduce Pennsylvania
similar.
inheritance tax when children or others inherit.
They are buying "living trusts" and using a
Even if your estate is worth $2 million, there is no
perfectly good tool for the wrong purpose.
federal estate tax regardless of who inherits,"
As a result, says Media attorney Joseph E.
he says.
Lastowka Jr., who has prepared wills and trusts for
“Moreover, there are no probate expenses
over 6,000 individuals and is a member of
for jointly owned assets, life insurance, or investFMFCU's Board of Directors, seniors are being
ments which have beneficiaries named, like IRAs
duped into buying high-commission trusts by
— and these are the assets that most people
false promises of avoiding probate costs and
commonly own.”
estate taxes when they die.
Joe, a University of Pennsylvania Law School
"The ironic thing is that they fear something
grad who was named one of the 2008 Pennsylvathat is not likely to happen in the first place," he
nia Super Lawyers, says peddling pension
says — at least not in Pennsylvania.
Y
36
• You are on your second or third
marriage.
Why a trust for parents with
children under 25?
"Trusts are the most common cause of elder fraud," says Joe Lastowka, who has prepared wills
and trusts for over 6,000 individuals. Joe, a member of FMFCU's Board of Directors, is a University
of Pennsylvania Law School grad who was named one of the 2008 Pennsylvania Super Lawyers.
annuities to seniors with the promise of
tax savings is a pervasive problem.
loved ones after you pass away free of
court supervision, can be a wise choice
in certain situations.
Blitzing boomers ... and beyond
You need a trust if:
"It's totally bogus," he says. Unfortunately,
seniors are targeted because they have
money and the time to go to marketing
luncheons. They're bombarded with postcards and mail from organizations with
official-sounding names like "The National
Senior Information Center," designed to
free them from their money.
It's the products sold to fund these
mass-marketed trusts, often annuities,
that are the reason for the pitch, that give
trusts a bad name, he says.
In fact, Pennsylvania Attorney
General Tom Corbett has filed two suits
against the operators of living trust sales
schemes for deceiving elderly consumers
and "selling long-term deferred annuity
contracts to those who would not live to
derive full benefits."
The civil suits also accuse scheme
operators of "misrepresenting the rates
of return, costs, penalties and other terms
of the contracts, plus using scare tactics or
omissions to sell estate-planning products
that were not appropriate to their needs."
"Trusts are the most common cause
of elder fraud," Joe says. Many of the
victims "don't know what a trust is or why
they would want it."
• You have one or more children with
special needs who will never be able
to support themselves financially due
to physical or mental disability.
Why? If a child owns or inherits anything in his own name, it is likely to
disqualify that child from government
assistance programs. And many of
those programs, including some types
of daycare and 24-hour service, are
either not available privately, or are too
expensive.
The good news about trusts
However, Lastowka does say that a living
trust, a legal document that allows you to
give your money or property to your
38
You need a trust if:
• You are a married couple with combined
assets of over $2 million in 2008 or $3.5
million in 2009. With a trust, you can
double your exemption, and protect up
to $7 million from federal estate taxes
in 2009.
You should consider a trust if:
• You have children or other beneficiaries
under the age of 25.
• You have a family member who has
difficulty managing money.
• You have a family member who suffers
from addiction.
Many children simply are not able to
handle money until they "are old enough
to know something about what the world
is about," Joe says. That's the value of
a trust.
"You have a more responsible person
or institution handle money, pay expenses
and make distributions until the children
reach a specific age," he says.
A typical couple that Joe sees is 40
years of age with children under 25 years
of age. The trust is designed so that if both
parents die, the trust will take care of the
kids until the youngest is 25.
"These people have a need," he says.
"But they are not going to understand
their options until they talk to a seasoned
lawyer. Finally they see there is a solution.
A light bulb goes on."
Joe feels that most children are not
capable of handling a substantial inheritance. So he advises clients to distribute
one-third of assets at age 25, and the
balance at age 30 or later.
Some people avoid a trust completely
and opt to leave the money to a sibling,
like a brother, assuming that the brother
will see that each child gets an equal share.
However, that can create additional
tax burdens. Because the brother receives
the funds personally, the Pennsylvania
inheritance tax is 12%. With a trust
benefiting the kids, it is 4.5%.
More importantly, a trustee can make
prudent, long-term decisions. Rather than
splitting assets equally, a trustee can be
authorized to look at the individual needs
of the children. For example, if there is a
difference in ages, a trustee may change
the allocation to be sure the youngest
child has money to attend college.
"A lot of trust work is just managing
details to shepherd an inheritance so it is
handled right," Joe says.
Like most things in life, trusts have
pros and cons. To determine if a trust is
best for your particular situation, talk to
an experienced estate planning attorney.
Sources:
biz.yahoo.com/pfg/e14trust/art031.html
64.233.169.104/search?q=cache:9qyLJdLJxV4J:
www.calestateplanning.com/download/trusts-versuswills.pdf+living+trust+vs+will&hl=en&ct=clnk&cd=
24&gl=us
• You have a spouse or family member
who will need nursing home care, or
who has a serious illness.
www.investopedia.com/terms/r/revocabletrust.asp
• You have real estate in more than one
state.
www.consumeraffairs.com/news04/2006/05/
pa_living_trust.html
www.nytimes.com/2005/11/20/realestate/
20home.html
39
Family Finances
too close to the edge are more likely to find
themselves burdened by debt.
"You really need a four-to-six month
emergency fund," he says. "A high debt
level, coupled with a life event, has the
potential to put you in default," noting
that default numbers are up across the
country. The holidays are also an
opportunity to spend more than you
have, he says.
How do you get out of debt?
It depends on the situation
AT THE END OF YOUR CAR LEASE?
FMFCU CAN HELP YOU BUY
Car leasing, where it is available, has
become a lot more difficult ... and
expensive.
Chrysler has gotten out of the car
leasing business completely. And GM,
Ford and some foreign brands have
tightened up their terms, with costs on
an SUV expected to jump about $200
a month.
The good news: you can still turn in
that leased car on schedule, and FMFCU
can help you buy it. The Credit Union has
flexible loans and very competitive rates
with a variety of terms, says Allan Stevens,
FMFCU's Vice President/Lending.
For example, go to the Vehicle
Center section of FMFCU's Web site, and
you'll see both new and used auto loans,
auto equity loans, motorcycle loans and
loans for Recreational Vehicles featured.
In addition, the Credit Union offers a
program for first-time buyers.
Express Check is popular
for purchases
Many FMFCU members finance their car
purchases with an Auto Express Check,
Allan says, because of the great flexibility
offered by the program.
You just need to know the maximum
amount you want to purchase. You usually
can receive your Express Check in a few
minutes, and it gives you the ability to
40
negotiate like a cash customer. If you are
not in the area, FMFCU will mail you your
check.
Now is a good time to finance just
about any kind of vehicle, because car
sales have been low this year and prices
are very reasonable. To get the best price,
you should check out two or three dealers,
Allan says.
FMFCU also has extended members'
repayment terms to 84 months on new
cars and 72 months on used cars to help
keep monthly payments low for our
members.
For more information on any kind
of vehicle loan, go to your branch, visit
FMFCU's Web site at www.fmfcu.org/
vehicle, or call the Member Service Center
at 610-325-5100. (Outside PA, call:
800-220-3193.)
Sources:
www.fmfcu.org/loans/auto.htm
www.denverpost.com/business/ci_10394383
www.usatoday.com/money/economy/
2008-08-04-343998403_x.htm
HOW TO MANAGE YOUR DEBT
Most people get into debt two key ways,
says Allan Stevens, FMFCU's Vice
President/Lending.
They buy things even when they
don't have money and get overextended;
or they are hit by a life event, such as
death, disability or divorce.
There are ways to deal with both
situations, Allan says. But people who live
The Credit Union tries to help members
with loan repayment deferments and
extensions. If it looks like a long-term
problem, "we'll look at refinancing and
restructuring," he says.
Technically, you are in default or
recorded as delinquent when you don't
pay within 30 days of a loan's due date.
Allan's advice: if you have a problem,
contact your creditors to try to work
something out. Because of the credit
crisis, there is government and regulatory
pressure to work out alternative arrangements.
If you are recorded as delinquent,
your credit score can drop dramatically,
making it more difficult and more
expensive to borrow any more money.
If you are having a debt management
problem, talk to a Member Service
Representative about ways to improve
your credit.
FMFCU offers a three-stage Credit
Rebuilder Program to help. In addition,
the Credit Union partners with Consumer
Credit Counseling Service of Delaware
Valley (CCCSDV), and absorbs the $50
cost of credit counseling or budget
management enrollment (one time per
member).
The bottom line: FMFCU is a cooperative. "Members are owners, and we
try to take that approach," Allan says.
IS YOUR SPENDING
OUT OF CONTROL?
Take this quiz and find out
How many of these statements sound like
you?
There’s never any money left over
at the end of the month.
I don’t have a budget.
I am not sure how much I spend on
basic items like food or clothing.
I don’t have nearly enough money
in savings.
I charge more on my credit cards
than I pay off each month.
My spouse and I fight about money
all the time.
I delay or avoid paying bills because
there’s no money.
I worry about money constantly.
If I could just hit the lottery, all
my problems would be solved.
I don’t know how everybody else
does it.
If four or more of these statements ring
true, then your spending habits need some
serious scrutiny.
For more information, go to:
www.fmfcu.org/debtmanagement.
You'll find practical, easy-to-understand information on setting up a budget,
what to do if you have too much debt and
much more.
WHEN A FREE CREDIT REPORT
ISN'T REALLY FREE AT ALL!
Warning! The free credit report you see
advertised widely on TV, radio and the
Web is not free.
In fact, it is a 7-day "free trial
membership" for Triple Advantage Credit
Monitoring. After that it will cost you
$14.95 a month.
The good news: you are entitled
to a really free credit report from each
of the three nationwide consumer
reporting agencies once every 12
months. The really free site is: Annual
CreditReport.com. That's the one you
should use. The not-really-free site, called
FreeCreditReport.com, is owned by
Experian, one of those three consumer
reporting agencies. According to the
New York Times, Experian spent $70.7
million last year promoting this not-reallyfree site via 90,000 radio and TV spots.
Consumer groups have variously
described the site as "misleading,"
"a protection racket" and "shabby."
Experian calls it "being a very aggressive
marketer."
The New York Times says, "Free
CreditReport.com now has a disclosure
on its home page saying that it is not
affiliated with the annual free credit
report program. But that language is in
small print on the side of the home page
on a subdued background, versus the
large font and rich colors promoting
enrollment."
41
The bottom line: use the really-free
site, unless you really want to pay Experian
$14.95 a month.
www.nytimes.com/2008/08/04/business/media/
04adco.html?8ad=&emc=seiaa1&pagewanted=all
THE BIG DECISION
FOR BABY BOOMERS
If Social Security is your pot of gold at the
end of the rainbow, remember this: the
age you choose to start dipping into that
pot of gold will help determine how big it
really is.
For those nearing retirement age,
this may not be an easy decision to make.
The one in five elderly married
couples depending entirely on Society
Security for income will have to take those
benefits at 62.
But if you are able to wait before
starting Social Security, it may really pay
off.
Here's why:
If your full retirement age is 67 and you
start taking Social Security benefits at age
62, your benefit will be reduced by about
30%. Each year you wait, the benefit is
reduced less. For example, at age 65, the
benefit reduction is about 13 1/3%, and
at age 66 about 6 2/3%.
To help you estimate your retirement
benefits at various ages, the Social Security
Administration has expanded its online
presence and made more information
available at its secure Web site.
To access it, log on at: www.socialsecurity/gov/estimator. You'll need to enter
your name, birth date, Social Security
number, place of birth and mother's
maiden name.
"This is the first time that it’s been
automatically linked to data about each
individual," says AARP Bulletin Today.
Previously, you had to input earnings
information on your own. Essentially, it
takes the information that you get each
year on your mailed paper statement and
makes it interactive."
Deciding when to take Social Security
is a personal decision. But it also can be
quite complicated.
None of us knows when we are going
to die. So you have to make a decision
based on your current income, needs and
health.
Another twist: if you're a male who
has been the primary breadwinner, some
experts believe it may be better to wait
until your full retirement age to take your
benefit.
Why? Because men tend to earn
more money and die younger.
42
"If one member of a married couple
dies," says USA Today, the surviving
spouse can continue to receive her own
Social Security benefit, or 100% of the
deceased spouse's benefit, whichever is
more. If your wife earned less over her
lifetime than you did, and she outlives you,
she'll start receiving your benefits."
By filing at 62, your wife will inherit a
reduced amount of benefits for the rest
of her life.
That's just one of a number of factors
involved in your decision. To help you
make the best possible choice and review
all your alternatives, consider talking
to Brian Fee or Christina Moore for a
complimentary evaluation and planning
session at no charge.
Both are members of our Financial
Services Team and are Registered
Representatives of CUSO Financial
Services, L.P. (CFS)*.
To contact either one, go to:
www.fmfcu.org/financialteam and click on
the e-mail address of the representative
you wish to speak with.
* 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.)
Sources:
www.smartmoney.com/deal-of-theday/index.cfm?story=20080826-social-security
www.socialsecurity/gov/estimator
bulletin.aarp.org/yourmoney/socialsecurity/articles/
new_estimator_can.html
www.usatoday.com/money/perfi/columnist/block/
2008-01-14-social-security-early-benefits_N.htm
LOWER-INCOME MEMBERS
CAN GET SAVER'S CREDIT
If your Adjusted Gross Income (AGI) is
$15,500 or less (31,000 or less for married
couples), you could shave up to $1,000 off
your federal tax bill.
How? As part of the Pension Protection Act of 2006, eligible individuals who
contribute to an Individual Retirement
Account (IRA) or qualified employer plan
can receive a 50% federal "match" in the
form of an income tax credit for the first
$2000 of annual contributions.
So if you contribute $2,000, you get a
$1,000 tax credit, definitely a win for your
retirement plan and a win for you on taxes.
For single taxpayers with an AGI of up
to $26,000, and married taxpayers with an
AGI of up to $52,000, there is a tax credit
of 10 to 20% of your contribution.
This tax credit may be reduced by
child credits, elderly or disabled credits
and education students. Full-time students
are not eligible for the tax credit.
43
our many branches & ATMs are ready to serve you
Check below for branches with SATURDAY and SUNDAY hours!
STUDENT-OPERATED BRANCHES
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
Riddle Memorial Hospital Outpatient Pavillion, Suite 3108
1068 W. Baltimore Pike
Restricted Access
Chester
University Technology Park 1450 Edgmont Avenue
OPEN SATURDAY
Norristown
Mercy Suburban Hospital 2701 DeKalb Pike
Crozer-Chester Medical Center 3rd Floor
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
Philadelphia
Mercy Philadelphia Hospital 501 S. 54th Street
Ridley Park
Taylor Hospital 175 East Chester Pike
Ridley Township 2211 MacDade Boulevard
OPEN SATURDAY AND SUNDAY
Swarthmore
Swarthmore College Parrish Hall
500 College Avenue
Horsham
Centocor 800 Ridgeview Road
Suite H-2 1058
Restricted Access
Tinicum Township
Keystone Mercy Health Plan 200 Stevens Drive
Ground Floor Lobby
West Chester
QVC Studio Park 1200 Wilson Drive
Restricted Access
Media
Granite Run Mall 1067 W. Baltimore Pike
Lower Level
OPEN SATURDAY AND SUNDAY
Prospect Park
Interboro High School 500 16th Avenue
Restricted Access
Springfield
Springfield High School 49 W. Leamy Avenue
Restricted Access
Upper Darby
Upper Darby High School 601 N. Lansdowne Avenue
Restricted Access
Wallingford
Strath Haven High School
205 S. Providence Road
Restricted Access
245 MacDade Boulevard OPEN SATURDAY AND SUNDAY
Drexel Hill
Delaware County Memorial Hospital 501 N. Lansdowne Avenue
King of Prussia
640 Freedom Business
Center Drive Suite 125
Lansdowne
Penn Wood High School
100 Green Avenue
Restricted Access
106 W. Market Street
West Chester, PA
OPEN SATURDAY
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
NEW BRANCHES
COMING SOON!
QVC — Enterprise Drive
Springfield — Baltimore Pike
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.
44
F M F C U
A U T O
L O A N S
"Thanks to FMFCU’s flexible auto loan terms, I paid this baby off.
Feels good not having a car payment, but now I have the bug for
a new car. Guess I’ll be heading back to the Credit Union real soon."
Linda Johnson
Member Since 1995
What’s the
best investment
you ever made?
FMFCU offers great rates on new and
used auto loans with terms to fit every
lifestyle. In addition, members may
take advantage of our Auto Express
Check that gives you "cash" in hand
and helps negotiate the best price at
both the dealership or private sale.
Get approved in minutes by applying
online — plus, check out the many
other value-added auto services and
loan types at FMFCU, including: Auto
Equity Loans, Motorcycle & RV Loans,
Payment Calculators, GAP, Vehicle
Research reports & "Lemon Check"
and more.
Visit our online Vehicle Center at:
www.fmfcu.org/vehicle
or call 610.325.5100.
(Outside PA, call 1.800. 220.3193.)
S P E E D
•
S E R V I C E
•
C O N V E N I E N C E
MPGenius
Not long ago, if you uttered the word “hybrid,” you were probably talking about a rose bush. Then along came Prius,
and a technology called Hybrid Synergy Drive.® Prius sparked a dialogue about cars and what they can do for us.
Exactly what can Prius do? Generate 70% fewer smog-forming emissions than the average vehicle. And get an
EPA-estimated combined city/highway 46 mpg1 rating. No wonder Prius is the hybrid everyone is talking about.
A family owned and operated dealership, Carousel Toyota will ensure you a comfortable, receptive atmosphere
whenever you visit us. The Carousel name symbolizes the special feeling we want all our customers and employees
to experience while here. We are dedicated to your complete satisfaction with our sales and service.
1
2009 EPA-estimated mileage. Actual mileage will vary. To learn more, visit the Department of Energy’s and EPA’s fuel economy Web site.
Carousel Toyota
1050 Baltimore Pike, Rt 1 • Glen Mills, PA 19342
610-558-6800 • carouseltoyota.com
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