In This Issue - Clearview Federal Credit Union

Volume Issue • October 2016
In This Issue:
Clearview is going pink!
Go PINK for Breast Cancer Awareness Month
For All The Important Things
Take advantage of our Low-Rate HELOC
Technology to Make Your Life Easier
Access your accounts securely on the go
4th Quarter Audit
It’s time for our annual Financial Statement Audit
Best Ways to Budget and Save More
Budgeting can be confusing if you don’t know where to start
How Autonomous Driving Will Change the Auto Industry
Autonomous vehicles will bring major changes across the mainstream auto industry
FAFSA Changes
What to know about the new FAFSA schedule
How to Keep Track of Passwords Safely
Don’t leave your personal info vulnerable!
5 Easy Ways to Relieve Work Stress
Reduce the stress of your workday with these five simple tips
Clearview is going pink!
Go PINK for Breast Cancer Awareness Month
As part of Breast Cancer Awareness Month this October, Clearview is joining a national movement, in which
businesses and individuals display the color pink in support of breast cancer research and finding a cure.
Many Clearview employees and their loved ones are some of the millions of people who are affected by breast
cancer or another form of the disease, and we would like to take this opportunity to acknowledge everyone who has
passed, those who are currently fighting, those who have survived and those whose lives will be saved in the future.
Throughout the month of October, you’ll notice the color pink used throughout Clearview branch lobbies,
newsletters, ATMs, web pages and more, and we hope you’ll be inspired to support this cause as well.
For more information on breast cancer and how you can get involved by spreading awareness or donating, visit the
American Cancer Society’s cancer.org. Or, for resources and information on early detection, visit
nationalbreastcancer.org.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
For All The Important Things
Take advantage of our Low-Rate HELOC
Over the years, you’ve done right by investing in your home. Now, you can use that equity to borrow money for
more important things. OurHome Equity Line of Credit gives you access to funds at a low, money-saving
introductory rate of1.99% APR for six months! 1
Plus, you’ll also enjoy these other money-saving features:
Free closing costs up to $500 2
No application or annual fees
Tax-deductible interest3
Or, you can take advantage of our low, fixed-rate Home
Equity Loan, with a variety of rates and terms to suit your
needs, such as a3.75% APR4 for a 5-year term.
This lump sum disbursement provides you with funds at a
low rate to help consolidate your auto loan, student loan and
credit card debt, or cover the costs of home improvements,
your child’s education, a family vacation or any unexpected
expenses.
Take advantage of our low rates today! For more information
or to apply, click here, call us at 1-877-4LOAN40
(1-877-456-2640), or stop by any Clearview branch.
1. Rate discount is based on a 6-month fixed term with initial advance of $10,000 in new funds. The introductory
rate will be locked in for 6 months from closing date. After 6 months, the APR will be indexed as low as Prime
Rate–.26% based on creditworthiness and loan-to-value, with a floor of 2.99% APR. The index used to determine
the APR will be the Prime Rate found in the Money Rates Section of the Wall Street Journal published on the first
working day of the month. The APR will then be adjusted and effective on the first day of the following month.
Minimum credit limit is $10,000. Rates effective April 1, 2016. Other rates and terms are available. All rates are
subject to change without notice. All loan approvals are subject to normal underwriting procedures. Loan must be
secured by primary residence, which must be owner-occupied.
2. Maximum closing cost reimbursement amount is up to $500.00. Closing cost amount will be rebated after you
finance a minimum of $10,000 in a new Home Equity Loan. Closing costs will also be rebated with a minimum of
$10,000 added on to an existing Clearview Home Equity Loan. If a loan is re-mortgaged with another financial
institution or paid off within 12 months of origination, the rebate must be reimbursed to Clearview.
3. Interest may be tax-deductible. Consult a tax advisor.
4. Rate discount applies to minimum loan amount of $10,000. Rate is based on a five-year term at 80%
loan-to-value. Rate includes a .25% discount for automatic payment. No other discounts can be combined or used
in conjunction with this offer. Rates effective April 1, 2016. A loan of $10,000 for 60 months would have monthly
principal and interest payments of $183.04. Other rates, terms and products are available. All rates are subject to
change without notice. All loan approvals are subject to normal underwriting procedures. Loan must be secured by
primary residence, which must be owner-occupied
Federally Insured by NCUA. Equal Housing Lender.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
Technology to Make Your Life Easier
Access your accounts securely on the go
Technology that saves time makes time for more important things. That’s why Clearview is dedicated to bringing
you the latest products and features to help manage your finances as quickly and easily as possible.
If you haven’t done so already, consider trying some of our newest and most popular digital services to take control
of your cash today:
Mobile Banking App – Check your accounts anytime, anywhere from your mobile device. Login is extra
secure with Touch ID and Eyeprint ID, and your account info is more portable than ever with wearable device
capability. Plus, use Quick Balance to conveniently check account balance, recent transactions and more
without having to log in!
Android Pay TM, Apple Pay ® and Samsung PayTM - Paying in stores has never been easier. Your
Clearview credit and debit cards are now compatible with these popular forms of mobile payment, so you
can make payments directly from your mobile device.
Popmoney® - The Popmoney personal payment service enables you to transfer funds securely and
electronically to your friends, family and others, as well as to your own accounts at other financial institutions.
BillPayer – Pay bills safely online and eliminate the need for envelopes, postage stamps and wasted time.
FinanceWorks - Categorize your spending from all your accounts, whether they are at Clearview or not.
Use this powerful budgeting tool for free through Online Banking, and get a crystal clear picture of your
current and potential future finances.
Mobile Deposit - Tap. Snap. Deposit. Use this feature of our Mobile Banking App to deposit checks to your
checking or savings accounts quickly and securely from your mobile device.
Clearview Live: The Video Teller Experience - Coming soon to Clearview branches, this new technology
allows you to video chat directly with a live teller from the comfort of your own vehicle in our drive-up lanes.
The best part about our technology?
It's all available for free, exclusively for our members! So, what are you waiting for? Become a part of the next
generation of personal banking, and take control of your finances today.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
4th Quarter Audit
It’s time for our annual Financial Statement Audit
During the fourth quarter of this year, you may receive a letter from our external auditing firm, Orth, Chakler,
Murnane & Co. CPAs (OCM). Clearview is using OCM to perform our annual Financial Statement Audit. This
correspondence may ask you to confirm account information.
Any correspondence you receive from OCM was authorized by
Clearview to help perform the audit and is entirely legitimate. Clearview
encourages you to cooperate with OCM during this time.
Your personal information is protected by both Clearview and OCM and
will remain confidential. If you have any questions or concerns about
messages from OCM, please feel free to call us at 1-800-926-0003.
Clearview Federal Credit Union • 1-800-926-0003 •
https://www.clearviewfcu.org
Best Ways to Budget and Save More
Budgeting can be confusing if you don’t know where to start
Saving money and learning how to appropriately budget for spending are goals for most people. The best way to
achieve these goals is to figure out your monthly net income and use that number to start your budget.
The 50/20/30 Rule
Financial experts generally suggest using your net
monthly take-home pay as a base number to plan
how you should allocate your spending. One of the
simplest rules to follow is the 50/20/30 breakdown.
According to a June 2014 article on LearnVest.com
by contributor Laura Shin, the 50/20/30 rule is
applicable for all ages and incomes, and will help
you budget your money according to your lifestyle
and goals. It breaks down your budgeting into three
main categories: fixed costs, financial goals and
flexible spending.
1. Fixed costs - “When it comes to fixed costs,
we generally suggest that you aim to keep
your monthly total no more than 50 percent
of your take-home pay,” says Shin. These
are bills and payments that stay the same or
close to the same month over month, like
rent or mortgage, utilities, and even a gym
membership or monthly subscription services.
2. Financial goals - “Consider putting at least
20 percent of your take-home pay toward important payments or contributions that will help you secure
your,” Shin says. This might include paying down debt, building an emergency fund or saving up to
purchase a home.
3. Flexible spending - “Consider budgeting no more than 30 percent of your take-home pay toward flexible
spending. These are day-to-day expenses that can vary from month to month, like eating out, groceries,
shopping, hobbies, entertainment, or gas,” Shin says.
“Whether you’re a parent with two kids or a recent college grad working your first job, this 50/20/30 guideline can
help you not only figure out how much you may want to allocate to each area every month; it can also help you
determine the order in which your money can be allocated,” advises Shin.
Use this rule as a guide for where to allocate your money, and you’ll be on the way to reaching your financial goals.
Simple Tips for Investments and College Plans
Once you’ve decided on your goals and figured out your budget, there are a few simple things you can do to boost
your investment and college savings.
To start, always pay yourself first. This means putting money from your paycheck into savings, even before you
start paying bills.
“Many employers allow you to divide your paycheck into different accounts through direct deposit. Take advantage
by putting part of your pay into a savings account. If you get paid in cash, take a small amount to the bank to
deposit into a savings account each week,” suggests a February 2012 article on MoneyManagement.org.
If you choose to invest some of your money to build savings, consider the fees associated with the accounts you
choose.
“When you put money toward your nest egg or other big savings goals, you don’t want it leaked away to high fees.
Opt for index funds, ETFs and other low-cost investments,” Shin advises in an August 2016 article in Forbes.
Shin also suggests that you look to low-cost money managers if you want to work with an investment advisor: “The
days of having to pay someone one percent of assets under management are giving way. [Some] new services …
offer investment management services for as little as 0.15 percent.”
If you’re budgeting for educational needs, either for yourself or for your (future) children, consider a 529 savings
account.
“The accounts, which are sponsored by states, allow parents to invest after-tax money that then grows tax-free and
remains tax-free if you use it to pay for tuition,” says a February 2011 article in U.S. News by senior editor Kimberly
Palmer, author of “The Economy of You”.
Additionally, students can look to refinance their loans once they’ve graduated to help save on repayment costs.
“In the last few years, a new crop of online lenders has begun offering lower rates for student loans. … Most of
these lenders offer rock-bottom rates for people who come from top schools, had good grades, have solid incomes
and a strong financial history,” says Shin.
If you need help getting your budget plan started, contact us and we’ll be happy to help.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
How Autonomous Driving Will Change the Auto Industry
Autonomous vehicles will bring major changes across the mainstream auto
industry
With autonomous driving technology already in use, experts predict it won’t be long until autonomous vehicles
(AVs) are available to the mainstream, bringing with them significant changes to the auto industry.
How Automakers Will Respond
Although AVs are not available for consumer
purchase, automakers should get ready for
strategic response in the near future. In fact,
according to a June 2015 article from worldwide
business management consulting firm McKinsey &
Company, AVs are already being used for mining
and farming and could soon be seen in construction.
McKinsey interviewed 30 experts worldwide about
the implications of Advanced Driver-Assistance
Systems (ADAS) and AVs for the auto industry.
Using this research, McKinsey established four
main responses likely to come from automakers:
1. Gradual incorporation of technology "Established premium players with extensive
customer bases and strong technical and
commercial legacies will probably take an
incremental approach to AVs."
2. Adoption specific to the needs of the
accessible mobility market - “New industry
players developing ‘radically new’ vehicle
architectures [will tap into the handicapped accessibility market and] capture volumes quickly and sustain ancillary
business models.”
3. Early adoption overall - Automakers with “significant technical and commercial legacies … will most likely
invest in AV research and then wait for the vehicle-level costs of the core technologies to drop while penetration in
the premium segments grows.”
4. Opposition to the technology - These will be the automakers that will most likely avoid entering the AV market
until the later years of development.
Changing the Market for Automakers and Financing Needs
Regardless of how manufacturers respond, there will be a definite change in the market for automakers.
In its report, McKinsey posits that once the AVs begin to enter the market in the early adoption phase, automakers
and manufacturers could take advantage of the need for original service equipment and car parts. Instead of
producing new car models, these companies would change their business focus to serving, repairing and
maintaining AVs.
“Our research shows that nearly 60 percent of customers would follow their smart cars’ recommendations for
service locations. Beyond the benefits of a bigger after-sales revenue stream, OEMs will have a strong incentive to
service these vehicles, since regulators could ultimately force them to take on the greatest portion of the
responsibility and risk associated with crashes caused by AV technical failures,” reports McKinsey.
This could lead to a change in the supply chain and in manufacturing employment as AVs enter the manufacturing
industry, with both positive and negative effects.
“AVs in combination with smart technologies could reduce labor costs while boosting equipment and facility
productivity” but would decrease employment in this sector as AVs take over jobs once performed by humans, says
McKinsey.
It could also change whether consumers will still need financing for vehicle purchases.
In a February 2016 article in Road & Track, automotive industry expert Bob Lutz poses some very tough
predictions for the auto industry and the need for vehicle financing.
“When we really get to the point where we have individually programmable but standardized transportation modules
moving on the freeway with a whole snake of vehicles at 150 mph, brands will no longer matter,” states Lutz.
It’s possible that some consumers will still opt to own AVs, which will not kill off the automotive industry altogether,
but there are still large implications for ownership decline, automotive sales and financing needs. Lutz predicts this
change will occur first in urban areas, where car ownership has been declining and people are already groomed for
AV use.
“We see, basically, this model in the form of Uber. Uber is simply autonomous vehicles with a driver,” Lutz says.
Implications for Non-Automated Vehicles
Lutz compares the change over from non-automated vehicles to AVs to an earlier change in transportation history,
from horses and carriages to the first car. Lutz poses that regular vehicles will become relics of entertainment and
status, kept purely for personal enjoyment.
“Consider the horse. With the advent of the car, horses were essentially banned from streets,” he says. “But they
made a very nice comeback on private property. Dude ranches, farms, riding stables, racing. I think the same thing
can and will happen to the automobile.”
If this is the case, financing for a non-automated vehicle will certainly change and may even become a much more
inclusive buying process across the credit score spectrum.
If you have any queries, ask us about financing and we’ll be happy to talk to you about possible changes and what
to do today.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
FAFSA Changes
What to know about the new FAFSA schedule
The process for applying for financial aid has been changed, so if you are planning on filling out the Free
Application for Federal Student Aid (FAFSA) soon, here is some information you need to know.
On Sept. 14, 2015, President Obama announced a new set of regulations that would change the schedule for
applying for student aid through the FAFSA process. These changes will impact millions of students who will submit
an application when the 2017-18 cycle begins.
Now, students who are submitting a FAFSA will have the opportunity to do so three months earlier than students in
previous years could. Instead of submitting the 2017-18 FAFSA on Jan. 1, they will be able to get the process over
with in the fall and submit it as early as Oct 1. There is no change to the schedule for the 2016-17 FAFSA, which
became available Jan. 1, 2016.
“The earlier submission date will be a permanent change, enabling students to complete and submit their FAFSAs
as early as October 1 every year,” states the website maintained by Federal Student Aid, an office of the U.S.
Department of Education.
Families that have gone through the process in previous years now need to get used to this new schedule.
Furthermore, it means that earlier income and tax information must be used when filling out the applicable financial
information.
“For example, on the 2017-18 FAFSA, students (and parents, as appropriate) will report their 2015 income and tax
information, rather than their 2016 income and tax information,” states the Federal Student Aid website.
This change doesn’t just mean you need to pay
extra attention when reporting tax information; it
has far-reaching implications for families looking to
plan their taxes and educational finances most
effectively.
“To secure the best aid offer, you may need to
tweak the way you manage income and assets that
have an impact on financial aid,” says Kaitlin
Pitsker in an article from Kiplinger’s Personal
Finance. “For example, if you plan to realize capital
gains on your stocks or bonds, you’ll want to do so
before January 1 of your student’s sophomore year
of high school to avoid having the money count as
income on the FAFSA – a year earlier than on the
old timeline.”
Students frequently pay for school using a
combination of sources. Money obtained through
the FAFSA process is often supplemented by
savings accounts from family members, such as
529 educational savings plans. Grandparents who
hold 529 savings plans should be aware that the new FAFSA schedule also impacts them.
“Previously, withdrawals from such accounts counted as student income during the first three years of college,”
states Pitsker. “Now, distributions made during the last two years aren’t reported on the FAFSA. So if you can,
delay cashing in on the grands’ generosity until those final years.”
While adjusting to the new schedule, make sure to reach out to your financial institution for answers to any
questions you have about paying for your child’s education. You can also refer to the table outlining these changes
that is provided by the Federal Student Aid website at
https://studentaid.ed.gov/sa/resources/2017-18-fafsa-process-changes-text.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
How to Keep Track of Passwords Safely
Don’t leave your personal info vulnerable!
Passwords: You need them for nearly everything these days, and it seems like each website or account has its own
unique specifications for their creation. And of course, it is strongly discouraged to use the same password for all
sites. So how can you keep track of them all?
Expert technology writer Rick Broida of Computerworld wrote in an article for PCWorld that he discourages his
friends from keeping lists in a text file, spreadsheet
or other similarly insecure document.
“That’s a disaster waiting to happen. If a hacker
ever finds his way onto one of their PCs, those
passwords will be easier to steal than a whiff of
chocolate at the Hershey factory,” Broida says.
“What’s more, if one of my amigos ever needs
access to those passwords while traveling, he’s out
of luck. Same goes for a hard-drive crash: It’ll take
down that password list along with everything else.”
The solution is simple. Utilize one of the multitude
of password manager services out there, many of
which are free and offer great, useful additional
features. Here are some of the most recommended.
Clipperz
Access this free online password manager
anywhere, and feel secure doing so.
“Storing passwords and other confidential
information online can make [some people] nervous, but Clipperz uses an encryption method that means not even
Clipperz knows what it’s storing,” writes productivity blogger Leo Babauta on Lifehack.com.
This is one of the solutions that stores more information than just passwords – Clipperz can save and remember
credit card and account numbers and much more.
LastPass
For an app that utilizes fingerprint recognition and other biometric scanners, LastPass is surprisingly simple to use.
Available on iOS and Android, and even alternative devices such as Windows Phones, the technology employs
super-secure two-step authentication to access your information.
It too can store additional information, as well as capture Wi-Fi passwords, in a databaselike interface – great for
those trying to upgrade from an unprotected spreadsheet. It even offers a password generator feature to create a
random password meeting all of a certain site’s specifications, and then it stores it safely and automatically.
However, Kit Eaton of the New York Times found that LastPass does have one drawback:
“While the app is free, to make the most of all its powers, like automatically filling in details on Web sites, you have
to pay a subscription of $12 a year,” Eaton says in a 2013 article.
1Password
This may be one of the best-known password manager apps, and its popularity may be due in part to its amazing
security. It doesn’t have two-step authentication, but it never sends data to servers, according to technology
reporter for the Wall Street Journal Geoffrey A. Fowler.
“For the really paranoid, 1Password offers the most control over where your encrypted vault of passwords gets
stored,” Fowler writes.
The tech allows you to sync passwords across devices using local Wi-Fi networks or Dropbox or other cloud-based
service providers, which is a big plus due to its higher price and the fact that software for each platform (e.g., Mac,
Windows, iOS) is sold separately.
Dashlane
Fowler recommends Dashlane for your secure password storage needs.
“Dashlane is like the memory you wish you had. It keeps track of not only passwords, but also credit card numbers
and user IDs, filling them in when you need them across many different devices,” he explains.
It’s free to download on a single device, but there is a fee to use it – $30 a year allows the app to automatically sync
your data across multiple devices. You can try it fee-free for 30 days.
The best part about Dashlane is its ease of use. Upon setup, the app and its web browser plug-ins find passwords
that you’ve already been saving unencrypted on the internet and input them for you. It also has the unique ability to
learn new passwords, usernames and much more automatically as you type them for the first time.
While each of these solutions comes with its own set of pros and cons, all are better than the alternative – an
insecure, vulnerable set of passwords and account numbers.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org
5 Easy Ways to Relieve Work Stress
Reduce the stress of your workday with these five simple tips
Whether you work in an office, at a restaurant or on a construction site, work is always one of the major causes of
stress. Small amounts of stress can sometimes be beneficial because it motivates workers to push themselves
harder to reach goals, but too much stress can lead to depression and ultimately burnout if it is not properly dealt
with. To avoid these feelings of overwhelming pressure and anxiety, consider trying these simple methods of
reducing stress.
Listen to music
Listening to music during stressful times has many
positive effects on a person’s health. For starters, it
can lower your blood pressure and also reduce
certain hormones that are linked to stress. In
addition, USA Today reports that listening to music
can help improve overall sleep quality, help you eat
less and reduce anxiety as much as a massage. In
particular, listening to classical music can
significantly help relieve stress, but if that genre
isn’t your cup of tea, try listening to recorded
sounds of nature.
Exercise when you can
Exercising during the workday is an excellent
method of relieving stress, according to WebMD.
However, this doesn’t mean that you have to visit
the gym or jog 10 miles before work. A simple walk
around the office is enough to get the blood
flowing, which allows mood-boosting endorphins to
be released throughout the bloodstream. This can
relieve stress and allow you to return to work in a better state of mind. In addition, Health.com reports that by taking
a walk outside the office during lunch hours, the vitamin D from the sunlight can actually raise your body’s serotonin
levels, which relieves stress. The smells, sounds and visuals also provide welcome distractions that allow people to
get out of their own heads.
Talk about your feelings
If the stress of the workday is becoming unbearable, it could be time to pick up the phone to call a trusted friend or
family member. According to the Mayo Clinic, sometimes the simple act of talking about stressful feelings can be
helpful. In addition, the trusted person on the other end of the line could propose ideas on how to better deal with
the situation. Also, once the conversation nears its conclusion, it could be a good idea to express your gratitude to
the person on the other end of the phone call. Feelings of gratefulness can activate parts of the brain associated
with dopamine, which also helps alleviate stress.
Find an outlet
Whether it’s taking your dog for a walk, writing in your journal or taking a bath each night before going to sleep, it’s
important to create a relaxing routine away from the stress associated with work. Some people may argue that they
don’t have time for these leisure activities, but setting time aside for fun events can help reduce tension, alleviate
stress and avoid burnout. This allows people to be more productive when they do return to work. If you need help
coming up with a hobby, WebMD suggests activities such as volunteer work, gardening or caring for pets.
Drink tea instead of coffee
While it’s true that caffeine provides a short-term rush of energy, after the effects of coffee finally wear off, coffee
can make work-related stress even worse, according to Health.com. Instead of drinking coffee, try drinking green
tea. This tea only has half the amount of caffeine as a normal cup of coffee and contains theanine, which is an
amino that reduces agitation because it helps calm the nervous system.
Two of the best ways to reduce work-related stress are to eat right and get a good night’s sleep, but if that still isn’t
Two of the best ways to reduce work-related stress are to eat right and get a good night’s sleep, but if that still isn’t
enough to keep you calm and steady at work, then consider using one or more of the tips from the list above in
order to alleviate that unnecessary pressure and anxiety.
Clearview Federal Credit Union • 1-800-926-0003 • https://www.clearviewfcu.org