New From The Summit… - The Summit Federal Credit Union

Winter 2012
SummitUp
Official Newsletter of The Summit Federal Credit Union
In This Issue
New from the Summit
President’s Message
Summit in Your Community
Member Electronic Education
Dalia
Member since 2009
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2
3
4
Providing Convenience
Change your 401(k)?
Trending Topics
5
6
7
New From The Summit…
Health Savings Accounts
We’re excited to announce that The Summit will
now offer an HSA account for the first time!
Tax Advantages
of HSAs
At The Summit, we’re constantly reviewing our product
and service offerings to make sure we have the most up
to date and most affordable options that we can provide
to members. In addition, we’re continually looking at the
competition to see what’s being offered and what product
gaps may exist at the credit union. We also do research
among our member companies and others to find out what
benefits they offer their employees and what new products
we can deliver in partnership with them. Based on all of our
findings, it was clear that we needed to develop a Health
Savings Account (HSA) product for members, and we’re
pleased to be able to offer it to you now.
Your contributions
to an HSA are also
tax-deductible
(including any
after-tax deposits),
plus earnings
grow tax-free, and
distributions for eligible medical
expenses are also tax-free. Contributions to your HSA
can be made with pre-tax dollars (i.e., payroll deduction
through your employer), which reduces your taxable
income. In reality, an HSA provides triple tax savings by
reducing Federal, State and FICA taxes. Be sure to consult
your tax advisor regarding IRS rules and regulations for
Health Savings Accounts.
HSAs Have Arrived
If you’re not familiar with Health Savings Accounts, an
HSA is a tax-exempt account people use to save money
for medical expenses when they have a High Deductible
Health Plan (HDHP) at work. For Summit members, it’s a
great way to stay on top of rising health care costs while
maintaining access to your funds and enjoying the benefit
of tax-deferred savings. HSA funds are usually directed
into an HSA account via direct deposit. As you accumulate
money in this special account over time, you can use
these funds to cover qualified medical expenses during
the course of the year. Qualified medical expenses may
include items such as:
• Deductibles
• Co-pays at doctor offices
• Prescriptions
• Vision care
• Dental coverage
Things You Should Know
Your HSA is completely portable and your money rolls
over year to year. You can always take the funds with
you or even if you change jobs, become unemployed or
change your medical coverage. Regulations also allow
you to roll over unused funds from a Flexible Spending
Account (FSA) or Health Reimbursement Account (HRA)
on a one-time basis. In addition, regulations allow a onetime rollover from an Individual Retirement Account (IRA)
to an HSA, up to the annual HSA contribution maximum.
You can easily transfer funds from an existing HSA into
your Summit HSA. For all of these options, please consult
your tax advisor to discuss the benefits and tax reporting
requirements prior to transferring funds.
Continued on page 4
The
President’s Message
Michael S. Vadala, President & CEO
Paul Infantino
A great man and a great part of The Summit.
Sadly, in October 2012 former Summit CEO and Board of
Director Paul Infantino passed away peacefully at the age of
97. Paul had a long and proud legacy of service to our
credit union and the credit union industry as well. He
will always be remembered for his many contributions
to our history, and even more so as a friend.
Over the past several years, Paul and I would get
together for lunch every few months to talk about
what was going on at the credit union and how he
was doing. I learned so much from our friendship,
and appreciated his kind and generous approach to
life. We’d walk into a restaurant and I’d look at Paul
and say, “Hey Paul, we’re the youngest two in here,” and we’d
always get a good laugh. Paul continued to be interested in
The Summit—always asking about how many members we
had now, how many members were using what services,
and share a memory or two about his days running the credit
union. As Paul progressed through his mid and late nineties,
he was always able to recall and share some great stories
and memories of The Summit and how we got to where we
are today. He was a meaningful contributor to our History
Book which documented the seventy year history of the credit
union and can be found at all Summit locations and posted
on our website.
During Paul’s employment, he served the credit union as
a Loan Officer, Collections Officer, and General Manager
(which has evolved over the years to the CEO title). After
his employment at the Summit ended, he chose to stay on
as a volunteer and was a member of the Credit Committee,
Education Committee, Chair of the Marketing Committee, and
Treasurer of the Board of Directors.
Paul was always a passionate and effective credit union
advocate who was instrumental in preserving and expanding
the tax exemption of federal credit unions on the state level.
He fought for a sales tax exemption which eventually was
passed. This not only benefitted The Summit, but other
credit unions across the state. Until Paul’s efforts to gain
this exemption, most credit unions were not even aware that
this was something that should apply to them. Paul was also
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a “detail oriented” guy who used to double check written
publications for anything that may have constituted an error
or a misstatement. He had the highest standards for
neatness, quality and accuracy. Under his leadership,
the credit union took great steps forward from a “mom
and pop” type business operation to a professional
organization. As an example, during Paul’s tenure
as CEO, we purchased our first computerized record
keeping system which Paul knew would improve
accuracy and efficiency.
During my early days at the credit union I was fortunate
to have worked with him as a Board member. Paul
always required me to be at my best, but was continually
encouraging and instrumental in helping those who were
around him to grow as people and as professionals. In addition,
he always assured that as the credit union grew as a business
we were always offering more benefits to the members.
In 2010, Paul achieved a notable milestone and was inducted
into the Credit Union Association of New York’s Hall of Fame,
recognizing his longstanding service to credit unions and to
the credit union industry. Paul proudly attended the ceremony
in Cooperstown that year with his wife Marina. He is one
of only three people associated with the Summit who has
been recognized in this manner, including John Bryson who
succeeded Paul as CEO of The Summit (inducted into the
Hall of Fame in 2011), and Al Mariani (inducted in 2009) a
former CEO of the Syracuse Federal Credit Union (now part
of The Summit).
Paul’s family and friends will certainly miss his gentle and
friendly presence, and I will miss our lunch dates and the
always enjoyable and usually enlightening conversations that
we had. Paul was a great leader and a great man. Everyone
at the credit union will be forever grateful to Paul as one of
the most important and influential people in the history of The
Summit Federal Credit Union.
Michael S. Vadala, President & CEO
The
Summit
In Your Community
Jim Kelly with
Buffalo staff
Employees Walk for Universal
Newborn Screening
The Summit banded
together with the Credit
We were recognized
Unions of Western NY as
as one of the top
fundraising teams,
the title sponsor for the
raising and donating
annual “Every Step Walk,”
over $5,000 to this
benefiting the Hunters
worthy cause!
Hope Foundation.
The Foundation was
established in 1997 by Pro Football Hall of Fame member
and former Buffalo Bills Quarterback, Jim Kelly, and his
wife, Jill. The Foundation’s ultimate goal is to advocate
for universal newborn screening for every newborn child.
Unfortunately due to inclement weather, this year’s Walk
was canceled and instead held as a Family Fun Night at
Basil Toyota in Lockport, NY. The evening included dinner,
goodie bags and basket raffles with a chance to win great
prizes such as a football signed by Jim Kelly.
To watch the ribbon cutting ceremony of the new
pedestrian bridge at the
Rochester Public Market,
visit http: //www.youtube.
com / thesummitfcu. Sue
Malta, The Summit FCU’s Senior Manager of Regional
Branch Services, spoke on behalf of the credit union at
the ceremony.
Giving the Gift of Warmth
On October 20th, The Summit and the Girl Scouts of
NYPENN Pathways kicked-off the 5th annual PJ RoundUp. Girls Scouts throughout Central New York collected
clothing to give the gift of warmth to those in need this
season. This public service initiative provides new warm
pajamas, slippers and robes for women and children living
in area shelters.
We accepted collections throughout
November 2012 to b en efit th e
following agencies:
• Seneca County Victim Witness/Domestic
Violence Program
Public Market—Artist Row &
Market Trolley
• Cayuga Seneca Community Action Agency of
Domestic Violence
This year The Summit was the major sponsor of the
Friends of the Rochester Public Market’s 8th annual
Artist Row event. Held on September 16th, this free
event featured artwork from more than 150 local artists.
Participants could purchase everything from paintings and
photography to jewelry and ceramics all while supporting
our local community.
• Salvation Army of Syracuse Area Services
Shelters for Women
• Onondaga County Catholic Charities
• Vera House
• Oswego Catholic Charities
• YWCA of Cortland - Aid to Victims of Violence
Along with showcasing local artwork, the Artist Row
also hosted live performances and various booth and
food vendors.
We are also a proud sponsor for the Market Trolley that
connects parking lots west of Union Street with the Market
grounds. The local community can now take advantage of
this easy and quick access to fresh, locally grown produce
and vendors, especially as we head into the colder seasons!
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Member
Electronic
Education
Tips for Online Protection
We have an ongoing mission to provide you with
financial education, tools and tips to help you
protect your finances. It’s important to be cognizant
of fraudulent activity and how to safeguard yourself
against it.
In order to help ensure the security of your online
transactions, we are providing you with tips to
better protect your information:
•We will never email, call or otherwise ask you
for your user name, password or other electronic
banking credentials. If you receive any type of
communication that looks like it is sent from The
Summit and is asking for this information, please
do not respond.
insured by the National Credit Union Administration.
Health Savings Accounts...continued from front cover
Why choose The Summit’s HSA
•You can help protect yourself by implementing
alternative risk control processes like:
Your HSA will earn dividends1 with no minimum opening
deposit1 and balances will count as part of The Summit’s
Member Benefits Program.
— Periodically changing your password at least
every 90 days. The strongest passwords include
a combination of both lower and uppercase
letters, numbers and special characters.
•You’ll also receive a Free VISA® debit card2 which can
be used to pay for medical expenses and withdraw funds
from ATM machines, plus you’ll have Free 24/7 Online
Access to view your balances.
— Safeguarding your username and password
information. Never give out this information to
family and friends or store it on your computer.
•Unlike a Flexible Spending Account (FSA), there is no
“use it or lose it” clause to worry about. Your HSA
balances can roll over from year to year, allowing you to
save for future medical expenses.
— Logging off the system when you’re done
conducting business (don’t just close the page
or “X” out of the system). You can find the “Log
Out” option at the top right of your screen.
— Monitoring all your account activity on a regular
basis. Request a copy of your credit report and
review it for any discrepancies.
— K eep up-to-date anti-malware Software
installed. This software, designed to protect
your computer from viruses and other harmful
computer applications, must perform two
functions: detect malware and remove malware.
If it cannot perform those two tasks, the other
features provide little value.
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www.summitfcu.org *Member eligibility required. $3.95 fee when purchased. Fee waived for members at the
Pinnacle Benefit Level (maximum of five cards per visit). **$5.00 fee for replacement of Lost/Stolen cards.
A monthly inactivity fee of $2.95 may be assessed to your card after 12 consecutive months of inactivity.
Card is issued by MetaBank pursuant to a license from Visa U.S.A. Inc. The Summit is federally
•At The Summit you can allow one other “authorized
signer” to have access to your HSA simply by signing
an Authorization Form that specifically identifies that
person, (i.e. a designated family member, spouse or
significant other).
If you’re interested in setting up an HSA with The
Summit, you’ll just need to fill out the Health Savings
Account Application verifying that you have an HDHP at
your employer and then set up direct deposit into your
HSA account. For more information, please call us at
585.453.7030/800.836.7328, visit any branch or got to
summitfcu.org.
1)Minimum balance of $100 required to earn dividends. 2)Subject to the IRS rules and
regulations for the HSA accounts.
How we Provide
Convenience
Auto Loans
50,000 Allpoint ATMs
Buy your vehicle directly from the dealer with a Summit
Express Auto Loan and make your car buying experience
quicker and easier than ever. Instead of waiting for a check,
go straight to the dealership and tell them you want a
Summit Express Auto Loan.
We know life is hectic and our branch hours don’t always fit
into your schedule. That’s why we offer you the Allpoint
ATM network—America’s largest surcharge-free ATM
network! Right now as a Summit member, you now have
access to 50,000 surcharge-free ATMs across the world.
You’ll find Allpoint ATMs at popular retailers, drug stores,
convenience stores, gas stations and restaurants like
Target ®, Walgreens ®, McDonald’s ® Hess ®, Sunoco ®,
7-Eleven®, Shell® and many others. Visit the ATM Branch
Locator Tool on the home page of our website to find a list
of ATM locations close to you.
We work closely with over 200 participating dealers to get
the best financing possible, so getting your next vehicle is
as easy as 1, 2, 3!
1. Visit one of almost 200 participating area dealerships.
2. Find the vehicle you want.
3. Apply for your Auto Loan right at the dealership and ask
for a Summit Express Auto Loan.
It’s that simple! Visit our website under Loans/Auto
Loans at the Dealer for participating dealers. You’ll also
find our convenient loan calculators online to help determine
the financing and payment options that are best for you.
Buying through a private party or non-participating
dealership? No worries! We offer direct Auto Loans as well.
Contact us at 585-453-7030 for more details.
Subject to application and credit approval. Must be 18 years of age or older to apply.
Allpoint ATMs not available at every retail location. There is no charge for transactions
conducted at Summit-owned, or Sharenet-owned ATMs, POS terminals or at merchant
locations using the Check/Debit Card. A $2.00 fee will be charged for each non-Summit
or non-Sharnet-owned (such as the Allpoint Network) ATM transaction that exceeds
the number of free transactions associated with your Member Benefit Level. This is
based on the posting dates of your transactions. ATM transactions are accounted each
month on the day before the last business day of the month.
Rainy Day Kids Crafts!
Looking to cash in your spare
change without the hassle?
Looking for a teachable moment? Why not turn a
rainy day into an opportunity to teach your kids about
the importance of saving by creating their own piggy
banks using everyday items found in your home.
Coinstar machines make it fast and easy1. Visit the following
branches with Coinstar today.
Old plastic jars: mayonnaise, peanut butter,
apple sauce
Buffalo: Delaware/Hertel
Rochester: Greece, Hilton, Irondequoit
Recycled boxes: shoeboxes, fun size cereal boxes,
recipe boxes
Syracuse: Genesee Street
Directions:
There’s more online! At Coinstar.com you can sign up
for a free Coinstar account that will allow you to keep track
of your coin stash, receive personal alerts and messages
and stay up-to-date on the latest special offers.
Coinstar is fee-free when you cash in your coins for gift
cards and eCertificates. Log on today for a list of the great
places and brands where you can exchange your cash in
for gift cards including Amazon®, Starbucks®, iTunes®,
Lowe’s®, Chili’s® and more!
1.Carefully cut an opening in the lids that can fit coins
of all sizes.
2.Let your kids decorate and personalize their banks
with their names, glitter or gluing fun pictures from
magazines.
3.Start saving your loot! Bring your filled piggy banks
to our Coinstar locations to see how much
they’ve saved.
1. A processing fee may apply based on your Member Benefit Program Level
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A Message from the
MEMBERS Financial Services Program
When You Change Jobs, Should
You Change Your 401(k)?
Content developed by CUNA Brokerage Services, provided
by Doug Lannak & David Goldpenny
If you find yourself without, or in between, jobs many
questions can arise. With all of the life changes during this
stressful time, it is easy to forget one of the most important
decisions you have to make: What should you do with your
qualified retirement savings, such as your 401(k)?
When reviewing your last retirement plan statement it’s
tempting to ask for the balance in one big check and
think about the consequences later. In situations like this,
patience and planning may be where the reward truly lay.
Take a moment to consider your options; your decision can
have both a short-term impact on your tax situation and a
long-term impact on your retirement lifestyle.
The consequences of taking your money out rashly may
include (but are not limited to) the following:
20% Withholding: Your employer is required to withhold
20% of the total amount to cover any potential federal taxes
that you might owe. Keep in mind that you may owe more
than the 20% that is withheld.
The Tax Man Cometh: You are subject to federal and state
income taxes on both tax-deductible contributions and taxdeferred growth.
10% Penalty: Early withdrawal penalties of 10% may apply
if you are age 59½ or younger.
In the end, taxes and penalties may dramatically reduce the
final amount of your distribution far more than you expected.
And far more than you can afford.
Keep Your Retirement Money Working
If you would like to keep more of your retirement savings
growing tax deferred and minimize your current tax bill,
there are options to consider. From a tax perspective, the
following options may help you avoid paying current income
taxes and early withdrawal penalties while maintaining the
tax-advantaged status of your retirement savings:
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Consolidate Your Retirement Savings into One IRA
By transferring your retirement plan to an IRA, you have
the ability to consolidate several different IRAs into a single
account. Additionally, you are not limited to the investment
choices and other restrictions that apply to many employer
sponsored plans.
Move Your Retirement Savings to Your New
Employer’s Plan
If your new employer allows you to rollover your assets from
your previous employer’s plan, this may be an attractive
option for you. Rolling your existing retirement plan assets
into your new employer’s plan may allow you to take loans
from your account. And, depending on the plan, your new
plan might have different or better investment choices and
pricing than your last plan or a new IRA.
Keep Your Retirement Savings in Your Current
Employer’s Plan
Some employers will allow plan participants to leave their
retirement savings in the existing plan even after they
have left the company. Depending on your existing plan’s
features, such as loan privileges, investment choices and
plan expenses, you might find it makes more sense to keep
your money right where it is.
Understanding Your Options
Understanding the options you have available to you will
only help you make better decisions about your money and
your retirement. Review and discuss your options with an
experienced Financial Advisor. Together you can identify a
solution that will work for your needs today and throughout
your retirement.
Doug Lannak and David Goldpenny are Financial Advisors
with MEMBERS Financial Services located at The Summit
Federal Credit Union. If you have any questions, or to
schedule your no-cost, no-obligation consultation, please
call 800-836-7328, extension 7230.
Representative is not a tax advisor or legal expert. For information regarding specific tax
situations, please contact a tax professional. For legal advice, consult an attorney.
Representatives are registered, securities are sold, and investment advisory services offered
through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/
dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866)
512-6109. Nondeposit investment and insurance products are not federally insured,
involve investment risk, may lose value and are not obligations of or guaranteed by the
financial institution. CBSI is under contract with the financial institution, through the financial
services program, to make securities available to members. FR061007-D1AA
Trending
Topics
Protect Yourself from Skimming
Technologically-savvy thieves
have found ways to steal money
without your wallet ever leaving
your possession. One popular
method is to attach a skimmer
to a legitimate ATM or gas station terminal. When you
insert your ATM or debit card, the skimmer reads your
card information, and the PIN is captured with a hidden
camera or keyboard overlay device. Then, they can put
your information on a blank magnetic card or use it to shop
online until your account is drained.
You don’t have to avoid using your cards to keep your
accounts safe. Just keep in mind the following tips:
1.Before inserting your card, see if the card slot wiggles.
If it does, there may be a skimmer on it. Use another
terminal, and let us know.
2.Try using the same ATM for all of your transactions.
You are more likely to notice if the machine has been
tampered with if you are using a familiar one.
3.Cover the keypad when you enter your PIN. If a hidden
camera is being used, this prevents the camera from
capturing it.
4.Always check your account statements for fraudulent
activity. If you see any suspicious charges, notify
us immediately.
Looking for more financial advice? We’ve partnered with
BALANCE to provide you with free financial education
and counseling. Certified BALANCE counselors can
answer your questions, review your credit report, and
help you create a budget. Call 888-456-2227 or visit
Member Services/Achieve Balance at summitfcu.org
for more information.
Facebook & LinkedIn
Facebook—To Guarantee that you receive all
of our status updates, visit our Facebook page
and hover your mouse over the “Liked” button
and then click “Show in the News Feed.” Thanks for liking
us—the feeling’s mutual.
P.S. We have some new contests launching on
Facebook soon. Like us now so you don’t miss out on
some great prizes!
LinkedIn—We’re here for Professionals!
Connect with us on LinkedIn and stay
up-to-date on upcoming Seminar and
Financial Education Workshops at a
location near you.
Summ-It Up Contest
—This past
month, we held
the “Summ-It Up
& Win” Facebook
photo contest
where members
took pictures
with our logo in
front of the great
accomplishments, experiences or purchases that The
Summit has helped them out with.
Participants then uploaded their photo to our “Summ-It
Up and Win” contest tab and voters picked the winners.
The prizes were:
1st place: $500 VISA® gift card
2nd place: $250 VISA® gift card
3rd place: $100 VISA® gift card
Make sure to frequently check our Facebook profile page,
so you don’t miss out on great contests like these!
7
PRSRT STD
Canal Ponds Business Park
100 Marina Drive
Rochester, NY 14626-5104
www.summitfcu.org
U.S. POSTAGE
PAID
ROCHESTER, NY
PERMIT #1905
Looking to cash in your spare change?
Coinstar machines make it fast and easy. Visit the following branches
with Coinstar today! In Buffalo: Delaware/Hertel; In Rochester: Greece,
Hilton, Irondequoit; In Syracuse: Genesee Street.
A processing fee may apply based on your Member Benefit Program level.
Like us on Facebook?
To guarantee that you receive all of our status
updates, visit our Facebook page and hover
your mouse over the “Liked” button and then
click “Show in News Feed.” Thanks for liking
us — the feeling’s mutual!
F all in lov
WITH CONVENIENCE
Get
5
$
when you sign up for:
E-Statements & E-Newsletters
from November 30th through
the December 31st.
It's that simple.
Visit summitfcu.org, log on to Summit
Online Access, click on
Additional Services and then
E-Statements/E-Newsletters
to sign up!
Deposits will be made into your Primary Savings
Account by the week of 1/14/13 for members that sign
up between 11/30/12 and 12/31/12.
Swipe, Sign, Repeat,
Win!
‘Tis the season to start shopping and you’ll
be rewarded for your efforts! From now until
January 4, 2013, every time you make a nonPIN purchase using your debit card, you will be
automatically entered into our weekly prize
drawing. Every Tuesday, we’ll calculate how
many non-PIN debit card purchases you’ve
made and that’s how many entries you’ll have
to win!
Entering is easy:
1. Swipe your Summit debit card to make your purchases (which you probably already do!)
2. When you check out at the register, ask the Remember, whether you make your debit card
cashier to process your transaction as “credit” transaction as either “debit” or “credit” the amount
of money withdrawn from your account is exactly
not debit (no need to enter your pin)
the same, so really there is no reason not to
3. REPEAT for every transaction from now
swipe, sign, repeat and win with The Summit!
through January 2013
4. Cross your fingers and hope that you’re
Contact us today to find out more!
selected as a lucky winner for the week!
NO PURCHASE OR TRANSACTION NECESSARY TO ENTER OR WIN. Non-Purchase Entries and Purchase Entries have an Equal Chance of Win-
ning. There are three (3) ways to enter the sweepstakes during the Promotional Period (11/26/12-1/4/13): 1) Automatic Entry, 2) U.S. Mail, or 3) Phone. Automatic Entry: An eligible Summit VISA
debit cardholder will automatically receive one (1) sweepstakes entry for every eligible Non-PIN debit card purchase during the Promotional Period. Only eligible purchases made with a Summit
Account that is not in default during the promotional period are eligible for automatic entry. Weekly prize winners will be chosen the following Tuesday of each contest week. Cash advances not
included. Employees, directors and officers are not eligible to participate. To enter without purchase or obligation: Send a self-addressed, stamped envelope to The Summit FCU, c/o “Summit
FCU/ Swipe, Sign, Repeat & Win” Sweepstakes, Canal Ponds Business Park, 100 Marina Dr., Rochester, NY 14626, Attn: Marketing, or by Phone: Call toll-free at (800) 836-SFCU, ext. 7030.
See a branch or summitfcu.org for Official Rules. Gift will be reported to the IRS. Any Applicable taxes are the responsibility of the member/consumer. The retailers mentioned above are not
affiliated with The Summit. The Summit is federally insured by the National Credit Union Administration.