FALL 2013 SHAREDinterests - Home - Hudson Valley ... this issue Which is Better – Signature or PIN? 2 Insurance Coverage Checkup 2 Life is Full of Unexpected Expenses 3 Join Us for

In this issue Which is Better – Signature or PIN? ....................................... 2Insurance Coverage Checkup .................................................. 2Life is Full of Unexpected Expenses........................................ 3Join Us for International Credit Union Day .......................... 3Baby Boomers Still Have Time to Benefit .............................. 4New Homes Cost Less to Maintain ......................................... 4What’s in a Number? Plenty. .................................................... 5Spend Less and Earn More. ...................................................... 6It’s Important to Have a Relationship ..................................... 7

FALL 2013

SHAREDinterests A QUARTERLY PUBL ICAT ION OF HUDSON VALLEY FEDERAL CRED IT UN ION

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All our members enjoy free Internet Banking, Mobile Banking, Bill Pay, CUAlerts, Financial Services consultations, and Insurance Services checkups.

But did you know that you can maximize your membership benefits when you pair your HVFCU checking account with a free Visa Debit Card? By doing so you’ll enjoy additional fee-free services—plus earn valuable points with your card that can be redeemed online for exciting rewards. It’s that simple–and that rewarding.

Best Free Checking AroundOur checking account pays dividends with no minimum balance requirements, no monthly service charge, and no per check fees. As a Visa Debit cardholder, you’re also entitled to additional fee-free network transactions each month, as well as access to thousands of surcharge-free ATMs throughout the world. Use your Visa Debit Card to make purchases wherever Visa is accepted. Take advantage of the best checking account around that provides you with everything you need to conveniently manage your finances.

HVFCU Checking and Visa® Debit Card with HVFCU Rewards!

Great Benefits With Visa Debit• 15 transactions at non-HVFCU ATMs each month*

• 2 free boxes of HVFCU custom checks per year

• 25 free copies of checks and statements per year

• No charge for card replacement, check copies, check protests, check collections, official checks, guaranteed checks, or money orders

*ATM owner may assess a surcharge.

More Rewards Than Ever!Your HVFCU Visa Debit Card now comes with HVFCU Rewards!, a special program that allows you to earn points for a variety of great items. Earn one point for each $2 spent on qualified, signature-based purchases. To earn points, select “credit” rather than “debit” when prompted, and sign for your purchase. You can also combine HVFCU Visa Debit Card points with your HVFCU Visa Platinum Rewards Credit Card points.

continued on page 2

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Which is Better –Signature or PIN?When you present your Visa Debit Card, many merchants will ask you “credit or debit?” Whenever possible, choose the “credit” option to enjoy some important advantages: The Points – When you choose “credit” with your HVFCU Visa Debit Card you’ll earn valuable rewards—one point for each $2.00 spent on your “credit” purchase that can be redeemed later.

The Security – By choosing “credit,” your transaction is posted through the Visa network and is therefore covered by all the security that affords.

Quicker and Easier – Many merchants require signatures for purchases of $25 or more. For smaller purchases, you can literally be out the door even faster by choosing “credit.” Your HVFCU Visa Debit Card offers you a world of convenience. Give us a call at 845.463.3011 if you have any questions about using your card, or if you want to find out more about the exclusive benefits available to HVFCU Visa Debit cardholders.

HVFCU Rewards continued from page 1

One point is earned for every $1 spent on qualified credit card purchases. Visit hvfcurewards.org to link your debit and credit cards and combine your points. You can also check out all the new options for redeeming your points, including merchandise, travel, gift cards, charitable contributions, or even cash back credits.

And now, your HVFCU Visa Debit Card offers instant rewards with our special Shop, Sign & Save program. Visit shopsignsave.org to see personalized offers for discounts at participating retailers. Sign up for text or email alerts to receive instant notifications when you have a new discount available. Use your debit card in the same manner—always choose the “credit” option and sign for your purchase, and your discount will be automatically credited.

Stop by any branch or call 845.463.3011 to open your HVFCU checking account with free HVFCU Visa Debit Card — and start reaping all the rewards you deserve!

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Insurance Coverage CheckupNot sure how much you’re paying for insurance? That’s okay. On average, one third of all drivers don’t know how much they pay every six months to insure their vehicle. The cost of your insurance coverage can vary by as much as $500 among different insurers, so it pays to shop and compare. To save you time, HVFCU Insurance Agency offers a free no-obligation insurance quote comparing multiple carriers. Go to the insurance section of our website at hvfcu.org for a quote and more information, or call 845.463.5646.


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An HVFCU Home Equity Line of Credit may be the most convenient, flexible way to borrow money for any purpose — home improvements and renovations, education, and even wedding or vacation expenses. Borrow up to 100% of your home’s appraised value (up to $250,000) and enjoy no closing costs4 with an HVFCU Home Equity Line of Credit.

Home Equity Line of Credit

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Hollowbrook Branch is Looking Good!Following several months of construction, the dust has settled and our Hollowbrook Branch renovations are complete! We would like to extend our appreciation and thanks to our members for their patience during this process. The expanded floor plan now offers additional convenience with a more spacious lobby, open greeter desk, additional offices, and a new drive-up ATM. We hope you enjoy these improvements as well as our modern, new look.

Join Us for International Credit Union DayOctober 17, 2013

“Credit Unions Unite for Good” is the theme for International Credit Union Day on October 17th. In the days leading up to Credit Union Day we’ll be offering seminars you won’t want to miss, prize drawings in our branches, a food drive to benefit our military veterans, and a

shredder truck event at our Brewster branch. Visit our website at hvfcu.org for additional details and schedule.

Be sure to stop by your favorite branch on Credit Union Day, Thursday, October 17th, for a snack and complimentary gift while they last.

Life is full of unexpected expenses Be prepared with a Home Equity Line of Credit

1,2,3,4 See Terms & Conditions for “Home Equity Line of Credit” on pg. 8.

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Holiday Closing Schedule November 11 – Veterans Day (Offices in IBM Buildings will be open)

November 28 – Thanksgiving Day (Offices in IBM Buildings will also be closed on Friday, November 29th)

December 25 - Christmas Day January 1 – New Year’s Day

No Closing Costs4 | No Points | Borrow up to $250,000


You’ve probably heard the old adage about how the best time to start saving for retirement was yesterday. And while that has a certain truth, it’s also important to recognize that you can still benefit from an HVFCU IRA—even if you’re 50+. Retirement may be just around the corner, but you can still take advantage of compounding interest.

The buck starts here. A Traditional IRA offers tax-deferred savings until retirement, with taxable distributions beginning when you reach 70 1/2. Contributions you make to a Roth IRA are not tax-deductible, however, the upside is that any distributions you receive after retirement are tax-free. With either fund, you can begin making withdrawals as soon as you are 59 1/2 years old.

Older means wiser. Older may also mean having more disposable income—especially if your mortgage and college tuition have been paid off. Your career and your paycheck may

be at record high levels, too. Combine these two factors and you may find yourself with enough extra cash to establish a comfortable retirement nest egg.

Take advantage of ‘catch-up’ contributions. If you are age 50+, your IRA allowable contribution limit is higher. For the 2013 tax year, those 50 and older can contribute an extra $1,000—for a maximum of $6,500. By investing more now, you’ll have more to spend when you’ve retired.

For more information on opening your HVFCU IRA stop by any branch, call, or visit us at hvfcu.org, where you’ll find a helpful online calculators, as well as an IRA comparison chart.

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New Homes Cost Less to MaintainOne of the virtues of a newly constructed home is the savings that come from reduced energy and maintenance expenses. Data from the American Housing Survey (AHS) offers proof. The AHS classifies new construction as homes no more than four years old.

For example, for routine maintenance expenses, 26% of all homeowners spent $100 or more a month on various upkeep costs. However, only 11% of owners of newly constructed homes spent this amount. In fact, 73% of new homeowners spent less than $25 a month on routine maintenance costs.

Similar findings are available for energy expenses. On a median per square foot basis, homeowners spent 78 cents per square foot per year on electricity. Owners of new homes spent 65 cents per square foot per year. For homes with piped gas, homeowners spent on average 53 cents per square foot per year. Owners of new homes spent 38 cents per square foot per year.

If future expenses are an important factor in your decision to buy a new or older home, this data shows that a new home can offer considerable savings over time due to reduced operating costs.

Facts and figures courtesy of the National Association of Home Builders.

Baby Boomers still have time to benefit from an HVFCU IRA

HVFCU offers land and construction loans to make financing your new home easy and efficient. More information is available at hvfcu.org, or stop by any branch to discuss your building needs.

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to make financing your new home easy and efficient. More information is available at hvfcu.org, or stop by any branch to discuss your building needs.

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ROUTINE MAINTENANCE EXPENSE

All Owner Occupied homes New Construction


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What’s in a Number? Plenty.Understanding what makes up your credit score.

Many people do not know their credit score much less know how they can hurt or help that score, or how it can be used against them. Some 49% of 1,013 consumers polled in a survey by the Consumer Federation of America and Fair Isaac did not understand that credit scores measure credit risk. Fair Isaac created FICO, the most widely used credit score formula.

Recipe for a credit score

But first, just what is a credit score? To calculate a score, Fair Isaac uses 22 pieces of data collected from the three major credit bureaus, Equifax, Experian, and TransUnion, depending on where in the country you live. The FICO® Score is calculated from several different pieces of credit data in your credit reports. This data is grouped into five categories. The percentages in the chart to the right reflect how important each of the categories is in determining how your actual FICO score is calculated.

Your FICO Score considers both positive and negative information in your credit report. Late payments will lower your FICO Score, but establishing or re-establishing a good track record of making payments on time will raise your score. (For additional information on FICO, as well as ways

to improve your credit score, go to the BALANCE Financial Fitness link/Publications at hvfcu.org.)

How a FICO Score breaks down

These percentages are based on the importance of the five categories for the general population. For particular groups—for example, people who have not been using credit long—the relative importance of these categories may be different.

The higher the score, the lower the risk you are to a creditor—which may affect the interest you’ll pay. The lowest possible score is 300, while the highest is 850. Only 13% of the population has FICO scores of 800 or above; the median is 723. Generally, borrowers with higher scores receive better rates.

Source: myfico.com, the consumer division of FICO.

Call for Board CandidatesIt’s election time for our Board of Directors. Annually, three directors are elected to each serve a three-year term. The board is responsible for establishing policies and strategic direction that will benefit HVFCU members, maintain fiscal integrity, and meet federal regulations. Board members are unpaid volunteers who receive reimbursement for business expenses. Our board meets monthly, and board members may be asked to serve on additional committees.

If you’d like to lend your time and talents, download an application from our website at hvfcu.org or call 845.463.3011, ext. 3402, to have one mailed to you. Applications must be received by Friday, November 1, 2013. The Nominating Committee will review the submissions, and qualified applicants will be interviewed and considered for nomination.

35%

30%

15%

10%

10%

Payment history

Amounts owed

Length of credit history

New credit

Types of credit used

HVFCU Insurance Agency has partnered with the National Safety Council to offer an online defensive driving class at a discounted rate of $25.

Attendees who complete the online class may be eligible for an immediate 10% discount on their collision and liability premium. In addition, you

may also receive a reduction of up to four points on your driving record. Visit hvfcu.org for more information.

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Business Banking at HVFCUSPEND LESS AND EARN MORE MANAGING YOUR

The Easiest Way for Your Business to Make $250

Open an Enhanced Business Checking account at HVFCU and we’ll deposit $1501 into your account with your opening deposit. Enjoy all the features of a traditional checking account, plus much more. In addition to earning dividends on your deposits, Enhanced Business Checking offers:

• 500 free transactions per month• Free Internet Banking and free Bill Pay• Free ACH transactions• Free first order of business checks (valued up to $100)• Free official checks

Receive an extra $1002 for enrolling in our Remote Deposit Capture service (RDC). Conveniently deposit checks into your HVFCU business checking account right from your office. RDC helps your business:

• Save time and money by reducing unnecessary trips to our branches to make a deposit, and

• Improve cash flow with same day availability and no holds on checks deposited with Remote Deposit Capture.

1. To qualify for the $150, the Enhanced Business Checking Account with HVFCU must be opened between 9/19/13 and 11/15/13 with a minimum opening deposit of $10,000, must be a business member in good standing, and an Enhanced Business Checking Account must not currently be opened in your business’ name. Must be the first Enhanced Business Checking account opened by the business with HVFCU. Limit one per business member. Deposit of $150 will be credited to Enhanced Business Checking Account at account opening. Offer not valid with Value Business Checking or any other HVFCU business account. Offer subject to change or termination without notice.

2. To qualify for the $100, Remote Deposit Capture service, business members must meet the RDC qualifications and sign an RDC agreement between 9/19/13 and 11/15/13. Deposit of $100 will be credited to the related business checking account within 60 days of signing the RDC agreement and establishing service. Offer subject to change or termination without notice.

Save time and energy with online services.Internet and Mobile Banking, Bill Pay, CUAlerts, and eStatements can make your busy life a little easier. But they can do even more than that! Take a closer look, and you will discover some surprising advantages.

Internet and Mobile Banking: Internet Banking gives you around-the-clock access to all your accounts, enabling you to conduct transactions and monitor your account activity whenever and wherever it’s convenient. Our Mobile Banking app allows you to do the same from your smartphone or web-enabled device.

Save time and money: Of course online services are convenient, and Bill Pay is no exception – plus each online payment saves you on postage – not to mention the cost of checks, envelopes, and your valuable time. Now you can even pay bills through our Mobile Banking app.

Avoid overdrafts: Want to know if your checking account falls below $100? How about a reminder when a bill is due? With CUAlerts, you just tell us what you want to know. We’ll send an automatic email or text message to help you stay on top of things.

Protect your identity: Any time you have bills or statements sitting in your mailbox or trash, your personal information is at risk. Bill Pay and eStatements help eliminate the paperwork that can be a gold mine for identity thieves.

Take complete control of your finances. Visit hvfcu.org for more information on all our electronic services.

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Services for every planning purpose

HVFCU Financial Services provides access to a complete array of financial guidance, planning, and products, all tailored to your unique situation. Our Financial Consultants are your local resource for comprehensive services including:

• Second Opinion Services

• Social Security and Lifetime Income Planning

• Retirement Planning

• Risk Management and Asset Protection

• Long-Term Care Planning

• College Planning

• WealthVisionSM

• Strategic Money Management

• Business Succession Planning

• Wealth Transfer Strategies

Schedule a no-cost, no-obligation consultation with an HVFCU Financial Services Financial Consultant. To get started, call 845.463.3366 or go online to hvfcu.org and select Financial Planning.

It’s Important to Have a Relationship With a Financial Advisor You Trust. Th at’s why HVFCU Financial Services at Hudson Valley Federal Credit Union has built a team of seasoned professionals who off er unbiased advice and guidance through important fi nancial decisions.

FREE SEMINARSMaximizing Your Social Security Benefi ts

HVFCU Financial Services will conduct seminars on understanding and maximizing Social Security benefits. Attendees will learn key facts about Social Security and how to navigate the decisions surrounding the program, including how benefits are calculated, what is full retirement age, and how to choose the right time to file.

Thursday, October 17th 5:30-7 pm, Hampton Inn, 2361 South Road, Poughkeepsie

Tuesday, October 22nd 5:30-7 pm, Fishkill Hyatt, 200 Westage Business Center Drive

Thursday, October 24th, 5-6:30 pm, Montgomery Branch, 30 Hawkins Drive

Tuesday, October 29th, 5-6:30 pm, Newburgh Branch, 953 Route 300

Seating is free, but limited. To RSVP, register online at hvfcu.org or call 845.463.3366.

© 2012 S&P Capital IQ Financial Communications. All rights reserved. Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affi liates. Hudson Valley Federal Credit Union and HVFCU Financial Services are not registered broker/dealers and are not affi liated with LPL Financial.

Not NCUA Insured | No Credit Union Guarantee | May Lose Value


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Board of DirectorsNoreen Hennessy, ChairTakao Inouye, First Vice ChairJoseph E. Eppich, Second Vice ChairDavid S. Bagley, TreasurerNancy Kappler-Foster, Assistant TreasurerLarry J. Prescott, SecretaryMisty V. Decker, DirectorT. S. Jones, DirectorHenry J. Rodgers, Jr., DirectorJan Mahar Sturdevant, Director EmeritusRalph E. Plant, Director Emeritus

Supervisory CommitteeStephen S. Caswell, ChairJeffrey S. Battistoni, SecretaryKathleen Dispensa, MemberWilliam J. Mulvey, MemberLarry J. Prescott, MemberCarlos L. Acosta, Associate MemberElinor Speckman, Associate Member

President & CEOMary D. Madden

BranchesMonday-Friday 8:30-7:00 and Saturday 9:00-5:00

4 Tucker Drive, Arlington324 Main Street, Beacon2 Terrace Drive, Carmel449 Route 9, Fishkill101 Tillson Avenue, Highland415 Route 376, Hopewell Junction4011 Albany Post Road, Hyde Park1639 Ulster Avenue, KingstonRoute 211, Fairgrounds Plaza, Middletown30 Hawkins Drive, Montgomery 953 Route 300, Newburgh265 Windsor Highway, New Windsor12 North Avenue, Pleasant Valley159 Barnegat Road, Poughkeepsie11 Marshall Road, Wappingers Falls

Monday-Friday 8:30-5:30 and Saturday 9:00-2:001620 Route 22, Brewster

Monday-Friday 8:30-5:301 Civic Center Plaza, Poughkeepsie

Monday-Friday 8:00-4:00IBM Buildings* 320, 330, 705*Employee accessible only. Closed 1:30 pm to 2:00 pm.

Directory

Like us on FacebookFollow us on Twitter

HVFCU ATMsAll HVFCU BranchesAdams Fairacre Farms, Route 44, PoughkeepsieBridgeview Plaza, Route 9W, Highland1810 South Road, Nine Mall, Wappingers FallsEast Fishkill IBM Bldgs.* 300, 323Gap/Old Navy Distribution Center, Fishkill*Nine Mall, 1810 South Road, Wappingers FallsPoughkeepsie IBM Bldgs.* 052, 416Putnam Hospital Center, 670 Stoneleigh Avenue, CarmelVassar Brothers Medical Center, Poughkeepsie*Employee accessible only. Online Serviceshvfcu.org

Telephone845.463.3011/800.468.3011

TDD (for hearing impaired)845.463.1709

Supervisory Committee845.463.6934/800.468.3011P.O. Box 1624, Poughkeepsie, NY [email protected]

Mailing Address159 Barnegat Road, Poughkeepsie, NY 12601

Terms and conditions from page 3 “Home Equity Line of Credit”

1) The introductory fi xed rate will be in effect the fi rst 6 billing cycles after your account is opened, whether or not funds have been advanced from your account during that time. Thereafter, the rate, including the rate on any existing balance, will convert to the applicable Variable Rate described below.

2) The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate.

3) Variable Rate: Rates for this product are as low as stated. Rate is based on an evaluation of applicant credit and total amount fi nanced. After the initial introductory 6 billing cycles, the APR will never increase more than 2% per year and will never be more than 18%. Rate information is accurate as of 8/28/13 and is subject to change. Visit hvfcu.org for current rates. Total amount fi nanced is based on an evaluation of applicant credit, appraised value, and existing liens (LTV). Your rate and total amount fi nanced may vary from the stated rate and maximum fi nancing.

4) Closing costs associated with this product are waived, provided loan is maintained for a minimum of three (3) years. HVFCU will pay for property appraisal, credit report, fl ood certifi cation, attorney fee, mortgage tax, recording fee, and title search. Borrower is responsible for homeowners and fl ood insurance.

Applications must be submitted between 9/28/13 and 11/1/13 and loan must close by 11/30/13 to receive introductory rate. Offer may be withdrawn at any time. The introductory rate only applies to new loans and newly refi nanced loans from another lender.

Federally insured by the NCUA


Documents

FALL 2013 SHAREDinterests - Home - Hudson Valley ... this issue Which is Better – Signature or PIN? 2 Insurance Coverage Checkup 2 Life is Full of Unexpected Expenses 3 Join Us for