Spring 2017 - American Eagle Financial Credit Union [PDF]

Credit Union Spring 2017

From the President… Many teens have summer jobs and/or part time jobs during the school year. Whether the goal is to save for college, to buy that first car, or some other goal in mind, hard work can pay off in so many ways, including learning life skills and in developing as a young adult. I remember stitching together a number of parttime jobs like paper routes, landscaping, working at a local church, and many, many other pursuits that helped to develop skills and in understanding other people better. No matter what the desired outcome from the job, earning money or learning through life experiences, this is a great opportunity to learn and apply some basic and essential financial skills. The most important skill a young earner can learn is the discipline of setting aside funds for future use. An alarming statistic in our country is that about half of the households in the country could not come up with $400 to cover an unexpected expense, like car repair or medical expenses. Saving for the future

News

can be challenging when there are so many needs to be met. No doubt, taking care of necessities is critical, and it’s much more fun to spend…in the short term. With a full time summer job, where the pay is higher, there is a tendency to spend more lavishly and to live beyond ones needs. With a part-time job, where the hours and pay may be lower, there can be a sense that savings are too small, and will not add up to much. The good news is that saving can be just as habit-forming as spending. Like you do, help your child set some goals for their savings, even if very modest to start. One way would be to save a percentage of net pay. Another would be to help your young adult determine a set spending amount for the week and then show them how to save everything else. While the balances to start can seem very small, the point is to just “do it” and it becomes normal behavior.

Youth Savings Month to focus on helping young people develop healthy saving habits. American Eagle offers very basic savings and checking accounts, most without minimum balances and few, if any fees, making it easy to start saving. In addition to the savings, American Eagle is offering financial education and a special promotional offer for new youth members who join the Credit Union. Once the money starts to grow and the dividends begin to compound, saving becomes more than a habit, it becomes a passion. The focus changes from owning things to being “rich.” When the time comes to discuss credit and credit cards, your child will be ready and responsible.

That’s why during the month of April, American Eagle is celebrating National

YOUTH MEMBERS GET

$25.00

*

4W ONEEKS 4/1 LY! -4/ 30!

TO OPEN A NEW SAVINGS ACCOUNT. See a representative for details. * Must be 25 years of age or younger and must not be an existing member of the Credit Union. Offer valid April 1, 2017 through April 30, 2017. $25 will be deposited into a ne w AEFCU Savings account and must be opened at an AEFCU branch. Amount of deposit will be reported to the IRS and member is responsible for any applicable taxes.

YOUTH MEMBERS GET

$25.00

*

TO OPEN A NEW SAVINGS ACCOUNT. See a representative for details.

Jessie Carrillo Selected as the American Eagle Financial Credit Union Scholarship Recipient at Goodwin College Jessie Carrillo of East Hartford, Connecticut, is the recipient of the 2017 American Eagle Financial Credit Union Scholarship at Goodwin College. The American Eagle Financial Credit Union Scholarship is awarded annually to a Goodwin College student enrolled in their Business Administration Program and who has completed at least 12 credits, maintained a minimum GPA of 3.0, and demonstrated a financial need.

FREE College Financing Seminar College Financing 101 Understanding Your Award Letter

Jessie is in her fourth year at Goodwin College pursuing a Bachelor’s degree in Business Administration. She has maintained a 3.8 GPA while working full time as a Property Administrator for a nonprofit and being a single mother raising her eight-year-old son. She hopes to obtain her real estate license and continue to work in the nonprofit field when she graduates from Goodwin College. Jessie’s goal is to continue being involved in community activities and building a career with an organization that is mission driven and is involved in bettering our communities. Jessie thrived at Goodwin College, thanks to her determination and the school’s positive environment. One of the reasons she chose Goodwin was because of the locality of the campus along with many other educational benefits the staff and faculty are able to provide to the students. “Jessie is well deserving of this award and is an outstanding role model for others working and studying hard to improve their lives. We are thrilled to be partnering with Goodwin College to offer this scholarship each year to a Goodwin College business student,” said Dean Marchessault, President & Chief Executive Officer for American Eagle Financial Credit Union.

An industry expert from CU Student Choice will present practical information during this interactive seminar to guide parents and students through the college financing process. They will discuss the cost of college, FAFSA and Federal aid, out-of-pocket costs, private loan options, understanding your financial aid award letter, and more. DATE: Wednesday, May 3, 2017 5:30 p.m. to 6:00 p.m. – Check in/Refreshments 6:00 p.m. to 7:30 p.m. – Seminar Presentation/Q&A PLACE: Riverfront Community Center 300 Welles Street, Glastonbury

Register online at americaneagle.org/events. QUESTIONS?

Brooke Penders (left), Vice President of Advancement of Goodwin College, and Dean Marchessault (middle), President & Chief Executive Officer for American Eagle Financial Credit Union, presented Goodwin College business administration student Jessie Carrillo with the $1,000 American Eagle Financial Credit Union scholarship award.

Call or e-mail: Jawaad Hussain Glastonbury Branch Manager 860.568.2020, ext. 5704 [email protected]

2016 Annual Report Is Online

The American Eagle Financial Credit Union 2016 Annual Report is available on the Credit Union web site at americaneagle.org. The vision of American Eagle Financial Credit Union is to be our community's first choice for financial services.

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As we are fully into the new year, fraudsters are still coming up with new ways to swindle honest individuals like yourself from your money and way of life. The following are three new fraud scams currently D PHONE FR U being perpetrated by fraudsters that you A RA should be aware of:

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#1: Robocalls.

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You could be the recipient of an automated recorded phone call claiming your debit or credit card is locked. Do not let this tempt you to follow the instructions in the phone call by entering your card number, expiration date, PIN, and security code located on the back of the card. American Eagle FCU will never ask you for all this information! By following the fraudster’s instructions, you have unknowingly given the fraudster all the necessary information needed for them to create a debit or credit card with your information and use it for fraudulent purposes. P

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ONE FRAU D

E ON

FRAUD P

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How to Spot the Latest Fraud Scams

#2: Con artists using social media to lure victims. In most instances, Millennials are the primary targets of a scam to earn extra cash. These fraudsters will ask a debit cardholder to share their card and PIN as a way of earning extra cash. The fraudsters will deposit fake checks into the associated accounts, make immediate withdrawals, and share some of the cash with the unsuspecting cardholder. When the financial institution receives the notification that the checks are fraudulent, the cardholder is left with a negative balance and is required to pay back the financial institution for all the fraudulent checks. A good rule of thumb: Never let anyone borrow your debit card or divulge your PIN to anyone!

#3: Seniors tricked into handing over their credit/debit cards in their own homes. In this rather intrusive fraud, con artists posing as a fraud investigator for a local financial institution have begun to talk their way into the homes of senior citizens. Once inside, they convince the homeowner to swap debit or credit cards, convincing the homeowner that their old card is compromised and no longer working. Just a reminder that American Eagle FCU will never show up at your home to transact business! With this knowledge of these fraud scams, it may help you to recognize and thwart these types of situations ahead of time and thus protect yourself from becoming a victim and keep your money safe.

Save up to $15 on TurboTax, the smarter way to get your taxes done right File your taxes the smarter way and save! TurboTax® translates taxes into simple questions about your life, so you don’t need tax knowledge – or an appointment – to get your taxes done right. • Get your maximum refund. TurboTax searches over 350 deductions and credits to make sure you get your biggest possible refund, guaranteed. • Be sure nothing gets missed. TurboTax CompleteCheck™ reviews every detail in your return, walks you through any final changes, and gives you the green light to file. • You’re never alone. Connect with an expert live, on-screen to get answers when you need them with TurboTax SmartLook™. • American Eagle Financial Credit Union members can get up to $15 off TurboTax federal products. Get started today and save! State filing charges apply. Limited time offer for TurboTax 2016. Terms, conditions, features, availability, pricing, fees, service, and support options subject to change without notice. Intuit, TurboTax, and TurboTax Online, among others, are registered trademarks and/or service marks.

Source: CUToday.info

I’m Changing Jobs. What Should I Do with the Money in My Plan? (continued from p. 5) The money you accumulate through an employer’s plan may become a primary source of income after you retire, so how you manage it today could have a big effect on your financial situation in the future. Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. nor its sources guarantees the accuracy, adequacy, completeness,

or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. be liable for any indirect, special, or consequential damages in connection with subscribers’ or others’ use of the content. © 2016 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or omissions.

The vision of American Eagle Financial Credit Union is to be our community's first choice for financial services.

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FREE College Access Counselor American Eagle FCU and our student loan partner, CU Student Choice, are pleased to offer FREE college planning assistance for members and their families. Need help with your FAFSA? Unsure how to interpret your award letter? Overwhelmed by the college application process? Patricia (Tricia) Poplicean, the College Access Counselor with CU Student Choice, can help. Tricia provides one-on-one telephone and e-mail consultation for your college planning and financial aid questions. Whether you’re a parent, high school student, or college graduate entering loan repayment, Tricia can guide you through the critical decisions about paying for college – and beyond. Tricia has over 11 years of student lending experience and is a Certified College Planning Specialist through the National Institute of Certified College Planners. For more information and to contact Tricia, click College Access Counselor.

Get back into

FINANCIAL

SHAPE

2.99

% APR*

UP TO 12 MONTHS

American Eagle Financial Credit Union would like to recognize your recent academic achievement with a $25 cash gift. To be eligible for the $25 graduation gift, you must meet all three qualifications:

DEBT CONSOLIDATION LOAN FIXED RATE AS LOW AS

Grad Gift Program

• 3.99% APR* up to 36 months • Borrow up to $30,000 • FAST and EAST to APPLY

*APR= Annual Percentage Rate based on credit score and term of loan. Fixed rates effective January 9, 2017, through June 30, 2017. Programs, rates, terms, and conditions are subject to change without notice. Subject to credit approval. AEFCU Membership required and lowest published rate includes 0.25% rate discount for automatic payment from an AEFCU Checking account. Payment example: $2,000.00 loan at 2.99% APR for 12 months is equal to a monthly payment of $169.38. Other rates and terms available. Excludes refinance of existing American Eagle FCU debt. Other terms and conditions may apply as governed by American Eagle Financial Credit Union Lending Policy.

FREE Drive-Through Electronic Recycling & Paper Shred Day May 13, 2017, 9 a.m. to 12:00 noon, East Hartford Main Office AEFCU is sponsoring a Free Drive-Through Electronic Recycling and Paper Shred Day at 417 Main Street, East Hartford, on May 13, 2017. Learn more at americaneagle.org/events.

1. Graduated from high school or a 2- or 4-year undergraduate college/university. 2. Complete the Graduation Gift Program Form and bring it to any Credit Union branch with a copy of your diploma within six months of graduation. 3. Open a Checking account or have an existing Checking account in good standing at AEFCU. The $25 will be deposited to your primary Savings account and reported to the IRS as interest earned on Form 1099-INT in the year the bonus was paid. The Graduation Gift Program is subject to change without notice. Don’t have a Checking account with us? Visit any of our branches or click here to open a Checking account online! Once your account is open, all you have to do is bring the Graduation Gift Program Form and a copy of your diploma to any of our branches to receive your $25!


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OFFICE LOCATIONS Bloomfield 699 Cottage Grove Rd. Cromwell 4 Hammerhead Pl. East Hartford 417 Main St. Enfield 201 Elm St. Farmington 4 Farm Springs Rd. Glastonbury 109 Sycamore St. Manchester 304 Broad St. Newington 3579A Berlin Tpke. Plainville 378 New Britain Ave. South Windsor 530 Buckland Rd. Southington 888 Queen St. Vernon 455 Hartford Tpke. (Route 30) West Hartford 1245 New Britain Ave.

I’m Changing Jobs. What Should I Do with the Money in My Plan? Changing jobs is an important decision -- one that many of us are making more often. Once you’ve decided to switch jobs, your next move is to determine what to do with the money in your former employer’s retirement plan. Four Common Options Generally, you have four options for handling the money in your account: Option #1. Keep the Money in Your Former Employer’s Plan If your former employer permits, leaving your money where it is may be an attractive option because it allows you to continue enjoying the benefits of tax-deferred compounding. If you are happy with the plan’s investment options, this could be a good choice. On the downside, there may be special conditions or fees associated with your continued participation, and you may have withdrawal restrictions in the future. Option #2. Roll the Money into Your New Employer’s Plan This option also has its advantages -- continued tax-deferred growth of your investment and the convenience of having all of your retirement assets in one place. But because every employer has its own rules governing rollover money, before you choose this option, review your new employer’s plan and possible eligibility restrictions carefully. Option #3. Take the Money in Cash

MEMBER ELIGIBILITY Membership is open to everyone in Hartford, Middlesex, Tolland, and New Haven counties in Connecticut.

MEMBER SERVICES 24-Hour Telephone Banking 860.568.3802 or 800.843.1151 24-Hour Online Banking americaneagle.org e-mail: [email protected] Member Contact Center 860.568.2020 or 800.842.0145, ext. 5101 Credit Union News is an informational bulletin published by American Eagle Financial Credit Union. We welcome your questions and comments. Please send your correspondence to: Marketing, American Eagle FCU, 417 Main St., East Hartford, CT 06118 or e-mail us at [email protected].

Federally insured by NCUA.

While this option may seem appealing because it gives you immediate access to your money, Uncle Sam is the real winner here. Cash distributions are subject to a mandatory 20% federal withholding in addition to regular income tax. Furthermore, if you are under age 59½, your distribution would also be subject to a 10% additional federal tax. Finally, if state or local taxes apply, they could claim an even bigger portion of your account. Option #4. Roll the Money Directly into an IRA This final option allows you to roll all or a portion of your money into an IRA. To avoid withholding taxes and potential penalties, arrange for a direct rollover of the entire amount into an IRA. An IRA offers the same benefits of tax-deferred investing for retirement and typically provides a wider range of investment options from which to choose. However, additional fees or commissions may apply.

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For additional information, or to discuss your retirement plans, call one of our financial consultants. Diane Brett, Financial Consultant: 800.842.0145, ext. 5381 • [email protected] David Dufour, Financial Consultant: 800.842.0145, ext. 5382 • [email protected]

American Eagle Financial Credit Union and American Eagle Financial Services are not registered broker/dealers and are not affiliated with LPL Financial.

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL are not insured American Eagle Financial Credit Union deposits and are not NCUA insured. These products are not obligations of the American Eagle Financial Credit Union and are not endorsed, recommended, or guaranteed by American Eagle Financial Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. Not NCUA Insured

No Credit Union Guarantee

May Lose Value


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