F R A N K L I N
M I N T
F E D E R A L
C R E D I T
U N I O N ’ S
M A G A Z I N E
Choices
35TH ANNIVERSARY ISSUE
TM
TEACHING
DOLLARS
AND SENSE
STUDENTS LEARN
REAL-LIFE FINANCE
AT FMFCU'S FIRST
SCHOOL BRANCH
WHAT'S NEXT
FOR FMFCU?
SUZE ORMAN'S
BUDGET BASICS
SHOULD YOU BUY OR
LEASE THAT CAR?
GREAT RETIREMENT TIPS
EVERYONE SHOULD KNOW
MAKING SENSE OF
THE MORTGAGE MAZE
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
SC
H
TO ED
UR UL
TO E Y
DA OU
Y! R
W H AT ’ S I N S I D E
Choices
TM
FRANKLIN MINT FEDERAL CREDIT UNION’S
ANNUAL MAGAZINE
and Board Chair
35TH ANNIVERSARY ISSUE — 2005
Publisher
John D. Unangst
Executive Editor
Natalie Pantaleo Smoley
Executive Art Director
Peter Richardson
4 A Word from the President
7 What’s Next for FMFCU?
35
YEARS
FRANKLIN
MINT
FEDERAL
CREDIT
UNION
LOOKING AHEAD
LOOKING BACK
8 Hey Gang, Let's Start a Credit Union:
7
A Look Back at How It All Began
15 The Delaware County Chamber of Commerce:
Peggy Sweeney’s Team Has a “Can-Do” Attitude
Photography & Photo Editing
Lien-Nibauer Photography
19 FMFCU Goes to School
Associate Editors
Melanie Boston
Michael Bunner
Cheri Cook
Jim Murphy
Cindy Wanamaker
24 Attention, Students!
Money Doesn’t Come From ATMs
28 Be Money-Smart!
Use Suze Orman's Budget Worksheet
Circulation: 47,000 Members
5,000 area business and professional offices
30 Smart Money for Safe Travel
For permission to reproduce any article in this
magazine, advertising information or to submit
a Letter to the Editor, contact:
32 To Russia with Debit Card
34 How to Ease the Pain of Losing
ChoicesTM Magazine
1974 Sproul Road, Suite 300
Broomall, PA 19008
610-325-5100 • Fax 610-325-5299
[email protected]
Choices is the official magazine of Franklin Mint Federal
Credit Union. It is published for the benefit of our
current and prospective members and sponsoring
organizations. The information presented is as accurate
as possible, but you should consult with your financial,
tax or other advisor before implementing any of the
ideas presented. For specific information about any
FMFCU product or service mentioned, please visit our
website at www.fmfcu.org. You can also call the
Member Service Center at 610-325-5100 (for calls
originating outside of PA, call toll-free 1-800-220-3193).
© 2005 Franklin Mint Federal Credit Union.
Your Wallet
36 Your Child's Higher Education:
How Will You Pay for It?
42
42 Committed to the Financial Health
of Health Care Providers
46 Understanding the Mortgage Process
50 Employee Spotlight
54 Leasing vs. Buying a Car: Why Buying Is Better
57 Fine-Tuning Your Finances: Have You Considered
a Personal Line of Credit?
59 Real-Life Retirement Planning: The Earlier You Start,
the More Money You'll Have Later On
COVER PHOTO:
Shawn Sacharok, a Student Representative
at Interboro High School, helps fellow
students at FMFCU's first-ever high school
branch in Delaware County.
62 Close to Retirement? Don't Panic
64 FMFCU Financials
66 Our Many Branches and ATMs
$
$
59
$
are Ready to Serve You
3
A WORD FROM THE PRESIDENT AND BOARD CHAIR
Dear FMFCU Family,
Happy Anniversary — to all of us. As we mark this 35th Anniversary
of the Franklin Mint Federal Credit Union, it's clear we have much
to celebrate. In our 3 1/2 decades of operation, we've progressed
from having no office … to a storage closet next to the lunchroom
at the Franklin Mint … to 19 branches (and counting).
Moreover, with our relentless focus on speed, service and convenience,
we're now able to offer FMFCU members time-saving advantages
unthinkable years ago. Among them: extended and Sunday hours.
ATMs. A Financial Service Center at Granite Run Mall. Free coin
counting. Online banking. And, as usual, very attractive rates. All of
which helped us grow over 12% last year, about double the industry
average. We truly are "The Credit Union of Choice!®" And we thank
you for making this Your Credit Union.
Of course, we're not stopping there. As you'll see in this second issue
of ChoicesTM, we're expanding our financial education efforts. We've
started a first-ever Delaware Valley student-run high-school credit union
branch. FMFCU staff members also teach financial literacy to young
adults and community organizations. And our innovative Start Smart
program provides information and financial services to kids of any age.
What does the future hold? Plenty. More branches. Probably additional
student-run credit union branches. More new business alliances. New
ATMs. Plus large plasma screens informing members about products,
services, rates and special promotions. We're also investigating Web
Chat and small business services. And don't be surprised if you see
FMFCU on your favorite cable channel. In everything we do, our goal
is to make your total experience at FMFCU a pleasant one. Please let
us know how we're doing!
Sincerely,
John D. Unangst
President/CEO
BOARD OF DIRECTORS
Chairperson
Mary O. Kennedy
Vice Chair & Secretary
R. Stephen Ikeler
Treasurer
John J. Sullivan
4
Mary O. Kennedy
Board Chair
Directors
Paul G. Antony
James E. Bryan, Jr.
John P. Caskey
Michele A. Fletcher
James A. Geier
J. Patrick Killian
Joseph E. Lastowka, Jr.
Eugene Zegar
SENIOR STAFF
President & CEO
John D. Unangst
Executive Vice President, CFO
Michael B. Magnavita, CPA
Senior Vice President
Cindy Wanamaker
Vice Presidents
Mary D. Baldwin
Dawn Bressler
Dan Catamusto
John Greskiewicz
John Hargrove
Stefanie Henson
Ruth E. Kauffman
Liza Mattis
Natalie Pantaleo Smoley
Allan Stevens
©2004 Visa U.S.A., Inc.
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FC Easy
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rem ay to
p
Ap
i
ply er C ay
tod hec
kC
ay
!
ard
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Visa® is a symbol of acceptance all across the country. From shoe stores in Portland to restaurants
in Pensacola, Visa is accepted at millions of merchant locations worldwide. Which is why Visa is a
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6
35
YEAR
Student-Operated Branches, TV Tellers,
Informational Plasma Screens, Sunday Hours ...
WHAT’S NEXT?
BY MARK ELLIS
I
T'S HARD TO RESIST the urge to reminisce on
milestone occasions like a 35th Anniversary.
Looking back is often warm and comforting.
Exploring our roots helps give us a better sense
of who we are. What's more, reviewing the origins
of Franklin Mint Federal Credit Union provides an
insight into life in America in the early and mid 1970s.
In many ways, it doesn't seem that long ago.
But the world has certainly changed. Our daily lives
are dramatically different. Who could have predicted,
back in 1970, that personal computers, cell phones,
and other technologies would change the way we
communicate, do business, shop, and even spend
our days?
Looking Ahead
As much fun as it is to reflect on the past, at FMFCU,
we find it much more exciting to look toward the
future. What banking will be like — indeed, what
the world will be like — 35 years from now, is
anyone's guess. But as far as the next decade or
so is concerned, you need look no farther than our
Financial Service Center at Granite Run Mall to see
what progressive consumer financial organizations
will look like.
Opened in December 2003, our Granite Run Mall
Financial Service Center is constantly adding new
services and innovative ways to deliver the best
speed, service and convenience.
S
FRAN
KL
MINT IN
FEDER
CRED AL
I
UNIONT
LOOKIN
G
LO O K I AHEAD
NG BA
CK
interact with our tellers. Through the Remote Teller
Stations, members talk to the teller via a two-way
camera. They can complete any transaction that
requires a teller. As they view the teller on the
screen, members can even use a telephone for
added privacy.
Television screens play another role at the
Financial Service Center, as they will in our future
branches. A large plasma screen at the entrance
informs members of our various products, services,
promotions, and special rates and helps them make
sound financial choices.
The plasma screens are not all business, however.
We often switch to sporting events; and on a Sunday
afternoon (Yes, the Financial Service Center is open
seven days a week), there is often a crowd in front of
the plasma screen cheering for the Eagles. When one
game went into overtime late in the day, about 40
"Teller TV"
People dislike waiting in line to do their banking, so
we've reduced the lines, cut down the wait time and
according to many people, also made it more fun to
Left: Student Representative Matt Hawkins explains the advantages
of Credit Union membership to Stephanie Pfaff and Steve Aikens
at Interboro High School. Right: Eagle-eyed viewers catch a bit of
football action at FMFCU's Granite Run Mall branch. The large
plasma screens, used to promote Credit Union services, also
keep Eagles' fans happy during the branch's extended Sunday
afternoon hours.
7
LOOKING BACK
people were watching it on the plasma screen at closing time.
Instead of shutting off the screen when the branch closed,
FMFCU employees stayed and kept the game on until the
final field goal.
The last story points out something else about FMFCU's
future: no matter how many technological innovations we
may have or will make, nothing will ever take the place of
our caring, friendly, FMFCU staff. Our employees are always
willing to go the extra mile for members; or in this case, stay
the extra hours. They will always set us apart from other
financial institutions.
Speed Counts
Another way FMFCU will provide faster service in the future
is already in practice at the Granite Run Mall Financial
Service Center today. Cash-dispensing equipment is
being used to count cash more quickly. And at our newly
renovated Riddle branch, we have installed a cash recycler
that automatically counts members’ cash deposits and
withdrawals. If you've ever waited in a bank line while the
teller counts a huge roll of bills, you'll appreciate this new
time-saving device.
Speaking of counting money, there's a free self-service
coin-counting machine currently at the Granite Run Mall
Financial Service Center, and one soon will be available at our
Broomall and Media branches as well. No need to wrap or
even separate coins. Just pour your coins into the machine,
(continued on page 12)
T
HE YEAR WAS 1970. Richard Nixon was
in the White House. America was still in
Viet Nam. The big movies were M*A*S*H,
Patton, Love Story and Midnight Cowboy.
The radio was playing Aquarius/Let The
Sunshine In; and kids everywhere were upset
over the breakup of the Beatles.
Several interesting things got their start
that year. ABC kicked off Monday Night
Football, IBM created something called a
floppy disk, and Franklin Mint’s employees
were introduced to the concept of a credit
union.
A Progressive Idea ...
A Forward-Thinking Company
In many ways, the Franklin Mint was way
ahead of its time. Joe Segel, founder of
the Franklin Mint and later QVC, was among
the first CEOs who instinctively knew that
keeping employees happy and letting them
share in the success of the company was
good for business.
"Profit-sharing is fairly common today,"
says Clarence Mosley, one of the early
Franklin Mint Federal Credit Union Board
Chairs. "But back in the 70s, I didn't know
anyone outside the Mint who was receiving
profit-sharing checks from their employer."
Nor did many companies offer free coffee
and sodas the way the Mint did.
The result? When the Mint began
recruiting for new employees, hundreds
of people lined up to apply, recalls Mary
Kennedy, current Chair of FMFCU's Board
of Directors.
People wanted to work at a place where
they were appreciated. A credit union for
employees was just one more way of
showing that appreciation.
An Idea For The Suggestion Box
For Emily Janis, FMFCU's Remote Teller System (RTS) is just child's play.
8
Daniel Stapleford, first FMFCU Chair, says the
Mint really encouraged fresh ideas. "If you
made a suggestion that saved the company
money, you were rewarded with a nice
check," says Stapleford. "I had once worked
at a chemical company and was a member of
their credit union. It was a useful employee
benefit, so I made a suggestion that the
Franklin Mint start a credit union."
He'll never know if his was the only such
suggestion, or if the idea of forming a credit
union was already under consideration, but
shortly afterwards, a representative of the
Pennsylvania Credit Union League held
a meeting at the Mint.
About 10 people showed up to learn
Hey gang,
Let’s start a
Credit Union!
A look back at how it all began.
BY MARK ELLIS
about credit unions. Mrs. Rae Biester, who
worked directly with Joe Segel, represented
Franklin Mint management.
Mrs. Biester, Special Assistant to the
CEO, was a former superintendent of the
U.S. Mint. At the Franklin Mint, her duties
included serving as a liaison with Washington
dignitaries and overseeing special projects.
Her presence at the initial meeting, and her
continued involvement in helping the Credit
Union get off the ground, indicated how
important Joe Segel considered this new
employee benefit.
What Is a Credit Union
and What Can It Do For Me?
To most of the group, a credit union seemed
like a pretty good idea. After all, the Mint
was located in what was then "the middle of
nowhere." There were precious few banks in
the area. No one had ever heard of an ATM.
Getting to a bank during banker’s hours was
pretty difficult. So anything that might make
managing one’s finances easier would
certainly be considered.
The idea that a credit union could save
its members money on loans — and pay
them more interest on their savings — was
enticing to this original group of 10 or so
employees. After all, the cost of living was
high and spiraling out of control. A gallon
of regular gasoline was up to 36¢ and the
average cost of a new home had reached
$26,600!
(Top) Daniel Stapleford (center, holding
papers), first FMFCU Board Chair, and
Mrs. Rae Biester (to his right), Special
Assistant to the CEO, attend an early
FMFCU board meeting.
(Bottom) This early office was a big step up
from the closet we had been using.
Does Anyone Have $5.00?
The group voted to start a credit union.
By law, they were required to incorporate,
9
and each member was asked to put up
$5.00 to form a corporation. When Mrs.
Biester announced that Joe Segel would
cover the cost of incorporating, the small
crowd breathed a collective sigh of relief.
Which Came First —
the Members or the Credit Union?
A credit union's strength is based on its
membership. The more members there are
putting money into the "pot," the more the
credit union is able to do for its members.
With a sizable workforce, the Franklin
Mint had more than enough potential
of some very enthusiastic and persuasive
members, the Credit Union began
attracting more and more members. Some
joined because we offered higher dividends
on their savings. Others liked the lower
loan rates. And some just enjoyed the idea
of being a part of something new.
Step Into the Storage Room
and Open Your Account
With more employees signing up, the
Credit Union’s Board of Directors convinced
the Mint to dedicate permanent office
The Credit Union Gets Funding —
from Another Credit Union!
Members liked the idea that you could
borrow money at lower rates than those
offered by traditional banks. But, you must
have money in order to lend it out. In 1971,
Franklin Mint Federal Credit Union simply
didn't have enough funds to meet its
members’ loan requests.
So under Rita deVecchis' leadership,
the Credit Union borrowed $20,000 from a
larger credit union. "$20,000 doesn’t seem
like much now," Rita says. "But that’s all it
took to get us on our feet."
The Next Big Step
members. But its employees also
had some concerns:
“I don’t want my co-workers to know
how much I make.”
“I already have a bank.”
“It sounds like a good idea, but I’ll
wait and see if it makes it.”
Who could blame the skeptics? We didn't
offer checking. We couldn’t do automatic
payroll deductions. We weren't open on
Saturdays. Even during the week, our hours
were sporadic. Our office was staffed by
volunteers and open only a few hours each
day. We didn't even have an office! We met
in a conference room, in the back of the
cafeteria, or wherever we could find room.
Despite all the obstacles, and because
10
Time flies — Betty
Achuff (left) and Doris
Sgro (right), FMFCU's
first 20-year employees
to retire, flank
President/CEO John
Unangst in early top
photo, switch places in
later bottom one.
space. Okay, it wasn't really an office.
It was the storage closet next to the
lunchroom. And we had to share it with
the cafeteria; but it was a real "permanent
home" for Franklin Mint Federal Credit
Union. We were off and running.
In 1971, Rita deVecchis became the
second Board Chair of the Credit Union.
As one of her first official acts, she hired
a full-time employee to oversee the
day-to-day affairs. That person needed
a place to work, and the storage room,
stocked with cafeteria equipment, just
wouldn't do. Finally, the Credit Union
moved to a real office.
In the mid-1970s, during Clarence Mosley’s
tenure as the third Board Chair, the Credit
Union took its next major step forward.
As security manager of the Mint,
he was concerned with the safety of the
Credit Union's funds. "The folks who
were running the Credit Union were doing
a marvelous job," he recalls. "But the
business was growing, there was a lot more
cash on-hand, and some of us felt that
managing the Credit Union was no longer
something that could be done in your
spare time."
So the call went out for a full-time
professional manager. The Board wanted
someone with the skills not only to manage
this growing business, but also to take it
to the next level.
They found exactly the right person in
John Unangst, whom they recruited from
a nearby branch of a major bank.
John began transforming the tiny
Credit Union by searching out people within
the Franklin Mint who had the training,
the natural abilities, and/or the personality
to contribute to the growth of the Credit
Union.
Current QVC Executive VP Tom Downs,
the Mint's Chief Engineer at the time and
previous Board Chair, recalls the controversy
that arose when John Unangst proposed
expanding membership beyond the Mint.
Fortunately, the "visionaries" prevailed.
The Credit Union — and, certainly, John
Unangst — foresaw bigger things for
FMFCU. Soon, it moved beyond the
boundaries of the Franklin Mint and opened
its first external branch at Riddle Hospital.
Today, FMFCU has grown more than
anyone could have imagined. It has 19
branches, employs over 160 people,
and offers financial services to over 700
organizations and 47,000 members.
There have certainly been many
changes; and, at age 35, FMFCU is still
one of the nation's younger credit unions.
The most dramatic changes lie ahead.
MEMBERSHIP DELIVERS A WORLD OF VALUE
Double-check these big Performance Checking benefits
✓Earn dividends like a money market ■✓Enjoy unlimited check-writing ability
■
Performance Checking is for members with
high balances … and high expectations for
their checking accounts. Of course, they’re
NCUA-insured!
Receive a generous APY1 — with no
per-check charges
Plus, you get:
■ FREE Safety Deposit Box for one year
■ FREE Direct Deposit
■ FREE FMFCU ATM access —
26 locations to serve you
■ FREE VISA® Premier Check Card
■ FREE 24-hour Home Banking
■ FREE online cancelled check images
■ FREE 24-hour online Bill Payer
■ FREE 24-hour telephone banking
■ FREE cashier checks and money orders
■ FREE statement copies
■ $25 annual credit toward check
purchases
■ Overdraft Protection availability
Get the performance you want! For today's dividend rate, call 610-325-5100 or visit www.fmfcu.org
SPEED
•
SERVICE
•
CONVENIENCE
Annual Percentage Yield. Performance Checking Account requires a $10,000 minimum balance
or combined deposit account balance of $25,000 or greater.
1
What’s Next? (continued from page 8)
then take the receipt to a teller for cash or to deposit the
amount in your FMFCU account.
We’re Connected
If you are already signed up for FMFCU’s online banking
(Premier Access Home Banking or Bill Payer Service), you
know how quick and easy it is to access your accounts
over the Internet. Now, if you want to check on your
account information — to see if a bill has been paid or if
a check has cleared, for instance — you can do it from our
Internet stations at both the Granite Run Mall and Mercy
Fitzgerald Financial Service Centers.
Coming Soon
The "Speed, Service, and Convenience" initiatives
scheduled for 2005 include an "Electronic Signature
Capture Solution" that will allow members to easily sign
documents electronically. Signature pads will be located
at teller stations in all branches. This is an important step
that will enable FMFCU to store documents electronically,
rather than as paper files. The end result will be quicker
loan decisions, fewer trips to the branch, and more
expedient service.
We will also be replacing our ATMs with new,
updated models. One of the new features provides
members with important news, such as special promotions
and rate offers, while they are conducting their ATM
transactions.
The Next Generation
While we're busy planning the next generation of services
for FMFCU members, we're also addressing the future by
working with local communities to help kids of all ages
become more financially astute. (See story on page 19.)
With so many financial options now available, and so
many important decisions for consumers to make, it's
becoming more and more critical that young people
are equipped with the knowledge to make informed
decisions. We’re doing our part to make the next
generation more aware of their financial options and more
comfortable managing their finances.
A Blueprint for the Future
FMFCU’s Financial Service Center, with all its innovations,
represents the future of the Credit Union.If public
response is any indication, the future looks extremely
bright.
Jesse Barrad counts coins on FMFCU's new free, self-service counter
at Granite Run Mall.
12
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
From a sporty denim dress to a little black dress, nowhere will you find more choices than at a Simon mall.
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OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
Delaware County Chamber of Commerce
Serving The Region
TM
Delaware
County
"The Hospitals of the Crozer-Keystone Health
System are staffed largely by employees who reside in
Delaware County and who raise their families here.
As co-chair of Governor Ed Rendell's new
Pennsylvania Center for Health Careers, I want to
ensure that we continue to have a workforce that is
well trained to address the critical shortage in nursing
and other key health care careers in the county as well
as the state. The Center will provide a coordinated
plan and focused leadership to address future
demands, target career outreach and provide financial
assistance to students and educational programs.
“Delaware County has provided me the benefit of being
part of a large community. I have had the opportunity to
experience many wonderful events and have had the
pleasure of meeting and photographing people
throughout the area. I’m glad I made the choice to live
and work in Delaware County.”
Jayne Touhey, 2E Photography
“Delaware County is a great place to raise a family.
My son is receiving an excellent education and there
are so many things for him to do in the county.
Organized sports teams abound and he has been
Crozer-Keystone Health System and our member
able to try them all! There are great after school
hospitals are pleased to participate in this exciting
programs, summer camps and weekend activities
initiative which will enhance our ability to train the
health care leaders of tomorrow in Delaware County." for us to enjoy!”
Gerald Miller, President & Chief Executive Officer
Crozer-Keystone Health System
Colleen Haggerty, Brookhaven, PA
Quality Of Life...one more great b e n e f i t
602 E. Baltimore Pike
Media, PA
610-565-3677
www.delcochamber.org
SPONSOR
SPOTLIGHT
THE DELAWARE COUNTY
CHAMBER OF COMMERCE
Peggy Sweeney’s team has a “can-do” attitude
ORE THAN 3,400 BUSINESSES belong to the Delaware County
Chamber of Commerce. Large corporations, retail superstores, and
small independent businesses all enjoy the benefits of membership
in this organization, which is dedicated to promoting the economic well-being
of the county and supporting its local businesses.
M
With roots that go back to 1887, the Chamber
has repeatedly been recognized as "Chamber of
Commerce of the Year." In addition, it's routinely
among the country's leaders in renewing current
members and attracting new ones.
Why such success? Partly because the
Chamber serves as an excellent resource for
those opening new businesses in the area.
This includes everything from assistance with
site selection and initial paperwork to seminars,
training, and free counseling. The Chamber also
represents its members' interests by supporting
legislation that will benefit the local business
community.
One of the people responsible for making
this busy organization run smoothly is Peggy
Sweeney, a Senior Vice President. After
graduating from Archbishop Prendergast High
School, Peggy joined the Chamber as a
secretary. Over the next 16 years, she worked
her way up the ladder position by position,
earning a reputation for efficiency along
the way.
In fact, John Unangst, FMFCU President/
CEO, calls Peggy "the person I go to if I want
anything at the Chamber. She just takes care
of it."
Peggy credits her strong team (14 people
when fully staffed) for the Chamber's can-do
reputation and ability to produce results. "Part
of working in the Chamber (and non-profit world)
is you definitely have to multi-task," she says.
And every day is different.
Peggy, who lives in Secane with her
husband, Brian, and two children, Marie, 6, and
15
"This was the right place for me to raise my family. I am the assistant leader for
my daughter's Brownie troop. I don't miss a softball game. And I'm there for them
when they need me because of the family values we practice here at the Chamber."
Justin, 4, is proud of her local roots: "I'm
born and raised in Delaware County."
Networking & Discount Opportunities
A core benefit of Chamber membership,
she says, is the opportunity to network on
a regular basis with other local and regional
business professionals. Besides monthly
"Card Exchange" meetings, the Chamber
holds numerous special events, where
members can create a strong network of
business connections.
Members also enjoy discounts on a
variety of programs, products, and services
provided by member organizations. These
discounted services range from health
insurance and retirement planning to
shipping and telecommunications.
What changes has Peggy seen in her
16 years at the Chamber? "The corporate
culture has changed the most," she says.
In contrast to the past, volunteers now have
much less time to give. "We're seeing less
and less of volunteers as companies merge.
We have to value their time and make the
most of it."
The Chamber's own culture is what has
kept Peggy energized for 16 years. Her work
has given her the opportunity to grow
personally and professionally and become
involved with the community, she says, all
while developing Chamber knowledge.
She also praises Jack Holefelder,
President of the Chamber, for his "family
comes first" philosophy. "This was the right
place for me to raise my family. I am the
assistant leader for my daughter's Brownie
troop. I don't miss a softball game. And I'm
there for them when they need me because
of the family values we practice here at the
Chamber.”
What's next for the Chamber? Lots
of competition for dollars. "Our constant
challenge is to be unique and relevant," she
says. A challenge she appears to meet every
single day.
For more information about the Chamber,
call 610-565-3677 or visit them online at
www.delcochamber.org.
Peggy Sweeney (left), Senior Vice President
of the Delaware County Chamber of
Commerce, and Natalie Pantaleo Smoley,
Executive Editor of Choices, look over the
Chamber's new expansion plans. To attract
new members, the fast-growing Chamber
offers FMFCU membership to both Chamber
members and their employees.
16
ONE VERY SIMPLE DECISION.
"We work hard at Keystone Mercy Health Plan,
and Franklin Mint Federal Credit Union
works hard for us."
"That’s why it was an easy
decision to offer the associates
of Keystone Mercy the many
cost-free benefits of Credit Union
membership like direct deposit
of employee paychecks,
unlimited ATM access on-site,
and the friendly staff located right
on our company's campus."
DANIEL J. HILFERTY
PRESIDENT AND CHIEF EXECUTIVE OFFICER
KEYSTONE/AMERIHEALTH MERCY HEALTH PLAN
MEMBER SINCE 2002
610-325-5100
or visit us at www.fmfcu.org
Call us to see how you can benefit:
SPEED
•
SERVICE
•
CONVENIENCE
15
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
Mike McKay, RN
Glenolden
ER Nurse / Paramedic
Mike earned degrees in both nursing
and paramedic-advanced life support
from Delaware County Community
College. He chose DCCC because it
offers the same high quality education
found at four-year colleges, but at a
significantly lower cost. Mike served
as a mentor for other students in the
paramedic program. After graduation,
he received a promotion at work.
Residents of Delaware and Chester
Counties choose DCCC for education,
training and personal enrichment.
It has the faculty, programs and
services that lead to student success.
Visit us online at www.dccc.edu or contact
the DCCC Admissions Office at 610-359-5050
C H O I C E S S P E C I A L S E C T I O N O N E D U C AT I O N
FMFCU GOES TO SCHOOL
…TO HELP TEACH FUTURE GENERATIONS
ABOUT MAKING AND MANAGING MONEY
BY MARK ELLIS
EMEMBER when you got your first checking account, or the first time you used
your own credit card? Suddenly, you weren't a child anymore. You felt like a
responsible adult. But, if you're like most of us, you also experienced
feelings of doubt, confusion, and maybe even a little fear and panic.
The reason is simple. Most young people just don't have the knowledge or the
skills to manage their finances to their best advantage — even when they are earning
money and paying some of their own bills.
R
Learning money management through
trial and error can be a very expensive lesson
The ability to manage money is not something
that comes automatically with maturity. It has
to be learned. But, many schools just do not
have the resources to teach practical money
management skills.
Handling one’s personal finances is a skill
set that's usually passed down from parents or
learned through trial and error. Unfortunately,
learning by doing is a costly way to manage
money. The trial and error method also results
in major knowledge gaps.
That may be why a recent study conducted
by JumpStart Coalition for Personal Financial
Education says only about 6 percent of 4,000
high school seniors tested scored better than
a "C" in financial literacy. Most have little or no
idea how to manage money or what to look for
when applying for a loan. They don't understand
the basic principles behind credit cards and
mortgages.
Clearly, there is a critical need for a financial
literacy program in our schools. Many students
need the knowledge right now; and all students
will need these skills in order to become
responsible adults.
(continued on next page)
Rick Durante, FMFCU Assistant Vice President of Learning &
Development, and Peggy Wanger, Business Education
Co-op Coordinator at Interboro High School, take a minute
in the hallway to discuss progress at FMFCU's first-ever
high school branch.
19
E D U C AT I O N S E C T I O N
"Only about 6 percent of 4,000 high school seniors tested
scored better than a “C” in financial literacy."
FMFCU steps in to help schools
teach young people about finances
About five years ago, Franklin Mint Federal
Credit Union decided to do something to
help local schools fill the void.
The result is FMFCU's innovative
Partners in Learning Program, a free,
formal program on fundamental financial
concepts that FMFCU makes available to
member schools and organizations.
This "hands-on" program brings
FMFCU staff members into the classroom,
where they teach basic financial literacy in
45-minute sessions.
"The topic of credit is something
students really need to know about," says
Joanne Goldsborough, Upper Darby High
School Education Co-op Coordinator.
"It's beneficial for them to hear it from
someone who is not a 'regular' in their
classroom."
Besides presenting this program at
a number of high schools in communities
we serve, FMFCU offers the Partners in
Learning Program to interested member
organizations. For these groups, it tailors
topics to the specific needs of the
organization. Among them: using and
maintaining deposit accounts, investment
planning, loan education, mortgage options
for first-time home buyers, and credit
counseling.
The start of SOMETHING BIG!
Reaction to the Partners in Learning
Program from students and educators has
been so positive that FMFCU is now
creating more ways to help young people
learn how to manage money.
These multi-faceted efforts include
new products and services, and more ways
to circulate information.
Education for financial success
from cradle to college
I
N LATE OCTOBER 2004, the Credit
Union introduced the Start Smart
Program, a package of FMFCU
financial services for kids of all ages.
Launched at the Granite Run Mall
Financial Service Center, the kick-off event
featured free refreshments, prizes, and
educational demonstrations. Subjects
included "How to Use an ATM" and
"How to Write Checks and Balance a
Checkbook."
Start Smart offers something of value
for everyone. Even the youngest children
can open an FMFCU Start Smart Savings
Account. There's no minimum balance, and
no fees of any kind, so children can open
an account with change from their piggy
banks. (Of course, an adult can also open
an account for a child.) Students 14 – 17
years old can also get a free ATM card and
open a free checking account, with no
minimum balance and no fees. They even
get their own checks imprinted with their
name.
Young adults going off to college can
get free checking, free Online Banking and
Bill Payer, no-annual-fee credit cards, and
American Express Travelers Cheques.
Of course, FMFCU also offers auto loans
for qualified college students as well as
student loans. Since college is often the
first time young people actually have to
deal with personal finances on their own,
FMFCU is right there with them. The Credit
Union has branches at Swarthmore College
and Widener University, and ATMs at other
local campuses.
Parents, grandparents and other family
members are also well-served by Start
Smart financial products. Along with free
college planning/investment consultations,
there are a number of savings plans,
custodial accounts and student loans to
help with the high cost of education.
FMFCU opens a high school branch
in Delaware County
Nicole Strasinski, a Member since 1999, feels right at home with FMFCU's modern technology.
20
The same month it began the Start Smart
Program, FMFCU opened the first-ever high
school Credit Union in Delaware County.
The purpose: to provide teens with real-life
personal finance skills, job training, and
overall financial literacy.
The partnership between FMFCU and
Interboro High School in Prospect Park, PA
also represents a lot of planning and
months of intensive training. This is no
M E M B E R S H I P D E L I V E R S A W O R L D O F VA L U E
Make membership a family affair!
3 generations of the Shar clan are FMFCU members
" It's such a wonderful benefit.
Because of my membership,
my family was eligible to join
FMFCU. And it's convenient too!
I can easily make deposits into
my son Danny's account
whenever I need to."
FRANK, DAN AND EILEEN SHAR
FAMILY MEMBERSHIP SINCE 1989
Share FMFCU's benefits
with your family!
■
Members of your family or household
are also eligible to join FMFCU
■
This includes your spouse and children,
parents, brothers, sisters, stepchildren,
stepparents, grandchildren,
grandparents … and their spouses
■
Membership is FREE and lasts a lifetime
— even if members change jobs or
move out of the area
INVITE
YOUR FAMILY
MEMBERS
TO JOIN
TODAY !
SPEED
•
SERVICE
•
CONVENIENCE
19
E D U C AT I O N S E C T I O N
ordinary FMFCU branch. Sure, it offers the
same broad range of financial products
and services — but the staff at this branch
is comprised primarily of high school
students!
Six student employees were selected
by the school and FMFCU to staff the
high school branch. They gave up part
of their summer vacations to attend
a comprehensive training program, where
they learned the fundamentals of opening
and operating their own Credit Union
branch. In their training, they observed
activities at current FMFCU branches and
also received on-the-job experience.
The program extends well beyond the
six students chosen to work at the branch.
All juniors and seniors will take part in
a series of financial literacy workshops,
created and presented by FMFCU. And
all students and faculty — as well as their
families — are invited to use the FMFCU
Interboro High School branch.
Supervised by seasoned FMFCU
branch personnel, the on-site, studentoperated branch makes it easy for
students, teachers, administrators and
parents to open accounts. The high school
branch staff also provides information on
FMFCU products, services and rates,
processes deposits, and handles small cash
transactions. The ATM just up the hall is
available for cash withdrawals.
Enthusiastic response
"Reaction from the students has been very
positive," reports Rick Durante, FMFCU
Assistant Vice President of Learning &
Development. Not only is the student
branch very convenient, "It's like having
a true business laboratory in their school,
so they're excited about it."
For more information about the
Community Education Program, contact
Rick Durante at 610-325-5100.
John D. Unangst $1,500.00 Scholarships
O GET A REALLY QUICK education
in rising costs and economic trends,
just compare the current cost of a
college education to average tuition costs
as few as five years ago. The increase has
been monumental!
Fortunately, there has also been an
increase in the number and kinds of
student loans available, and FMFCU can
help you find and apply for the loan that’s
best for your needs.
But there’s another way FMFCU can
T
FMFCU sponsors
HIGH SCHOOL ACADEMIC
QUIZ COMPETITION
As part of its
commitment
to the next
generation,
FMFCU is proud to sponsor the
longest-running academic quiz
competition for high school
students in the country. Delco
Hi-Q, which tests students'
knowledge on a variety of topics,
includes 21 Delaware County
high schools.
www.delcohiq.org
help, too. FMFCU awards $1,500.00
John D. Unangst Scholarships to three
graduating seniors for their post-secondary
education needs. To find out more and fill
out an application, check out FMFCU’s
website at www.fmfcu.org.
STUDENT LOANS—
AN INVESTMENT IN EDUCATION!
BY CHERI COOK
Money Management
isn’t all Fun & Games
… but it is at Googolplex!
You can now link directly
from the FMFCU website
(www.fmfcu.org) to
Googolplex, a fun site where
kids of all ages can play
games, do puzzles, and read
stories and articles — all
geared to help kids understand money. There are
different sections for different
ages — and it’s all fun,
entertaining and, yes,
educational.
22
ETTING READY to make the move
from high school to college is a big
deal. If you have a high school
senior in your household, the year ahead
will be filled with SATs, college essays and
campus visits. If you are like most parents,
you’ll have a lot of questions:
G
• When should we start visiting campuses?
• Where do we go for financial aid
applications?
And most importantly —
• How are we going to pay for college
over the next four years?
Now, that is a question we can help you
answer! If you read Your Child’s Higher
Education: How will you pay for it? on
page 36 you’ll learn there are a lot of
options.
Grants and scholarships, if awarded are
a great way to help pay for college tuition.
However, they may not cover the total
costs, and your student may not be eligible.
If you are like most families, and don’t have
the savings needed to supplement
educational costs, one common way to
bridge the gap is Student Loans.
FMFCU has partnered with a terrific
provider, AES/PHEAA (American Education
Services/Pennsylvania Higher Education
Assistance Agency), which allows us to
offer two types of student loans to our
members — Keystone Best Stafford Loans
and Keystone Plus Loans.
■ Keystone Best Stafford Loans
FMFCU offers both subsidized and
unsubsidized Stafford Loans. Both loans are
government-guaranteed loans available to
undergraduate and graduate students.
There are two major differences between
subsidized and unsubsidized loans:
eligibility and interest.
• Subsidized: Based on financial need.
The government pays interest as long
as the student is in school; repayment
starts six months after you leave
school.
• Unsubsidized: Available regardless of
income or financial status. Loans accrue
interest as soon as funds are disbursed.
You have the option to pay interest
payments while in school or you can
elect to have the interest capitalized.
Repayment begins six months after
you leave school.
Stafford Loans are one of the most
affordable student loan options. The
interest rate on Stafford Loans is based on
the 91–Treasury Bill Bond rate plus 1.7%
while in school and another 0.6% after you
leave school. Because FMFCU has chosen
to offer KEYSTONE BEST Stafford Loans,
(for PA residents and students only) you can
receive additional savings.
• Save 3% on origination fees
• Save 1% since AES/PHEAA does not
charge a guaranty fee
• Get 2% interest rate reduction after
48 consecutive on-time payments
• Get .25% interest rate reduction
for automatic direct debit of monthly
payments
■ Keystone PLUS Loans
The Parent Loan for Undergraduate
Students (PLUS) is a loan that parents take
out to cover the costs of education that
remain unpaid by grants, scholarships and
Stafford Loans.
The PLUS Loan repayment begins 60
days after the loan is disbursed and is the
responsibility of the parent, not the student.
PLUS Loan interest rates are based on
the 52-week Treasury Bill plus 3.1%.
Because FMFCU has chosen to offer
KEYSTONE BEST PLUS Loans, you receive
additional savings.
• Save up to 2% with rebate
opportunities, 1% for 24 consecutive
on-time payments and another 1%
after 48 consecutive on-time payments.
Finding the funds to pay for your child’s
education can be stressful. With FMFCU
and AES on your side, it doesn’t have to
be. College is a big investment — think of
it as an investment in the future: your kid’s
future, your future, and the future of the
community.
For online applications, visit any of the
following websites:
www.fmfcu.org
www.fafsa.ed.gov
www.AESuccess.org
In the blink of an eye, Lisa Patterson (center) will be sending her children, Brianna (left)
and Rachael off to college. The Patterson Family Membership began in 1994.
23
E D U C AT I O N S E C T I O N
STUDENTS’ SENIOR YEAR CALENDAR
Are you ready for college?
DECEMBER – FEBRUARY
SEPTEMBER – NOVEMBER
• If you haven’t taken the SAT’s yet, make sure to take them
as soon as possible.
• Make a list of all the colleges you are interested in attending
and start researching their requirements.
• Make campus visits.
• Start writing your college application essays.
• Ask teachers, coaches and counselors to write letters of
recommendation.
• If you are interested in early admissions, you better get those
college applications completed soon. Most early entry
deadlines are in October and November.
• Complete college applications and get them in the mail. Most
college application deadlines are in December.
• Get scholarship applications in the mail.
• Attend a financial aid workshop at a local school or college.
• Apply for financial aid and student loans. Most deadlines are
in February.
• Keep up the good grades. Colleges like to see strong second
semester high school grades!
MARCH - MAY
• Choose a college to attend.
• Review financial aid packages.
• Look into student / parent loans to cover the costs
not covered by scholarships, grants, etc.
Summer! Have fun and start packing!
N,
ATTENTIO
S!
STUDENT
Money doesn’t come from ATMs
HERE ARE TIPS ON HOW TO SAVE IT!
BY CHERI COOK
24
HAT CAN BE BETTER than ATM machines?
You see them everywhere, from malls and
convenience stores to amusement parks and
movie theaters. Your mom simply sticks a card in, pushes
a few buttons and — voila! Out comes cash! It's free
money, just like magic. Or is it?
Money seems to come out of the ATM so easily,
but it takes a lot of hard work for your parents to put
it in there. First, your parents have to earn money by
working; then, they need to make good decisions about
the best way to save and spend their money.
You might already know that making money is much
harder than spending it. Learning how to handle money
now will help you become good at managing it when
you start to earn your own.
W
parents' finances, you may be getting anywhere from
$1 to $20 per week. How much doesn't really matter.
What does matter is what you do with that money.
Are you spending your allowance on candy and soda
or are you saving it to buy an Xbox® that you’ve wanted
for so long? Or, maybe you are already thinking about
college. How much are you saving to help pay for it?
It's not necessary to save all of your money. What fun
would that be? But saving just a little each week could
help you reach your goals. Think about it. An Xbox
may cost as much as $140. Saving just $10.00 a week,
you could afford to purchase one in as little time as
three months. If you start saving around the December
holidays, you can be playing with your new Xbox before
school ends for summer!
The Truth About Allowances
Making Your Own Money
An allowance is a great way for you to learn how to
save and spend money. If you are lucky, you are already
getting an allowance. Depending on your age and your
Getting gifts and an allowance is great, but nothing
beats the feeling of earning your own money. Think
how great you'll feel when you don’t have to ask your
parents for money every time you want a new game or
a new shirt for the dance. The best part of earning your
own money is that it will give you more freedom to make
your own decisions.
Ready To Make Your Own Money?
Here Are Some Idea-Starters:
For Elementary School Students:
•
•
•
•
•
•
Dog-walking or pet-sitting
Watering plants
Washing cars
Running errands for neighbors
Delivering groceries for elderly neighbors
Selling things that you no longer need
at a yard sale
For High School Students:
• Mowing lawns, pulling weeds & raking leaves
during the warmer seasons
• Shoveling snow during the winter months
• Babysitting
• Tutoring —
Are you a math wiz? Offer to tutor kids who aren’t.
You will help a friend and make money at the
same time!
• Offering computer services —
Create websites for family members or help set up
computer systems for neighbors and friends
• Life-guarding during the summer
• Working as a summer camp counselor
• Caddying at a golf course
• Getting a paper route
• Working at the mall or movie theater
• Scooping ice cream at your local ice cream parlor
• Busing tables at a local restaurant
Now That You Made It, Save It!
Now that you know how to earn money, you need to
figure out ways to save it. Here's how to make your
savings grow:
(continued on next page)
25
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• Open a savings account! Did you know the Credit
Union pays you to save money? It's true. FMFCU will
pay you dividends on the money you deposit there.
A dividend is money the Credit Union pays you for
keeping your money in a savings account. Your piggy
bank doesn't do that!
• Pay yourself first. That may sound funny. What does
it mean to pay yourself first? Say your grandmother
gives you $20 for your birthday and your dad gives you
$10 for your allowance. You have a total of $30 dollars.
Instead of running out and spending it all at the mall,
HOW TO SAVE EVEN FASTER
Here’s a way to help you reach your goal more
quickly: ask your parents to match your savings. They
may say no, but it is worth a try. If they put a dollar
toward your savings for every dollar you put in, then
you will have the money for a bicycle, an Xbox®, or
whatever you’re saving for — in half the time.
Check out Googolplex by visiting www.fmfcu.org for
easy-to-use savings calculators to get started!
26
take $10 and put it in your savings. If you save a little
bit of your money each time you receive it, your
savings will grow faster than you think!
• Only spend dollar bills. If you buy a soda at the store
for 1.29 and you give the cashier a five-dollar bill, most
likely you will get three one-dollar bills and 71 cents in
coins. Put the ones back in your pocket and keep the
71 cents separate. Once you get home, slip the change
into your “piggy” bank — it all adds up.
• Set a goal. It is a lot easier to save money if you are
saving up for something special.
• Make a budget. Ever wonder where your allowance
went? You had $20 on Friday; how come you only have
$5 left today? A budget — or a plan for saving and
spending your money — will help you manage it.
We all know that Benjamin Franklin discovered electricity,
which powers those convenient ATM machines. But did you
know that he also wrote a lot about saving money? In fact, he
"coined" a phrase that serious savers know and still use
today because it's true — “A penny saved is a penny
earned.” Start saving your pennies and before you know it,
your pennies will add up to dollars!
GET THE LATEST GUIDE FROM
SUZE ORMAN
The Money Book for the
Young, Fabulous & Broke
#1 N
NE
EW
W YO
YOR
RK
K TTIIM
ME
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S B E S T- S E L L I N G A U T H O R
A financial guide aimed squarely at “Generation Debt”
—and their anxious parents—from the country’s
most trusted and dynamic source on money matters.
• How your FICO score affects every financial
move you will make
• Why student-loan debt is not the worst
thing in the world
• How to buy your first home
• What kind of insurance you need
and what you don’t
• What to do if you’re self-employed
• And much, much more . . .
ATTENTION PARENTS:
Your kids may not listen to you,
but they’ll listen to Suze.
Buy this book for them.
Coming in hardcover from RIVERHEAD BOOKS
A member of Penguin Group (USA) Inc.
www.penguin.com
Also available from Penguin Audio.
27
BE MONEY-SMART!
28
Budget Worksheet
By SUZE ORMAN
Use Suze Orman's
Budget Worksheet
to see where
you are financially…
and where you
are going
Most of us have a fuzzy idea of how much we owe every month (the
minimum on this credit card and that one … and the one over there) and
a general idea of what comes in: paychecks, bonuses, interest earnings.
We contribute to retirement plans but don’t know the amount of exact
investments. This year, make time for budget reckoning. Use the
following worksheet to figure out what you have, what you owe, and
how it all adds up.
Monthly Expenses
Enter the amount of each monthly expense. Exclude any special expenses
(i.e., birthday presents, vacations, clothing) from this section.
Rent or mortgage
$ _______________
Renters’ or homeowners’ insurance bill
$ _______________
Car payment
$ _______________
Car insurance
$ _______________
Health insurance
$ _______________
Electric bill
$ _______________
Gas bill
$ _______________
Phone bill
$ _______________
Cable bill
$ _______________
Internet service bill
$ _______________
Credit card payments
$ _______________
Cash withdrawals
$ _______________
Food
$ _______________
Other
$ _______________
Other
$ _______________
Special Expenses
Now, enter the special expenses that you expect to incur throughout the
year — birthday presents, anniversary dinners, summer camp, movie
dates, vacations, new clothes, holiday gifts, contributions to your IRA,
everything. Factor in, too, any major replacements or repairs that you
anticipate this year — a new washing machine, for example.
January
$ _______________
February
$ _______________
March
$ _______________
April
$ _______________
May
$ _______________
June
$ _______________
July
$ _______________
August
$ _______________
September
$ _______________
October
$ _______________
November
$ _______________
December
$ _______________
Annual and Monthly Income
Now tally up each segment above and complete the section below. If the
Monthly Budget Summary figure is a negative number, you are spending
more than you make.
Monthly Expenses:
$ _______________
Average Monthly Special Expenses:
$ _______________
Monthly Income:
$ _______________
Monthly Budget Summary:
$ _______________
Look at your expenses and identify areas where you might be able to cut
back. These questions are meant to help you figure out exactly where you
stand, because only then can you begin to move forward to a brighter
financial future.
Best-selling author
Suze Orman
debuts in “Choices”
Suze Orman, called a “one-woman
financial advice powerhouse,” by
“USA Today,” helps people around
the world learn how to achieve and
maintain financial security.
A Certified Financial Planner
Professional®, Suze was Vice
President of Investments for
Prudential Bache Securities from
1983 to 1987.
She is also the author of four
consecutive New York Times
best-sellers on financial subjects,
and has hosted four Public
Broadcasting System (PBS)
specials based on her enormously
popular books.
In addition, Suze is currently the
monthly contributing editor to
“O: The Oprah Magazine.”
Her Saturday-evening national TV
show on CNBC-TV is consistently
one of the network’s highest rated
programs. For the past nine years,
Suze also has hosted her own
“Financial Freedom” hour on the
QVC Network.
Suze Orman
29
Trav e l T i p s
Smart Money
for Safe Travel
BY LINDSAY BURKE
I
T'S ALWAYS EXCITING to think about foreign lands
and vacationing for pleasure or even for business. However,
one of the things that makes travel challenging is
understanding currency used in different countries. Traveling
would be much less complicated if the whole world used one
monetary system. Since that's not likely to happen anytime
soon, here are a few tips you can use to make your next trip
more safe and enjoyable:
DEBIT CARDS: Use your debit card at
ATM machines in the country where
you’re visiting. You will avoid the fees
incurred when exchanging United States
Dollars (USD) for foreign currencies,
and receive the most up-to-date
money exchange rates.
PRE-PAID VISA® GIFT CARDS: They
work like debit cards and carry all of
the same advantages. Before you leave
for a trip, purchase a pre-paid debit
card just like you would a gift card.
They make great gifts for children
and friends going on vacation and are
safer to travel with than cash.
TRAVELERS CHEQUES: One of the
safest ways to travel is to carry Travelers
Cheques, because they can be replaced
if lost or stolen. Plus, they are only valid
with your signature. (While Travelers
Cheques are convenient for large
purchases, be aware that when vendors
abroad give change from a purchase,
they generally give it back in their currency. Therefore, it may
be helpful to also keep some of the country's currency for
incidentals, such as a newspaper or cup of coffee.)
Tip: American Express Travelers Cheques can be
exchanged at your final destination for checks in the currency
of the country. Purchasing Travelers Cheques also provides an
added benefit: in the event that your passport or major credit
cards are lost or stolen while you are away, American Express
will provide the necessary phone numbers and transfer the calls
for you, so that you can retrieve the items or have new ones
issued. Proof of purchase may be required, and the customer
pays for all fees.*
EXCHANGE IN FOREIGN COUNTRY: If you must exchange
U.S. Dollars for foreign currencies, do so when you arrive in the
country. Most places charge a flat fee instead of, or in addition
to, the percentage. Try not to take more than you will need
though, because to exchange the foreign currencies back to
USD you will have to incur the same costs and fees again!
30
AVOID AIRPORTS: As tempting as it may be to hop off of the
plane and go straight to exchange currency … wait. Airports
charge the highest rate for exchanging currency because of
convenience. If you must exchange currency, go to a local bank.
They usually have lower fees than independently owned
exchange marts.
USE LOCAL CURRENCY: You may end up paying too much
for an item in certain countries,
depending on the value of the
U.S. Dollar there. At one point in
time,
the USD was much stronger than
other currencies and countries readily
accepted it as payment. That’s no
longer true. Today, you're usually
better off doing transactions in local
currency. This will assure that you pay
the true cost of an item or service.
CREDIT CARDS: Sometimes, using
credit cards abroad can actually save
you money! A friend of mine had
dinner in Canada. The dinner bill
came to $100 USD, which my friend
put on his credit card. When he
returned home and received his credit
card statement, he was only charged
$63 for the dinner in Canada.
Depending on the economy in some
countries, the exchange rate is greater
than the value of the USD.
CASH ADVANCES: If you must take
a cash advance on a credit card, use
your FMFCU MasterCard,® because you’re guaranteed the
same low rate as for purchases, and there are no cash advance
fees.
INTERNET BANKING: The Internet has made it easier than
ever to stay on top of your finances while you are away. Internet
Cafes are on virtually every corner in more developed countries,
allowing you to access your accounts to pay bills and check
available funds.
Tip: FMFCU’s Online Banking makes it easy to transfer
funds from one account to another, and Bill Payer allows you to
schedule payments while you’re away.
NOTE: If you do plan on going abroad, please notify us.
A message can be placed on your account to notify our
credit and debit card departments that you, and not an identity
thief, are the one using the card. Be smart and safe with your
money — and you will have a hassle-free, enjoyable vacation.
*See www.americanexpress.com for more information.
Member Sara Lafleur-Vetter stands in Red Square
with her new FMFCU Visa® Debit Card in hand, thanks
to the efforts of her mother, Hazel, FMFCU staff and
Congressman Curt Weldon’s office.
To Russia . . .With Debit Card
BY CHRISTINE TRABOSH
URING THE SUMMER MONTHS,
most college students opt to leave
campus. They don't give a second
thought to textbooks, term papers, final
exams or grades again until the end of
August. Some head toward the beach to
catch some rays or work to earn money
for the upcoming school year. Others
decide to go back to their hometowns for
R&R and to visit with family and friends.
Not the case for one FMFCU member,
Sara Lafleur-Vetter, whose plans were more
unique and ambitious. Sara spent three
weeks in Russia on an independent study
program for her senior thesis on the
changing role of Russian literature after
the fall of the Soviet Union.
With her bags packed, Sara, a Russian
and Anthropology major at Reed College
in Portland, Oregon, headed to Russia this
past July. She embarked on nearly a
month's worth of travel — with plans to visit
three influential and controversial Russian
publishing houses.
Just as Sara left the country, FMFCU
began the final phase of converting from its
MasterCard® Premier Check Card to Visa®.
That same week, FMFCU Members
received an announcement of the
conversion, followed by a second mailing
D
32
containing a new replacement Visa Premier
Check Card. The letter informed members
that shortly after the new debit cards were
issued, the old MasterCard debit cards
would be deactivated and no longer work.
Unfortunately, by the time FMFCU
letters hit members’ mailboxes, Sara was
already in Russia. As a result, her
MasterCard debit card — which was her
only method for accessing cash and paying
for purchases — was deactivated. Sara's
mom Hazel recalls: "I received a letter on
“I felt like some type of secret
service agent.”
a Saturday saying the card was to be
deactivated on Tuesday. But I was unable
to reach Sara by phone because phone
service into Russia is very unpredictable.
I probably tried to call her a dozen times,"
Hazel said.
"When I was unable to reach Sara,
I contacted Dawn Bressler, Vice President
and Regional Manager at FMFCU, who had
always helped me with my accounts in
the past."
Hazel explained to Dawn that her
daughter’s only means of communication
was through e-mail at random Internet
Cafés, and that Sara did not have a
permanent address in Russia. Making
matters worse, Russian law prohibits mailing
any financial documents into the country,
including credit cards, Travelers Cheques,
money orders, and the like. Nor can money
be wired there. Hazel was concerned about
having her daughter so far from home, with
no access to money.
"I will treat this with the same care as if
it were my own daughter," Dawn reassured
Hazel. But silently, both Dawn and Hazel
wondered what, if anything, could be done
to help Sara. After hanging up with Hazel,
Dawn decided to contact the local
Pennsylvania State Representative’s office
to see if anyone there could offer a
suggestion. She was determined to make
good on her promise.
Dawn was referred to Congressman
Curt Weldon's office. She immediately
contacted the office and spoke to one of
the Congressman's staff, explaining the
situation. Of course, time would be needed
to research possible solutions and make
phone calls before getting back to Dawn,
and subsequently, Hazel.
With President Bush in town that day,
the Congressman's office was even busier
than usual. But, within 24 hours, Dawn
received a return call with amazing news —
coincidentally, a representative from the
Congressman's office was scheduled to
leave on a flight for Russia the very next
day! Dawn immediately put in a special
request to FMFCU’s Support Service staff,
asking the team to produce a new debit
card for Sara right away. The card was
created and sent by courier to the
representative’s home that same day.
Dawn couldn't wait to deliver the
unbelievable news to Hazel, who, in turn,
immediately sent Sara an urgent e-mail to
share the news and to make arrangements.
That Sunday, Sara waited patiently in the
lobby of the President Hotel in Moscow to
receive her new Visa debit card.
"When I walked up to the hotel where
the Congressman's representative was
staying, I felt like some type of secret
service agent," Sara joked. Her debit card
was successfully delivered and Sara was
obviously relieved. "It’s hard to believe the
coincidental chain of events that occurred,
but I’m so thankful to my mom, Dawn
Bressler and FMFCU, and of course,
Congressman Curt Weldon's office."
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
FMFCU
DISCOUNT:
Buy 2 Tickets
Get 2 FREE!
when you use your
FMFCU Premier Check Card
(Card begins with 4177)
Limit one offer
per show.
Just some of the
Sponsoring Organizations who chose
Franklin Mint Federal Credit Union:
Borough of Media
Brandywine Conference and Visitors Bureau
Brandywine Youth Club
Centocor, Inc.
Chaddsford Winery
Chester Economic Development Authority
Community YMCA of Eastern Delaware County
Concord Country Club
County of Delaware Employees
County of Chester Employees
City of Chester
Delaware County Bar Association
Delaware County Chamber of Commerce
Endo Pharmaceuticals
Glenolden Youth Club
Granite Run Mall
Granite Run Pontiac-Buick-GMC, Inc.
Keenan Auto Body
Lansdowne Fire Company
Marple Township
Media Theatre for the Performing Arts
Middletown Township
Nazareth Hospital
Norristown Orthopedic Associates, Inc.
Overbrook School for the Blind
Plumstead Inn
QVC, Inc.
Riddle Village
Rolling Green Golf Club
Springfield Mall
St. Gabriel Home and School Association
Suburban West Realtors Association
Taylor Community Health Alliance
Town Talk Newspapers
SEI Investments
Viropharma, Inc.
Weathers Dodge
… and Many More!*
Add your name to our diversified list —
What are you waiting for?
For information on becoming an FMFCU sponsor,
contact John Greskiewicz at 610-325-5100.
*See our list of Sponsor Schools on page 40,
and Health Care Providers on page 45.
34
HOW TO EASE THE PAIN
OF LOSING YOUR WALLET
Take steps to prepare now …
and hope it never happens
T
HERE'S PROBABLY nothing worse than
reaching into your pocket or purse for a
wallet and not finding it. You check again.
You hyperventilate. And if you still can't find it,
you really start to panic.
No wonder. One of your most prized
possessions, your wallet carries personal bits and
pieces of your entire life. Besides cash, yours
probably contains credit cards, debit cards,
membership cards, health care cards, discount
shopping cards, video rental cards, your driver's
license, car registration, family photos and more.
Replacing all these items is a huge hassle.
But if you do one single thing today, you'll make
the whole process much easier:
Make a photocopy now
of everything in your wallet
Copy both sides of each license and card.
Keep this information in a safe place at
home or the office. (Not in your wallet.)
If your wallet is ever stolen, you'll have all
the details you need (including toll-free
numbers, account numbers and expiration
dates) to quickly contact the proper
authorities.
You might even give a copy to someone
you trust. That way, if you are out of town
when you lose your wallet, you can still get
the account information you need. If you
don't have access to a photocopy machine,
simply make a list of all the items in your
wallet, and be sure to include the particulars
noted above.
So your wallet's been stolen …
what’s next?
■ File a report with the police right away,
says the Federal Trade Commission in
a Consumer Alert titled "Getting
Purse-onal."1 Get a copy in case your
financial institution, credit card company
or insurance company needs proof of
the crime.
■ Call the fraud departments of one
of the major credit reporting agencies:
Equifax (800) 525-6285; Experian
(888) 397-3742; or TransUnion
(800) 680-7289. Once the credit
bureau confirms your fraud alert, it
automatically notifies the other two to
place fraud alerts on your account. This
fraud alert asks creditors to contact you
before opening any new accounts or
making changes to current ones. In
addition, all three credit bureaus will
send you copies of your credit report
free of charge.
■ Cancel your credit or debit cards,
plus any savings and checking accounts.
Open new ones, and stop payment on
outstanding checks.
■ Get a new ATM card, account number
and Personal Identification Number
(PIN).
■ Report your missing driver's license
to the Department of Motor Vehicles.
■ Change the locks on both your home
and car if your keys were taken.
Losing your wallet is never pleasant. But
if you follow these steps, you may at least
minimize the damage.
For more information:
GO ONLINE:
http://www.consumer.gov/idtheft/
http://www.ftc.gov/bcp/conline/
pubs/alerts/getpurse.htm
FMFCU Vehicle Financing
Your Best Resource
Visit FMFCU's Auto Center at www.fmfcu.org
DOs and DON’Ts
DO:
Keep a record of the contents of
your wallet in a safe place. Update it
every year.
Report the loss of credit, ATM and
debit cards right away.
Follow up phone calls reporting the
loss of credit, ATM and debit cards
with a letter. Include your account
number, the time and date you
realized the card was missing, and
the date you first reported the loss.
Keep your Personal Identification
Number (PIN) secret.
Leave your checkbook at home.
Pay with credit cards or cash.
Carry only the credit cards you need.
Order credit reports several months
after you lose your wallet. Review
them for any suspicious activity.
DON’T:
Carry your Social Security Number
with you.
Carry your Personal Identification
Number (PIN) in your purse or wallet.
Write your Personal Identification
Number on a deposit slip.
Protect yourself from identity theft — See Deluxe ID TheftBlockSM ad on page 26
CALL TOLL-FREE: 1-877-FTC-HELP
1
Federal Trade Commission Consumer Alert, February 2000.
35
Your child’s higher education:
How will you pay for it?
BY CHRISTINE TRABOSH
Y
OUR PRESCHOOLER walks into the
breakfast nook one morning just as
you're about to take your first sip of
coffee. In his most matter-of-fact, grown-up voice
and with a stethoscope wrapped around his neck,
he says, "Mommy, when I grow up I want to be
a doctor so I can fix people." You smile as he
leaves the room, and begin to ponder his future.
You hope that even if he changes his mind and
doesn't want to be a doctor when he grows up,
he will pursue some type of higher education.
Where will you get the money to finance his
college plans?
Even though it seems like those years are
36
light-years away, planning to fund his college
education is an important financial matter that
should be addressed now. But, don't worry —
there are plenty of financing options available,
from college planning investment programs to
grants, scholarships and student loans. If you
plan ahead, you'll be prepared for the day you
send your little one off to college.
There's no time like the present to start
saving for their future — so educate yourself
now on the many options available to finance
higher education
INVESTMENT CENTER AT FMFCU*
Don't know how much you'll need to set aside to fund your son or daughter's college education? The
Investment Center at FMFCU can help you invest today, so your child will have a college fund tomorrow.
If you have questions or would like to set up an appointment with one of our registered representatives,
call 610-480-9998 or e-mail us at [email protected].
INVESTMENT OPTIONS
Coverdell Education Savings Accounts —
Previously known as the Education IRA,
this account can be started at any time.
The best part is, almost anyone, including
the child, can contribute to it. So whenever
a birthday or other special event occurs,
family or friends can contribute to the
account as their gift. It is important to
remember that no more than $2,000 per
year per child (18 years old and younger)
can be contributed or invested. However,
contributions may be made for beneficiaries
over age 18 who have special needs.
(Although contributions must meet income
limits, this is easily circumvented by giving
the money directly to the child, who can
then make the contribution.)
And, best of all, it grows tax-free! Keep
in mind that funds in this account may be
used for any qualified educational expenses
from elementary school to post-secondary
schooling, like college, university or
vocational school tuition; computer
equipment, books; and other school fees
or equipment required for enrollment.
FMFCU can provide you with additional
information on starting a Coverdell
Account.
529 Savings Plan** — An education savings
plan operated by a state or educational
institution and designed to help families set
aside funds for future college expenses.
Three different types of 529 Savings Plans
exist: pre-paid plans, standard plans and
independent plans.
All plans offer the following:
• Tax-deferred earnings
• Tax-free distributions made for
educational costs
• Control of funds by the account holder
(continued on page 39)
Roth IRA Accounts — Even though these
accounts are typically set up as retirement
accounts, they are the perfect way to save
for a college education. That’s because
they are rarely factored into determining
financial aid eligibility. Penalty-free
distributions can be made to pay for
college expenses, provided that they meet
the following criteria:
• The account has been open for
at least five years.
• Distributions of Roth earnings are
made to pay for qualified higher
educational expenses.
Widener Students (left to right) Sirisha Alluru,
Member since 2003, Patricia Fitzgerald, Member
since 2004, and Cesar Ayala, Member since
2004, already know how expensive college can be.
*Investment products and services offered through CUSO Financial Services, L.P. (CFS), an independent broker/dealer, are not NCUA/NCUSIF insured,
not credit union guaranteed and may lose value. Representatives are registered through CFS (Member NASD/SIFC).
37
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
Education
xpand your knowledge, enhance your skills,
and start or advance your career at Widener
University. Choose from more than 100 undergraduate, graduate, and professional programs.
Learn in a challenging and diverse environment,
helped by a committed faculty known for
dynamic teaching and personal attention.
E
Innovation
At Widener, you’ll enjoy the best in teaching,
research, and service. Academic offerings and
facilities reflect today’s demands and tomorrow’s
needs, integrating tried-and-tested theories with
novel ideas in a high-tech setting.
Inspiration
By connecting curricula to
societal issues, Widener provides
opportunities for experiential
learning and civic engagement.
As a Widener graduate, you’ll be
ready to become a leader in your
profession and community.
One University Place, Chester, PA 19013 • 1-888-WIDENER • www.widener.edu
• Transfer options. If one child does not
use the funds to attend an institution
of higher learning, then the funds may
be transferred to another sibling in
the family.
**Since some 529 plans differ from state to state,
you should consult a financial planner for details.
HIGHER EDUCATION LOANS
This is by far the most common way that
college students and their families finance
education. Loans are paid back with
interest, either while the student is in school
or after they graduate. The most familiar
loans are the Stafford Loan and the Federal
PLUS Loan.
APPLY
AT FMFCU
FOR
STUDENT
LOANS
Federal Stafford Loan — This loan is
administered by the Federal Family
Education Loan Program (FFELP) and is
guaranteed against default by the federal
government. This loan is distributed
directly to the student’s school provided
that it is a "Direct Lending School."
Stafford Loans can be either subsidized
or unsubsidized.
• Subsidized Stafford Loans are needbased, and the government pays the
interest while the student is attending
school, during the grace period, and
during any deferments after payment
has begun.
• Unsubsidized Stafford Loans are not
need-based and accrue interest from
the date the funds are disbursed.
Interest payments can be made while
the student is in school, or deferred
until after graduation.
For more information about Stafford Loans,
visit our website at www.fmfcu.org, or see
these other useful sites: www.fafsa.ed.gov
or www.AESsuccess.org.
Federal PLUS Loan — PLUS Loans
supplement other forms of student aid and
are not based on financial need. Parents
may borrow the difference between the
total cost of their child’s tuition (room and
board, books and personal expenses) minus
any other financing and grants. The first
payment is generally due no later than
60 days after the loan is fully disbursed.
Repayments may be made for up to 10
years.
GRANTS
Grants are "free" funds that do not need to
be paid back and depend on financial
need. Most, if not all, states offer some
form of grant money. For example, one of
Pennsylvania’s grants is the PHEAA State
Grant. This grant is awarded to students
who are Pennsylvania residents. Award
Teller Jerry Troy assists student Patricia Fitzgerald at the Widener
University branch. In line are Chris Broomall and Cesar Ayala.
39
JOHN D. UNANGST
SCHOLARSHIPS
FMFCU recognizes the importance
of higher education, so we help our
young members fund some of their
post-secondary education through
a scholarship program named after
Credit Union President and CEO
John D. Unangst. Each year, the
Credit Union awards three eligible
high school seniors a $1,500
scholarship based primarily on an
essay or personal statement they
write and submit.
Educational Sponsor Organizations
■ Colleges & Universities
Delaware County Community College
Swarthmore College
Widener University
FMFCU's Cathy McInnis (left) reviews a loan application with Naveen Kumar Pudipeddi Venkata.
amounts vary for this particular grant and
range anywhere from $200 to $3,300,
based on family income and expenses. For
more information about Pennsylvania State
Grants, visit www.pheaa.org.
Another grant available to students is the
Federal Pell Grant. This grant is awarded
to eligible undergraduate full and part-time
students. The Department of Education
uses a standard formula to determine
eligibility. Qualifying students may receive
one Pell Grant per year.
SCHOLARSHIPS
With the price of college tuition rising,
parents and students alike look for ways to
defray tuition costs. A scholarship can also
be looked at as "free" money that is
provided by colleges, universities, service
organizations, corporations and the like to
help reduce tuition and sometimes even
boarding costs. Thousands of dollars in
scholarship money is out there waiting to
be awarded. The obstacle is finding these
scholarships. Consider checking out
www.nextstudent.com to conduct a
40
scholarship search (free access to over
80,000 individual awards).
OTHER FINANCING OPTIONS
There are times when, no matter how
much planning was done, parents fall short
of meeting all of the extensive costs
associated with financing a higher
education. For these times, it may be
necessary to look into other alternatives.
Some cost-effective loan options to
consider are listed here:
•
•
•
•
Home Equity Loans
Home Equity Lines of Credit
Personal Loans
Personal Lines of Credit
So, when your preschooler races back into
the breakfast nook with the family dog
trailing behind and announces again,
"Mommy, when I grow up, I want to be
an animal doctor so I can make doggies,
kitties and fishes better," you can pick him
up and smile. Tell him that whatever he
wants to be when he grows up is fine with
you, now that you’ve been educated on
the many financing options available.
■ School Districts
Garnet Valley School District
Interboro School District Students
Interboro School District Teachers & Staff
Ridley School District
Rose Tree Media School District
Springfield School District
Upper Darby School District
William Penn School District
■ Schools
Darlington Fine Arts Center
Elwyn, Inc.
Glen Mills School
Media-Providence Friends School
Overbrook School For The Blind
Williamson Free Trade School
Student Loans:
One of the best ways to help finance a college education
To make it easy for you to obtain funds
for college, FMFCU has partnered with
one of the nation's top student loan
providers: AES/PHEAA.
A leader in creating affordable access
to higher education, American
Education Services is a division of the
Pennsylvania Higher Education
Assistance Agency, one of the largest
full-service financial aid organizations
in the U.S.
Go online today at www.fmfcu.org and
learn about these student loan options:
Keystone BEST Stafford Loans
Keystone PLUS Loans
Network Consolidation Loans
Apply at www.AESsuccess.org
Lender code 834156
Andre Carter (left) & Anil Venkatesh discuss their school
plans. Andre, a Member since 2002, is now at Beloit
College in Wisconsin. Anil, who became a Member in
2003, is a high school senior in an overseas exchange
program. He uses his FMFCU debit card for everything!
SPEED
•
SERVICE
•
CONVENIENCE
COMMITTED
TO THE
FINANCIAL
HEALTH OF
HEALTH CARE
PROVIDERS
"I like the fact that you
can grow up with families.
You don't just see them
one time in a hospital.
You see them for years."
DR. FRANK MAZZOTTA
MEMBER SINCE 1996
Walk into any major health care facility in Delaware County, and you'll find the same
things in every one: highly skilled, caring, compassionate health care professionals …
and a branch and/or ATM of Franklin Mint Federal Credit Union.
HY? FMFCU's commitment to health care providers
goes back many years. In the early 80s, when the
Credit Union first considered expanding beyond the
confines of the Franklin Mint, management thought
physicians, nurses, medical technicians and others in the health
care field would be a natural fit. Most work long hours, have
irregular shifts, and have precious little time to attend to personal
matters like banking.
Riddle Memorial Hospital was selected as the first "test
branch" in 1985, and the response was extremely positive. Twenty
years later, busy health care providers still appreciate the Credit
Union's ever-expanding in-hospital branches. But now many of
them are using online services, too.
Below, two FMFCU members — who are also physicians —
describe their busy practices — and how today's Credit Union
helps make their lives a little bit easier.
W
Taking off for New Mexico
After working two weeks in August 2004, with a helicopter flight
team based at the University of Pennsylvania, Dr. Marci Gambarota
made a major decision. She resolved to become a pilot herself.
"The helicopter thing inspired me," she says.
How scary is it riding in a helicopter, swooping down to
pick up the wounded patients? "It's fun," says the third-year
emergency medicine resident at St. Luke's Hospital in
Bethlehem, PA.
Dr. Gambarota's goal during her medical rotation with
PennSTAR Flight was to better understand how patients are
"I really enjoyed working
with a different culture
(on the Apache Reservation).
It is like working in
a different country,
but with most of the
conveniences of home."
DR. MARCI GAMBAROTA
MEMBER SINCE 1994
Above: Dr. Gambarota's experiences with a medical
flight team made her want to become a pilot herself.
It’s no accident that Franklin Mint
Federal Credit Union is in so many hospitals.
We understand what
health professionals
need in terms of
financial services.
JUDI RINALDI
OFFICE MANAGER,
MARPLE MEDICAL ASSOCIATES
MEMBER SINCE 1996
"Like so many people, our
employees work hard, but
always have limited funds.
We are looking to find good
financial services with an
affordable price tag. FMFCU
offers many different services
at a price our staff can afford."
SPEED
•
SERVICE
•
CONVENIENCE
treated before they are taken to the hospital.
"It gives you a certain appreciation for what it's like
in the field," she says. "You start with a lot less
information."
For Dr. Gambarota, a Member since 1994,
choosing to become a pilot is just one of several
major decisions she has made. After completing
her residency later this year, the Temple medical
school grad will move to New Mexico and begin
providing emergency care on a Navajo Reservation.
"I found a place that needs emergency docs.”
With work schedules that changed every
week during her residency program, Dr. Gambarota
found FMFCU's home banking program to be most
helpful. "Home Banking is really all I do," she says.
In New Mexico, rather than putting in the
60-80 hour weeks typical of a medical resident,
Dr. Gambarota will work about 40 hours weekly as
an attending physician. That should leave her lots
of time to take flying lessons.
This won't be the first time Dr. Gambarota is
caring for Native Americans. During her fourth year
of medical school, she served a month-long clinical
rotation at an Apache Reservation in Arizona.
"I really enjoyed working with a different culture.
It is like working in a different country, but with
most of the conveniences of home."
Growing up with families
When Dr. Frank Mazzotta was a student at
Philadelphia College of Osteopathic Medicine,
he enjoyed his exposure to the many medical
specialties. "I liked everything," he says.
So when he graduated from medical school,
he chose the type of medicine in which he can do
a little of everything — family practice.
Upon completing a family practice residency,
he opened an office in South Philadelphia six years
ago, and has never looked back.
The LaSalle University grad, a Member since
1996, agrees that a general practitioner's biggest
challenge is keeping up with the flood of medical
information published today.
"We need to know a little about a lot of
things," he says. "Actually, we need to know a lot
about a lot of things."
A solo practitioner, he is on-call 24 hours
a day, seven days a week. Add in regular office
hours, and time spent reading the latest medical
journals, and there are not many free moments.
"It's a lot. I'd like to have a little more time
on my own.” In his rare free moments, Dr. Mazzotta
works out, and goes out for "good Italian food."
With his busy schedule, Dr. Mazzotta
depends more and more on FMFCU's Bill Payer
program, which lets him pay bills online any time
of the day or night. "And they don't charge you
anything for it. That's cool."
Asked what he finds most enjoyable about
family practice, this friendly South Philadelphia
physician, who loves to eat and cook, quickly says,
"I like the fact that you can grow up with families.
You don't just see them one time in a hospital.
You see them for years."
FMFCU offers ultimate convenience
to health care providers
In addition to FREE 24/7 Online & Telephone Banking,
FMFCU has branches or an ATM in every major health
care facility in Delaware County, and a growing network
of branches throughout the region.
COMMUNITY HOSPITAL
9th and Wilson Streets
Chester, PA 19013
CROZER-CHESTER MEDICAL CENTER
Old Main Building
One Medical Center Boulevard
Upland, PA 19013
DELAWARE COUNTY MEMORIAL HOSPITAL
501 N. Lansdowne Avenue
Drexel Hill, PA 19026
KEYSTONE MERCY HEALTH PLAN
200 Stevens Drive
Ground Floor Lobby
Philadelphia, PA 19113
R
MERCY FITZGERALD
Medical Office Building
1501 Lansdowne Avenue, Suite 109
Darby, PA 19023
MERCY HOSPITAL OF PHILADELPHIA
501 S. 54th Street
Philadelphia, PA 19143
MERCY SUBURBAN HOSPITAL
2701 Dekalb Pike
Norristown, PA 19401
RIDDLE MEMORIAL HOSPITAL
Outpatient Pavilion, Suite 3108
1098 West Baltimore Pike
Media, PA 19063
TAYLOR HOSPITAL
East Chester Pike
Ridley Park, PA 19078
45
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$
$
$
$
$
Understanding the Mortgage Process
BY MARTY BURKE AND CHERI COOK
W
HEN PURCHASING your first home, or any home
for that matter, you may be filled with a range of
emotions. On one hand, you feel the excitement and joy
at the prospect of becoming a homeowner or finally
moving into your dream house with the two-car garage.
On the other hand, you may feel anxious about choosing
the right house and obtaining your first mortgage.
Most people rely on professionals to help reduce
the stress of these tasks. Two in particular are your realtor
and mortgage lender. You probably already know why it
46
is important to find a good realtor. They assist you in
finding a house, give you important information on
school districts and local taxes, and act as a liaison
between you and the seller.
What you may not realize is that it is just as
important to find a reputable mortgage lender whom
you can trust. Rates, fees and service vary from lender
to lender. Shopping around for a lender you feel
comfortable with can make a huge difference in your
home-buying experience.
WHERE DO I START?
T
HE FIRST STEP in finding the right
lender or mortgage representative is to
become an educated consumer. The more
information you have about the mortgage
process, the better decision you'll be able
to make.
Larry Schuelie, Branch Manager at
FMFCU's Granite Run Mall location, advises:
"Before any first-time homebuyer begins
to look for a house, they should verify how
much they can afford. Most mortgage
lenders, including FMFCU, provide
members with Pre-Qualification or
Pre-Approval Letters that you can take
shopping as proof that you can afford the
house that you want to purchase."
WAIT A MINUTE! WHAT IS
THE DIFFERENCE BETWEEN
A PRE-APPROVAL AND
PRE-QUALIFICATION LETTER?
P
RE-QUALIFICATION Letters are based
on stated income, assets and liabilities
and credit evaluation. This letter should give
you a good idea if you qualify for the
desired amount of money you would like to
borrow or the maximum amount for which
you qualify.
Obtaining a Pre-Approval Letter
requires a complete loan package with all
documentation and disclosures, and the
loan goes through a formal underwriting
to determine your ability to qualify.
Assets, liabilities and credit are thoroughly
analyzed, and a commitment letter is
issued awaiting a signed agreement of
sale once you have selected a home. The
pre-approval process takes a little longer
than the pre-qualification process.
Pre-Approval and Pre-Qualification
Letters are generally good for 90 days from
the date of issue, and provide beneficial
information that can help advance the
purchase of a house. If the seller sees
that the buyer can truly afford the home,
there is less risk involved for them.
ONCE I CHOOSE A HOUSE, HOW DO
I APPLY FOR A MORTGAGE?
T
HE ENTIRE PROCESS, from application
to getting a mortgage approval, should
take about 15 - 20 days. This includes time
for an appraisal to be conducted and for
collecting any further information needed
to process your loan. To begin the
mortgage process, you need to supply:
• Income verification — pay stubs,
W-2 forms, tax returns
• Current debt obligations — a list
of all current loans, credit cards,
mortgages, alimony and child
support payments
• Assets for down payment and
closing — copies of financial
statements, investment statements
and gift letters
• An agreement of sale
Along with your fully executed
application, you will need to
sign a variety of disclosures,
which include:
• Good Faith Estimate of
Closing Costs
• Notices
• Servicing Disclosure
• Quality Control Authorization
• Rate-lock Letter
• Information Authorization
Disclosure
• Automatic Payment
Authorization Form
• Authorization to Order Title
Insurance
• Any other documentation that
may apply, such as, Adjustable
Rate Mortgage (ARM) or
Balloon loan disclosures
"At FMFCU, we like to make the process
as easy and as stress-free as possible by
asking our members for all the necessary
information at the time of application," says
Schuelie. “This way, there are no surprises
on mortgage closing day.”
First-time homebuyer Charles Keeler
of Aston recently took his mortgage out
with FMFCU. Keeler, like most first-time
buyers, went into the process not knowing
what to expect. He admits that a lot of
paperwork is required. But FMFCU made
sure that he had a checklist, like the one
below. It detailed the documents needed
and when they were due:
• A fully executed agreement of sale,
with all pages, for the property
being purchased
• Most recent pay stub for all
borrowers, evidencing one full
month of income
• The most recent year’s W-2 forms
• One month of most recent financial
statements (all pages) from all
accounts being considered for the
loan payment and closing costs
• The most recent year’s federal
tax returns, with all pages, for
self-employed borrowers, or to verify
non-employed income
• If the tax return is necessary, FMFCU
needs a signed IRS Form 4506 by all
borrowers
• An application fee to cover the cost
of appraisal, credit report and flood
certification
• Proof of homeowner’s insurance
naming the lender as the loss payee.
This must be provided at least two
weeks prior to closing
• And, the name and phone number
of the agent responsible for
providing the appraiser access to
the home.
THE MORTGAGE PROCESS
E
VER WONDER what happens to your
application after it is submitted?
Take a look:
Step 1) Your application information is
entered into a loan origination system,
which determines whether your loan
request is likely to be approved.
Next, the appraisal, credit report, and
flood certification are ordered. Your
mortgage request is now in process.
(continued on next page)
“I originally joined because
of dissatisfaction with my
previous bank. I stayed because
of the quality of service.”
CHARLES KEELER
MEMBER SINCE 2000
47
UNDERSTANDING MORTGAGE "TALK" —
A GLOSSARY OF TERMS*
There are many terms specific to mortgages that you
may never have encountered as a first-time homebuyer.
It is important to be familiar with the mortgage "lingo."
The following terms will help you to do just that:
Amortization —The method of
repayment in which the amount you
borrow is repaid over a fixed period of
time, usually through monthly payments
of principal and interest. During the
first few years of repayment, a large
percentage of each payment is generally
applied toward the interest on the loan.
During the final years of the loan,
payment amounts are applied almost
exclusively to the remaining principal.
Annual Percentage Rate (APR) —
The cost of credit on a yearly basis,
expressed as a percentage. Required to
be disclosed by the lender under the
federal Truth in Lending Act, Regulation Z.
The APR includes up-front costs paid to
obtain the loan, and is, therefore, usually
a higher amount than the interest rate
stipulated in the mortgage note. This
does not include title insurance, appraisal,
or credit report fees.
Closing Costs — Any fees paid by the
borrowers or sellers during the closing of
the mortgage loan. This includes any
points that are charged, attorneys’ fees,
title insurance, survey, and any items that
must be pre-paid, such as taxes and
insurance escrow payments.
HUD-1 Statement — A document with
an itemized listing of closing costs
payable at the closing or settlement
meeting when buying property. The
closing costs can include a commission,
loan fees and points, and sums set
aside for escrow payments, taxes and
insurance. It is signed by both the
buyer and the seller, who may be
paying some of the closing costs. The
statement form is published by the
Department of Housing and Urban
Development (HUD).
Loan-to-Value Ratio (LTV) — A ratio
determined by dividing the sales price or
appraised value into the loan
amount, expressed as a percentage.
For example, with a sales price of
$100,000 and a mortgage loan of
$80,000, your loan to value ratio would
be 80%. Loans with an LTV over 80%
may require Private Mortgage Insurance.
Mortgage — A legal agreement that
uses property as collateral to secure
payment of a debt. The legal agreement
means that when a mortgage is on a
house, the lender can take possession
of the house if the borrower stops
making payments.
PITI — Principal, Interest, Taxes and
Insurance, which comprise your monthly
mortgage payment.
PMI — Private Mortgage Insurance —
A policy that protects the lender by
paying the costs of foreclosing on a
house if the borrower stops paying the
loan. Although PMI protects the lender,
it is paid monthly by the borrower.
Private mortgage insurance usually is
required if the down payment is less
than 20 percent of the sale price.
Points (Loan Discount Points) — A point
equals 1 percent of a mortgage or other
loan. Some lenders charge "origination
points" to cover expenses of making
a loan. Some borrowers pay "discount
points" to reduce the loan's interest
rate.
Servicer — An organization that collects
monthly mortgage principal and interest
payments from homeowners and
manages escrow accounts for paying
taxes and homeowners' insurance
premiums. The servicer often services
mortgages that have been purchased by
an investor in the secondary mortgage
market, such as, Freddie Mac and
Fannie Mae.
* Definitions adapted from www.bankrate.com/brm/definitions
48
Step 2) You receive a Truth-in-Lending
disclosure that expresses the interest
rate in the form of an Annual
Percentage Rate (APR). The APR will
differ from the interest rate, because
the APR takes into consideration any
fees charged by the lender or if Private
Mortgage Insurance (PMI) is required.
PMI is required when a down payment
of less than 20% is being made.
Step 3) The loan is then "underwritten,"
and if most of the pertinent information
is in the file, the loan is approved.
A written letter of approval, called
a commitment letter, is sent to you and
the realtor. The commitment letter will
contain closing conditions, which may
consist of items still needed by the
lender.
Step 4) Next, your agent will provide
the lender with evidence of insurance
well in advance of closing. This
evidence of insurance, known as
a declarations page, should be faxed
to the lender’s office. You can either
pay the homeowners' insurance in
advance and provide the receipt at
closing, or you can take the bill
to closing and have it paid then.
Step 5) Your mortgage lender will
prepare the closing package and mail
it to the title company several days in
advance of closing. This should allow
the title company time to prepare
a preliminary settlement sheet and
advise you of the amount of money
you will need for closing. Funds
necessary to close the loan need
to be in the form of a cashier’s check
made payable to the title company.
Step 6) Closing day — all papers are
signed at settlement and the seller
signs the Deed. You are now the owner
of your new home!
While there are many different types of
mortgages available to consumers, most
individuals are interested in getting the
lowest rates and terms that meet their
objectives. They also want smooth sailing
throughout the mortgage process. To make
things less stressful on yourself, it pays to be
educated before you buy your next home.
When asked what advice he could give
to others looking to buy their first home,
Keeler said, "You need to establish good
credit long before you start looking for
a home. But when you find one, find a
mortgage representative like the folks at
FMFCU who know the ins and outs of the
process. They were always very honest with
me throughout and I appreciated that."
When it comes
to mortgages,
experience counts.
At FMFCU, we’ve been serving
members’ mortgage needs for over
20 years.We can help you make
the choice that’s best for you.
“FMFCU made me feel the most
at ‘home’ literally and figuratively.
The mortgage process was easy,
efficient, and most important,
stress-free.”
BERNARD MCCAIN
MEMBER SINCE 1999
Whether you’re a first-time homebuyer … you’re selling
one home and moving into another … you’re buying
a vacation home … or you’re looking to refinance,
be sure to talk to an FMFCU Personal Mortgage Advisor.
You’ll learn all about your choices so you can select the
mortgage option that makes the most sense for you.
And you’ll be treated like a member of our family —
because you are!
Take advantage of:
• Low rates
APPLY
• Zero-point financing
ONLINE!
• FREE pre-qualifications
• Pre-approvals
• Refinancing options to save money
• Cash rebates* when you buy or sell a property
Contact Marty Burke in our Mortgage Division
at 610-325-5100 and choose Option 1, then 2
or visit FMFCU’s online mortgage center at www.fmfcu.org.
SPEED
•
SERVICE
•
CONVENIENCE
* Some restrictions may apply and the rebate is void where
prohibited by law. Rebates on new construction purchases are
based on base price, not upgrades.
EMPLOYEE
SPOTLIGHT
A BEHIND-THE-SCENES PEEK AT SOME OF THE STAFF
WHO ASSIST WITH YOUR FINANCIAL NEEDS
BY CHERI COOK
Blesson Koshy
POSITION: Support Services Representative II
FMFCU EMPLOYEE SINCE: January 2003
ORIGINALLY FROM: New Delhi, India
NAME:
Choices: You are originally from New Delhi, India.
How did you end up in Delaware County, PA?
B.K. I never really planned on moving to the United States. It was always
a dream of my brothers. But I was happy living in India. I had a good job and
a lot of family and friends.
Choices: What made you change your mind?
B.K. When I was 23, I met a wonderful girl through one of my friends. Within
24 hours I had decided I was going to marry her. Four days later we were engaged
and four days after that we were married. Persis, my wife, was from the States.
After eight months of marriage, we decided to move to PA.
Choices: How did you end up at FMFCU?
B.K. I used to drive by the Credit Union when taking my wife to school
at Delaware County Community College. I always wondered what
was in the big white building with the flags out front. One day my
curiosity got the best of me and I stopped inside and applied
for a job. My customer service experience from SriLankan Airlines
in India was definitely a plus. A few days later I was FMFCU’s
newest employee.
Choices: That was two years ago. Did you start
as a Support Services Representative?
B.K. No, I actually started as a floating teller, helping out at
all of the branches. I was able to meet a lot of people that way.
I really enjoyed it.
Choices: What do you do as a Support Services Representative?
B.K. Actually I do a lot of different things. But my main job is to
take care of ATM, Debit Card and Point of Sale disputes, fraudulent
transactions and any other problems with members’ cards.
Choices: What do you like about this part of your job?
B.K. I get the chance to talk to members and help them with any
problems they may be having. I also absolutely love the people
I am working with.
Choices: Any future plans?
B.K. My wife and I are expecting our first baby, so I am very excited
about that. As far as career, I would like to complete my MBA
program at Temple University, where I am currently enrolled.
I want to pursue a career in finance. After I finish my MBA,
I would like to continue working here.
50
Helen Beard
POSITION: Imaging Coordinator
FMFCU EMPLOYEE SINCE: September 1998
ORIGINALLY FROM: Philadelphia, PA
NAME:
Choices: Your title is Imaging Coordinator. That sounds interesting,
what is a typical workday for you?
H.B. I spend most of the day collecting documents from the branches
and back office. I take each one and scan it into our system, which
creates a digital image of the document.
Choices: Why does FMFCU do this to their documents?
H.B. We do it for a number of reasons. Imaging saves a lot of paper.
Instead of making copies of files and forms, we image the original
copy and save it to a data file. The result is fewer lost documents
and quicker service for our members when we need to retrieve
a document.
Choices: What do you mean by quicker service?
H.B. If a member has a question about his account, the Member
Service Representatives no longer have to call to the back office
to have the member's file pulled. All they have to do is access
the imaging system and the member’s file is at their fingertips.
Choices: How did you end up an Imaging Coordinator?
H.B. That is a funny story. I was asked to work at FMFCU as
a temporary employee. I was supposed to work in the file room
for two weeks. On the first day, my manager asked me to stay.
That was 6 years ago. It goes to show you that you never know
where or when an opportunity will arise.
Choices: What do you do when you are not
working at FMFCU?
H.B. My kids keep me extremely busy! There are six of them,
ranging in age from two to fourteen. In addition to spending
as much time as I can with my children, I teach CCD at
St. Cyril’s Parish in East Lansdowne. I also coach softball in the spring.
Choices: Is it true that you are also taking classes?
H.B. Yes. I actually just received two certificates from FMFCU’s
Choice University, one on Credit Union Fundamentals and
one on Technology. I am currently working on my third certificate.
Choices: What do you like most about your job?
H.B. I enjoy the people I work with and getting involved in
company events. I had a great time acting as the chairperson
for the children’s holiday party this year!
EMPLOYEE SPOTLIGHT
Brian Houston
POSITION: Management Associate
FMFCU EMPLOYEE SINCE: April 2003
ORIGINALLY FROM: Genoa, Ohio
NAME:
Choices: As a Management Associate,
what are your duties?
B.H. Like most people at FMFCU, I do a lot of different
things. Basically, I provide service to our members.
I open accounts, process loans, take mortgage
applications and answer any questions a member
may have.
Choices: You used to work at another local credit
union. How did you end up at FMFCU?
B.H. Actually FMFCU called me. They were looking for
people who would fit in at FMFCU. That is one of the
things I like about working here. We look for people
who embrace our philosophy of "people helping
people," then find them a place within the company
that is a good match for their interests.
Choices: What part of your job do you enjoy most?
B.H. I really like working on computers. The Broomall
branch staff considers me their on-the-spot "techie"!
And FMFCU is a fun place to work. I'll never forget
when John Hargrove, our Vice President of IT, brought
in "Suicide Wings," and didn't tell me how hot they
were. He just offered me one and waited for my reaction.
One wing and my face was beet-red. It took half the
day to get the burning sensation out of my mouth.
I am still looking for a way to pay him back.
Choices: What do you do in your personal time,
aside from being a "techie" that is?
B.H. My fiancée and I just bought a new house.
I spend most of my weekends working on the house.
Choices: So you are an aspiring "Bob Villa"?
B.H. I wish! When I am not working on the house,
I spend time hanging out with my dog, Patches,
and my fiancée, April.
52
It could cost you a lot of money
… if you're not prepared
"Mind the Gap" — these famous signs on
the London Underground subway system, which
warn passengers about the distance between the
train and the station platform — offer great advice
to FMFCU members, too.
Because if you buy or lease a car that's
"totaled" or stolen, you could wind up with a
large gap between the fair market value of the
vehicle, and what you still owe on the car.
The solution: Guarantee Asset Protection
— or GAP.
Without GAP, you could end up making
payments for years on a car you can't even
drive. With it, your GAP coverage will pay
the difference between what you owe and what
the insurance company reimburses in the event
of a total loss.
Other advantages of GAP:
• Covers your auto insurance deductible
up to $1,000
• Protects your personal credit rating
How GAP can help protect you
• Low one-time fee can be financed
into the loan or paid up-front
Say you buy or lease a car for $25,000. If your
car is then involved in a major accident or stolen,
your insurance company will reimburse you the
"Fair Market Value" of the car. That figure could
be as little as 80% of what you paid, or $20,000
— a loss of $5,000.
SPEED
•
SERVICE
• Can be added to new or existing loans
To add GAP coverage to your auto loan,
call the Member Service Center at
610-325-5100.
•
CONVENIENCE
LEASING vs. BUYING
A
CAR
Why BUYING is better
BY JENNIFER HALL
You're in the market for a new car. Should you lease or buy? Each
alternative has its pros and cons, depending on your financial situation,
personal preferences and priorities. Leasing may seem like the most
cost-effective way to go because of the lower costs up-front and lower
monthly payments. But, you also need to factor in long-term expenses
and your other financial responsibilities when making your decision.
In this "instant gratification" society, we often put the quick fix
ahead of the big picture. And leasing allows you to have that beautiful
new car (with the great new-car smell) every three years. What a
luxury for those low monthly payments! Or so it seems. In reality, over
the long run, it’ll cost you a lot more than buying a new car you keep
for a few more years.
Let's explore the options, so you can decide for yourself.
Nancy Ottaviano, a Member since
1989, has bought her last two
automobiles through FMFCU.
Both times Nancy says, she
was impressed by the friendly,
attentive service she received
at FMFCU, and by the very
competitive rates.
In fact, she favorably compares
FMFCU's service to that of the
Bailey Brothers Building & Loan
in her favorite movie, "It's a
Wonderful Life." "I would
recommend the FMFCU to
anyone," Nancy says.
54
■ BUYING VS. LEASING
When you buy a car, you pay for its entire cost. You
generally make a down payment or have a trade-in, and
you pay sales tax up front or roll it into your loan and pay
back principal plus interest. You own the vehicle and get
to keep it after the term of the loan is up.
When you lease a vehicle, you pay for only a
portion of the car’s cost — the amount it depreciates
during the time you're leasing it. You have the option of
not making a down payment, paying sales tax only on
your monthly payments (in most states) and paying a
money factor that’s similar to an interest rate on a loan.
You may also pay extra fees and possibly a security
deposit. At the end of the lease term, you must return
the car.1
the case. However, if you wisely invest the monthly lease
savings, the net cost of leasing can be less than buying.
At first glance, leasing seems like the most cost-effective
option, doesn't it?
The long-term cost of leasing is always more than the
cost of buying, if the buyer keeps the vehicle. If a
buyer keeps the car after the loan has been paid off and
drives it for many more years, the cost is spread over
a longer term, making it a less expensive option. If longterm financial benefits are the most important objective
when buying a new car, it's always best to buy the car
and drive it for as long as it survives — or until the cost of
maintenance and repairs begins to exceed the cost of
replacing it.
You do the math. If you buy a car and keep it, in
the long run you won’t have monthly payments. You can
put the money toward other expenses, goals and dreams.
How about your children’s college funds? Maybe you'd
like to buy a vacation home? Or retire early? Buying a car
will get you where you want to go much faster than
leasing a new car every few years.
Here are the primary economic benefits to leasing:
■ GET MORE MILEAGE OUT OF A USED CAR
■ CONSIDER YOUR LIFESTYLE
• Low — or no — down payment
• Lower monthly payments
• Lower sales tax (Tax is only paid on the amount
of the car's value used. Over three years, this
is half the amount of the car's total value.)
Not so fast…
■ DON’T LOSE SIGHT OF LONG-TERM COSTS
That lower monthly lease payment is deceiving. Longterm cost savings are significantly higher if you buy and
keep your car for several years, because eventually,
you'll have no payment.
Let’s take a closer look at the costs of leasing vs.
buying.
The short-term monthly cost of leasing is always
significantly less than the cost of buying. For the same
car, same price, same term and same down payment,
monthly lease expenses will always be 30%-60% lower
than loan payments; this is true even when compared to
0% loans.1
The medium-term cost of leasing is about the same
as the cost of buying, if the buyer sells the vehicle.
The overall cost of leasing compared to buying, over the
same lease/loan term, is approximately the same if the
buyer sells the vehicle at the end of the loan.
Comparisons sometimes show buying to cost a
little less than leasing-due to fewer fees and the assumption that a purchased vehicle will return full market value
if it is sold or traded at the end of the loan — not always
If the lower monthly payments that leasing provides still
appeal, another option to consider is to buy a slightly
used car. Financing rates for used cars have dropped in
recent years. Since new cars depreciate 20%-30% the
minute you drive them off the lot, your savings begin
immediately when you buy a used car. The cost of
insurance may also be lower, and you can often afford
a model with more luxury/performance options. The real
savings of owning a used car comes from all the years of
potential service it provides after it's paid off. In addition,
the classic reasons to avoid used cars — unreliability and
the expense of repairs — are less of an issue today.2
If you buy used, you may not have the latest model
with all the trendiest features, but you’re making a smart
financial decision. You’ll be able to put that extra money
towards other priorities.
■ PREPARE FOR THE LONG HAUL
When looking for a car, research your options thoroughly,
so you make an informed decision that best meets your
financial objectives and your lifestyle. Sources such as
www.edmunds.com and www.cars.com provide a wealth
of helpful information.
Contact an FMFCU Member Service Center
Representative at 610-325-5100 or visit your local branch
for more information. They'll help steer you in the right
direction.
Sources:
1 LeaseGuide.com
2 Edmunds.com
55
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
People first.
2005 Ion sedan
2005 Relay
2005 Vue
525 Baltimore Pike • The Golden Mile
Clifton Heights, PA • 610.394.4400
Fine-Tuning Your Finances
Have you considered a
Personal Line of Credit?
BY DREW STALEY
L
IKE SO MANY OTHER THINGS IN LIFE, your
personal finances may need an occasional tune-up.
Fortunately, there are creative financing tools available
today that may provide the perfect fix.
One of the most versatile is a Personal Line of Credit.
Long used simply for overdraft protection, this product can
actually do much more for you. A Personal Line of Credit
gives you access to revolving funds. It provides you with
quick cash for your everyday needs, as well as for
unforeseen emergencies. Moreover, it often does so at
rates far lower than the credit cards in your wallet.
A Personal Line of Credit can be used for
tuition, school supplies, unexpected repairs or
even holiday shopping. You can usually
transfer funds from your line of credit into
any deposit account. At FMFCU, you can
then access that money via check, ATM or
debit card or by online or automatic transfer.
Going shopping or have a home repair
looming? Sign in to Home Banking and
transfer the funds from your line of credit
to your checking account, and then head to the
store with your debit card or checkbook in hand!
While a Personal Line of Credit can be ideal
for purchases, let’s not forget the important
feature that has made this financial tool
a must-have for some — overdraft
protection. If your checking account
starts to head into a negative balance,
funds sweep automatically
from your credit line to cover the
difference.
In today's hi-tech world, checks
are clearing faster than ever,
especially with the recent
introduction of Check 21.
Inevitably, that speed will only
increase. So it's very likely in
the future that you'll be able
to walk into a store in the
morning, write a check to
the cashier, and see the
funds taken out of your
account that same day. As we get accustomed to this new
high-speed check clearing, it is important to have added
protection from bounced checks. Overdraft protection via
a Personal Line of Credit is just the tool!
This financial tool is also great for consolidating debt.
With line amounts up to $10,000, you can combine credit
card or personal loan balances into one lower rate account.
With just one monthly bill, you will save time and money.
Plus, as you make payments, your credit limit is restored
for future spending.
The final and perhaps most important use of a
Personal Line of Credit is for emergency
expenses, such as medical bills or a temporary
loss of income. About four years ago, Eileen
Ferry, an FMFCU Member since 1998,
received a call that her mom had become
seriously ill. Eileen had to take some time
off from work during her mother’s recovery.
"My boss was terrific and my company has
a good Family Leave Policy. The problem
was keeping up with my personal bills while
I wasn't earning," said Eileen. "Having the
Personal Line of Credit available to me took
a mighty load of worries off of my mind and
offered me the freedom to do what I most
wanted to be doing — caring for
my mom."
What other financial tool
can help you make purchases,
cover emergency expenses,
or act as protection against
bounced checks for times
when you can’t get to the
branch to deposit funds?
It is important to have
a Personal Line of Credit
in your toolbox! This
all-purpose financial
fix-it can help prevent
un-needed stress and save
you hundreds or thousands
of dollars in finance
charges.
Eileen Ferry, a Member since 1998,
says a Personal Line of Credit made
life much easier when her mom was sick.
57
M E M B E R S H I P D E L I V E R S A W O R L D O F VA L U E
"Take Control"Certificates —
a great retirement option
Long-time FMFCU members Ellyn and E. Frank Csank
like the safety of "Take Control" Certificates
"Compared to what we were
being offered at other
institutions, these certificates
were better. And we liked the
fact that we could withdraw
early without a penalty if
we wanted to."
ELLYN CSANK, MEMBER SINCE 1986
E. FRANK CSANK, MEMBER SINCE 1985
Advantages of "Take Control"
Certificates:
■
You can make annual partial
withdrawals and early withdrawals
with No Penalty*
■ You enjoy competitive yields and
terms from 15 months to 5 years
■ Available as JUMBO and
IRA Certificates
For more information about this unique
Certificate, visit us online at
www.fmfcu.org or call 610-325-5100.
* Must be 55 or older. $500 minimum deposit. Funds must stay on deposit for a minimum
of seven days. Rate upgrade options can only be exercised once annually from opening or
upgrade date. For early withdrawals, IRS penalties may apply; consult your tax advisor.
SPEED
•
SERVICE
•
CONVENIENCE
$
$
$
$
$
$
Real-Life Retirement Planning
The earlier you start, the more money you'll have later on
BY CECILY VENKATESH
F THE BOARD GAME LIFE were
slightly more realistic, the banker-player
would set aside some of your salary
every payday and stash it in your
retirement account. Interest and earnings
would compound, and as you entered the
final phase of the game, you would receive
your annuity instead of salary. This would
keep most players away from the dreaded
Poorhouse!
In real life, the federal government does
this. Over 7 1/2 percent is sliced off the
top of each paycheck, and the promise of
future Social Security benefits keeps us from
griping about this tax. However, many
believe that those future benefits will bring
us only limited comfort in our golden years,
equaling on average about 40% of our pay.
Furthermore, the long-term health of the
Social Security system is unpredictable.
So, with traditional pension plans going
the way of the dinosaurs, it is imperative
that we take our retirement plans into our
own hands. Each of us must estimate the
size of the nest egg we will need, and save
systematically toward that goal.
I
It’s about time. If you have already
identified your retirement needs and have
an appropriate savings and investment plan
in place, congratulations! If not, the time
has come, and time really is money. The
sooner you invest funds for a compounded,
tax-deferred (or tax-free) return, the greater
your accumulation will be over time.
Each of the savers in the grid below
invested $50 per week for 20 years at an
annual return of 6%. Which 20-year period
of their lives made the difference? The
youngest saver stopped making
contributions at age 45, but continued
earning a compounded return. Another 20
years later, this saver had nearly 80% more
than the middle saver, and over three times
the nest egg that the oldest saver had
amassed.
Your goal is to roughly estimate your
retirement savings target. Using a financial
calculator or the help of a financial planner,
such as your Investment Representatives at
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Age 25 to 45
Age 35 to 55
Age 45 to 65
20-YEAR INVESTMENT PERIOD
59
M E M B E R S H I P D E L I V E R S A W O R L D O F VA L U E
FMFCU, you can factor in all the variables,
including inflation, investment returns and
income changes over time. True to their
nature, variables change constantly, and are
the reason for regularly adjusting your
savings plans. For the following exercise,
let’s enter an inflation-free vacuum; that is,
we will think in terms of the buying power
of today's dollar.
To maintain your current standard of
living in retirement, you will need between
70 and 80% of your pre-retirement income.
However, there are retirees at all income
levels who feel that 100% of pre-retirement
income is necessary. The table below saves
you the trouble of finding your calculator.
Circle the net income figure you think best
represents your income needs on the day
you plan to retire.
What will be my income needs
in retirement?
LADIES AND GENTLEMEN:
Start your vehicle
loan applications now!
Current
gross
monthly
income
80%
of
your
gross
Less today’s
SS1
Single/Married
Net Income
Needed
Single/Married
$2,000
$1,600
$778/$1,167
$822/$433
$3,000
$2,400
$966/$1,494
$1,404/$906
$4,000
$3,200
$1,213/$1,819
$1,987/$1,381
$5,000
$4,000
$1,430/$2,145
$2,570/$1,855
$6,000
$4,800
$1,591/$2,387
$3,209/$2,413
$7,325 2
$5,860
$1,699/$2,549
$4,161/$3,311
Get FMFCU loan approvals in seconds for:
New Autos • Used Autos • RVs & Motor Homes
Motorcycles • Refinanced Auto Loans
Auto Equity Loans
It’s quick and easy at FMFCU!
• Excellent interest rates
• Easy application by phone, online or in person
• Auto Express Check, so your financing is done
before you shop
610-325-5100 • www.fmfcu.org
1
From the ssa.gov retirement calculator; spouse may be eligible
for a higher benefit based on his or her earnings history.
2
Earnings equal to or greater than the OASDI wage base,
which is $89,700 in 2004.
Caution! Many people plan to keep
working beyond their Normal Retirement
Age (when SS will pay the full benefit), and
are counting on collecting both a paycheck
and Social Security for several years. Today,
4 out of 10 retirees who had planned to
work past that age were unable to do so for
personal and health reasons. So don't
count on it!
How BIG Is Your Parachute?
SPEED
60
•
SERVICE
•
CONVENIENCE
How much will you have to accumulate by
the time you retire to generate the income
you’ll need? Thanks to the hundreds of
online calculators and the assistance of
trusted investment consultants, you can
estimate this figure. You can also call
C H A D D S F O R D W I N E RY
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
Gr e a t
wines
Visit this charming country winery
on a small estate in Chadds Ford.
Tour the winemaking and barrel
aging cellars, taste the current
vintage of nationally acclaimed
wines, and bring a picnic to
enjoy on the scenic grounds.
Open everyday, 12-6 p.m.
CHADDSFORD WINERY
Route 1, Chadds Ford
610-388-6221
See more events at:
www.chaddsford.com
G r e a t Ti m e s
Upcoming Special Events:
MARCH: Barrels on the Brandywine
APRIL: Spring Wine Tastings
MAY: Brandywine River Blues Fest
JUNE: Summer Concert Series
JULY: Sangria Sundays - Ole!
AUGUST: Barrel Tasting Dinners
SEPT: Labor Day Weekend Jazz Fest
OCT: Wine Trail Harvest Festival
NOV: Virgin Red Tastings
DEC: Holiday Gift Shop & Open House
FMFCU’s Investment Center for a copy of the
booklet, "Guide to Planning for Retirement."
Go Steady
Diverting a percentage of each paycheck
into a tax-deferred retirement account is
the ideal method for achieving your goal.
Contributing this way relieves you of the
self-discipline that saving money normally
requires. In addition, regular contributions
help control both the cost and the variables
in your savings program.
Does your employer offer a retirement
plan? If your own contributions are matched,
do you know how much the match is?
Matched money is free money to you and
a guaranteed return on an immediate
investment. At the very least, you should
contribute the percentage of your salary that
the employer will match. If your employer
does not have a plan, you will want to open
an Individual Retirement Account (IRA) now.
Stay-at-home spouses can usually have their
own IRAs, too.
Close to Retirement?
Don't panic — there are still ways
you can put money away
BY JENNIFER HALL
If you're getting close to retirement and
haven't put much money aside yet,
you're not alone. An April 2004 survey
conducted by the Employee Benefit
Research Institute® says 29% of
individuals 55 or older have saved less
than $25,000 for retirement. Four out of
every 10 workers today have yet to put
anything aside. The good news is you
still have some other retirement options.
But you need to start funding them now.
Step One: Know What You’ll Need
Most financial experts agree that you'll
need at least 70% of your pre-retirement
Mix It Up
No matter how you choose to invest your
retirement savings, you cannot avoid
economic risk. You can, however, control
your exposure to these risks by balancing
your money between stocks, bonds, and
cash equivalents. The amount of time you
have until retirement and your own risk
tolerance will dictate the proper balance.
All studies show that spreading one's funds
between the different types of assets
reduces risk overall. Diversification within
the asset class is also critical.
Tune It Up
There are numerous factors that go into
calculating an individual’s retirement savings
needs. When you turn to an online
calculator, or consult a financial planner,
be sure to make (or to request) several
calculations with varying factors. Be realistic,
or even a little pessimistic, about how much
you will need and how much return you
expect to get on your investments.
Recalculate your goal and evaluate your
asset balance every year, and you could win
at the real game of life in your retirement
years.
Resources:
Social Security online:
www.ssa.gov/planners/calculators.htm
Financial calculators for retirement:
www.dinkytown.net/retirement.html
Retirement Confidence Survey, Employee Benefits
Research Institute, 2004.
The Retirement Savings Time Bomb, by Ed Slott, Viking
Press, New York, 2003.
“Guide to Retirement Planning, the Investment Basics
Series” Franklin Templeton Investments, 2004
“Ready or Not,” by Walter Updegrave, Money Magazine,
August 2004.
62
29% of individuals 55 or older
have saved less than $25,000
for retirement.
income to maintain your current
standard of living after you stop
working. Fortunately, online calculators
from organizations like the AARP®
(www.aarp.org), and Choose To Save®
(www.choosetosave.org) can help you
accurately calculate what you’ll require.
Better yet, consult with your FMFCU
Investment Representative on
retirement planning.
Step Two: Organize Your Resources
If your personal savings are in short
supply, other sources can help pick up
the slack.
• You can rely somewhat on Social
Security, which currently pays
retirees approximately 40% of
their pre-retirement earnings.
• Many employers today offer their
workers a pension plan, which can
provide you with future income.
• Many companies also offer
tax-deferred 401(k) plans that
allow your savings to grow faster.
• You can put money into an
Individual Retirement Account
(IRA), which allows you to defer
taxes on your investment earnings
until you retire.
• Invest in the stock market. Over
time, this could pay significant
dividends.
Step Three: Benefit From
Government Incentives
Thanks to a new tax law passed
in 2001:*
• You can now put more money
into your IRA every year. The limit
increased to $4,000 for 2005–2007,
and to $5,000 for 2008. Further,
consumers over age 50 may
contribute even more.
• You may be able to contribute
more each year to your defined
contribution plan. Ask your
employer if your plan is eligible.
• Some employers allow workers age
50 and over to make extra "catchup" contributions annually to their
defined benefit contribution plans.
See if your employer is one of them.
*Source: Employee Benefit Research Institute®
Step Four: Start Strategizing
Take these steps now to make your
personal retirement dream come true:
Save now, splurge later Examine
where you spend money now and cut
back where possible. Put that money
into savings. Do more things that
don’t cost a lot of money, like renting
movies or visiting with friends.
Trade a large space for a change
of pace Downsize your home now
to cut back on mortgage and home
maintenance costs.
Increase your income and your
possibilities Think of ways to bring
in more income. If a raise, promotion
or job swap is not an option, consider
a part-time job that will help augment
your savings.
Time is Money … Your Money!
There’s much you can do — at any
age — to improve your chance of
having a secure and comfortable
retirement. And it's never too late
to start. Contact FMFCU today to
learn more about the many options
available to help you meet
your goals.
How to reach your financial goals
Let the Investment Center at FMFCU develop a plan that makes sense for you!
Available through CUSO Financial Services, L.P. (CFS), our
broker dealer, the Investment Center at FMFCU can guide you
through every financial stage. From college tuition programs
to retirement planning to long-term care.
Start the process with a financial analysis. Contact Brian Fee,
FMFCU Registered Representative, at 610-480-9996. Or visit
us at www.fmfcu.org and click on "Investment Center."
Investment products and services offered through CUSO Financial Services, L.P.
(CFS), an independent broker/dealer, are not NCUA/NCUSIF insured, not credit
union guaranteed and may lose value. Representatives are registered through
CFS (Member NASD/SIFC).
"Having a free consultation with Brian Fee
opened up an entirely new scenario of
opportunities for our investments."
JOANNE AND TOM LEONARD, MEMBERS SINCE 1986
SPEED
•
SERVICE
•
CONVENIENCE
65
FINANCIALS
Franklin Mint Federal Credit Union Chief Financial Officer's Report
As Chief Financial Officer of the Franklin Mint Federal
Credit Union, celebrating its 35th Anniversary this year,
I am pleased to report that our organization had an
excellent year in 2004.
Our loans to members grew 11.3% or almost $28 million.
Members' shares jumped 14.9% to $305 million. In
addition, our Capital grew at a rate of 11.1%, and our
assets rose 12.5%, about double the industry average
for 2004.
Our independent auditors, Reinsel Kuntz Lesher, LLP
successfully audited the Credit Union and its subsidiaries as
of September 30, 2004. The auditors issued an unqualified
opinion, meaning that our financial statements were fairly
presented. FMFCU is supervised and regulated by the
National Credit Union Administration.
We appreciate the continued support of our members and
sponsors during FMFCU's first 35 years … and look forward
to many more successful years with you in the future.
Michael B. Magnavita, CPA
Executive Vice President/Chief Financial Officer
Franklin Mint Federal Credit Union
and Subsidiaries
Franklin Mint Federal Credit Union
and Subsidiaries
Consolidated Statements of Financial Condition
Consolidated Statements of Income
(Per NCUA Call Report)
(Unaudited)
(Per NCUA Call Report)
(Unaudited)
December 31, 2004 and 2003
December 31, 2004 and 2003
Assets
2004
Loans to Members, Net
$ 275,423,000
$ 247,456,000
Cash and Cash Equivalents
$
23,209,000
$
12,970,000
Investments
$
26,722,000
$
28,745,000
Equipment and Leasehold
Improvements, Net
$
1,795,000
$
1,528,000
NCUSIF Deposit
$
2,467,000
$
2,308,000
Other
$
3,497,000
$
3,045,000
$ 333,113,000
2004
2003
$ 296,052,000
Interest Income:
Interest and Fees On Loans
$ 15,667,000
$ 14,209,000
Interest On Investments and
Interest Bearing Accounts
$
$
Members’ Shares and
Savings Accounts
Dividends On Members' Shares
and Savings Accounts
$
5,049,000
$
4,721,000
Interest On Borrowed Funds
$
23,000
$
24,000
$
5,072,000
$
4,745,000
Interest Expense:
Notes Payable
—
$
5,000,000
$
2,715,000
Accounts Payable and
Accrued Expenses
$
Total Liabilities
$ 307,676,000
$ 273,158,000
Equity, Retained Earnings
$
$
2,629,000
25,437,000
$ 333,113,000
64
$ 11,779,000
Provision For Possible Loan Losses $
$ 265,443,000
22,894,000
$ 296,052,000
1,740,000
$ 15,949,000
Net Interest Income
$ 305,047,000
1,184,000
$ 16,851,000
Liabilities and Equity
Liabilities:
2003
785,000
$ 11,204,000
$
926,000
Net Interest Income After Provision
For Possible Loan Losses
$ 10,994,000
$ 10,278,000
Non-interest Income
$
$
Non-interest Expenses
$ 14,331,000
$ 14,155,000
Operating Income
$
2,035,000
$
Gain On Sale Of Investments
$
86,000
$
Gain On Sale Of Loans, Net
$
497,000
$
1,082,000
Net Income
$
2,618,000
$
3,079,000
5,372,000
5,874,000
1,997,000
Other Income
—
Assets
46,760
$333,113
in thousands
1995
2000
2004
1975
1980
1985
1990
Capital
18
19
2000
2004
1995
2000
2004
in thousands
$25,437
Branches
$140,082
$107,302
1990
$33,775
5,467
2,250
1985
$5,366
1980
$828
1975
2,250
1,008
22,500
$204,560
34,000
40,590
Membership
$15,452
14
1980
1985
1990
1995
1980
1985
1990
$6,985
1975
$3,209
$925
1
1975
$131
3
2
$21
8
1995
2000
2004
65
O U R M A N Y B R A N C H E S & AT M S A R E R E A D Y T O S E R V E Y O U .
King of Prussia
Maschellmac Office Complex ▲
1020 First Avenue
Ground Floor Lobby
Lynda Stanton, Branch Manager
◗
Media
Granite Run Mall ▲ ◗
1067 W. Baltimore Pike
Lower Level
Larry Schuelie, Branch Sales Manager
Linda S. Fahey, Branch Operations Manager
Open 7 days a week
BRANCHES
Broomall ▲ ◗
1974 Sproul Road, Suite 100
Carol Amplo, Branch Manager
Media ▲
101 W. State Street
Peggy Crowley, Branch Manager
Chadds Ford
Village at Painters Crossing ▲ ◗
Routes 1 & 202
Pamela L. Hellyer, Branch Manager
Chester
University Technology Park ▲
1450 Edgmont Avenue
Kass Mutz, Branch Manager
Riddle Memorial Hospital ▲
Outpatient Pavilion, Suite 3108
1098 W. Baltimore Pike
Peggy Barnum, Branch Manager
Restricted Access
Crozer-Chester Medical Center ▲
Old Main Building
One Medical Center Boulevard
Pamela Caldwell, Branch Associate
Norristown
Mercy Suburban Hospital ▲
2701 DeKalb Pike
Andrea Palladino, Branch Associate
Widener University ▲
University Center Building
One University Place
Cathy McInnis, Branch Associate
Philadelphia
Mercy Hospital of Philadelphia
501 S. 54th Street
Karen Coles, Branch Manager
Darby
Mercy Fitzgerald Hospital Campus
Medical Office Building ▲ ▲ ◗
1501 Lansdowne Avenue, Suite #109
Deborah Warrick, Branch Manager
Drexel Hill
Delaware County Memorial Hospital
501 N. Lansdowne Avenue
Marie F. Cannon, Branch Manager
Horsham
Centocor ▲
800 Ridgeview Road
Suite H-2 1058
Melanie Moser, Branch Manager
Restricted Access
66
▲◗
▲◗
STUDENT-OPERATED BRANCH
Prospect Park
Interboro High School ▲
16th & Amosland Road
Nicole Frangione, Supervisor
Restricted Access
MEMBER SERVICE CENTER
P.O. Box 1907
Media, PA 19063
610-325-5100
1-800-220-3193 (calls originating
outside of PA)
Gloria Mann, Manager
ADDITIONAL ATM LOCATIONS
Boscov’s, Granite Run Mall
Lower level, entrance nearest AMC theater
U.S. Route One
Media, PA 19063
Community Hospital
9th & Wilson Streets
Chester, PA 19013
Delaware County Community College
901 S. Media Line Road
Media, PA 19063
Ridley Park
Taylor Hospital ▲
175 East Chester Pike
Pat Herko, Branch Manager
MacDade Mall
Inside mall, near Kmart entrance
MacDade Blvd.
Holmes, PA 19043
Swarthmore
Swarthmore College ▲ ◗
500 College Avenue
Kelly Lynn, Branch Manager
Springfield Mall (Two ATM locations)
Inside mall, upper & lower levels
Baltimore Pike
Springfield, PA 19064
Tinicum Township
Keystone Mercy Health Plan ▲ ◗
200 Stevens Drive
Ground Floor Lobby
Elaine Palandro, Branch Manager
QVC
Enterprise Building
1365 Enterprise Drive
West Chester, PA 19380
Restricted Access
West Chester
QVC Studio Park ▲ ◗
1200 Wilson Drive
Linda Jones, Branch Manger
Restricted Access
▲ ATM Location
▲ ▲ Two ATMs at this location
◗ Night Depository Location
(Night Depositories are for personal
deposits, not business drop-offs.)
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION SPONSOR
Stay Connected...
S
urf the net, or keep in
touch with loved ones. At
Riddle Village, we offer all
of our apartment residents highspeed internet connections with
e-mail at significantly reduced
rates. And, we offer a unique
intranet informational system so
you can keep up with in-house
activities, dining room menus,
health and wellness updates,
community news, and
emergency information.
Our vital, residential retirement community offers seniors a
worry-free environment because
we take care of maintenance,
housekeeping, transportation,
and cooking. Our goal is to
help give our residents the
highest quality lifestyle available.
Apartments are spacious and
well equipped... and we offer a
choice of floor plans.
Call (610) 891-3700 and take
a look at Riddle Village today!
I m m e d i a t e
O p e n i n g s
A Continuing Care
Retirement Community
1048 W. Baltimore Pike
Media, PA 19063
www.riddlevillage.com
A v a i l a b l e !
What’s the
Best Investment
You Ever Made?
If your best investment is your home,
you're not alone. Record numbers
of homeowners are investing in
enhancing their home's value.
Have you noticed that the one industry that
thrived in the sluggish economy is construction?
Many homes have risen in value and homeowners
are using the equity to borrow to build additions,
decks and pools … redo kitchens and bathrooms …
paint, buy new furniture and decorate.
If you're thinking about enhancing your most
important investment, an FMFCU home equity
loan or line of credit may be just what you need.
FOR MORE INFORMATION
1. Visit us online at www.fmfcu.org
2. Call 610-325-5100
Kathy and Wilson Chu and daughter Laura Kopetski
3. For calls originating outside of PA, call toll-free 1-800-220-3193
" When I needed a new roof, I went right to FMFCU. The people
are friendly and easy to deal with, and the rates have always been
very competitive. Plus there are a lot fewer hassles to deal with."
WILSON CHU
MEMBER SINCE 1974
YEAR
S
35
KLIN
FRAN T
MIN L
A
FEDER IT
CRED N
UNIO
HEAD
A
G
N
I
LOOK
ACK
B
G
N
I
LO O K
Franklin Mint Federal Credit Union
P.O. Box 1907
Media, PA 19063-8907
SPEED
•
SERVICE
•
CONVENIENCE