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
ISSUE 3, 2007
Breaking new ground
Like other Boomers,
the Rickses keep a-changin'
HAROLD AND MARY RICKS
MEMBERS SINCE 1970
LOST
JOBS
RETIREMENT
ROADBLOCKS
INHERITED
IRAs
REAL ESTATE
REBATES
SMART
CAR
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
p r e s i d e n t ’s u p d a t e
Choices
®
FRANKLIN MINT FEDERAL CREDIT UNION’S
MAGAZINE
ISSUE 3, 2007
Publisher
John D. Unangst
Managing Editor
Laurie Long
Dear FMFCU Family,
Sixty is the new thirty. At least that’s what my generation is hoping for —
while possibly dealing with some unique challenges in the job market
and the world at large. Join me in a nostalgic look back at "in the day,"
with our cover story — how the Rickses — a Baby Boomer family — have
grown along with FMFCU. (As you’ll see in my photo below, my own life
took me to Vietnam at age 21 to serve my country as a Lieutenant in the
U.S. Army). And then take a look at our story about job displacement in
mid-life; how members are coping with changing lanes; and how FMFCU
can help during this stressful transition.
In this issue, you'll also see that education continues to be an important
part of our mission. It’s why we teach financial literacy programs in
schools and the community. It's why we run five student-operated
branches in area high schools, and why we have formed the new FMFCU
Foundation to broaden our outreach.
Executive Art Director
Peter Richardson
Executive Editor
Jim Murphy
Supporting Editors
Christine T. Bicking
Cindy Wanamaker
Photography
Lien-Nibauer Photography
American Candids
Circulation: 60,000 Members and Business Offices
For permission to reproduce any article in this
magazine, to request advertising information or
to submit a Letter to the Editor, contact:
Speaking of education, we have included helpful information on debit vs.
credit cards, how not to get "Phished," and in our special Credit Union
Section, why so many people are realizing that it’s better to be a member
than a customer. We also recap some of your thoughts and questions in
our Members’ Forum.
As always, please let me know what you think of this issue. Your input
helps us know if we are hitting the mark or not. And be sure to give me
any story suggestions you have. Just e-mail me at the address below.
Sincerely,
Choices Magazine
1974 Sproul Road, Suite 300
Broomall, PA 19008
610-325-5100
610-325-5299 (fax)
[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
partnering organizations. The information presented
is as accurate as possible, but as with all financial
matters, you should consult your financial, tax or
other advisors before implementing any of the ideas
presented. For specific information about any FMFCU
product or service mentioned, please visit our Web
site 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).
© 2007 Franklin Mint Federal Credit Union.
COVER PHOTO:
Harold and Mary
Ricks, who
graciously agreed
to be interviewed for
our Baby Boomers'
story, are shown as
they are now, and
how they looked at
a formal dance
in 1970.
John D. Unangst
President/CEO
[email protected]
John D. Unangst,
Vietnam, July 1968
w h a t ’s i n s i d e
Birth of the Boom
4
Early Out
6
Astute Advice
7
Retirement Roadblocks
8
12
SMART Car
12
Firm Foundation
14
departments
Big Benefits
18
Family Finances
10
Profile: White Horse Village 22
Newsbriefs
16
Members' Forum
Consumers' Corner
24
26
3
B O O M E R S , PA R T 1
BIRTH OF THE BOOM
76 million children born between 1946 and 1964
have impacted American life at every step
S
ERVICEMEN RETURNING from
World War II. The G.I. Bill. A booming
economy.
These were just a few of the influences that resulted in the Baby Boomers —
a term used to describe the 76+ million
U.S. children born between 1946 and 1964.
Part of the largest population
explosion in history, Baby Boomers make
up nearly 20% of the adult U.S. population.
4
By sheer numbers alone, the Baby Boomers
helped reshape American institutions as
they progressed from infancy … to college
… to the workforce … and now on to
Boomer retirement.
The Baby Boomers have changed the
status quo at every step. Who knows what
effect they'll have now on eldercare, nursing
homes, and inheritances.
Stay tuned.
Previous Page: Harold Ricks is decked out
in bell-bottoms, the fashion of the day.
Large Photo: Harold and Mary Ricks, members
since 1970, share memories that go back to
junior high school. Immediate Left: As soon as
Mary Ricks bought her first car, she painted it
her favorite color.
Some Key Events
in Boomers' Lives:
The Cold War, Civil Rights Movement,
Women's Rights, Vietnam War, the
assassinations of John F. Kennedy, Martin
Luther King Jr. and Robert Kennedy,
anti-war protests, the "Summer of Love"
(1967), Woodstock and Watergate
Cultural Influences:
First TV generation, transistor radio,
rock 'n' roll, Elvis Presley, the Beatles,
the Motown Sound and "American Bandstand"
in Philadelphia
Characteristics:
Experimental, individualistic, free-spirited,
social-cause oriented
Baby Boomer Presidents:
William Clinton and George W. Bush
Source:
http://en.wikipedia.org/wiki/Baby_boomer
TIME TRAVEL
Mary and Harold Ricks recall
the "good old days,"
growing up with 15-cent
hamburgers … the Beatles …
and a 1964 bright yellow Chevy
convertible.
When you ask Mary Ricks what she
remembers about her younger years,
the words come tumbling out — almost
like the lyrics to Billy Joel's "We Didn't
Start the Fire."
Bell bottoms, mini-skirts, 15-cent
Gino's hamburgers, tie-dye shirts,
polyester, afros, beads, incense, Elvis,
the Beatles, Peter, Paul & Mary, Marvin
Gaye, "Hollywood Squares," Edward R.
Murrow, the "Ed Sullivan Show," Motown,
"American Bandstand" and "Soul Train"
('which we watched like crazy') and more.
She captures those key elements of
the '50s, '60s and '70s in seconds.
Mary recalls when "ladies were never
allowed to wear pants or slacks to the
office," and retail businesses just weren't
open on Sundays. And while today's kids
won't believe it, "We didn't have malls,"
Mary says.
You actually had to go into a bank
to make a deposit or withdrawal, says
Harold Ricks, her husband, and an early
FMFCU member. In those days, there was
no drive-up banking, no ATMs, no direct
deposit. "You got your paycheck and put
it in the bank," Harold says.
Mary and Harold, who agreed to
share with Choices some of their memories growing up as Baby Boomers, met
while the two were in junior high school.
He was at Sayre, and she was at Yeadon.
Last December, they celebrated their
38th wedding anniversary, and have
raised four boys: Jamil, Hasaan, and twins
Jamir and Jakir (both FMFCU members).
Now Mary and Harold both work at
QVC, Inc., a Credit Union partner, and
live minutes away. Mary, an executive
assistant in Broadcasting — Talent, has
been there 14 years; Harold, a quality
engineer, for 11 years.
Asked about retirement, Harold
simply says: "Very soon." When that
happens, the couple plans to remain in
the Philadelphia area, where their sons
live.
Before joining QVC, Harold worked
27 years at the Franklin Mint, the original
"sponsor" of the Credit Union, and was
an early member of FMFCU, with a
member number under 200.
Why did he start using the Credit
Union? "I needed money. My first loan
was for a car, probably around 1970."
The Credit Union has changed over
time, he says, recalling that it took as long
as two weeks to get a loan. "Now you
can get it in minutes."
Today, besides using FMFCU's branch
at QVC, Mary takes advantage of the
latest technology. She uses Home
Banking, has direct deposit for several
accounts, and pays recurring bills with Bill
Payer "which saves you stamps." "I have
the money automatically taken out,
which keeps you from being late, and is
certainly good for your credit rating,"
she says.
As Baby Boomers, Mary and Harold
grew up in times of revolutionary change.
And the Ricks' family certainly marched
to the beat of its own drum.
Because Mary didn't like the noise
in Overbrook — where she lived with her
in-laws for the first three years of their
marriage — the couple decided to get
their own place.
But, rather than looking nearby, they
got an apartment-hunting book from
Harold's brother, and rode up and down
West Chester Pike looking at apartments
until they reached West Chester. Neither
one of them had ever been in West
Chester before, but they ended up
moving into a then-new apartment
complex there called Regent's Walk in
June, 1973.
It was instant culture shock. Back
then, when you got to Newtown Square,
Mary says, there was nothing on West
Chester Pike until you reached Route
352 in West Chester. "It was all grass,
cows and farms." No businesses or
townhouses, and very few homes, unlike
today. No traffic lights or street lights.
"At night, it was pitch black all the way
out the Pike."
They stayed in the suburbs,
however, eventually moving to
Downingtown, and now back to West
Chester.
But Mary's best memories of
growing up center on her first car, a
1964 lavender Chevy convertible that
she bought from her sister-in-law and
financed for just $59 a month.
As soon as she bought the car, Mary
painted it yellow, "because that was my
favorite color." Then while Harold was
away in the Air Force, she and her friend
Sandie cruised around Philadelphia and
the shore areas whenever they could.
Mary drove and Sandie navigated.
The downside? Because Sandie knew
where to go, Mary never bothered to
learn. "To this day, I can't find my way
out of a paper bag," she says.
But she fondly remembers the fun
they had growing up. "Oh, my God.
Those were really the good old days."
Sources:
For lyrics to "We Didn't Start the Fire," go to:
http://www.sing365.com/music/lyric.nsf/
We-Didn't-Start-The-Fire-lyrics-Billy-Joel/
C753C82435AC97D148256870001F1100
For a special video tribute to "We Didn't Start the
Fire," go to: http://www.teacheroz.com/fire.htm
(Continued on next page)
5
B O O M E R S , PA R T 2
E A R LY O U T
Unforeseen job loss hits Boomers hard
I
T’S A STORY Baby Boomers know all
too well. Companies merge, close
offices, reduce workforces, "downsize"
or simply outsource jobs.
And all of a sudden — after being
a productive employee for 20, 30, 35
years or more — you are out of a job,
out on the street and wondering what
just happened to you.
Unfortunately, this scenario quietly
plays out all over the country. And
whether the root cause is global
economics, short-term profit pressure
or subtle age discrimination, the end
result is that loyal, hard-working people
are suddenly finding themselves
unemployed.
Here are the stories of two FMFCU
members who have come face-to-face
with "the gray barrier" that affects older
workers.
John Mulhern is caught
in a “resource action”
A Program Manager at IBM for the past
12 1/2 years, John’s trip to the unemployment line was "pretty much a
surprise."
"It’s funny the way it happened,” he
says. A colleague sent John an Instant
Message asking if he had heard about
"the Resource Action."
Unaware of what was happening,
John didn’t reply right away. The next
day, after his boss told him he was being
let go, John sent back: "Yeah, I did."
John, 54, who began working with
computers in 1972 at Philadelphia Electric
Company, became unemployed in July.
As part of his severance package, he’s
now working with an outplacement firm
arranged for him by IBM.
After he lost his job, John took a
month off and joined his family at the
shore. Unfortunately, while there, his
mother, who was vacationing with the
family, passed away. While it was a doubly
difficult time for John, he was grateful for
the extra time he had with his mom.
Still, John says, don’t take losing your
job personally. "They have numbers to
meet. If they say you’ve got to cut by
10%, they have to cut bodies whether
you’re young or old."
At the moment, John is undecided
about his plans. "I’m 54, not that far to
go until retirement. I’m pretty much open
to everything."
He may stay in the computer field or
even start his own business. It’s wide
open.
"I’m going to do something. I’ve got
to get the wheels rolling," he says.
Frank Cannon is
“downsized” by
a tech company
John Mulhern, a member since 1985, says
don’t take job loss personally.
6
Frank Cannon, 55, is skilled at both
carpentry and computers. But the
computer field is the one he’d like to
re-enter full-time.
After getting his first computer in
1982, Frank was instantly hooked.
Through the years, he upgraded his home
computer and even built his current
system himself.
Despite the fact that he started
working in carpentry for his father at age
14, ran a wood turning business (shaping
wood as it turns on a lathe) in North
Philadelphia at age 21 "with 10 men
working under me," and has owned his
own carpentry business for years, Frank
prefers computers.
He went to technical school from
1996-1998, and was a supervisor at
CompuCom Systems, Inc. from 19982001. He helped build systems for companies like Vanguard and Wachovia Bank
Frank Cannon, a member since 1998, prefers
computers to carpentry.
before and after the Y2K scare (when
some experts thought early computer
systems would crash as the date
switched from December 31, 1999 to
January 1, 2000). He’s also quite proud
of the fact that the shift he supervised
outperformed one with 15 more people
on the technical staff.
"Carpentry is hard on your body,"
he says. "But it’s easy to fall back on."
Interestingly, his computer work
sometimes leads to carpentry jobs in
the home, and vice versa.
But Frank feels his strength is in
ideas and electronics, and he took time
to study A+ computer language after his
downsizing. Over the years, constant
lifting of sheetrock has taken its toll on
his body. "Working on computers sure
sounds better to me," he says.
Out of a job?
Talk to FMFCU
Note: As the above stories illustrate,
losing a job can be a fact of life. But you
are a member of a Credit Union, and if
you are in this predicament, FMFCU will
try to assist you. Contact Joe Paettie at
610-325-5050 to see about restructuring
a loan, or possibly getting a home equity
loan to pay off debt and reduce your
monthly payments. Talk to us. Let’s see
what we can do together.
ASTUTE ADVICE
Job-hunting tips for
Baby Boomers — and
everyone else
Choices recently spoke to Anne G.
McNally, FMFCU’s Vice President of
Human Resources, about the best ways
for unemployed members to get back
into the workforce.
Anne, who worked in the software
industry in the “dot-bomb” period —
the late 1990s to 2001, when many
well-known Internet companies flared
and fizzled — has been touched by
unemployment both professionally and
personally.
Not only did she help nearly 95% of
the displaced workers in three offices of
a dot-com company find new positions,
Anne also has been downsized herself
twice: once in health care and once in
the mortgage industry.
She learned valuable lessons along
the way, and often mentors people who
have been laid off. “You have to live the
advice you have given others,” she says.
Here are her practical,
time-tested
job-hunting tips:
Tell everyone you know you are looking
for a job. Don’t be ashamed that you are
out of work. It doesn’t have the stigma it
did years ago. If you are at the grocery
story, tell people. You never know what
openings someone has heard about. Ask
your friends to advocate for you. Spread
the word. You’re in the job market and
you’re a hot commodity. Remember, if your
friend’s employer is like FMFCU, your friend
will receive a referral bonus if you’re hired.
Develop a 60-second commercial — or
short presentation for yourself — telling
employers why they should hire you above
all other candidates. Practice it. Be
buttoned down. Know it inside and out.
Network. Find a professional group or
association that links to your profession,
and take the time to attend meetings.
After you are employed, keep up that
membership. You never know when you’ll
need your colleagues. Or when they’ll
need you.
Keep your skills current. Consider the
job requirements of your dream job. Do
you need to update your computer skills,
professional accreditation or continuing
education? Your local high school may
have adult education classes focusing on
Windows-based programs, such as word
processing, spreadsheets, databases
and presentation applications.
Visit your local college or university.
They may offer classes to "beef up"
your skill set. (Anne decided to get her
master’s degree in Strategic Leadership
at Neumann College to give her some
career security. It also helped her build
her personal and professional network
of colleagues. Now she’s helping many
of them with their career searches).
Use the Web in your search.
I "Google" everything, Anne says.
Say you are looking for a mechanical
engineering position. Do a search, then
refine it, and also set up a "Google"
alert. That’s where you will get some
leads. There’s a new career site every
day for every discipline. And AARP has
really good tools for people over 50
looking for employment.
Do your homework on your potential
employer before you interview. Research
the industry and the company. Look at
the company’s site and what they do.
Be enthusiastic. This particularly applies
to people who are unemployed or
dispassionate about their current job.
Why should someone consider you for
employment if you appear negative or
depressed? Interviewers are looking for
reasons to eliminate the "B" level
players within the first few minutes.
Don’t give them ammunition before the
interview has started.
Register with a temp agency to pay
the bills … as long as you have flexibility
to interview. You never know who you
will run into.
Broaden your pool of targeted
employers. Even drive around an area,
write down names of companies, and
then go online to check them out. Many
will post jobs on their Web sites, jobs
that may not be on Monster, JobCircle,
or Career Builder. (Sometimes another
search engine will grab your résumé and
send it to someone who wants to talk to
you. Make sure your résumé is up-todate and lists your accomplishments.)
Talk to people who have been through
unemployment. They know what it’s like.
Search out employers who hire older
workers, such as CVS, Home Depot,
Towers Perrin, Deloitte Touche
Tohmatsu and Wal-Mart. Look at places
you use as a consumer, and see which
seem to have older workers.
Anne G. McNally, Vice President of Human
Resources at FMFCU, calls herself "the
adopted aunt" of Beau, a 6-year-old gelding.
She rides him for a friend, who has both a
busy career and three active children.
Consider flexible options in your 60second commercial. Think about things
that may be advantageous to both you
and your employer, such as: no need for
medical benefits (if your spouse has
coverage or you only want part-time
work); or: a compressed workweek,
flextime, job reassignment, job redesign,
job sharing, phased retirement or
telecommuting.
At FMFCU, there is a need for flexible
scheduling, because of our 7-day-a-week
branches. Older workers and students
fit the bill for flexibility. Students need
time off during the week to attend
classes, but they also need money for
books. Older workers are seasoned
professionals. At FMFCU, we pride
ourselves on a diverse workforce that
mirrors our membership. You can learn
a lot from the multigenerational
differences of others.
Never put your age on your résumé.
And consider removing some early jobs,
so people reading your résumé can’t tell
how old you are. Get your foot in the
door, and sell yourself with your
60-second commercial.
FAST FACT
According to a U.S. Census Bureau statistic
from 2000, over 50% of Baby Boomers live
in the following nine states: California, Texas,
New York, Florida, Pennsylvania, Illinois, Ohio,
Michigan and New Jersey.
Source:
http://www.metlife.com/WPSAssets/19506845461
045242298V1FBoomer%20Profile%202003.pdf
(Continued on next page)
7
B O O M E R S , PA R T 3
RETIREMENT ROADBLOCKS
Common potholes to avoid —
whether you’re young or old
people 42 years old or younger was
nearly minus 18% in the year ending
March 31, 2006. This does not bode well
for most young people, who will have
to fund their own retirements.
T
HE ROAD TO RETIREMENT used
to be like an Interstate Highway.
It was straight and wide, you could
predict when you would arrive, and
there were few detours.
Not so, today. The once-secure
pyramid of private pensions, Social
Security and personal savings has gone
the way of Route 66, the Edsel and
Howard Johnson restaurants on the
Pennsylvania Turnpike.
You are not saving automatically
Do-it-yourself retirement
Now you’re pretty much on your own.
The percent of workers enrolled in
defined benefit plans (or what we knew
as "company pension plans") plummeted from 83% in 1980 to 21% today, and
that figure is still going down. No one
seems to know how long Social Security
will be financially viable. And for many of
us, the 401(k) defined contribution plan
is becoming the bedrock of our saving
efforts.
While the AARP Bulletin says people
are confident that they’ll have enough
to retire on, 31% of workers 40 years of
age and older have not saved a single
dime for retirement. For many — unless
they take some action now — the road
to retirement could be a desolate, onelane dirt road that is difficult to navigate.
BELOW ARE SOME OF THE
MORE COMMON ROADBLOCKS
You don’t start saving early —
when it’s most advantageous
There is a huge benefit to start saving
(and investing) when you’re young, says
Rebecca Carroll in the Philadelphia
Inquirer. If you invest $4,000 a year
starting at age 25 and stop contributing
at age 34, the magic of compounding
will grow that money to $450,146.
But if you wait until age 35 and
contribute $4,000 for 30 years, you will
have accumulated just $404,292. (This
illustration assumes investments of
$4,000 with an annual gain of 7%,
compounded annually. It does not
include inflation or taxes.)
Climbing debt for college graduates
makes saving more difficult, admits
Lewis Mandell, a Professor of Finance
and Managerial Economics at the State
University of New York in Buffalo. So
8
students probably don’t think enough
about retirement. Mandell advises them
to tell themselves: "I can either have
steak tonight and dog food when I’m 65,
or I could have spaghetti tonight and
spaghetti when I’m 65."
You have access to a 401(k) plan, but
don’t participate … or put in too little
Twenty-five percent of people eligible to
participate in 401(k) plans don’t — even
when the company offers a matching
contribution. So says Alicia H. Munnell,
Director of the Center for Retirement at
Boston College. What’s more, less than
10% of investors save the maximum
allowed.
You aren’t saving at least 10%
of your pre-tax income for retirement
"From the end of World War II to the
early 1980s, U.S. citizens consistently
saved about 9% of their income after
taxes," says Ian McDonald in the Wall
Street Journal.
In 2005, the average savings rate was
more than minus 1%, says MSNBC. This
means Americans not only spent all their
after-tax income last year, they also had
to dip into previous savings or increase
borrowing. That number has only been
negative for the entire year twice before
— in 1932 and 1933, when the country
was coping with the Great Depression.
Even worse, the savings rate for
If money passes through your hands,
you’re likely to spend it. To help save
for retirement, says former Philadelphia
Inquirer Business Columnist Jeff Brown:
"Set your savings on autopilot. If you
can have your paycheck automatically
deposited in an interest-bearing bank
account, do it. Then have some money
automatically transferred to an investment
account at a mutual-fund company or
brokerage." (At FMFCU, you can easily
"pay yourself first" with direct deposit
payroll deductions. Ask us to set this up.
It’s the easy way to save. We also have
many savings vehicles, both electronic
and traditional, to meet your needs).
Your job ends before you want it to
Retirement comes earlier than planned
for many people, says USA Today. "When
it comes to retirement, 59 is the new 65,"
the paper reports. (See related story on
page 6.)
Key reasons: illness and unemployment caused by downsizing or job loss.
"While nearly half of Baby Boomers
expect to work past 65, only 13% of
current retirees surveyed by consulting
firm McKinsey & Co. actually worked until
that age. Forty percent of current retirees
were forced to stop working earlier than
they planned." The average age on
leaving the workforce: 59. The McKinsey
& Co. report, "Cracking the Consumer
Retirement Code" was published in 2006.
"The stark reality is that most of
today’s middle-aged workers who want
to continue working after 60 or even 65
will need to find a new source of income,"
USA Today reports.
You have unrealistic expectations
about working after retirement
Many people think they’ll keep working
after they retire. But, the evidence does
not back them up. AARP The Magazine
estimates that 77% of workers expect to
hold a job after retiring. Yet a survey published in 2006 reported that only 27% of
surveyed retirees had ever worked for pay
while in retirement. Another survey, by
the Pew Research Center, "found that only
12% of current retirees are collecting
a salary."
Your bills force you into debt
Easy access to credit cards for people on
fixed incomes — along with high medical
costs — are pushing many Baby Boomers
into bankruptcy. In fact, says USA Today,
"Seniors 65 and older represent the
fastest growing group seeking bankruptcy
protection." For those 75 and older, the
average loan shot up to $20,234, a 160%
increase. "One illness or disability can
plunge them into crushing debt," reporter
Kathy Chu writes.
You expect the same
luxuries your parents have
"Don’t expect to live like your parents,"
Jonathan Clements tells 22-year-olds in
the Wall Street Journal. "It took them
25 or 30 years in the work force to achieve
their current standard of living. If you’re
eating out as often as they do or taking
equally extravagant vacations, you’re
probably spending too much."
You think it will be easy to maintain
your standard of living after retirement
have no IRA savings."
"People don’t plan to fail," says
Brian Fee, Registered Representative,
CUSO Financial Services and part of
FMFCU’s Financial Services Team. "They
fail to plan."
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 FINRA/SIPC and SEC
Registered Investment Advisor.
Avoid the detours … and get
to your destination
http://www.aarp.org/bulletin/yourmoney/
color_me_confident.html
Obviously, the road to retirement
presents some obstacles. But there are
also some simple ways to keep moving
easily toward your goal. These include:
tracking how you spend money and
saving a little every day; spending time
planning for retirement — whether
you’re 20 or 60; and taking advantage
of the miracle of compound interest.
With a little planning and discipline,
the ride for you can be smooth, pleasant
and comfortable.
For more information, call:
Cecily Ventakesh, FMFCU Investment
Coordinator, Certified IRA Professional
and a Chartered Retirement Planning
CounselorSM designee at: 610-325-5036.
Brian Fee or Christina Moore, Registered
Representatives at Financial Services,
610-480-9996.
* Investment products and services offered through
Sources:
“Start Saving Early and Often,” Rebecca Carroll,
Philadelphia Inquirer, May 11, 2006, C1.
“Benefit of Savings Wasted on Youth,” Ian
McDonald, Wall Street Journal, August 7, 2006, R1.
“As the 401(k) Turns 25, Has It Improved with Age?”
Jilian Mincer, Wall Street Journal, November 14,
2006, D2.
http://www.msnbc.msn.com/id/11098797
Why We Aren’t Saving Enough, Jeff Brown,
Philadelphia Inquirer, April 6, 2006, C1.
“Many Americans Retire Years Before They Want
to,” Sandra Block and Stephanie Armour,
USA Today, July 10, 2006, 1A.
http://www.mckinsey.com/clientservice/
bankingsecurities/latestthinking/
Cracking%20the%20Consumer%20Retirement
%20Code.pdf
AARP, The Magazine, March/April 2007, page 19.
“Retirees Up Against Debt,” Kathy Chu, USA Today,
1A, January 23, 2007.
“Keeping Your Financial Footing at 22 — So You
Can Buy That House at 32,” Jonathan Clements,
Wall Street Journal, August 2, 2006.
“Many Households Are at Risk in Their Retirement
Finances,” Glenn Ruffenach, Wall Street Journal,
June 6, 2006.
Because their parents and grandparents
appear to be comfortable in retirement,
says the Wall Street Journal, many
Americans under age 60 don’t believe
gloomy forecasts about their own retirements. The problem? Many of those
earlier retirees had traditional pension
plans, which are almost unheard of today.
Today’s retirees won’t have those plans …
or the paid health insurance earlier
generations enjoyed.
You don’t estimate how much
money you’ll need in retirement
Many people haven’t given any thought to
how much money they will need to retire.
But they’re surprisingly confident they’ll
have the money. According to the Center
for Retirement Research at Boston
College: 75% of workers described themselves as "very confident" or "somewhat
confident" about having enough money
to live comfortably in retirement, reports
the AARP Bulletin. "Of that group, 48%
haven’t tried to calculate their savings
needs; 22% have saved no money so far
for retirement; and 43% have less than
$25,000 in savings and investments,
excluding the value of their homes and
defined benefit plans."
Even more worrisome: "A third of
them have no money in a 401(k) and 45%
9
Family Finances
INHERITED IRAs
Handled correctly, they'll help
you stretch your money
Anne, who died in 2005, had the satisfaction of accumulating a substantial
balance in her employer's retirement
plan. Her hope was to leave her three
children a legacy that would increase
the likelihood of their own financial
security later in life. What she hadn't
factored in was that the federal
government was a fourth beneficiary,
likely to take a share as large as any of
her children's.
Until recently, only spouses who
inherited a deceased person's qualified
retirement account enjoyed any taxsaving privileges.
Thanks to the 2006 Pension
Protection Act, however, you can now
set up an Inherited IRA that can accept
assets from employer plans and provide
long-term benefits to non-spouses
fortunate enough to receive them.
But these IRAs are different, special
and somewhat complicated, warns
Cecily Venkatesh, FMFCU Investment
Coordinator, Certified IRA Professional
and a Chartered Retirement Planning
CounselorSM designee.
Inherited IRAs are governed by a
different set of laws. You have to set
them up correctly, or you can lose all the
tax advantages these IRAs now offer.
What not to do
One huge mistake is to put the money
into your own IRA, she says. If you do
that, "You've just spilled all the
contents. It's all income and all taxable,
and it has to come out."
The provisions for non-spousal
Inherited IRAs offer you considerable tax
advantages. But you're still required to
take taxable distributions from the IRA
— based on your own life expectancy —
the year after the IRA owner's death.
Not surprisingly, those calculations
can get a bit tricky.
But the good news is that you
can defer taxes and allow compound
interest to dramatically increase the
value of your account.
You just have to follow the rules
carefully.
Cecily offers these suggestions to
avoid problems:
• Open a beneficiary IRA (sometimes
known as a Stretch IRA) at FMFCU
and transfer the assets by Direct
Rollover only. You'll get tax-deferred
growth, or with a Roth IRA — tax-free
growth.
• Be careful how you title the
account. The ideal way is to put the
former owner of the IRA first, such as:
John Doe IRA deceased for the
benefit of Sandra Smith.
• Handle with care. The retirement
account you are inheriting can
become a fountain of income worth
many, many times its current value.
• Name your own beneficiary, or the
assets may not pass to your nearest
and dearest when you die.
• Call Cecily at 610-325-5036 if you
recently inherited a retirement
account. She can explain how to set it
up correctly, so you can maximize
profits and minimize pitfalls. She'll
also discuss important key dates that
will affect your account.
Chartered Retirement Planning CounselorSM is a
registered service mark of the College for Financial
Planning®.
Seniors 70 1/2 or older
can do good & do well
If you're a senior aged 70 1/2 or older
who's feeling generous, you can make a
charitable contribution directly from
your IRA this year, and get a tax break,
too. But you have to do it by December
31, 2007.
Under the Pension Protection Act,
you can make donations of up to
$100,000 to many tax-exempt charities
… and receive a 100% deduction on
your withdrawal.
This move is ideal for someone
who is both planning a charitable gift
and concerned about taxes on Social
Security benefits. It may also suit a
senior who does not itemize deductions.
Note: If you are considering this
type of distribution, please inform your
IRA custodian.
SMART SAVER
Smart Savers: Heather (left) and Holly Stabilit (right), shown with their dad, Kent, both
opened IRAs while working at the Stadium Grille in West Chester, PA. Here they pause while
volunteering at an annual Thanksgiving Dinner held for veterans at the restaurant. Rosemarie,
their mom, started their saving careers early, opening FMFCU accounts for both girls
shortly after they were born. They are family members since 1970.
10
This member started
her IRA at age 15
Heather Stabilit, a 20-year old student at
Indiana University of Pennsylvania, has
always liked saving money. Of course,
she's had a lot of practice.
"Pretty much as soon as I was born,
my mom started a Credit Union
account," says Heather.
In fact, her mom, Rosemarie, who
was an employee at the Franklin Mint at
the time, opened FMFCU accounts for
both Heather and her older sister, Holly,
right after they received their Social
Security numbers.
So when Heather started earning
money bussing tables at the Stadium
Grille in West Chester at age 15, she
opened a Roth IRA.
Heather, a Small Business and
Entrepreneurship major, says her mom
has always emphasized the importance
of managing and saving money.
Evidently, that teaching is paying off.
As she continues working at the
Stadium Grille during summer and
winter breaks — where Heather has
risen to line chef — she also continues
to put money away toward retirement.
Heather acknowledges that many
college students just don't think about
starting an IRA. But she saw the benefit
in saving for retirement early "and
wanted to go that way. I'm for looking a
little further down the road," she says.
into our marketing area.
CU Realty offers you access to the
Multiple Listing Service (MLS), plus other
key research information, such as: maps,
neighborhood demographics, school
district data and crime statistics. It also
includes tips on buying and selling your
home.
CU Realty simply gives members
another reason to obtain a mortgage
through FMFCU. "It's one-stop shopping
for all your real estate needs," Marty
says. "You can research a location,
choose a home, get a realtor, get
pre-approved and obtain title insurance.
There's no reason to go outside of the
FMFCU family to complete a home
purchase."
Marty adds "We want you to think
of FMFCU and CU Realty first." The
distinct advantage: money in your
pocket today.
As a sweetener for first-time
homebuyers, FMFCU also will reduce
the fixed rate by 1/4% for qualifying
members. For information, go to:
www.fmfcu.org/firsttimebuyers.
Marty says FMFCU offers
competitive rates, a wide range of
products, practical mortgage tips and
sound underwriting of mortgage loans,
all good reasons to talk to an FMFCU
Mortgage Loan Officer. To find the one
assigned to the branch you frequent
most, just go to: www.fmfcu.org/mortgageofficers.
"FREE LUNCH" SCAMS
TARGET SENIOR CITIZENS
If you're a senior citizen invited to a
"free lunch" investment seminar, be
wary. So says the Financial Industry
Regulatory Authority (FINRA). The
organization estimates that 12% of
seminars involve fraud, and that five
million senior citizens "succumb to
financial abuse each year."
Red-flag statements: "This investment is guaranteed to produce $5,000
a month in income." "As a senior vice
president of ABC Firm, I'd never sell
any investment that doesn't produce."
"I know it's a lot of money, but I bought
it, and so did my mother and all her
friends." "You can have it for half my
normal commission if you buy today."
Check credentials before you sign
on the dotted line, the FINRA warns.
Source:
http://www.cuna.org/newsnow/07/consumer
091707-1.html?ref=hed
REAL REBATES
CU Realty offers members money
back whether buying or selling
If you're buying or selling a house,
here's a new way to put more money
right into your pocket.
Check out CU Realty on FMFCU's
Web site: www.fmfcu.org/curealty, says
Marty Burke, Assistant Vice President
and Mortgage Development Officer at
FMFCU, and register.
CU Realty will give you back 20%
of a standard agent's commission when
you buy or sell your home. On a typical
transaction of $200,000, your realtor
might make $6,000 on a standard 3%
commission. Your commission rebate
would be $1,200, which in some cases,
can be credited at closing, or sent to
you afterward.
To qualify for this rebate, you
simply have to use one of CU Realty's
approved agents, which are listed on
the Web site under the city and state
where you want to buy or sell.
These rebates are permitted in
Pennsylvania, as well as other states
where CU Realty is now operating.
A joint venture with several area
credit unions, CU Realty recently moved
11
Joe Stubblebine says when you sit inside his tiny vehicle,"It feels like a normal car."
FMFCU member gets
SMART
Back home, Joe Stubblebine does as the Romans do
OING FROM ONE OF THE LARGEST
to one of the smallest cars on the road
presented quite a challenge for FMFCU
member Joe Stubblebine, President and
Co-founder of JobCircle.com, a popular
regional employment job board. But with the
help of Pam Hellyer, then manager at FMFCU's
Chadds Ford branch, owning a very different
type of car became a reality for Joe.
During a May 2005 vacation to Rome,
Italy, Joe and his wife Suzanne, formerly a
G
12
registered dietician at Mercy Hospital of
Philadelphia, saw locals zipping around in tiny,
unique, two-passenger cars called SMART.
(The name stands for Swatch Mercedes ART.
The original idea for the car came from Swatch,
the Swiss watch manufacturer. It's "smart"
because the car is short enough to be parked
"nose-in" — so two or three of these cars can
occupy the same space as one parallel-parked
normal car.)
Joe wanted one.
When asked why, Joe an FMFCU
member since 2001, simply says, "I
always kind of liked micro-cars. They’re
economical and unique. And, it would
make a great marketing vehicle for
JobCircle.com. We're a small company
doing big things; we're efficient, quick,
and unique, and we're a great value to
our customers!"
Upon returning to the U.S., Joe
searched the Internet and learned that
SMARTs would be available through
eight authorized U.S. dealers in April
2006. He immediately contacted
specialty dealer Ferrante Motor Cars,
the closest one, to have his name
placed on their waiting list.
When April 2006 arrived, Ferrante
Motor Cars called Joe to say his ForTwo
coupe was ready for pickup. Joe
immediately applied for an auto loan
with FMFCU's Pam Hellyer.
Unusual complications
"I have done at least four auto loans
through FMFCU," Joe says. "They
always have the best rates and the most
painless process. However, I was really
worried about financing the ForTwo.
I figured if FMFCU couldn’t finance it,
then no one could, being that it was
such a unique vehicle,” Joe says.
Pam took Joe's auto loan application by phone, and it was approved
right away. However, a check couldn’t
be issued immediately. Technically, the
car didn’t exist. It did not have a Vehicle
Identification Number (VIN) needed to
process the auto loan on FMFCU's
system.
"Because the car wasn’t assigned
a VIN, there was uncertainty on how it
would be titled. We didn’t know if the
vehicle would be titled as a car or as
something else," Pam explains. "It took
a lot of calls between the Credit Union,
Joe and Ferrante Motor Cars. But, we
were more than happy to do this."
To finish the loan paperwork, Pam
and the Credit Union’s Lending
Department needed to see a vehicle
sales agreement. Ferrante Motor Cars
faxed the documentation to Pam, she
completed the paperwork and Joe
received a cashier’s check a short time
later.
Money in hand, Joe and his brother
headed to the Ferrante Motor Cars'
dealership in Vandergrift, PA, about 30
minutes west of Pittsburgh, in Joe’s Ford
Excursion (ironically, the largest vehicle
on the road) to complete the ForTwo
purchase.
Joe then drove his SMART car back
to West Chester, and it has been a hit
ever since.
"When you sit inside, you’ll be
amazed how big it is. It feels like a
normal car. People laugh at you —
others stalk you to take your picture.
It’s not uncommon to spend 20 minutes
chatting about the vehicle. It sure feels
good when you put $26 in the gas tank
and get 370 miles out of it," Joe says
smiling.
Unique promotional vehicle
Joe says he is the first to acquire
an official, legal, SMART car in
Pennsylvania. Besides using it for his
own transportation, he turned the
silver-and-blue ForTwo into a roaming
billboard for his company, playing on
the car’s name with the tagline
"JobCircle.com: a SMART Career
Choice."
If you spot the car, visit www.jobcircle.com to let Joe and his colleagues
know what you think of it. All those who
say they saw the SMART car are entered
to win a $50 VISA® gift card. Each
"Because the car wasn’t assigned
a VIN, there was uncertainty
on how it would be titled.
We didn’t know if the vehicle
would be titled as a car or as
something else."
month, one person is randomly selected
and awarded the gift card.
JobCircle.com has one mission, Joe
says: to help jobseekers and employers
connect. The company serves the
employment needs of jobseekers and
employers in New Jersey, New York,
Delaware, Maryland, the Washington,
DC area and Pennsylvania. FMFCU uses
JobCircle.com’s services to help find
qualified candidates for all branch
offices, but particularly for the branch
scheduled to open in West Chester by
year’s end.
Michelle May, FMFCU's Human
Resources Manager, says the Credit
Union hired several employees after
attending a career fair sponsored by
JobCircle.com this past summer.
"Joe provides us with great customer
service and we will continue to use
JobCircle.com as a hiring resource."
Joe happily reports that
JobCircle.com has over 338,000 mem-
SMART ForTwo Car
FACTS AT A GLANCE
• Measurements
Length: 8.8 feet
Width: 5.1 feet
Weight: Between 1,653 lbs. and
1,808 lbs.
• Top Speed
90 miles per hour
• Gas mileage
Projected 40 miles per gallon for city travel
and 46 miles per gallon for highway driving
• Base price
$12,000
• Powertrain
71-horsepower,1.0 liter, three-cylinder
engine with five speed manual transmission
• Geared toward Baby Boomers and
Empty Nesters
• Expected to go on sale in the U.S. in
early 2008
bers and over 8,000 job listings in some
of the following fields: finance, civil
service, advertising, healthcare, sales,
manufacturing and education. Check
out JobCircle.com’s Web site for a
complete list of career fields.
In addition to the job board,
JobCircle.com also produces Hired!
Magazine, a jobs publication that is
available free at over 900 locations
throughout greater Philadelphia.
You may spot it in the Philly area
Now that Joe has his very own microcar, you won’t have to make a trip to
Europe or watch movies like The Pink
Panther and the DaVinci Code to get
a glimpse of a SMART car. Just look
around Philadelphia and its suburbs.
You might see JobCircle.com’s Joe
Stubblebine zipping around in his
ForTwo coupe, a different and unique
car that is Joe’s reality.
Sources:
http://en.wikipedia.org/wiki/Swatch
http://www.zapworld.com
http://www.philly.com/philly/classifieds/cars/
20070506_Smart_Fortwo__A_pint-size_
newcomer.html
http://www.philly.com/philly/news/homepage/
20070831_A_little_hype_for_a_tiny_car_
draws_drivers_to_Devon.html
http://jobcircle.com/public/smartcar
http://www.ferrantemotorcars.com//
smart%20Car.htm
http://www.gnkauto.com/
http://en.wikipedia.org/wiki/Smart_(automobile)
http://jobcircle.com/about/pr_20060501.html
http://Edmunds.com
13
Students from Leedom Elementary School gather before visiting the Constitution Center in Philadelphia, courtesy of FMFCU.
FIRM FOUNDATION
FMFCU expands its award-winning educational programs
FMFCU's education efforts
run from cradle to college …
and beyond
Here's a partial list of FMFCU's
educational endeavors:
• Community Education
• Delco Hi-Q
• Elementary School Education
Programs
• Financial Literacy Advocate
• High School Co-op and Job
Shadowing
• High School Financial Seminars
and Lessons
• John D. Unangst Scholarships
• Middle School Education
Programs
• Partners In Learning Program
and Scholarships
• Start Smart Savings Accounts
• Start Smart Checking Accounts
• Student Internships
• Take Your Child to Work Day
• 5 Student-Operated Branches
For more information: go to:
www.fmfcu.org/education
ROM THE DAY IT OPENED for
business in 1970, FMFCU has made
financial education a priority.
But recent national surveys indicate
that much more needs to be done in
this area.
F
Fact: Scores among high-school
students taking a 30-question financial
literacy test continue to be dismal, with
an average score in 2007 of just 52.4%.
Fact: Ameriprise Financial asked 2,000
Americans what retirement planning
services would be most valuable. They
discovered that the "startling new
retirement planning need" is educating
children about money.
To help meet that need and provide
children, families and others with strong
financial skills, FMFCU has formed the
non-profit Franklin Mint Federal Credit
Union Foundation.
Rick Durante, recently promoted to
Vice President of Education at FMFCU,
will also serve as the foundation's
Executive Director.
More grant money
"The foundation gives us an opportunity
14
to obtain grant money and help expand
the programs we offer," Rick says.
His first priority is to fund a teaching
recognition award in conjunction with
the Delaware County Intermediate Unit.
The objective: to honor county teachers
for promoting financial literacy among
their students.
Rick also hopes to increase current
funding for in-school financial literacy
programs, add educational field trips,
fund additional educator awards and
grants, and continue FMFCU's strong
support as primary corporate sponsor
of Delco Hi-Q.
Now in its 59th year, Delco Hi-Q is
the nation's longest- running scholastic
high school quiz competition.
Tax-deductible contributions
To help support all these efforts, FMFCU
has applied for tax-exempt status for the
foundation. Upon approval, foundation
contributions will be tax deductible.
FMFCU pays 100% of all overhead,
Rick says, so all contributions will go
directly to funding educational
programs. People can join with a $25
annual contribution. The contribution
also entitles them to voting privileges at
the annual meeting.
At present, FMFCU is donating the
first annual $25 contribution.
The new foundation is overseen
by a Board of Directors that includes:
John D. Unangst, President; FMFCU
Board Member Dr. Harry Jamison,
Vice President; Michael Magnavita,
Treasurer/Secretary; Rick Durante,
Executive Director; Kelly Lynn, Director;
and Anne G. McNally, Director. Next
year, foundation members will vote for
a membership director.
For more information or to join the foundation, go
to http://www.fmfcufoundation.org
Sources:
http://www.jumpstart.org
http://www.ameriprise.com/amp/global/sitelets/
dreambook/docs/mindscape-study-0106.pdf
Students learning how
to get real-life jobs
While attending opening ceremonies
for FMFCU's fourth student-operated
high school branch at Penn Wood High
School, Anne G. McNally, the Credit
Union's Vice President of Human
Resources, suddenly got hit with "a
lightning-bolt idea."
Why not teach interviewing skills to
students in high school? Why wait till
they hit college?
She suggested the idea to John D.
Unangst, FMFCU's President/CEO, who
said, "Let's help our kids build a
résumé." Now FMFCU is doing both.
At a recent pilot program, 14
specially selected employees from
FMFCU's student-operated branches
learned how to write cover letters and
résumés … and prepare for interviews.
Hire me, hire me
In addition, they learned how to
construct a 60-second "commercial"
for themselves – or short presentations
telling employers why they should be
hired above all other candidates.
How did the students respond to
this difficult assignment? "The kids
loved it. They ate it up," Anne says.
During the program, Human
Resources Manager Michelle May taught
the students the practical side of
interviewing and résumé writing. She
discussed dos and don'ts, what to wear
or not wear, and how to sell the
interviewer.
Trish Mecke, who team-teaches the
program, conducted mock interviews
and helped facilitate the students'
60-second self-promotions.
The students provided good,
Just two of the ways FMFCU promotes
education: student-operated branches, like
this one at Strath Haven High School; and
scholarship programs. DeJuana Mosley of
Chester High was one of four 2007 winners.
honest feedback. "They kicked the tires
and told us what we had to improve,"
Anne says.
Next step: FMFCU will offer a "new
and improved" program to the five
schools with student-operated branches.
First on the list: Penn Wood High
School, where the whole idea began.
About Rick Durante
Employed by: FMFCU for 10 years
Family: Wife, Deanna, and two children: Bridget
and Joseph
Graduate of: Interboro High School, and has a B.S. in
Education from Temple University
Taught by: Peggy Wanger, first recipient of FMFCU's
Financial Literacy Advocate of the Year Award,
when Rick attended Interboro High School.
Involved with: Delco Hi-Q since 2004
Recent Recognition: Rick was honored by the National Youth
Involvement Board (NYIB) for the "Highest Increase in Number
of Students Reached by an Individual." During the 2005-2006
Partners In Learning financial education program, FMFCU reached
over 5,000 students in grades K-12.
FMFCU received the 2007 Desjardins Youth Financial Education
Award from the Pennsylvania Credit Union Association (PCUA).
The award recognizes FMFCU's commitment to financial education.
15
newsbriefs
Top Star: Vince Papale, former
Philadelphia Eagles' specialteam standout and subject
of the popular movie,
"Invincible," tells FMFCU
employees at the Credit
Union's 17th Annual In-Service
Day, "Don't stop living your
dream. You're a great team.
Never forget it." Papale,
a boyhood friend of FMFCU
President/CEO John D.
Unangst, also poked goodnatured fun at his former
teammate. Both attended
Interboro High School and
played sports together. Papale
is shown here with Interboro
High School students (left to
right): Steve Aikers, Anna Koci,
Alexandria Adeshile, Danielle
Organ, Bethany Cheezum and
Erica D’Eletto.
Top Branch: Employees at FMFCU's Chadds Ford branch were honored as "Branch of
the Year" for having the right ingredients. Shown here (left to right) are: John Greskiewicz,
Vice President/Regional Manager, Sumita Suresh, Dan Catamusto, Vice President/Regional
Manager, Carolyn Guzzo, Branch Manager, Megan Powell, and Dawn Bressler, Vice
President/Regional Manager. The award goes to the branch achieving the best growth,
performance, goal attainment and member satisfaction.
16
Top Employee: Kelly Lynn (left) received the
annual Doris Sgro Award for her "enthusiasm,
energy and empathy." Kelly is cluster manager
of FMFCU's successful Student-Operated
Branches and "Kelly's Kids." The award is
named for Doris Sgro (right), FMFCU's second
employee.
FMFCU's King of Prussia Branch has moved across the street to more spacious quarters
at 640 Freedom Business Center Drive, Suite 125. The new and improved branch has
better outside access, more privacy, and more room for member services. FMFCU celebrated
the move with an Open House on September 28, 2007. Top, left: Jill Coogan serves
a Credit Union member; Bottom, left: Carol Amplo keys in information; Above: FMFCU
dignitaries officially open the new location. They include (left to right) Dan Catamusto,
Carol Amplo, John Powers, Mike Magnavita and Lynda Stanton.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
Voted Best
Retirement Community
in Delaware County
2005, 2006 & 2007
by the Delaware County
Daily Times
17
SPECIAL CREDIT UNION SECTION
BIG BENEFITS
More Americans are seeing
advantages of CU membership
Across the country, increasing numbers
of your friends, neighbors, colleagues
and relatives are jumping on the credit
union bandwagon. With good reason.
They're learning the differences
between being a member and a
customer … from MSNBC.com … at
the Motley Fool … in a Pennsylvania
marketing campaign. And like you,
they're learning it in the way they are
treated when they do their day-to-day
banking, too.
This special section will highlight
some current media coverage of credit
unions, member reaction at FMFCU,
and new ways our Credit Union and
Web site are trying to help you.
MSNBC.com — Liz Pulliam Weston,
who MSNBC.com calls the Web's
most-read Personal Finance Writer, told
readers, "Ditch your Bank for a Credit
Union" at MSN Money. "You're likely to
be seen as a person, rather than a cost
center," she says. Also, because credit
unions are "not-for-profit," dividend
rates tend to be better, fees fewer and
smaller, and, any profits are distributed
as dividends to members. Moreover,
credit unions don't pay "those stunning
executive salaries."
YOU ASKED FOR MORE ATMS
… NOW YOU'VE GOT THEM
Source:
http://articles.moneycentral.msn.com/Banking/
BetterBanking/DitchYourBankForACreditUnion.aspx
The Motley Fool — In advising readers
how to finance a car, online columnist
John Rosevear says, "I love my credit
union. In fact, I first joined mine in order
to get a great rate on a used-car loan
and to take advantage of their personal
service."
He also tells viewers that credit
unions often can beat banks on loans by
a full percentage point, and that they
provide personal service — which
"means they'll try to accommodate any
special needs you might have."
Source:
http://www.fool.com/personal-finance/general/
2007/07/30/financing-that-new-car-part-2.aspx
iBelong — The Pennsylvania Credit
Union Association (PCUA) has launched a
$2.25M credit union awareness campaign
across the state.
Ads promoting the many benefits of
credit union membership are appearing
on TV, radio and in other media. To see
the ads or send in your own story, go to:
http://www.ibelong.org.
Source:
http://www.ibelong.org
When a marketing survey asked FMFCU
members earlier this year what one
change would add the most value to
membership, your overwhelming answer
was: more free Automatic Teller
Machines (ATMs). (See story on page 26).
Well, we responded. FMFCU has
added 25,000 ATMs by joining the
CO-OP Network, says Drew Stanley,
Assistant Vice President, Market
Development. The CO-OP Network
is the nation's largest credit union
network.
Located in 50 states, these ATMs
are surcharge-free to our members. It's
like having 25,000 FMFCU machines
with unlimited free transactions.
Just look for the CO-OP Network logo
when you travel. You'll find some 6,000
deposit-taking ATMs and 5,500 7-Eleven
locations. To locate a CO-OP Network
ATM online, go to: www.fmfcu.org/coop.
700 surcharge-free ATMs
You can also enjoy surcharge-free
transactions at 700 ATMs in 14 states
that are part of CU$, Pennsylvania's
Selective Surcharge Alliance. However,
transactions on those ATMs count
against the nine free ones you are
allowed each month (six free checking
and three free savings). Once you go
above that number, you are charged
$1 per transaction. Note: You can
make unlimited transactions on any
FMFCU ATM.
To locate a CU$ ATM, go to:
www.fmfcu.org/branches.
SAN FRANCISCO-AREA MEMBER
GIVES FMFCU 5-STAR RATING
Stacey Bearden, a member since 1995, likes having a CO-OP ATM near where she
lives in the San Francisco Bay area. Here she's standing on the shore of Lake Merritt.
Oakland is in the background.
18
Stacey Bearden, an FMFCU member
who lives in the San Francisco Bay area,
really appreciates the new CO-OP ATM
network.
"I just used one today," Stacey says,
noting that she found one "near where
I live and work."
Before that, she would go grocery
shopping with her FMFCU debit card,
and get money back. "These days you
don't need your physical Credit Union
or branch to use its services."
Stacey has made good use of her
FMFCU membership since her days at
Swarthmore College. After being
unhappy with her bank's "terrible hours
and inefficient, not-nice tellers" in
Parsippany, NJ, where she was working,
Stacey closed the account and relied on
FMFCU's Premier Access Telephone
system (PAT) to transfer money and
keep track of checks.
Now she accesses her accounts
online and with PAT. These services and
the CO-OP ATMs make her life easier.
Stacey lives in the Bay Area and
travels some in her job as a Human
Resources Consultant, where she focuses on performance and compensation
issues. In fact, the day before Choices
interviewed her by phone, Stacey was
working in Geneva, Switzerland.
In February 2006, Stacey bought
a blue 2006 Chevy Malibu with a loan
through FMFCU. "It was very easy to
do remotely, probably easier than using
a local bank," she says.
Stacey recently praised FMFCU on
yelp.com, an online site that describes
itself as the "fun and easy way to find,
review and talk about what's great —
and not so great — in your area."
Giving FMFCU a 5-star rating,
Stacey says she does all her banking
and car loans with the Credit Union,
even though she lives in California. "If
I need to deposit a check, I just mail it,
and otherwise use their online and
telephone banking. Plus they are
involved in the community. I can't think
of anything negative, they are just
wonderful."
complaining about similar treatment in
the Philadelphia area, a co-worker said,
"You need to become a member of the
Credit Union."
Before talking to Cindy Ripka,
FMFCU's liaison with SEI, Kris passed by
her area several times. When he finally
did talk with her, Cindy was so "patient,
attentive and thorough" that Kris
thought the experience was "too good
to be true."
A follow-up Welcome Call days
later from Reneé Clements in FMFCU's
Member Service Center put him into
"total shock."
So for the first time in his life, Kris
wrote a positive letter about the "worldclass service" he has experienced.
"I actually feel like I matter," he says.
"They treat you like royalty, even if the
account size doesn't match the title."
Now he's a believer. "People don't
know enough about credit unions," he
says. "I've been spreading the good
cheer." And trying to put more money
into his account.
Note: FMFCU is staffed at SEI from
11 a.m. to 2 p.m., Monday, Thursday and
Friday.
WEB WONDER
FMFCU’s Web site is new & improved
If you haven't looked at FMFCU's Web
site recently, you may be missing some
important new information, says Mike
Bunner, FMFCU Assistant Vice President
of Electronic Marketing.
Some examples:
Security Alert Center — This colorcoded section on the home page
informs you of any current electronic
security dangers. The Security Center
Alert section it takes you to is now the
third most viewed page on FMFCU's
site.
Financial Learning Center — An
increasingly popular destination for
members who want to learn about
financial matters on-demand. If you
haven't been to this center yet, check it
out. It contains a wealth of information
to help you make better financial
decisions, including mortgages and
investments.
(Continued on next page)
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
A MEMBER FROM THE SOUTH
APPRECIATES NEW ATMS
"I'd like to pass along my appreciation
for FMFCU joining the CO-OP ATM
Network, says one member. "Given how
rarely I'm in Pennsylvania and the CU$
network's spotty coverage outside the
state, its very nice to have a wider range
of surcharge-free ATMs to use. I've
already made use of the benefit.
"Thanks for looking after the Credit
Union's members, including those of us
who are no longer local."
CU'S ROYAL TREATMENT HAS
IMPRESSED THIS MARKETER
Kris Dawkins, who works in marketing
for SEI's Global Institutional Group,
doesn't have warm and fuzzy feelings
about financial institutions.
In fact, he describes the national
bank he used at Howard University, as
"treating you like a number." After
19
(Continued from previous page)
Branch/ATM Locations — This is the
second most popular page on FMFCU's
site, after the home page. That's
probably because it lists all branches
alphabetically or by region, and includes
services, addresses and phone numbers.
One high-tech feature allows you to
locate branches on maps, satellite photos
or on hybrid images showing both. This
is also the page that lets you search for
surcharge-free CO-OP or CU$ ATMs.
First-Time Homebuyers — Recently
expanded, the first-time buyers section
provides essential information for those
buying homes for the first time. What
you'll find: eligibility information, down
payment tactics, how to save and more.
Enhanced Home Banking Log-On
Screen — This page has been modified
to remind members about Multi-Factor
Authentication (MFA). An image appears
above your member number field
reminding you that your Security Image
should be present when you log-on
to Home Banking. Also, MFA reminders
and security links have been added,
promoting FMFCU's commitment to
member security.
CU Realty — This new service can
save you hundreds, if not thousands of
dollars every time you buy or sell a
home. Take a look. And see the related
story on page 11.
Security Center — One of our
featured sections, this area provides
up-to-date educational information about
computer security, identity theft and fraud
prevention. It also includes a Software
Resource Center and Home Banking
information.
Enhanced New Vehicle Research —
Here's an exciting new way to research
vehicles. Lets you see your selection from
different angles … and in different colors,
and even includes 360° spin moves.
More photos have also been added.
RSS Feed — Allows you to get FMFCU
news alerts delivered directly to your
desktop. RSS, short for Really Simple
Syndication, is one of the safest ways to
get news. For information, go to:
www.fmfcu.org/rss.
Note: If you can't find something you
want on FMFCU's Web site, scroll down
to the bottom of the page and click on
"Site Map." Still can't find it? Use the
"Search" link at the top right of every
page. For information, go to:
www.fmfcu.org.
20
Pat Killian (left) and Holly Rutkowski share a light moment after a recent meeting of FMFCU's
Board of Directors. They are just two of the board members who volunteer their time to keep
FMFCU running smoothly.
CONSULTANT HEAPS PRAISE
ON FMFCU'S WEB SITE
Denise Wymore, a "speaker, writer,
blogger, consultant and muse" in Seattle,
Washington, recently landed on FMFCU's
Web site. Judging from what she wrote in
her blog, "Modern Marketing," she was
quite impressed by what she saw.
Alerted by Google to an FMFCU
certificate with a particularly attractive
rate, Denise clicked on FMFCU's site,
navigated around it, then gave
FMFCU.org her "Web award."
Some of her comments:
"I love this Web site.
"It’s clean
"No Shiny Happy People anywhere (in fact
the only photos are of REAL members)
"Easy to navigate (check out their branch
locations page). Brilliant!
"Has an RSS feed — so smart
"They have Live Chat (if you’ve never
experienced that you need to — so cool)
"Click on the Member Support button
(very creative with their categories, love it)
"And c’mon — you gotta love that name
... and the fact that Mr. Franklin peeks out
at you everywhere.
"This is a website to be proud of!"
We couldn't have said it better
ourselves!
HELPING HANDS
CU directors serve
as unpaid volunteers
A huge difference between credit
unions and banks is that our board
members donate their time to help run
FMFCU. Unlike directors of banks, credit
union directors are not paid for their
time or expertise. They give willingly
of their valuable time to help other
members. Here are profiles of two
board members: one, recently elected,
and the other, a long-time member.
Holly Rutkowski is a big FMFCU fan
Although she's been an FMFCU
member since 1977 Hollace (Holly)
Rutkowski has only been an FMFCU
board member since 2006.
A Vice President of Information
Services at QVC, Inc., she also sits on
FMFCU's Supervisory Committee, which
oversees the Internal Audit Department.
The Supervisory Committee also
looks into privacy, "Phishing" and
security issues. Looking at security
problems from both the financial side
and the retail side gives her added
perspective, she believes. "I've learned
a lot, and am continuing to learn."
"I knew intellectually that terrorism
had affected the whole financial
process," she says. But I didn't realize
how far reaching and critical the impact
was."
The board meets monthly, the
Supervisory Committee quarterly, and
Holly also spends a great deal of e-mail
time on FMFCU work. "I would say it
probably takes me about 50 hours a
year" to carry out her board and
committee duties.
A former Franklin Mint employee,
Holly initially joined FMFCU because of
the Credit Union's convenience. "It was
right there at the Franklin Mint," and
you could do so much right on campus.
She continues to do all her banking
at FMFCU, and also has taken out
several home equity loans. "I'm a huge
fan and a happy member. I know what
elements I love about the Credit Union,
and I want them to remain an asset."
Holly has also been impressed by
FMFCU's Home Banking service. "The
Credit Union grew its technology as
technology grew," she says.
Holly sits on two or three boards.
"The difference at FMFCU is that every
month, almost every board member is in
attendance."
J. Patrick Killian has seen
a lot of changes
J. Patrick Killian, Vice-Chairman of
FMFCU's Board of Directors, has been
involved with credit unions off and on
since he was in the Navy 30 years ago,
first in Orlando, Florida, and then in
Virginia Beach.
What drew him to them? "The
convenience, and the tendency for
credit unions to give personal attention
to members."
The Navy credit union made life
easier when he was at sea for 10 straight
months. "You fill out an allotment and
the money is automatically taken out of
your paycheck," he says.
Pat, who was elected to the board
in 1995, estimates his time commitment
to FMFCU work at a few hours a month.
"The board sets the direction, and
changes are ultimately made by the
management staff. They do a wonderful
job," he says.
One of the biggest changes he has
seen is Home Banking, "which is more
convenient for our generation and for
our kids. They have a tendency to do
everything on the computer." An unwelcome change is the increased risk of
"Phishing" — in which fraudulent Web
sites try to lure you into divulging
personal financial data and other
personal information.
As Vice-Chairman of FMFCU's
Board, Pat can go to any committee
meeting. Board meetings take place at
7:30 a.m., so he attends when he has
time and can still get to his job as
Director of Commerce for Delaware
County.
I've learned there are a lot of good
people on the board who give freely of
their time and are doing it for the good
of the members," he says.
"It's nice to see people giving of
themselves like that. Nobody's paid.
We do our board work and then go
to our day job."
Membership Questions:
Not sure if people you know are
eligible for FMFCU membership?
See inside back cover. Call us at
610-325-5100 (1-800-220-3193
outside PA) or apply online:
www.fmfcu.org/membership
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
21
PARTNER PROFILE
Fast Facts
Location:
Edgmont, PA
Type of Facility:
Continuing Care Retirement
Number of Acres:
96
Number of Residents:
About 520
Minimum Age of Residents:
Number of Employees:
62
300
Number of Units:
333 (and due to expand)
Types of Housing:
Apartments, Villas and
Carriage Houses
Number of Resident Committees:
44
COUNTRY LIVING
White Horse Village retains its rural traces
T
UCKED QUIETLY AWAY near
Ridley Creek State Park — just east
of Route 352 on Gradyville Road —
is a retirement community you might not
even notice if you weren't looking for it.
But inside its grounds, White Horse
Village (WHV) is a thriving settlement of
over 520 residents and 300 employees
situated on 96 acres in Delaware County.
"This was a horse farm. We wanted
to keep it countryesque," says Mike
Scheuren, Vice President of Administration for the not-for-profit corporation.
As a result, the village has few structures
over one-story high. In addition, all the
streets and shops carry horse-related
names. For example, the gift shop is
"the Corral," the second-hand shop is
"the Stall," and the internal newspaper
is called WHV Tales. You also see the
names of famous horses and race tracks
as you drive through the complex.
Small apartments to large villas
Built in 1989, White Horse Village
currently contains 333 residential units.
Residents must be at least 62 years of
age — or one part of a couple must
have reached that age. Among the ten
different available units are: 50 units
each in Buildings A and B that vary in
size, 89 garden apartments, 116 private
villas and 28 large carriage houses.
For recreation, village residents have
an extensive variety of facilities at their
disposal. These include a library, lounges,
auditorium, art studio, wood shops,
computer center, billiards room and
more.
To provide for residents' health care
needs as a Continuing Care Retirement
Community (CCRC), White Horse Village
maintains 59 skilled nursing beds, 39
assisted living apartments and a 20-room
unit for those with memory impairment.
Most residents come from within a
20-mile radius in Delaware, Chester and
Montgomery counties, Mike says. The
village is considered a "stand-alone
facility," meaning it does not have an
affiliation with any particular religion or
other corporation.
That's unusual in the rest of the U.S.,
but not here, Mike says. He also notes
that WHV's location is one of the most
competitive for CCRCs in the country,
with many top places within a stone's
throw away from each other.
44 committees to choose from
Residents bring their own particular
atmosphere to a community, and White
Horse Village tends to be young, he says.
When Mike counted recently, there were
44 different committees at White Horse
Village, from bridge to gardening,
playwright reading to social awareness,
on-going education to pleasure trips.
Some 247 residents are still active in
community service and volunteering.
Like just about every other neighborhood in today's society, there's always
movement in a CCRC. "People move
along the continuum of care, depending
on their physical, mental or social needs,"
Mike says. The village's goal is to
maintain at least a 97% occupancy rate.
Looking toward the future, the village
is seeking township approval for an
expansion and renovation program. WHV
has already purchased two large properties along Gradyville Road, adding 12
acres to its property. Plans call for 22 new
country homes, an enhancement to the
About 300 employees keep things running at White Horse Village's 96-acre campus.
Among them (left to right) are: Mike Scheuren, Vice President of Administration;
Helen Cabrera, an FMFCU member since 2000; Laura Schlotzhauer, a member since 1976;
and Vincent Merli, a member since 1992.
wellness center with pool and exercise
area, additional assisted living beds and
single-occupied skilled nursing rooms.
Renovating the clubhouse and the dining
room will finish off the makeover.
As a not-for-profit corporation that
does not pay dividends, White House
Village pumps any excess money back
into the community. "That excess puts
us in a better cash position to keep our
facilities and grounds in top condition,"
Mike says.
Miles of maintenance
"Anything within our borders we have to
take care of," he says, including miles of
streets. The property, which maintains its
own sewage system "is like a little city
unto itself." Asked if his job is similar to
that of a city manager, Mike laughs.
WHV's President would be the City
Manager. "I'm the delegatee, the Hey,
You Guy."
As a business partner of FMFCU, WHV
can offer Credit Union membership as
an employee benefit, at no cost to the
corporation. A number of FMFCU
members do work at the facility, which
is a real plus for White Horse Village.
The country location is a two-edged
sword, Mike says. It's great for the
residents, but hard for employees
without cars to get there. So Mike is
always looking for new ways to partner
with other companies to help solve this
transportation problem.
In the meantime, his team's job is to
help keep White Horse Village running
smoothly, and occupancy high. A
personal trip to White House Village by
a potential resident is its best marketing
tool.
"Too many people think a retirement
community is a nursing home," he says.
"People need to come out to the campus
to realize it is not a nursing home … and
to see all the activities designed to keep
seniors active and healthy."
23
CONSUMERS' CORNER
How it works: as a Home Banking user,
you choose a personal image and
phrase for your account, and you should
see that image and phrase every time
you enter Home Banking. If you don't,
get out immediately. You're not on our
site. Then contact FMFCU.
Note: If you use Home Banking
from a different computer than the one
you registered on, you will also be asked
security questions only you can answer.
This is another way of preventing
unauthorized people from accessing
your account.
To change any of your personal
MFA information, log-on to your Home
Banking account, scroll down to MFA
Preferences and edit what you want
to revise.
Don't respond to threats
WEB WISDOM
Avoid being "Phished"
by using common sense
If a well-dressed businessman knocks
on your front door and says, "I'm going
to have to shut down your FMFCU
account unless you give me your
account number and passcode right
away," would you give it to him?
Probably not. Common sense
would win out. But some members are
being tricked into providing this private
information online and on the phone by
Internet piracy known as "Phishing."
Fortunately, there are easy ways
to protect yourself against this identity
theft, says John Hargrove, FMFCU's
Vice President of Information
Technology.
Don't give out information
FMFCU already has
Think about it. Your Credit Union's
records include your account number,
your ATM or Debit Card number, Social
Security number, and similar private
data. Why would we ask you for it? If
something doesn't make sense, don't
respond. And remember: FMFCU will
never ask you for private information in
24
an e-mail. NEVER. So don't provide it.
To report a possible Phishing
attempt, e-mail us at [email protected].
Please attach the e-mail if possible.
What Phishers want from you
Phishing e-mails often warn you in
urgent language that your account will
be shut down or disabled — unless you
confirm, authenticate or verify your
information immediately. Because these
intimidating e-mails typically arrive late
in the week, some people — who are
FMFCU will never ask
you for private information
in an e-mail. NEVER.
Valuable data, like:
• Your Debit Card Number
• Your Credit Card Number
• Your ATM/Debit Card PIN (Personal
Identification Number)
• Your Card Verification Value or CVV
(on many cards, it's a 3-digit number
on the back; on American Express,
it's a 4-digit number on the front.)
• Your Name
• Your Mailing Address
• Your Social Security Number
• Your Member Number
Rule of thumb: don't give this sensitive
information out to anyone who calls you
… or anyone you are told to call, no
matter what the pretense. If you have a
question, call the Member Service Center
24/7 at 610-325-5100 (1-800-220-3193
outside of PA). Be safe, rather than sorry.
Understand the value of
Multi-Factor Authentication
FMFCU employs an extra level of security
called Multi-Factor Authentication (MFA)
to help protect you and your money.
afraid they won't be able to access their
money over the weekend — panic and
respond. Our advice: don't do either.
Don't let money cloud your judgment
If something sounds too good to be
true, it usually is. One recent Phishing
attempt told members it would deposit
$100 into their account for answering
just five questions in a pseudo member
survey. That's a lot of money for one
minute's work. Of course, it was a scam.
More ways to protect yourself
Follow the advice above. Check the
current Security Alert status when you
enter FMFCU's Web site. And examine
examples of "Phishing" at FMFCU's
security center. URLs are below.
Forewarned is forearmed.
Sources:
www.fmfcu.org/security/security.htm
www.fmfcu.org/security/
phishingemail0423072.pdf
www.fmfcu.org/security/articles/
ncuaphishingbrochure.pdf
DEBIT CARD OR CREDIT CARD? THAT IS THE QUESTION
"That’ll be $49.95," the cashier says.
Now you must decide how to pay.
Should you "charge" the purchase to
your FMFCU Debit Card, or to a credit
card? You may prefer a debit card…
knowing that the dollar amount is
deducted immediately from your Credit
Union checking account, and a bill won’t
be coming next month. Or, you may use
a credit card to earn frequent flyer miles
or reward points toward your dream
vacation. Using one card over the other
isn’t necessarily better. It just depends
on your specific money management
style, needs and goals.
"Choosing to use your FMFCU
Debit Card versus a credit card is about
discipline, spending habits and money
management," says Liza Mattis, FMFCU
Vice President of Support Services. "A
Debit Card may be perfect for a member who has a hard time managing their
funds. Each time they make a purchase
with their debit card, the dollar amount
is deducted immediately from their
Credit Union checking account."
Need help deciding which card is
best to use? Read the facts below about
both cards to help you make an
informed "charging" decision.
So, the next time a cashier
announces the grand total, you won’t
need to think twice about what card to
use. As an educated consumer, you
know the differences between debit
cards and credit cards. Just think about
your goals, needs and money management style and you’ll do just fine.
Things to remember about your
FMFCU Debit Card…
• All signature-based transactions on
your FMFCU Debit Card are FREE, and
UNLIMITED.
• When making purchases, say "credit"
and provide your signature to
complete the transaction.
• When using your Personal
Identification Number (PIN) to make
purchases, remember you will be
charged a fee if you go over six PIN
transactions a month. Only use your
PIN if you need cash back.
Don't forget to record your transaction in
your check register to avoid overdrafts
and fees.
Sources:
http://www.bankrate.com/brm/news/cc/
20010706a.asp
http://www.nolo.com/article.cfm/ObjectID/
6A15A5E8-C7D8-47A5-B981ADB8C35CACFA/
catID/A255AF52-3FB9-4A67-A55A147C244F92F6/
213/208/230/ART/
http://www.msnbc.msn.com/id/11726422/print/1/
displaymode/1098/
http://www.bankrate.com/brm/news/bank/
20020104a.asp
http://www.esbci.org/BerkshireSeniorOnline/
CommunityHealth/Debit%20Card%20vs%20Credit
%20Card.htm
FMFCU DEBIT CARD
CREDIT CARD
• Funds are deducted from your FMFCU
checking account immediately
• Typically you have 30 days to pay off
the balance
• Using it instead of writing a check will
reduce your check printing expenses
• Your credit card is similar to a revolving
line of credit
• Your debit card is equal to cash
• NO interest rates apply to your debit card
• Interest rates vary depending on the card
and/or provider
• Accepted worldwide
• Accepted worldwide
• FMFCU DOES NOT charge an annual fee
or other miscellaneous charges
• Most credit card companies charge an annual
fee and/or other miscellaneous charges
• Zero Liability Policy that protects against
unauthorized charges
OFFICIAL FRANKLIN MINT
FEDERAL CREDIT UNION
PARTNER
VS
• Zero Liability Policy that protects against
unauthorized charges
• Good for day-to-day purchases, or recurring
payments
• Good for large ticket purchases like a trip
or furniture
• Account details, transactions, charges,
credits, etc. can be viewed through Home
Banking anytime
• Account details, transactions, charges,
credits, etc. are provided monthly
• Cash-back rewards program
• Cash withdrawals available, but, high
cash-advance fees apply
• High late-payment and over-the-limit fees
• Reward programs based on the card type
(frequent flyer miles, points toward dinners, etc.)
25
MEMBERS' FORUM
WE LISTEN!
FMFCU members often call, send e-mail
or write letters to us with concerns or
questions about the Credit Union.
In April 2007, we actively sought
member feedback through our yearly
member survey. This edition of the
Members’ Forum will focus on some of
the comments, questions or concerns
received through that survey. We appreciate the time and effort given by all our
members who participated in providing
us with feedback, so we can continue to
enhance our products and services.
Of course, you don’t have to wait
END-OF-YEAR CHECKLIST
DON'T FORGET …
To check your credit report annually.
You are allowed one free report every
12 months from each of the nationwide consumer credit reporting
companies: Equifax, Experian and
TransUnion. To get yours, go to:
www.annualcreditreport.com.
To rebalance your investment portfolio
at least once a year. Make sure the
percentage of stocks and bonds you
own still corresponds to your personal
goals.
To make sure FMFCU and other
financial institutions have your correct
mailing address and Social Security
number or tax ID on record.
To update beneficiaries on your life
insurance policies, 401(k) plans, IRAs
and other accounts. You want to be
sure your money goes to the right
person.
To contribute to your IRA for 2007. If
your employer matches contributions,
contribute enough to get the
maximum match. It's like free money.
To make any year-end charitable
contributions for inclusion in filing your
2007 tax return.
To make sure you change your smoke
detector batteries. An easy way to
remember is to change them when
you change your clocks in the Spring
and Fall.
26
for the survey to provide any comments
or suggestions. Please send them to us
at any time. We want to hear from you.
(See contact information at the end of
this article.)
Comment: I’d like to use FMFCU
for more, but your rates just aren’t
competitive with what I can get at
places like ING Direct…
Response: Over the past year, FMFCU
has made a strong commitment to offer
all our members — especially those who
may not have a large sum of money to
invest — competitive options. Like ING
Direct, we offer two electronic savings
clubs that offer members a 6% APY*.
Our tiered Super Saver account pays 7%
APY on the first $500. We also have a
very competitive Performance Checking
account, as well as jumbo rates for many
of our certificates — for those members
with higher balances.
Comment: I think you need to have
at least a couple more banks that are
"just banks" and not in companies
and schools.
Response: We agree! And while members love the convenience of "banking"
where they work or go to school, we are
always actively looking for locations to
expand our branch network. A lease has
been signed for a new location in West
Chester Borough that will be open
before the end of the year. We are also
reviewing potential branch sites in
Folsom, Springfield and Kennett Square.
Comment: I highly value ATM
networks ... if you guys had a setup
where you didn’t charge fees at ATMs,
that would be huge.
Response: FMFCU now belongs to
the CO-OP Network, which adds over
25,000 ATMs to our network in North
America, including more than 6,000
deposit-taking ATMs and 5,500 at
7-Eleven locations.
Comment: It would be nice to have
a self-service coin counter in the
Broomall office.
Response: Our Broomall location now
has a self-service coin counter. There is
also one at our Granite Run and Media
locations, and we plan to deploy
additional machines in our larger offices.
Comment: I would like to see
purchases made with a Debit Card not
count as a foreign withdrawal.
Response: You have NO LIMIT on the
number of purchases you can make with
your FMFCU Debit Card. Just select the
credit option, versus debit, and provide
a signature for the transaction versus a
PIN number. (Please see related story on
page 25.)
Comment: FMFCU has done a
wonderful job of helping me get my
finances in order. My concern now
is an investment vehicle. If there is
a service like this at FMFCU, I’d be
interested in hearing about it.
Response: Financial Services, through
CUSO Financial Services, L.P. (CFS)**
provides investment services. Our
services include, but are not limited to:
Financial Analysis, Investment Advice,
College, Estate and Retirement
Planning, Asset Protection through Life,
Disability and Long-Term Care Insurance
and more!
* Annual Percentage Yield.
** Securities offered through CUSO Financial
Services, L.P. (CFS, an independent broker
(Member FINRA/SPCI). Registered
Representatives are independent representatives
through CFS. The products offered are not
NCUA/NCUSIF or otherwise insured; are not
obligations of FMFCU; and are not guaranteed
by FMFCU and may lose value.
HOW TO CONTACT FMFCU
If you have a comment, compliment, or
concern about FMFCU's operations, it's
easy to contact us and get a response.
You can:
• Call the Member Service Center at
610-325-5100 (1-800-220-3193
outside PA)
• Send an e-mail via the Contact Us link
on our Web site at www.fmfcu.org, or
directly to President/CEO John D.
Unangst at [email protected]
• Send a letter. The mailing address is:
Franklin Mint Federal Credit Union
Attn: Chief Operating Officer
P.O. Box 1907
Media, PA 19063-8907
No matter what delivery method you
choose, all correspondence is tracked
and forwarded to the proper department
and staff members for a timely response.
our many branches & ATMs are ready to serve you
Philadelphia
Mercy Hospital of Philadelphia 501 S. 54th Street
BRANCHES
Broomall 1974 Sproul Road, Suite 100
Ridley Park
Taylor Hospital 175 East Chester Pike
Chadds Ford
Village at Painters Crossing Routes 1 & 202
Ridley Township 2211 MacDade Boulevard
Open 7 days a week
Chester
University Technology Park 1450 Edgmont Avenue
MEMBER SERVICE CENTER
P.O. Box 1907
Media, PA 19063
610-325-5100
1-800-220-3193 (calls originating
outside of PA)
ADDITIONAL ATM LOCATIONS
Swarthmore
Swarthmore College Parrish Hall
500 College Avenue
Boscov’s, Granite Run Mall
Lower level, entrance nearest AMC Theater
U.S. Route One
Media, PA
Widener University University Center Building
One University Place
Tinicum Township
Keystone Mercy Health Plan 200 Stevens Drive
Ground Floor Lobby
Community Hospital
9th & Wilson Streets
Chester, PA
Darby
Mercy Fitzgerald Hospital Campus
Medical Office Building 1501 Lansdowne Avenue, Suite 109
West Chester
QVC Studio Park 1200 Wilson Drive
Restricted Access
Crozer-Chester Medical Center Old Main Building
One Medical Center Boulevard
Drexel Hill
Delaware County Memorial Hospital 501 N. Lansdowne Avenue
Horsham
Centocor 800 Ridgeview Road
Suite H-2 1058
Restricted Access
King of Prussia
640 Freedom Business
Center Drive Suite 125
Coming
soon!
106 W. Market Street
West Chester, PA
STUDENT-OPERATED BRANCHES
New
location!
Media
Granite Run Mall 1067 W. Baltimore Pike
Lower Level
Open 7 days a week
Prospect Park
Interboro High School 500 16th Avenue
Restricted Access
Media 100 W. State Street
Riddle Memorial Hospital Outpatient Pavillion, Suite 3108
1068 W. Baltimore Pike
Restricted Access
Norristown
Mercy Suburban Hospital 2701 DeKalb Pike
Lansdowne
Penn Wood High School
100 Green Avenue
Restricted Access
Springfield
Springfield High School 49 W. Leamy Avenue
Restricted Access
Upper Darby
Upper Darby High School 601 N. Lansdowne Avenue
Restricted Access
Wallingford
Strath Haven High School
205 S. Providence Road
Restricted Access
Delaware County Community College
901 S. Media Line Road
Media, PA
Endo Pharmaceuticals
100 Endo Boulevard
Chadds Ford, PA
Restricted Access
MacDade Mall
Inside mall, near Kmart entrance
MacDade Boulevard
Holmes, PA
Mercy Health System
One W. Elm Street
Conshohocken, PA
Limited Access
Springfield Mall
(Two ATM locations)
Inside mall, upper & lower levels
Baltimore Pike
Springfield, PA
QVC
Enterprise Building
1365 Enterprise Drive
West Chester, PA
Restricted Access
ATM Location
Two ATMs at this location
Night Depository Location
(Night Depositories are for personal deposits,
not business drop-offs.)
IT'S EASY TO JOIN FMFCU IF:
NOT
A MEMBER
YET?
You are the spouse, child, parent or step-parent,
sibling or step-sibling, grandchild, grandparent
or housemate to any current FMFCU member,
or to any employee/member of a partnering
organization.
For a Membership Application, go to:
www.fmfcu.org/membership
Or call our Member Service Center at
610-325-5100. (Outside PA, call 1-800-220-3193.)
You yourself are an employee or member of any
of our 1,000+ partnering organizations.
You live, work, worship, volunteer, attend school or
regularly conduct business in the City of Chester or
Borough of West Chester.
Important: Once a member,
you're a member for life!
FRANKLIN MINT
FEDERAL CREDIT UNION
The Credit Union of Choice!
®
P.O. Box 1907 • Media, PA 19063-8907
www.fmfcu.org
Presorted
Standard
PO
U.S.FPostage
PAID
PSB
92630