Summer 2016
An Empower Federal Credit Union® Publication.
Branch
Renovation pg 3
Email Safety
pg 5
About Touch ID
pg 7
Message From The President
Interest Rates
Are Going Up –
Don’t Wait Any
Longer!
John Wakefield
President/CEO
Interest rates have
started to inch
up this year and the increase in rates
can either be a good or a bad thing,
it just depends upon your point of
view. For savers, the increase means
that you can earn more on deposits
and it helps those who are dependent
upon interest income to cover living
expenses. For borrowers, the increase
will mean that you will be paying
more interest on loans and you will
have less to cover living expenses.
Why do interest rates go up or
down? The Federal Reserve has a
lot of influence over the direction
of interest rates. They look at many
factors and they have different
tools that they can use to directly
or indirectly influence changes
in interest rates. The interest rate
tool they use most often to directly
influence the economy is called the
Federal Funds rate (Fed Funds). The
Fed Funds rate is the rate that the
Federal Reserve charges financial
institutions if they borrow directly
from the Federal Reserve. The Prime
rate is generally derived from the
Fed Funds rate by adding 3.00%. The
Prime rate is also used as an index
for everything from business loans
to variable rate consumer loans such
as Home Equity lines of credit and
Credit Cards.
2 | Empower Federal Credit Union® SPOTLIGHT
The current Fed Funds rate is 0.50%
and that translates into a Prime rate
of 3.50%. According to some of the
economic viewpoints that I have
received recently from different
economists, the Federal Reserve was
expected (pre-Brexit) to raise the Fed
Funds rate two more times in 2016
with a target rate of 1.00% that will
translate into a Prime rate of 4.00%
by the end of the year. Even though
we will increase all other loan rates
tied to Prime, the good news is that
we plan to hold the line on credit
card rates for as long as we can do so
since that rate is higher than most.
artificially low as well. The Fed ended
its practice of Quantitative Easing at
the end of 2014.
While no one has a crystal ball (did
anyone predict Brexit?), this may
be the last year in the foreseeable
future where both short and long
term rates remain at historical low
levels. Once the Fed starts to increase
short term rates in earnest, all loan
rates correspondingly are projected
to increase. If you are a borrower, my
advice is don’t wait any longer and act
now!
During last 75 years, historically 80%
of that time the Fed Funds rate has
been between 3.00% and 7.00%. The
Federal Reserve views that range
to be “neutral”. A neutral policy
stance on interest rates means that
the Federal Reserve is not trying to
influence the economy at all. Expect
the Fed to continue increasing rates
throughout 2017.
What about long term rates that
affect mortgages? The Federal
We are proud to announce
Reserve can also influence long term
making the Best Large Companies
rates indirectly buying long term
bonds or mortgage backed securities to Work for in New York list.
to keep mortgage interest rates low.
This practice is called “Quantitative
Easing”. By buying long term
securities, the Fed artificially
reduces the supply of debt thereby
increasing the “demand” for longer
term securities causing longer term
rates to go down. For borrowers, low
mortgage rates have been fantastic
but it also acts as a double edged
sword for savers because Quantitative
Easing also keeps certificate rates
#16
Federally Insured By NCUA
Online Banking Mobile App Registration
Haven’t registered for online banking yet? Now you can register right from your smart
phone. Get access to your account(s) in an easy to use customizable app.
Steps for Mobile Registration
Download the App: Download our app, available for Android & iOS.
Tip For Android: Search “Empower FCU”
Tip For Apple: Search for “Empower Federal Credit Union”
Once you have downloaded the Empower mobile app tap “Sign up now” above the
username box. Then follow the on-screen prompts through the registration process.
User Guide
For a more in depth step-by-step guide
visit our website empowerfcu.com and
go to the User Guide (located next to
the blue “login” box).
Branch Renovation
New Branch
As we work diligently to enhance your branch experience, we
enter the next phase of our project. Hours of operation may
vary and potential closing of the 515 Erie Blvd office on one
or more Saturday(s) may be required.
Watch for our Western Lights
branch coming in late 2016.
515 Erie Blvd Branch
Watch our website, in-lobby TVs, and social media for the
most up-to-date information.
To locate an ATM or Branch near you:
Empower App • empowerfcu.com • 800.462.5000
Opening Soon
Empower FCU – Coming Soon
4729 Onondaga Blvd.
Syracuse, N.Y. 13219
We Are Closed On These Holidays
Saturday, September 4
Monday, September 5
Labor Day
Monday, October 10
Columbus Day
Friday, November 11
Veteran’s Day
Empower Federal Credit Union® SPOTLIGHT | 3
Notice of Board Election and Annual Meeting
Thursday, October 20th, 2016 • Location: Empower Federal Credit Union • 6:00pm
Five positions on Empower Federal Credit Union’s Board of Directors are up for election. The election will not be conducted by ballot.
When there is only one nominee for each position to be filled, there will be no nominations from the floor. The directors are nominated by the Nominating Committee. Other members who would like to be considered for nomination may submit a petition. Contact
Allynn Toney at the Credit Union: (315)728-5167, to obtain a Nomination by Petition packet.
Members wishing to be nominated via petition must submit the following:
1. A petition signed by 500 Empower Federal Credit Union members;
2. A signed certificate stating agreement to the nomination and willingness to serve if elected;
3. A summary of qualifications and a brief biography.
Minimum qualifications to serve on the board:
1. Must be a member in good standing of Empower Federal Credit Union, at least 18 years of age;
2. Must be bondable;
3. Must be available to attend regular Committee and Board of Directors meetings.
Name
Length of
Length of
Membership Volunteer
Volunteer
Positions Held
Professional
Position
Marilyn
Baumgras
28 year
21 years
Director
Office Manager/Travel Administrator for
Personnel
Systems Made Simple, Inc., a Lockheed Martin
MPS
Company.
Buildings & Grounds
Supervisory
Finance
Dave
Cusano
38 years
23 years
Director
Supervisory
Controller at local Syracuse company.
Patrick
Piscitelli
24 years
17 years
Director
EAS Chair
Finance
MPS
Supervisory
Principal Financial Analyst for the New York
State Department of Public Service.
Katherine
Rossler
23 years
8 years
Director, Human Resources – ATM
Management, Corporate Compliance and
Corporate Benefits for Saab Surveillance.
David
Wolf
31 years
18 years
EAS Vice Chair
EAS Treasurer
EAS Secretary
Policy
Director
Supervisory
Investment/ALM
Telecom Division Manager, of the
Development Authority of the North Country
(DANC).
Petitions and accompanying documents must be submitted to Empower Federal Credit Union, 1 Member Way, Syracuse NY 13212,
no later than September 10th, 2016. A notice of all nominations will be posted in all Empower branches by September 15th, 2016.
EAS = Empower Associated Services, Inc. - A wholly owned subsidiary of Empower Federal Credit Union offering insurance and
tax services.
4 | Empower Federal Credit Union® SPOTLIGHT
Email is a convenient and quick form of communication that
many of our members prefer. This method of communication
makes it possible to process requests in a timely fashion, share
important notices, and offer services that will help you reach
your personal financial goals.
Although Empower is communicating via email more
frequently, this form of communication is not without risk and
we encourage our members to exercise caution when clicking
on links or providing personal information. Online attackers
are always looking for ways to obtain personal information to
profit illegally. Victims of phishing, an email scam, receive an
email from what looks like a legitimate company. The attacker
may even copy text and logos from other websites to make the
emails look authentic and are trying to trick you into divulging sensitive information. Use caution: the goal of the attacker
is to access valuable personal information such as account numbers or passwords.
Email Safety
Here are some tips to remain safe when accessing your inbox:
• Don’t click on any links within an email asking you to provide account numbers, passwords, PINs or other
sensitive information. Emails from Empower will refer you back to our website www.empowerfcu.com to login. We do not place a link that takes you directly to a username/ password screen, nor would we ask you to enter your credit/debit card number.
• If you get an email that appears to be from Empower asking you to login or to provide other personal account information, contact us at 800.462.5000 and report the potential phishing attempt or verify it’s authenticity.
• If you mistakenly follow a link and provide sensitive information, immediately contact us at
800.462.5000 for further guidance.
By staying alert to potential email security threats, you can help keep online communication safe. Follow these simple tips
and you will be much more prepared to enjoy the convenience of email communication without risking identity theft.
Important Notice:
EAS Tax Services completed nearly 5,000 returns for our members
at a price well below other services. We offer personalized year
round tax services, and can help you avoid the risk of
“do-it-yourself ” software.
Start planning now for next year’s tax return and call EAS TAX
Services to learn how we can help you. 315.426.5678
Empower no longer sells NYS
Fair Advance Sale Tickets.
Visit nysfair.ny.gov for a list of
participating retail outlets or to
purchase your tickets online.
Empower Federal Credit Union® SPOTLIGHT | 5
Are You Using the Correct Account
Number on your Electronic Deposits
and Payments?
As our credit union continues to grow and technology
changes, it is necessary to be consistent in our account
number format so your electronic deposits and payments
post accurately and timely.
When we receive an electronic deposit or payment
with an incorrect account number or format, we send a
“Notification of Change” with the correct information back
to the company you have authorized for electronic deposits
or payments (the Company). We have found that not all
Companies accept our corrections and some require that
the change come directly from you. If the change is not
made, there is a potential risk of your electronic deposit or
payment being returned for “incorrect account number.”
To ensure that your electronic deposits and payments are
posted correctly, your full 14-digit account number (for
checking) or full 15-digit account number (for shares/
savings) needs to be given to your electronic deposit and
payment Companies. Over the next several months, we
will be reviewing all accounts receiving electronic deposits
and payments for accuracy. There may be occasions where
we will reach out to you to make the correction directly with
your Company.
To find your full account number, you may go to our
website at www.empowerfcu.com and login to online
banking. Once logged in, click on the account (shares,
checking) that you currently use for your electronic deposit
or payment, and then click on the “account details” tab.
Here you will find your electronic account number. This is
the full 14- or 15-digit account number that is needed for all
of your electronic deposits or payments. Please ensure all
Companies have the correct information.
Checking - 14-digit account number
g
n
i
v
o
M
t
e
G
Savings - 15-digit account number
Looking for a mortgage that can get you
moving? Our knowledgeable and
experienced mortgage consultants can
get you moving in the right direction.
Let us guide you to a mortgage that’s
right for you.
Contact us today to learn more.
315.477.2200 • empowerfcu.com
NMLS #412348
Federally insured by NCUA.
6 | Empower Federal Credit Union® SPOTLIGHT
Membership eligibility required.
Loan approval based on creditworthiness.
About Touch ID
Use your fingerprint to login to the Empower App using Touch ID! Now you have
a simple and secure way for you to access your Empower accounts using biometric
fingerprint authentication technology.
Update your Empower App on a Touch ID-enabled device* today. You will be prompted
to set up Touch ID (activation steps vary by device). No fingerprint reader? No problem!
Set up a PIN for easy access to your account.
Device Support Sites
Android: https://support.google.com/android Apple: https://www.apple.com/support
Important Tips
By enabling Touch ID, every person with an enrolled fingerprint on your device will have access to your account. Review
the enrolled fingerprints to make sure that each person is authorized to access the personal and financial information
available in this app.
*Feature available with iPhone 5s or later, iPad Air 2, or iPad mini 3 or later. Enabled for Android devices v.4.1 or greater. Empower Mobile Banking
is available for members with an Empower FCU Account. To use Mobile Banking, you are required to subscribe to a data plan through your
wireless provider. Check your plan or contact your wireless provider for additional fees that may apply. iPhone, iPod touch and iPad are registered
trademarks of Apple Inc. Android is a trademark of Google Inc.
Widgets
We are happy to introduce the,
Calculator & Calendar widget, that
is now available.
Widgets are a collection of useful tools available within
Online Banking. There are several to choose from and
more will be added in the future.
Additional Widget Options…
Transfer
between
accounts
or perform
a cross
member
transfer to
another
Empower
Account
Apply for a
Credit Card,
Auto, or any
other loan
right online
24/7
Pay your
bills on a
one-time
basis or
schedule
recurring
payments.
Access
your CFS*
investment
accounts.
Create
your own
customized
budget
Enroll in
electronic
statements
Access your
MasterCard
Rewards
Order new
checks
Contact us
securely
Create
customized
savings
goals
How to Find Widgets
Click on your name in the upper right corner
and click on Settings to access the Widgets tab.
Or
Click on the MORE… Widget
and then select WIDGET OPTIONS.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered
Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve
investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Empower Federal Credit Union® SPOTLIGHT | 7
Show us Your Empower financed ride.
Tag @empowerfcu and use the
hashtag #efcuauto to share a
picture of your new or refinanced
vehicle through Empower.
800.462.5000 • empowerfcu.com
Federally insured by NCUA.
Membership eligibility required. Loan approval based on creditworthiness.
1 Member Way
Syracuse, NY 13212
PERMIT NO. 4238
SYRACUSE NY
PAID
PRESORTED
STANDARD
U.S. POSTAGE