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 2, 2008
®
All in the family
e-Banking bridges
the generation gap
ANITA MORAN AND FAMILY
MEMBERS SINCE 1986
WAYS TO AVOID
LOTTERY SCAMS
PREVENTING
ELDER ABUSE
MORTGAGE
LENDING SOARS
HOW TO
GET A LOAN
BIRTH OF
THE BAR CODE
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
Healthplex Pavilion II
100 W. Sproul Road
Springfield, PA 19064
CROZER-CHESTER MEDICAL CENTER
One Medical Center Boulevard, Upland, PA 19013
(610) 447-2000
Patient Information (610) 447-6321
DELAWARE COUNTY MEMORIAL HOSPITAL
501 N. Lansdowne Avenue, Drexel Hill, PA 19026
(610) 284-8100
CROZER-CHESTER MEDICAL CENTER
DELAWARE COUNTY MEMORIAL HOSPITAL
SPRINGFIELD HOSPITAL AT THE HEALTHPLEX
COMMUNITY HOSPITAL
TAYLOR HOSPITAL
MEDIA MEDICAL PLAZA
CROZER MEDICAL PLAZA AT BRINTON LAKE
HEALTHPLEX® SPORTS CLUB
Patient Information (610) 284-8263
TAYLOR HOSPITAL
175 E. Chester Pike, Ridley Park, PA 19078
(610) 595-6000
Patient Information (610) 595-6145
SPRINGFIELD HOSPITAL
190 W. Sproul Road, Springfield, PA 19064
(610) 328-8700
Patient Information (610) 328-8717
COMMUNITY HOSPITAL
2600 W. Ninth Street, Chester, PA 19013
(610) 494-0700
HEALTHPLEX SPORTS CLUB
®
194 W. Sproul Road, Springfield, PA 19064
(610) 328-8888
CROZER MEDICAL PLAZA AT BRINTON LAKE
300 Evergreen Drive, Glen Mills, PA 19342
(610) 579-3400
MEDIA MEDICAL PLAZA
200 E. State Street, Media, PA 19063
(610) 480-5800
Physician Referral
1-800-CK-HEALTH (1-800-254-3258)
Senior Information
1-800-CKHS-KEY (1-800-254-7539)
Medical Imaging Appointment
Scheduling Line:
1-866-5-CK-XRAY (1-866-525-9729)
Crozer-Keystone Human Motion Institute Appointment
Scheduling Line:
1-877-CK-MOTION (1-877-256-6846)
Cardiac Testing Appointment Scheduling Line:
1-866-95-PULSE (1-866-957-8573)
Cancer Physician Appointment Scheduling Line:
1-866-695-HOPE (1-866-695-4673)
Sleep Centers Appointment Scheduling Line:
1-888-SLEEP03 (1-888-753-3703) or http://sleepcenters.crozer.org
We’re 5 hospitals, 2,600 doctors and nurses, and 7,100 caring people with 1 vision. Crozer-Keystone. Something to feel good about.
www.crozer.org
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 2, 2008
Publisher
John D. Unangst
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:
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).
© 2008 Franklin Mint Federal Credit Union.
COVER PHOTO:
Anita Moran (sitting
at computer) does
e-Banking for her
family. Looking on
(left to right): sister
Katie, daughter
Alana, sister Susie,
daughter Diane,
and (bottom)
grandson Michael.
Dear FMFCU Family,
Another summer, another year past the halfway mark. Is it just me, or is
time moving at warp speed? It is hard to believe that almost ten years ago
FMFCU introduced Home Banking to you. We didn't realize it at the time,
but probably nothing has changed our lives more than the introduction of
Home Banking, what we now call e-Banking.
For the first time, you were able to do your banking whenever you
wanted to — 24 hours a day — from wherever you had Internet access.
It really was revolutionary. And as you'll see in this issue, we've discovered
another unexpected, added benefit: Bill Payer, an integral part of e-Banking,
is bringing parents and children together to handle finances and pay their
bills. As we age, this may become more and more common.
In other important stories, you'll read about our efforts to prevent elder
abuse, and a special award we received because of it. At the other end of
the age spectrum, we are also proud to highlight the work of Swarthmore
College, the site of our first college branch, and one of the top liberal arts
colleges in the U.S.
You may also be surprised to learn that despite what the media reports
regarding the nation's subprime lending crisis, we have plenty of money
to lend for mortgages, student loans, home equity loans and more. We have
never deviated from our sound underwriting standards. Remember, this
Credit Union began with a few forward-thinking people, pooling their money
(making a deposit) that in turn, could be lent out to other members.
This is just another advantage to being an FMFCU member. If you have
friends, neighbors or colleagues who would like to be members, have them
call our Member Service Center at 610-325-5100 to see how they qualify for
membership. Or direct them to: www.fmfcu.org/membership.
We want everyone to know it is better to be a member than a customer!
Sincerely,
John D. Unangst
President/CEO
[email protected]
w h a t ’s i n s i d e
Sharing and Caring
4
Members-Only Perks
7
Going the Extra Mile
8
Mortgage Money
9
14
Profile: Swarthmore College 10
Alert to Abuse
12
departments
Wise Words
14
Family Finances
20
4Cs of Getting a Loan
22
Newsbriefs
24
Is this "Phish"?
23
Run the Numbers
26
3
Sue Garrett (sitting center with daughter Lauren)
does e-Banking for her in-laws Judy (left) and Jaye (right).
Here she and her husband Tim (standing) discuss
e-Banking, while daughter Kate watches. The Garretts
are family members since 1992.
Sharing and Caring
Electronic banking has become a family affair
D
ISCUSSING FINANCES with your
aging parents is a difficult, delicate
step for many grown children.
Parents, who want to retain their independence and control, may simply refuse
to address the subject. Children, on their
part, are equally hesitant to bring it up.
But Choices has learned that
FMFCU's e-Banking service is changing
that behavior ... and helping bring the
generations together.
No forgetting bills
Anita Moran's family is a case in point.
After learning that her mom, Virginia,
was having trouble remembering things,
including paying her health insurance,
Anita opened a checking account and
immediately signed her up for e-Banking
and Bill Payer at FMFCU.
"I just slowly started using Bill Payer.
If mom called, I could just key it in."
"My mom was a remarkable woman.
She knew when it was time to let go of
things. She knew when she couldn't do it
alone anymore." Virginia died in 2004.
Now Anita does e-Banking for her
sisters Susie and Katie, her brother Jay,
her daughter Alana, her son Len, and
herself. She uses an Excel spreadsheet
to keep her passwords straight. "I pay all
the bills and do the statements each
month. It's like a part-time job."
When Bill Payer first came out, Anita
struggled with it, even accidentally
inputting all her data into a test module.
Liza Mattis, Vice President of Support
Services at FMFCU, says Anita "had a
rough time" at the start. "Now she
loves it."
"I wanted to persevere," Anita says.
"I knew I would be helping my sisters and
brother."
An Accountant who takes two classes
at Strayer University, one online and one
in the classroom, Anita has a very busy
schedule. So she often uses e-Banking
and Bill Payer when she gets up at 5 a.m.
"It's nice to know you can do that."
"If I go on vacation, I have my
laptop," she adds, and usually accesses
FMFCU accounts from a hotel room.
What does she like most about
e-Banking? "I guess the flexibility. If I
forget to pay something, I get online, pay
it and it's done. When I want to. From
wherever. That would be my most favorite
part."
What was it like before? "Oh what a
chore. I never realized what a drag it was —
the stamps and mailing. I'm glad I don't
have to go back to that."
No need to drive
Sue and Tim Garrett use e-Banking and Bill
"I just slowly started using
Bill Payer. If mom called,
I could just key it in."
Payer for Tim's parents, Jaye and Judy
Garrett, who moved in with them from
Western Pennsylvania about 3 1/2 years
ago. Tim's father receives a Social
Security check and a military pension.
"We opened an FMFCU account for
them," Sue says, "because we knew we
could do the online banking." Since Tim's
parents don't drive too much, e-Banking
became the way to go.
Tim's parents are private people, she
says. "But they figured that since they
were moving in with us, it was something
they needed to share with us. They are
happy with not having to worry about
writing checks or going to a branch office,
and it only takes a few minutes a month
once we got the automatic payments
set up."
"I do it for them," Sue says. It's just
easier that way." Her in-laws use Web TV,
but "that's about the extent of their Web
knowledge."
(Continued on next page)
Anita Moran shows daughter Alana (left) and sister Katie (right) how easy
it is to do e-Banking. They are family members since 1986.
5
financial institutions on a single or recurring basis. About 240 members now use
the service, with 25 more selecting it each
month. Typically, twice as many members
transfer money in as out. You can use
FMFCU’s e-Transfer service with your
checking, savings or money market
account. You can also make an FMFCU
loan payment up to the full amount of
a one-month loan payment.
It takes a few days to set up this
e-Transfer service, because FMFCU has
to verify account information at the other
institution. There is a $500.00 daily limit
on deposits and withdrawals per day, Liza
says, and recurring Direct Deposit is
required.
For more details, go to:
www.fmfcu.org/etransfers.
I
Phyllis Tudgay (left), member since 1994, and her daughter Dorothy Mervine, member since
2003, team up to do her e-Banking in West Palm Beach, Florida.
(Continued from previous page)
The Garretts can link the accounts
and transfer money back and forth. Tim
has an account. Sue has one. Their two
girls, Kate, 7, and Lauren, 4, each have
an account, as do Tim's parents.
The family uses "whatever services
FMFCU offers."
Do her kids use the Internet? "They
haven't yet. I don't want my seven-year
old ordering anything online from
HannahMontana.com," Sue says.
No problems
Dorothy Mervine, who does her e-Banking
from West Palm Beach, Florida, moved
there after she took early retirement from
William H. Rohrer in January 2006.
"My banking runs as smooth as if
I lived up there (near the Credit Union
in Pennsylvania)," she says.
Dorothy started using FMFCU's
Electronic Services when they first
became available. "I love technology.
I can just transfer money between
accounts. I use Bill Payer. It's just so
simple."
Her mom, Phyllis Tudgay, 80, who is
also an FMFCU member, joined Dorothy
in Florida. Mom and daughter now team
up to do her e-Banking. "She has a
computer for e-mail," Dorothy says, "but
isn't confident enough to do her banking
on it. She comes over here and we do
6
it together."
Besides helping members save time
and the cost of postage, FMFCU's
e-Banking services do even more. They're
bringing the generations together to
discuss finances, a totally unexpected
advantage.
MEMBERS TRY OUT NEW AND
IMPROVED e-BANKING SERVICES
FMFCU members are increasingly taking
advantage of new time-savers, says Liza
Mattis, Vice President of Support Services.
Expedited Bill Payment — Lets you
pay bills when you are close to the
payment deadline and want to avoid
late fees and additional interest charges.
Payment options: $10 for electronic
payment or $15 for a check (for
companies that don't accept electronic
payments). If you request this service
Monday-Friday by 3 p.m., your payee
will receive an electronic payment the
next business day. Checks are put into
overnight mail. When Choices spoke to
Liza in mid-April, FMFCU had not yet
promoted the service and 50 people
were already using it.
For more details, go to:
www.fmfcu.org/billpayer.
I
QuickBooks — This popular business
software is now available for downloading
by our members, along with Microsoft
Money and Quicken. QuickBooks allows
you to transfer your FMFCU information
and organize it, track invoices and more.
Among them:
I
e-Transfer — Allows you to transfer funds
between FMFCU and accounts at other
Saving a bundle on postage
FMFCU pays more than 35,000 bills
for members each month through
Bill Payer. In March 2008, the Credit
Union paid 36,276 bills — saving
members $14,873 in postage that
month alone. The same number of
bills under new rates that went into
effect May 12, 2008 would save
members $15,235 — or almost
$183,000 a year.
e-Banking is a hit
Liza reports that some 34% of FMFCU
members use Electronic Banking services,
and 11% use Bill Payer. The most popular
services are transfers and inquiries, such
as: "What checks have cleared?"
She also sees recurring transfers
being used more and more. By making
weekly transfers toward loan payments,
you can spread out the payments, pay
toward the principle faster and pay the
loan down more quickly. Liza says you
can change the amount and frequency
of the transfer, or simply "set it and
forget it." "A lot of members use
recurring transfers," she says. "I think
they could be used a whole lot more."
7
%
APY
BREAKING NEWS:
(Too late for this issue.)
*
Super
Saver
Savings Account
* APY = Annual Percentage Yield
See our ad on Page 13 for details.
FMFCU Wins Additional
Local and National Awards.
Learn more about these
awards following page 22
and look for further
details in our CHOICES®
Special Edition coming
this fall.
Top Honors...in the community...
and nationwide!
“Best of Delco”
“Best Bank”– Delaware County Daily Times – 2008
“Business of the Year”
Delaware County Chamber of Commerce – 2007
“Federal Credit
Union of the Year”
National Association of Federal Credit Unions
(NAFCU) – 2008
Look for our newspaper ads and cable TV spots
promoting our latest honors.
“It’s Better to be a Member
than a Customer.”
to any current FMFCU member, or
to any employee or member of a
partnering organization.
Members-Only Perks
I
Ready cash for loans, Super Saver account and more
W
HILE LOCAL AND NATIONAL
reports claim the subprime
mortgage crisis has dried up
money for mortgages, student loans,
home equity loans and more, it's simply
not true at all financial institutions.
In fact, as Choices went to press,
FMFCU was seeing a huge increase in
mortgage lending. Money also was
available for student loans, car loans,
home equity loans, lines of credit and
more.
Why? FMFCU did not do "the crazy
stuff," says Mike Magnavita, Executive
Vice President/Chief Financial Officer.
Safe and sound practices
"We never did the riskier type of loans.
We haven't changed the way we loan
money. And our mortgage volume has
more than doubled."
"We also have money for student
loans," he says. "While we work with AES
(American Education Services), we fund
the loans. They just service them."
Mike's advice: "If you need money,
come and get it. We are open for
business as usual."
application in half. Membership can be
established very quickly, with access to
accounts as soon as paperwork is
returned.
This easier application is just one
example of FMFCU's focus on speed,
service and convenience for our members.
At FMFCU, membership certainly has
its advantages.
*APY (Annual Percentage Yield) is quoted as of
7/1/2008. 7.00% APY on balances up to $500,
balances over $500 will earn a 1.00% APY. Variable
rates apply. One account per member. Offer may be
withdrawn at any time. See account disclosures for
additional information.
How to become an FMFCU member
You can join FMFCU if:
I
You are the spouse, child, parent or
step-parent, sibling or step-sibling,
grandchild, grandparent or housemate
You live, work, worship, volunteer,
attend school or regularly conduct
business in the following locales:
Borough of West Chester, City of
Chester, and selected areas in
Norristown and Southeastern
Delaware County.
With over 52,000 current FMFCU
members, 21 area branches, 5 studentoperated branches, over 1,000 partnering
organizations and a charter for FMFCU
to reach out to underserved areas, there's
a good chance that you are eligible to
join us. Let your Hometown Credit Union
tell you if you are eligible or not.
For a Membership Application, go to:
www.fmfcu.org/membership.
Or call our Member Service Center at
610-325-5100.
(Outside PA: 1-800-220-3193.)
Important: Once a member, you're
a member for life!
H ...
NEWS FLAS
GAS PRICES
U.S. POSTAGE RATES AND
INCREASE AGAIN ...
TIME FOR FMFCU’S BILL PA
YER!
FMFCU offers members
generous 7% APY* too!
Besides readily available credit, FMFCU
offers members an attractive bonus.
The SUPER SAVER Savings Account
rewards you with a 7% APY* on the
first $500, and 1% APY* after that. It's
designed to motivate people to start
saving, and pays you a generous
dividend for doing so.
There is no minimum balance
requirement or monthly service fee.
Annual Savings with Bill Payer vs. traditional checks:1
Postage:
Checks:
Gas:
Your Time:
PLUS:
It's easy to apply
A new online membership application
makes applying quicker and easier than
ever, says Linda Timmins, e-Branch
Supervisor. The new application helps
you fill in required information, print out
the pages and sign it.
While FMFCU still needs to check
on eligibility and follow federal rules
establishing the identification of anyone
opening an account, the new process
cuts the time it takes to complete an
I
You yourself are an employee or
member of any of our 1,000+
partnering organizations.
$75.60
$34.20
$48.00
INVALUABLE!
Total: over $150 a year!
SIGN UP
FOR FMFC
U’S
FREE BILL
PAYER*
A N D S AV E
!
• Expedited Bill Payment for last-minute payments,
avoiding late fees
• Pay almost any vendor, anywhere
• One-time or recurring payments
• Safe and secure
For additional information, see related article on page 6
or visit www.fmfcu.org/billpayer
for a FREE demonstration.
•
To access Bill Payer, you must sign up for FREE e-Banking. A non-access fee of $6.95 will be charged to your
checking account if the service is not used for 90 consecutive days — unless you cancel the service in writing.
Calculation assumes 15 bills paid and 1 gallon of gas used per month.
1
7
W
Distance doesn’t matter
ITH e-BANKING and Bill Payer,
you can bank anywhere. At any
time. When and where you
want to. These far-flung members can
attest to that.
I
I
Live from London
Patrick Lee, a General Partner at Advent
Venture Partners, a venture capital
company in London, has lived abroad for
ten years and been an FMFCU member
for over 15. He uses Bill Payer five or six
times a year, mostly for credit card bills.
FMFCU's credit card is also quite handy,
Patrick says, because he travels to the
U.S. regularly, and some U.S. Web
merchants won't take a card that's not
registered in the U.S.
Patrick particularly appreciates the
personal service he receives when he calls
FMFCU's Member Service Center with a
concern."They are also extremely helpful
and very professional, and can generally
answer any question I throw at them,"
he says.
I
Satisfied in San Mateo, California
Ed Kako, Ph.D., who taught psychology
at Swarthmore, used FMFCU branches at
both the college and in Media before
moving to California. He describes his
treatment at both as excellent. "I've
developed a real loyalty for credit
unions," he says.
Along the way he took out a car loan,
moved all his other bank accounts (other
than retirement) to FMFCU, and got a
mortgage, too.
Dr. Kako is a real fan of e-Banking and
Bill Payer. "It's so easy to do our banking
online." He also sings the praises of
FMFCU's staff. "FMFCU is so good," he
says. "You develop a relationship with a
8
Travel is much easier with
CO-OP surcharge-free ATMs
Thanks to the CO-OP Network, you have
access to over 25,000 ATMs in all 50
states and 10 foreign countries. Not only
are these ATMs surcharge-free to our
members, they're also free from foreign
transaction fees.
The CO-OP Network is like having
over 25,000 FMFCU machines. You
can do an unlimited number of cash
withdrawals, balance inquiries, transfers
between accounts, deposits and more ...
all with no charges.
Effortless in Ecuador
Even though he lives in Philadelphia,
Swarthmore grad Matt Murphy has been
to an FMFCU branch only once in about
seven years. "I started using Bill Payer
right out of college," he explains.
Matt used the service long-distance
last year when he spent seven weeks in
Ecuador. He checked bills online and paid
them on time from Quito.
"My paycheck is set up for Direct
Deposit. I can view and pay my bills
online," he says. "I knew when bills were
coming and when they had to be paid.
It was easy."
surcharges, and was doing so reluctantly.
Then she saw a CO-OP logo on an ATM
there. "Cool," she says. "I was prepared
to pay a surcharge and I didn't have to.
Good."
3 new ways to find CO-OP ATMs
Matt Murphy (left), member since 1997, poses
with Lulu the llama in the mountain town of
Chugchilan, Ecuador. Lulu is patiently awaiting
the salt in Matt's right hand. Matt used
FMFCU's Bill Payer from Ecuador while
studying Spanish there for seven weeks.
financial institution. I know I can get
member service quickly. They're always
helpful."
I
Cool in Columbia, South Carolina
After working for an obstetrics and
gynecology practice at Delaware County
Memorial Hospital (DCMH), Jocelyn
Rivera moved to the Columbia, SC area.
She "loves" e-Banking. "I use it all
the time. At least once or twice a week."
She does not love to pay ATM
Away from your computer? No problem.
Locating CO-OP ATMs on the road is
now easier than ever.
• Text your location — address, intersection or zip code to 692667 (MYCOOP)
from any mobile phone.
• Call 1-888-SITECOOP to access the
CO-OP voice ATM locator.
• Download the CO-OP Network's
ATM database to your Global
Positioning System (GPS) personal
navigation device through a link at:
www.co-opnetwork.org. You'll get
turn-by-turn directions to the nearest
CO-OP ATM. The database will be
updated monthly. Launch of this feature
was scheduled for June 2008.
Going the extra mile
Would your bank do this?
I
Respond so quickly
FMFCU's staff is very responsive, says
Sue Garrett, who uses e-Banking and Bill
Payer. When Pennsylvania claimed the
Garrett's had not paid their state income
tax, FMFCU faxed a copy of the check
to her within three hours. The state
"profusely apologized," Sue says.
I
Take a chance
After her divorce, Anita Moran had "credit
that was not that hot." But, "FMFCU took
a chance on me and I got back on my feet
through them."
Now, she says, "I don't think I will
ever leave FMFCU. They bend over backwards to see that you are satisfied. They
always work with you."
I
Get right back to you
Dorothy Mervine, who lives in Florida, took
out a car loan through FMFCU's King of
Prussia branch. She e-mailed Lynda
Stanton, told her what she wanted and
Lynda quickly got back to her. "I like that,"
Dorothy says.
"You just don't find that in banks,
especially in Florida. Even people that live
here are on vacation. They're very laid
back." She'll continue dealing with the
Credit Union. "FMFCU is tops in my book,"
she says.
$
$
$
N
$
$
$
$
$
$
Mortgage Money Is Still Available
Although requirements are tighter, and the number of lenders is down,
FMFCU mortgages are up 98%
O MATTER HOW you look at
it, the mortgage market has
been a mixed bag this year.
But FMFCU is writing
a lot of mortgages, says Marty Burke,
Assistant Vice President/Mortgage Development Officer at FMFCU. In fact, the Credit
Union closed 98% more mortgages from
January 1 to April 30, 2008 than it did in
the same period last year, mostly refinances.
Purchases have picked up too, and now
account for 50% of overall mortgage
volume at the Credit Union.
But due to the overall lending environment across the country, loan requirements
are far tighter than last year with more focus
on borrowers' credit scores.
More data is factored into the rate now,
so it's more difficult and time-consuming
to quote an accurate rate, Marty says.
"Since this change is industry-wide,
members need to be careful when getting
a rate quote. Some lenders may just quote
their best rate without knowing the exact
situation."
"At FMFCU, with your permission, we’ll
pull your credit and verify assets during
the pre-approval process, so you will get
a realistic rate quote," he says. A quote
needs to take into account your credit
score, the type of transaction you’re doing
(refinance or purchase) and the Loan-ToValue (LTV) ratio of the property.
The result? Those with lower credit
scores and lower down payments will pay
higher rates. That's why it’s more important
than ever to improve your score to get
yourself the best deal possible. (See
related story on page 22.)
Score guidelines were much broader
last year. In 2007, you could have gotten
the same loan with a 620 score as an
800. Not in 2008. This year, you need
a 700 score to qualify for a mortgage
without putting anything down, and true
100% financing is getting harder to
find. Fortunately, FMFCU still has a few
0% down-payment options for you.
The Bottom Line
The bottom line, Marty says, is you should
expect to pay more if you have less than a
740 score, or less than 30% equity in a
property. For most first-time homebuyers,
if you have a credit score under 700, you'll
need at least a 3-5% down payment. For
those with a 700 plus score, FMFCU offers
a 100% mortgage with no down payment.
Not only will many consumers pay
more because of risk-based lending,
there's less competition in the marketplace this year. In fact, the number of
available lenders has dropped 60%
in the last year. One Web site,
ml-implode.com, even tracks the number
of companies that have imploded.
Marty’s advice: Consider the safety
of a local lender. Deal with people you
trust at FMFCU. "I think that is why our
mortgage volume has increased," says
Marty. Many more members are turning
to FMFCU for their mortgage financing.
Not only are there no prepayment
penalties of any kind, FMFCU Mortgage
Officers will give you the personal
attention you expect from your Credit
Union, plus an excellent rate and very low
lender fees. And a free pre-approval.
20% Commission Rebates
In addition, Marty says, FMFCU has
partnered with CU Realty of PA, and
more and more FMFCU members are
warming up to the idea of earning a 20%
commission rebate when buying or selling
a home. Working with CU Realty on a
typical transaction of $200,000 — in which
an agent's standard commission might be
$6,000, members can get a commission
rebate of $1,200.
When you’re buying a home, the
seller pays all commissions, but you can
still receive a rebate just by using an
approved CU Realty Real Estate Agent.
You'll find a list on the Web site under
the city where you want to buy or sell.
Who can’t use some extra cash
when you are buying or selling a house?
To learn more, go to: www.fmfcu.org/
curealty.
You may also contact the Mortgage
Officer servicing the branch you frequent
most. Go to: www.fmfcu.org/
mortgageofficers.
Sources:
en.wikipedia.org/wiki/Risk-based_pricing
www.bankrate.com/brm/news/mtga/May2208_
mortgage_analysis_a1.asp?prodtype=mtg
9
PARTNER PROFILE
Shaping Students
Swarthmore College has a worldwide reputation for excellence
HILE TOURING SICILY in 2002,
a Delaware County couple was
trying to explain to fellow
travelers where their son attended college.
Coincidently, that day's issue of the
international edition of USA Today
featured four global cultural events across
the top of one page. The first three
locations were in major cities, like London,
Munich and Moscow.
The fourth: Swarthmore, PA, where
the Bolshoi Ballet was performing that
evening at Swarthmore College.
The other travelers were impressed.
Most people are when they learn more
about Swarthmore College's sterling
academic reputation.
Founded in 1864 by members of the
Religious Society of Friends or Quakers,
the private college, which has always
been co-educational, is now non-sectarian.
It has an acceptance rate of just 16%, is
often considered one of the top two or
three liberal arts colleges in the U.S., and
numbers five Nobel Prize winners among
its graduates.
After adjusting for institution size,
Swarthmore is "the third largest baccalaureate source of doctoral degree recipients
in the United States, and the largest such
source with a liberal arts curriculum,"
says Wikipedia.
But, because Swarthmore only has
about 1,500 students, and does not have
big-name sports teams, many people,
including area residents, don't completely
realize the large impact the school has in
the academic world.
wonderful things" in a changing world.
Jim, a soft-spoken man who chooses
his words carefully, hesitated at first to
interview at Swarthmore. "I'd never been
on a small college campus, and was not
sure it would be a good fit," he says,
noting that Stanford had 14,000 students
and Dartmouth over 5,500.
But after meeting with college
officials, he says, "I felt like I should call
my wife and at least write a check to the
annual fund. That's how compelling their
description of the College's educational
mission was."
After another interview, Jim made
the move to the Philadelphia area with
his wife and two young sons.
"The more time I spent here, the
more I realized it was exactly the type of
place I had dreamed about working."
The "Swarthmore Experience"
FMFCU's first college branch
Even current Dean, Jim Larimore, didn't
fully comprehend the essence of
Swarthmore until two years ago, when
he made his first visit to the College —
often listed as one of the "most beautiful
campuses in the U.S."
Recruited after serving at Stanford
and while still at Dartmouth, Jim knew
about Swarthmore's reputation for
academic rigor.
But he didn't totally understand "the
Swarthmore experience," with its small
classes, brilliant students and teachers
constantly challenging each other to
grow, and the school's goal of "helping
shape students that can go out and do
Among those unique services at
Swarthmore is FMFCU's first collegebased branch. It's located in Parrish Hall,
the main administration building, in the
very heart of the campus. (Later, FMFCU
established a second college branch at
nearby Widener University in Chester.)
John Caskey, Chairman of the
Department of Economics at Swarthmore,
says, "All our students use FMFCU," which
opened on the campus in January 1992.
Because he taught "Financial
Economics" and wanted to know more
about the inner workings of the Credit
Union his students were members of,
John joined FMFCU's Board of Directors
W
10
Intensely intellectual
He acknowledges that Swarthmore's
intense, intellectually challenging environment can be stressful. "At Swarthmore,
students will do all the required reading
and all the optional reading, and then
ask, 'what else is there to do?'"
But he says the students both work
hard and have fun, and "have a more
healthy balance than their reputation
would suggest."
He's also proud that all campus
activities — such as plays, movies,
concerts and more — are free. And
there's plenty to keep students busy,
with over 100 student organizations listed
on the school's Web site.
in 1996. He also thought his business and
finance background "might bring some
useful knowledge to the board."
John has been impressed by the
Credit Union's deep, high-quality
management, outreach efforts and
strategic thinking. "They're a good citizen
wherever they operate."
Able to blend in
While FMFCU is a sophisticated financial
institution, he says its branches have the
chameleon-like ability to become a part
of the place where they're located. "At
Swarthmore, you think you are at the
Swarthmore Credit Union. Students come
in to get quarters to use the washers
and dryers."
"There's little turnover and staff
members call you by name. It's informal,
the same way Swarthmore is. They
picked up the culture of Swarthmore
and fit right in."
The Credit Union is a real partner
with the college, agrees Jim Larimore.
When Swarthmore wanted to develop
a program about how college students
could better understand and manage
debt, Kelly Lynn, FMFCU's District
Manager, helped Swarthmore "put
together a great training session."
He adds: "It's a real benefit to us to
have such a great set of colleagues down
the hall." The Credit Union is "like
another student services department."
The College's unique culture of
commitment, caring and collaboration
has earned it a global reputation.
Summing up the Swarthmore College
story, Jim says simply: "It's the most
exciting learning experience a college
student can have."
Sources:
www.fastweb.com/fastweb/colleges/view_
swarthmore_college_8892
en.wikipedia.org/wiki/Swarthmore_College
www.swarthmore.edu
encarta.msn.com/college_article_beautifulcampuses/
Top_10_Beautiful_College_Campuses.html
Photo on Right: Parrish Hall, the first building
erected at Swarthmore College, is literally and
figuratively the heart of the campus. FMFCU's
Swarthmore College branch is located on the
first level of this impressive structure.
(Photo by Eleftherios Kostans.)
Fast Facts
Founded:
1864
Size of Campus:
357 acres
About 1,500
Number of Students:
Acceptance Rate:
Living Alumni:
16%
18,000
Nobel Prize Winners:
5
Student-Faculty Ratio:
8:1
Types of plants in the college's Scott Arboretum:
Over 5,000 (all identified in Latin)
Number of student organizations on-campus:
Over 100
Faculty with Ph.D.s (or terminal degrees):
Faculty-Staff Housing Units:
99%
136
"Anywhere else
it would have been an A."
Popular on-campus slogan:
11
ALERT TO
ABUSE
FMFCU works with local law enforcement to protect the elderly
DELCO District Attorney
presents FMFCU with
special award
Mike Green, Delaware County
District Attorney, presented FMFCU
with the Twenty-Seventh Annual
Victims' Rights Week Award
"in grateful appreciation for its
commitment to the rights of victims
of crime." This is the first time an
organization has received the award.
12
WAITRESS BEFRIENDS an elderly
man and bilks him out of more
than $74,000. A drug-dependant
grandson bludgeons his grandmother
and takes her money. A health care
worker, who is supposed to be providing
24-hour coverage for an elderly couple,
leaves them unattended much of the
time while she visits other patients.
All these incidents happened in
Delaware County, PA. And all of them
could happen to any senior citizen or
elderly person we know.
To help combat exploitation of
the elderly, and protect seniors from
economic, physical and sexual abuse,
Delaware County District Attorney Mike
Green and his team set up a Senior
Exploitation Unit in late 2003.
A
FMFCU, through Laymen Grant,
FMFCU's Security Officer, and Manager
of Internal Audit and Security Fraud,
jumped at the opportunity and set up
a training session for all FMFCU
employees.
The result: the Credit Union received
the Delaware County Twenty-Seventh
Annual Victims' Rights Week Award last
April, the first time an organization has
received the honor. It usually goes to
individuals.
While researching the problem,
Laymen was surprised by the sheer
volume of elder abuse. He offered the
training because, "We (the branch staff)
are the first line of defense." His goal:
to have FMFCU staff recognize potential
elder abuse and help members.
Accepting a challenge
Tempting targets
As part of the unit's community outreach
efforts, Lead Detective John Ryan
challenged local financial institutions to
see how they could help the elderly.
Why are the elderly targeted so often,
Laymen asks? "For the same reason Willy
Sutton robbed banks. That's where the
money is."
Baby Boomers are estimated to have
41% of discretionary income and 80%
of the financial assets. So they are a
tempting target for all kinds of fraud
and abuse. Laymen's advice: "If it looks
too good to be true. It is. Cut and dry."
ALERT: for a related story about a
current lottery ticket scam, see Family
Finances on page 21.
D
ELAWARE COUNTY District
Attorney Mike Green, Prosecutor
Gregory Hurchalla and Detective
John Ryan explored the problem of
elder abuse with Choices at the county
courthouse in Media.
Asked what FMFCU employees
should look out for, John described a
number of possibilities: It could be an
elderly person at the Credit Union, either
escorted or unescorted, withdrawing
large amounts of cash, says John. Or you
see a senior citizen coming in with the
same person who does all the talking for
grandmom. Then you start seeing a lot
of cash advances to that person.
Listen to your gut
It may be perfectly legitimate. "But if
your gut says it is a problem, call us,"
John says. "The DA's office will make
the determination."
"There's no A-Z list that includes
everything you should be looking for. But
if you are dealing with a senior citizen
and there is something the Teller feels
should go into a suspicious activity
report, that's a tip-off," John says.
"If that was your grandmother,
would you like her to be treated that
way? It's commonsense things that turn
your stomach." Too many financial
institutions claim, "We can't call you
because of privacy concerns," says
Greg. "But they also have a fiduciary
responsibility."
"We need to be community minded,"
Mike says. When a couple sharing a
driveway with an elderly man over 90
years of age noticed a young lady tossing
stones at his window to get his attention,
they asked him about it. After learning
that the man had befriended a waitress
from a local diner and was paying for
seven cell phones for her family and
friends, the neighbors called the DA's
office.
"That's one where people did report
their suspicions and it worked out well,"
Mike says." They did the right thing."
The waitress, Cynthia Smith, pleaded
guilty and is now doing jail time.
If you think something is wrong, act
on it, Greg says. "You're not prying into
another person's business. You're a
safety net."
"The abuse usually starts small,"
Greg says. "The abuser will say, 'Why
don't you get me a cell phone, so I can
stay in touch with you.' Then it's a car.
Look for unjustified expenses."
How to deal with
HOME HEALTH
WORKERS
Fear of losing their independence
The elderly are often unwilling to tell
anyone that they've been scammed,
Mike says. Why? "They are embarrassed.
And they are concerned that if they
report a crime, we'll tell their son and
daughter, who will pull the plug on their
living alone. Then their independence is
gone. We only notify the family if there
is an absolute necessity," Mike says.
To get their message to the
community, Mike and his staff have
talked to over 120 outside groups. "We're
trying to educate seniors and those who
care for them to avoid this kind of crime."
How do you know if there is a
problem? "It's really simple," John says.
"You look for the unusual."
Note: To help seniors avoid "Identity
Theft," FMFCU offers civic groups free
programs on the subject. For information,
call Laymen Grant at 610-325-5131;
or Jenn Strasinski at 610-325-5140.
Are home health care workers caring for
your loved ones? Delaware County
District Attorney Mike Green offers these
practical tips:
• Don't mix duties. Home health
care workers are there for nourishment, hygiene and medical care,
not for banking and shopping.
• Store financial records in another
location, or keep them under lock
and key. That goes for credit cards, too.
Some seniors have their checks right
there on the desk and files in
alphabetical order. That makes it too
easy for someone to steal their identity.
• Trust, but verify. Stop in
unannounced and see if what you
have contracted for is being
performed.
APY*
Super
Saver
Savings Account
A savings account for everyone:
No minimum balance.
No monthly service fee.
For more information on the Super Saver, visit any branch location,
www.fmfcu.org/supersaver or call the Member Service Center 610-325-5100.
Outside of PA, call 1-800-220-3193.
*APY (Annual Percentage Yield) is quoted as of 7/1/2008. 7.00% APY
on balances up to $500, balances over $500 will earn a 1.00% APY.
Variable rates apply. One account per member.
13
Personal savings and investments: This
may include stocks, bonds, certificates,
money markets and more, plus nonqualified accounts.
These buckets make up your personal
retirement savings. You need enough
coming out of there to provide a
comfortable retirement. On average,
most people want to replace 70-80%
of their income in their retirement years.
The number is different for everyone.
You have to know what you need and
where your assets are. And you have to
factor in inflation, which can really eat
away at your savings.
The way to a successful retirement is
to put away as much money as you can
afford, and to get a better return on your
investment. If your company offers a
matching contribution, you must find a
way to take full advantage of this free
money. You would be shocked how many
people don't.
Coping with risk
Brian Fee leads a retirement workshop.
WISE WORDS
"Mom was right about retirement planning," says Brian Fee
I
T’S 5:30 P.M. at FMFCU's Broomall
branch. About 10 members are here
tonight to learn the ins and outs of
retirement planning.
Leading this complimentary
workshop is Brian Fee, a Registered
Representative from CUSO Financial
Services, L.P. (CFS)* with 23 years of
experience in the financial services field.
(As the father of 8-year old triplets,
Brian also has a strong motivation to
make good long-term investments.)
Now based in the Broomall office,
Brian consults with FMFCU members by
appointment, in-person, as well as over
the phone.
Here's a summary of his very
practical retirement planning workshop:
Planning is the key
Something brought you here on this
gorgeous night. What is it?
We think of the golden years as
tennis and golf. But that does not
happen for everyone. We spend more
time planning a vacation than we do on
a retirement that can provide a lifetime
of vacations.
The retirement you want is not
going to just happen. You need to work
at it. It's one of the most important
things you can do. (And we at FMFCU
can help.)
14
Typically, a month or so before you
retire, you go into Human Resources and
say, "How much am I getting?" When
you see the answer, you say, "I may not
be able to retire on this."
That's why you need to work at
retirement planning.
Your money buckets
Your retirement money comes in several
buckets.
Social Security: Most in this crowd will
see Social Security. Younger people are
not counting on it being there for them.
That is smart.
Pensions: Like dinosaurs, they are
becoming a thing of the past, except
if you work for a government agency.
Governments can afford pensions,
because they just raise taxes.
401(k) and 403(b) plans: Companies are
putting the onus on you to fund your
retirement. But many people don't put
money into these retirement vehicles.
To promote retirement planning at some
companies, including our local hospitals,
you may now be automatically enrolled
in a 403(b) just to get you started.
A 403(b) is a non-profit version of the
401(k).
You have to find a risk level that you can
tolerate. People often think one way and
actually invest another. So I look at their
investments to decide what they really
are. I also have them complete a risk
tolerance questionnaire.
I review their investments, and talk
to them about risk, using examples.
You have to look at real life applications. If you put in $100,000 and it drops
to $90,000, are you uncomfortable?
What about at $80,000? At what point
do you get uncomfortable?
Who you are and what your past
experiences are determine how you
invest.
Market volatility is a given. Some
people got sticker shock when they
You should handle volatility
the way your mother told you:
"Don't put all your eggs
in one basket."
looked at their March 31 statements.
I try to manage expectations. I
guarantee you that at some point, you
will lose money. You ride out the rough
times.
92% of your success starts here
The way to deal with market volatility is
asset allocation. Because what performs
best one year may be the worst next year.
You need to know the definitions of the
various classes, like Large Growth Stocks,
Small-Cap Value Stocks, and High Yield
Bonds, and invest in many, or all of them.
You want to remember what your
mother used to say: "Don't put all your
eggs in one basket."
Smart investing
If you are not investing globally, you are
missing the boat. I think you'll find that
about half the pharmaceutical products
in your medicine cabinet are made in
foreign countries, as are half the products
in your grocery basket.
Don't look for the hot hand or hot
fund of the moment. The worst thing you
can do is look at the best selling mutual
funds list. All you are buying is past
performance.
The first rule: we're not trading.
We're investing.
We are not Tommy Traders.
Social Security
When should you take Social Security?
It's easy to answer: just put down the
date you're going to die. The longer you
wait, the more you are going to get.
But you'd better hope you are around to
collect. The answer is: It's when it makes
sense to you.
You also need to look at the Social
Security reports you get in the mail and
make sure you are credited for every
year. They do make mistakes. They did
with me.
count yourself as very fortunate.
Distribution of retirement savings
The good news is we're living longer.
The bad news is we're living longer, and
we have to make that money last.
During the distribution phase of
retirement, most experts recommend
4-6% as withdrawal rate. But you also
have to factor in inflation, which eats
You are a prisoner of your employer's
plan. You didn't pick these funds and
your choices may be really limited. Some
are good. And some are not. But if you
are over the age of 59 1/2, you are free
to move your money out of your employer plan to where you may have better
options. That doesn't mean you stop
contributing. But, you can take a large
chunk you have invested and move it
outside for a better return.
Pension options
Again, this is complicated. If you are
married and choose a joint survivorship
benefit to protect your spouse, what
happens if he or she dies? You get a
reduced amount for the next 30 years.
And no one will benefit. If you had
proper life insurance, you might not have
had to take the survivorship benefit.
Not to scare you, but pensions are
not guaranteed. Talk to someone in the
steel industry. They aren't here anymore.
And some in the airline industry have
lost theirs. So if you have a pension plan,
Complimentary consultations
THE FIRST RULE:
We're not trading. We're investing.
away at your nest egg.
A dollar today doesn't buy a dollar
tomorrow. In general, inflation is 3% a
year. After you retire, and when you
factor in Medicare, it's 4%. If you are no
longer working, take 3% off the top and
then take off taxes.
Final thoughts
People don't manage their 401(k) or
403(b) accounts closely enough. From
the time you started in these programs,
has your risk tolerance changed? Then
your investments should too.
Your question should be: How can
Employer plans
I best manage this money so it is going
to last for me? Managing withdrawals is
as important as managing the growth.
We try to educate you about risk,
so you make better decisions. You have
to look out for yourself. You have to
work at it. Risk is in the individual's eye.
It's what is right for you.
There is no investment out there
worthwhile if it leaves you unable to
sleep.
Brian Fee and his colleague Christina
Moore offer members complimentary
planning sessions at no charge. Their
goal: to help you turn your financial
dreams into reality. They can talk to you
about investment planning, retirement
planning, college planning, estate
planning and more. To contact either
Registered Representative, go to:
www.fmfcu.org/financial/team.htm and
click on the e-mail address of the
representative you wish to speak with.
* Investment products and services offered through
CUSO Financial Services, L.P. (CFS), an independent
broker/dealer, are not NCUA/NCUSIF insured, not
credit union guaranteed and may lose value.
Representatives are registered through CFS.
(Member FINRA/SIPC.)
+
OWN A
HOME? NEED A CAR?
Apply for an auto equity loan.
Your home helps secure a vehicle purchase, and FMFCU helps
with financing this unique loan — it’s that simple!
• Flexible terms & 100% financing up to 84 months
• Same low rates as our auto loans
• Potential tax benefits*
For more information and to apply for an auto equity loan online,
go to www.fmfcu.org/vehicle
* Consult your tax advisor
15
O
Encouraging Excellence
VER 200 PEOPLE gathered at
Drexelbrook's Corporate Events
Center on April 29 to recognize a group
of extraordinary educators and students
... and encourage their continued
success.
FMFCU President/CEO John D. Unangst
said the purpose of the Partners In
Learning Banquet was to create the
same excitement for academic success
as sports' banquets do for athletic excellence. And it did.
The celebration, hosted by Franklin Mint
Federal Credit Union Foundation, honored
many banquet attendees:
• The 2008 Financial Literacy Advocate
• 18 area teachers, who accepted the
first-ever Delaware County Excellence
in Teaching Award
• Five high school seniors, who received
2008 John D. Unangst Scholarships,
plus a special sixth winner in honor of
Mary O. Kennedy's 30th year as a
member of FMFCU's Board of Directors,
over 20 years as Chairperson
• The 2008 Outstanding Student Leader
• The 2008 Student Branch of the Year
• The Youth Advisory Board
In addition to the FMFCU Foundation,
these organizations helped sponsor the
Delaware County Excellence in Teaching
Awards: Endo Pharmaceuticals, Delaware
County Daily Times and Delaware County
Intermediate Unit.
For a complete list of honorees, go to:
www.fmfcufoundation.org/awards.htm.
16
Top Left: Upper Darby High School branch
staff, their FMFCU counterparts and a faculty
liaison gather around Branch Council President
Rachael Edwards (holding plaque) after being
honored as FMFCU's 2008 Student Branch of
the Year. Pictured are (front row, left to right):
Ashley Beard, Javada Hill, Rachael Edwards,
Courtnie Brown and Jennifer Nguon; (back row,
left to right) Rayny Formanes, Dweh Boley,
Shakar Jones, Chris Gerlacher, Alphonso Scott,
Jacqueline Beers, and Joanne Goldsborough.
Bottom Left: Teachers receiving the Delaware
County Excellence in Teaching award are: (front
row, left to right): Kim Mitchell, Marion Bailey,
Mary Byrnes, Janet Barber, Julie Myers, Michele
Cooperstein, Julie Smith, Twyla Simpkins and
Barbara Baily; (back row, left to right) Patricia
Georges, Mary Lou D’Alonzo, Hollie Citerone,
Joseph Barrett, Jack Hontz, Robert Thomas,
James Ciccarelli, and Monica Cook.
Immediate Left: Appearing with Kate Clair
(third from left), Financial Literacy Advocate
of the Year, holding her award, are (left
to right): John D. Unangst, President/CEO;
Michelle Skrobak, FMFCU Youth Education
Specialist; and Rick Durante, Vice President
of Education.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
Bring In This Ad To Receive A
$250Gas
Card!
1
Upon used vehicle purchase from
Enterprise Car Sales.
Haggle-Free
Buying.
Worry-Free
Ownership.
July 1 - September 30, 2008
AP
AP
R IL
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5
AP RI L
To get pre-approved, simply
apply in person, over the phone
at 610 325-5100, or visit our
website at www.fmfcu.org.
1
$250 gas card will be issued 30 business days upon purchase (or financing) of vehicle. Offer valid only on Enterprise vehicles purchased from 7/1/08 - 9/30/08 and financed through
Franklin Mint Federal Credit Union. Offer void when 7-Day Repurchase Agreement is activated. No cash advances. Cannot be combined with any other offers. Not valid on previous
purchases. 2For a period of seven days beyond the date of delivery or 1,000 miles beyond the odometer reading at delivery, whichever comes first, the vehicle may be returned for
the exact price originally paid minus a $200 documentation and cleaning fee (as allowed by law). Restrictions apply. For details, see an Enterprise Car Sales Manager.
The “e” logo, Enterprise, and “Haggle-free buying. Worry-free ownership.” are trademarks of the Enterprise Rent-A-Car Company. All other trademarks are the property
of their respective owners. © 2008 Enterprise Rent-A-Car Company.
812482 6/08 SH
Call 800 car sales or visit cuautodeals.com
17
LOCAL ANGLE
s
i
h
t
m
o
r
F
To this
BIRTH OF THE
BAR CODE
First one was developed by two Drexel U. grads
I
N 1948, JUST TWO YEARS after
the world's first computer was
unveiled at the University of
Pennsylvania, two graduates from
nearby Drexel Institute of Technology
(now Drexel University) began working
on a product that would eventually rival
the impact of the computer.
In fact, noted Author and Commentator, Arthur Goldstuck, calls their creation
of the bar code "arguably the most
successful consumer technology ever
rolled out."
18
Their patented idea eventually lead
to the omnipresent Universal Product
Code (UPC), now used on just about every
product sold in the world, and scanned
an estimated 6 billion times a day.
Food for thought
For grad student Bernard Silver, it was a
case of being in the right place at the
right time, and seizing the opportunity.
Overhearing a Dean at Drexel reject a
plea from the President of Food Fair,
a Philadelphia grocery chain, to develop
a better way to track inventory and
automate the checkout process, Silver
told his friend Norman Joseph Woodland
about the request.
Norman was intrigued. One day at
the beach, he told Fortune magazine:
"I took a beach chair down to the beach
and sat down. And I'm thinking, How ...
am I going to pull this off? ... What do
I need? Well, the first thing I need is some
sort of a code. And the only code I knew
of was Morse code. You know, I had to
learn that in the Boy Scouts when I was
a youngster. And I was thinking" —
Woodland starts singing — "'dit-dit-dit,
daaah-daaah-daaah, dit-dit-dit.'
Remember what that is? That's SOS.
Dit-dit-dit was 'S.'"
He stuck his four fingers into the
sand and pulled them to himself.
Suddenly he discovered the answer: a
code in the form of wide and narrow lines.
"That was the invention of the bar
code, right then and there," he says.
"That was it!"
On October 7, 1952, the two
inventors received U.S. patent number
2,612,994, "Classifying Apparatus and
Method." The basic pattern they
developed was very similar to today's
bar code.
Unfortunately, the inventors' ingenuity
was far ahead of the technology available
at that time.
Lasers came much later
Their initial efforts required a 500-watt
bulb and a reader the size of a table.
Not until powerful lasers and integrated
circuits came into being years later did
scanners become simple and affordable
enough to make the bar code useful.
Those developments, and a coordinated push by the grocery industry's
trade group to reduce costs and
congestion at the checkout line, resulted
in adoption of the UPC on April 3, 1973.
The winning UPC entry was
developed by IBM's George J. Laurer
with the help of co-worker Norman
Joseph Woodland, one of the two
original bar code inventors, who had
joined the company in 1951.
While neither Silver — who died at
age 38 — or Woodland ever made much
money on what would become a billiondollar business, Woodland did receive
the National Medal of Technology from
President George H.W. Bush.
The first public UPC scan took place
June 26, 1974 at a supermarket in Troy,
Ohio. Picking a product at random,
shopper Clyde Dawson placed a 10-pack
of Wrigley Juicy Fruit gum on the counter.
After being scanned, the package was
sent to the Smithsonian Institution
for display.
Changing businesses
The bar code's benefits revolutionized
business worldwide. It enabled a smart
company like Federal Express to locate
and track packages instantly, deliver them
efficiently and be the shipper you used
"when it absolutely, positively has to be
FA S T FA C T S
One in a million:
Chances of a bar code error.
22:
Years between the granting of
the bar code patent and the
first commercial scan. A patent
generally lasts 20 years.
50:
Number of stores using a scanner
in 1976, when Business Week ran
a premature headline, "The
Supermarket Scanner That Failed."
Today practically every store
uses one.
Over 300:
Types of bar codes in use today.
10s of millions:
Estimated number of bar codes
in existence.
of time and money, and made us far more
efficient.
So think of these two local inventors
the next time you buy groceries, retrieve
your bags at the airport or use EZ-Pass ...
and thank them for inventing the humble
bar code.
Sources:
inventors.about.com/library/inventors/blbar_
code.htm
inventors.about.com/gi/dynamic/offsite.htm?
site=http://www.adams1.com/pub/russadam/
barcode1.html
www.basics.ie/History.htm
money.cnn.com/magazines/fortune/fortune_
archive/2004/05/31/370719/index.htm
www.adams1.com/pub/russadam/history.html
en.wikipedia.org/wiki/Barcode
product-lab.com/interview-03.html
www.usatoday.com/tech/columnist/
andrewkantor/2004-08-06-kantor_x.htm
www.allied-is.com/barcodeTrivia.html
www.barcodeart.com
www.mem.drexel.edu/alumni/Joseph_
Woodland.php
www.barcodeart.com/art/yourself/yourself_
frames.html
there overnight." It also gave Wal-Mart
a huge boost. Using the information bar
codes provided, Wal-Mart executives
could instantly know what was selling and
what wasn't, and act accordingly.
Today, the bar code appears on
everything from railroad cars to luggage,
from your morning paper to fashion
models on the runway. Really! It helps
store information about what outfit
models should be wearing, and when
they should begin their walk.
Among the largest bar codes is a
2-ft. long version used to label 50-ft.
boats kept at the U.S. Military Academy
at West Point, NY and store information
about their previous travels. The smallest:
tiny tags attached to bees to monitor
their mating habits. Each line of the code
is one thousandth of an inch wide.
But technology keeps changing.
The newest iteration is Radio Frequency
Identification, or RFID, which will greatly
enhance systems created by bar codes.
With RFID tags, the signal just needs to
be in the vicinity of an RFID reader. RFID
is already in use in systems like E-ZPass,
in progressive transit systems around the
world, even in book and jewelry tracking,
in passports, and in implanted animal
ID tags.
The bottom line: bar code technology, invented in Philadelphia — less than
one mile from where the first computer
was developed — has dramatically
changed our lives in innumerable ways.
It has saved society enormous amounts
www.allbusiness.com/food-beverage/
food-beverage-sector-performance-foodprices/5662785-1.html
findarticles.com/p/articles/mi_kmfas/is_
200106/ai_kepm31371
www.cummingsdesign.com/bar_codes101_
UCC_History.htm
www.uc-council.org/upc_uses.html
money.cnn.com/magazines/fortune/fortune_
archive/2004/05/31/370719/index.htm
www.pbs.org/wgbh/pages/frontline/shows/
walmart/secrets/barcode.html
en.wikipedia.org/wiki/RFID
www.allied-is.com/barcodeTrivia.html
www.usps.com/communications/newsroom/
postalfacts.htm
Print your own
personal bar code
Want to bar code yourself?
Just go to www.barcodeart.com.
On the right-hand column, scroll to
"Hello Yourself." Click on it, and
enter your gender, age, country
you live in, height and weight. In
seconds you'll have a personal bar
code you can download, print or
scan.
Credits: Scott Blake & Ryan Terry, who met
while attending the Interactive Design course
at the Savannah College of Art and Design
taught by Professor Frank Barber.
Source: www.barcodeart.com
19
Family Finances
and if you don't follow it step-by-step,
you will be penalized. Usually, you have
to notify the company's Human Resources
Department or Retirement Representative
within 60 days of the person’s death and
ask to do a direct rollover from the plan
into a "Beneficiary IRA."
Not every company plan provides
this Inherited IRA benefit, but it does not
hurt to ask, she says."If you do nothing,
you get a check with the 20% already
deducted."
WANT TO SAVE MONEY?
CONSIDER SAVINGS BONDS
Many members don't realize that FMFCU
offers EE and I savings bonds, says Jaime
Winns, Branch Services Supervisor &
Trainer.
"Savings bonds are a great gift idea
for weddings, graduations and birthdays.
And, they are considered to be an affordable investment," Jaime says.
Jaime believes more families need to
be aware of the investment value savings
bonds provide, and the Journal of
Accountancy seems to agree. It advises
Certified Public Accountants: "Both
(bonds) have features that can make them
an attractive investment alternative."
How they compare:
I
EE Bonds
Paper EE bonds are available at FMFCU
branches in $50, $75, $100, $200, $500,
$1,000, $5,000, and $10,000 denominations. Paper EE bonds are sold at 50%
of face value, but are not worth their full
value until they've matured. At Treasury
Direct online, EE bonds are sold at 100%
of face value.
Earnings: EE Bonds issued after May 2005
earn a fixed rate of return. Current rate:
1.40% through October 31, 2008.
I
I Bonds
Paper I bonds are available at FMFCU
branches in $50, $75, $100, $200, $500,
$1,000, $5,000, and $10,000 denominations. They are purchased at their face
value, which means a $100 I bond costs
$100.
Earnings: Current rate: 4.84% through
October 31, 2008.
Both EE and I Bonds
• Can be redeemed after 12 months.
• Earn interest that compounds
semiannually for 30 years.
• Are exempt from state and local
income tax.
• Include a 3-month interest penalty if
redeemed during the first five years.
Treasury Direct, your online source for
bonds, offers you a Savings Bond
Calculator to help find out how much
20
How to avoid problems:
your bonds are worth today.
You can team this up with the Bond
Inventory feature available in FMFCU
e-Banking. Besides keeping you up to date
on their value, it provides you with a backup of all your bond numbers, in case any
are lost.
If you inherited a retirement account, call
Cecily at 610-325-5036. She can help you
set up an Inherited IRA correctly, title it
properly, minimize problems and avoid
penalties. "But act quickly," Cecily says.
"Depending on the parameters of the
plan, you don't have a lot of time."
Sources:
Chartered Retirement Planning CounselorSM is a
registered service mark of the College for Financial
Planning.
www.aicpa.org/pubs/jofa/sep2004/boes.htm
www.treasurydirect.gov/indiv/products/prod_
eebonds_glance.htm
www.treasurydirect.gov/indiv/products/prod_
ibonds_glance.htm
www.treasurydirect.gov/indiv/research/indepth/
ebonds/res_e_bonds_eecomparison.htm
www.treasurydirect.gov/indiv/tools/tools_
savingsbondcalc.htm
AVOID BIG PENALTY WHEN
INHERITING A PARENT'S PLAN
If you're fortunate enough to inherit a
parent's retirement plan, Cecily Venkatesh,
FMFCU’s Investment Coordinator, has two
words of advice: be careful.
Otherwise, you could pay a whopping
20% tax on the total value of the account
(or more if the payout pushes you into a
higher tax bracket.) "Once the money is
withdrawn from the account, it can't go
back," Cecily warns.
Under changes to the 2006 Pension
Protection Act, non-spouses can now
inherit a deceased person's qualified
retirement account. However, Cecily, a
Certified IRA Professional, who also is
a Chartered Retirement Planning
CounselorSM Designee, has talked with
several FMFCU members who inherited
a parent's account and have been hit
with the penalty.
"It doesn't have to be that way," she
says. But the procedure is complicated,
FMFCU PROMOTES
DIRECT DEPOSIT
FMFCU participates in GO Direct, a
campaign sponsored by the U.S.
Department of the Treasury and the
Federal Reserve to encourage people who
get Social Security and other federal benefit payments to switch to Direct Deposit.
The reason? Direct Deposit eliminates
the risk of lost or stolen checks, reduces
fraud, helps protect against identity theft
and gives people immediate access to
their money from virtually everywhere.
It also saves taxpayers millions of dollars
over paper checks.
For some reason, paper checks are
still favored by those 51-60 years old,
who are closest to retirement age. One
in four Baby Boomers still gets paid with
paper checks at work. GO DIRECT and
the federal government hope to change
that ratio.
Source:
www.aarp.org/money/financial_planning/
sessionseven/direct_deposit_of_government_
checks.html
BEWARE OF EXPENSIVE
SUBPRIME CREDIT CARDS
If you are having credit problems, talk to
FMFCU about its Credit Rebuilder pro-
gram. Don't try to boost your credit score
with what are called "subprime" credit
cards, warns USA Today. You'll end up
with a lower credit score and higher bills.
One example: a card for consumers
with poor credit scores offers a credit limit
of $250. For that, the applicant gets hit
with a $95 program fee, a $29 account
set-up fee, a $6 monthly participation fee
and a $48 annual fee — a total of $178.
Available credit left to use: $72.
Millions of consumers are being
hurt by these cards, says the National
Consumer Law Center. The APR or
Annual Percentage Rate for one subprime
card used as an example by USA Today
was 486%.
A better idea: Call FMFCU's Member
Service Center at 610-325-5100. Outside
PA, call 1-800-220-3193. See what your
Credit Union can do to help you.
Or contact Consumer Credit
Counseling Service of Delaware Valley
(CCCSDV), an FMFCU partner, for
confidential credit counseling. They have
offices in Philadelphia, Blue Bell,
Jenkintown, Media, West Chester and
Cherry Hill, NJ. For more information,
go to its Web site at www.cccsdv.org, or
call 1-866-51FMFCU.
To take six short check-fraud tests, go to:
www.fakechecks.org
GETTING SPAM ON
YOUR CELL PHONE?
Want to stop getting telemarketing
messages on your cell phone? Take action.
Go to: www.donotcall.gov or call
1-888-382-1222 to register your number.
It's free, and the national Do Not Call registry handles both home and cell phones.
You'll be asked to confirm your registration with a valid e-mail address. If you
register by phone, you must call from the
phone you want to register.
Source:
www.donotcall.gov/default.aspx
"THE FRANKLIN"
BRANDING IS CURIOUS
If you're looking for information on
Philadelphia's venerable Franklin Institute,
you may have some difficulty. In a rebranding campaign, the organization is now
using the name "The Franklin."
To see its curious new Web site, go to:
www.curioustf.org.
Note: The Franklin has no connection
with Franklin Mint Federal Credit
Union.
HOW TO CONTACT FMFCU
Do 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.
Source:
www.usatoday.com/money/perfi/credit/
2007-11-26-subprime
"WHOLE LOTTO
STEALING GOING ON"
If you receive an e-mail that says you're
the lucky winner of a lottery that you
don't recall entering, do yourself a favor:
delete it.
"We are seeing a huge increase in
the number of members getting scammed
related to phony lottery checks," says
Cindy Wanamaker, Senior Vice
President/COO.
Arm yourself with information at
snopes.com, a super Web site that
devotes considerable space to lottery
scams under the headline: "Whole Lotto
Stealing Going On."
"Versions of this fraud are too numerous to list," snopes.com says. "No matter
what form the scam takes, there are no
lottery winnings waiting in the wings."
You'll find only "con men ... tricking
people into wiring 'handling fees' directly
into their accounts."
Bottom line: if it looks too good to be
true, it is. No one is sending you money.
And you should not send anyone a check
as a partial payment for lottery winnings.
For more information, check out:
www.snopes.com/crime/fraud/lottery.asp
21
These are the assets that
C ollateral:
help secure the loan. Collateral could
be a vehicle, real estate, a certificate or
savings account. The Credit Union or
other lenders consider collateral a
secondary source of repayment. If your
credit history or collateral is limited, you
might need a co-signer for the loan.
This refers to you as the
C onditions:
borrower, plus other details about
easy
The way to get a loan
^ in your Loan Officer's shoes
Put yourself
F
OR MOST OF US, the loan process is a little like magic.
With little real understanding of the process, we go in,
sit down with a Loan Officer and tell them what we think
we need.
Then we hope we get the loan we've asked for.
To help improve members' chances of getting a loan, Choices
spoke with Allan Stevens, FMFCU's Vice President/Lending, and
asked him to take us behind the scenes of the loan process.
All too often, says Allan, "People don't
know what they need. We need to ask
what brings them in. There's often a
product-purpose mismatch that's huge.
To overcome that, we attempt to match
the member’s real borrowing need with
the correct product, and determine how
they are going to repay the loan."
For example, if you need money
one time, an installment loan may be
best for you. If you have a recurring need,
a revolving line of credit may be better.
One suggestion from Allan: "If you
have a lot of credit card debt, take out
a loan, rather than a line of credit. Put
the credit cards away and don't use them.
Otherwise, you'll be in more trouble."
How does a Loan Officer decide if
you are a good risk to repay a loan ...
or not?
You're about to learn the 4Cs
is a key factor in determinC haracter:
ing if you are approved for a loan,
and at what rate, Allan says. It's how you
pay your debt, as well as your stability
22
and integrity. "We look at your credit file
and credit history. How you have managed
your credit in the past is very indicative
of how you will pay your bills in the future.
We also look at the stability of your
income, whether it is from a job or
another source."
Your Loan Officer will look
C apacity:
closely at your current credit obligations, and add in the payment of the loan
that you are applying for. No more than
35-45% of your gross monthly income
should go towards housing payments,
car payments, minimum credit card
payments or any other loan payments.
To calculate your percentage, your
Loan Officer will add the payment of the
loan you are applying for in with your
other credit obligations, and divide this
by your gross monthly income.
For example, if your gross monthly
income is $5,000, and your credit
obligations are $1,800, 36% of your
income is going to debt. This is called
your debt ratio and is acceptable to
most lenders.
your application. Your Loan Officer will
also look at the purpose of your loan, any
recent changes in your creditworthiness,
and the general condition of the marketplace itself.
FMFCU's goal on loan approvals is
to get back to you in a short amount of
time, confirm the information on the
application and discuss the purpose of
the loan. For some loans, like Auto
Express Loans, you can be approved in
minutes.
"We try to help people," Allan says.
"We do a lot of personal loans and used
car loans, too. We'll finance them if we
see a stable income and the ability to
pay — combined with an average or
better credit history."
If you are turned down for a loan,
FMFCU will send you a letter detailing
the reasons.
Allan suggests you bring that letter
to your branch and talk with a Member
Service Representative about ways to
improve your credit.
FMFCU also offers counseling to
help you raise your credit score, as well
as a 3-stage Credit Rebuilder program.
Another option: The Credit Union partners with Consumer Credit Counseling
Service of Delaware Valley (CCCSDV),
and absorbs the $50 cost of credit
counseling or budget management
enrollment, one time per member.
Talk to us about it.
Bad credit happens
to good people
There are a number of reasons why
people have poor credit scores, says Allan
Stevens. Some don't manage money well,
and are overextended. Others are blindsided by bad things that can happen to
anyone: death, disability and divorce.
No matter what the credit problem,
FMFCU can help you deal with it. Talk to
a Member Service Representative today,
or call CCCSDV at 1-866-513-6328
(1-866-51FMFCU). Be sure you tell them
you are an FMFCU member.
IS THIS E-MAIL REAL OR "PHISH"?
Here's how to tell!
Online con artists go "phishing" to try to separate
you from your money and steal your identity. Their lures:
fraudulent communications, Web sites and popups. All
are ways to get you to divulge personal information,
passwords, account numbers, financial data and more
online, or by calling a toll-free number.
Your best defense against this deception: common
sense. If you wouldn't give this information out to a welldressed person knocking at your front door, don't do it
online either.
For four more simple tips, see below.
From: Franklin Mint Federal Credit Union
To:
Sent: Monday, April 14, 2008 8:38 AM
Subject: FMFCU Account Status Notification
Tip # 1:
Don't be fooled by
appearances. This e-mail
and the Web page it
directed you to both
looked like official
FMFCU communications.
They weren't.
See Tip # 3.
Tip # 3:
Don't respond to
requests for any
personal information
in an e-mail. Ever.
No legitimate company
will request it.
1
Dear Michael:
To protect your Franklin Mint Federal Credit Union account
from unauthorized access, we have set limit of failed login 2
^
attempts. Unfortunately, you have just reached critical number
of attempts, so your access to Online Banking^has been
limited for the security purposes.
^
3
To restore your account access, please login to www.fmfcu.org.
If you have any questions regarding our services, please
check the website or call our customer service.
Tip # 2:
Don't respond to
threats or urgent
language. These
"phish" will often say
your account will be
shut down or disabled
if you don't reply
immediately.
Ignore them.
Sincerely,
Franklin Mint Federal Credit Union | 610-325-5265. 4
2008 Franklin Mint Federal Credit Union. All Rights Reserved. This email was sent to you
by Franklin Mint Federal Credit Union located at 1974 Sproul Road, Suite 300, Broomall,
PA 19008. NCUA Insured. Equal Housing Lender.
Note: This is a real "phish" e-mail sent to an FMFCU
member. Besides the tips noted above, look carefully at
this e-mail for other obvious giveaways that it's not
authentic. To start with, it has grammatical errors (^).
Plus, we never say, "Call our customer service." We say:
"Call our Member Service Center."
Tip # 4:
Not official FMFCU
phone number.
How's your "phish" detector?
Think you can tell the real e-mails from phony
ones? Take this short "Phishing IQ Test" from
SonicWALL and find out. Warning: it's not easy.
Go to: www.sonicwall.com/phishing
Sources:
For a "Phish" Satisfaction Survey that looked like it came from FMFCU, go to: www.fmfcu.org/security/attempts/070307attempt.pdf
For more information: go to: www.fmfcu.org/securityinfo
23
newsbriefs
BRANCH NEWS
Ridley branch opens
Because of the high concentration of
FMFCU members along the MacDade
Boulevard corridor in Delaware County,
FMFCU has opened another branch at
245 MacDade Boulevard in Folsom,
Ridley Township.
FMFCU District Manager Linda
Fahey-Hudyma says she expects a lot
of cross-traffic between the new Ridley
branch and the nearby MacDade branch.
Mapquest estimates the distance at 1.28
miles and driving time at three minutes.
Similar in color scheme to the
MacDade branch and about one-third
larger at 1,500 sq. ft., the Ridley office
has three Remote Teller Systems (RTSs),
offices for privacy, a greeter in the lobby,
and plenty of parking. Financial Services'
Brian Fee meets members in this branch,
as does Mortgage Officer Rick DiTizio.
The Ridley office, in the Ridley Towne
Plaza, is open seven days a week. It also
has an Automatic Teller Machine (ATM)
outside and a night-drop slot.
Hours are Monday-Friday, 9 a.m. to
7 p.m.; Saturday, 9 a.m. to 4 p.m.; and
Sunday, noon to 4 p.m.
In the same shopping center, which
once housed a Hollywood Video store,
are: Subway, H&R Block, Colonial Village
Market, Victory Cleaners, Great Clips and
GameStop. It's across the street from
Home Depot, Acme, Staples, Wendy's,
Applebee's, and the township library and
police station.
The shopping center is about two
miles from I-476 and 1.25 miles from I-95.
FMFCU branch & ATM both
moving at Crozer-Chester
FMFCU'S Crozer-Chester Medical Center
(CCMC) branch has moved from the Old
Main Building to the center's third floor
near Maternity.
FMFCU Facilities Coordinator Dave
French says the new branch is more than
twice the size of the previous office. It
has two teller counters, a manager's office
for privacy, and a night-depository. The
branch is open five days a week, as
opposed to three at the old location.
Tonia Covington is the Manager.
FMFCU's ATM is also moving from
Old Main to the new Outpatient Pavilion
in late summer. "It's going to be in a
much better location," Dave says, "and
more accessible to those visiting the
hospital and employees. It's a major
construction project, and we'll be front
and center."
Jacquie Ranalli delivers
good news to Jon Boyle
Betsy Ross (Linda Wilde) and Ben Franklin (Ralph Archbold) are all smiles at the opening of
FMFCU's new Ridley Township branch. Besides helping celebrate the opening, the couple was
feted at a surprise engagement party. The two re-enactors were married July 3, 2008 in front of
Independence Hall with Philadelphia Mayor, Michael A. Nutter, officiating.
24
Last January, just as his wife was about to
deliver their first child, FMFCU member
Jon Boyle had an unpleasant experience
with his mortgage lender.
The unnamed bank, claiming it had
not received his monthly payment, threatened to hit him with late fees and file
negative information on his credit report.
The bank wanted another check in its
hands in 24 hours ... or else.
Jon, who had purposely paid the
mortgage early, because of his wife's due
date, briefly considered writing a second
check and driving downtown to deliver it.
Then he said to himself, "This is
ridiculous. What sort of customer needs
to do this?"
The only company on his FMFCU
Bill Payer list that wouldn't take an
electronic payment, Jon's mortgage
lender had even acknowledged to him
that it had an "internal mail problem" the
day his payment was sent. But it wanted
its money. Now.
"I had a lot of things on my to-do
list," Jon says. "This wasn't one of them.
I wanted to focus on things other
than bills."
Instead, he went to the Media
branch, explained the situation to
Member Service Representative, Jacquie
Ranalli, and immediately felt better. "She
listened, she picked up a pen, and sprang
into action. She did what she needed to
do," he says.
At 3:10 p.m., Jacquie called Jon and
said she had spoken to the mortgage
lender and sent them another check. "It's
handled." Jon couldn't believe it. He was
expecting her to tell him what he needed
to do. "Jacquie just took care of it."
It was exceptional customer service,"
he says. "It was huge in my life at that
time, and I appreciated it."
Note: Jimmy Boyle was born six days
later at 3:02 a.m. on January 22, 2008.
He weighed in at 6 lbs., 13 oz, and was
19 inches long.
DOUBLE JEOPARDY!
Patrick Killian meets
another former contestant
When Patrick Killian met all-time
Jeopardy! Champion Ken Jennings at
FMFCU's Partners In Education Dinner
last April, he introduced himself as a
former contestant on the popular show.
Was Jennings surprised? "Yes,"
says Patrick, Vice Chairman of FMFCU's
Board of Directors. "It's a rather small
fraternity."
Of about 40,000 people who are
tested, some 400 make it through the
process, he says.
Patrick tried out for the show about
ten years ago at Merv Griffin's Resorts
Hotel Casino in Atlantic City. At that
time, potential contestants had one
minute to answer 10 Final Jeopardy!
questions. Those with at least eight
correct answers entered the next round,
where they had to answer 50 more and
get 35 or 40 right.
The next step was a short practice
game, or what was in effect a screen test,
Patrick says. Candidates making the
grade there went into a contestant pool.
Some eventually got onto the TV show,
some did not.
If called, as Patrick was, "You pack
your bags, go to LA and see what
happens." He appeared on one show.
Because everyone who makes it
through the rigorous testing is knowledgeable, "The buzzer is the key, he
(Continued on next page)
All-time Jeopardy! Champion Ken Jennings,
speaking at the 2008 Hi-Q Partners In
Education Dinner, has something in common
with Patrick Killian, Vice Chairman of
FMFCU’s Board of Directors.
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
Expert care for women…of all ages.
The experienced women’s healthcare team at The Birthplace at Riddle Memorial
Hospital is ready and waiting to serve your needs. You’ll find board-certified
obstetricians and gynecologists, backed up by caring registered nurses. Come
see us for yearly exams, HPV vaccines, contraceptive options or screenings
for breast and cervical cancer. We have a lot of expertise treating urogynecology
(incontinence), osteoporosis and conditions associated with menopause.
Of course, The Birthplace is also a great place to have a baby.
Granite Run OB/GYN Associates
610.627.4400
Noelle C. Ludwig, M.D.
Lane K. Shima, D.O.
Frank J. White, M.D.
Daria C. Yanez, M.D.
Rashida K. Kanchwala, M.D.
610.744.2906
Bonnie B. Kim, M.D.
610.891.3374
Anand I. Noronha, M.D.
610.534.6211
Urogynecology
610-627-4170
Matthew J. Fagan, M.D.
Marc R. Toglia, M.D.
Lynn Y. Wang, M.D.
Riddle OB/GYN Associates
610.891.6240
Helen M. Kuroki, M.D.
Christopher J. Lobo, M.D.
Amy Nelson, M.D.
Sueny M. Seeney, M.D.
Doris E. Tirado, M.D.
Marie Eisner-Oakes, CRNP
To learn more, please visit www.riddlehospital.org/birthplace.
25
(Continued from previous page)
says. "It's impossible to prepare for."
The buzzer used on the practice
show during tryouts is not "the real
buzzer." Contestants on the real show
get three questions to see how the
buzzer works. Then it's show time.
If you win one or two, your odds
improve, because you get used to the
show buzzer. Five shows are taped in
one day.
Patrick credits 10 years of Jesuit
training, first at Scranton Prep (where
he had to memorize and recite portions
of the Odyssey in Ancient Greek), then
undergraduate and graduate work at
the University of Scranton for his ability
to retain facts. His wife Catherine is no
slouch at quick recall, either.
In fact, while she never appeared
on the show, Catherine went with Patrick
to Atlantic City for the testing, and
advanced all the way to the Jeopardy!
contestant pool.
"We are the only couple we know
who both got in," he says. "A lot of
people don't like playing against us in
Trivial Pursuit."
QUICKHITS
Franklin Mint Federal Credit Union
Foundation has received tax-exempt
status from the Internal Revenue Service
as an incorporated non-profit 501(c)(3)
corporation, says Rick Durante, Vice
President of Education and Executive
Director of the Foundation. This approval
means that contributions to the foundation, which supports charitable and
educational causes within the communities
FMFCU serves, are tax deductible. For
more information, see the Web site at:
www.fmfcufoundation.org.
I
Eight FMFCU employees provided
free income tax preparation to Chester
low-income residents under the Volunteer
Income Tax Assistance (VITA) program.
They helped residents file 243 income tax
returns at FMFCU's Chester branch office
and at the North Chester Baptist Church.
I
FMFCU's Web site and Choices magazine have received national recognition in
various award competitions. The Web site
received a silver award from the Marketing
Association of Credit Unions (MAC);
second place Golden Mirror Award from
Credit Union Executives Society (CUES);
and a bronze in the Service Industry
Advertising Awards (SIAA). Choices
received a silver from MAC in the
newsletter category, a silver from SIAA in
the annual report category, and a merit
award from the CUNA Marketing and
Business Development Council.
RUN THE NUMBERS
(Under)
50
Percent of homeowners facing foreclosure
who have tried to work out or restructure
their loan with their lender.
www.usatoday.com/money/economy/housing/
2008-04-28-real-estate-roundtable_N.htm
2.9
Percent of U.S. homes that were vacant
and up for sale in the first quarter of
2008. In records going back to 1956, this
was the highest quarterly number ever.
www.usatoday.com/printedition/money/
20080429/housing_vacancies29.art.htm?
loc=interstitialskip
(Over)
70
Percent that home prices outpaced
inflation since 1995. For 100 years before
that, home prices had tracked inflation.
www.usatoday.com/money/economy/housing/
2008-04-28-real-estate-roundtable_N.htm
OFFICIAL FRANKLIN MINT FEDERAL CREDIT UNION PARTNER
26
our many branches & ATMs are ready to serve you
Check below for branches with
SATURDAY and SUNDAY hours!
Media 100 W. State Street
OPEN SATURDAY
BRANCHES
Broomall 1974 Sproul Road, Suite 100
OPEN SATURDAY
Riddle Memorial Hospital Outpatient Pavillion, Suite 3108
1068 W. Baltimore Pike
Restricted Access
Chadds Ford
Village at Painters Crossing Routes 1 & 202
OPEN SATURDAY
Norristown
Mercy Suburban Hospital 2701 DeKalb Pike
Chester
University Technology Park 1450 Edgmont Avenue
OPEN SATURDAY
Philadelphia
Mercy Hospital of Philadelphia 501 S. 54th Street
Crozer-Chester Medical Center Ridley Park
3rd Floor
Taylor Hospital NEW
One Medical Center Boulevard LOCATION! 175 East Chester Pike
Widener University University Center Building
One University Place
Ridley Township 2211 MacDade Boulevard
OPEN SATURDAY AND SUNDAY
Darby
Mercy Fitzgerald Hospital Campus
Medical Office Building 1501 Lansdowne Avenue, Suite 109
OPEN SATURDAY
Drexel Hill
Delaware County Memorial Hospital 501 N. Lansdowne Avenue
Horsham
Centocor 800 Ridgeview Road
Suite H-2 1058
Restricted Access
245 MacDade Boulevard OPEN SATURDAY
NOW
AND SUNDAY
OPEN!
Swarthmore
Swarthmore College Parrish Hall
500 College Avenue
Tinicum Township
Keystone Mercy Health Plan 200 Stevens Drive
Ground Floor Lobby
West Chester
QVC Studio Park 1200 Wilson Drive
Restricted Access
King of Prussia
640 Freedom Business
Center Drive Suite 125
Media
Granite Run Mall 1067 W. Baltimore Pike
Lower Level
OPEN SATURDAY AND SUNDAY
106 W. Market Street
West Chester, PA
OPEN SATURDAY
STUDENT-OPERATED BRANCHES
Lansdowne
Penn Wood High School
100 Green Avenue
Restricted Access
Prospect Park
Interboro High School 500 16th 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
MEMBER SERVICE CENTER
P.O. Box 1907
Media, PA 19063
610-325-5100
1-800-220-3193 (calls originating
outside of PA)
ATM Location
Two ATMs at this location
Night Depository Location
NEW BRANCHES
COMING SOON!
QVC — Enterprise Drive
Springfield — Baltimore Pike
Find a SURCHARGE-FREE ATM in seconds!
The CO-OP Network has over 25,000 ATMs
in 50 states, including 5,500 at 7-Eleven locations.
To locate one, just go to: www.fmfcu.org/coop,
or go to FMFCU's home page and click on the CO-OP logo.
27
AASatisfying
Satisfying
+ +
Cindy Ripka
Brian Huston
Rick DiTizio
Marty Burke
= Home Buying Experience!
Marie, Heather and Harry Griesser
Andrea Bennett, Rebecca Driscoll,
Rachel Armstrong and Kathy Davila
John Dolceamore
These CU Realty Agents have over
T
8 years
88
s of combined experience!
ence!
FMFCU Mortgage
rtgage Originators
Originato have over
60 years
s off combined experience!
FMFCU has partnered with CU R
Realty
ealty of P
PA
A tto
o enhanc
enhance
e yyour
our home
e buying or selling
experience. Save money, time
me and hassle!
FMFCU Mortgages
z FREE Pre-qualification
z Low and competitive rates
z Low lender fees
z Fixed or variable rate loans
CU Realty
Realty Services
Servic
ices
zF
Find
ind a rrealtor
ealtor fr
from
rom ttop
op agen
agents
ts tha
thatt ar
are
e approved
apprroved FMFCU partners
partners
zR
Receive
eceive ccash
ash back fr
from
om yyour
our rreal
eal esta
estate
te tr
transaction
a
ansac
tion
zG
Get
et tips on buying
buying,
ying, selling and rresearching
esearching neighb
neighborhoods
orhoods and
school districts!
districts!
s!
school
FFor
or more
more information,
infor
o mation,, visit www
www.fmfcu.org/mortgages.
w.fmfcu.org/mortgages
ages.
FRANKLIN MINT
FEDERAL CREDIT UNION
The Credit Union of Choice! ®
P.O. Box 1907 • Media, PA 19063-8907
www.fmfcu.org
PRESORTED
FIRST-CLASS
US POSTAGE
PAID
Cleveland, OH
Permit NO. 1702