January 2014

A quarterly online publication for HRCCU Member/Owners.Current

Board Approves A $300,000 Member Relationship Reward.

Growing your money is easy with our High-Yield Certificate. Consolidate Your Credit Card Balances to our Low-rate Visa®!

Making Life Better

PLUS...

2014 Scholarships

Youth Fun & Games

A look back at 2013

As HRCCU begins our 60th year, we reflect on our history. We are proud that we have been serving our members since the days when we started in a humble room in the International Paper Mill. Quite a modest start to an institution with over 22,000 members and more than $180 million in assets.

We have come a long way since our beginnings and so much has changed. One thing that hasn’t changed is the cooperative spirit in which we operate. Members make deposits for which they expect a fair rate of return and we lend their money out to member/owners wishing to borrow. We are proud to have helped countless members resolve their most difficult financial challenges.

As we begin the seventh decade of service to our members, we understand that there are many challenges ahead. The current economy, record low interest rates, and a very competitive environment means that we cannot take our success for granted. Through hard work and keeping our focus on our member’s needs, we will Make Life Better for many years to come!

Martin Luther King Jr. Day Monday, January 20

Presidents Day Monday, February 18

When our branches are closed, access your accounts via Virtual Branch, Mobile MoneyTM or Audio Response System

and withdraw cash at any of our fee-free ATMs!

From the Operations Center

Sue CommandaCEO

Spring 1954 - International Paper Mill employees charter theInternational Paper Company Federal Credit Union.

Summer 1963 - Branch is built at current location of 312 Palmer Ave, Corinth.

October 1971 - Changed to a community charter and renamed Hudson River Federal Credit Union.

June 1976 - Charter was changed to a five town community (Corinth, Hadley, Lake Luzerne, Wilton, Greenfield Center).

December 1982 - Charter changed to multi-occupational.

March 1998 - Converted to state charter and renamed Hudson River Credit Union.

November 2003 - Name changed to Hudson River Community Credit Union.

November 2003 - Cohoes branch opens.

November 2004 - Glens Falls branch is opened.

December 2009 - Hudson Falls branch is opened.

February 2010 - New Cohoes branch opens.

November 2010 - Troy branch is opened.

April 2013 - Operations Center opens on a 10-acre site located on the property of the former International Paper mill.

Sandra Brady Harran, Corinth Branch, 1963

Stuart FieldBoard President

Only six months ago, the HRCCU Board of Directors approved the distribution of $295,265 in Member Relationship Rewards for the period ending June 30, 2013.

Once again, I have the distinct pleasure to announce the distribution of a Member Relationship Reward. This new Member distribution will total $300,000.

When combined with our Member Relationship Rewards distribution in July, we will have returned nearly $600,000 directly to our member/ owners in 2013 alone!

Spread the news! This is an outstanding example of how HRCCU has been working to Make Life Better for you!

Board Approves an all-new $300,000 Relationship Reward.

Celebrating our 60th Year of Service

to our Member Owners.

Important Account Info

We’re lowering our fees!Effective 11/25/13 HRCCU no longer

charges our members the following fees:

$10 Annual IRA Fee $100 Escheat Fee

New $100 Note Issued by Federal Reserve

On October 8 the Federal Reserve began supplying financial institutions with a redesigned $100 note that incorporates new security features to deter counterfeiters and help businesses and consumers tell whether a note is genuine.

The redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a color-changing bell in an inkwell. The new features and additional features retained from the previous design, such as a watermark, offer the public a simple way to visually authenticate the redesigned $100 note.

For more information about the new design as well as educational materials, visit www.newmoney.gov.

Direct Deposit - Fast, Safe and Secure!Direct Deposit and Payroll Deduction are easy ways to make sure your pay is deposited into your account on time. Plus, Direct Deposit and Payroll Deduction save you a trip to the branch on those busy days.

If your employer offers Direct Deposit, you can have your net pay, pension, Social Security or other government-issued checks automatically transmitted to your HRCCU account.

If you would like to deposit only a portion of your net pay into your HRCCU account, consider Payroll Deduction. (if available through your employer.)

Direct Deposit is the fastest, safest way to receive your tax refund. Simply provide HRCCU’s routing and transit numbers to the IRS at the time you are submitting your taxes. Instructions can be found on your tax return.

HRCCU’s Routing and Transit Number: 221375132

Wednesday, April 9, 2014

6:00 pm Saratoga National Golf Club

Loan Payments/Account Funding

Don’t take cash advances on your credit or debit card to make a loan payment or fund an account. Now you can use your Visa®, MasterCard® or Discover® debit or credit

card by phone! Simply call 518-654-9028.

COMING SOON: Watch for information on how you can safely and securely

make loan payments using your credit or debit card - online!

FRAUD WATCH

HRCCU will never contact members via phone, email, text message or cell phone to request confidential information.

If you suspect that you have been a victim or a fraud scam, call our Member Services Call Center immediately at 800-824-0700 or 518-654-9028. We can assist you in canceling compromised cards, changing account numbers and even add a password to your account for future transactions.

Debit Card Fraud?The phone number for debit cardholders who suspect fraud has changed. Please note the new number: 877-253-8964.

For Our Member/Owners

*A.P.R. = Annual Percentage Rate. A.P.R. listed herein is applicable on HRCCU Home Loans with a Loan To Value (LTV) of less than 50% ; with HRCCU in first position as lien holder; assumes applicant has a credit score of 730+ and have automatic payments made from an HRCCU share draft checking account to receive this rate. Checking account must remain active throughout the life of the loan otherwise HRCCU will increase the A.P.R. by .25%. The A.P.R. may adjust after 5 years and will adjust according to the prime rate at that time (currently 3.25%). The A.P.R. cannot increase more than 2% per 5-year adjustment period and not more than 10.00% over the initial A.P.R. during the life of the loan. Rates, terms and conditions are subject to change and may vary based on creditworthiness qualifications and collateral conditions. All loans are subject to approval. This loan offer is available on new home loans or existing HRCCU home loans. NOTE: Home loan financing may be tax deductible. Consult your tax professional about deductibility in your situation.

The money you need - when you need it!

2.75% Rates as low as

A.P.R.*Other rates and terms available.

Home Equity? Line of Credit? Adjustable Rate Mortgage? HRCCU VP of Lending, Paula Sheely explains the difference.

With so many different loans available, finding the one that’s right for your situation may seem overwhelming. The good news is that you are a member-owner at HRCCU. Our knowledgeable Financial Professionals can explain your options in easy-to-understand terms to help find the loan that provides just the right fit for you!

Fixed Rate Mortgage: With a fixed rate mortgage, your interest rate and monthly payment of principal and interest will stay the same for the entire term of the loan. A fixed rate offers stability in that you know exactly what you’ll be paying every month for the entire loan which makes it easier to budget.

Adjustable Rate Mortgage (ARM): ARMs have an interest rate that is periodically adjustable based on the interest rate index noted in your individual loan terms. These loans are named by length of time the interest rate will remain fixed, typically from 5 to 10 years and how often the loan adjusts thereafter.

Home Equity: The borrower uses the equity of their home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education. A Home Equity loan creates a lien against the borrower’s house and reduces actual home equity.

Home Equity Line of Credit (HELOC): A line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower’s equity in his/her house akin to a second mortgage.

Hybrid Home Loan: This is a combination of an ARM and a line of credit. This type of open-ended loan allows you a source of funds that you can “draw” upon as needed very much like a credit card without the high interest rate.

Our Home Loans give you the flexibility to borrow what you need, when you need it.

Plus, you can draw the money over time or in one lump sum - the choice is yours!

To learn more about this exciting new HRCCU loan option.

Call, Click or Stop By Today!

For Our Member/Owners

Yes. HRCCU offers First Mortgages!Your Credit Union can make the home of your dreams a reality.

Hudson River Community Credit Union offers first-position mortgage loans for our member owners looking to purchase their first home, for existing homeowners with growing families looking to purchase a larger home and even empty-nesters looking to downsize.

Our friendly and knowledgeable Branch staff and Lending professionals can help to place you into the loan that you can live with.

For more information on the types of mortgages and rates available, please visit the Mortgage section of our website at hrccu.org, call 518-654-9028 or visit a conveniently located office to speak with a Financial ServicesRepresentative, today!

Why pay fees charged by other financial institutions at your closing when you can get a great rate and save money with a no fee home loan.

Rates as low as

Other rates and terms are available. Visit hrccu.org for details or speak to a

HRCCU Financial Services Representative.

A.P.R.*2.75%

Save Money With Our

HOME LOANS

*A.P.R. = Annual Percentage Rate. A.P.R. listed herein is applicable on HRCCU Home Loans with a Loan To Value (LTV) of less than 50% ; with HRCCU in first position as lien holder; assumes applicant has a credit score of 730+ and have automatic payments made from an HRCCU share draft checking account to receive this rate. Checking account must remain active throughout the life of the loan otherwise HRCCU will increase the A.P.R. by .25%. The A.P.R. may adjust after 5 years and will adjust according to the prime rate at that time (currently 3.25%). The A.P.R. cannot increase more than 2% per 5-year adjustment period and not more than 10.00% over the initial A.P.R. during the life of the loan. Rates, terms and conditions are subject to change and may vary based on creditworthiness qualifications and collateral conditions. All loans are subject to approval. This loan offer is available on new home loans or existing HRCCU home loans. NOTE: Home loan financing may be tax deductible. Consult your tax professional about deductibility in your situation.

For Our Member/Owners

Watch your money grow with our Special 12 Month Certificate

12 Month Certificate

15 Month IRA Certificate

0.50% Annual Percentage Yield

0.45% Annual Percentage Yield

$500 minimum deposit required.

Start saving for tomorrow by opening a certificate today! Call 654-9028, visit hrccu.org or ask an HRCCU Financial Services Representative for more information.

Save for your retirement with a high-yield HRCCU IRA Account!

Answers to your IRA Account Questions.

Traditional IRA • Contributions may be tax-deductible.• Earnings grow tax-deferred.• Distributions are generally taxable.• Distributions before you reach age 59 1/2 are subject to penalty tax, unless you have an early distribution penalty tax exemption.• Required minimum distributions must begin at age 70 1/2.

Answer. It can be confusing. Let’s look at the difference between a Traditional IRA and a Roth IRA. First of all it is important to know that the eligibility requirements and features vary between the two accounts. Compare the features below and find more information on our website at hrccu.org/savings/certificates-of-deposit.

Compare features to determine the right account for you.

Roth IRA • Contributions are not tax-deductible.• Contributions generally can be distributed tax-free at any time.• Earnings grow tax-deferred.• Earnings can be distributed tax-free if the Roth IRA owner first made a Roth IRA contribution at least five years ago, AND is age 59 1/2 or older, disabled, deceased or qualifies as a first-time homebuyer.• Distributions are not required until after the death of the Roth IRA owner.

Call 654-9028, visit hrccu.org or ask an HRCCU Financial Services Representative for more information.

Question: I want to invest in an HRCCU Individual Retirement Account, but don’t really understand the differences. Please help!

For Our Member/Owners

Take 5% OFF your current HRCCU Visa® Platinum Credit Card balance

transfer APR* for twelve months (from date of initial

balance transfer), when you transfer your non-HRCCU

credit card balances.

We offer:

Great low rates * NO Balance Transfer Fees * NO Hidden Fees * NO Surprises

Stop by any one of our convenient branches for more information on how to transfer your non-HRCCU balances to your HRCCU Platinum Visa Credit Card. Don’t have an HRCCU Platinum Visa Credit Card? No problem.Apply for an HRCCU Platinum Visa Credit Card and, if approved, you’ll be eligible transfer your non-HRCCU Credit Card balances at an introductory Annual Percentage Rate, too!

Call, click or stop by a branch for more information, today!

A.P.R = Annual Percentage Rate. This offer only effective on balance transfers from non-HRCCU credit cards to an existing HRCCU Platinum Visa Credit Card. Special rate available January 1, 2014 through March 31, 2014. 12 months after your initial balance transfer, your rate will return to the base rate, based on credit worthiness and disclosed at time of approval. Base rates range from 7.90% to 18.00% Annual Percentage Rate. Borrowers must credit qualify. A credit report fee of $5.00 may be charged. New York State residents may contact the NYS Banking Deparment to obtain a comparative listing of credit card rates, fees and grace periods by calling toll-free 1-800-522-3330. The minimum payment due is 2.75% of balance or $30.00 whichever is higher. If you apply for another loan with HRCCU, your Visa A.P.R. may be raised or decreased based on your credit score at the time of application. Your A.P.R. will be reviewed upon reissue date and your rate may decrease or increase based on your credit score. The credit union has the right to offset your shares for payment. The Non-Sufficient Funds fee is $25.00; the late payment fee is $25.00. Other terms and conditions may apply. Rates and terms subject to change without notice.

YOUR OWNER’S GUIDE TO HRCCU

Budgeting for 2014

Cathy Carpenter Sr. VP - Financial Services

Refinance your car loan at HRCCU! Reduce your loan term or lower your monthly payment!

Keep more of your hard-earned money in your pocket when you refinance your new or used auto loan from another financial institution with Hudson River Community Credit Union. Refinancing your auto loan at today’s low interest rates is smart because it can help you to decrease your loan term - saving you the cost of interest that would have been due over the longer term.

Or, you may be able to maintain the length of your payment term and decrease your monthly payment! That means more cash in your pocket each month!

Refinancing is even easier than you might think! Apply online, by phone at 518-654-9028 or stop in to one of our conveniently located branches and talk with one of our Financial Services Representatives.

January is a good time to review your finances for the year ahead. Now that holiday spending has subsided, gaining control over your finances is a great New Year’s resolution. With a little planning, you could ease the burden of your financial commitments and maybe even put a little aside.

For most of us, tight budgets mean re-evaluating our financial position, and adapting our lifestyles to fit with these leaner times. The good news is that the changing financial landscape is prompting a move for many towards more self-sufficiency and more scrutiny of prices and value for money.

There are painless ways to cut back on your day-to-day expenditures. With a little thought, some time and creativity you can shave a few dollars off here and there, which all add up to a larger savings over the year.

Here are some money saving examples:

• Save money on your electricity/gas bills by ensuring your house is properly insulated; lower the temperature by one degree and switch off and unplug any unused appliances.

• Save money on groceries by planning your weekly meals and sticking to a shopping list and use coupons/money back offers if possible.

• Sell unwanted or used goods.

• Revisit your budget regularly.

If you find that you are still having trouble making ends meet, call us. We can help.

HRCCU In the Community

A look back at HRCCU in the Community in 2013

To view all our photos from 2013,

visit our Pressroom at hrccu.org.

HRCCU Community Food Drive

HRCCU Branch-wide Blood Drive

Double H Ranch Community Work Day

2nd Annual Spring Electronics Recycling Event

Don Briner, CUANY 2013

Outstanding Volunteer

HRCCU School Supply Drive 2nd Annual Coat Drive

National Credit Union Youth Week School Banking Branch Guided Tour

HRCCU Fields 75 for the 9th Annual Greno Industries “Run for the ROC”

75 HRCCU staff, Board Members, Members and their familes and friends participated in the 2013 “Run for the ROC” event in October. HRCCU raised $2,500 in donations for the Saratoga Hospital.

HRCCU in the Community HUDSON RIVER COMMUNITY CREDIT FINANCIAL LITERACY

EFFORTS IN THE COMMUNITY

Early in 2013, Hudson River Community Credit Union (HRCCU) formed a unique partnership with the Cornell University Cooperative Extension offices in Washington, Warren, Saratoga and Albany Counties to provide high-quality budgeting and energy saving workshops for members and potential members on-site at their places of business.

Created with support from a New York Credit Union Foundation grant, the partnership made available professionally-presented financial education to Human Resources and Benefits managers and their employees in the Credit Union’s service area at no cost. In one year, HRCCU workshop participation grew by 1214% over workshop participation in 2012. Participant satisfaction was steady at 92% with more than 85% of workshop participants recommending the workshops to others.

HRCCU’s innovative program is one of the first to include financial literacy delivered directly where the members work. Workshops are designed to fit within a norm al lunch break and participants in learn about personal finances, basic budgeting and energy savings.

For more information about the program or to schedule a potential workshop at your business, please call Christine Somers at 518-654-9028.

Need Help Finding a Job? Visit the HRCCU Community Job Board.

On the job board you will, find links to a number of our Credit Union Business Partners, Chambers, online job postings and resume assistance. This job board is designed to help neighborhood and community residents find employment at area businesses. Simply click on the logos of local businesses to go to the employer’s careers page or the employers Indeed.com page. We update this page often, so check back soon! Links to job and career resources are provided as a free community service of Hudson River Community Credit Union. No endorsement of the goods or services provided by these employers nor guarantee of employment is implied. Registered trademarks are property of their respective owners.

Congratulations! HRCCU is excited to announce the winner of its recent “One Click Enrollment” eStatement drawing. Linda Blackburn, of South Glens Falls, won a Samsung Galaxy Tablet for enrolling in HRCCU’s free eStatement service.

HRCCU’s convenient eStatement service provides statements securely through Online Banking or personal email. This service helps to reduce printing and postage costs, returning

greater benefits and lower loan rates back to credit union members.

To learn more, visit hrccu.org, call 518-654-9028 or visit any HRCCU branch today.

For Our Youth & Young Adult Member/Owners

2014 Scholarship Opportunities for College-Bound Seniors

HRCCU is once again offering five $1,000 scholarships in 2014 to qualified members attending an accredited 2 or 4 year institution of higher education. For students in need of money to pay college tuition, an HRCCU scholarship will help ease the burden of tuition costs. Deadline for application is April 11, 2014.

HRCCU will also offer one $1,000 scholarship for a member who excels academically and has volunteered 40+ hours of exemplary community service work in the last 12 months. Applicants must be high school seniors and HRCCU members in good standing who are graduating in June and plan to attend an accredited college or university for the first time in the Fall of 2014. Deadline for application is April 11, 2014.

Making Life Better Scholarship

HRCCU College Scholarships

Applications for all scholarships are available online at hrccu.org, at local school guidance offices and at all HRCCU branches.

Please note that parents’ membership does not qualify a student for eligibility in any HRCCU scholarship contest. Student must also be a member of HRCCU. Not a member? For as little as $5.00 you can join the credit union.

If you would like more information the above scholarships, please contact Christine Somers by phone at 518-654-9028 or by email at csomers@hrccu.org.

At Hudson River Community Credit Union, we recognize that some of our most important accounts start small. Our youth savings accounts and financial education programs are especially designed to help youngsters get a jump start on a winning game plan for life.

5 Spot: For elementary school students, this site introduces important financial concepts by igniting a natural love of play with highly interactive games, stories and more.

AJ’s: For ages 11 - 13, this site offers a fun meeting place, encouraging creative interaction while educating about money and responsibility.

C-Note: Has interactive features that teach money management skills to those ages 14 - 18.

Bite Club: Save for retirement while running a vampire nightclub.

Celebrity Calamity: Manage celebrity credit cards and spending.

Farm Blitz: Manage farm resources to build savings and survive financial emergencies.

Visit hrccu.org to try our new interactive games designed to improve your child’s personal financial capability, self-confidence and knowledge.

All games are free of charge. Websites conform to the Children’s Online Privacy Protection Act of 1998.

Online Interactive Games at hrccu.org help children learn about money.

2014 Credit Union Association of New York Scholarship In an effort to further the education of our local high-school seniors, HRCCU is participating in a state-wide college scholarship program made available through the Credit Union Association of NY (CUANY). High-school seniors will compete for the chance to win $500 or $1,000 CUANY scholarships to be used at two or four year accredited educational institutions. Deadline for application has been extended until January 24, 2014.

HRCCU On the Go Access Your Money Anytime, Anywhere From

Your Smart Phone with Mobile Money™ HRCCU has a secure, convenient way for you to access your Credit Union accounts anywhere, anytime. Check your balances, transfer funds, or pay bills with just a click on your smart phone.

Signing up is simple! Visit our website at www.hrccu.org and log into Virtual Branch. After you have successfully logged in, click the “Self Service” section followed by “Additional Services” and then, “Mobile Money”.

Viewing this article with a Smart Phone? Click the following link to enroll directly in Mobile Money! Mobile Money can Make Your Life Better. Click Here to sign up today!

Behind the times? Sign up for Online Banking Today!

Virtual Branch is our free internet home banking. Have full accessto your accounts anywhere you have an internet or wifi connection.

With Virtual Branch you can view and manage your account activity, transfer funds, make loan payments and line-of-credit advances, re-order checks, stop payments, establish ALERTS and much more.

Virtual Branch services are free. However, due to the high cost of providing thisservice, it will be disabled 90 days after the service is established if not used.

Click here to register!

Paying your bills has never been easier or more convenient! Tired of spending hours writing checks, buying stamps, paying your bills, worrying about whether they’ll get there in time? Never worry about another missed payment again! Take control of your finances and enjoy theconvenience of HRCCU’s Free Online Bill Pay option.

Bill Pay makes paying your bills quick, easy and securely. Simplify that monthly task and eliminate paperwork. Follow the simple steps to set up accounts for payment and schedule payments at your own convenience. When you come to the Bill Pay site, a secure connection is established that prevents any outside parties from viewing transaction information. Any data that is transferred between locations is also made over secure connections, utilizing data encryption, and all account information is kept behind a firewall to prevent any outside access.

Avoid trips to the post office, writing checks, or paying for stamps. Online Bill Pay is available 24 hours a day, 365 days a year.

Click here to sign up!

Credit Union PartnersPuzzled on how to have fun this winter?

It’s easy to have fun this winter, whether on the slopes, on the ice or in the snow!

HRCCU Member Discounts allow you to get out and enjoy the possibilities of the winter season -

inexpensively!

$12 tickets to ALL Albany Devils home games Purchase at the Times Union Center or click the logo on our website topurchase tickets easily and securely online. Use promo code HRCCU.

8 hour lift tickets are $25 each

Rentals are $22 each

Tubing tickets are $12 for 2 hours or $18 for 4 hours

The easy way to get your biggest refund is now available at a discounted price. TurboTax© works like a GPS, guiding you step-by-step to your guaranteed maximum refund, showing you exactly what to do at every turn and giving you clear, easy-to-follow directions. HRCCU members can save on TurboTax Online Deluxe. With TurboTax you can: ► Do your taxes easily with 100% accurate calculations and your maximum refund, guaranteed. ► File today and get your refund in as few as 7 days. Try TurboTax for FREE today! You don’t pay until you’re 100% satisfied! You may use TurboTax Online without a charge up to the point you decide to print or electronically file your tax return. Printing or electronically filing your return reflects your satisfaction with TurboTax Online, at which time you will be required to pay or register for the product. ©2012 Intuit Inc. All rights reserved. Intuit, TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of their respective owners.

Our Member Discount Program offers savings of a minimum of 10% on the local products, services and entertainment! To receive your member discount, tell the retailer before your purchase that you are a member of Hudson River Community Credit Union and make your purchase with an HRCCU VISA Platinum Credit or HRCCU Debit Card. If you are buying with cash or a check, simply show your HRCCU member ID card at point of purchase.

HRCCU and TurboTax make filing taxes affordable!

Visit hrccu.org

for a full list of

participating

retailers.

How to Reach Us PHONE:

Corinth: ....................................518-654-9028 Glens Falls and Hudson Falls: 518-743-0561 Troy and Cohoes:.................... 518-237-1121 Toll Free:.............................. 1-800-824-0700

24-Hour Audio Response SystemCorinth, Glens Falls & Hudson Falls:.......................518-654-7330Troy and Cohoes: ...................518-237-4582

FAX: ........................................518-654-7234 Loan FAX: ...............................518-654-6507

WEB:www.hrccu.org

Email: General questions: info@hrccu.org Collections: alemay@hrccu.org Donation Requests: donations@hrccu.org

Operations Center: One Third St., Corinth, NY 12822 BRANCHES AND 24 HOUR ATMS:

CORINTH: 312 Palmer AvenueCOHOES: 35 Niver StreetGLENS FALLS: 160 Broad StreetHUDSON FALLS: 3762 Burgoyne AvenueTROY: 40 Leversee Road

BRANCH HOURS: Monday to Wednesday Lobbies: 9:00 am - 3:30 pm Drive Thrus: 8:00 am - 5:00 pm

Thursday and FridayLobbies: 9:00 am - 6:00 pm Drive Thrus: 8:00 am - 6:00 pm

Saturday: Lobbies: 9:00 am - 1:00 pm Drive Thrus: 9:00 am - 1:00 pm

Comments? Please forward your comments on our new online magazine to info@hrccu.org.Edward M. Behan AVP, Marketing & Communications

Christine Somers Manager, Community & Electronic Media

The Last Word

Federally Insured by the NCUA

Millions of people have joined credit unions, and they’re glad they did. Still, the popular myths about credit unions can confuse people and obscure the truth about their mission.

Let’s set the record straight here.

Myth: Credit unions pay no taxes.Fact: Credit unions do pay taxes, including property, local and employer taxes. However, because credit unions are not-for-profit—returning all profits to members (customers) in great rates and low fees—they’re exempt from federal income tax.

Myth: Credit unions are really just like banks.Fact: Credit unions do provide many services that banks offer. But the core values are so different—regardless of the credit union’s size or offerings. As a credit union member, you’re not just a customer; you’re an owner, with a vote in determining the direction of the credit union. And because credit unions are not-for-profit, all earnings go back to the members in the form of great rates and low fees. It’s about putting people before money. Banks, on the other hand, exist to make a profit for shareholders. While that is fine, it means they’re not motivated by the same values as credit unions.

Myth: You can’t belong to a credit union unless you work for the right employer (or you belong to a union).Fact: This used to be true, but it’s not anymore. Here’s how it works: a credit union’s charter defines its field of membership—the “common bond” that all people must share to be eligible to join. Today, you may be eligible within a credit union’s field of membership, based on where you live, work, worship or attend school.

That’s good news, because with hundreds of credit unions across New York State, almost anyone can find a credit union to join.

Myth: Credit unions should be as strictly regulated as banks.Fact: They are. Credit unions must comply with most of the same regulations that banks do. In fact, to ensure safety and financial soundness, credit unions face more restrictions than banks in the investments and loans they can make.

Myth: You have to pay a membership fee to join a credit union. Fact: There’s no membership fee involved. While credit unions do ask you to keep a minimum amount on deposit, that amount is very small—usually $5 to $25—and you will receive it back if you close your credit union account.

Credit Union Association of New York 2013

IMPORTANT Having a correct address on file with the credit union is absolutely essential because it enables us to communicate important financial information to members when necessary.

You can easily update your address by: • Making changes within Virtual Branch Online Banking. • Stop by any branch during normal business hours and let them know you need to update your address, they will be happy to assist you.

If you need additional information please contact our Call Center at 518-654-9028.