SPRING 2015
SHAREDinterests
A Q U A R T E R L Y P U B L I C AT I O N O F H U D S O N VA L L E Y F E D E R A L C R E D I T U N I O N
In this issue
How to Negotiate an Offer........................................................ 2
Ask the Dealer for HVFCU Financing ................................... 2
Make the Switch to Better Checking....................................... 3
Home Improvements = Added Value...................................... 3
New Generation: New Kind of Vacation................................... 4
Membership: Pass it On............................................................. 5
One Text or Call Could Wreck it All ...................................... 6
Re-engineering Retirement....................................................... 7
Social Security Seminars........................................................... 7
Certificate Accounts: The Perfect Haven
veryone welcomes a windfall whether it’s a complete
surprise or not. Maybe you’re anticipating a larger than
usual tax refund, or you’ve received word that a long
lost relative has unexpectedly left you a large sum of money.
E
accounts come with low minimum deposits and an option
for automatic renewal— providing you with an easy, safe, and
guaranteed way to build your nest egg.
Now What?
• Stop by any branch
The answer isn’t as obvious as it seems. Whether it’s just
enough to cushion your rainy day fund, your ticket to
an early retirement, or something in-between, it can be
easy to overspend or even to misspend a sudden windfall.
You’ll want to do some financial planning— and HVFCU
certificate accounts should be part of your considerations.
These federally insured accounts offer you a competitive
fixed interest rate for a specified time, from as little as
three months to as long as seven years. Dividends can be
withdrawn without penalty and we’ll inform you when the
account is due to mature so you can plan your next move.
You may even want to consider laddering your certificates;
staggering them in differing amounts and maturities to
maximize both your earnings and accessibility.
• Apply through Internet Banking at hvfcu.org
Of course, certificate accounts aren’t just for windfalls; they
provide an attractive savings option for any purpose. These
Open your certificate account today!
• Call us at 845.463.3011
GREAT RATE
Like to know more? Go to Certificate Accounts in the Accounts
menu at hvfcu.org.
2.00
%
APY*
2-Year Certificate
• $500 Minimum Balance
• IRA and Roth IRA
• Individuals and businesses
• Available in Jumbo amounts
* See disclosures on page 8.
1
How to Negotiate an Offer
A
fter looking at what feels like a hundred different homes over
several months you have finally found ”The One.” At last, it’s
time to make an offer.
Putting in an offer on a property can be a tricky business because you
don’t have any idea how flexible the seller is on the sales price. It’s only
revealed when the seller accepts your offer or proposes a counter offer.
The challenge is to know how to structure your offer going in so you
have the best opportunity to get pricing that works for both you and the
seller. Here are a few tips to help you with negotiations:
• F
ind out what the interest level is – Why is the seller
selling? Have offers already been presented and, if so, how many?
How long has it been on the market? This can help you assess the
motivation of the seller so you and your agent can determine how to
best structure your initial offer.
• D
o your homework on the current market – Familiarize
yourself with the competition in the area by looking at other homes
for sale in the neighborhood to help you determine fair pricing, even if
they don’t entirely meet your criteria.
• B
e realistic about your ideal price – Determine in advance what you are willing and able to pay, based on what
you can afford, the down payment and monthly mortgage costs, maintenance, and taxes. Offer only what you can afford –
and walk away if you can’t.
• Expect several offer rounds – Negotiations require both parties to give and take some, hopefully ending in a
mutual agreement. Many sellers are very emotionally attached to the home they’ve lived in for years, so it may be difficult
for them to see the real worth of the property.
• S
plit the difference – One common approach for coming to an agreement on price is to split the difference between
how much the seller wants to sell for and how much you, the buyer, want to pay. Doing so can often make for a win–win
situation for both parties.
Right now mortgage rates are very favorable to buyers. This summer may just be the perfect time to purchase a home with the
best terms possible. When you’re ready to take the next step, apply for your mortgage online at hvfcu.org, or stop by any branch.
Ask the Dealer for HVFCU Financing
Next time you are shopping at the dealer for a vehicle, ask about credit union financing.
Most of our Hudson Valley area dealers offer HVFCU financing on-the-spot, which
means you can take advantage of the same low rates and terms at the dealer as you would if
you applied at one of our branches or online. The dealer will process your loan in just minutes and HVFCU will send your
check directly to the dealer. It’s fast and friendly all the way.
To see which of your favorite dealers participate in HVFCU on-the-spot financing, look under the Loans menu on our website
at hvfcu.org, visit any branch, or call us at 845.463.3011.
2
Home Improvements =
Added Value
Make the Switch
to Better Checking
Debit
If you think all checking accounts are created equal, it’s
time to take a closer look at ours. You’ll find HVFCU’s free
checking offers more of what you need—like maximum
convenience, free official checks, money orders, and more.
There’s never a monthly service charge or a per-check fee and
your account balance earns daily dividends..
Accessing your money is easy.
Your HVFCU checking account comes with a free HVFCU
Visa® Debit card, which can be used for purchases and as
your ATM card. Purchases are deducted directly from
your checking account so you won’t have to deal with
writing a check.
Use your card at any HVFCU ATM as much as you like;
you’ll never incur a fee. You’ll also receive fifteen free nonHVFCU transactions per month; and because you’re a
credit union member, you’ll have access to more than 77,000
surcharge-free1 ATMs across the country.
Your HVFCU Visa Debit card has other great benefits, too.
Earn points toward gift cards, cash back credit, name-brand
merchandise, and travel with HVFCU Rewards!2
If you already have your savings, loan, or other services
with HVFCU, wouldn’t it make your life easier to have your
checking account in the same place? Stop by any branch to see
how easy it is to make the switch to better checking, or go to
hvfcu.org for our checking account switch kit.
(1)
ATM owner may assess a surcharge.
Visa Debit card reward points require signature-authorized transactions
to earn points. PIN-based, point- of-sale, ATM transactions, cash
withdrawals, and checks do not earn points.
(2)
Even if you’re not planning
to sell your home anytime
soon, it’s an inevitable
question when you consider
remodeling: How much will
this improvement add to the
value of my home? The actual
cost and payback for each
project can vary, depending on both your home’s condition
and overall real estate market values in your area. The
top-ranking home improvement? A new front door, which
on average, adds 92.5% of the amount spent to the value to
your home, according to Remodeling magazine’s annual
Cost vs. Value Report for 2015. Here are a few more, based
on mid-range pricing and national averages:
Job Cost*
Average
Return
Replace front door (steel)
$1,230
92.5%
Vinyl siding (foam backed)
$12,013
82.2%
Attic bedroom
(with dormer & bath)
$51,696
79.9%
Replace windows (vinyl)
$11,198
75.0%
Minor kitchen remodel
$19,226
74.9%
Replace roof
$19,528
74.9%
Bathroom remodel
$16,724
68.4%
Major kitchen remodel
$56,768
66.7%
Adding a deck (composite)
$15,912
66.3%
Home office remodel
$29,066
49.1%
Improvement
*Job costs are estimates only and may vary based on your location, size,
quality of materials, and scope of project.
Of course, not every home improvement decision is based
on return. Some improvements, like turning a basement
into a playroom or a garage into a home office do more
to enhance the enjoyment of your home or make it more
functional if moving isn’t an option. Whatever your
reason—when you’re ready to begin your remodel, be sure
to stop by HVFCU for affordable financing options.
3 3
New Generation: New Kind of Vacation
L
ounging in peace on the beach or calmly taking in a view of the Grand Canyon
is no longer satisfying enough for today’s youth (or the young of heart). If you are
one of those who crave a little more adventure in life and your downtime–try a
more unusual approach to vacationing with an offbeat destination. Here are just a few
suggestions to get your adrenaline pumping:
Trift Suspension Bridge, Gadmen, Switzerland:
If a simple hike is just too tame, the Trift Glacier in the Swiss Alps features one of
the Alps’ longest and highest pedestrian bridges, suspended 350 feet above a gorge. A
replacement in 2009 gave this bridge higher handrails and stabilizing cables to prevent
it from swinging violently in the wind, but it still provides quite an adrenaline rush.
Trip Advisor gives it 5 stars.
La Tomatina Fiesta, Bunol, Spain:
Join 30,000 people in an all-out, no-holds barred tomato fight to end all
tomato fights. This messy event has been held annually in the town of Bunol
since1944. Whether you plan to watch or participate, you’ll probably not want
to wear white.
Tundra Lodge Rolling Hotel, Manitoba, Canada:
This hotel on wheels allows guests to live comfortably within the polar bears’
environs 24/7. In addition to viewing from their windows, large outdoor
platforms further enhance guests’ bear-watching options. You can’t get more
up close and personal in the wild than this.
Travel with Platinum
When arranging your out-of-the-ordinary vacation (or even an ordinary one),
it’s nice to know that in addition to worldwide acceptance and access to ATMs
around the globe, your HVFCU Visa® Platinum credit card also provides free
travel services. These include emergency cash and card replacement, emergency
ticket replacement, medical referral assistance, emergency translation service,
emergency transportation service, and more. To apply for your Visa Platinum
credit card, or for more details on these special services, go to hvfcu.org.
Take HVFCU With You
When traveling out of town for work or pleasure, your accounts are as close as your fingertips with
these convenient e-services*:
4
hvfcu.org and Internet Banking: Most hotels offer
wi-fi so you can readily access our website and Internet
Banking from your laptop or web-enabled mobile device.
Text Banking: Get your available account balances and
conduct transfers via text messaging.
Mobile Banking: View balances, transfer between your
accounts, deposit checks with our remote deposit capture
feature—even find the nearest surcharge-free ATM with
our free app. Download via Google Play or the Apple Store.
notifications via text messaging.
CUAlerts: Get instant account information and
*Enrollment in Internet Banking is required for access to all listed services.
Visit hvfcu.org and click on eServices or stop by your nearest branch to
learn more.
Core Upgrade
Coming soon – HVFCU will
upgrade our main computer system
in September 2015. Watch for more details in the
July issue of Shared Interests and at hvfcu.org.
OUR 2014 ANNUAL
REPORT is now available
at hvfcu.org to download or
at any branch. To receive a
copy by mail, request one at
hvfcu.org or call us at 845.463.3011.
New Service
Saves You Timee
We understand your time is valuable. Don’t spend it
waiting on hold. When you call the Contact Center,
you now have the option to receive a call back instead
of waiting on hold. We’ll keep your place in line and a
Contact Center Specialist will call you when it’s your turn.
To take advantage of this new service,
simply follow the prompts when
you call the Contact Center.
Membership: Pass it On
One good turn deserves another, as they say. If you enjoy
everything that Hudson Valley Federal Credit Union has
to offer why not extend the benefits of membership to
your friends, family, neighbors, and colleagues? Tell them
that HVFCU strives to offer the most affordable options
available to help them save, borrow, and manage their
finances throughout life. Whether it’s getting married,
buying a home, going to college, starting your first job or
retiring, let them know we’re always here to help.
If you know anyone who lives, works, worships, volunteers,
or attends school in Dutchess, Ulster, Orange, or Putnam
County, tell them they can belong. A membership account
can be opened easily online at hvfcu.org, or stop into
any branch.
Retaining Membership Status
A reminder that each member of Hudson Valley Federal
Credit Union must have $5.00 on deposit with us in a
Primary savings account. If you do not have that amount
in your savings account with us or have questions about
your membership, please visit any branch or call us at
845.463.3011.
5
One Text or Call
Could Wreck it All
In today’s society, multi-tasking is often
our way to keep up with ever increasing
demands on our personal and professional
time. All this multi-tasking is contributing
to an emerging traffic safety epidemic on
America’s roadways that demands immediate
attention: distracted driving.
In 2012, crashes involving distracted drivers killed 3,328
people. One of the most alarming and widespread forms
of distracted driving is cell phone usage. According to a
Carnegie Mellon study, driving while using a cell phone
reduces the amount of brain activity associated with driving
by 37 percent. And a report from the National Safety Council
found that people talking on cell phones or sending text
messages cause more than 25% of all traffic accidents.
Text messaging is of heightened concern because it combines
three types of distraction – visual, manual and cognitive. In
other words, texting involves taking your eyes off the road, your
hands off the wheel, and your mind off the task of driving.
To tackle this ever-increasing problem, the National Highway
Transportation and Safety Administration is focusing on
ways to change the behavior of drivers through legislation,
enforcement, public awareness and education. Their message is
simple – “One Text or Call Could Wreck it All.” With supporters
ranging from President Obama to Oprah and legislation being
WEDNESDAY
APRIL 22
2015
7:00 P.M.
3
Annual Meeting
Reminder
Wednesday, April 22, 2015, 7 pm
The Marriott Theatre at the
Culinary Institute of America
1946 Campus Drive, Hyde Park, NY
6
passed across the nation to discourage distracted driving, we
hope drivers get the message loud and clear.
So the next time you are pressed for time, and it seems like
multitasking in the car is the best decision, remember those
3,328 lives that were taken because someone decided they
could do two things at once. A text or call is not worth a life—
yours or someone else’s.
Holiday Closing Schedule
All Branches will be closed
Monday, May 25 – Memorial Day
Saturday, July 4 – Independence Day
Re-engineering Retirement
In this seminar, we’ll help you plan for retirement
shortages and needs, learn how to transition from
accumulation building to retirement income, and use
illustrations and worksheets that take the complexity out
of retirement.
Tuesday April 28th 4:30-6pm
Poughkeepsie Hampton Inn
2361 South Road, Poughkeepsie, NY 12601
Tuesday May 12th 4:30-6pm
Fishkill Hyatt
100 Westage Business Center Drive, Fishkill, NY 12524
Tuesday June 2nd 4:30-6pm
Poughkeepsie Hampton Inn
2361 South Road, Poughkeepsie, NY 12601
Seating is free, but limited. To RSVP, register online
at hvfcu.org or call 845.463.3366.
Social Security Seminars
This seminar will help you understand and maximize
your Social Security benefits. Learn key facts about Social
Security and how to navigate the decisions surrounding the
program, including how benefits are calculated, what is full
retirement age, and how to choose the right time to file.
Tuesday May 5th 5:30-6:30
Newburgh Branch
953 Route 300, Newburgh, NY 12550
Thursday May 14th 3:30-5pm
Poughkeepsie Hampton Inn
2361 South Road, Poughkeepsie, NY 12601
Tuesday May 19th 3:30-5pm
Fishkill Hyatt
100 Westage Business Center Drive,
Fishkill, NY 12524
Seating is free, but limited. To RSVP, register online
at hvfcu.org or call 845.463.3366.
Securities and advisory services offered through LPL Financial, a
registered investment advisor. Member FINRA/SIPC. Insurance products
offered through LPL Financial or its licensed affiliates. Hudson Valley
Federal Credit Union and HVFCU Financial Services are not registered
broker/dealers and are not affiliated with LPL Financial.
Not NCUA Insured | No Credit Union Guarantee | May Lose Value
7
Directory
Board of Directors
Noreen Hennessy, Chairman
Takao Inouye, First Vice Chairman
Joseph E. Eppich, Second Vice Chairman
David S. Bagley, Treasurer
Nancy Kappler-Foster, Assistant Treasurer
William L. Spearman, Secretary
Misty V. Decker, Director
T. S. Jones, Director
Henry J. Rodgers, Jr., Director
Jan Mahar Sturdevant, Director Emeritus
Supervisory Committee
Stephen M. Caswell, Chairman
Jeffrey S. Battistoni, Secretary
Kathleen Dispensa, Member
John Hogan, Member
William J. Mulvey, Member
Carlos L. Acosta, Associate Member
Elinor Speckman, Associate Member
President & CEO
Mary D. Madden
Branches
Monday-Friday 8:30-7:00 and Saturday 9:00-5:00
4 Tucker Drive, Arlington
324 Main Street, Beacon
2 Terrace Drive, Carmel
449 Route 9, Fishkill
101 Tillson Avenue, Highland
415 Route 376, Hopewell Junction
4011 Albany Post Road, Hyde Park
1639 Ulster Avenue, Kingston
Route 211, Fairgrounds Plaza, Middletown
30 Hawkins Drive, Montgomery
953 Route 300, Newburgh
265 Windsor Highway, New Windsor
12 North Avenue, Pleasant Valley
159 Barnegat Road, Poughkeepsie
6740 Route 9, Rhinebeck
11 Marshall Road, Wappingers Falls
Monday-Friday 8:30-5:30 and Saturday 9:00-2:00
1620 Route 22, Brewster
Monday-Friday 8:30-5:30
1 Civic Center Plaza, Poughkeepsie
Monday-Friday 8:00-4:00
IBM Buildings* 330, 705
*Employee accessible only. Closed 1:30 pm to 2:00 pm.
8
HVFCU ATMs
All HVFCU Branches
Adams Fairacre Farms, Route 44, Poughkeepsie
Bridgeview Plaza, Route 9W, Highland
1810 South Road, Nine Mall, Wappingers Falls
East Fishkill IBM Bldgs.* 300, 320, 323
Gap/Old Navy Distribution Center, Fishkill*
Nine Mall, 1810 South Road, Wappingers Falls
Poughkeepsie IBM Bldgs.* 052, 416
Putnam Hospital Center, 670 Stoneleigh Avenue, Carmel
Vassar Brothers Medical Center, Poughkeepsie
*Employee accessible only.
Online Services
hvfcu.org
Telephone
845.463.3011/800.468.3011
TDD (for hearing impaired)
845.463.1709
Supervisory Committee
845.463.6934/800.468.3011
P.O. Box 1624, Poughkeepsie, NY 12601
[email protected]
Mailing Address
159 Barnegat Road, Poughkeepsie, NY 12601
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Certificates: The Perfect Haven. continued from page 1: *APY=Annual Percentage
Yield. Substantial penalty for early withdrawal. Fees may reduce earnings. Rate
effective beginning 4/4/15 and is subject to withdrawal at any time. Higher rate for
higher balances not available with this offer.
Federally insured by the NCUA