Benefits Plus Checking offers Identity Theft Protection

Transcription

1 Volume 19, Issue 1 Winter / Spring 2014 Benefits Plus Checking offers Identity Theft Protection Following the high profile data breaches at major retailers such as Target, identity theft has become an increased concern for many. Seven Seventeen offers a free identity theft protection and identity restoration service through Benefits Plus. In addition, a Benefits Plus membership provides discounts on travel, entertainment, groceries, 24-hour roadside assistance, pet health insurance, vision care and much more. You can also receive discounts from local merchants as well as national chains. All of this is available for only $5.00 per month ($4 for members age 50 and older) with a Benefits Plus checking account. These benefits can be added to our WOW checking account for the same low monthly price. Seven Seventeen members can also enroll in Benefits Plus benefits without one of these checking accounts for just $9.95 per month. Ask us for details today! Seven Seventeen s Benefits Plus Checking Identity Theft Protection featuring Restoration Rescue Ask how you can get it TODAY! Service Annual Price Family Coverage Mail List Removal Fraud Alerts with Notifications Personal Information Registration Restoration Services Benefits Plus Included with Benefits Plus Membership No additional fee. Covers 2 adults and minor children. Licensed Attorney with Limited Power of Attorney acts on your behalf. Includes document recovery fees. LifeLock $110 / year per person Additional Fee Pays for attorneys, case workers, etc. and provides fraud resolution teams. Trusted ID $ / year per person Additional Fee Reimbursement for do-it-yourself expenses and recovery assistance. Identity Guard $ / year per person Additional Fee Reimbursement for do-it-yourself expenses and victim assistance. Equifax $29.40 / year per person Additional Fee Reimbursement for do-it-yourself expenses and IDT specialist.

2 2. Owners Connection Winter / Spring 2014 Seven Seventeen President & CEO Gary Soukenik Board of Directors Jack Wilster... Chairman Raymond Corky Manofsky.. Vice Chairman Joe Noark... Second Vice Chairman Cheryl DiGiacobbe... Secretary/Treasurer William Skeliski.. Assistant Secretary/Treasurer Arlene Mathes... Director Michael Robinson... Director Supervisory Audit Committee Don Woodard... Chairman Michael Anness Jennifer Barber Mark Callion Gary Wilms Main Phone Numbers , , , , , or New ELM ROAD ATM is Now Open Seven Seventeen has completed installation of its newest SMART DEPOSIT ATM at 1976 Elm Road in the Papa John s parking lot. This new free-standing, drive-up ATM provides members living in the Warren area the convenience of another ATM with unlimited FREE transactions (withdrawals, deposits, and transfers) and the ease-of-use provided by SMART DEPOSIT technology, which allows members to deposit cash or checks directly into the ATM without deposit slips or envelopes. A complete list of Seven Seventeen owned- ATM locations is available via our Mobile App or online at Fax us at After hours, to report lost or stolen cards... VISA Credit Cards Debit Cards ATM Card... Any main phone number Are you yourself? The direct number for: Collection Department Home Mortgage Loans Visit our Web Site at us at info@sscu.net Like us on Facebook at Follow us on Twitter at This credit union is federally insured by the National Credit Union Administration. Seven Seventeen Holiday Closed Dates All Seven Seventeen Credit Union offices will be closed Monday, May 26 in observance of Memorial Day and Friday, July 4 in observance of Independence Day. If your household 1 has recently reached the Primary, Preferred, or Premium Rewards level within the Simply Rewarding Member Rewards Program, then it s time to take advantage of lower rates on loans 2 ; higher deposit rates on certificates ; and low/or no overdraft transfer fees 4. Want to know more about the program stop by, call, or visit simplyrewarding. The Primary Rewards level starts at $10, in combined household deposit and loan balances. Don t forget about these Simply Rewarding bonuses Any relationship with Seven Seventeen Investment & Trust Services gives all household members a one reward level bump. Any household with a Seven Seventeen mortgage loan that is sold to a third party will automatically have members of their household remain at the Premium Rewards level for a period of seven years. Remember, all Seven Seventeen members of your household can benefit by your relationships. 1-Households consist of all Seven Seventeen members residing at the same mailing address. 2-No loan rate discounts are available for new member indirect loans; current members can receive loan rate discounts on indirect loans. Call for details. -No certificate rate increases are available on certificate terms of less than 12 months. No certificate rate increases on certificates for the first 0 days of membership. 4-Transfer from Savings, VISA credit card, or line of credit in the event you overdraw your checking account and have requested this service. Standard Overdraft Transfer Fee is $8.00. Note: Business accounts are not eligible for the Simply Rewarding Member Rewards Program.

3 A publication of Seven Seventeen Credit Union. Barber Appointed to Supervisory Audit Committee Jennifer Barber has recently been appointed to Seven Seventeen Credit Union s Supervisory Audit Committee. She is a welcomed addition to the dedicated volunteers serving on the Credit Union s Supervisory Audit Committee, stated Jack Wilster, Chairman of the Board of Directors. The responsibility of the Supervisory Audit Committee is to help assure, for the benefit of the Credit Union and its members/owners, the safety of deposits, the soundness of management, and fairness to all members. Barber is employed by Delphi Packard Electric Systems. Interested in becoming a Seven Seventeen Volunteer? Seven Seventeen, like all Credit Unions, is a democratically controlled, not-for-profit financial cooperative, whose Board of Directors is elected by and from the membership. The Board of Directors also appoints a Supervisory Audit Committee. Like the Board of Directors, this committee is comprised of Seven Seventeen member/owners. All of these individuals volunteer their time and talents to help establish Seven Seventeen s policies, objectives, and goals without financial compensation. To be considered for a position on the Supervisory Audit Committee, you must Be a member in good standing Possess an understanding of Credit Union accounting and operations Have an understanding of generally accepted auditing procedures Not be affiliated with the management of Seven Seventeen Successfully pass a background / credit check, and Be available to meet several times each year In addition to the above requirements, individuals wishing to pursue a position on the Board of Directors are required to submit a letter of intent to run for the Board of Directors outlining their qualifications and their desire to be considered. They must be able to attend monthly Board meetings, semi-annual planning sessions, participate on various Board committees and be available to attend educational forums throughout the year. Directors are elected to serve a three () year term, and may run for re-election. This is a serious time commitment, but if elected can also be an extremely rewarding experience. To learn more, or to receive a volunteer application packet, call Raymond Corky Manofsky, Chairman of the Volunteer Recruitment Committee, at Don Woodard, Chairman of the Supervisory Audit Committee, addresses members at the 55th Annual Meeting. 56th Annual Meeting Announcement Mark your calendar for Thursday, June 12, 2014 *See details in your March 2014 Account Statement.

4 4. Owners Connection Winter / Spring 2014 How Seven Seventeen protects members during a merchant data breach or attempted fraud Fraud is nothing new, but the types of fraud change as the national and global payments systems change. You likely heard about or may even have been affected by the Target data breach that occurred right after Thanksgiving 201. In this, and any situations in which fraud has occurred or is likely, Seven Seventeen s first priority is to protect our member/owners. Seven Seventeen s response when we learn about fraud or a merchant data breach When suspected fraudulent activities become known, we take swift action to implement the best course of action to protect members and their accounts. Below are some of the actions we may use to protect members: We may block card activity in certain states or countries that are experiencing fraud We may block card activity at certain stores that are experiencing fraud We may limit, or decrease, the per transaction purchase amounts made with a card, unless a PIN is used F If you are using your debit card to do a signature-based transaction that gets declined, please re-try the transaction using your PIN We may block the card when fraud is suspected We may immediately block the card when fraud is known We may reissue new cards as appropriate Each situation involving fraud, attempted fraud, or a data breach is unique and requires that careful attention be given. In the event that such actions ever cause disruption in the service you come to expect, know that we are working to ensure we protect you, our member/ owners, in as timely a manner as possible. What you can do to help battle fraud: If you ever suspect fraudulent activity on your Seven Seventeen account, please contact us. Provide or update your address with the Credit Union. can be the best way we can communicate to you quickly. Update your phone number so you can be contacted. Your mobile phone can be the best number to give to us if we need to contact you immediately. Don t respond to s, texts, or phone calls asking for personal information. We won t ask you to do this. Monitor your accounts regularly, even in times when there isn t a heightened risk of fraud. F See the article on page 5 to learn more. You are entitled to receive a free credit report yearly from each of the three reporting credit bureaus, visit to learn more. F Once you obtain your free credit report, you can contact the BALANCE Financial Fitness Program, which is a free service offered to members of Seven Seventeen. Certified counselors can help you review and understand your credit report. Visit to learn more about BALANCE. One of the benefits of our Benefits Plus Checking account is that it offers free identity theft protection. Learn about Benefit Plus at

5 A publication of Seven Seventeen Credit Union 5. No-Cost Ways To Monitor Your Seven Seventeen Accounts As a Seven Seventeen member, you have access to many convenient services to monitor your credit union accounts, at home or away, day or night, for free. Visit us, call us, or go online to learn more; your options include: NetWorth24 Online Banking NetWorth24, Seven Seventeen s online banking, gives you secure Internet access to your accounts 24 hours per day. You can check balances and review recent transactions as frequently as you like rather than waiting for a monthly statement. With NetWorth24 you can also transfer funds, pay bills*, and access estatements with a single log-in. Visit to sign up or for more information. Trusteer Rapport Security Software We offer a security solution that provides additional protection for your online accounts, FREE. Seven Seventeen makes available Trusteer Rapport, a security-software that works in the background to protect your accounts from fraudulent transactions. Visit to learn more. Mobile Banking (you must sign up for NetWorth24 prior to accessing mobile banking) Mobile Banking offers many of the features of Seven Seventeen s NetWorth24 Online Banking and Bill Pay* right from your mobile device. Visit for more information. Text Banking (you must sign up for NetWorth24 prior to accessing text banking) Get instant access to your finances with just a simple text message. Visit for details. Mobile App (for Apple and Android smart phones and tablets, and the Kindle Fire) The Mobile App combines the benefits of into an easy-to-use tool that s simple to read and navigate through. It gives you fast and free access to your accounts. Visit for more information. estatements (offers members account alerts as well see elerts below) Free estatements provide faster delivery, eliminate the risk of mail fraud, and allow you to view and store statements and cancelled checks electronically. Visit to sign up or for more information. elerts (available through estatements) At any time, you can click on Personalized Alerts within estatements to update which elerts you want. Visit for more details. CALL24 Telephone Banking Members can access their accounts any time from any touch-tone phone. Visit for more information. Many of these services will require you to enroll; please contact us or visit to learn more. Depending on your mobile plan, messaging and data rates may apply. *If three or more bill payments are not made during the month, a fee will be charged see current Service Charge Schedule for details. Account Alerts (you must be signed up for NetWorth24) You can receive alerts and notifications for a variety of types of transactions, including account balance, checks cleared, maturity date, payment due date, and more. Debit and Credit Card Safety Tip For extra piece of mind when traveling, notify us first If you plan to use your Seven Seventeen VISA credit card or VISA debit card while traveling, we encourage you to notify us in advance of your departure date. As an enhanced security feature, if we suspect unusual transactions are being charged, such as those made in out-of-the-ordinary locations, your card could be blocked in an attempt to prevent fraud on your account. Letting us know in advance could prevent such an occurrence. For extra piece of mind before your next trip, please call us at any of our main phone numbers or stop by your local branch office.

6 6. Owners Connection Winter / Spring 2014 Seven Seventeen offers both personal and online service for your mortgage needs Buying a dream home and getting the right financing can go hand in hand. That s why we want to be your partner to make that dream a reality with a mortgage that meets your needs. We offer you great options for your purchase or refinance mortgage. Want to start your mortgage process online? Visit our Mortgage Loan Center at and Check our rates right from your computer or mobile phone Receive interest rate updates via with our rate watch service (mobile users: bookmark Get personalized rate quotes Get pre-approved* And, when you re ready, apply online! Not sure what s best for you? Call one of our Mortgage Loan Consultants today! A mortgage loan consultant can discuss your loan options, including: Conventional Fixed Rate Mortgages lock-in a fixed rate for the life of the loan Conventional Adjustable Rate Mortgages Construction Loans the loan you need to build the house of your dreams First Time Home Buyer Program USDA (United States Department of Agriculture) Home Loans FHA (Federal Housing Administration) Loans VA (Veteran s Administration) Guaranteed Loans Home Equity Mortgage Loans Our Mortgage Loan Consultants are ready to help you. Talk to them today by calling , , , , or and connect to their extension. *Must credit qualify. Ask for details. Seven Seventeen Credit Union mortgage loans are available only to residents of Ohio and Pennsylvania. Contact a mortgage loan consultant for complete details on program guidelines and your specific mortgage loan needs. Meet our Mortgage Loan Consultants Aaron Frank Serving Mahoning & Columbiana Counties Phone: Extension 805 Cell: Fax: NMLS#: Windell Lockett Serving Trumbull County Phone: Extension 822 Cell: Fax: NMLS#: Laurie Nash Serving Portage & Stark Counties Phone: Extension 8092 Cell: Fax: NMLS#: Stephanie Pappada Serving Trumbull County Phone: Extension 8402 Cell: Fax: NMLS#:

7 A publication of Seven Seventeen Credit Union 7. Take advantage of the equity in your home If your house is your greatest asset, take advantage of it. Simplify bill paying and keep your expenses manageable by consolidating your debt with a Seven Seventeen Home Equity Loan or a Home Equity Line of Credit. You deserve one, affordable payment from a lender who makes local decisions that s Seven Seventeen. There are countless ways in which you can make use of the equity that you ve built in your home. You can make those much needed home improvements such as purchasing new kitchen cabinets or appliances, finishing your basement, or adding a sun-room. A home equity loan also gives you the flexibility to purchase a vehicle, enjoy a vacation, take care of education expenses, and more. Apply by phone today or online at anytime. Changes on Wire Transfers and One-Time ACH Payments Due to the costs associated with the compliance of federal guidelines on offering wire transfers, effective April 15, 2014, the fees on this service will increase to $15 for incoming wire transfers and $25 for outgoing wire transfers. Seven Seventeen is one of the few local financial institutions to accept the payment of loans by phone via a one-time ACH (Automated Clearinghouse) payment. Beginning April 15, 2014, the fee for these payments will be $5.50. Of course, loan payments can be made at no charge through NetWorth24 Online Banking, via mail, in the branch, or by signing up for recurring ACH payment. Ask for details, or download the Recurring ACH form on our website. Paying for College: What are your options? If you are a parent or student looking for a cost-effective way to finance a college education, Seven Seventeen s Student Choice private student loan may be the solution to fulfill the dream of a higher education without the higher price tag often associated with private student loans. Seven Seventeen s Student Choice student loan option is designed to help cover expenses that scholarships, grants and federal loans don t cover and comes with: No origination or pre-payment fees Competitive interest rates Flexible repayment options Easy online application and 24/7 call center services Convenient line of credit that helps secure financing for the student s entire undergraduate career* To learn more, visit stop by any branch office to speak to a Personal Service Representative, or attend our FREE College Funding Seminar on March 26, *Must meet credit qualifications, and subject to annual credit review. Free College Funding Seminar coming in March To learn more about Seven Seventeen s Student Choice private student loan solution and the financial aid process in general, we invite you to attend a FREE College Funding Seminar where attendees will learn about: Preparing for and choosing a college Financial aid options and key terms The FAFSA (Free Application for Federal Student Aid) process Scholarships, grants and work study programs Student loan options (federal and private) Date: Wednesday, March 26, 2014 Time: 6:00 pm 7:0 pm (doors open at 5:45 pm) Location: Seven Seventeen Credit Union Corporate Operations Center 181 Larchmont Ave. NE Warren, OH 4448 Pre-registration for the College Funding Seminar is recommended. To RSVP, call or send an with your name, daytime phone number and the number of people attending, with College Funding Seminar in the subject line, to lending@sscu.net.

8 181 Larchmont Ave. NE Warren, OH 4448 In this issue: Benefits Plus Checking Offers Identity Theft Protection New Elm Road ATM is Open Jennifer Barber Appointed to the Supervisory Audit Committee How Seven Seventeen Protects Members from Data Breaches and Fraud College Funding Seminar Coming... and more! 49 for a stamp?! It s time to try NetWorth24 Bill Pay A single first-class postage stamp now costs you nearly half a dollar. You can choose to keep that money for yourself when you use our FREE Bill Pay* service. How much will you spend on stamps? At 49 per first-class stamp: Paying eight bills by mail per month for 12 months will cost you $ Paying twelve bills by mail per month for 12 months will cost you $ However, Paying those same bills with NetWorth24 Bill Pay for 12 months will cost you $0.00. If spending $0, $50, $80 or more isn t discouraging enough, consider that it is only a matter of time before stamp prices go up again. According to Bloomberg, The Postal Service, which lost $5 billion in the 201 fiscal year ending Sept. 0, is trying to close its budget gap with cost cuts and revenue increases. Not only does NetWorth24 Bill Pay save you money, it also saves you time. Rather than sitting writing out checks and stuffing envelopes, once your payees are set up, you can pay bills with just a few key strokes and clicks of your mouse. You can even set up Auto Pay for reoccurring payments to be made automatically each month. Plus, there are many businesses from which you can even get your monthly bill electronically, just by logging into NetWorth24 and going to Bill Pay. And, you can set up reminders and alerts so you never miss a payment! Take the first step toward saving yourself money and time. Learn about the convenience and security of NetWorth24 Bill Pay; call us, visit us, or go to *Bill Pay is FREE if three or more bills are paid each month. In the event that less than three bills are paid during a month, a fee will be charged for that month. Ask for details.

9 Advisor March 2014 Volume 5 Number 1 Retirement Insurance Investments Wealth Management 2014 IRA Deadlines Are Approaching Here is what you need to know for 2014 Financially, many of us associate April with taxes but we should also associate April with important IRA deadlines. * April 1 is the absolute deadline to take an initial IRA Required Mandatory Distribution (RMD). * April 15 is the deadline for making annual contributions to a traditional or Roth IRA. 1,2,7 Let s discuss the contribution deadline first, and then the deadline for that first RMD (which affects only those IRA owners who turned 70½ last year). The earlier you make your annual IRA contribution, the better. You can make a yearly Roth or traditional IRA contribution anytime between January 1 of the current year and April 15 of the next year. For example, you can make your IRA contribution for 2014 anytime from January 1, 2014 April 15, The IRA contribution window for 201 is January 1, 201 April 15, So you have more than 15 months to make your IRA contribution for a given year. But why wait? Savvy IRA owners pour new money into their accounts each January as early as they can to give those dollars more months to grow and compound. (After all, who wants less time to amass retirement savings?) You cut your income tax bill by contributing to a deductible traditional IRA. That s because you are funding it with after-tax dollars. To get the full tax deduction for a 2014 traditional IRA contribution, you have to meet one or more of these financial conditions: * You aren t eligible to participate in a workplace retirement plan. * You are eligible to participate in a workplace retirement plan, but you are a single filer with adjusted gross income of $59,000 or less. (Or if you file jointly with your spouse, your combined AGI is $95,000 or less.) * You aren t eligible to participate in a workplace retirement plan, but your spouse is eligible and your combined 2014 gross income is $178,000 or less. 2, If you are the initial owner of a traditional IRA, by law you are required to stop making contributions to that IRA starting in the year you turn 70½. If you are the initial owner of a Roth IRA, you can contribute to it as long as you live. 4 If you are making a 201 IRA contribution in early 2014, be aware of this fact. You must tell the investment company hosting the IRA account what year the contribution is for. If you fail to indicate the tax year that the contribution applies to, the custodian firm may make a default assumption that the contribution is for the current year (and note exactly that to the IRS). 1 So, write 2014 IRA contribution or 201 IRA contribution as applicable in the memo area of your check, plainly and simply. Be sure to write your account number on the check. Should you make your contribution electronically, double-check that these details are communicated. How much can you put into an IRA this year? You can contribute up to $5,500 to a Roth or traditional IRA for the 2014 tax year (just as you could for the 201 tax year). If you have multiple IRAs, you can contribute up to a total of $5,500 across the various accounts. Should you contribute in excess of $5,500, you will not be rewarded for it: you have until the following April 15 to correct the contribution with the help of an IRS form, and if you don t, the amount of the excess contribution will be taxed at 6% each year the correction is avoided. 5 If you earn a lot of money, your maximum contribution to a Roth IRA may be reduced because of MAGI phase-outs, as follows Tax Year 2014 Tax Year Single/head of household: Single/head of household: $112, ,000 $114, ,000 Married couples: Married couples: $178, ,000 $181, ,000 You can t make a Roth IRA contribution if you are married filing separately with MAGI of $10,000 or more and lived with your spouse in any part of a year. 6 Continued on reverse side WR-971

10 Seven Seventeen Investment & Trust Services Advisor March IRA Deadlines Are Approaching Continued from reverse side. Plan to attend our upcoming no-cost seminars! Social Security: The Choice of a Lifetime Thursday, May 8 Women and Investing: Taking Charge of your Financial Future Thursday, September 25 Understanding Medicare: Planning Income to Meet Your Retirement Needs Thursday, October 16 Each seminar starts at 6:0 pm (doors open at 6:15 pm). Learn more at or register by calling the RSVP line at *Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. Your Seven Seventeen Investment & Trust Services * team are: Financial Advisors... William C. Day Michael J. McMahon Paul D. Finch Support Staff... Jennifer Davies Sheena Popowich Make your no-cost, no-obligation appointment by calling: (ext or 8102) A last-chance RMD deadline rolls around on April 1. If you turned 70½ in 201, the IRS gave you a choice: you could a) take your first Required Minimum Distribution from your traditional IRA before December 1, 201, or b) postpone it until as late as April 1, If you chose b), you will have to take two RMDs this year one by April 1, 2014 and another by December 1, (For subsequent years, your annual RMD deadline will be December 1.) The investment firm hosting your IRA should have already notified you of this consequence, and the RMD amount(s) in fact, they have probably calculated the RMD(s) for you. 7 Original owners of Roth IRAs will never face this issue they are not required to take RMDs. 7 Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. Citations. 1 - taxmap.ntis.gov/taxmap/pubs/p htm [1/16/14] 2 - turbotax.intuit.com/tax-tools/tax-tips/tax-planning-and-checklists/tax-tips-after-january /inf12070.html [/8/1] - money.cnn.com/retirement/guide/ira_traditional.moneymag/index2.htm [1/16/14] 4 - money.cnn.com/retirement/guide/ira_roth.moneymag/index.htm [1/16/14] 5 - finance.yahoo.com/news/over-contributed-ira-401-k html [1/2/14] 6 - irs.gov/publications/p590/ar01.html [201] 7 - foxbusiness.com/personal-finance/2014/01/02/missed-your-ira-rmd-deadline-here-what-to-do/ [1/2/14] R E T I R E M E N T Move on your IRA while there s still time. The clock is ticking and the deadline for making your annual IRA contribution is fast approaching. Every day you wait could be costing you money. Contact Seven Seventeen Investment & Trust Services * today to start taking advantage of an IRA s tax-deferred benefits. Make your no-cost, no-obligation appointment by calling: (ext or 8102) P L A N N I N G WR-971 FR A2 *Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. FR FD