Geneva Barnes Service Award

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2 MONEYMATTERS Georgean C. Smith Chairman of the Board Sharon A. Kemp Vice Chairman Fred Reiner Treasurer Jack G. Goellner Secretary Winter 2012 Members: 37,024 Assets: $299,522,521 JHFCU MONEY MATTERS is published by the Credit Union office staff and Board of Directors. The views expressed do not necessarily reflect those of The Johns Hopkins Hospital or University administration. Address all correspondence to: Editor, MONEYMATTERS Johns Hopkins Federal Credit Union 2027 E. Monument Street Baltimore, Maryland JHFCU-70 jhfcu.org Michael J. Mesta President Lynn M. Gregory Sr. Vice President Marketing & Member Services Laurie M. Hare Marketing Manager & Editor Homewood Branch Charles Commons 4 E. 33rd Street Baltimore, MD M, T, F, 8:30 a.m. 4:00 p.m. W, 10:00 a.m. 4:00 p.m. Th, 8:30 a.m. 5:00 p.m. Bayview Branch 5201 Alpha Commons Dr. Baltimore, MD M, T, F, 8:30 a.m. 4:00 p.m. W, 10:00 a.m. 4:00 p.m. Th, 8:30 a.m. 5:00 p.m. East Baltimore Branch 2027 E. Monument St. Baltimore, MD Fax: M, T, F, 8:30 a.m. 4:00 p.m. W, 10:00 a.m. 4:00 p.m. Th, 8:30 a.m. 5:00 p.m. Eastern Branch 1101 E. 33rd St., Room 303A Baltimore, MD Hours: Th, 8:30 a.m. 4:00 p.m. Phone Services Department M, T, Th, F, 8:30 a.m. 5:00 p.m. W, 10:00 a.m. 5:00 p.m. Lost or Stolen ATM Card , M F 8:30 a.m. 4:00 p.m. Lost or Stolen Visa Check Card , M F 8:30 a.m. 4:00 p.m.; after business hours call Holiday Closings JHFCU will be closed on the following dates: Monday, January 16 Martin Luther King, Jr. Day Monday, February 20 Presidents Day On the holidays above, you will be able to access your account via the Internet Branch, TeleBranch 24, and ATMs. Geneva Barnes Service Award In honor of longtime employee Geneva Barnes, who passed away in 2007, JHFCU has established the annual Geneva Barnes Service Award. The purpose of the award is to help us carry on the tradition of excellent member service by recognizing one employee each year for outstanding service given to members. We are pleased to acknowledge Member Service Representative Jennifer Galbreth as our winner this year. Ms. Galbreth has been an outstanding employee at JHFCU and has received many favorable comments from members, who have described her as kind and compassionate. Some members even specifically ask to see her. She is known to be patient and to take time to explain details even if it is late in the day, as she wants to ensure the member understands the information. Ms. Galbreth also is recognized as being a true team player. She has stayed late and has assisted other staff when asked. A fellow coworker nominated her and noted that she always has a good attitude, and that she is respected by other employees, commenting, out of the four years that I have worked at the Credit Union, I can t remember anyone ever having said anything bad about Ms. Jennifer, which says a lot. Each year the winner receives a monetary award, a plaque for their office, and a $500 donation from JHFCU in the recipient s name to the winner s favorite charitable organization. A permanent plaque listing the winners hangs in the East Baltimore Branch. Current Rates LOANS: For current loan rates, visit jhfcu.org, or call SAVINGS: Current as of December 31, 2011 visit jhfcu.org for updates. Annual Percentage Balance to Yield (APY) obtain APY Share and Custom Savings & Holiday Club 0.15% $25 - $4,999 Share and Custom Savings & Holiday Club 0.20% $5,000 - $9,999 Prime Money Market 0.50% $7,500 and over Money Market 0.35% $10,000-$24,999 Money Market 0.40% $25,000-$99,999 Money Market 0.55% $100,000-$499,999 Money Market 0.75% $500,000 and over Share Draft Checking 0.05% $0.01 The above accounts are variable-rate accounts and rates are subject to change. The Annual Percentage Yields (APYs) are accurate as of December 31, Fees could reduce the earnings on the accounts. JHFCU is a member-owned financial cooperative that pays dividends based upon available earnings. Federal regulations prohibit the payment of dividends in excess of available earnings. Call or visit our Internet Branch at jhfcu.org for rates on Certificates and IRAs. Contact an employee for additional terms and conditions on accounts. For information on First Mortgages, call Financial Security Consultants at Federally Insured by NCUA /11

3 Free Yourself from Winter Bills! A JHFCU Debt Consolidation loan will lift your savings. Consolidate your debt with one of the following: Signature Loan Signature Line of Credit Home Equity Loan Home Equity Line of Credit JHFCU s fixed-rate, fixed-term Signature loan is an excellent alternative to credit cards, with rates that are currently as low as 6.75% APR.* That s lower than most credit card rates, and there are NO annual fees or transfer fees. Plus, you can apply for up to $25,000. You will have fixed monthly payments that will help you pay off the loan in the specified term. Or, if you have the equity, consider a Home Equity loan or line of credit with a rate as low as 4.50% APR* and no closing costs.** How to apply: Instead of letting your credit card bills get you down, give them up! Save money on interest charges by transferring balances from other institutions to a lower-rate JHFCU loan. 1) Log into your account, click the Loan Application tab, and choose either Signature Loan or Home Equity Loan. 2) Select Bill Consolidation as the reason for the loan and then list creditors you wish to pay off. You may also visit one of our branches to apply in person. To expedite processing, please bring creditor information, including account numbers and addresses where payments are sent, for each of the creditors you wish to pay off. Once your loan is approved, we ll process your payment checks and mail them to your creditors for you. Say goodbye to Winter Bills with just one low payment each month! You can make your payments via online transfer, in person, by mail, through JHFCU bill pay, or by setting up automated debits from an outside checking account for ACH credit to your JHFCU loan. *APR = Annual Percentage Rate. Rates are based on applicant credit, type of loan, debt protection insurance, direct deposit and loan-tovalue ratio and may vary. Rates are current as of 01/01/12 and are subject to change. **Home Equity rates are based on the Prime Rate as published in the Wall Street Journal on the 25th of each month, plus or minus a Margin and direct deposit option. The above rate reflects the most recent change to Prime but is subject to the floor rate of 4.50%. Property and flood insurance may be required. $10,000 minimum required for a Home Equity credit line. $5,000 required for Home Equity fixed. Some restrictions may apply. Closing costs will be added back to loan balance if the loan is paid off within one year. Maximum rate is 18% APR. Keeping Your New Year s Resolutions From our partners at Accel Financial Counseling It s the time of the year when people reflect over the past year and make new commitments and resolutions for the upcoming one. Saving more money and paying down debt tend to be at the top of people s lists of New Year s resolutions. Here are some ways for you to make good on your resolutions and achieve your financial goals: Set easier goals. The Association for Consumer Research reports that people who set an easy goal for themselves are much more likely to achieve the goal than those who set challenging goals or no goals at all. Create annual goals rather than monthly ones. The Association for Consumer Research reports that people who had already violated their monthly savings goal were more likely to make additional purchases than those who hadn t. Setting an annual goal provides more flexibility to judge success or failure. Identify best practices. Find out how others have achieved goals similar to your own. Create action steps. Break down your goals into steps you will take to reach your objective, and include ways to respond to obstacles that you may encounter. For additional information on budgeting, saving, and achieving your goals, visit Accel s Resource Center at resources/resource-center.htm. As a valued partner of JHFCU, Accel offers our members free and unlimited access to financial counselors. To speak to an Accel counselor please call ACCEL. 3

4 JHFCU will unveil a new online Banking system on January 23. Increased security, new personal financial management software and additional alert options will be featured in the new system. Plus, even more great features are soon to come! After more than two years of research and conversion planning, we are excited to bring our members a new and improved Online Banking system! Rest assured, the core functions are the same, and all your account data will remain intact. You will just see your accounts displayed in a different format, and have access to new features. Increased Security The new system uses Captcha, a challenge-response test used in computing, to ensure that the response is generated by a person, not an automated attempt by a hacker. A distorted image of letters and numbers will be displayed and you ll be required to type the set of characters in order to log in. This is part of our layered security approach as we aim to protect your account. MoneyDesktop Replaces FinanceWorks Our new Online Banking system will feature MoneyDesktop, a robust personal finance management tool that allows you to combine your entire financial picture in one secure location. This new software will replace FinanceWorks, our current financial management tool, and will be very similar in functionality. Using MoneyDesktop, you can aggregate accounts from various financial institutions, (e.g., credit cards, retirement/403b plans, and other bank accounts), track expenses, and determine if you are staying within a budget. It also has a GPS feature to help guide you to a better financial status, and a debt management feature to show you how you can reduce debt faster. MoneyDesktop also has a mobile app you can use to keep tabs on your budget while away from your computer. Also, look for new MoneyDesktop features to come later this year, such as the ability for it to forecast, or for you to enter, upcoming transactions a feature you may have become accustomed to in FinanceWorks. What You Need To Do BEFoRE January 23 Although your account data will be available automatically in the new Online Banking system, there are a few features that you will need to reset in order to continue benefiting from them. Retaining records from the current system prior to the conversion on January 23 will make this reset process simple. 1) Make Note of Recurring Transfers If you currently have Scheduled Recurring Transfers set up within online banking, we recommend you make a note of them. You will need to reschedule these recurring transfers in the new Online Banking system after January 23 in order for them to continue. (Recurring transactions set up outside of online banking such as Payroll Deduction you set up with a form at JHFCU, or debits initiated by an outside financial institution, are NOT affected.) 2) Make Note of Alerts If you currently have alerts set up, we recommend you make a note of them. You will need to reset your alerts in the new Online Banking system after January 23. The good news is, you ll find many more options for alerts in the new system, including alerts regarding balances, checks clearing, deposits posted, loan payments due, and much more! 3) Save FinanceWorks & TaxWatch Records If you currently use FinanceWorks, print your overview screen for a list of accounts you ll want to add to MoneyDesktop. Also, if you had items labeled as charitable or other deductible transactions, obtain and print a consolidated list under TaxWatch in FinanceWorks. This information will not be available after January 23. 4) Confirm Your TeleBranch 24 PIN In the new system, your TeleBranch 24 telephone banking PIN will be used as your NEW Online Banking PIN for the initial Log In only. For many members, this PIN already matches what you use for online access currently. However, some members may have different PINs for Online Banking and Telephone Banking, particularly if they changed the PIN via the phone/audio response unit. You ll want to make sure you know what your current TeleBranch 24 PIN is so that you will be able to access your accounts in the new Online Banking system. To confirm your TeleBranch 24 PIN, call and press 1. Enter your account number and PIN. If you determine you do not know your TeleBranch 24 PIN, contact JHFCU s Member Services Center to have your PIN reset and mailed to you. 5) Quicken Users: Update Software Settings Visit jhfcu.org for specific instructions on how to update Quicken settings to continue receiving JHFCU downloads. 4

5 Logging In to New System for the First Time Whether you ve been using JHFCU Online Banking for years or you re enrolling for the very first time, come January 23, all members will be required to log in to the new Online Banking system as a First-Time User initially. This process will verify your identity against our core database. 1) Go to The log-in area will be in the same area as before. 2) Choose First-Time User link. (You will not click the Log In button on this initial set up.) 3) On the next screen, enter the next Captcha Code that appears, your Account Number, and your TeleBranch 24 PIN. 4) You will then be asked to enter the last four digits of your Social Security Number, birth date, and zip code so the system can verify your identity. AN IMPoRTANT NoTE ABoUT YoUR PIN For most members, your previous online Banking PIN will work in the new system. However, if your online Banking PIN differs from your TeleBranch 24 PIN, you will have to use your TeleBranch 24 PIN to log in to the new online Banking system initially. If you do not know your TeleBranch 24 PIN, contact JHFCU to reset it and have the new PIN sent it to you. For security reasons, PINs cannot be provided via phone. Once you ve logged in, you will be prompted to create a new User Name and Password. You will also be asked to set up Challenge Questions, where you will select answers from a pre-defined list of answers. Each time the system asks these questions, the order of the answers will change so your keystrokes cannot be tracked, another added security feature. Challenge questions will be presented if you are using a computer the system doesn t recognize. You can choose to enroll the computer when prompted by checking the box next to This is NOT a public computer. Please save my computer information. For subsequent logins, you will enter your User Name and the displayed Captcha code in the log-in area at and then will enter your password on the following screen. After You ve Logged In Successfully... 1) Take a few minutes to browse the new look and features. Note the USER OPTIONS link at the top right you will need to access that to change settings, contact preferences, add a mobile device and more. Click the other tabs to familiarize yourself with where things are, and to see the new features. 2) Set up alerts that you had previously, and add any others you would like to use. Our new system has a more comprehensive list of options, such as: My balance has fallen below a certain amount. A deposit has posted to my account. A payment has posted to my account. Invalid Login attempted on home banking account. Insufficient funds for next scheduled transfer. 3) Set up Scheduled Recurring Transfers you use to automatically transfer money within JHFCU accounts. REMEMBER, these did NOT carry over from the prior system. 4) Click the MoneyDesktop link to check out our new budgeting software. You can watch a video, or just begin adding accounts to enable you to view your financial picture in one place! What s NoT Changing: online Bill Payment: Online Bill Payment services will remain the same. Your Payees, Scheduled Payments and bill payment history will be there. Note, no new payees may be added January DeposZip online Deposits: Our DeposZip service will remain the same. Re-enrollment is NOT required and your images of past deposits will be available. E-Statements: If you currently are enrolled in e-statements, you will continue to receive them. E-statements from the past two years will be available in the archives. Continued on back cover 5

6 Board Nominees The individuals listed below are candidates for the 2012 Board of Directors Election. Rhonice Burnett Rhonice Burnett is the Director of Strategic Planning for Johns Hopkins Medicine within the department of Health Care Transformation and Strategic Planning. She joined Johns Hopkins in 1996 as a Marketing Project Manager and has held various marketing, business development and planning positions prior to assuming the role of Director of Strategic Planning. Before coming to Hopkins, Ms. Burnett worked with CIGNA Property and Casualty Companies and T. Rowe Price Associates. Ms. Burnett earned a Bachelor of Science in Engineering degree from Princeton University in Electrical Engineering and Computer Science, and a Master of Business Administration degree from the J.L. Kellogg Graduate School of Management at Northwestern University. She has been a Credit Union member since 2002 and is a current Board member. Jack Goellner Jack Goellner is the Director Emeritus of the Johns Hopkins University Press. He began his career at the JHU Press in 1961 as a Sales and Advertising Manager, later served as Editor-in-Chief for ten years, and became Director in He joined the Credit Union in 1971, shortly after its inception, and has served on its Board since He has also served on the Strategic Planning Committee and on the Executive Committee, and has held the Board offices of Secretary and Treasurer. Mr. Goellner retired from the University in He has served on boards and committees of a dozen not-forprofit organizations, including the boards of three university presses. Mr. Goellner has a Bachelor of Arts degree from Allegheny College and holds a Master s degree from the University of Wisconsin. He was awarded an Honorary Doctorate from Allegheny College. Lisa C. McKissick Ms. Lisa C. McKissick has been part of the Johns Hopkins community since 1989 and currently works in the Bloomberg School of Public Health, Department of Environmental Health Sciences. She has worked at the department level in research and administration, at the central level as a Senior Financial Analyst for the Divisional Business Office, and as a Contracts Associate in the Office of Research Administration in the Bloomberg School of Public Health. Her first position at Hopkins was as a Research Assistant in the Department of Health Policy and Management. Ms. McKissick earned a BA degree in Psychology. She also earned an MBA from Johns Hopkins University. She has been a member of JHFCU since 2007, and is currently a Board member as well as Chairman of the Supervisory Committee. Ms. McKissick is also the President of the Board of Directors for the Samuel Ready Scholarships, Inc., a non-profit that provides funding for female scholars in the Baltimore area. Fred Reiner Fred Reiner retired from the Johns Hopkins University in 2005, where he served as the Manager of Support Services in the Management Information Systems Department of IT. While there, he experienced the evolution of the department since joining the University in Mr. Reiner has a Bachelor s Degree in Electrical Engineering from The Cooper Union in New York City and a Master s in Administration from George Washington University. He has been a member of the Board for 40 years and started with the Credit Union as Chairman of the Supervisory Committee. Past positions he has held on the Board include Chairman. He currently is serving as Treasurer and as Chairman of the Finance Committee, and is a member of the Nominating Committee. Annual Meeting Notice Mark your calendar for JHFCU s Annual Meeting on Wednesday, April 25. It will be held in the Glass Pavilion on the Homewood campus. The event will begin with hors d oeuvres at 5:15 p.m., followed by the business meeting at 6:00. Please RSVP via to Becky Amtmann at ramtmann@jhfcu.org by April 18. The registration process at the meeting is very quick since we do everything electronically. We hope to see you on April 25.

7 Be Free of First Mortgage Payments! Do you want to be free of your first mortgage and escrow payments? would you like to refinance your mortgage balance, but pay No CLoSING CoSTS? ** Do you want the flexibility to choose your own term one that will enable you to be home free of mortgage payments in 12 years or fewer? ** If you answered yes to any of these questions, the new JHFCU HomeFree Home Loan could be for you! Our new HomeFree Home Loan is actually a second mortgage product, but it is designed to be used to pay off your remaining first mortgage balance. It is a special product for members who have current mortgage balances under $200,000 who are looking to refinance, but who don t want to pay for closing costs. There are some specific parameters for the HomeFree Home Loan: You must use the loan to pay off ALL other mortgage loans on the property, putting your JHFCU loan in the first lien position. The loan may be used for your primary residence only. The loan is available for properties in Maryland and surrounding states only. The minimum loan amount is $25,000. The maximum loan amount is $200,000. The maximum loan-to-value ratio allowed is 75%. (You need at least 25% equity in your home.) Terms are set for 6, 8, or 10 years, *** up to a maximum term of 12 years ***. If you elect a different term, your rate will be based on the next highest tier rate (e.g. a 9-year loan will have the 10-year rate). Rates are as low as 3.35% APR * for the 6-year *** loan with 15 basis point increments for each longer term. The 10-year *** term loan has a rate of 3.65% APR *. Rates above are for refinances of mortgages from other institutions. If you wish to refinance a JHFCU mortgage with our HomeFree Home Loan, call for rates. Credit score and debt-to-income qualifications apply. Other restrictions may apply. The new HomeFree Home Loan will be available beginning on February 1, For information, contact Sharon Battaglia at JHFCU at , x230. *APR = Annual Percentage Rate. Rates are based on term of loan and upon refinancing your non-jhfcu loan. Rates are current as of 02/01/12 and are subject to change. Property and flood insurance may be required. **Closing costs will be added back to loan balance if the loan is paid off within one year. ***With a $100,000 loan at 3.65% APR for 10 years, your payment will be $ per month. Rates as low as 3.35% APR* 7

8 College Scholarship Contest $11,000 Up for Grabs Are you or a family member headed off to college in 2012? The Credit Union Foundation of Maryland & DC s Credit Union College Scholarship Program for 2012 is underway and will award $11,000 in scholarship money! Our collegebound members are eligible to apply for one of ten $1,000 essaybased scholarships and one $1,000 video-based scholarship Essay Topic How can your credit union help you and others of college age during this current economic slump? 2012 Video Challenge Create a 60-second (or less) advertisement for a credit union wanting to reach out to collegeaged students. Any member of JHFCU who is entering any year of college, from their freshman year to their senior year, may apply. Applications and complete details on the Credit Union College Scholarship Program can be found at The deadline for applications is March 31, Scholarships will be awarded in May These scholarships are made possible by the Credit Union Foundation of MD & DC. CoMING LATER THIS YEAR: The New JHFCU Credit Card We re developing a credit card program for our members! We plan to launch the program in the late spring or early summer. We will offer a choice of programs; one with a great low rate and the other featuring a robust Rewards Program! Details of the program are being worked on, and we are getting our computer system ready to process the card transactions, payments, etc. More details will be provided as they become available in our Spring Money Matters or on our website. What s New in online Banking online SToP PAYMENTS: If you need to request a Stop Payment on a check, you can do so online. Faxed requests are still required for ACH or Bill Payment Stop Payment Requests, but we hope to make these forms available for online submission in the future, too. online WIRE REQUEST FoRMS: If you wish to make a wire transfer, you can submit our Online Wire Request Form. JHFCU will contact you at the phone number of record to verify your request. Note, if you recently updated your phone or address, we reserve the right to not process a wire request for security reasons. CoNTACT US: The Contact Us page now lets you send a Secure Message, allowing you to include private information and log in to read responses. You can also easily find our branches and locate ATMs here. What s Still to Continued from inside Come in 2012 MoBILE BANKING: In addition to basic text (SMS) mobile banking, JHFCU will have apps for Apple and Android devices later this year. You will also be able to add your mobile phone as an authorized device on your account. online ADDRESS CHANGES: Soon you will be able to submit an address change online. Our database will be updated, and you will receive an verification. EXTERNAL ACCoUNT TRANSFERS: Later this year you will be able to set up transfers to/from accounts outside JHFCU online. This will give you more flexibility to manage your money with JHFCU as your primary financial institution. We have additional enhancements in the works to be added to the system over the next several months. Watch for details at jhfcu.org!