In this issue: Introducing Bethpage Business Services Get More So You Can Do More With A Home Equity Line Of Credit IRA Accounts The Early Years

Transcription

1 Volume 25 - Number 02 March/April 2014 In this issue: Introducing Bethpage Business Services Get More So You Can Do More With A Home Equity Line Of Credit IRA Accounts The Early Years *Bethpage Bonus Checking Annual Percentage Yield (APY) is 1.00% effective 3/01/2014 and is subject to change without notice. Interest will be posted monthly for each month that member is signed up for Online Banking with estatements, receives direct deposit and makes 10 point-of-sale debit card transactions. **Annual Percentage Yield (APY) effective 3/1/2014 and is subject to change without notice. 3.00% APY is earned on balances up to $1,000, balances higher than $1,000 earn 0.35% APY. Fees or other conditions could reduce earnings. Consumer accounts only. Certain restrictions may apply. At the age of 21, accounts are automatically converted to a basic savings account and checking account will convert to Bonus Checking accounts. $5.00 minimum share account is required. Membership conditions may apply. ***APR = Annual Percentage Rate. Rates and terms accurate as of 3/1/2014 and are subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Loan to Value restrictions may apply. Hazard Insurance is required on all loans secured by real property; flood insurance may also be required. No closing costs on new HELOCs up to $500,000. Closing costs paid by Bethpage must be repaid by the borrower(s) if line is closed within first 36 months. HELOC is a variable rate product with a maximum APR of 18%. The introductory rate is 2.24% APR for members who take an initial draw of $25,000, maintain this balance for one (1) year, and have automatic transfers from a Bethpage account for the monthly payment on the account. New HELOCS only. Prime rate as of 02/19/2014 = 3.25%. Membership conditions apply. $5.00 minimum share account required. Bethpage is built to give you more because we are a credit union, not a bank. As a credit union we have a different organizational structure and operating philosophy than banks. Banks are public companies that put shareholders first. Bethpage is a not-for-profit financial cooperative that puts members first. As a Bethpage member, we are committed to providing you with the best value, world class service and greater convenience. FREE Bonus Checking that pays 1.00% APY * interest. Youth Savings Accounts that are built to give you more, starting with 3.00% APY ** for the first $1,000. The best Home Equity Line of Credit on Long Island, 2.24% APR*** fixed for 2 years, prime for life, thereafter. The best mortgage rates every day! Bethpage has grown to be the largest credit union on Long Island. Our branch and ATM networks, online banking and bill pay, and mobile banking apps provide unlimited FREE access anytime/anywhere. Including the most surcharge-free ATMs, more than 425! As you can see, Bethpage operates solely for the benefit of you, our member owners. Because of the credit union difference: we are Built To Give You More.

2 PRESIDENT S MESSAGE As I write this message I am looking at mountains of snow in the employee parking lot at our 899 South Oyster Bay Road Headquarters. Somehow, when I tell people outside the area that I live on an island, I don t think this is the image that conjures up. Fortunately, Long Islanders are a hearty bunch and I am sure we will get through this difficult winter with a renewed zest for what the warmer weather has in store. With any luck, you will already be seeing signs of spring by the time you are reading this. Certificate Accounts That Give You More 0.55% APY* 12-Month Certificate 0.90% APY* 24-Month Certificate 1.10% APY* 36-Month Bump-Up Certificate 1.20% APY* 36-Month Certificate 1.35% APY* 48-Month Certificate 1.45% APY* 60-Month Certificate For many of our members, the winter has been a perfect time to start planning for warm weather projects, from shopping for a new home or car to fixing up a current one. As part of our special program for home buyers, which includes expedited commitments and closings, we also introduced a pre-approval program. If you plan to be buying a new home, getting preapproved for your mortgage puts you in much stronger position to work with realtors and negotiate the best deal for your purchase. As the article on page one indicates, because we are a credit union Bethpage is built to give you more than a bank. That includes advice that is in your best interest, not ours, because we work for you, our member owners. If you are considering a major life decision like purchasing a home or even a car, I encourage you to talk to us first. We will be happy to review all your options and help you identify how much you can afford. We never mind taking time to help members, even if it is just to answer your questions. Plus, when it comes time to make your purchase, we will help you every step of the way. Consider the following letter that was recently written by one of our members. I am writing this letter to commend one of your regional branch lending specialists. I picked up a new 2014 Ford Mustang today, but when I went to the Glen Cove Branch I ran into a roadblock. The trade in wasn t paid off and the dealer was giving the bank a problem because there was no lien on the title. Your lending specialist went out of her way and spent a lot of time resolving the problem. If it wasn t for her, I wouldn t have been able to get my car. She went out of her way for me and was so kind to me. She put me at ease and I picked up my beautiful new car. I couldn t have done it without her. She is a true professional and you are so lucky to have such a dedicated employee. She is totally awesome! When you think about borrowing money reviewing all your options is paramount. Bethpage offers all the mortgage options of any bank, with the best rates and lowest fees. We also recently launched a new Home Equity Line of Credit (HELOC) which includes a super low introductory rate that is fixed for two years and then adjusts to prime for life thereafter. So you can save now and save later. The main reason we are offering the HELOC with the two year rate lock is because we introduced a similar product last summer and members told us they loved it. So you might say it is back by popular demand. Listening to members and providing the best value and service for all your financial needs is what motivates me and my Bethpage teammates to come work every morning. Because we are a credit union, not a bank, we are built to give your more. Sincerely, *Annual Percentage Yield (APY) effective 3/1/2014 and is subject to change without notice. Dividends are compounded daily, from day of deposit to day of withdrawal. Fees or other conditions could reduce earnings. Account activity restrictions may apply. $1,000 minimum balance to open account and earn APY unless otherwise noted. Penalties may be imposed for early withdrawal. The bump up will be set to the 36-month bump up CD rate at the time of request. At maturity the CD will renew to a 36-month CD with no bump up. APY assumes dividends remain in the certificate. Kirk Kordeleski President and CEO Our newsletter is available electronically. If you would like to receive an electronic version instead of a print version of this publication, you can our marketing department at bethpage@bethpagefcu.com.

3 SERVICES Introducing Bethpage Business Services Bethpage, has formed a new division to work with Nassau & Suffolk County businesses to help them achieve their financial goals. The Bethpage Business Banking Group is comprised of three teams of experts with broad-based experience in commercial lending and cash management solutions. The group will focus on key vertical segments including the healthcare/medical arena, professional service firms, wholesalers and distributors, and non-for-profit organizations. The teams will work in Bethpage branches across Long Island to educate existing and new business members about Bethpage s robust deposit & loan and cash management products and services, including the only business free checking account that pays interest on every balance. Bethpage s business banking portfolio currently includes more than 5,000 existing business accounts and $230 million in deposits. Bethpage is committed to helping local businesses reach their financial goals, provide new jobs on Long Island and build economic opportunities, said Kirk Kordeleski, President and CEO, Bethpage. We are very pleased to provide area businesses with an exceptional level of business banking services, which will now allow Bethpage to deliver the same business banking expertise and products as large banks, but without the big fees. We want to help our neighboring businesses get the most they can out of every dollar they earn, and watch their business succeed in every way possible. Deposit & Loan Products available through Bethpage Business Banking include: business free checking with interest, business saving, business money market, business certificates of deposit, unsecured term of loans and lines of credit up to $100,000, secured term loans and lines of credit, owner occupied commercial real estate loans, SBA (Small Business Administration) loans & financing, business credit cards and business auto loans. Cash Management Products are also available including a variety of online banking services, remote deposit captures including check scanners, credit card processing, deposit courier service, currency delivery service, and payroll services. To learn more out Bethpage Business Banking, call or bbanking@bethpagefcu.com. Debit And Credit Card Protection With the recent reported debit and credit card breaches at some large retailers in the news, we want you to know that you can count on Bethpage to safeguard your information. Fun Facts About Bethpage Online Banking! Here are some existing ways that Bethpage protects you: We monitor all transactions on your debit and credit cards 24/7. If any transaction is questionable or out of the ordinary, we will contact you to confirm the transaction is valid and was authorized by you. You are covered by our $0 fraud liability. You are not responsible for any charges you did not authorize. If a fraudulent transaction occurs on your account, you have 60 days to report it to Bethpage. But, if you see a transaction that isn t yours, please contact us immediately. Here are some ways you can protect your accounts at Bethpage: Monitor your account using Online Banking or Telephone Banking Keep track of your accounts with transaction alerts via texts or s. You can set-up these alerts by logging into your online banking lovebethpage.com Please contact us 24/7 to report your card(s) lost or stolen. Simply call and select option 1 for credit cards or select option 2 for debit cards. As always, we value your membership and keeping your money safe and secure is something we take very seriously. If you have any questions, please contact us at Did you know? Bill Pay members have saved over $148,000 in postage from September to December in 2013! 28% of all active checking accounts use Mobile Banking - we had 33,100 users in December! Over 7,300 downloads of our Mobile Banking Application occurred last quarter. 14,500 checks were deposited via Mobile Banking in December of We are glad to see our members are enjoying our Online and Mobile Banking services! Learn more about these services at lovebethpage.com.

4 LENDING Get More So You Can Do More With A Home Equity Line Of Credit With Spring almost here, are you financially prepared to make your home improvements? Whether you are renovating your home, paying for college, or consolidating your debt, a Bethpage home equity line of credit can help you save now and save later. That means more money in your pocket so you can do more. HOME EQUITY LINE OF CREDIT 2.24 % APR * Fixed for 2 years Prime for life, thereafter Bethpage s equity line of credit is fixed at 2.24% APR* for 2 years, and then prime for life, thereafter. A Bethpage Home Equity Line of Credit gives you the access to the money you need right now and you only pay interest on the money you actually borrow, but the line remains open if you need additional funds in the future. In other words, Bethpage gives you more so you can do more, today and tomorrow. Now is the perfect time to apply at by calling , or by visiting the Bethpage branch that is closest to you. Our loan representatives will be happy to answer any question you may have. Credit Cards That Offer More Save more when you apply for a new MasterCard! Stop paying high rates and expensive finance charges on other credit cards! Transfer your high-rate balances to the Bethpage MasterCard Platinum credit card and save with our introductory rate of 2.99% APR* for 12 months. Plus, NO balance transfer fees! 2.99 % APR ** 12-Month Introductory Rate MasterCard Platinum Whether you re starting to build your credit history or you re an established card holder, a Bethpage Credit Card offers freedom, flexibility and convenience to suit your lifestyle and spending habits. Bethpage offers 3 card types for you to choose from: Low interest rate CU Rewards Cash back CU Rewards Points For more information or to apply, visit lovebethpage.com, call or stop by your local Bethpage branch. * APR = Annual Percentage Rate. Rates and terms accurate as of 02/19/2014 and are subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Loan to Value restrictions may apply. Hazard Insurance is required on all loans secured by real property; flood insurance may also be required. No closing costs on new HELOCs up to $500,000. Closing costs paid by Bethpage must be repaid by the borrower(s) if line is closed within first 36 months. HELOC is a variable rate product with a maximum APR of 18%. The introductory rate is 2.24% APR for members who take an initial draw of $25,000, maintain this balance for one (1) year, and have automatic transfers from a Bethpage account for the monthly payment on the account. New HELOCS only. Prime rate as of 02/19/2014 = 3.25%. Membership conditions apply. $5.00 minimum share account required. ** APR=Annual Percentage Rate. Rates and terms accurate as of 3/1/ % APR Introductory rate is good for 12 months on balance transfers and purchases from the date that your new credit card account is opened. Valid for new credit cards only. After this promotion period, your APR will be 8.15% %, based on creditworthiness. Rates and terms subject to change without notice. Other rates and terms available. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms.

5 Home Equity Line of Credit What You Need to Know What Is a Home Equity Line of Credit? The product home equity line of credit allows you, the borrower, to take out a loan against the equity (the value of the home beyond what is currently owed) in your home. Federal Credit Union How do I determine the value of my home? To get the number, you can either do a comparative market analysis or have your home professionally appraised. A comparative market analysis is an informal estimate of your home s market value. Another option is to ask a local real estate agent to give you an estimate of the selling price for your home. What are the benefits of a Home Equity Line of Credit? Low interest rates usually much lower than you would pay long term on a credit card. Payment flexibility you have the option to pay interest only and your payments are calculated based on the balance you owe. In other words, you have access to a line of credit (much like a credit card) that can be accessed over time and you only pay for what you borrow. This helps you match your goals with your budget. Tax-deductible the interest you pay could potentially be tax-deductible (consult a tax adviser). What documentation do I need to start the Home Equity Line of Credit application? You will need 2 recent paystubs, last year s full tax returns, including all schedules and W2 s, and information on your 1st mortgage. What is the application process? You can start the process by applying for the loan online, in person at a branch, or over the phone. Next, we collect your financial information and run a credit report. You can drop off your paperwork at your local branch or fax it to your loan officer. Remember to always include your loan application number on any documentation you submit. Do I need an appraisal? When all documentation has been received, Bethpage will request an appraisal to verify the value of your property. Then the title is reviewed and the loan is underwritten. This means a representative reviews all the information presented. The process generally takes two weeks to complete from the day the appraisal request is sent out. Remember, home equity lines of credit are available at Bethpage for your primary residence only. For further information about a Home Equity Line of Credit and how to apply, please visit lovebethpage.com, call or stop into your local Bethpage branch. The Best Mortgage Rates every day. Ask about our mortgage program for home buyers and clear to close in 30 days. 30-YEAR FIXED RATE MORTGAGE % % APR * Anyone who lives or works on Long Island can bank at Bethpage. Apply at lovebethpage.com, your local branch or call * APR=Annual Percentage Rate. Rates and terms accurate as of 02/07/14. Primary residence and second homes only. Rates and terms subject to change without notice. Other rates and terms available. Advertised APR based on 20% down payment. All offers of credit are subject to credit approval; applicants may be offered credit at other terms. Principal and interest payments only. Taxes, insurance and other costs will result in a higher monthly payment. For loans greater than 80% loan-to-value, private mortgage insurance may be required. Free rate lock good for 60 days. $5 minimum share account is required. Membership conditions may apply. FEDERALLY INSURED BY NCUA

6 INSURANCE AND INVESTMENTS Switch Your Auto Insurance Policy & Save More! Members who switched their auto insurance policy to the Insurance Agency of Bethpage are now saving over $500.* Get your free, no obligation quote today. - Special rates for members on car & home owners insurance. - Get a free quote in 10 minutes. - With over 20 insurance companies quoting your policy, you will get the best deal for you and your family. We are pleased to offer members an exclusive 5% discount on auto insurance with Mapfre Insurance Company. Want to Know More? The Insurance Agency of Bethpage is available to review your policies and offer a free quote. Call toll free for your free quote (make sure you ask about special rates for Bethpage Members) Monday through Friday 8:45am 5:30pm or Saturday 9:00am - 2:00pm. * Savings amounts are based on information from the Insurance Agency of Bethpage (Bethpage, NY) members who became auto insurance policy holders between 01/01/2012 and 05/30/2012 and provided data regarding their savings. Your savings may vary. Insurance products are not deposits, obligations of, or guaranteed by Bethpage Federal Credit Union and are not insured by the National Credit Union Share Insurance Fund (NCUSIF), or any agency of the United States, or Bethpage Federal Credit Union. Any insurance required as a condition of an extension of credit by Bethpage Federal Credit Union need not be purchased from Insurance Agency of Bethpage and may be purchased by a licensed company of your choice. Insurance is underwritten by Travelers Indemnity Company One Tower Sq. Hartford, CT and Mapfre USA, Webster MA. Investment Strategies IRA Accounts The Early Years Are You Funding It? Are You Reviewing It? It is never too early to take on the challenge of investing and planning for a more secure retirement. The Individual Retirement Account (IRA) is one of the most versatile retirement savings tools available. It provides the opportunity to save for retirement and offers the potential for special tax advantages, depending upon your financial situation and the type of IRA you choose. Types of IRAs Traditional IRAs may afford taxpayers a reduction in taxable income since contributions are tax-deductible. However, when the person begins to withdraw IRA funds at retirement (or beginning at age 59 ½), the funds are taxed as income. Roth IRAs do not reduce taxable income but offer tax-free withdrawal of funds starting at age 59 ½ or when the person retires, as long as certain requirements are met. This option could be beneficial for those who anticipate being in a higher tax bracket upon retirement. Simple IRAs (Savings Incentive Match Plans for Employees) are simplified matching employee pension plans targeted to self-employed workers and small businesses with fewer than 100 employees. The SIMPLE IRA is one of the few IRA types that are employer-sponsored, though it has features similar to a 401(k) profit-sharing plan. SEP IRAS (Simplified Employee Pension IRAs) are ideal for self-employed individuals and small businesses. The SEP IRA allows for higher contribution limits. 401(k) Plans How much should you contribute each month? Are you taking full advantage of your employer s matching program? What can you do with a plan from a previous job? A 401(k) Plan is an employee-funded savings plan for retirement that allows you to make tax-deferred contributions toward your retirement savings. One of the biggest advantages of a 401(k) Plan is that employers may match part or all of the contributions you make to your plan. However, the tax penalty for taking early distributions can be considerable and many employers impose severe restrictions on withdrawals while an employee remains in service with the company and is under the age of 59 ½. When you change jobs or retire, one of the most common options available to you is to roll over the balance into an IRA. You should be aware that a direct rollover from an eligible retirement plan to another eligible retirement plan is not taxable, regardless of your age. With so many options for retirement savings, please contact Bethpage Investment Strategies and speak to a Financial Consultant at to discuss the best way to plan for your financial future and retirement. Our Team professionals can help you design the best strategy to achieve your financial goals and dreams. INVEST Financial Corporation, member FINRA/SIPC. INVEST and its affiliated insurance agencies offer securities, advisory services and certain insurance products and are not affiliated with Bethpage Investment Strategies or Bethpage Federal Credit Union. INVEST does not offer tax or legal advice. Products are NOT NCUA INSURED - NOT CREDIT UNION GUARANTEED - MAY LOSE VALUE

7 COMMUNITY Free Tax Preparation The Volunteer Income Tax Assistance (VITA) Program offers free tax help for low- to moderateincome (generally $55,000 and below) individuals and families. Bilingual tax assistors are available. VITA Locations and Times: February 4th - April 12th, 2014 Wednesday, 5pm-7pm Saturday, 3pm-6pm Bay Shore, 591 East Main Street Farmingdale, 1033 Route 109 Freeport, 210 West Merrick Road Patchogue, 272 East Main Street Riverhead, 1095 Old Country Road West Babylon, 555 Montauk Highway Wednesday, 6pm-8pm Saturday, 3pm-6pm Central Islip, 233 South Research Place Elmont, 1633 Dutch Broadway Hempstead, 170 Fulton Avenue Massapequa, 6257 Sunrise Highway Roosevelt, 405 Nassau Road Westbury, 750 Old Country Road For more information please contact Community Development at (516) or via at community@bethpagefcu.com. *To file taxes electronically on a married filing joint tax return, both spouses must be present. 3rd Annual Cohalan Cares For Kids Bethpage representatives attended the Suffolk County Bar Association s 3rd Annual Cohalan Cares for Kids, at their office in Hauppauge on February 6, The event benefitted EAC Network s Suffolk County Children s Center at Cohalan Court, and was being held in coordination with EAC Network, the Suffolk County Bar Association, the Long Island Hispanic Bar Association, the Suffolk County Women s Bar Association, the Suffolk County Charitable Foundation, the Suffolk County Matrimonial Bar Association, the Suffolk County Criminal Bar Association, and Enright Court Reporting. Membership To The Grumman Retiree Club, Inc. The Grumman Retiree Club is open to all former Grumman and/or Northrop Grumman employees who have had at least one year of service with the company as well as current Northrop Grumman employees. Surviving spouses of former Grumman employees and beneficiaries of deceased employees can also join. This club offers a variety of programs, benefits and activities for its members. If you have questions or would like more information on the benefits of this club, please call or visit Bethpage Annual Meeting Remember, you re not just customers, you re owners! Join us on Thursday, April 24th at 6:00pm for our Annual Meeting. Bethpage Branch, 899 S. Oyster Bay Road Bethpage, NY RSVP Today! To RSVP, please call or cbrown@bethpagefcu.com. Business Seminar: How To Bring Your Business To The Next Level Join us for a Business Seminar that discusses finance and management. Have an opportunity to hear great guest speakers and learn the various channels that Bethpage can help grow your business and take it to the next level. Thursday, March 27th, 5:30pm - 8:00pm West Babylon Branch, 555 Montauk Hwy To RSVP, contact the Bethpage Business Banking department at or bbanking@bethpagefcu.com.

8 Presorted Standard U.S. Postage PAID Permit #255 Hicksville, NY lovebethpage.com Free Online Banking, Mobile Banking & Mobile Check Deposit Over 425 Surcharge-Free ATMs, including the following locations: * * *Must show Co-Op logo Branch Locations Bethpage Main Office 899 S. Oyster Bay Road M-W: 9am-4pm Th: 9am-7pm F: 7:30am-7pm Drive-up: M-W: 7:30am-4pm Th-F: 7:30am-7pm Bay Shore 591 Montauk Hwy. Bay Shore (Open Sundays) King Kullen 834 Sunrise Hwy. M-F: 10am - 6pm Sa: 10am - 4pm Su: 11am - 4pm Central Islip 233 S. Research Pl. M-Th: 8:30am-5pm F: 8:30am-7pm Commack (Open Sundays) King Kullen 120 Veterans Hwy. M-F: 10am-6pm Sa: 10am-4pm Su: 11am-4pm East Meadow (NuHealth) NuHealth Medical Center (Must pay for parking) 2201 Hempstead Tpke. M-F: 9am-5pm Elmont 1633 Dutch Broadway M-Th: 8:30am-6pm F: 8:30am-7pm Farmingdale 1033 Rte. 109 Freeport 210 West Merrick Rd. Glen Cove 111 School St. Hempstead 170 Fulton Ave. M-Th: 9am-5pm Huntington 33 Gerard St. Levittown (Open Sundays) King Kullen 3284 Hempstead Tpke. M-F: 10am-6pm Sa: 10am-4pm Su: 11am-4pm Lynbrook 613 Sunrise Hwy. Massapequa 6257 Sunrise Hwy. M-Th: 9am-6pm Melville 722 Walt Whitman Rd. M-Th: 9am-5pm Mineola 131 Jericho Tpke. North Babylon 1350 Deer Park Ave. Patchogue 272 East Main Street M-W: 8:30am-4pm Th-F: 8:30am-6pm Sa: 9:00am-2:00pm * Port Jefferson 4802 Nesconset Hwy. Riverhead 1095 Old Country Rd. Roosevelt 405 Nassau Rd. M-W: 9am-5pm Th-F: 9am-6pm *Drive-up access starts 30 minutes prior to branch opening, ends at branch closing on weekdays, and follows Saturday branch hours, unless otherwise indicated. **Drive-up access is the same hours as main lobby. Indicates branch has coin machine access. Local Shared Branches For a Shared Branch near you, please visit Island FCU LOMTO FCU Long Island State EFCU Melrose FCU Nassau Educators FCU Nassau Financial FCU Oceanside Christopher FCU Qside FCU facebook.com/lovebethpage Skyline FCU Suffolk FCU Sperry Associates FCU Teachers FCU Winthrop-University Hospital CU Seaford 4006 Merrick Rd. M-Th: 9am-5pm Smithtown 240 Middle Country Rd. Valley Stream (Open Sundays) King Kullen 231 West Merrick Rd. M-F: 10am-6pm Sa. 10am-4pm Su: 11am 4pm West Babylon 555 Montauk Highway Sa: 9am- 2pm Westbury 750 Old Country Rd. M-Th: 9am-5pm FEDERALLY INSURED BY Telephone Service Center: M-F: 7:30am-7pm Sa: 8am-2pm Membership conditions may apply.