Onthe Money. January/February 2016. New Year. More Choices.

Onthe Money January/February 2016 New Year. More Choices.

A Letter from the President/CEO As we begin a new year, I would like to thank you for your business. We know that there are many choices for financial services throughout the Capital region and we appreciate your choosing First New York FCU. When our credit union was formed in 1938, the philosophy of People Helping People was what differentiated us from other financial institutions. Today, that philosophy remains intact. Credit unions are different from other financial institutions in many ways. We exist as a not-for-profit cooperative to help make our members lives easier. Credit unions are member-owned, democratically operated and managed by a volunteer Board of Directors. As a member-owned cooperative, we are charged with returning valuable benefits to all of our members. Financial decisions are sometimes difficult; as a credit union, we strive to offer products and services that fit the changing lifestyle needs of our members. Our lifestyle products cover all ages from elementary school age children through retirement age adults. Our credit union began with a core membership of educators; today we carry on that tradition by educating our members of all ages. First New York has 30 active elementary school programs throughout our service area and 5 student-run high school branches. We have made great technological advances to provide convenient and flexible access for our members. Whether you are accustomed to visiting a physical branch or virtual branch, First New York can assist you with all of your deposit and borrowing needs. We are pleased to offer to our friends and neighbors loans that fit every need at any age. We employ locally and we lend locally. Credit unions are a smart alternative to large banks, as a member you know that. I wish you a peaceful and successful year. Thank you again for being a member of First New York Federal Credit Union. Sincerely, Lucy Gottung Halstead, President/CEO Free Wi-Fi Access. First New York is proud to host free Wi-Fi access from all of our six branch locations. Student Financial Aid & Admissions Seminar Thursday, January 28, 2016 6:00 p.m. to 7:30 p.m. First New York 2 Wall Street, Colonie Solar Seminar Thursday, March 3, 2016 6:00 p.m. to 7:30 p.m. First New York 2 Wall Street, Colonie No Fee Balance Transfer Promotional fixed rate of 3.99% until August 31, 2016 Holiday Closings Martin Luther King Day Monday, January 18, 2016 Presidents Day Monday, February 15, 2016 High School Senior Scholarship Applications due by Monday, March 7, 2016 We know you re a member but are you a fan? Like us on facebook. www.facebook.com/firstnewyorkfcu

I have a choice However I decide to do my banking First New York gives me the choices. Tap-Snap-Deposit Easy Street Flex Mortgage To deposit checks with my mobile device. Anytime! Anywhere! The Easy Street Flex Mortgage gave us the flexibility to pick a term that worked for our budget. Now we re mortgage free and enjoying life! Skip-A-Pay To skip my auto loan payment when I need extra cash. This is a life saver. Shared Branching No Balance Transfer Fee To transfer my high interest credit card balances to my First New York Visa credit card saving me hundreds of dollars in interest. No matter where we are we can always find a branch to do our banking. Shared Branching is available at over 5,000 locations I can pay my bills anywhere, even on the slopes. To learn all about our convenient products, call 393-1326 and press 2 to speak to a Member Service Specialist. www.firstnewyork.org 3

Whatever Your Needs Are A Home Equity Line of Credit Can Make It Happen. A Home Equity Line of Credit may be the most convenient, flexible way to borrow money for any purpose home improvements, renovations, education and even wedding or vacation expenses. Borrow up to 90% of your home s appraised value (up to $417,000) and enjoy no-closing costs* with a First New York Home Equity Line of Credit. You can access your line of credit anytime you need by using your home equity checks. Refinance your current loan from other financial institutions to a lower interest rate No pre-payment penalties pay as much as you want towards your principal We offer the most competitive loan rates around Convenience apply online, over the phone or at any branch location Our wish list: College education New bathroom Family room addition Wedding So what will it be - a new bathroom or a family room addition? Perhaps it s college tuition or the wedding that s being planned? Whatever you choose, start with a First New York Home Equity Line of Credit. Apply in Minutes Apply online at www.firstnewyork.org, call 393-1326 and press 3 or visit any branch. Fixed APR** as low as 1.99 % 80% loan-to-value for 13 months Fixed APR*** as low as 2.99 % 90% loan-to-value for 13 months Variable APR as low as 4.00 % thereafter *Except for New York state mortgage tax.**special INTRODUCTORY OFFER: Fixed (APR) Annual Percentage Rate as low as 1.99% for thirteen months from the date of disbursement. Variable APR thereafter will be as low as prime plus 0.00%. As of 11/30/2015, the rate was as low as 4.00% APR. This offer may change without prior notice. ***SPECIAL INTRODUCTORY OFFER: Fixed (APR) Annual Percentage Rate as low as 2.99% for thirteen months from the date of disbursement. Variable APR thereafter will be as low as prime plus 1.00%. As of 11/30/2015, the rate was as low as 4.00% APR.This offer may change without prior notice. The Variable Annual Percentage Rate (APR) is set monthly. This is based on the highest prime rate on the last business day of the previous month as published in the Wall Street Journal, with an 18.00% APR lifetime ceiling and a 4.00% APR lifetime floor. The Prime Rate as of 11/30/2015 was 3.25% as published in the Wall Street Journal. This is a limited time offer and does not apply to existing First New York home equity loans or lines of credit. 4 www.firstnewyork.org

Make Your 2016 Resolution Our No Fee Visa Balance Transfer That s right. No fee. We are offering our members a Visa Credit Card promotional fixed rate of 3.99% APR* until August 31, 2016. This offer is good for balance transfers from January 1, 2016 until February 29, 2016. You can transfer your high interest credit card balances from any non-first New York credit card to your First New York Visa credit card absolutely fee free! Our Visa credit card is accepted worldwide; so whether you are shopping or traveling, enjoy the purchasing power and attractive rate you expect and deserve from your credit union. Why spend more on fees and interest charges than you have to? Discover the savings of a First New York Visa credit card. After August 31, 2016, you will still enjoy a low variable rate based on the prime rate. As of 11/30/15, the variable APR was 9.90% on Visa Gold and 14.90% on Visa Classic Cards. Get ready for the new year and save! To start your balance transfer simply call us at 393-1326 and press 2 or visit any branch. *Fixed annual percentage rate (APR). First New York Visa credit card holders who are currently in a balance transfer promotional rate with First New York will be excluded from this promotion. After August 31, 2016, you will still enjoy a low variable rate for purchases and balance transfers based on the prime rate. As of 11/30/15, the variable APR was 9.90% on Visa Gold and 14.90% on Visa Classic cards. No grace period for balance transfers. $ Balance 0Transfer Fee You will receive this great rate until August 31, 2016 on all balance transfers from January 1, 2016 through February 29, 2016. 3.99 APR %* Promotional Fixed Annual Percentage Rate Tell Us Where You Want To Go. We ll Help You Get There. Perhaps you re just beginning to build the foundation for your future, or maybe you re an empty nester with the new found freedom to travel and pursue lifelong dreams. Maybe you are nearing retirement, hoping to maintain a comfortable lifestyle while ensuring you won t outlive your assets. Whatever your stage of life, Don Dorr, our MEMBERS Financial Representative, can help with top-notch financial and investment advice. He uses a full spectrum of investment tools and options designed to help you achieve your dreams. Don Dorr has the depth of knowledge and the breadth of experience to guide you to where you want to go. From a full range of offerings, he will help you choose the investment options that will help you best reach your financial goals. At First New York, you can trust us to help you build your wealth. To arrange a no-cost, no-obligation meeting, simply call Don Dorr at 393-1326 ext. 1301. 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. www.firstnewyork.org 5

High School Seniors Apply for a Scholarship First New York FCU is pleased to announce that we will once again award three $1,000 one-time scholarships. To qualify you must be: A member in good standing of First New York FCU A graduating high school senior Planning to attend an accredited two or four year college An active community volunteer Application requirements: Completed application Copy of high school transcript Letter of reference commenting on your character and abilities Essay of 250 words or less describing what motivates you to succeed and why Scholarship committee interview for selected candidates Visit us at www.firstnewyork.org for a scholarship application. Completed applications must be received by Monday, March 7, 2016. Mail your completed application to: First New York FCU Scholarship Committee, 2 Wall Street, Albany NY 12205. Scholarship winners will be notified by April 18, 2016, and will be invited to attend an awards ceremony on May 19, 2016. First New York Makes a KID$ Banker a Millionaire for a Day Our KID$ program teaches students that saving can be fun and rewarding. Especially rewarding when you are treated like a Millionaire for the Day as Kaitlyn Wood discovered when she won the First New York Millionaire Contest. Kaitlyn Wood is a fourth grader from the Radez Elementary School in the Cobleskill- Richmondville Central School District. Kaitlyn and her classmates were treated to cider and donuts and at dismissal she and five of her friends were picked up by a limousine where the red carpet was rolled out at First New York s Cobleskill branch. The group met Lucy Halstead, President/CEO. Kaitlyn and her friends enjoyed a tour of the credit union and an ice cream social Millionaire style. Being treated like a millionaire for a day is something Kaitlyn will never forget. RELAX Our Skip-A-Pay program has you covered Radez Elementary School principal Brett Barr and Kaitlyn Wood. Student Financial Aid and Admissions Night Thursday, January 28, 2016 6 pm to 7:30 pm (light refreshments) First New York, 2 Wall Street, Colonie Preparing to send a child to college can be an overwhelming process. Laura Augustine, Associate Director of Financial Aid at Union College, will present information about the financial aid process and college application process. This seminar is perfect for parents of high school sophomores or juniors. To register for this free seminar, please call 393-1326 and press #1803 by January 26, 2016. A minimum number of attendees are required to hold the seminar. 6 On www.firstnewyork.org the Money To help stretch your budget, you can skip a loan payment any month you choose on your auto loan, personal loan or Visa credit card. It s a great way to free up cash for family vacations, unexpected expenses, or anytime you need some extra cash. With First New York s Skip-A-Pay program, you can skip two non-consecutive payments in a 12-month period on your eligible First New York loans and enjoy a little extra cash when you need it most. To take advantage of this offer, visit a First New York branch, download a Skip-A-Pay form at www.firstnewyork.org or call us at 393-1326 and press 2. Skip-A-Pay Details: Auto, Personal and Visa loans are eligible for the Skip-A-Pay program. All skipped payments are added to the end of the loan term and interest continues to accrue during the skip. There is a $35 fee per skip, per loan. Need a little extra cash? Do you have loans with another financial institution? Give yourself a gift refinance those loans with First New York today! Not only will you get a great rate and save money, but your first payment may not be due until up to 45 days from loan closing date. You must apply for Skip-A-Pay at least 10 days in advance of your payment due date. If you have automatic loan payment, ACH or payroll deduction, the Skip-A-Pay date may not be effective until the following month. You may skip two non-consecutive loan payments in a calendar year on each loan with the credit union. Skip-A-Pay may only be used a maximum of six times during the duration of the loan. Interest will continue to accrue at the prevailing interest rate during the time your payment is skipped. The processing fee does not apply towards interest or principle on the loan or Visa. You are required to resume your regular monthly payment the following month. Skipping a payment will extend the duration of your loan. All deferrals are subject to credit union approval. Please note that Skip-A-Pay is not available for Home Equity, Mortgage and Commercial Loans.

For the Environment. And for the Savings. SOLAR LOANS Making energy efficient improvements to your home is a great way to help conserve energy and reduce your monthly energy costs. Although making certain energy-saving improvements can be costly, you can add value to your home while conserving energy and protecting the environment. Incentives The Federal Tax Credit, available until the end of 2016, allows you to claim 30% of the total cost of your solar system and has no limit in terms of dollar amount. The sunset Tax Credit Ends in 2016 date of 2016 is important in the solar industry, because at the end of 2016, the Federal Tax Credit may decrease greatly, or even potentially disappear for good. This tax credit is a major reason why people are trying to go solar as soon as possible. The New York State Tax Credit allows for up to 25% of the total cost of the system (up to $5,000) to be claimed. The systems are exempt from state and local sales tax and some local governments allow for property tax exemptions, as well. Financing: Here s how we can help The best option for going solar right now is financing with your credit union. There are many ways to finance a solar installation. Often loan payments are less than your current electric bill. First New York has solar loans, which offer homeowners up to a 20-year term loan with rates as low as 6.00% APR*. To discuss your financing, call us at 393-1326 and press 3 to speak to a Loan Expert. Free Solar Seminar Thursday, March 3, 2016 6:00 pm 7:30 pm First New York Community Room 2 Wall Street, Colonie Register by March 2, 2016. You ll learn how solar systems work on your home and how solar can save you money and help preserve our environment. We will also be covering financing, state incentives, site assessments and tax credits. This seminar is presented by a full service solar installer in the Capital Region. To reserve your spot, please call 393-1326 and press #1803 by March 2, 2016. A minimum amount of attendees required to hold seminar. * Fixed Annual Percentage Rate (APR) We Can Help Your Business Thrive Business Lines of Credit Let us help you with your short-term financial needs. Overdraft protection for your business checking Bridge gaps between accounts receivable and accounts payable Commercial Vehicle Loans Get your business rolling in the right direction with a commercial vehicle loan. Competitive rates Up to 100% financing on qualified vehicles Vehicles can be titled in the business name No prepayment penalties Investment Property Loans Reap the rewards of an investment property loan. Low interest rates Variety of repayment terms 5/5 ARM, 10 Year balloon, up to 25 year amortization No prepayment penalties Purchase or refinance your property up to 80% LTV Since the beginning, we ve been with our members every step of the way. Online and Mobile Banking with Bill Pay Business checking accounts Instant Issue Visa Debit Cards Competitive business loan produts For all your business needs, call Bill Chow, Commercial Business Development Officer at 393-1326 and press #1008 or e-mail william.chow@firstnewyork.org. www.firstnewyork.org 7

2 Wall Street, Albany, NY 12205 Home Free By the time you re paying tuition... your loan can be paid off! Our Easy Street Flex Mortgage has NO CLOSING COSTS!* APR ** Term Dorm Room 214 2.74% 2.79% 2.84% 2.89% 2.94% 2.99% 3.05% 3.10% 5 YRS 6 YRS 7 YRS 8 YRS 9 YRS 10 YRS 11 YRS 12 YRS Choice of 5-12 year term Competitive fixed rates No prepayment penalties No Title Insurance No Attorney Fee No Appraisal Fee No Recording Fee No Points To apply, just call 393-1326 and press 3, or visit any branch. * No closing costs except New York State Mortgage Tax. ** Fixed Annual Percentage Rate (APR). Primary residence only. First lien only. Loan-to-Value (LTV) must be 50% or less to receive listed APR. This offer is good for refinance only. Existing First New York real estate loans are eligible with $50,000 of new money. Must be credit qualified. Available for a limited time. Rate offered is subject to change without notice. Other terms and conditions may apply. Other rates and terms available up to 80% LTV. $50,000 minimum loan amount/$417,000 maximum loan amount. Rates as of 11/30/15. Mobile: m.firstnewyork.org Text: 454545 First New York mobile Main Number (518) 393-1326 1-(800)-734-7375 banking app available on: Locations Niskayuna ATM 1776 Union Street Cobleskill ATM 795 East Main Street Glenville ATM 19 Glenridge Road Albany ATM 818 Central Avenue Rotterdam ATM 1879 Altamont Avenue Saratoga Springs Drive-up ATM 424 Maple Avenue (Route 9) Colonie Drive-through Service 2 Wall Street (at New Karner Rd) & Community Room Website www.firstnewyork.org E-mail member.services@firstnewyork.org Your savings federally insured to at least $250,000 and backed by the NCUA full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency On the Money is a newsletter published for the benefit of First New York Federal Credit Union members. 2016 First New York FCU