Interest
In Your
Service Credit Union
Winter 2008
Donates $30,000
to Military Families for
Holidays
IN THIS ISSUE
Service Credit Union serves many
Page 2 communities in the United States and
Europe, and military families represent a
large segment of our membership here
A Message from the President and abroad. These families face unique
financial challenges to living a military Gordon Simmons, President/CEO of Service Credit Union presents Colonel
The Credit Union Difference life, and often have a loved one deployed. Richard Martell, Wing Commander of the 157 ARW, with gift cards.
th
National Guard members, for example, may union’s 15 branches serve in Germany as
leave a higher paying civilian job to serve well as at Pease Air Base, home of the 157th
Page 3
for less income when deployed. Also, with Refueling Wing of the National Guard in
a parent deployed, many households need New Hampshire.
Credit Cards - Switch and Save! to accommodate additional expenses, such
as added childcare costs. Some parents find Gordon Simmons, President/CEO of
New Website Convenience themselves missing work or even losing their Service Credit Union presented 20 gift cards
jobs because they need to fill in the par- to Colonel Richard Martell, Wing
Important Member Notice enting role of their deployed partner. The Commander of the 157th ARW. Richard
holiday season brings its own added Tolle, Senior Vice President of Overseas
expenses, which can be especially difficult for Operations and local Service Credit Union
Page 4 our service men and women in this situation. Branch Managers presented 375 cards to
senior military leaders for distribution
Service Credit Union made many throughout the holiday season. A total of
Retire When You Want contributions over the holiday season 395 VISA® gift cards were donated to help
(please see our Community Giving families buy food and gifts.
Employees of the Quarter section for more information). Addressing
our military members specifically, gift cards “It’s a unique circumstance that these
Military Saves valued at $30,000 were donated to families families are facing financial challenges while
needing holiday assistance across the 14 already giving so much for their country,”
Army and Air Force bases where the credit said Gordon Simmons, President/CEO. “We
Page 5 appreciate their sacrifices and hope the
gift cards made their purchasing for family
celebrations a little easier.”
Member Specials
“We have been serving the needs of our
Community Giving military members for fifty years,” continues
Gordon Simmons, President/CEO. “It’s our
responsibility to help them when we can and
Page 6 our great pleasure to give these families the
ability to provide the holiday dinner and gifts
Msgt. Bradley Robson and Spangdalem Branch Manager we all hope to have over the holidays.”
Branches & Contact Points Tye Jacobson.
Statement of Condition Service Credit Union
servicecu.org • 800.936.7730
1
A Message from the President
At Service Credit Union, our mission is to continually bring new convenience and service
enhancements to our members. This past year we added new branch locations worldwide. In
New Hampshire, we opened our fifth new branch within Wal-Mart stores in Rochester. This allows
us to offer 7-day banking and expanded weekday hours. Two more locations are planned. In
Germany, we opened a new branch at Panzer Kaserne Stuttgart and also will be adding two shared
branching kiosks, one in Ramstein and one at the Landstuhl 2nd General Hospital, where we also
provide support for the injured troops and their families each year. Construction has also begun on
two new sites in Salem and Lebanon New Hampshire.
We recently introduced a number of services to enhance the member experience, including an
enhanced voice-activated Call 24 Service in both English and Spanish languages. The German language will be added in early
2008. Service Credit Union also introduced our new servicecu.org website, where members select whether they are civilian
or military and are mapped directly into a customized section with offers, education, and events. Plus, the site is now
available in English and Spanish, with a simple member selection key. We are pleased to offer services in the languages in
which members feel most comfortable transacting their financial business. Your credit union now offers up to 10 free ATM
transactions, excluding surcharges by other ATM owners, at non-Service Credit union ATMs worldwide with a direct de-
posit to your Service Plus checking account, plus national real estate lending and a free member identity theft service for all
members.
Service Credit Union continues to increase community giving efforts and we are most honored to have helped so many,
particularly around the holidays. This past season, we collected over 1,300 pounds of food items at our branches in New
England to donate to the New Hampshire Food Bank, whose shelves were in need of replenishment. Service Credit Union
added a $30,000 check to help the Food Bank supply even more, much-needed, food items. Service Credit Union also
delivered 100 turkeys for Thanksgiving meals in New England, collected children’s toys for the “Toys for Tots” program and
the raised funds for the Make-A-Wish program to help terminally ill children in our communities. This holiday, we donated
over $30,000 in holiday gift cards to troops stationed at Pease Air Force Base, where we first began operations in 1957 and
across 14 Army and Air Force bases in Germany where we serve our men and women in uniform. Many are families with a
soldier deployed to Iraq or Afghanistan.
I wish to personally thank you, our valued member, for your loyalty and trust this past year. We will continue our work in
2008 and beyond to ensure that Service Credit Union remains your primary choice for financial services.
Thank you,
Gordon A. Simmons
President / CEO
The Credit Union Difference
Spread the Word
Did you know that according to a 2002 study, America's credit account-maintenance fee for interest-bearing checking and
unions saved their members nationwide a total of $6.3 billion* savings accounts that go below a certain minimum balance.
that year? The main reason Service Credit Union can offer a better value is
Credit unions save members money by charging lower interest that we're a member-owned, not-for-profit cooperative. We
rates on loans and paying higher interest or dividends on deposit exist to meet members' needs, not to make a profit and
accounts and investments. They also charge fewer and lower maximize the wealth of outside shareholders, as banks do. When
fees. So the more you use our credit union, the more you save. you look at credit unions vs. banks, the difference matters—it
saves you money.
Consider this: Financing a $25,000 new car for 60 months at
Service Credit Union would save you $237.48 per year in
interest over the amount paid at most banks.** And *Source: CUNA Research & Policy White Paper: The Benefits of Credit Union Membership
Service Credit Union pays 2.00% higher interest on **Based on SCU’s APR of 5.24% APR compared to TD Banknorth’s rate of 6.94% APR as of
11/21/07.
money market accounts than the average bank in the state does. ***The rate and fee data cited are based on national averages and were collected by
CUNA Research Services, Datatrac/Informa, American Banker's Association, cardweb.com,
Most banks nationwide (89%)*** charge a monthly and CardData.
2
Use SCU Credit Cards If you're not sure about the fees and If you're not satisfied with the answers,
penalties for your credit card, ask your maybe it's time to shop for a better
& Consolidate Debt card issuer. The terms may have changed card. And be sure to ask these questions
Credit Cards: Switch and Save since you opened the account, and you up front. In most cases, you'll find credit
may not have read the notification, which union credit cards are the most consumer
Did you make a New Year’s resolution to generally accompanies your account friendly. Stop by Service Credit Union to
save money and reduce debt? It’s a good statement. You should know: get a better deal on a credit card and you
time to examine your credit relationships • Your interest rate. can walk out with your new card in your
and look for the card that works best for • Whether there are different rates for wallet.
you. Do you know what would happen balance transfers, cash advances, and
if you went over the credit limit on one purchases. This spring, take advantage of our low
of your credit cards, or if you made a late fixed rates on VISA® cards to consolidate
• The order in which payments apply to
payment? If you got the card from a large debt. Transferring balances from other
different types of transactions--some
national card issuer, chances are you'd be cards with higher interest rates will save
banks pay off low interest-rate balances
charged high penalty fees, and you might you money and give you one low monthly
first so the high-rate ones stay on your
find your interest rate hiked to more than payment.
account longer.
30%. Apply online at
• Whether the rate could increase to a
With a Service Credit Union credit card higher penalty rate, and under what cir- www.servicecu.org
you can consolidate debt and know you cumstances (such as a late payment--on or call to speak to a Member Service
have a great rate, no hidden fees and this card or any other card). Representative 24/7 at
an interest rate that won’t change on • Annual fee, late fee, and overlimit fee 800.936.7730 (US)
you. Service Credit Union cards are also amounts, and when they're charged. or
instantly issued, so if you are near a branch
• What other fees are charged, and when. 00800.4728.2000 (International).
you can get a decision and a card on the
• The grace period, or number of days
spot.
from the billing date you may pay in full
without incurring finance charges.
New Website Brings Convenience to a
New Level Important Member Notice
Service Credit Union recently unveiled the new servicecu.org on Credit Life and Disability
featuring streamlined navigation and enhanced security. Members
may now choose to view the site in English, Spanish or German.
“The translation of the website is a benchmark for Service Credit The rates under MEMBER'S CHOICE™ Credit
Union, and is in line with our global vision and mission,” says Life and Credit Disability Insurance coverage on
Mr. Simmons, Service Credit Union President/CEO. “As a credit all insured loans, including credit cards, will be
union with a mobile membership, it is vital that we offer online increased effective February 1, 2008. This rate
banking that is dynamic, streamlined, and secure.” continues adjustment is the result of requiring additional
Gordon Simmons, President/CEO. premium to pay on the increasing number of
claims that are occurring. The increase in
For thousands of members, online banking is a part of daily life.
premium may result in either a higher last
With more than 400,000 monthly visitors, Service Credit Union’s
payment, or may extend the duration of a loan.
online presence is an important member service channel.
The new Credit Disability Insurance rate is
Service Credit Union has branches throughout New England and
$.178 per $100. The new Credit Life Insurance
Germany, serving both civilians and U.S. Armed Services mem-
rate per $100 of outstanding loan balance is
bers. The new site asks users to choose whether they want to
$.038 for the Single Insured Plan and $.059 for
enter the site as a civilian or military member. It then provides
the Joint Insured Plan.
financial resources of specific interest to the user. For example, if a
member clicks on the military link on servicecu.org, they will find Thank you and we look forward to continuing
information about financial readiness for deployment, relocation to serve your needs.
resources, and special military products, services and rates.
Enhanced security, technology and architecture make the site MEMBER’S CHOICE™ credit life and credit disability insurance are underwritten
by CUNA Mutual Insurance Society.
faster to use. The entire site is now searchable by keyword, topic
(con't page 6)
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Will You Be Able To Retire When You Want To?
Factors to Consider as You Plan Your Savings for Retirement
Employee of the Quarter
When do you expect to retire? Just as employer plans are reducing or freezing Health and health care costs are major
importantly, what standard of living do you contributions. The result could be a variables in retirement security. People
imagine having when you do? Unfortunately, dramatic shortfall in terms of retirement without coverage or who pay for
for millions of men and women starting to benefits. coverage out of pocket are least likely to
map out their retirement dreams, The EBRI has a simple recommendation: be able to retire. Plus, Medicare does not
expectations may be on a collision course “Saving an additional 5% of compensa- cover all medical costs in retirement. Finally,
with reality. tion for the remainder of one’s career” the risk of a long-term illness leading to
Your projected longevity is both a blessing may be all that is needed. If increasing your confinement in a nursing home can wipe
out retirement savings. Factor in the cost of Bobbie Labbie
and a liability. One of the greatest threats savings still isn’t enough, you may have to
Medicare Supplement coverage when Rochester Branch
to retirement security has become the delay your retirement or work part-time in
danger of living too long - outliving retirement. calculating your retirement costs. Also,
resources. This makes it difficult to estimate consider purchasing long-term care
Inflation can devastate your plan if you insurance to help meet nursing home
how big your retirement nest egg should fail to consider it. Even at low levels,
be. expenses.
inflation can undermine the purchasing
Consider that your retirement income may power of your money over time. Get details. Do your homework. Meet with
need to last for decades. Conservative Factor inflation into your retirement model. a Financial Advisor at your financial
planning means planning your income Consider allocating some of your institution who can help you analyze your
needs. Get started making sure that your Jenny White
beyond your life expectancy. Determine retirement money into income producing
retirement expectations and your realities Rochester Branch
how much income you can safely withdraw assets that are designed to keep up with
from your investment portfolio without inflation. Lifetime payout annuities with blend successfully for a long and financially
having it run out too quickly. inflation adjustments are one example. comfortable retirement.
Social Security 1 “Many Americans’ Retirement Hopes Are Filled With Holes,”
EBRI Press Release, April 4, 2006.
is a wild card. 2“Social Security Basic Facts,” Social Security
The full Administration,February 2006
retirement age
Contact Jeff Brown our MEMBERS Financial
continues to
rise, and with
Services representative today at
jeff.brown@cunamutual.com for help with decisions
Military Saves Week is coming this
Baby Boomers that can affect your financial future. For more infor- February to Service Credit Union
ready to begin mation call 800.936.7730 ext. 8392.
tapping into the Jeffrey Brown joined MEMBERS Financial Services in You don’t have to be rich to build wealth. Military members
system in a few
2006 and is a Financial Advisor in the Portsmouth, from all ranks and walks of life who serve America are serving
NH office of Service Credit Union. Jeff graduated from their futures by saving money.
years, there is the University of Southern New Hampshire with a BS
talk about in Business Management and an MBA. With over 20 As members of Military Saves, they are paying off their debts,
increasing it years of business and financial services experience, and saving to reach their financial goals. Military Saves Week is
even further. Jeff assists members in developing strategies to February 24 to March 2, 2008. Individuals and families can join
achieve their financial goals.
Plus, the by registering their savings or debt reduction goal. When you
average monthly This article is not intended as legal or tax advice. State tax laws
join, you’ll receive an email reminding you of your savings plan,
benefit for a vary. Please consult a professional tax advisor. Representatives are and the American Saver newsletter (by email) four times a year.
registered, securities are sold, and investment advisory
retired worker services offered through CUNA Brokerage Services, Inc. (CBSI), From time to time you can receive emails with news of a free
Many people are unprepared financially is just a shade over $1,000 a month, or a member NASD/SIPC, a registered broker/dealer and investment seminar offered by the DoD or one of the military services, or
advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866)
for retirement, reports the Employee little more than $12,000 a year. As it is, 512-6109. Nondeposit investment and insurance products are not you may be invited to enter a contest or submit your story for
Benefit Research Institute. According to the about two thirds of all retirees receive 50% federally insured, involve investment risk, may lose value and are the newsletter or a special event. Military Saves won’t send you
not obligations of or guaranteed by the financial institution. CBSI is
EBRI’s 2006 Retirement Confidence Survey, or more of their retirement income from under contract with the financial institution, through the financial more than one email per month (average), and you’ll always
most Americans expect to enjoy a Social Security.2 services program, to make securities available to members. have the chance to unsubscribe.
comfortable retirement. However, “more Treat Social Security as a bonus, found Service Credit Union will be inviting members to participate in
than two-thirds (68%) of current workers money, not as your primary source of our program again this year. In 2006 we had over 400
say they and their spouses have income in retirement. Instead, build private members sign up, taking advantage of our Military Saves
accumulated less than $50,000 in resources with IRAs, investments and promotional certificate of deposit and making a commitment
retirement savings.1 Even if that money annuities. to build wealth, not debt. Look for more information on Military
generated an unlikely 10% return, that Saves in February on our website www.servicecu.org.
would be only $5,000 a year. Plus, many
4
Community Giving
Holiday giving is a tradition at Service Both Panzer and Patch branch offices in
Credit Union. This year the credit union Stuttgart participated in this year’s Angel
Member Specials worked with several organizations to Tree Program through MWR’s Army
make the holidays a little brighter for our Community Services. Trees held Angel
Signature Loans communities. ornaments printed with the name and
age of a child. Members dropped off toys
Personalized for You.
matched to “Angels” in their community.
You won't believe how quick and easy it is to
get a personal loan. Your signature is all the
security you need for a low-cost loan that
can be used for anything you want...to take
a vacation, help finance home heating bills, Gordon Simmons, President/CEO of Service Credit Union with
Colonel Richard Martell, Wing Commander of the 157th ARW.
or a new home sound system. A low rate,
quick approvals and terrific terms make our Just before the holiday season began, the
personal loans the way to go. Plus, we can credit union presented the New
provide you with up to $20,000 and a Hampshire chapters of the Air Force
repayment plan that can fit into any budget. Bamberg Branch Manager Modesto Polintan, Garrison Commander Sergeants Association (AFSA) and the Air
LTC Gary Rosenberg, and Garrison CSM Prince.
Apply online now. For on the spot approval Force Association (AFA) a donation for
call us 24-hours a day at 1.800.936.7730.
Sherrell Leatherman and Angela McNutt, Stuttgart Branch
the NH Air Force Memorial Fund. The
In November and December nearly 400 credit union launched the campaign with
Instantly Issued gift cards were donated to families of the first donation in February. The AFSA
military members overseas and in the US
VISA® Credit Cards who requested assistance with meals and
and AFA are building the memorial at the
That Fit Your Way of Life! other holiday expenses. Please see our
New Hampshire Veterans Cemetery in
Boscowan, NH to honor all New Hamp-
Whether you want bonus points, cash back cover story for complete information. shire men and women who have served
or simply a low interest rate credit card, The Grafenwoehr and Vilseck Branch of- in the United States Air Force. A ground
Service Credit Union can provide you with fices collaborated on a toy drive for the breaking ceremony for the memorial took
exactly what you need. With no annual or needy children in their local community. place on Veterans Day.
hidden fees a VISA from Service Credit The branches requested donations of new
Union is the clear advantage. and unwrapped toys and provided drop
off boxes. Toys were presented to the
Save More. Earn More. 1st Sgt in conjunction with the Holiday
A Money Market Savings Account Gift Card program. Other toy drives took
is flexible, convenient, and easy to access! place in Hohenfels and Vogelweh, where Staff of Panzer Branch
Money Market Savings Accounts from toys were collected for the Kaiserslautern
Service Credit Union enable you to earn Army Community Services. In Portsmouth New Hampshire, where
dividends on your savings. And as your Service Credit Union’s corporate head-
Heidelberg and Mannheim branch
savings increase, you'll earn even more. For quarters are located, holiday donations
offices teamed up with the USO to
more information or to open an account were a priority also. The holidays were
provide small items to be placed inside A group of Dignitaries including United States Senator John Sununu,
call us 24-hours a day at 1.800.936.7730 or celebrated at Pease Air Base in NH Governor John Lynch, and Edward Murphy, Executive Vice
“Stockings.” These stockings were distrib- President, Service Credit Union, break ground for the
visit servicecu.org Portsmouth with the 2007 Year in Review New Hampshire Air Force Memorial. on Veteran's Day.
uted by the USO to active duty soldiers
& Awards Dinner. Service Credit Union
New and Improved Call 24 who were scheduled holiday shifts.
sponsored the dinner event while the
Also this winter, Service Credit Union
Speaks Your Language. The Ramstein branch office and the USO made a contribution to the Martin Luther
children of the Air National Guard Base King Jr. National Memorial Project in
Service Credit Union’s Call 24 is now voice collaborated on collecting stocking stuffers were treated to a Winter Carnival in
for soldiers deploying over the holidays. Washington D.C, furthering the
activated and available in both English and an adjacent hanger. Gordon Simmons,
The USO Kaiserslautern provided the foundation’s goal of $100 Million Dollars
Spanish languages. German is soon to come! President/CEO of Service Credit Union
Ramstein branch office with a drop box to complete the project, and making the
Managing your finances over the phone was honored by Colonel Richard Martell,
for the collection of candy, playing cards, credit union a Founding Sponsor. The
has never been so easy! Call 800.962.6385 Wing Commander of the 157th ARW, in
gum, toothbrushes, and more. Around memorial honoring Dr. Martin Luther
today! Please listen carefully as our prompts front of thousands of soldiers and family
2500 stockings were distributed at the King, Jr. will be built on the National Mall
have changed. members, for the credit union’s
KMC Terminal by volunteers to all in Washington, D.C., adjacent to the F.D.R.
ongoing support and commitment to Memorial. The Memorial is scheduled to
deploying active duty personnel. military members. be completed in 2008. For more informa-
tion visit www.buildthedream.org.
5
Directors & Officers: Clifford Taylor, Chairman; David Van Rossum,Vice-Chairman;
Gordon A. Simmons, Treasurer/Secretary; Patrick Harrigan; Barbara Roberge; David Hanchett (A)
Supervisory Committee: David Van Rossum, Chairman; James Fishbein; Joanne Whiting
Credit Committee: Ron Smith, Chairman; Raymond Drapeau; Donald Houldsworth; James Walters
,
ews s
g N vent
2010 Lafayette Road
in ! Portsmouth, NH 03801
c it nd E ion
Ex o a o m U n
I nf fr edit
e Cr
r v ic
Se
(Website con't from page 3)
Did You Know?
or phrase, with results presented in a You can access your Service Credit Union account at more than 4,000 branch
list of relevant links and brief summary. locations worldwide? See the map below for the number of locations in your state.
Members searching for a branch or ATM
will find the search not only lists locations, 334
N/A N/A
N/A 51
but also provides a Google-like map. So, 159
33
19
93
22 43
9 22
whether you are searching for a nearby 14
N/A
76
71 22
3
54
ATM, loan rates, or employment at 29
180
9
51 141
152 86 5
274 6
Service Credit Union, you will find our 311 3 61
7
374
25
new search feature extremely useful. 214 28
30
15
35
45
Service Credit Union celebrated its 50th 24 76 81
250 81
Anniversary in 2007. The new site
reflects the vision for the future. We 592
40
invite members and visitors to visit us 20
online at servicecu.org and to learn more
about the benefits of Service Credit
Union membership.
Statement of Condition
Access Points (as of 11/30/07)
Financial Education Contact Center 800.936.7730
Members 108,695
Online Seminars
$ In Thousands
Real Estate Lending 800.619.6575 1,200,000
Loans
Call 24 Telephone Teller 800.962.6385
1,000,000
Service Credit Union is dedicated to 4,000 additional branches available worldwide. 800,000
Deposits
helping our members achieve financial Visit servicecu.org to learn more. Assets
Credit union representatives available 24/7
security and independence. Toward this
600,000
at 800.936.7730.
end, we provide financial education 400,000
seminars on topics such as money 200,000
management, tax planning, investments 0
2005 2006 2007
and home buying. For a current list of Loans
2005
$669,537,851
2006
$722,616,449
2007
$719,212,903
Deposits $739,134,669 $794,089,347 $794,338,446
upcoming webinars, please visit us at: Assets $1,019,510,343 $1,081,330,616 $1,085,506,650
http://www.servicecu.org/edu_seminar.asp
6