Advantage - Download as PDF

Document Sample
Advantage - Download as PDF Powered By Docstoc
					SS e p tE M B E r 22000086 EPT embeR

2410 N. Ocean Avenue, P.O. Box 9029 Farmingville, N.Y. 11738-9029

Since 1952 The Educated Choice


New Online Security Feature See Page 3

We’re Safe, Strong and Local
With reports in the news of some financial institutions facing losses and other problems due to subprime mortgage lending and the credit crunch, you may be wondering about the financial stability of places where you do business. We’d like to reassure you that TFCU remains strong, safe and secure. TFCU has been in business since 1952. Our employees live and work right here and we are happy to be able to serve more and more of our neighbors. Approximately 1 out of every 5 households in Suffolk County banks with TFCU. We continue our commitment to provide you with excellent financial products and services, and we have the resources to back up that pledge. Our sound lending practices and service-oriented policies allow us to continue to prosper even during troubled economic times.

Federally Backed Security
You can enjoy added peace of mind knowing that your deposits are federally insured through the National Credit Union Administration (NCUA), a U.S. government agency. The NCUA is backed by the full faith and credit of the U.S. government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. Each account holder’s funds are insured to at least $100,000, and individual retirement accounts are separately insured up to $250,000. If your savings exceed the amount covered by the basic insurance limits, you can extend your NCUA coverage by establishing different types of accounts. The NCUA insures accounts in different ownership categories separately. You can get up to $100,000 of additional insurance for your interest in accounts owned jointly with someone else and for trust accounts of which you are a beneficiary. Detailed information about NCUA insurance, as well as a calculator that you can use to estimate your coverage, is available at the NCUA Web site,

We’re Here for You
A friendly, helpful member service representative would be happy to answer your questions and help you explore ways to increase your NCUA coverage. Call 631-698-7000, ext. 6778 or stop in today!

TFCU Receives 5-Star Rating
Bauer Financial Reports, Inc., the nation’s leading independent financial institution research firm, has again awarded TFCU a 5-star superior rating, the highest rating offered. The award is based on an analysis of current financial data as filed by TFCU with regulators and supplemented by historical data kept by the firm. A 5-star rating is evidence of sound management, financial strength and stellar performance. Every study conducted indicates that a 5-star institution provides a higher level of service and charges less in fees than competitor institutions - a combination every member can appreciate.


Terry Rd

TFCU will soon be opening a branch in Nesconset, located at 127 Smithtown Boulevard (in Nesconset Plaza). Our new full-service branch will feature: • 24-hour Drive-Up & Walk-Up ATMs • Drive-Up Teller Service • Friendly & Knowledgeable Staff • FREE Coin Machine Service for Members

Lobby Hours: Mon., Tues., Wed., Sat 8:30 a.m. - 4:30 p.m. Thursday - Friday 8:30 a.m. - 6:00 p.m. Drive-Up Service:
Mon., Tues., Wed., Sat 8:00 a.m. - 5:00 p.m. Thursday - Friday 8:00 a.m. - 6:00 p.m.



Watermill Inn




Smit htow n Blv d.


Townline Road

Watch for Grand Opening specials and please stop by to see our newest facility.


Coming Soon! New Nesconset Branch

ch ols

r Ter yR d
d. Southern Blv

Rd .

bb Gi on sP

Lake Ave. S

Long Island Credit Unions Thank Congressman Tim Bishop for Support
Congressman Tim Bishop (NY-01) was the keynote speaker at a breakfast meeting attended by many Long Island credit union executives recently. Robert G. Allen, President/CEO of Teachers FCU (pictured right), thanked Congressman Bishop (left) on behalf of 88 million credit union members nationwide, including 91,275 credit union members who live in Bishop’s Suffolk County district, for his active support on credit union issues. Congressman Bishop’s remarks included issues relating to the state of the economy, the current housing crisis and energy. He then opened the floor to a question and answer session. Among the attendees were representatives from Teachers FCU, Sperry Associates FCU, People’s Alliance FCU, Oceanside Christopher FCU, Nassau Financial FCU, Nassau Educators FCU, Island FCU, Bethpage FCU and the Credit Union Association of New York.

Buy, Sell or Lease a Car

4 Ways GrooveCar Can Help You
1. New Cars: Special no-haggle pricing at participating GrooveCar dealers. 2. Pre-Owned Cars: Browse online through thousands of pre-owned vehicles, check trade-in values, obtain vehicle history reports and more.

1 2

3 4

New and Certified Pre-Owned Auto Leasing

Drive the Car You Want for the Price You Can Afford!
- No security deposit or down payment required* - Gap insurance included on all leases - Flexible terms and mileage allowance - “No surprise” wear and tear policy - Flexible options at lease maturity
*Subject to credit approval.

3. Sell Your Car: Post your vehicle for sale on 4. Auto Financing: TFCU financing is available at all participating GrooveCar dealerships with 0% mark-up.

Call 1-866-GROOVE4 or visit

Smart Home Owners Use Equity
Every time you make a mortgage payment, you build equity in your home. Over time, that equity adds up - one of the best benefits of owning a home. You might be facing financial needs - maybe a new car, college tuition, or a new business – that your home equity can help with.Talk to a credit union mortgage representative about which home equity loan option will best suit your needs. (631) 698-7000, extension 3340.
All rates and terms are subject to change without notice. *HELOC max $350,000 (up to 80% of home value, rate shown for 80% max. LTV). Lines up to $75,000 require $25,000 min. advance or balance transfer from outside lender or from TFCU fixed rate product & must maintain a balance for 24 months to avoid repayment of closing costs. Lines $75,001 - $250,000: $60,000 advance & $50,000 min. balance for 24 mos. to avoid repayment of closing costs. Lines $250,001 - $350,000: $100,000 advance & $80,000 min. balance for 24 mos. to avoid repayment of closing costs. Rates without minimum draw slightly higher. Current TFCU home equity loans (other than fixed rate mini loans) not eligible. Variable rate equal to the Wall Street Journal Prime Rate (5.00% as of 7/16/08) as published 30 days prior to interest rate adjustment date, plus or minus any margin applied at loan origination. A 1% maximum rate adjustment is allowed per quarter. Rate will not exceed 18% over the life of the loan. Rate shown is the lowest rate available. Applicants not approved at these rates or terms may be offered credit at a higher rate and/or different terms. **Rates and terms accurate as of 6/1/2008. Mini Home Equity Loan max. $350,000 (up to 80% of home value, rate shown for 80% max. LTV.) Rate will be based on credit history. Rate shown is the lowest rate available. Applicants not approved at these rates or terms may be offered credit at a higher rate and/or different terms. Minimum loan $10,000 for a 10-year term. Pay just $11.37 for every $1,000 borrowed with a 10-year term at 6.49%. ***Loan amounts of $100,001 up to product maximum will pay mortgage tax.

Rates as low as

180 Months


Variable Rate

Rates as low as

10-Year Fixed Rate
No Closing Costs up to $100,000***
Other fixed rates/terms available



September 2008 • Page 2

Fraud Update: Three-Digit Code Makes Shopping More Secure
Q: Recently, when I’ve made purchases over the phone, merchants have asked for the three-digit security code on the back of my credit card. Why is this? A: This is to verify that the card definitely is in your possession. It generally follows the 16-digit card number on the back of the card. It’s information that wouldn’t be available to someone who has intercepted your card number and expiration date. That said, make sure you know to whom you’re giving this information over the phone or on Web sites. Con artists often are able to obtain partial information about a potential victim’s account, and then contact the person masquerading as a company representative to “verify” the account by requesting additional details such as the three-digit security code. But they might just as well ask for other pertinent details--for example, they may provide the last four digits of your account number (which typically show up on sales receipts) and request the other 12 digits to “confirm” it. Or they already may be in possession of your full account number and request the expiration date of the card, or your billing address. Any of these individual bits of information may be just what the scammer needs to “fill in the blanks” and gain full access to your account, so beware. Keep in mind, though, that legitimate businesses or financial institutions may request your three-digit security number (known as “CVC2” by MasterCard and “CVV2” by Visa) to authenticate a transaction. Just be sure you know whom you’re talking to before giving it out.

Tips for Parents of College-Bound Students
Students bound for college will embark on many new experiences--including financial independence. Here are some tips for parents to help kids prepare for what’s in store. • Explain how credit works. If your child applies for a credit card at a campus table promotion, he’ll not only take home a free T-shirt, but a credit line he may not be able to afford, and may not know how to manage. A credit card is not free money; it’s instead a means of putting off paying for purchases until a later date. Accompany him to the credit union for the best rates on credit cards and consider urging him to use a debit card instead of a credit card. • Create a spending plan. Write down all college expenses such as tuition, books, room and board, toiletries, entertainment, and so forth. Determine which expenses you’ll be paying and those for which your child will be paying. • Come to a no-bail-out agreement. If your child ends up charging more than she can afford, or runs out of money before the end of the month, your first reaction may be to send money and bail them out. Don’t do it. If they need to figure out a way to get out of debt, such as working or staying home on weekends, chances are good they won’t make the same mistake twice.

New Security Feature for Online and Telephone Banking
TFCU makes every effort to ensure that your financial information is safe and secure. Our online systems are monitored and constantly updated using multiple security layers, encryption and authentication processes. As an added security feature, TFCU has initiated a process that suspends access using Online Banking or Telephone Banking for accounts that have not been accessed via these services in over 1 year. If you are unable to access your account via Online Banking or Telephone Banking, please visit your nearest branch or contact our Call Center at 631-698-7000, extension 3778, for assistance. One of our representatives will be happy to assist you.

September 2008 • Page 3

Teach Teens How to Handle Their Finances
As a sponsor of the NEFE High School Financial Planning Program (HSFPP), TFCU will provide teachers, group leaders and others with free student workbooks. The course will enable students to: • Learn the financial planning process—what it is and what it can do • Experience the process through exercises and assignments • Take control of their finances—beginning now Call us at (631) 698-7000, ext. 3648 or e-mail for details and a sample workbook.

October Food Drive to Benefit Long Island Cares and Island Harvest
Credit unions are dedicated to improving the lives of those in our community. Increasingly, more Long Islanders find it necessary to choose between buying food for their families or fuel to heat their homes. That’s why eleven Long Island credit unions, representing nearly a half-million members, have joined together to help fight hunger in Nassau and Suffolk Counties. TFCU will collect donations at all branches. Your generous contribution of cash or non-perishable food is most appreciated. Long Island Credit Unions are about People Helping People. Thank you for helping your fellow Long Islanders. • The Long Island Credit Union Food Drive will run from October 1 through October 31, 2008. • All donations will help Long Island Cares and Island Harvest, two well-respected organizations, feed the hungry of Long Island. For more information about these organizations, visit their web sites at or • The top ten (nonperishable food in cans or plastic containers; no glass items, please): beans, fruit, juice, meat, milk, peanut butter, soup, stew, tuna, vegetables.

October 4th and 5th, 2008 11:00 a.m. to 5:00 p.m.


Suffolk County Farm & Education Center, Yaphank, NY
Maze • Wagon Rides • Carnival Games Pumpkin Picking & Painting • 4-H Displays & Demonstrations Children’s Craft Activities • Face Painting Llamas & Other Farm Animals

For more information call: 631-852-5300


September 2008 • Page 4

How to Manage Your Finances in a Slow Economy
Reports in the media and your own circumstances may have you worried about how you are going to pay your bills. While you may not have control over the economy, you do have control over the actions that you take to prepare for possible financial difficulties. Rising prices When gasoline prices rise everyone who drives a car is affected. Changing driving habits could save you hundreds of dollars a year. Consider taking public transportation to work or carpool, even if it is only once or twice a week. Gasoline is not the only cost that rises. You may find that you are paying more for such things as clothing and food, too. Try shopping with a list when at the supermarket, to prevent impulse buys. If it is hard for you to cut back on essential costs, like grocery purchases and gasoline, consider cutting back on spending that is more discretionary, like dining out and snack purchases. Declining wages Many people find themselves in a position where the overtime they were previously given or their regular hours are cut at the same time they are trying to pay higher bills. If your hours have been reduced try searching for a part-time job to supplement your income. Self-employed people and people who get paid on commission often suffer the most during a sluggish economy, since their income is completely dependent on the business that they do. If your income varies, try to put aside money during the months you do well to help you pay for expenses during slow months. Paying bills If you are worried about paying your bills, there is help available. As a benefit of your TFCU membership you have access to free personal financial counseling through BALANCE. They can help you create a budget and give suggestions as to what you can change to make paying your bills easier. Call BALANCE at 888-456-2227 or visit

When Should You Retire?
A Message from the TFCU Trust & Financial Services Program Oh, what a difference a year (or two) makes! The age you choose to retire can make or break your best-laid plans. Why? Because this decision affects your finances in two ways. First, by waiting a year, you delay spending your retirement nest egg by one year. Second, not only do you delay spending your retirement savings, but you gain another year to put more money away for your retirement. How do most people decide? Recent industry research* found the usual reasons people choose a retirement date include: the thought that they had reached a socially acceptable age to retire, had unpleasant experiences at work, were offered generous retirement packages, or they had reached the age when their parents retired. While these emotional reasons are very real, this study shows that very few people select a retirement date after they’ve determined (through a financial analysis) that they have accumulated enough savings to sustain them through retirement. In other words, it seems age, rather than assets, is the normal gauge used to determine a retirement age. Do Your Numbers Add Up? You can approach retirement with a greater peace of mind with a thorough retirement income analysis made available to all of our members through the TFCU Trust and Financial Services program. This analysis will walk you through the many risks retirees face including longevity (living longer than planned), inflation, market volatility, low interest rates and healthcare costs. Don’t make the mistake of just making an intuitive decision about retirement. By combining your intuition, with a thorough look at your “numbers,” you can approach retirement with a game plan, not worries.
*Spending and Investing in Retirement, 2006, LIMRA International, Inc., and the Society of Actuaries

Chris Hibbard, ChFC, CFS
Senior Financial Advisor Trust Liaison Officer 5439 Sunrise Hwy. Holbrook, NY 11741 (631) 698-7000 ext. 6020

Gilda Gilbert
Registered Representative 3rd Ave & Sunrise Hwy. Bay Shore, NY 11706 (631) 666-1307

Terry D’Amico, CRPC
Financial Advisor 2410 North Ocean Ave. Farmingville, NY 11738 (631) 698-7000, ext. 3692

Financial Services Representatives at other branches:
Amityville – John Moret & Katherine Piccinnini Farmingville – Diane Jensen Nesconset– Micki Cahill Port Jefferson Station – Ron Rebaldo Rocky Point – Catherine Garnier Smithtown – Linda Davis South Setauket – Donato Surace

Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with Teachers Federal Credit Union, through the TFCU Trust & Financial Services Program, to make securities available to members. B2MM-0906-C425

Tired of being ignored by your broker? Confined to a call center if you don’t have at least $250,000 to Invest?

Then call Chris Hibbard, Gilda Gilbert or Terry D’Amico at the TFCU Trust & Financial Services center, located at Teachers Federal Credit Union.

September 2008 • Page 5

Since 1952

The Educated Choice
2410 N. Ocean Avenue, P.O. Box 9029 Farmingville, NY 11738-9029
*Outside the Long Island, Westchester and New York Metro areas.

Educated Choice Discounts: Sign up for the Educated Choice Package and as long as you maintain a combined minimum deposit balance of $5,000 or more, your consumer loan discount is 0.50%; $2,500 to $4,999, your discount is 0.25%. Call us or go online today for an Educated Choice request form.

Convenient Branch Amityville 355 Broadway (Rte. 110) Bay Shore 3rd Ave. and Sunrise Hwy. Brookhaven National Lab† 400 Brookhaven Avenue Central Islip 118 Wheeler Road Commack 10 Vanderbilt Pkwy. Entenmann’s† 1724 5th Ave., Bay Shore Farmingville/Main Office 2410 N. Ocean Ave. Holbrook 5439 Sunrise Hwy. Nesconset † Facility employees only 127 Smithtown Blvd.

Locations North Babylon 1134 Deer Park Ave. Port Jefferson Station 450 Jefferson Plaza (Rte. 112) Riverhead 176 Old Country Rd.(Rte. 58) Rocky Point 561 Route 25A Selden 301 Independence Plaza, (Rte. 25) Smithtown 1 West Main Street South Setauket 260-A Pond Path SUNY Stony Brook Student Activities Center/ Health Sciences Center

As Low As*
New Auto 4.99% to 5.99% Fixed 2.75% Variable 5.49% to 5.99% Fixed 2.75% Variable 4.99% to 6.99% Fixed 2.75% Variable 5.99% Fixed Used Auto Boats New & Used Motorcycle Recreational Vehicles 4.99% to 6.49% Fixed 2.75% Variable Homeowner Loans 6.75% to 8.25% Fixed 4.75% Variable Unsecured Personal Loans 10.65% to 12.15% Fixed Teachers Advantage Line of Credit 8.75% Variable 8.50% Fixed 7.00% Variable Also Available: • Student Loans • New/Used Auto Leasing Alternative Student Loans

631-698-7000 • 1-800-341-4333*

Consumer Loan Products

APR Range

Maximum Term (Months)
96 96 84 84 240 240 60 180 180 180 180 60

Family members are welcome to open their own account and enjoy full membership benefits.

Tell Your Family

Open-end 180 180

Board Of Directors Chairman – Fred H. Schaefer Vice Chairman - Nicholas Maletta Treasurer – Raymond P. Grossman Secretary – George L. Dornhoefer F. Jane Harris Robert J. Ney Juan C. Nuñez Mario P. Shortino Frank D. Spencer Director Emeritus Lester J. Gosier Executive Management President/CEO – Robert G. Allen Executive Vice President/COO – Thomas A. Fallon

Supervisory Committee Chairman – Ronald A. Mincio Paul E. Misut James F. Nohe Mario P. Shortino

Home Equity Products Up to 80% financing available
Home Equity Line of Credit

As Low As

Maximum Term (Months)
180 Months 240 Months 240 Months

4.50% Variable 4.50% Variable

with Need help ces in your finan onomy? c this slow e 5
See Page

Mini Home Equity Closed End Loan

Mini Home Equity Closed End Loan

5.99% to 7.24% Fixed

Visa Credit Cards - No Annual Fee!

9.48% 12.36% 9.36% 6.72%

“Cash Back” Classic

Dividend Rates

“No Frills” Classic and NEW STUDENT CARD

For quarter ending 6/30/08



Share Secured Classic

Share Savings ($1 min. to open, $50 min. to earn dividends), IRA, YES Club, Vacation & Holiday Clubs Share Draft Checking No minimum deposit; dividend paid on $2,500+



Business Credit Card – Variable Rate

Prime + 6%


.30% APY 2.30% 2.55% 3.07% 3.32% 3.58% 3.84%

*APR = Annual Percentage Rate. Above rates effective 9/1/08. All rates and terms are subject to change without notice. Rates shown are the lowest rates available. Applicants who are not approved at these rates or terms may be offered credit at a higher rate and/or different terms. Rates are available for loans with Preauthorized Debit from TFCU savings or checking account excluding Home Equity & Credit Cards. Loan Rates without automatic payments will be .50% higher than those displayed. Rates shown assume maximum discount for Educated Choice. Add .50% without maximum Educated Choice discount. For Visa credit cards, add .48% without maximum Educated Choice discount. Discount can be applied to existing credit cards, discount cannot be applied to existing consumer loans.

Account Balance Money Market As of August, 2008 $2,500 - $24,999 $25,000 - $49,999 $50,000 - $99,999 $100,000 - $249,999 $250,000 - $499,999 $500,000+

Convenient Loan Call Center Hours 24/7 Loan Information & Applications 631-698-7000, Ext. 3340. TFCU’s Routing Number: 221475786
September 2008 • Page 6

Share and IRA Certificates - Terms from 3 to 60 months. Minimum $1,000. See your statement for current rates.

Shared By: