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Fall 2004
Looking for a great deal on a mortgage? Whether you’re buying a home for the first time or
looking for a bigger home to accommodate a growing family, look no further than Pittsford FCU to finance your
investment. For years, we’ve offered an array of flexible mortgage products to meet your home-buying needs. To
make your decision to apply even easier, we’ve introduced the 2/2/1 Adjustable Rate Mortgage, or 2/2/1 ARM.
What are the terms of the 2/2/1 ARM?
• The rate starts at 2% below the 30-year fixed rate loan.
• The rate adjusts every 2 years.
• The rate can only change 1% during the adjustment period.
If you’re uncertain as to whether or not you’ll be in your home long-term, the 2/2/1
ARM is the ideal product for you because it always outperforms the 30-year fixed rate
mortgage for the first 10 years. Even if you’re in your home for only a few years,
you’ll be sure to get a great rate on your mortgage. You can also refinance your
existing mortgage with the 2/2/1 ARM. If you have any questions or wish to apply,
we invite you to contact our Mortgage Department at 381-3885.
his year, we were excited to participate at the Mendon Arts Festival by
T offering FREE pony prints of every rider. The fun was captured by our
“official” volunteer photographer, Kathy Haywood from our Mortgage
Department who took beautiful photographs of each of the kids. Even the
ponies from Heberle Stables celebrated the occasion by donning hats for the
calendar portraits. Each “Pony Pic” was featured as the center piece of a handy 2005
calendar-at-a-glance. The prints are sure to provide year-round enjoyment and become Sydney C.
a keepsake for parents and kids alike. The Pony Prints are on display at our Mendon of Pittsford
branch and are available for pick-up through the end of October. Stop by the branch if
you haven’t had a chance to pick up your print! Look for us at the Festival next year!
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n August, an independent survey firm sent 2000 Pittsford FCU members a survey to, among other
I things, gauge member satisfaction with Credit Union services. We’d like to thank the 631 members
who returned the survey. This year 97.9% of the survey respondents indicated the overall quality
of service was excellent or very good. In addition, 99.5% of these same members indicated that they
would recommend Pittsford FCU to others. Our Board and our management team want to express our
gratitude to the staff at Pittsford FCU for again earning exemplary service ratings
We are very proud to be able to serve all our members, and we assure you that we will continue to work
to maintain your trust and support in the years to come. Again, thank you for taking the time to
complete and return your survey and congratulations to our $1,000 U.S. Savings Bond winner,
Wendy K. of Rochester.
very year, American children receive over $15
E billion in allowance, gifts and wages - reason
enough to start teaching children money
management and consumer skills at a young age. The
best way to teach good financial habits is by
example. When you go shopping, include your
kids in the planning, budgeting, and comparison
of prices and quality. If they urge you to buy Help teach your kids about saving and important
something that’s over budget, explain that money management by including them in the
spending more on the item you’re purchasing decision process for purchases and investments.
today is not as important as saving up for
something else you need or want in the future.
Kids who learn to prioritize their spending learn a valuable lesson about living
within their means. Reinforce that lesson by not jumping for the credit cards or
giving extra money just because your children ask. When kids want an
expensive “status” item, like hundred-dollar athletic shoes, make them pay the
portion of the price that exceeds what you think is reasonable. They’ll
appreciate the item more and may think twice about paying that much when
they outgrow this pair in six months. If you lend them money, treat it like a
bank loan — charge reasonable interest and set a time frame for repayment.
Encourage your children to make saving a fixed category in their spending plan.
Discuss goals and calculate how much should be put away each month. Break
down savings into long-term, for college or a car, and short-term, for a new bike
or a senior trip to Europe. If you see your children about to make a mistake in
spending their allowance, let them. Better to learn on a small scale now, than
lose money with big mistakes later. It’s never too early (or too late) to develop
good financial habits. The rewards of wise money management are the same
for adults and children alike - a greater appreciation of what they have, a sense
of empowerment to achieve their goals, and long-term financial security.
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ittsford FCU wants to help you
P achieve your financial goals, whether
that means getting out of debt,
sending the kids to college, buying your first
home, or retiring. We’re pleased to
introduce BALANCE, a program that offers
you access to personal finance information
and counseling six days a week.
Through BALANCE, you will receive free,
unbiased information and assistance. To use the If bill payments are an issue, simply reworking your
new services, simply call, toll-free, 1-888-456-2227. current budget is not enough to help you get back on
Counselors are available Monday through Thursday, track. Your counselor may be able to arrange a Debt
8:00 a.m. to 11:00 p.m., Friday from 8:00 a.m. to Management Plan and negotiate with creditors to
8:00 p.m. and Saturday from 11:00 a.m. to 8:00 p.m. reduce payments, interest charges and fees as you
work toward paying off your debt. (As a member of
In many cases BALANCE counselors can answer Pittsford FCU, the monthly administration fee of
your questions immediately. If you’re wondering $20 is waived.)
how long something stays on your credit report or
whether it’s better to lease or buy a car, you’ll get the At the credit union, we understand that personal
answers as soon as you call. For those with more finance affects all of us every day. Fortunately,
complex issues, like debt problems or budget issues, everyone can achieve financial fitness with
an appointment will be scheduled allowing enough determination and a little professional guidance.
time to go over your budget and discuss options. Through your newest benefit of membership, we’re
helping you to manage your money.
o you have the tendency to write checks before you have enough
D money in your account, trusting that your direct deposit will be
processed by the time the check clears? Until now, checks have
usually taken two to five days to clear. That will change when Check
Clearing for the 21st Century Act, or the Check 21 law, takes effect on
October 28. The Check 21 law will allow financial institutions to process
check information electronically and discard the original checks, creating
a paper substitute whenever a hard copy is needed. Check 21 is expected
to speed up check payment processing for financial institutions and their
customers and make the transfer of funds more efficient. As a result,
checks could clear your account within a day or two.
If you find that you occasionally rely on this lag time for checks to clear your account, consider
opening an Overdraft Line-of-Credit. This way, you’ll have a backup plan in case your checks
clear faster than you were anticipating. To apply for an Overdraft Line of Credit, call us at
624-7474, or visit us online at PittsfordFCU.org/apply.
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