ARE YOU SAVING FOR YOUR FUTURE

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ARE YOU SAVING FOR YOUR FUTURE Powered By Docstoc
					                MoneyClips
                Winter 2006


   Bank
  Where
    You
   Own
    The
  Place




Debt
consolidation




Saving
strategies




Business
accounts


                                   ARE YOU
                                SAVING FOR
                              YOUR FUTURE?
        NewsBriefs                                     A message from the President
                                        Dear SEFCU Member:
• Scholarship applications
  available                             Happy New Year! It’s hard to believe that the hustle
  If your high school senior has a      and bustle of the holiday season has passed, and we
  SEFCU account and is planning         are welcoming in 2006. As with most years, many of us
  to attend a two- or four-year
  college next fall, tell them about    will make New Year’s resolutions to go on a diet, get in
  scholarships available. Students      shape or eat right.
  can apply for $500 and $1,000
  awards from the New York State        You should also consider the beginning of a new
  Credit Union League and Smart         year to get your finances in shape too. Start the year
  Sense members are eligible for
  $500 and $1,000 awards from           off right with a resolution to trim your debt, develop
  SEFCU. Request an application         some savings muscle and tone your investments for          Michael J. Castellana
  packet by calling 518-464-5326        a healthier financial future. Timing is everything, and            President
  or 866-733-2880 x5326. All
  applications are due by January       in this issue of MoneyClips, we have included helpful
  27, 2006.                             information on how to accomplish those resolutions and get your finances in
• SEFCU partners with                   shape. This issue contains great articles on protecting yourself from common
  Binghamton-area high school
  This fall, SEFCU presented an         scams, tax tips, and upcoming plans for the SEFCU Foundation, the charitable
  educational program to the            arm of the credit union.
  students from the Windsor Central
  School Business Class. In an          At SEFCU, we are dedicated to providing you with the best products and
  effort to educate them to make        services to meet your financial needs … so you can achieve your goals. We
  sound financial decisions, the        know you have many choices when it comes to financial services, thank you for
  group visited SEFCU’s Kirkwood
  branch, where they learned the        choosing SEFCU – we appreciate your business and value the trust you have
  differences between a credit          placed in us! I hope you enjoy this issue of MoneyClips, and welcome your
  union and a bank and about            comments at moneyclips@sefcu.com. On behalf of everyone at SEFCU, best
  the importance of saving and
  budgeting.                            wishes for a healthy, happy and prosperous 2006!
• Check out SEFCU at the Great
  Northeast Home Show
  Got the winter blues or maybe
  even cabin fever? Then check
                                                                    Upcoming seminars
  out SEFCU’s booth at the Great
  Northeast Home Show, February         January
  10th from 4 p.m. - 9 p.m., February   12       Spending Plans Simplified • 6 p.m. - 7:30 p.m.
  11th from 10 a.m. - 7 p.m. and                 • Find out how to make budgeting and saving a priority in your
  February 12th from 10 a.m. - 5                 household and get some basic investment tips. • Call 518-464-5347.
  p.m. at the Empire State Plaza        February
  and the Pepsi Arena. Learn about
  financing options and see what        15       Long-term Care Insurance • 1:00 p.m. - 2:30 p.m
  mortgage is best for you.                      • Learn how long-term care insurance can protect your assets. • Call
• SEFCU to get new address                       866-733-2880 x2906 • This seminar will be held at SEFCU’s Kirkwood
  No, we’re not moving, but                      Branch, 4 Crescent Drive, Kirkwood.
  later this month, SEFCU’s             16       Banking in the Electronic Age • 6 p.m. - 7:30 p.m.
  Headquarters address, as well                  • Learn how convenient it is to bank online• Call 518-464-5348.
  as our Washington Avenue              28       Tax Efficient Strategies for Investing • 6 p.m. - 7:30 p.m.
  Branch, will change as part                    • Learn how tax efficient strategies will allow you to keep more of what
  of the Patroon Creek area                      you earn • Call 518-451-2906.
  redevelopment. The new                March
  Headquarters address will be:
  SEFCU, Patroon Creek Corporate        14       It’s All About Credit • 6 p.m. - 7:30 p.m.
  Park, 700 Patroon Creek                        • Get advice on obtaining and using credit responsibly • Call 518-464-5337.
  Boulevard, Albany, NY 12206           21       Inheritance Builder • 3 p.m. - 4:30 p.m.
  and the branch address will be                 • Make sure your money will last — and grow — while creating a legacy
  SEFCU, Patroon Creek Corporate                 for future generations. • Call 518-451-2906.
  Park, 655 Patroon Creek               21       New York State Retirement Strategies: 457 Deferred Compensation
  Boulevard, Albany, NY 12206.                   Rollovers and Pension Options • 6 p.m. - 7:30 p.m.
                                                 • Learn the advantages of rolling over a 457 Deferred Compensation
                                                 account. • Call 518-451-2906.
                                                                                                 Dora Maxwell Center, SEFCU Headquarters
                                         Each free seminar will be held at the                             Patroon Creek Corporate Park
                                         Dora Maxwell Center, unless otherwise noted.                      700 Patroon Creek Boulevard
                                                                                                                Albany, NY 12206
                                                 Directions to the Dora Maxwell Center can be found at www.sefcu.com or by contacting the

2                                                                      Call Center at 518-452-8183 or 800-727-3328.
We take your BUSINESS Bring one of
                      these FREE
 ACCOUNT personally seminars to                                                     your business
Whether your business is a                at your business through our vendor,
                                                                                      With all the seminars
start-up company or well-                 First Data.
                                                                                      SEFCU offers, it might be
known in the industry, SEFCU              Now that you’ve gotten paid, it’s           difficult to decide which
offers the business products              important to pay your employees.            one meets your needs
you want and the quality                  Choose one of our national payroll          based on the title. Read
personal service you deserve.             companies, such as ADP or Paychex,          descriptions of each
That way you can spend time thinking      and get a discount of up to 25%.            program SEFCU offers and
about how to make money — we’ll         To make managing your finances                reserve a date today!
take care of where you keep it.         as easy as possible, we also offer a        • “Avoiding a Scam” - describes
                                        Cash Management feature. With this            common Internet and
Business members get more
                                        convenient service you can check              telemarketing schemes and how
As a business account member, you’ll                                                  you can avoid becoming a victim
                                        account balances, transfer funds,
enjoy all the regular benefits we offer                                             • “Basics of Budgeting” - teaches
                                        perform wire transfers, place stop
our retail members, including a tiered                                                you how to create a budget and
                                                 payments on checks and
savings account, telephone                                                            stick to it
                                 SEFCU           more for free if your average
                                                                                    • “Basics of Checking” - explains
and Internet access, and
                                 business        monthly balance is $5,000
online check imaging.                                                                 how to balance your checkbook
                                                 or greater. And, in the event        and maintain a checking account
And, when you choose a           accounts        multiple users have access         • “College Financing” - learn how to
business checking account, make your             to this feature, there are extra     get the funding you need to pay
you can take advantage of a money work built in security features such                for your child’s education
higher dividend rate than our                    as multiple sign-ins and           • “It’s All About Credit” - teaches
                                 harder!                                              responsible ways to use credit
standard account when you                        passwords for users and
maintain a balance of $5,000                                                        • “Start Saving For Your Future”
                                                 limits to transaction amounts.
                                                                                      - provides simple suggestions
or higher.
                                          Get the benefits you need!                  about how to save
Plus, as a business account holder,       Unlike some other local business          • “Protecting Yourself from Identity
you’ll get personal service from our                                                  Theft” - outlines common scams
                                          accounts, there is no monthly service
Branch Management, so even if you’re                                                  and what you can do to make sure
                                          fee at SEFCU and there is only a            you don’t become a victim
out of the office, you can always be      $.10 charge on each cleared and           • “Understanding Your Credit
connected with just a phone call!         deposited item. And, since you earn         Report” - describes what’s on your
Business extras                           higher dividends for balances over          credit report and how it can affect
              We can help make            $5,000, you can easily recoup the           your finances
                                          small per item fee.                       • “Youth and Money” - explains
                 it easy for your
                                                                                      the importance of saving and
                      customers to        How can I open my business                  budgeting to school-age children
                        pay you. Our      account?
                         merchant         You can open your account with            Although SEFCU holds some of
                         card             a Branch Manager at any of our            these sessions at our locations,
                          services        locations or just contact our Business    we are happy to come to your
                          option          Development Department at 518-464-        workplace or school to present
                          allows          5290 or 866-733-2880 x 5290 so you        these important topics. For more
                          you to          can start making your money work at       information, or if you’re interested
                          accept and      SEFCU today!                              in holding one of these seminars,
                          process                                                   please call Jenny Stasack, SEFCU
                          credit and                                                Member Education Coordinator,
                          debit card                                                at 518-464-5293 or 866-733-2880
                          transactions                                              x5293.
                                                                                                                       3
Around the                               HOLIDAY DEBT
Region                                   CONSOLIDATION
Whether you are looking
for discount tickets to
Binghamton-area events,
                                         - is it right for you?
or if you’re just wondering              The new year has just begun, your
what’s happening in                      head is pounding, your hands are
your area, check out                     shaking, and you’ve got a case of
upcoming events in your                  the chills. No, you don’t have the
neighborhood.                            flu, you’ve got the holiday debt
                                         blues. Office parties, shopping and
Attention hockey fans
                                         entertaining have taken a toll on your
This season you can beat the
                                         credit card balances, and all you have
winter blues at a Binghamton                                                          may even be tax deductible.
                                         to show for it is a stack of bills and a
Senators hockey game. Discounted                                                      We also offer a personal loan,
                                         depleted bank account. All is not lost.
tickets are available to games on                                                     which is another good choice for
                                         SEFCU can help you determine if debt
January 13th vs. the Springfield                                                      consolidation.
                                         consolidation is right for you.
Falcons, February 19th vs. the                                                     • Lower monthly payments. Since
Syracuse Crunch and March 17th           Debt consolidation: what is it?              the interest rate is typically lower
vs. the Hershey Bears. Just show                                                      and because you have one payment
                                         If you’ve accumulated a lot of debt,
                                                                                      versus many, the amount you have
proof of your SEFCU membership           you might have considered                              to pay per month is usually
at the Senators box office.              a consolidation loan,             Consider             significantly less.
                                         but what is it exactly? In
Walk for the Cure                                                          the pros and Sounds great, right? But
                                         general, these loans group                             before you run out and
On March 12th SEFCU employees
                                         all your bills together, so       cons before
will participate in the Walk for the                                                            apply for a loan, consider
                                         you only make one monthly consolidating the other side first.
Cure at Oakdale Mall in Johnson
                                         payment. In addition, in
City. All proceeds will benefit the                                                CONS
                                         some cases, with a debt consolidation
American Diabetes Association.                                                     • Easy to get further into debt. Since
                                         loan, you’ll enjoy a lower interest rate
                                                                                      you’re probably paying less overall
Mom’s House Rocker-Thon                  than you may be paying on your credit
                                                                                      each month, you may be tempted to
In an effort to assist local families,   cards.
                                                                                      start using your credit cards again.
SEFCU employees will participate         Is it right for you?                      • Longer time to pay off. If you
in Mom’s House annual Rocker-                                                         choose a home equity loan, terms
                                         To determine if you’re a good
Thon fundraiser on March 25th. As                                                     range from 5 to 20 years. So, what
                                         candidate for a debt consolidation           might normally have taken you 2 or
part of this event, participants will
                                         loan, review the pros and cons of this       3 years to pay off, will be spread out
“rock” in rocking chairs to raise
                                         type of loan.                                over a longer term.
                  money for Mom’s
                                                                                   • Spend more over the long term.
                  House, which           PROS
                                                                                      Even though interest rates are lower,
                   provides free day     • One monthly payment. You don’t             if you choose a longer term you
                   care for single          have to figure out who to pay and         may end up spending more than
                    parents finishing       when.                                     you would have if you kept each
                                         • Lower interest rates. Since                individual loan.
                     their education.
                                            the most common type of debt
                                                                                   So, before you make the decision to
                                            consolidation loan is a home equity
                                                                                   consolidate your debt, make sure it is
                                            loan, the interest rates will be lower
                                            than consumer debt interest rates.     right for you. Consider the positive and
                                            SEFCU offers both a home equity        negative features to determine what
                                            loan and home equity line of credit,   is most beneficial for your financial
                                            so you can choose a lump sum           health. And, most importantly, once
                                            payment, or access your money          you get out of debt, make a budget
                                            whenever you need it. Plus, with       and savings plan and stick to it!
                                            a home equity loan, the interest

4
                                                                                                                                     TURBOTAX®
                                                                                                                                     ONLINE
                                                                                                      #11                            coming soon
                                                                                                                                     Skip the stress of tax preparation this
                                                                                                                                     year. Get an early — and easy — start
Protect yourself when                                                                                                                with TurboTax ONLINE via sefcu.com.


DONATING MONEY ONLINE
                                                                                                                                     Use this convenient service to prepare
                                                                                                                                     and file your 2005 Federal and State
                                                                                                                                     tax returns securely online at a great
In the wake of recent natural disasters, you may have                                                                                low price!
considered how you can help those most affected by the
tragedies.                                                                                                                           To make preparing your taxes as
                                                                                                                                     painless as possible, read free tax
Donating money is a convenient way that you can lend a hand,                                                                         tips and online instructions right from
unfortunately it’s also a simple way for scammers to divert                                                                          sefcu.com. Even if you choose not to
your money to them. Here are a few easy tips to remember to                                                                          file online, take advantage of these
make sure your gift is sent to the intended recipient.                                                                               free hints as you prepare your own
                                                                                                                                     returns.
• Give to legitimate charities.                                    • Print a copy of the donation                                    For quick access to your refund,
   If in doubt, ask to see the                                       confirmation page.                                              choose direct
   organization’s 990 IRS Form.                                       If you do not receive a confirmation,                          deposit and the IRS
   Charities must file this document                                  then ask for one.
                                                                                                                                                            Choose
                                                                                                                                     can deliver your
   with the Internal Revenue Service.                              • Look for contact information.                                   money up to three      Direct
• Type the Web address of the                                         Most reputable charities will include                          weeks sooner than if Deposit
  charity you’d like to give to.                                      an e-mail address as well as their
   Don’t simply click a link because it
                                                                                                                                     you were to receive    and get
                                                                      phone number and address on their                              it by standard mail.
   might lead you right to a fraudulent                               Web site.                                                                             your tax
                                                                                                                                     And, since funds are
   Web site, which may look a lot like                                When you give to a charity online,
                                                                                                                                     transferred directly   refund
   the charity you’d like to donate to.                               you want to make sure that your
                                                                      contribution is making a difference,                           to your SEFCU          sooner!
• Check the privacy policy.
                                                                      not making a scammer rich. By                                  account, there is no
   Don’t disclose personal or financial
                                                                      following these basic guidelines, you                          chance of the check
   information unless you know how
   this data will be used.                                            can make sure your gift is doing the                           being lost or stolen.
                                                                      good you intended it to... helping
                                                                                                                                     For quicker access to your refund
                                                                      those in need!
                                                                                                                                     this tax season, write SEFCU’s routing
SEFCU is committed to helping members protect themselves against fraud. This is the eleventh in a series of SCAM ALERTS to educate   number (221373383) and your SEFCU
members about deceptive activities that could harm members’ financial security. While we cannot advise members of every scam, we
hope the series will advance awareness of privacy and security issues.                                                               account number right on your 1040
                                                                                                                                     form in the section labeled “Refund”.

    Don’t get scammed by “phishing” schemes                                                                                          Access to TurboTax, full details, and
 Next time you receive an e-mail from your credit card provider, financial                                                           all pricing information, along with
 institution, or even ebay, asking you to confirm or provide account or social                                                       package options and descriptions will
 security numbers, passwords or your date of birth, think twice.                                                                     be posted on sefcu.com as soon as it
                                                                                                                                     becomes available. Just look for the
 One type of scam called “phishing” occurs when a scammer sends you an e-                                                            TurboTax logo to link to the service.
 mail that looks similar to a trusted company you regularly deal with, asking you
 to provide personal information. However, if you respond to the e-mail, your
 private information goes directly to the scammer, not the organization you’re
 familiar with.
 SEFCU will never send an e-mail requesting personal information.
 If you do receive a request like that, contact us immediately.

                                                                                                                                                                           5
                                                                                                                                                                           5
    HOW MUCH DO YO
                                         Make saving a Ne
    The hustle and bustle of the holiday season is just a distant memory,
    but the bills from the gift-giving season are probably beginning
    to pour in. This year, make a resolution to set a budget, get your
    finances in order with a savings program and stay out of debt, so you
    can meet your personal financial goals.
    Budgeting: what is it?
      In general, a budget is a detailed plan for spending and saving
      used to satisfy your immediate needs and help you reach your
         future goals. Budgeting is important so you can determine how
               much money you have available to spend now, and how
                    much you need to save to reach your short-term
                          goals – like buying new furniture – and how
                             much you’ll need for long-term goals
                             – like funding your retirement or
                           paying for your children’s education.
                                                                      Did  you k
                         Once you’ve decided to create a budget,
                                                                       your per
                        here are five steps to get you started:        can help
                       1. Assess your financial resources.             determin
                      Calculate how much money you have coming         type of s
                     in each month from all sources.
                    2. Determine your expenses. See how you            accounts
                  spend your money by reviewing your financial         you’ll be
                   records, and if your records aren’t clear, spend
                   the next month carefully tracking where your
                                                                       successf
                  money goes.                                          with?
                  3. Set goals. Establish a list of things you’d like to
                 achieve.
                 4. Create a plan. Once you’ve determined how much
                 money is coming in and where it’s going, you can
                 create a plan that matches your goals with your financial
                 situation.
                5. Track your progress. At the end of each month, re-
                evaluate your progress. Compare your actual expenses
                and income to your budget and make any necessary
                adjustments.
               Starting your savings program
              Once you are comfortable with your budget and have
             discovered ways to cut costs, you will likely have the
            opportunity to build surplus funds. You should start saving
           and investing this new-found money to pursue your financial
          goals.
         To reach your goals, you have to save consistently. Saving
        should become a habit, and a good way to get in the saving habit
       is to pay yourself first even before you pay your bills. One way
      you can do this is to have your payroll funds directly deposited
     into your SEFCU account. Just let us know how much you’d like
    deposited in each of your accounts, and we’ll distribute the funds
    accordingly. Best of all with direct deposit, your money is available to
    you first thing each payday!

6
OU NEED TO SAVE?                                                                             What’s your
                                                                                             money
ew Year’s Resolution                                                                         personality?
        What’s the best saving solution for you?
        As unusual as it might seem, your personality could help you determine
                                                                                             Did you know, the way you
        what type of savings accounts you’ll be most successful with. Here are some          handle money is usually
        examples:                                                                            driven by emotions? Take this
                                                                                             quiz to see what your money
        For the super-organized:                                                             personality is.
        • SEFCU’s Owner’s Choice account lets you save for up to nine different goals
                                                                                             1. I am most likely to spend my time...
          at the same time. Funds will remain separate and you can name each of the
                                                                                             a. mastering a skill
          sub-accounts anything you wish like “Caribbean Cruise” or “New Car”.
                                                                                             b. helping people in need
        For the planner:                                                                     c. organizing and planning
        • If you’re already thinking about the 2006 holiday season, SEFCU’s Holiday          d. figuring out how things work
          Club is perfect for you! You can make deposits to this account as often as you
          like and you can even have funds directly deposited from your paycheck. Then       2. When it comes to finances, I tend
               on October 1, the full value of your Holiday Club will be deposited into        to be...
               your checking account for you to use on holiday gifts.                        a. practical and opportunistic
 know     For the skeptic:                                                                   b. compassionate and empathetic
rsonality • If the thought of saving causes you to instantly tense up, our Mint              c. dutiful and diligent
                                                                                             d. efficient and pragmatic
p         Savings account might get you over that hurdle. With only a $25 minimum
          balance requirement, you can add to the funds as often or as infrequently
ne what as you like, and you can always have access to the funds. Then once                  3. When evaluating investments, I
                                                                                               most trust...
savings you’re comfortable saving, you can choose another higher interest savings            a. my gut
          account.
 s                                                                                           b. my friends
          For the goal setter:                                                               c. bottom-line facts
e most
          • If setting goals and reaching them is what makes you tick, consider our          d. logic
 ful      Preferred Savings account. Our dividend rates are tiered, so the more
              you save, the more you earn. With this type of account you’ll always be        4. I am most likely to spend a tax
              striving to add to your deposits to reach the next tier so you can earn          refund on...
              more!                                                                          a. my favorite hobby
        For the long-term thinker:                                                           b. helping my friends
                                                                                             c. saving for the future
        • If you’re not only thinking about saving for “right now”, but your long-term
                                                                                             d. buying a tech gadget
          future as well, consider investing in some Share Certificates. This savings tool
          offers the opportunity for your dollars to earn even more for whatever term you
          choose.                                                                            Add up your answers
        Once you decide which type of personality person                                     If you answered mostly:
        you are most like, think about the savings                                           A’s - you trust your gut – not research
        options that will make it easiest for you                                            -– where money is concerned. Make
        to save and then visit any of our                                                    sure you guard against impulses.
        conveniently located branches or                                                     B’s - you prefer to help others rather
        contact our Call Center to open                                                      than get rich. To plan for your future,
        your account today!                                                                  sign up for direct deposit and online
                                                                                             banking.
                                                                                             C’s - your finances are very orderly.
                                                                                             Use an asset allocation tool to
                                                                                             determine the right investment mix.
                                                                                             D’s - you enjoy problem solving and
                                                                                             fact finding. Invest in index funds
                                                                                             rather than your own picks so you
                                                                                             don’t get burned!
                                                                                             What ever your money personality,
                                                                                             make sure you find a savings plan
                                                                                             that you can stick to.
                                                                                                                                       7
Understand                                 It’s Time for Your
long-term care                             ANNUAL TAX REVIEW
and plan now
When you think of long-term care,          It takes sound financial                                                 important tax implications.
you probably think of nursing              planning, proven strategies                                           • Have you purchased a new home?
                                           and the right kinds of                                                   The government offers homeowners
homes and elderly people. But,
                                                                                                                    some of the biggest tax breaks
a large majority of the people             investment vehicles to help
                                                                                                                    available to individuals.
needing long-term care are actually        offset the depleting effects of
                                                                                                                 Fortunately, there are sound financial
young or middle-aged.                      taxes.                                                                strategies you can use to reduce the
What is long-term care?                    Effective tax planning is a year long                                 impact of taxes and avoid giving away
                                           process, and it is important to set                                   your hard-earned savings to Uncle
Long-term care is defined as
                                           aside time each year to review your                                   Sam. Determining a tax-deferred
“requiring assistance or supervision
                                           financial situation. Take a moment                                    savings
from someone when you are unable
to care for yourself.” This care may
                                           to think about any changes in your                                    strategy that                Fortunately
be necessary as the result of chronic
                                           life that may affect your current tax                                 is right for you             there are
                                           position:                                                             is important to
illness, physical injury, cognitive or
                                                                                                                 your financial
                                                                                                                                              sound
mental impairment, or old age.             • Did you get married, or do you plan
                                             to marry before the end of the year?                                planning.                    financial
Long-term care provides help with          • Is your new spouse working? If
                                                                                                                 At SEFCU,                    strategies
your daily living activities, such as        so, you may be subject to the
assistance getting dressed, bathing,         “marriage-tax penalty.”                                             our UVEST                    you can use
or even getting out of bed.                • Have you changed your employment                                    Financial                    to reduce
                                                                                                                 Consultants,
Will I need long-term care?                  status? How you handle your
                                             retirement savings could have                                       can assist
                                                                                                                                              the impact
Women are more likely to need                                                                                    you by                       of taxes.
long-term care. They have longer                                                                                 reviewing your
life expectancies and more chronic                                                                               current tax situation and developing a
conditions, like arthritis and                                                                                   personal investment plan focused on
osteoporosis.                                                                                                    your individual goals and objectives.
Paying for long-term care                                                                                            For more information and to set
Get the information you need now                                                                                     up a no-obligation appointment,
to make informed decisions about                                                                                      please call 518-862-1955 or 800-
planning for your long-term care                                                                                      727-3328, option 6.
needs. Attend our free seminar in
Binghamton on February 15th and
learn how you can protect your
assets and alleviate some of the
financial burden that comes with
chronic or extended illness with
long-term care insurance from
SEFCU.
Can’t make it to the seminar? Just
contact our Insurance Professionals
at 518-862-1955 or 800-727-3328,
option 6 for a free, confidential quote.
                                           Not NCUA Insured                                     Not Credit Union Guaranteed                                 May Lose Value
                                           Not Guaranteed by any Government Agency                                                               Not a Credit Union Deposit




                                           ** UVEST Financial Consultants do not offer tax advice. For specific tax assistance, please refer to your accountant or other
                                              tax professional.


8
                                              UVEST and SEFCU are independent entities.
  SEFCU announces                        Board of Directors elections
The Nominating Committee has selected three individuals to stand for                  Vincent W. Colonno
re-election to the SEFCU Board of Directors. There are three, three-year              Credit Union Experience
terms to be filled. Nominating petitions on behalf of members seeking                 Mr. Colonno has been
election to the Board of Directors will be accepted until February 13, 2006.          involved in credit unions
If there are additional candidates, an election of the Board of Directors will        since 1980, when he was
be conducted by ballot. In this case, eligible members would be given the             instrumental in organizing
opportunity to vote prior to the Annual Meeting held in March. At least 500           the Albany County Federal Credit
SEFCU member signatures are required on a nominating petition. Petitions              Union, ACFCU. In 1985, ACFCU
must be accompanied by a signed certificate from the nominee, stating that the        merged with RENSCO where he
nominee is agreeable to nomination and will serve if elected to office. Petition      served as a Director. RENSCO then
forms and certificates can be obtained from the Board Secretary. Nominees             merged with SEFCU and in 1992 Mr.
should also include a brief statement of their qualifications and biographical        Colonno was appointed an Associate
information. Send your nominating petitions to the SEFCU Board Secretary,             Director of SEFCU. He was elected a
Patroon Creek Corporate Park, 700 Patroon Creek Blvd., Albany, NY 12206.              full Director in 1994. He has served as
                                                                                      Chair of both the Volunteer Education
Kenneth C. Hahn                           Robert A. Berroyer                          and Selection Committees and as a
Credit Union Experience                   Credit Union Experience                     member of the CEO Compensation/
Mr. Hahn has been on                      Mr. Berroyer was elected                    Evaluation Committee. Mr. Colonno, who
the Board of Directors                    a Director in 1997. He                      is Vice Chairman of the Board, currently
since 1985. He was                        previously served as                        serves on the ALCO Committee
Board Vice- Chairman                      an Associate Director                       and as the Chairman of the CEO
from 1990 to 1993 and was elected         from 1993 to 1997. He has been a            Compensation/Evaluation Committee.
Chairman in 1994 and served in that       member of several Board Committees          In 1995 he was the recipient of SEFCU’s
capacity until 2005. He has served on     including Human Resources, Policy           “Volunteer of the Year” Award.
numerous Committees: Compensation,        and the Supervisory Committee,
                                                                                      Professional Experience
Executive, Annual Meeting,                which he chaired from 1995-1998.
                                                                                      Mr. Colonno is the Commissioner of
                                          Currently, Mr. Berroyer serves on the
ALCO (Chair), CEO Evaluation,                                                         the County of Albany, Department of
                                          following Committees: ALCO and the
Communications, Investment, Human                                                     Aging. Previously, he was the Deputy
                                          CEO Compensation/Evaluation. In
Resources, Nominating (Chair),                                                        Commissioner of the County of Albany,
                                          2002, he was presented with SEFCU’s
Policy (Chair), Technology, Computer,                                                 Department of Social Services. While
                                          “Volunteer of the Year” Award.
Dedication, Delinquency and Budget.                                                   at the Department of Social Services
                                          Professional Experience                     among the positions he held were:
Professional Experience
                                          Mr. Berroyer retired from the New York      Personnel Administrator, Attorney’s
Mr. Hahn retired as a Civil Engineer
                                          State Department of Health in 1995          Trial Assistant, Welfare Inspector and
II for the NYS Department of
                                          where he served as Associate Director       Social Welfare Examiner. Mr. Colonno
Transportation, at the State Campus,      of Administration. He also served as        is currently an adjunct professor at
Albany, New York.                         a lobbyist for the State Communities        SUNY/Empire State College.
Educational Experience                    Aid Association and as the Executive
Mr. Hahn received a B.S. in Civil         Director of the Regional Hospital           Educational Experience
Engineering in 1968 and studied           Review and Planning Council for             Mr. Colonno holds a Master’s Degree
Public Administration at SUNY’s           Northeastern New York.                      in Public Administration from the
Rockefeller College from 1983 to 1985.                                                Sage Colleges Graduate School, a
                                          Educational Experience
                                                                                      Bachelor’s Degree in Human and
                                          A graduate of the State University of
                                                                                      Community Services from SUNY/
                                          New York with a B.S. in Education,
                                                                                      Empire State College, and an AAS
                                          Mr. Berroyer also completed course
                                                                                      in Business Administration from the
                                          requirements in Public Administration
                                                                                      Junior College of Albany.
                                          and the Hospital Organization and
                                          Administration Course at Columbia
                                          University School of Public Health and
                                          Administrative Medicine.

                 Make your reservation to attend the Annual Meeting. Call 518-464-5328 or 866-733-2880 x5328.
                                                                                                                           9
Smart Sense                                                                   Cool stuff for kids
gets your child                                                Use the clues at the bottom to complete the crossword puzzle.
                                                                        HINT: All the words in the puzzle are about saving.
saving from
the start
SEFCU realizes the importance
of getting children into the saving
habit early. So, we’ve structured our
youth account to get them saving
early and give them a solid financial
footing.
Get a smart start!
Our Smart Sense account is ideal
for any member under 18. Younger
children are eligible for a basic
savings account, but as a Smart
Sense member, they’ll also qualify
for contests for ski passes, iPods,
concert tickets and more!
Once your son or daughter turns 14,
he or she can open a Smart Sense
checking account (with a parent as
joint owner), and choose a SEFCU
Visa® Check Card. Plus, your teen
will also be eligible for contests
for shopping sprees, gift cards,
scholarships and more!



Your chance to win!*
To kick off the new year, we’re giving away an
iPod and a $100 Toys R Us gift certificate to two
Smart Sense members. Just fill out the entry
blank below and drop it off at any branch or
mail it by February 28, 2006 to:
SEFCU Marketing
Patroon Creek Corporate Park
700 Patroon Creek Boulevard
Albany, NY 12206                                                              Across                                            Down
                                                             3. The money you earn at a credit union.        1. A container for coins shaped like a pig.
Smart Sense Member __________________                        5. Putting aside money.                         (2 words)
                                                             7. Change.                                      2. To put money in your account.
Member number ______________________
                                                             9. Money paid when you do #10.                  4. U.S. paper currency.
Phone number ________________________                        10. Daily or weekly work tasks.                 6. Smart Sense is a type of these.
                                                             11. A plan for spending your money.             8. Your monthly record of financial activity.
Choose one:
o iPod oToys R Us Gift Certificate
*SEFCU employees and their immediate families are not eli-
gible. Open to Smart Sense members only. If you have more
than one Smart Sense member in your family, photocopies of
this entry form are acceptable.                              Answers to puzzle
                                                                       9.allowance 10.chores 11.budget


10
                                                                       1.piggy bank 2. deposit 3. dividend 4.dollars 5.saving 6.account 7.coins 8.statement
SEFCU FOUNDATION                                                                    SEFCU makes
                                                                                    donation to
BRIGHTENS THE                                                                       Katrina victims
HOLIDAYS                                                                            In an effort to assist schools affected
                                                                                    by Hurricane Katrina, SEFCU
                                                                                    teamed up with WTEN and the Times
As part of its commitment to children and families, the SEFCU
                                                                                    Union to provide funding and school
Foundation participated in a number of fundraisers and events
                                                                                    supplies to the National Education
in the Capital Region, Syracuse and Binghamton throughout                           Association.
the holiday season.
                                                                                    Throughout the fall, SEFCU collected
Beginning in early November, SEFCU       the Capital Region. In the Southern        thousands of pounds of school
members, employees, and board            Tier, the credit union assisted Mom’s      supplies at our branch locations
members began raising money to           House and the Boys Group Home and          to support Varnado High School
make the holidays bright.                in Syracuse SEFCU spread holiday           in Angie, Louisiana. The building
                                         cheer at Elmcrest Children’s Center        sustained major damage to one
Equinox turkey sales
                                         and Catholic Charities.                    wing, and severe wind damage
For just $1, members in the Capital
                                         In addition, paper snowflakes were         affected the rest of the building
Region could purchase a paper turkey.
                                         sold for $1 to benefit the work of the     during Hurricane Katrina.
All proceeds benefitted the Equinox
Thanksgiving Day Community Dinner        SEFCU Foundation. Last year, more          In addition, the Times Union donated
which provided over 7,500 meals last     than $26,000 was raised to benefit the     all runner registration fees from their
year. This year SEFCU raised $1,700      SEFCU Foundation.                          annual Family Walk for Literacy. In
for Equinox.                             What’s coming up?                          total between SEFCU contributions
CHOW food collection                                                                and the Times Union donation,
                                         If you’re wondering how you can be
                                                                                    over $25,000 was raised to benefit
In November,                                                part of the SEFCU
                                                                                    hurricane victims.
Binghamton-                                                 Foundation, here
area branches                                               are some of our         On December 4, all the collected
collected food items                                        upcoming events.        items and money were driven to
for Community                                                                       Louisiana and delivered to Varnado
                                                            • Bowl for Kids’
Hunger Outreach                                                                     High School and presented to
                                                            Sake - In March,
Warehouse (CHOW)                                                                    Principal Emma Jean Ross by
                                                            SEFCU teams up
to benefit Broome                                                                   SEFCU Senior Vice President
                                                            with Big Brothers
County residents                                                                    John DeCelle and Executive Vice
                                                            Big Sisters to raise
with emergency                                                                      President of Member Experience
                                                            money for their
food needs. Last                                                                    Carol Brinkman.
                                                            programs and
year, CHOW fed                                              services.               Thank you to everyone who donated
more than 4,000                                                                     to this relief effort!
                                                              • Monopoly
people.
                                                              Tournament - This
Holiday sharing                                               spring, individuals
In December,                                                  and corporate
the Foundation and it’s volunteers       teams will vie for top honors in the
provided holiday gifts and hosted        world of the famous board game.
parties for children and families.       Proceeds from this event benefit the
This year, the Foundation supported      Center for the Disabled.
organizations like St. Anne Institute,   How can you help?
Hope House, Harvest Lane, CAPTAIN,
                                         Whether you would like to make a
the Center for the Disabled, Carver
                                         donation or volunteer to help with our
Community Center, Gilda’s Club,
                                         events, we welcome your support, Just
Rosie’s Love, Vanderheyden Hall,
                                         contact us at 518-452-8183 or 800-
and Arbor Hill Elementary School in
                                         727-3328.
                                                                                                                     11
 In the next issue...                                                                     EVENTS AND HOLIDAYS

 • Check out our upcoming seminar schedule to find the one that                           • New Glenmont branch set to open
   is just right for you!                                                                   Later this month, SEFCU will celebrate
 • Find out about our spring auto and home equity loans.                                    the Grand Opening of the 13th Capital
 • Learn about the progress and plans of SEFCU’s newest branch                              Region branch. The new, full-service
   locations!                                                                               branch, located in the Town Squire Plaza
 • Get details about our redesigned Golden Rewards program.                                 at the corners of Route 9W and Feura
                                                                                            Bush Road in Glenmont, has two ATMs,
                                                                                            two drive-thru lanes and Saturday hours
                                                                                            for extra convenience.

                                                                                             Watch for details about our Grand
                                                                                             Opening celebration which will include
                                                                                             a daily prize raffle, giveaways for branch
                                                                                             visitors, and a Grand Prize Drawing.


                                                                                          • Holiday Closings
                                                                                            All SEFCU Branches and the Call Center
                                                                                            will be closed on:
                                                                                             Martin Luther King Jr. Day
                                                                                             Monday, January 16
                                                                                             Presidents’ Day
                                                                                             Monday, February 20




MoneyClips
                                                                                                                        PRESORTED STANDARD
                                                                                                                            U.S. POSTAGE
                                                                                                                                 PAID
                                                                                                                     SARATOGA SPRINGS NY 12866
                                                                  Patroon Creek Corporate Park
Winter 2006                                                       700 Patroon Creek Boulevard
                                                                                                                            PERMIT #426


                                                                  Albany, NY 12206
MoneyClips is a quarterly newsletter published
for the benefit of SEFCU members.
SEFCU Contact Info:
Call Center:
518-452-8183 • 800-727-3328
Administration:
518-452-8234 • 866-733-2880
DIAL:
518-452-2874 • 800-733-2848
The Investment and Insurance Center at SEFCU:
518-862-1955 • 800-727-3328
Website:
www.sefcu.com

				
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