VOLUME XXIII NO. 2
CURRENCY
A Quarterly Publication of Novartis Federal Credit Union
SPRING 2017
Who Owns Your Credit Union?
On the face of things, credit unions and banks may look similar:
similar menu of services, similar-looking locations. Maybe you
even think the two are interchangeable. But there’s a critical
difference between a credit union and a bank – and it affects
virtually every aspect of service at your financial institution. Banks
exist to make profits and pass that money along to their
shareholders. Credit unions are not-for-profit organizations that
exist to serve their members.
benefit of – its members. Instead of
making shareholders wealthy, we set
our rates and fees at levels that are
advantageous to you. Whether you’re
considering a deposit account, securing
a home loan, or using one of the
55,000+ surcharge-free Allpoint
Network ATMs available to you as a
member of Novartis FCU, you can be
sure that you are getting the best
possible value. This isn’t just a slogan or
a marketing strategy for us. In the same
way that banks are obligated to serve
their shareholders, credit unions are
responsible for providing the very best products and services to
their members – without adding in a profit.
“Many people aren’t aware of this difference,” says CEO Ann
South, “and we’re not saying that banks don’t do a good job of
serving their customers. But, for my money, I’d rather build a
financial relationship with an institution whose stated purpose is to
look out for my interests.
Small difference? Not when you
“We’re extremely proud of the financial
“When we say, ‘Novartis Federal
consider how ownership can impact
products and services we offer,”
Credit Union is your credit union,’
the relationship between you and your
Ms. South continues. “We think they
financial institution. Banks don’t just
speak for themselves. But we’re equally
we really mean it.”
happen to make money off of their
proud of our service orientation toward
customers; they are obliged to do so. As
our member-owners. We go far beyond
for-profit businesses, their responsibility is to their shareholders.
the usual ‘customer service.’ We also help members establish credit;
When they set fees and rates, they must build in a healthy profit
we provide financial education, so members can enjoy greater
margin. This is great news for shareholders, but not necessarily for
financial health. We aren’t ‘nickel-and-diming’ our members with
bank customers, who necessarily end up footing the bill.
miscellaneous fees and ATM surcharges. When we say, ‘Novartis
Federal Credit Union is your credit union,’ we really mean it. You
Credit unions take the opposite approach. Novartis Federal Credit
own the place, and we know it.”
Union is a not-for-profit institution that is owned by – and for the
Inside This Issue:
n
It’s Your Credit Union
n Mortgage Options
n 70th Annual Meeting
n Stop Elder Exploitation
n Financial
Planning Seminars
n NJ Credit Union Foundation Update
n New Way to Order Checks
n Holiday Closings
www.NovartisFCU.org • [email protected]
Owning a Home is One of Life’s Biggest Investments
Novartis FCU allows you to get more from your investment
with our affordable fixed and adjustable rate mortgages!
Our personal service and easy online application process,
takes the hassle out of applying for a home loan! PLUS, our
attractive interest rates mean you have more investment
power! Lower interest rates mean lower monthly payments;
helping you afford what you really want!
Whether you are looking to purchase a home or refinance
your current mortgage, now is the time to review your home
investment financing options. When applying for a mortgage,
don’t overlook the powerful return that adjustable rates can
offer. Adjustable rate loans offer lower initial interest rates
and monthly payments, making it possible to maximize your
extra monthly cash flow. If you want monthly payments to
remain the same over the life of the loan, then our fixed rate
mortgage is for you! You’ll be assured that your monthly
payment for principal and interest will not change.
Let our knowledgeable mortgage professionals review all of
your options and help you make the best decision regarding
which type of mortgage loan best suits your current and
future needs!
Mortgage rates still remain low! If you have ever contemplated buying a new home – or want to save thousands of
dollars over the term of your current mortgage – now is the
time to apply! Let us help you uncover a great mortgage!
Visit our website at www.novartisfcu.org or call us today at
877-885-4044 to learn about a Novartis FCU mortgage loan
and how your preapproval can receive a $200 credit
towards your closing costs!
70th Annual Meeting
March 29, 2017
2016
Financial Report
The annual meeting of the
membership of the Novartis
Federal Credit Union was
held on Wednesday, March
29th at the Hanover Manor
ASSETS
in East Hanover. Members in
Loans
$37,626,963
attendance enjoyed a buffet
Cash & Investments
79,860,726
dinner and learned about the
Other Assets
6,749,808
credit union’s work in
Total Assets
$124,237,497
continuing to enhance our
products and services. The
following financial report was
LIABILITIES
$1,355,965
given: We continue to
MEMBER
SHARES
110,310,713
support the Shared-Branch
EQUITY
12,570,819
Network with other credit
unions maintaining over
Total Liabilities
5,400 branch locations
& Equity
$124,237,497
nationwide. We also belong to
the largest No-Surcharge
INCOME
$3,342,190
ATM network, Allpoint, with
over 55, 000 locations in the
EXPENSES
2,644,757
US and around the globe.
DIVIDENDS
225,562
This is your credit union so
please take advantage of all of
NET INCOME
$471,871
our extensive member services
and great loan rates and tell
your colleagues about the credit union difference! If you would like
a copy of our full annual meeting report, please contact Marianne
Mosca at 973-947-1000 x105.
Elder Financial Exploitation
To con artists, down-on-theirluck relatives, or opportunistic
acquaintances, they are gold mines.
Individuals over the age of 50
control 70% of the country’s wealth,
and seniors between the ages of 65
and 74, with an average net worth
of $1.06 million, have more assets
than any other age group.
“That’s where the money is,” says Jay Haapala, AARP associate state director of
community outreach in Minnesota. “If college kids had a bunch of disposable
income lying around, criminals would be trying to figure out how to scam
college kids.” Dementia, disability, and decline can make it even easier for
criminals. All told, it is a problem that costs American seniors billions of
dollars every year.
COMMON FORMS OF EXPLOITATION
There are myriad scams, unethical businesses, and
unscrupulous individuals preying on seniors all the time.
While the details vary, there are a few familiar scenarios.
n BREACH OF TRUST
The vast majority of elder financial abuse – as much as 90%, according to the National
Adult Protective Services Association – is committed by caregivers or close family
members. A son is added to a checking account to help manage Mom’s bills and then
starts using the account to pay off gambling debts. Or Grandpa gives valuables to the
housekeeper and eventually – at her suggestion – names her in the will.
n PHONE SCAMS
Someone calls, ostensibly from the IRS, saying that an individual has a tax bill that is going
to rise with interest and fees unless paid immediately. Or someone calls with news that
there is a problem with a credit card and they need a Social Security number and birth
date to access account information to clear things up.
n PHISHING SCAMS
As more seniors head online, they grow more susceptible to phishing scams. Phishing
emails look as though they come from legitimate sources such as banks or credit card
issuers. They ask seniors to click on a link to enter account information in order to verify
recent transactions or to rectify problems with accounts. Unfortunately, the links are
fake, and criminals use them to gather personal account information, which they use to
drain accounts or steal identities.
So, how do you protect yourself and your loved ones from elder financial abuse?
Sign up on the Do Not Call Registry – while this will not stop every call it will
help to limit them. Never give out personal information over the phone unless
you have initiated the call to the financial institution, credit card provider, etc.
Always call a number you have verified as legitimate. Know that the IRS or
state tax authorities will never demand tax payments by phone. Install antivirus, anti-spyware, anti-malware on your personal computer, tablet and mobile
phone – anywhere you receive email and/or handle financial transactions. As
with phone calls, do not provide personal information such as birthdates, social
security number or account number in response to an email. Also think twice
before clicking on a link in an email, especially one requesting information to
assist with “an account problem”. Always contact the purported sender through
a verified phone number or email address if you are concerned an account has
been compromised.
Financial Planning
Services Seminars
Come Have Lunch and Learn
More About Your Finances
Mary LaFerriere, the Financial Advisor located
here at the credit union, will be holding several
no cost, no obligation Financial Planning
Seminars this year. We invite you to join us
for lunch in our Ridgedale office and learn
strategies to plan for tomorrow. All seminars
are held from 12 to 1 pm. If you are unable
to attend the seminars, but are interested in
learning more or would like a personal consultation, appointments can be made by calling
our Ridgedale office at 973-947-1000 x107.
Seating for the Seminars is limited, please
RSVP to 973-947-1000 x106 or
[email protected]. If you have
a physical or medical condition or dietary
restriction requiring special attention please
advise us so proper arrangements can be made.
Roth Conversions – April 5
Social Security & Your Retirement – June 7
Advanced Estate Planning – July 5
With an attorney presenter
Planning for Long Term Care – August 2
With a special presenter
College Planning – October 4
Income for Life – November 1
Securities sold, advisory services offered through CUNA
Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a
registered broker/dealer and investment advisor. CBSI is
under contract with the financial institution to make
securities available to members.
Not NCUA/NCUSIF/FDIC insured, May Lose Value, No
Financial Institution Guarantee. Not a deposit of any
financial institution.
CUNA Brokerage Services, Inc., is a registered broker/dealer
in all fifty states of the United States of America.
FR-1744570.1-0317-0419
NJ Credit Union Foundation Update
Thank you for the generous contributions of many
Novartis FCU members in purchasing 50/50 raffle
tickets for the NJ Credit Union Foundation Casino
Night event. This year’s event raised nearly $15,000 to
be used in furthering the Foundation’s mission to
provide and support financial literacy initiatives in the
state of New Jersey. The raffle winner was a member of
Garden Savings FCU in Parsippany who received half of
the $5,500 raised in ticket sales.
One of the Foundation’s primary activities is conducting financial reality fairs at NJ middle
schools, high schools and colleges. A Reality Fair is a fun, experiential way for students to
learn about managing personal finances. The program is provided at no cost to the schools
with credit union sponsorship and grant funds available through the Foundation. New Jersey
school districts are required to provide high school students with a semester of financial
literacy education. A Reality Fair is a unique way for credit unions to help schools fulfill this
requirement – allowing students to have fun while learning about finances in a hands-on,
real-life way – while also teaching them the benefits of joining a credit union. Since its
inception in 2010, the Financial Reality Fairs program has reached over 6,900 students.
This spring Novartis FCU staff will volunteer at the fairs being held at Randolph High
School and Rutgers University.
HOLIDAY CLOSINGS
Memorial Day
Monday, May 29, 2017
Independence Day
July 3 & 4, 2017
Loan Department
973.947.1000 – FAX: 973.947.0999
Ridgedale Avenue Office
124 S. Ridgedale Avenue, East Hanover, NJ 07936
East Hanover Office (Bldg. 315)
One Health Plaza, East Hanover, NJ 07936
862.778.8160 – FAX: 973.781.6877
e-C.U.P.I.D. & A.R.R.O.W.
www.NovartisFCU.org
Home Loan Department
877.885.4044 – FAX: 973.240.2201
Novartis Federal Credit Union is registered with the
Nationwide Multistate Licensing System (NMLS).
Our NMLS Registration Number is 422379
HOURS OF OPERATION
The Ridgedale Avenue Office is open Monday – Friday 9:00 AM – 5:00 PM; the Drive-Thru is
open 8:00 AM – 5:30 PM.
The teller windows in East Hanover are open Monday – Friday 8:30 AM – 5:00 PM for conducting
financial transactions.
Other office hours can be found on our website at www.NovartisFCU.org – “about us”.
Member Service Representatives are available to answer questions and assist in loan processing at
our Ridgedale and East Hanover offices from 9:00 AM – 5:00 PM daily.
A New Way
to Order
Checks
You have the convenience of online
bill pay and person to person
transfers with Popmoney® but every
once in a while you still need a
check. Whether it’s a wedding or
birthday gift, a donation to the local
food pantry or a field trip at school
make sure you have a supply of
checks for your Novartis FCU share
draft checking account. We are now
working with a new vendor Main
Street, Inc. offering lower prices and
a variety of pack sizes to meet your
needs. So for your next check order
– check us out. Our E-Services
representative will be happy to
process your new order or track one
that’s on its way. Just call us Monday
to Friday at 973-947-1000 x113.