Credit Union
Spring 2017
From the President…
Many teens have summer jobs and/or
part time jobs during the school year.
Whether the goal is to save for college,
to buy that first car, or some other goal
in mind, hard work can pay off in so many
ways, including learning life skills and in
developing as a young adult. I remember
stitching together a number of parttime jobs like paper routes, landscaping,
working at a local church, and many, many
other pursuits that helped to develop
skills and in understanding other people
better. No matter what the desired
outcome from the job, earning money
or learning through life experiences, this
is a great opportunity to learn and apply
some basic and essential financial skills.
The most important skill a young earner
can learn is the discipline of setting
aside funds for future use. An alarming
statistic in our country is that about half
of the households in the country could
not come up with $400 to cover an
unexpected expense, like car repair or
medical expenses. Saving for the future
News
can be challenging when there are so
many needs to be met. No doubt, taking
care of necessities is critical, and it’s much
more fun to spend…in the short term.
With a full time summer job, where the
pay is higher, there is a tendency to spend
more lavishly and to live beyond ones
needs. With a part-time job, where the
hours and pay may be lower, there can
be a sense that savings are too small, and
will not add up to much.
The good news is that saving can be just
as habit-forming as spending. Like you do,
help your child set some goals for their
savings, even if very modest to start. One
way would be to save a percentage of
net pay. Another would be to help your
young adult determine a set spending
amount for the week and then show
them how to save everything else. While
the balances to start can seem very small,
the point is to just “do it” and it becomes
normal behavior.
Youth Savings Month to focus on helping
young people develop healthy saving
habits. American Eagle offers very basic
savings and checking accounts, most
without minimum balances and few, if
any fees, making it easy to start saving.
In addition to the savings, American
Eagle is offering financial education and a
special promotional offer for new youth
members who join the Credit Union.
Once the money starts to grow and the
dividends begin to compound, saving
becomes more than a habit, it becomes
a passion. The focus
changes from owning
things to being “rich.”
When the time
comes to discuss
credit and credit
cards, your child
will be ready and
responsible.
That’s why during the month of April,
American Eagle is celebrating National
YOUTH MEMBERS GET
$25.00
*
4W
ONEEKS
4/1 LY!
-4/
30!
TO OPEN A NEW SAVINGS ACCOUNT.
See a representative for details.
* Must be 25 years of age or younger and must not be an existing member of the Credit Union. Offer valid April 1,
2017 through April 30, 2017. $25 will be deposited into a ne w AEFCU Savings account and must be opened at an
AEFCU branch. Amount of deposit will be reported to the IRS and member is responsible for any applicable taxes.
YOUTH MEMBERS GET
$25.00
*
TO OPEN A NEW SAVINGS ACCOUNT.
See a representative for details.
Jessie Carrillo Selected as the American Eagle
Financial Credit Union Scholarship Recipient
at Goodwin College
Jessie Carrillo of East Hartford, Connecticut, is the recipient of the 2017
American Eagle Financial Credit Union Scholarship at Goodwin College. The
American Eagle Financial Credit Union Scholarship is awarded annually to a
Goodwin College student enrolled in their Business Administration Program
and who has completed at least 12 credits, maintained a minimum GPA of
3.0, and demonstrated a financial need.
FREE College Financing
Seminar
College Financing 101
Understanding Your Award Letter
Jessie is in her fourth year at Goodwin College pursuing a Bachelor’s degree
in Business Administration. She has maintained a 3.8 GPA while working full
time as a Property Administrator for a nonprofit and being a single mother
raising her eight-year-old son. She hopes to obtain her real estate license and
continue to work in the nonprofit field when she graduates from Goodwin
College. Jessie’s goal is to continue being involved in community activities and
building a career with an organization that is mission driven and is involved in
bettering our communities.
Jessie thrived at Goodwin College, thanks to her determination and the
school’s positive environment. One of the reasons she chose Goodwin was
because of the locality of the campus along with many other educational
benefits the staff and faculty are able to provide to the students.
“Jessie is well deserving of this award and is an outstanding role model for
others working and studying hard to improve their lives. We are thrilled to
be partnering with Goodwin College to offer this scholarship each year to
a Goodwin College business student,” said Dean Marchessault, President &
Chief Executive Officer for American Eagle Financial Credit Union.
An industry expert from CU Student Choice will
present practical information during this interactive
seminar to guide parents and students through the
college financing process. They will discuss the cost
of college, FAFSA and Federal aid, out-of-pocket
costs, private loan options, understanding your
financial aid award letter, and more.
DATE:
Wednesday, May 3, 2017
5:30 p.m. to 6:00 p.m. – Check in/Refreshments
6:00 p.m. to 7:30 p.m. – Seminar Presentation/Q&A
PLACE:
Riverfront Community Center
300 Welles Street, Glastonbury
Register online at
americaneagle.org/events.
QUESTIONS?
Brooke Penders (left), Vice President of Advancement of Goodwin College, and Dean Marchessault
(middle), President & Chief Executive Officer for American Eagle Financial Credit Union, presented
Goodwin College business administration student Jessie Carrillo with the $1,000 American Eagle
Financial Credit Union scholarship award.
Call or e-mail:
Jawaad Hussain
Glastonbury Branch Manager
860.568.2020, ext. 5704
[email protected]
2016 Annual Report Is Online
The American Eagle Financial Credit Union 2016 Annual
Report is available on the Credit Union web site at
americaneagle.org.
The vision of American Eagle Financial Credit Union is to be our community's first choice for financial services.
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F
As we are fully into the new year, fraudsters are still coming up with new ways
to swindle honest individuals like yourself from your money and way of life. The
following are three new fraud scams currently
D PHONE FR
U
being perpetrated by fraudsters that you
A
RA
should be aware of:
PH
AUD PHON
E
D
#1: Robocalls.
U
You could be the recipient of an automated
recorded phone call claiming your debit or
credit card is locked. Do not let this tempt
you to follow the instructions in the phone
call by entering your card number, expiration
date, PIN, and security code located on the
back of the card. American Eagle FCU will never
ask you for all this information! By following
the fraudster’s instructions, you have unknowingly
given the fraudster all the necessary information needed for them to create a debit
or credit card with your information and use it for fraudulent purposes.
P
H
N
E
FR
ONE FRAU
D
E
ON
FRAUD P
H
O
How to Spot the Latest Fraud Scams
#2: Con artists using social media to lure victims.
In most instances, Millennials are the primary targets of a scam to earn extra cash.
These fraudsters will ask a debit cardholder to share their card and PIN as a way
of earning extra cash. The fraudsters will deposit fake checks into the associated
accounts, make immediate withdrawals, and share some of the cash with the
unsuspecting cardholder. When the financial institution receives the notification
that the checks are fraudulent, the cardholder is left with a negative balance and is
required to pay back the financial institution for all the fraudulent checks. A good rule
of thumb: Never let anyone borrow your debit card or divulge your PIN to anyone!
#3: Seniors tricked into handing over their credit/debit cards in their own
homes.
In this rather intrusive fraud, con artists posing as a fraud investigator for a local
financial institution have begun to talk their way into the homes of senior citizens.
Once inside, they convince the homeowner to swap debit or credit cards, convincing
the homeowner that their old card is compromised and no longer working. Just
a reminder that American Eagle FCU will never show up at your home to transact
business!
With this knowledge of these fraud scams, it may help you to recognize and thwart
these types of situations ahead of time and thus protect yourself from becoming a
victim and keep your money safe.
Save up to $15 on
TurboTax, the smarter
way to get your taxes
done right
File your taxes the smarter way and
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you don’t need tax knowledge – or an
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•Get your maximum refund.
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reviews every detail in your
return, walks you through any final
changes, and gives you the green
light to file.
•You’re never alone. Connect
with an expert live, on-screen to
get answers when you need them
with TurboTax SmartLook™.
•American Eagle Financial
Credit Union members can get
up to $15 off TurboTax federal
products. Get started today and
save!
State filing charges apply. Limited time offer
for TurboTax 2016. Terms, conditions, features,
availability, pricing, fees, service, and support
options subject to change without notice. Intuit, TurboTax, and TurboTax Online, among
others, are registered trademarks and/or
service marks.
Source: CUToday.info
I’m Changing Jobs. What Should I Do with the Money in My Plan?
(continued from p. 5)
The money you accumulate through an employer’s plan may
become a primary source of income after you retire, so how
you manage it today could have a big effect on your financial
situation in the future.
Because of the possibility of human or mechanical error by Wealth
Management Systems Inc. or its sources, neither Wealth Management
Systems Inc. nor its sources guarantees the accuracy, adequacy, completeness,
or availability of any information and is not responsible for any errors or
omissions or for the results obtained from the use of such information. In no
event shall Wealth Management Systems Inc. be liable for any indirect, special,
or consequential damages in connection with subscribers’ or others’ use of the
content.
© 2016 DST Systems, Inc. Reproduction in whole or in part prohibited, except
by permission. All rights reserved. Not responsible for any errors or omissions.
The vision of American Eagle Financial Credit Union is to be our community's first choice for financial services.
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FREE College Access Counselor
American Eagle FCU and our student loan partner,
CU Student Choice, are pleased to offer FREE college
planning assistance for members and their families. Need
help with your FAFSA? Unsure how to interpret your
award letter? Overwhelmed by the college application
process? Patricia (Tricia) Poplicean, the College Access
Counselor with CU Student Choice, can help.
Tricia provides one-on-one telephone and e-mail
consultation for your college planning and financial aid
questions. Whether you’re a parent, high school student,
or college graduate entering loan repayment, Tricia can
guide you through the critical decisions about paying for college – and beyond. Tricia has
over 11 years of student lending experience and is a Certified College Planning Specialist
through the National Institute of Certified College Planners.
For more information and to contact Tricia, click College Access Counselor.
Get back into
FINANCIAL
SHAPE
2.99
%
APR*
UP TO 12 MONTHS
American Eagle Financial Credit
Union would like to recognize
your recent academic achievement
with a $25 cash gift.
To be eligible for the $25 graduation
gift, you must meet all three
qualifications:
DEBT CONSOLIDATION LOAN
FIXED RATE AS LOW AS
Grad Gift Program
• 3.99% APR* up to 36 months
• Borrow up to $30,000
• FAST and EAST to APPLY
*APR= Annual Percentage Rate based on credit score and term of loan. Fixed rates effective January 9, 2017, through June 30, 2017. Programs, rates,
terms, and conditions are subject to change without notice. Subject to credit approval. AEFCU Membership required and lowest published rate includes
0.25% rate discount for automatic payment from an AEFCU Checking account. Payment example: $2,000.00 loan at 2.99% APR for 12 months is equal
to a monthly payment of $169.38. Other rates and terms available. Excludes refinance of existing American Eagle FCU debt. Other terms and conditions
may apply as governed by American Eagle Financial Credit Union Lending Policy.
FREE Drive-Through
Electronic Recycling
& Paper Shred Day
May 13, 2017, 9 a.m. to 12:00 noon,
East Hartford Main Office
AEFCU is sponsoring a Free Drive-Through Electronic
Recycling and Paper Shred Day at 417 Main Street,
East Hartford, on May 13, 2017.
Learn more at americaneagle.org/events.
1.Graduated from high school or
a 2- or 4-year undergraduate
college/university.
2.Complete the Graduation Gift
Program Form and bring it to
any Credit Union branch with a
copy of your diploma within six
months of graduation.
3.Open a Checking account
or have an existing Checking
account in good standing at
AEFCU.
The $25 will be deposited to your
primary Savings account and reported
to the IRS as interest earned on Form
1099-INT in the year the bonus was
paid. The Graduation Gift Program is
subject to change without notice.
Don’t have a Checking account
with us? Visit any of our branches
or click here to open a Checking
account online! Once your account is
open, all you have to do is bring the
Graduation Gift Program Form and
a copy of your diploma to any of our
branches to receive your $25!
The vision of American Eagle Financial Credit Union is to be our community's first choice for financial services.
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­ OFFICE LOCATIONS
Bloomfield
699 Cottage Grove Rd.
Cromwell
4 Hammerhead Pl.
East Hartford
417 Main St.
Enfield
201 Elm St.
Farmington
4 Farm Springs Rd.
Glastonbury
109 Sycamore St.
Manchester
304 Broad St.
Newington
3579A Berlin Tpke.
Plainville
378 New Britain Ave.
South Windsor
530 Buckland Rd.
Southington
888 Queen St.
Vernon
455 Hartford Tpke. (Route 30)
West Hartford
1245 New Britain Ave.
I’m Changing Jobs. What Should
I Do with the Money in My Plan?
Changing jobs is an important decision -- one that many of us are making more often.
Once you’ve decided to switch jobs, your next move is to determine what to do with
the money in your former employer’s retirement plan.
Four Common Options
Generally, you have four options for handling
the money in your account:
Option #1. Keep the Money in Your
Former Employer’s Plan
If your former employer permits, leaving your
money where it is may be an attractive option
because it allows you to continue enjoying
the benefits of tax-deferred compounding.
If you are happy with the plan’s investment
options, this could be a good choice. On
the downside, there may be special conditions or fees associated with your continued
participation, and you may have withdrawal restrictions in the future.
Option #2. Roll the Money into Your New Employer’s Plan
This option also has its advantages -- continued tax-deferred growth of your investment
and the convenience of having all of your retirement assets in one place. But because
every employer has its own rules governing rollover money, before you choose this
option, review your new employer’s plan and possible eligibility restrictions carefully.
Option #3. Take the Money in Cash
­ MEMBER ELIGIBILITY
Membership is open to everyone in Hartford, Middlesex,
Tolland, and New Haven
counties in Connecticut.
­ MEMBER SERVICES
24-Hour Telephone Banking
860.568.3802 or 800.843.1151
24-Hour Online Banking
americaneagle.org
e-mail: [email protected]
Member Contact Center
860.568.2020 or 800.842.0145, ext. 5101
Credit Union News is an informational bulletin
published by American Eagle Financial Credit
Union. We welcome your questions and
comments. Please send your correspondence
to: Marketing, American Eagle FCU, 417 Main
St., East Hartford, CT 06118 or
e-mail us at [email protected].
Federally insured by NCUA.
While this option may seem appealing because it gives you immediate access to
your money, Uncle Sam is the real winner here. Cash distributions are subject to a
mandatory 20% federal withholding in addition to regular income tax. Furthermore,
if you are under age 59½, your distribution would also be subject to a 10% additional
federal tax. Finally, if state or local taxes apply, they could claim an even bigger portion
of your account.
Option #4. Roll the Money Directly into an IRA
This final option allows you to roll all or a portion of your money into an IRA. To avoid
withholding taxes and potential penalties, arrange for a direct rollover of the entire
amount into an IRA. An IRA offers the same benefits of tax-deferred investing for
retirement and typically provides a wider range of investment options from which to
choose. However, additional fees or commissions may apply.
(Continued on p. 3)
For additional information, or to discuss your retirement plans,
call one of our financial consultants.
Diane Brett, Financial Consultant: 800.842.0145, ext. 5381 • [email protected]
David Dufour, Financial Consultant: 800.842.0145, ext. 5382 • [email protected]
American Eagle Financial Credit Union
and American Eagle Financial Services are
not registered broker/dealers and are not
affiliated with LPL Financial.
Securities offered through LPL Financial, member FINRA/SIPC. Insurance
products offered through LPL Financial or its licensed affiliates. The investment
products sold through LPL are not insured American Eagle Financial Credit
Union deposits and are not NCUA insured. These products are not obligations
of the American Eagle Financial Credit Union and are not endorsed,
recommended, or guaranteed by American Eagle Financial Credit Union or any
government agency. The value of the investment may fluctuate, the return on
the investment is not guaranteed, and loss of principal is possible.
Not NCUA Insured
No Credit Union Guarantee
May Lose Value
The vision of American Eagle Financial Credit Union is to be our community's first choice for financial services.
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