MoneyMatters Q3 2017

Money matters to people. People matter to us.MoneyMatters“My Credit Get Yourself inis Ruined. Financial ShapeNow What?” this SummerWe’ll answer your toughfinancial questions. Six tips for a financially fit lifestyle - sweat free!Minimize YourLifestyle and BoardYour Finances ElectionSimplify and de-stress Resultswith these useful tips. are in! See who’s who on our Board of Directors Supporting Local Students Meet our annual scholarship winners! ffiinrWasnteclecidaolimtmioenatgooafztihonueer! Take a look!

MoneyMatters Q3 2017On the Cover Index 5 4 Community Impact 5 Political Advocacy Board Election Results Are In! 6 Binghamton University Financial Wellness Center 7 8 All Things Digital Supporting Local Students: Meet Our 13 Security Annual Scholarship Winners! 14 Retirement Planning 10 16 Will Versus Trust Minimize Your 18 Need to Know Lifestyle and Your Finances 12 Six Tips for Getting in Financial Shape this SummerNew format. Same focus. The shift to a magazine format allows us to provide you withA lot can change in 50 years, but our an in-depth resource to navigatecommitment to you hasn’t. Our mission has your financial life with ease,always been to be your financial partner for exploring the topics that matterlife, and so we felt it was time to reevaluate to you and your communities. We hope youour newsletter to better serve that purpose. enjoy our new approach, and we look forward to your feedback so we can continue to provide you with the best value we can.You’ll still find the information you expectabout upcoming events, great member Money matters to people. People matter to us.benefits, and holiday closings, but now you’llsee it alongside valuable articles designedwith you and your financial needs in mind.2 MoneyMatters Q3

Ask the Finances got you stumped? Need an expert opinion? Expert We’re here to help!Answers to your financial questions Submit a question by: from our very own professionals! • Emailing: [email protected] • Sending a letter to:Question: “My credit is ruined… now what?” Visions Federal Credit Union ATTN: Ask the Expert 24 McKinley Ave, Endicott, NY 13760 • Submitting online at: visionsfcu.org/AskTheExpertAnswer:It’s tough to overstate the importance Noteworthy discrepancies can be • If you don’t know where to start,of good credit. Your credit score can disputed online through the previously Visions partners with Balanceaffect your ability to rent an apartment, mentioned credit bureaus. for free, in-depth credit counselingpurchase a home, dictate how much (see page 17 for more information).interest you will pay, and more. Put Focus on fixes. A common challenge Beware of an agency that asks for asimply: the higher the credit score, for borrowers is utilization, or the ratio fee to correct your credit, though, asthe lower the interest, which for you of your balances relative to your limits those funds can be used to pay downmeans the benefit of lower payments (think of having high balances on your your debt and provide remedies youand fewer financing costs. credit cards). It’s said that “capacity is can do yourself. king” regarding credit scores as nearlyOne estimate suggests that 22% of one third of your credit score consists Secured loans and credit cards canAmericans have a credit score below of your available credit. One solution give you a fresh start in creating600, meaning this segment of the is getting additional credit cards to positive payment history by usingpopulation will have less than favorable increase your overall capacity, but this collateral as backup for your loan.credit terms – if they are even offered can be ill-advisable as it carries the Secured credit can often be extendedcredit at all. Finding your credit score in temptation to spend and increase your regardless of credit score because itthe lower range can be disheartening debt. requires collateral to extend the loan.and digging yourself out can be The ease in which your collateral candiscouraging. Rather than despair, let’s • Paying down your balances is a quick be converted into cash will impactfocus on a few quick things that can fix, and a viable solution might be a your ease in getting a loan; with manyhelp you without the need for a debt consolidation loan. cash-secured loans almost guaranteeddedicated credit counselor. an approval. Stop by your local Visions • Consolidation loans can afford you branch to discuss the terms andRetrieve a free copy of your credit the ability to convert your high- conditions of a secured loan or creditreport to start, as it’s helpful to get a interest, revolving credit card debt card.complete picture of where you stand into a manageable, lower-interestbefore taking your next step. I payment plan. With set terms and While these guidelines are by norecommend annualcreditreport.com lower rates, you’ll see more of your means comprehensive, they willbecause it provides you free access to monthly payment go toward the certainly get you started in the rightall three major credit bureaus actual debt rather than interest. direction. Though it may take some(Experian, Equifax, and TransUnion). time and effort, • This assumes that you have positive you should findLook it over! Check for omissions and credit history established, but what your hardinaccuracies like date of birth, social about derogatory marks? The worksecurity number, or erroneously- obvious solution is to bring your rewarding.reported late payments so that you accounts current, but that isn’t alwayscan file a dispute later. Be mindful that easy. Try working with collectors to Expert:items older than seven years should no settle – satisfying the debt for lesslonger appear on the report. With that than you owe – or make payment Deiredra N. Oliversaid, severe delinquencies like arrangements to get it paid in full Branch Manager, Saddle Brook, NJbankruptcy will be removed after ten over time.years. MoneyMatters Q3 3

Your partner, your neighbor.We are people helping people and we love togive back in any way we can! Whether it’sdonating funds to an organization in need,opening a new branch to bring great financialservices to more families, or participating in alarge community event - we want you to knowthat we care, and we’re here for you! Joe Merette and hJoisewisifoenJoesoefpVhiisnieonwsi’theitghhet ffloouwnedrisntghmeyewmobnerast!the 51st annual meeting.Aosscvheporao$rtl1po0rf,o0t0jhe0ecttVsoinstieooatnccshoLevoresvreeasdcrTboeysastchnheoerrstschhCeolraonslsNbreouwodmgJeetPr.sreoygrtaomh,eVlpisfiuonnds donated various COMMUNITY (ipOni-ncstcTuhuroeeodsdlaoabyffo,icMveea.)yThh2ee,lpVniniesgwiocnRusetcatehdleeinbrgirbaHbtieogdnhtaShtcehthgoeroalonofdffifcoiicpaeel onispinsetgnaofinffegidt.sbfyoustruthdentsImpact The $ Overall total Visions Team had Visions Team funds raised was over raised over 2017 Southern Tier $265,000 100 Heart Walk $14,000 walkers was a huge success!4 MoneyMatters Q3

BOARD ELECTION RESULTS Bobinski HotalenElection Results from 51st Annual Board Meeting KidderVisions Federal Credit Union has announced the board election results from the 51stAnnual Meeting held on March 11 and board re-organization meeting which followed.The following individuals were elected to three-year terms as board members:George S. Bobinski Jr., Scott M. Hotalen, and Kenneth H. Kidder III.Also serving on the Visions FCU Board are Alan G. Hertel, Steven P. Hill, Joan S. Lacey,Christopher H. Marion, R. Mark Patterson, and Kelly A. Roche.The following individuals were elected to the Executive Committee:George S. Bobinski, Jr., Chairman; Alan G. Hertel, Vice Chairman; Scott M. Hotalen,Treasurer; and Kenneth H. Kidder III, Secretary.The following individuals were appointed as Associate Directors:Jose Moreira and Laurie Schorno. The following individuals were appointed to the Supervisory Committee:Douglas J. Camin; Frederick K. Getz; Mary Robinson; Denise B. Stoughton; Mark A.Wasser; Brian J. Eldridge, Alternate; and Thomas E. Knight, Alternate.Special recognition was given to Christopher H. Marion for five years of volunteerservice, Joan S. Lacey for 10 years of volunteer service, and Kenneth H. Kidder III for20 years of volunteer service. Special acknowledgment was also given to Oliver Blaisewho is retiring from the Supervisory Committee after 13 years of volunteer service.POLITICAL ADVOCACY Another bill introduced by the House Financial Services Committee is the Financial Choice Act (HR 10). This actYour Visions Federal Credit Union advocacy team has would provide substantial relief to both credit unions andbeen hard at work for you by engaging with lawmakers to community financial institutions regarding stringentsupport a variety of recently introduced bills in Congress. regulations put in place by the Dodd Frank Act.One of these initiatives is the Credit Union Residential These regulations have resulted in more paperwork,Loan Parity Act (HR 389) which would amend the Federal extended waiting periods, and the reporting of additional,Credit Union Act. If approved, non-owner occupied 1-4 extensive member information when it comes tofamily dwellings would be removed from the definition of mortgage lending. Designed with the consumer in mind,a member business loan. this bill would ease the burden these regulations have placed on our members.What does this mean to you, the average member? Your advocacy team continues to brief legislators in ourFor some background, credit unions have regulations in communities on the benefits of supporting these bills.place that set maximum dollar amounts for differentcategories of lending – such as those deemed for business For more information on current legislation and whatpurposes. These regulations are determined, in part, by you can do to share your voice in Congress, visitthe organization’s assets. By removing 1-4 unit dwellings visionsfcu.org/Advocacy.from the definition of member business loans, creditunions are able to lend more to other members withbusiness needs. This, in turn, allows business growth thatcreates jobs and builds communities. MoneyMatters Q3 5

Continuing EducationWith Binghamton University’sFinancial Wellness CenterIn an effort to increase student Visions’ president and CEO, Ty Muse, With support from Visions, thefinancial literacy and wellness, Visions believes the participation is a move Financial Wellness Center displayFederal Credit Union and Binghamton that just makes sense. “Working with promotes financial literacy tools thatUniversity unveiled a new Financial Binghamton University students is a provide web-based resources withWellness Center for students earlier natural fit for Visions. We want to help topics ranging from budgeting, creditthis year. This unique partnership – answer the students’ questions about cards, savings, insurance, studenthoused on-site in the college’s money, balancing student loan bills, loans, investing, and more. In additionFleishman Center for Career and and planning for their financial to this, Visions is lending the supportProfessional Development – affords journey – during college and beyond. of financial educators to not onlystudents the opportunity to work with The Financial Wellness Center will present to students in classes but alsofinancial professionals to confront bring Visions and our financial hold workshops on financial wellness.what many see to be a national crisis: education resources directly to themthe greater number of students with in an environment they’re familiar Visions’ Community Educationsub-par financial knowledge who have with. This is a great partnership that Coordinator, Colleen Barton, speaks ofever-growing amounts of debt. will benefit students, and faculty, for not only the services they provide, but years to come.” also their wide-ranging impact andAccording to a national study on the delivery method. Rather thanclass of 2015, 7 out of 10 students traditional, lecture-style classes, theborrowed for their education, with partnership attempts to “find thean average debt of just over $35,000. middle ground with the students’Unfortunately, most students do not learning styles and the importanthave the financial knowledge to information” they look to share,confront this reality, and that is where offering instruction to a variety ofVisions and the University have student groups and classes across thestepped up in an unprecedented University.collaboration. Although many collegesand universities have instituted The collaboration between Visionsfinancial literacy programs, and Binghamton University providesBinghamton University’s Career students with the tools they need toServices director Kelli K. Smith enter their adult and professional livesbelieves the in-house partnership with with a clear advantage in financialVisions sets them apart, saying, literacy. With classes and modules in place, students have already started “We suspect we are one of the taking advantage of the benefits. only – if not the only – career center in the country to house Binghamton University President, Harvey Stenger (left) with Visions President and CEO, Tyrone Muse (right). such a program.”6 MoneyMatters Q3 Adapted from http://www.binghamton.edu/mpr/ news-releases/news-release.html?id=2474

SCHOLARSHIP Congratulations!WINNERS Visions is pleased to award these Chosen from NJ, NY, and PA 32 members with a total of 2016-2017 School Year $25,000 in college scholarships! *In-school branch employee scholarshipRachel Karurah Tienna Megan Michael Joseph Tim AbigailAdams Aleba Avery Baumbach Beaudoin* Benish* Carpenter* CombsSamantha Kristen Brynn Noah Timothy Nicole Diana Hunter Cower* Coyle Crocker* Dann* Eddings* Flohr Gonzalez* Gorick* Pooja Zachary Max Natasha Ryan Kimberly Valerie JoshuaKarandikar Krassin McCarthy McCarthy* Murphy Peralta* Rivera-Garcia* SchellingerEmma Alec Sarah Ethan Tucker Samuel Jamie KellyStuder* Thompson Trick Valentine Voelbel Wanatick Weikel WeikelWe wish you the best of luck in your future! MoneyMatters Q3 7

DIGITALALL THINGS ESPAÑOL WEBSITE To better serve our members, Visions now offers a Spanish translated version of our website, located at https://es.visionsfcu.org. Working from a cache of our live website, and translated by real linguists, the Spanish translation mirrors all data from visionsfcu.org, accurately. In addition to simply navigating directly to https://es.visionsfcu.org, visitors to our English website will also be able to access a translated version of any page on our site, simply by clicking the link in the footer of that page (pictured at left). This process also flows in the opposite direction (Spanish to English from any page on https://es.visionsfcu.org). The Spanish translation will not carry over to VisionLine online banking. Once a member enters their username and clicks “Log In”, they will be routed to our online banking system that is rendered in English. Gain total control of your financial life at your fingertips! FinSavvy is a digital money management tool that allows you to link all of your accounts in a single app. Your total financial life can be categorized, charted, and reviewed to better understand where your money is going. Organize your finances to set spending budgets, savings goals, and much more! Visit visionsfcu.org/E-Services/FinSavvy for more information, or go to the app store and download it today. Just search “FinSavvy” and you’ll be on your way!8 MoneyMatters Q3

You can log in to VisionLine online banking and apply for:$ • Credit Cards • Personal Loans • Home Equity Lines of CreditOnline and Mobile Loan Applications are now faster and easier! • Readi Reserve Line of Credit• Auto Loans • RV/Boat Loans • Fixed Rate Home Equity Loans ANDROIDTM & SAMSUNGTM PAY NOW AVAILABLE Along with the recent addition of Apple Pay to our digital payment offerings, Visions has unveiled Android Pay and Samsung Pay. Take advantage of your most secure wallet…your mobile device! You already use your phone for just about everything. Now you can pay with it, too. Just add your Visions debit or credit card to Android Pay or Samsung Pay, and start shopping in stores, in apps, and online. Android Pay requires an Android device and Samsung Pay requires a Samsung compatible device. For more information about these great new services, visit visionsfcu.org/Mobile-Payments/.Browse Offers Shop Earn INTRODUCING: NEW DEBIT CARD REWARDS! Enroll your debit card or browse the latest cash back offers at When you shop with your Visions debit card, amplify!MyAmpre.com/VisionsFCU With Ampre you can enjoy thousands of opportunities to get cash back when you shop with your Visions debit card! You can get as much as 10% cash back, occasionally even higher, from the most popular national brands, plus your favorite regional and local retailers, too. Offers are subject to change. MoneyMatters Q3 9

Minimize Your Lifestyle and Your FinancesThe home decorating business is a billion dollar In response to this, the minimalist lifestyle isindustry, and for good reason. Nothing makes catching steam. From tiny houses to spare,a house feel like a home quite like photos, clean bedrooms, it seems as though theseartwork, and end tables. Before you know it,you’re buying more odds and ends from your self-proclaimed minimalists have really goodPinterest board so your home can look like it’s design taste. But the truth is they’vefrom the pages of a magazine. readjusted their mindset to appreciate theIf this Dave Ramsey quote applies to you, it things they have and purge the things thatmight be time to reconsider your lifestyle: don’t bring joy.“We buy things we don’tneed, with money we don’t Adopting a minimalist lifestyle canhave, to impress people help you emotionally and financially.we don’t like.”10 MoneyMatters Q3

BE CONTENT Adopting a minimalist lifestyle doesn’t have to mean making bigIt’s important to realize that contentment doesn’t comefrom what you own, but from how you feel about changes in your life.yourself. After all, you can’t pay your bills with someone But it does mean committing toelse’s opinion, and in the end, it doesn’t matter if your ridding your life - and finances -coworkers or friends are impressed by the car you drive.Money can buy you happiness to an extent, but it will of clutter.never satisfy you completely. The best way to start is by grabbing yourREDUCE WASTE monthly statement and analyzing yourStop wasting money on items that don’t serve any purchases. If everything you’ve purchased haspurpose. Saving money is not the ultimate goal of somehow enhanced your life, great!minimalism, but it is a nice side effect. How many times If not, you may want to start there.do you find yourself shopping and buying somethingyou never wear, eat, or use? Think about how much Happy minimizing!money you’ve wasted on unnecessary junk in your life.Once you rid yourself of those purchases, you havemore money to spend on items and experiences thatactually bring light into your life. Or even save for yourfuture!ORGANIZEOrganizing is great! But not having to organize yourclutter every week (or month, we don’t judge) is evenbetter. Simply put, when you don’t have as much “stuff”to consume your space, you’ll have more time to enjoywith your friends and family.NEEDS OVER SALESMinimize the time and effort you spend browsing thesale section. Okay, this is only half true. You can still tryto find a good bargain, but when you realize you don’tneed as much, you can afford items with higher value.By only purchasing what you need, you free yourself ofunnecessary card swiping.LOWER STRESSFeel happier and less stressed in your homeenvironment. Is most of your cleaning simply hidingmesses in drawers? Are there drawers bursting withpotholders, pens, and other odds and ends? That cancause anxiety! Once you get rid of items you don’t need,everything seems to feel lighter and less stressful. MoneyMatters Q3 11

Six Tips INCREASE your credit score for Getting in Pay your bills on time, every time. Keep your FINANCIAL balances low, don’t open a flurry of new accounts SHAPE in a short time period, and pay your fines. Whether it’s a parking ticket or a medical bill, pay up. Our this Summer own Deiredra Oliver breaks down vital information in our “Ask the Expert” article on page 3. At a time when many are busy getting their beach bodies ready, why not REQUEST your credit report consider whipping your finances into shape this summer? Routinely checking your credit report can keep you up to speed on your credit score and aware of any Here are six things you can do to get your potentially fraudulent activity. Request one free financial situation looking great. credit report a year from each of the three major credit reporting bureaus by visiting Put your money on AUTOPILOT annualcreditreport.com, the only website authorized to provide free reports. You can also call Set up direct deposit, authorize electronic 877.322.8228. payments, and automate routine savings. Streamlining your finances online is about Beef up RETIREMENT savings more than just saving time – it helps you avoid late charges, overdraft fees, and Make regular contributions to a retirement savings helps you save money. plan such as a 401(k) or IRA. If your company offers a 401(k) plan, contribute at least enough to meet Create a SPENDING plan the company match – otherwise it’s like leaving free money on the table. Also consider opening an IRA The National Foundation for Credit at Visions - there are plenty of options to meet your Counseling reports that only about 40% of needs. adults have a budget. Create a plan and compare expenses to monthly take-home pay. Keep an eye on the big picture with Visions’ FinSavvy app (see page 8), look for spending leaks, and make adjustments where necessary. Build an EMERGENCY fund 56% of Americans don’t have a rainy-day fund. Strive to save three to eight months of income and increase savings from there. Conveniently set up automatic transfers – or tie it directly to your payroll deposit – to help build this fund.12 MoneyMatters Q3

SECURITYHome Improvements,Remodels, and S C A M S – Oh My! Summer means many things to Tips to avoid getting scammeddifferent people. • Be sure to get at least two estimates. You might getFor some, it’s road trips and camping, for others it’s another quote for car repairs, why not for your home?beaches and toes in the sand. For many home owners, Shop around and see if the quoted price makes sensethough, the warmer months mean it’s time for new for the project.projects and long-awaited renovations. • Research your contractor! There are a variety ofUnfortunately, greater numbers of home owners have websites available that can point you to reputablefound themselves falling prey to crooked contractors workers and tip you off to a potential scam.and home improvement scams. From unsatisfactoryand shoddy repairs, unfinished work, and crooks just • Don’t forget about good, old-fashioned word oftrying to take your money, it is more important than mouth, either. Ask your neighbors, coworkers, andever to stay sharp while researching contractors. friends who they would recommend for a project.Below are some common red flags and helpful tips to • Thoroughly read your contract and understand whatkeep your dream project on track and avoid getting you are signing. Get clarification if necessary beforecaught up in something that can put a damper on your committing to your project.summer season. • Try not to pay for repairs in advance and only give theCommon warning signs to watch out for final payment upon completion.• Be wary of contractors and repairmen that show up to • Finally, inspect the work being done! If it doesn’t seem your home uninvited or who contact you first. right then it may be worth taking a second look.• Be hesitant of those who try to pressure you into Your home is one of your life’s making repairs immediately or sign commitment greatest investments. papers right away. As much as it is worth improving it is also worth• Although it may sound strange, watch out for people protecting. The truth is that there is no one-size-fits-all who speak too quickly or talk in circles. It may be a solution to avoid being scammed, but the points above deliberate attempt to trip you up with words and will certainly help get you started in the right direction confuse you. so you can sit back, relax, and enjoy the dog days of summer in your newly improved home.• Look out for those who say they are doing work in your neighborhood and claim they have “extra MoneyMatters Q3 13 materials” left over from another job.• If something sounds too good to be true then it probably is. Trust your gut!

DO MORE Key ages and actions to consider for a fiscally smart retirement:WITH YOUR 50+ Years: Catch-Up ContributionsMONEY Make sure you are doing all you can today to add REVIEW YOUR TIMELINE FOR RETIREMENT more to your retirement plans so you have more to work with when you retire. Financial Guidance You Can Trust at Every Stage of Life 55 Years: Early Retirement Visions understands money matters to people. Before you decide what to do with your retirement And our members know people matter to us. plan, you want to make sure your CPA, your Visions is here for you at every stage of life, so attorney, and Financial Consultant review what’s in how well you live in retirement matters to us. your plan and when and how you plan to use your Visions Investment Services (VIS) brings together funds. You want to make sure you avoid the comfort of the credit union experience with unnecessary taxes or penalties. the convenience of keeping all your money matters together. 59 ½ Years: Penalty-Free IRA Withdrawals VIS Financial Consultants take a comprehensive approach to all of your assets, so you can manage You’re approaching a key milestone in terms of your wealth and pursue your financial goals with retirement planning, and there are interesting the confidence of honest, member-to-member options allowed by the IRS. stewardship of your funds. No matter your stage of life, we can assist you continued on page 15 in meeting your planning needs. Schedule a free consultation today by calling 800.242.2120, ext. 10469 or visiting visionsfcu.org/Milestones. Don’t get BURIED in summer debt! Stop into any office to fill out a July and August Skip-a-Pay form for eligible loans.14 MoneyMatters Q3

62 Years: Early Social Security Benefits 70 Years: Maximum Social Security BenefitsThis is the age most individuals start taking Social Security maxes out at 132% of the initialSocial Security benefits. However, those who full benefit. This is your last chance to repositiontake advantage of this date will receive a 25% assets before required minimum distributionspermanent benefit reduction. A Financial (RMDs) begin.Consultant can explain the reduction, as wellas Social Security taxation and limited 70 ½ Years: Required Minimumdistribution strategy consequences. Distributions (RMDs)65 Years: Medicare Sign-Up Traditional IRAs and perhaps other retirement plan accounts may have RMDs. A FinancialYour Medicare enrollment clock is ticking as Consultant may be able to help you avoid theyou approach age 65. A Financial Consultant high price of failing to take RMDs – a 50% taxcan make sure you know what this means for penalty on the amount that should have beenyou. taken. You, your Financial Consultant, and CPA will need to determine the aggregate RMD from66 Years: Full Social Security Benefits traditional IRAs.If you decide to begin taking your SocialSecurity benefits, it’s a great time to reviewyour retirement income strategy with yourCPA and Financial Consultant. You may haveto make adjustments to account for thetaxation of your Social Security benefit. You trust Visions with your banking, now make more of your money.Schedule a free consultation at visionsfcu.org/Milestones or call 800.242.2120, ext. 10469. Not NCUA Insured | Not Credit Union Guaranteed | May Lose Value Not Insured by Any Federal Government Agency | Not a Credit Union DepositSecurities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.Insurance products offered through LPL Financial or its licensed affiliates. Visions Federal Credit Union and VisionsInvestment Services are not registered broker-dealers and are not affiliated with LPL Financial. #1-605327Refer a Friend MoneyMatters Q3 15to Visions FCU andyou BOTH win!Stop into any office near you and pick up aRefer-a-Friend coupon booklet!Earn up to $50 just by letting your friends and familyknow how great Visions is! When they become amember, you BOTH get $10!* *Ask a representative or see coupons for full details.

Should I have a Will or a Revocable Trust?What is the It goes without saying that estate planning is important, but it can also be overwhelming, confusing, and adifference little uncomfortable. Whether it be a will or a revocable trust, having a plan in place can give you the peacebetween a will of mind that your loved ones are taken care of and that your funds are dispersed according to your wishes.and revocable Without one, your property will be distributed according to state law. Depending on your needs, a revocabletrust? trust can have advantages over a will-based estate plan. Understanding the differences between a will and revocable trust can help you decide which plan is best for you in accomplishing your unique goals. WILL VS TRUST• Written legal document that takes effect at death. • Written legal agreement that takes effect during your lifetime.• Legal document that provides for the distribution of your estate upon death. • Legal document that provides for property management during lifetime and for distribution upon death.• The Executor or Executrix manages assets for the estate. • Trustee manages assets for the beneficiary.• Alternate Executor can be appointed. • Successor Trustee can be named. • Joint trusts can be revocable or amended at death.• Irrevocable at death. • No probate required, allowing for quick distribution. • Private document.• Requires probate process which can delay distribution. • Notice only to named beneficiaries.• Matter of public record. • No need for probate in more than one state.• Requires formal notice – possibly even to those who • Trustee has discretion to pay to parent or on behalf of are not named in the will. minor – no petition required.• If real estate is held in more than one state then it • No need for guardianship during lifetime. must undergo separate probate.• Courts appoint guardian for beneficiaries who are • You have, effectively, “pre-settled” your estate. minors, requiring the guardian to petition court for funds.• Does not provide for possible incapacity during lifetime, requiring a court-appointed guardian.• Requires estate settlement at death.16 MoneyMatters Q3 For questions on wills, trusts, Sharon Burghardt Linda Hamlin and estate planning, please CTFA, Trust Officer JD, AVP, & Senior Trust Officer contact one of our Trust Officers! 800.242.2120, ext. 10684 800.242.2120, ext. 10651

GAP FOR YOUR Guaranteed Asset Protection (GAP) with Auto Deductible Reimbursement (ADR). In the event you incur a total loss on your Auto Loan vehicle, GAP will pay the deficiency balance between your insurance valuation settlement and the balance remaining on yourDon’t let your vehicle go unprotected… let Visions vehicle loan (stipulations involved).help you protect the investment in your vehicleby offering you the following protection products. In the event of a total loss or a collision where you pay your deductible out of pocket, you may file an ADR claim on any vehicle in the household that is registered/titled and insured by the primary borrower for deductible reimbursement up to $500, (unlimited losses per year) for a period of three years. Mechanical Breakdown Protection (MBP). This warranty, which covers costly repairs, gives you coverage from day one (no waiting period), and features three great plans to choose from. The cost of the warranty may be purchased outright using a personal loan, or included in your auto loan if you have financed your vehicle through Visions. Visit your neighborhood office and ask how these products can help protect your vehicle and save you money down the road! ACHIEVE Balance Call BALANCE toll-free 888.456.2227 Explore a wealth of resourcesReady to take the next step towards financial success? visionsfcu.balancepro.orgThrough our partnership with BALANCE, you can access these MoneyMatters Q3 17powerful, free financial counseling services:Financial Coach HotlineCertified credit counselors are available to answer questions aboutpersonal finances.Money Management CounselingNeed help achieving your financial goals? A counselor can set you ona path for debt relief, and help you make a spending and savings planthat actually works.Credit Report ReviewLet a professional help you make sense of your credit report. You’llget the guidance and advice you need to build your credit, and secureyour future.Home Purchase EducationWhether it’s saving for a down payment, applying for a mortgage orpreparing for a closing, you can learn all aspects of the home-buyingprocess.Foreclosure Prevention CounselingIf you’re struggling to make your mortgage payments, help isavailable. Call BALANCE to discuss how you can avoid foreclosure.Identity Theft SolutionsWorried about identity theft? Have you already been a victim? Learnthe right steps to keep you safe, and help you recover.Debt Repayment OptionsBreathe a little easier when you explore your options for debt relief,including a structured repayment plan.

NEED TO SAVE THE DATEKnow Special EventsAmerica’s Do you have Medicare Questions?CREDIT UNIONS Tuesday, August 1Saved Members 10:00 a.m. - noon 24 McKinley Ave • Endicott, NY 1376010.2 BILLION Please call 800.242.2120, ext. 10469 to RSVP.in 2016* Do you have Medicare Questions? Tuesday, September 5New Jersey 10:00 a.m. - noon$65 million 100 Pavilion Rd (Near Wal-Mart) • Johnson City, NY 13790 Please call 800.242.2120, ext. 10469 to RSVP.$120 saved per household Family Day at Animal AdventureNew York Saturday, September 23$566 million 10:00 a.m. - 5:00 p.m. 85 Martin Hill Rd • Harpursville, NY 13787$203 saved per household Visions members only - ask for details.Pennsylvania Howloween at the Zoo$353 million • Saturday, October 7 • Sunday, October 8 • Saturday, October 14 • Sunday, October 15$172 saved per household 10:00 a.m. - 4:00 p.m. *CUNA Economics and statistics Dec. 2016 The Zoo at Ross Park 60 Morgan Rd • Binghamton, NY 13903 Stop by any Visions office to pick up FREE tickets. Visit our website and click ‘Events’ for a current list of upcoming seminars and activities. Update Information Reminder: Always make sure your critical account information including home and cell phone number, mailing address, and email address are up to date. We don’t want you to miss out on important updates, reminders, or account changes!18 MoneyMatters Q3

OFFICE CLOSINGS DIRECTORY Mark Your Calendars President & CEOSep. 4 Labor Day Monday All Offices Closed Tyrone E. MuseOct. 9 Columbus Day Monday All Offices Closed Executive Vice President Join our Edward J. Butler team! Senior Vice Presidents • Outstanding benefits • Competitive pay Kenneth M. Burt, CFO • Special employee events Tracey E. Wheeler, CMEO • Community activities • 401K match Vice Presidents ... and more! Christopher Alfarano, VP For current openings visit: Lisa Darling, VP visionsfcu.agileats.com/CareerPortal/ Cynthia A. Schroeder, VP Steve Wayman, VPVisions Federal Credit Union is an equal opportunity employer whose goal is to achieve a James L. Wyatt, VPpositive work atmosphere while encouraging a healthy work/life balance. Mark Bowman, AVP Mandy L. DeHate, AVP M/F Disabled and Vet EEO/AA Employer Christopher Gomez, AVP Linda L. Hamlin, AVP Prefer a digital copy? Betty McQuay All member households will receive a mailed copy of Chief Audit Executive MoneyMatters at the beginning of each quarter. If your Jenna Rosenberg, AVP household prefers to read this financial magazine online, Rebecca Trick, AVP Sherri L. Westcott, AVP please complete the unsubscribe form at visionsfcu.org/MoneyMatters Board of Directors or call our Contact Center at 800.242.2120. George S. Bobinski, Jr., Chairman Federally insured by NCUA. Alan G. Hertel, Vice Chairman Scott M. Hotalen, Treasurer Kenneth H. Kidder III, Secretary Steven P. Hill Joan S. Lacey Christopher H. Marion R. Mark Patterson Kelly A. Roche Jose Moreira, Associate Director Laurie Schorno, Associate Director Supervisory Committee Douglas J. Camin, Chairman Frederick K. Getz, Vice Chairman Denise B. Stoughton, Secretary Mary Robinson Mark A. Wasser Brian J. Eldridge, Alternate Thomas E. Knight, Alternate MoneyMatters Q3 19

24 McKinley Ave • Endicott, NY 13760 ONLY 3% DOWN for purchases NO CLOSING COSTS LOW 3.875% APR* Also great for refinancing!Expect low rates, minimal down payments, no *APR = Annual Percentage Rate. Credit union membership required with a $25 minimumclosing costs, and fair treatment from a deposit. Promotion valid on the 15/15 Adjustable Rate Mortgage (ARM) product only. Newmember-owned and community-minded institution purchase or refinance of non-Visions debt. One- to four-family, owner-occupied, primarywhere you’re a neighbor, not a number. residence only. Maximum mortgage dollar amount funded is based on region. Estimated savings of closing costs, which varies by geographic market and property, would be at leastOur financial products, including the No Problem $3,370, including, but not limited to, the following costs: appraisal, flood determination,Mortgage, take the hassle out of home loans. We application fee, credit report, lender attorney fees, recording fee, title insurance, andpromise to give you lots of options and quick mortgage tax. Borrowers are responsible for initial escrow setup, interim interest, owner’sturnaround with closings in 30 business days or less. title insurance, tax service fee, borrower’s attorney fees, survey, and private mortgage insurance, if applicable. Monthly payment would be $470.43 on a $100,000 mortgage atHome buying is one of life’s biggest decisions. You 3.875% APR with a 30-year term. Payment example does not include amounts for taxeswouldn’t settle for a house you don’t want. So don’t and insurance premiums. Rates are for new applications only, for a limited time, and aresettle on your mortgage. Apply now and let Visions subject to change without notice. Other restrictions apply. Rates are variable and canfind the right home loan for you. increase in the 16th year by no more than 2% points (5.875 per this example) and is based on the index at the adjustment time plus the margin. Cannot be combined with any other promotion or offer. Submit applications by Oct. 31, 2017.