OnTHEMoney

FIRSTNEWYORK

NOVEMBER/DECEMBER 2016Get Together

What’s Happening at FNY

Black Friday Specials Join us at 8 a.m., November 25

� $1,000 No Credit Check Personal Loan

� Fee-Free Visa Gift Cards � Enter a Drawing to Win an Alexa Echo from Amazon

Defensive Driving Classes6:00 p.m. - 9:00 p.m.Monday, November 14 and Thursday, November 172 Wall Street, ColonieMonday, December 12 and Thursday, December 152 Wall Street, Colonie

A Letter from the President/CEO

As we begin to experience the change in seasons with the colorful leaves and thechill in the air, we tend to look forward to the coming holidays and our thoughts shouldalso focus on what we can do to help those in need.

First New York will start a unique project that extends into December, and you canhelp. It won’t take much – just one roll of toilet paper.

Are you aware that people who receive Food Stamps (Supplemental Nutrition Assistance Program) are not allowed to use the benefit to purchase personal care items?No deodorant, no soap, no shampoo, no laundry detergent, no razors and not even toilet paper can be purchased with Food Stamps. Although having qualified for the supplemental program, these are families that struggle to obtain basic necessities.

Our goal is to collect rolls of toilet paper to share with Catholic Charities Tri-CountyServices, an agency made up of programs that assist the needy with the basic necessitiesof life – like toilet paper.

The holidays are a joyous time for many but also a time of struggle for the needy. We will collect toilet paper in each one of our branches beginning November 1st and deliver the much needed supply in time for the December holidays.

When you visit one of our locations – bring along a roll and drop it in our box!Please join us in providing this very necessary item to those that cannot afford to purchase it.

Your participation is very much appreciated. I wish you and your families a happyholiday season. Thank you for being a member of First New York.

Sincerely,

Lucy Gottung Halstead, President/CEODuring the month of

November we will be collectingtoilet paper at all of our FirstNew York branch locations.

Please help us help those inneed this holiday season.

*Closing costs including the New York State Mortgage Tax paid by First New York on behalf of the borrower. No closing costs offer ends 12/31/16. Reimbursement of fees will beadded to the payoff amount of the loan if the home equity line of credit is paid and closed within three years of closing. Title insurance may be required. Minimum loan amount is$10,000, maximum is $417,000. Minimum initial advance must be greater than or equal to 75% of credit limit. **The fixed APR 3.94% is a 10 year term based on a 80% loan tovalue. Other rates and terms available. The FLEX-5 has a 5 year draw period. Actual rate may vary. All loans are subject to credit approval. Existing First New York borrowers musttake out an additional $10,000 of new money.

www.firstnewyork.org 3

� Borrow up to 90% of your home’s appraised value, up to $417,000

� Low, fixed interest rate for the life of the loan

� No pre-payment penalty

� Tax-deductible (consult your tax advisor)

� Low minimum monthly payments

� Refinance your current loan from another financial institution to a low FIXED rate

� Fast and easy closing

� Withdraw funds as you need them for up to 5 years

Using your hard-earned savings for major renovations or expenses doesn’t always make sense, especially with interest rates at all-time lows. A better solution for homeowners is a First New York FLEX-5 Home Equity Loan. It’s perfect for home remodeling or repairs, or anytime you need a lump-sum of cash. Borrow up to 90% of your home’s appraised value andenjoy no closing costs with a FLEX-5 Home Equity Loan. You can access your line of credit for 5 years anytime you want.

Enjoy the predictability of fixed payments with ourFLEX-5 Home Equity Loan — your fixed rate won’tchange for the selected term — which means you’reprotected from the possibility of rising interest rates.

Apply in Minutes It’s easy to apply online at www.firstnewyork.org

and click the “Apply Now” tab on the home page. If you have questions, please contact a Loan Expert at 393-1326 and press ‘3’.

Transform Your Home this Holiday Season with aFLEX-5 Home Equity Loan!Now you can access your home’s equity and maintain thesecurity of a fixed rate and term.

� No Closing Costs*� No NYS Mortgage Tax*� Revolving Line of Creditfor 5 Years

� Flexible RepaymentTerms-10,15, 20 Years

3.94%Fixed APR**as low as

Now introducing our FLEX-5 Home Equity Loan

4 www.firstnewyork.org

*Fixed annual percentage rate (APR), this introductory rate is good for 13 months and is good for balance transfers and purchases only. After this promotional period, you will receive a low variable rate based on the prime rate. As of 10/30/16 the variable APR was 10.15% on Visa Gold credit cards.

When you think of credit card providers,your first thought may not be First New York.But it should be. The credit union has an exceptional credit card—one that is as goodas, or even better than, many cards offered bylocal and national institutions. Take a look:

1. LOW RATES AND FEESFirst New York offers all NEW Visa® Gold creditcard holders a low fixed promotional rate ofonly 6.99% APR* for 13 months. That’s a lotof buying power. Use your card this holiday season for all your gift buying. We also offerno balance transfer fees, whereas many financial institutions charge 3% of the transferred amount.

2. VISA ALERTSWith Visa Alerts, you will receive free, real-time alerts to your e-mail or mobilephone to monitor account activity. Thesealerts serve as an early warning system forpotential fraudulent activity and help you better manage and track your spending.

3. QUICK APPROVALYou can apply for a credit card and receive a decision in minutes. Just contact a Loan Expert at 393-1326 and press ‘3’, Mondaythrough Friday 8 a.m. until 6 p.m. and Saturdays from 9 a.m. until 1 p.m. or applyonline 24 hours a day with WebLoan 24 atwww.firstnewyork.org.

4. PREMIUM SERVICESOur Visa Credit Card protects rental cars, assists with travel emergencies and extendsproduct warranties, often in excess of thoseprovided by the manufacturer.

5. SCORECARD BONUS POINTSFirst New York Visa credit cards earn Score-card bonus points for every purchase. You canuse your points towards travel rewards such as airline tickets, vacation packages, cruises,hotel stays, rental cars and more. Destinationsare worldwide.

See why thousands of credit union members choose First New York Visa CreditCards. Apply now at www.firstnewyork.org orcall 393-1326 and press ‘3’ to speak with aLoan Expert.

5 Reasons Why OurCard Is Better

Save 10% on your auto insuranceand reduce points on your NYS license. The cost for each class is $22 per person and reservations are required. Seating is limited.

To reserve your spot call 393-1326 ext. 1804. Online defensivedriving classes are also available online at www.firstnewyork.org.

Monday, November 14 andThursday, November 176:00 p.m – 9:00 pm.First New York, 2 Wall Street, Colonie

Monday, December 12 andThursday, December 156:00 p.m – 9:00 pm.First New York, 2 Wall Street, Colonie

Sponsored by Liberty Mutual andFirst New York Federal Credit Union

DefensiveDrivingClasses

6.99%

Promotional Fixed AnnualPercentage Rate

APRfor 13months

Holiday ClosingsVeterans DayFriday, November 11, 2016

Thanksgiving DayThursday, November 24, 2016

Christmas DayMonday, December 26, 2016

New Year's DayMonday, January 2, 2017

As a community leader, First New York has partnered with the Boy Scouts of America Twin Rivers Council and The Girl Scouts of Northeastern New York to offer our branch locations for their popcorn and cookie sales.

Look for the Scouts at ourvarious branches selling their delicious treats on Saturdaysfrom 9 a.m.- 1 p.m.

For a list of popcorn andcookie sales locations, please visit our website at www.firstnewyork.org and select the “Events” tab.

The Boy Scouts and Girl Scouts have long been community organizations that build confidence, character and leadership in ouryouth. First New York is proud to support them and all they do.

Any troop or non-profit interested in signing up for a branch location may contact the First New York Marketing Department at 393-1326 ext. 1804.

www.firstnewyork.org 5

Lucky Savers is a special share certificate that helps you build savingswhile giving you chances to win quarterly and monthly cash prizes.

A Lucky Savers share certificate only requires $25 to open. Every timeyou deposit $25 in a Lucky Savers share certificate, you get another chance towin – up to 10 chances each month!

The sooner you start saving the more entries you will earn towardsmonthly and quarterly prizes. Not everyone will win a prize, but if youmake regular deposits into your Lucky Savers share certificate, you areguaranteed to end up with more money saved than you started with.

What are the prizes?� Each $25 deposit gives you a chance to win a quarterly prize of up to $5,000

� Each $25 deposit gives you a chance to win a monthly prize of up to $100

What are the requirements to open a Lucky Savers Share Certificate?� Must be 18 years of age or older

� A First New York member with accounts in good standing

To open a Lucky Savers share certificate call 393-1326 and press ‘2’or visit any branch.

Make Today YourLucky Day!Open a Lucky Savers Share certificate

Business and Trust accounts are not eligible

First New York is continuously monitoringand keeping your finances safe and sound. We are excited to introduce Visa PurchaseAlerts. Now you can receive alert notificationson purchases made with your First New YorkVisa debit card or credit card. Monitor youraccount activity from wherever you are andquickly notify the credit union of anythingsuspicious.

Select from available criteria and decidewhat activity you want to receive alerts on.Plus, choose how to receive Purchase Alerts as text messages (SMS) and/or as e-mail messages.

Available Criteria for Purchase Alerts Notifications� Purchases greater than a specific dollar amount� Purchases online or over the phone � International transactions

Enroll in Purchase Alerts TodayEnrolling is easy. Simply:1. Log in to www.visa.com/purchasealerts2. Register your First New York Visa Credit and Debit Card3. Register your mobile device and e-mail address4. Choose the notification triggers that match your needs

If you need assistance, please contact Member Services at 393-1326 and press ‘2’.

Visa® Purchase AlertsEase. Simplicity. Convenience.

Saturday Popcornand Cookie Sales

6 On the Money6 www.firstnewyork.org

Your retirement may seem near at handor far away, but one thing is certain: your future will differ from your present.

Financially, that fact is worth remembering.Some of the costs you have paid regularly allthese years may suddenly decrease or fadeaway. Others may increase. Will your insurance costs rise with age?

Maybe not. You may find that your overall insurance expenses decline. Yes,health insurance becomes more expensive the older you get – but those premiums aremerely part of the bigger insurance coveragepicture. If you stop working in retirement, youhave no need for disability insurance. Youmight have little need for life insurance, forthat matter. You may have paid off your homeand other major debts, and rather than drawingincome from work, you will be drawing itfrom investments and Social Security.You can expect your medical expenses to increase.

By how much, exactly? That will vary perhousehold, but perhaps you have read someof the latest estimates. This summer, FidelityInvestments said that a 65-year-old couple retiring today will need around $260,000 tocover future health care costs. This estimateassumes they live 20-22 years after they retire.Long-term care coverage was not included inthat projection; Fidelity projects that a policyproviding three years of care at $8,000 a monthwould cost the same couple an extra $130,000.

How about your income taxes? If you live on 70-80% of your end salary

in retirement – which is not unusual – thenyou may find yourself in a lower income taxbracket. Yes, your Social Security income maybe taxed – but, even in the worst-case scenario,no more than 85% of it will be.

If you have invested using a Roth IRA,you will be looking at some tax-free retirementincome – provided, of course, you haveowned the IRA for at least five years and areolder than 59½ when you start making

withdrawals. While a Roth account held in aworkplace retirement plan requires withdrawalsbeginning at age 70½, the withdrawals willstill be tax-free if you follow IRS rules.

Will your housing costs fall? Over the long term, they may. Some

retirees own their homes free and clear andothers nearly do. Homeowner association feesand property taxes must still be paid, so, whilethat mortgage balance may be gone or nearlygone, other recurring costs will remain.

Homes inevitably need repairs, so, in somerandom year, you may find your housing costsjumping. Downsizing and moving into asmaller home can also mean a short-term risein your housing expenses. If you do downsizeand move, you will hopefully relocate to anarea where housing costs are lower.

Once retired, your constant per-paycheckneed to save for retirement vanishes. So if youare assigning 10% or 20% of your paychecksto your retirement accounts, you may bepleasantly surprised to find that money backin your wallet (so to speak) after you transitioninto your “second act.”

For more information on financial planning contact Don Dorr, our MEMBERSFinancial Services Representative at 393-1326 and press ‘4’.

What Expenses Could ChangeWhen You Retire?

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), memberFINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financialinstitution 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.

Go paperless and reduce the clutter inyour life while protecting your financial identity–and the environment. Electronicstatements, or e-statements, allow you to view, download, or print your First New Yorkstatements online through Internet Bankingat your convenience.

Safe. e-statements are much safer than their paper counterpart. All too often unlocked mailboxes full of your personal information can lead to identity theft. Going paperless reduces the threat of stolenstatements.

Eco-friendly. It’s a fact that e-statements reduce paper consumption, a primary reason why many people switch tothis service. It’s a simple gesture that can havelasting consequences on the environment.

Electronic Notices. e-notices arenow available for our e-statement users. e-statement members will receive an e-mailalerting them when important account information has become available. e-noticesare accessed in your e-statement portalthrough First OnLine.

Downloadable. e-statements are viewable through First OnLine for at least 24months. However, if you prefer to keep a copyfor your records, they can be downloaded toyour hard drive for you to retain indefinitely.

Easy sign up. If you are a First OnLineuser, just log in and select online statementsunder the “Additional Services” tab.

Once enrolled, be sure to keep your e-mailaddress updated and review your statementeach month to ensure accuracy.

Make a

Statementwith e-statements

No Car Payments for 90 Days*

Rates as low as

1.74% Fixed APR**

WOW!

www.firstnewyork.org 7

*Interest begins accruing on loans when funds are disbursed. Interest will continue to accrue from date of loan disbursal and become due once payment begins. Deferred payment is not available to refinance existing First New York auto loans. Minimum loan amount $5,000. **Fixed Annual Percentage Rate. Offer only valid on new loans originated between 11/1/16 and 12/31/16 and subject to creditapproval. Annual Percentage Rate of 1.74% includes a 0.25% rate reduction for automatic loan payment and is for a 24 or 36 month term. For vehicle model years 2009-2017. All rates are subject tochange without notice.

Delay your auto loan payment for 90 days* when you refinance or buy a new or used vehicle. Plus get rates as low as 1.74%** APR. Whether you are looking to purchase or refinance a new or used car, First New York can help you discover flexible financing options for getting you on the road to all those special moments.

Get pre-approvedLet our knowledgeable staff help with getting your

auto loan pre-approved to enjoy hassle-free car shopping.Plus, you can now take advantage of our 90-Day No Payment option.*

No Payments for 90 Days for AutoPurchases and Refinancing

Trade-inDo you have a trade-in? Speak to a Loan Expert to review

your trade-in value before you go to the dealer.

Finance or refinance with First New York� 90-day no payment option available on refinanced andnew and used vehicle loans from 11/1/2016 - 12/31/2016

� Pre-approvals for better negotiation power� Flexible terms and low rates� No refinancing fee� Loan repayment terms up to 96 months� Low cost GAP protection

Applying for an auto loan is quick and easy!� Apply online at www.firstnewyork.org

� Speak to a Loan Expert at 393-1326 and press ‘3’� Visit your local branch

SPECIALS

Main Number (518) 393-1326 � 1 (800) 734-7375LocationsNiskayuna ATM 1776 Union Street Cobleskill ATM 795 East Main StreetGlenville ATM 19 Glenridge RoadAlbany ATM 818 Central AvenueRotterdam ATM 1879 Altamont AvenueSaratoga Springs Drive-up ATM 424 Maple Avenue (Route 9)Colonie Drive-through Service 2 Wall Street (at New Karner Rd)

& Community RoomWebsite www.firstnewyork.org E-mail member.services@firstnewyork.org

On the Money is a newsletter published for the benefit of First New York Federal Credit Union members. ©2016 First New York FCU

2 Wall Street, A lbany, NY 12205

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government

NCUANational Credit Union Administration, a U.S. Government Agency

Mobile:m.firstnewyork.org Text: 454545 First New York mobilebanking app available on:

Join us at 8 a.m.Happy Thanksgiving. We are opening our doors this year at 8 a.m. on Black Friday, November 25th! We will be offering a Black Friday no credit check personal loan, a chance to win an Alexa Echo by Amazon and fee-free

Visa gift cards – not to mention free coffee and donuts to get you started on your way to the busiest shopping day of the year.

Stop by any branch on Black Friday to enter our drawing or pick up your fee-free Visa gift cards. You can apply for your no credit check personal loan at any branch or call 393-1326 and press ‘3’ to speak to a Loan Expert.

*Personal loan must be applied for and disbursed on 11/25/16 only. Must be a member in good standing at First New York for at least 6 months. Must be 21 years or over and have aFirst New York checking account and provide proof of income. Not valid for employees of First New York Federal Credit Union and their immediate family. Personal loan will have a15.99% Fixed APR for 12 months, one personal loan per member. ** One entry per member.

� $1,000 No Credit Check Personal Loan*

Only $90.73 per month - for 12 months

� Fee-Free Visa Gift Cards (5 maximum per person)

� Enter a Drawing to Win an Alexa Echo from Amazon**

Offers Available BlackFriday Only. Hurry In!