Views from Katahdin Summer 2016

Summer 2016
A Quarterly Publication for Members of the Katahdin Federal Credit Union
From The President
We would like to welcome our snowbirds and seasonal residents
back to the area! We would also like to welcome our newest
members to KFCU! Our expanded field of membership and
technology offerings have allowed members to join from the
greater Penobscot and Piscataquis Counties as well as townships in
southern Aroostook County.
Members living outside of the Katahdin area have taken advantage
of our many electronic services. A majority of our transactions
take place remotely— direct deposit, online banking, automatic
debits, bill pay, mobile services, remote deposit capture, etc.
We are happy to be able to serve you and provide you the
convenience you deserve!
We also take great pride in supporting the communities in which
we serve. We support a number of worthwhile organizations and
initiatives— scholarships for graduating seniors, event sponsorships,
Katahdin Area Relay for Life, Ending Hunger, Chamber events,
Financial Literacy efforts, school and youth activities, and much,
much more. Recently, we were a gold sponsor at the Millinocket
Regional Hospital’s annual health fair. This free event was well
received by the community. We are already planning on
participating in next year’s fair!
On behalf of all of us here at KFCU, thank you for your
continued loyalty. We look forward to providing the services you
need and continued community support. If you have any questions,
concerns, or suggestions, please do not hesitate to contact me.
Tina Jamo
President/CEO
Alaina
and Lisa
represent
KFCU at
Millinocket
Regional
Hospital’s
Annual
Health Fair
in April
Tournament golfers before the start at Hillcrest Golf Course
Relay for Life Golf Tournament
and Dinner
Cancer has touched many of us in some way, so all of us at KFCU
decided to fight back by raising funds and walking in our local
American Cancer Society Relay For Life event.
As a team, we are taking action to help eliminate cancer as a major
health problem. At press time, we are on our way to exceeding
$7,000 for our Relay event. We raised funds through raffles, dress
down days, bottle collections, a public dinner, a pie sale and a golf
tournament. We have so many people to thank for making each
fundraising event a successful one!
In April, we sponsored a spaghetti dinner at the Northern Timber
Cruisers. Thank you to Lisa Martin, the team captain, and Theresa
Lane for organizing the dinner. We had many volunteers working
the dinner— thank you to our board members and staff for your
hard work. A special thank you goes to the Northern Timber
Cruisers for the use of your facility for this event.
We also sponsored a raffle, featuring a Duck Print and Stamp
(donated by Herbie Clark), a golfing pass (donated by Hillcrest
Golf Club, and a certificate for an oil change (donated by Katahdin
Motors). Thank you to the donors and to Herbie Clark for selling
numerous tickets.
One of our largest fundraisers, a golf tournament co-sponsored by
Hillcrest Golf Course and KFCU, netted $2,900 for the cause.
(continued on back)
Mission Statement: “Going the extra mile to exceed members’ expectations — a tradition on the move”
The Bottom Line
Financial lessons your kids didn’t learn in college
It’s up to you to help them become financially responsible adults
Four or more years of higher education may have given your
child a great career start, but your graduate might still need some
real-life skills on how to responsibly handle money. Now, it falls
to you to fill in the gaps in your child’s financial education. Here
are some important lessons you’ll want to cover before you find
yourself with an empty nest and an emptier wallet.
As young adults, your children will need to know how to:
1. Budget and pay bills on time. Chances are your children have
not really had to create and follow a budget before. You’ll need
to explain how to budget for utilities, food, gas, insurance, rent
and cellphone service before spending on discretionary items.
In addition, reinforce the idea of paying bills on time so your
children will know what’s left to spend on other expenses and
savings.
2. Manage debt. Many college students graduate with credit card
debt and student loans. Show your children how quickly credit
card debt, fees and interest can accumulate and get out of hand.
Help them be smart about using credit wisely. While you’re at it,
discuss fees involved with some credit cards and banking accounts.
3. Build credit. A debit card won’t help build credit. So talk
to your kids about using a credit card that can be paid off each
month. Building a good credit history could help increase their
chances of borrowing at lower rates later on, say for a mortgage.
4. Save for a rainy day or a large purchase. Help your children
establish good saving habits and set them up for a successful
future. Encourage them to set aside a percentage of each paycheck
toward retirement goals – maybe in a plan offered by their
employers – and save three months of expenses in an emergency
fund. Compounding will help both accounts grow over time.
5. Manage money. Explain the basics of investing, including the
benefits, risks, costs and tax implications. A strong foundation
here can help your children make smarter financial decisions later.
For more guidance, visit moneyasyougrow.org and consult your
financial and tax professionals.
The information contained herein has been obtained from sources considered reliable,
but we do not guarantee that the foregoing material is accurate or complete. Raymond
James is not affiliated with any other entity listed herein.
Thomas W. Duff
Financial Advisor
$ingle $ource Financial Centre
749 Central Street
Millinocket, ME 04462
207-723-5264 or 888-925-5264
$ingle $ource Financial Centre and Katahdin Federal Credit Union are independent
of RJFS. Securities offered through Raymond James Financial Services, Inc. Member
FINRA/SIPC, and are not deposits; not insured by NCUA or any other government
agency; not guaranteed by the Katahdin Federal Credit Union; and are subject to risk
and may lose value.
How to Finance Major Renovation
Bring Your Credit Union to College
Nearly three-fourths of Americans are planning a home improvement
project this year, according to an annual American Express survey.*
Many of them are likely to be thinking of renovations that will
increase the value of their property. According to the most recent
Cost vs. Value survey by Remodeling Magazine, the following
projects should come closest to paying for themselves.**
Extra-long twin sheets? Check. Shower caddy? Check. Psychology
textbook? Check. Katahdin Federal Credit Union? Check.There are
lots of ways to bring your credit union to college with you without
taking up any space in your suitcase.
Project
Return on Investment (ROI)
• Insulating the attic
117% ROI
• Replacing the entry door
91% ROI
• Refreshing the kitchen
83% ROI
• Installing new siding
75% ROI
• Building a wood deck
75% ROI
Improvements are expected to cost an average of $5,100, according
to American Express—$1,000 more than last year’s forecast.
Rather not pay for substantial home renovations out of your savings?
You don’t have to go far to find help. At Katahdin Federal, we offer
members several ways to finance remodeling, from home improvement loans to equity lines of credit. If your home has gained value
recently, another option is to refinance an older mortgage to free up
cash for improvements. Get in touch with one of our loan officers,
and let’s discuss the choices together.
Sources
*“Movin’ On Up! 42 Million Americans Plan to Move in 2016, With Renting At a FiveYear High,” American Express Spending & Saving Tracker (http://about.americanexpress.
com/news/sst/report/2016-03_Spend-and-Save-Tracker.pdf)
See what’s available for shared branching near your school. So many
credit unions participate in the shared branching program— there
are over 170 branches in Maine alone! There is sure to be one near
you. Check out mainecreditunions.org to find the one closest to your
school. They’ll treat you just like a member, and you’ll have access to
your accounts when you need to make a withdrawal, make a deposit,
or transfer funds. The site will also tell you where the nearest SURF
Surcharge-Free ATM is if you just need to take out some cash.
Keep track of your finances online with KFCU’s online banking.
Sign up, if you haven’t already, and manage your finances anywhere
you have internet access. You can view your account balances and
transaction history, and you can transfer money from one account to
another. If you have a smartphone, download KFCU’s mobile
banking app. It has all the perks of online banking, but it’s even easier
to access walking between classes or waiting for a coffee. Plus, you’ll
be able to deposit checks with mobile capture. Just take a picture of
the check through the app, and the money will be deposited into
your account! It takes less time than it does to microwave some mac
and cheese.
Stop into Katahdin Federal Credit Union before you head off to
school and learn about more ways you can bring your credit union
to college.
**John F. Wasik, “9 Upgrades That Pay You Back,” AARP The Magazine, April/May 2016
Going on a summer vacation? Remember to bring your KFCU Visa® Card with you.
Insurance Corner
Summer has finally arrived! For some—the arrival of boating
season marks the beginning of the season. The fun of boating also
carries certain responsibilities and safety concerns. When prepping
your boats for the season, keep in mind to also take an inventory
of your life jackets. Life jackets are one way to protect yourself
and others in your watercraft from drowning accidents. According
to boat-ed, 90% of drowning victims are not wearing life jackets.
Life jackets should be tested for wear and buoyancy. Leaky and
waterlogged jackets should be replaced. Also keep in mind that
you are required to have a life jacket on board for each person on
the vessel. All states have regulations regarding life jackets worn by
children. Children should have life jackets that fit them properly—
not adult sized jackets. Boats over 16 feet long must also have a
throwable device as well (http.uscgboating.org).
Life jackets do save lives— even if you are a strong swimmer.
Wearing a life jacket can save your life if you capsize in rough
water, are in a collision, injured by rocks, tossed into freezing
water or unable to swim because of heavy clothing.
Water safety and keeping your passengers protected should be
a major concern when boating. Insuring your watercraft is also
important to safeguard your assets. Keep in mind that in most
cases, watercraft needs to be insured separately from your
homeowner’s policy. We would be glad to provide you with
a free review of your current coverage and individual needs to
cover recreational exposures. Please take a few minutes to contact
our office to discuss your insurance needs—have a safe and fun
summer!
Kim French
Agency Manager
Katahdin Gateway Insurance, LLC
749 Central Street
Millinocket, ME 04462
207-723-9941 · Fax 207-723-9774
112 Main Street, Suite 3
East Millinocket, ME 04430
207-746-3687
52 Park Street
30 Goding Avenue
Milo, ME 04463
Lincoln, ME 04457
207-943-5955207-794-3022
Annual Meeting
Approximately 156 members and guests attended the 62nd
Annual Meeting of Katahdin Federal Credit Union. During the
business meeting Gary Dumas, Bernadette Friel and Arnold
Hopkins were elected to serve three-year terms on the Board of
Directors. Harold Cote was elected to serve a two-year term.
At a special meeting of the Board of Directors, the following
directors were elected as officers: Herbie Clark, Chairperson;
Arnold Hopkins, Vice Chairperson; Rodney Daigle, Secretary;
and Gary Dumas, Treasurer. Theresa Coffin was reappointed
Chairperson of the Supervisory Committee.
Need a sweet vacation?
All you need is your imagination!
Vacation Loans
up to $3,000
for up to 18 months
5.99
%
APR*
*Annual Percentage Rate. This special is for a limited time only for qualified members
of KFCU. Restrictions may apply. Monthly payment on $1,000 financed for 18
months is $58.24. Membership eligibility required.
2016 Scholarships
KFCU is pleased to announce our 2016 KFCU scholarship
recipients. Scholarships totaling $8,000 were awarded to area
high school seniors.
Southern Aroostook
Community School
Kaitlin Small
Mariah Lane
Joshua Perrin
Schenck High School
Olivia Marston
Taia Federico
Taylor McLaughlin
Katahdin Middle/
High School
Katelyn Giles
Tyson Porter
Bradley Mitchell
Mattanawcook Academy
Harley Rogers
Stearns High School
Emily Barker
Zachary Bouchard
Christopher Brown
Jessicca Girsa
Lauren Jamo
Shelby Pelkey
Garrett Rudge
Justin Waceken
Devin Whitney
Finance your summer fun at KFCU… low rate financing for boats, motorcycles, and campers.
Relay for Life (continued from front)
Services
Savings
Share Accounts
Club Accounts
Share Drafts
Share Certificates
IRA Accounts
Roth IRA Accounts
Coverdell Education Savings Acct.
IRA Certificates
Roth IRA Certificates
Money Treksm Youth Savings
Program
Health Savings Accounts
Loans
New & Used Auto & RV Loans
Cottage Loans (including on
leased land)
Land Loans
Computer Loans­
Real Estate
Home Equity Loans and
Lines of Credit
Share Secured-Certificate Secured
Streamline (Line of Credit)
Unsecured Loans
Visa® Classic® Cards
Visa® Gold Cards
Other Services
CU24sm Visa® Check Card
Direct Deposit/Payroll Deduction
Money Orders
Wire Transfers
Night Deposit
Safe Deposit Boxes
24-Hour ATM
Notary Services
CUSO-Single Source
Financial Centre
CUSO-Katahdin Gateway
Insurance LLC
Visa® Prepaid Gift Cards
Katahdin Connection
Home Banking Solution
Bill Pay
Mobile Banking
Remote Deposit Capture
Locations
1000 Central Street
Millinocket, ME 04462
207-723-9718
800-451-9145
Fax 207-723-8426
Crystal Road
PO Box 330
Island Falls, ME 04747
207-463-3661
www.katahdinfcu.org
Hours
8:00 am - 5:00 pm Drive Up
9:00 am - 5:00 pm Lobby
Eleven teams participated in the four-person scramble.
Prizes were awarded for the highest net and gross teams,
closest to the pins and line. A 50/50 raffle was held as
well as several prizes given away.
A special thank you to Gay Dickinson and Rodney Daigle
for organizing the event, board members and staff for
volunteering, golfers for participating and to our
sponsors— without all of you, this event would not have
been as successful. We would also like to thank our
members for all of your support!
By the time you read this newsletter, another Katahdin
Area Relay for Life event will be in the books—
look for an updated tally in the fall newsletter!
Alaina and Lisa serving at the spaghetti dinner
Thank you to all our generous sponsors!
Rioux Electric
Pangburn Save-A-Lot
Levasseur’s Hardware
Town Square Media
Dead River Company
Bangor Federal Credit Union
Campbell Service Center
Synergent
Katahdin Gateway Insurance LLC
Maine Credit Union League
Insurance Trust
North Country Rivers
West Branch Aviation
Portland Glass
Equinox Insurance
Daigle Family LLC
Dick Ebert-UBS
Bragdon Energy
Tricorp Federal Credit Union
D & D Paving
Moose Drop Inn
Steve Girsa’s Autobody
Millinocket Foundry
Sam’s Club
Big Moose Inn
FA Peabody Insurance
Katahdin Kritters
RDH Contractors
Be Young & Free with KFCU and free4ME Checking!
Katahdin FCU wants you to have a voice when it comes to your finances. That’s why we offer the
free4ME Checking Account— the ultimate account for 18 to 25-year-olds. With all the features you
need and some great extra perks, living Young & Free in Maine has never been easier!
Check out all of the fabulous and free features:
• Free debit/check card: Every account holder gets a free debit/check card.
• Oops! Refund: Twice per year, you can call and get a service fee reversed.
• No monthly fee and no per-check fee
• Free SURF ATM network use: Use any of our SURF ATM network cash machines for free!
• Free online banking and bill pay: Pay bills and transfer money in your pjs— no standing in line!
• Free e-statements: View your account transactions and information securely, online— no paper!
• No minimum balance required: You won’t be required to maintain a minimum balance to enjoy all
the “freeness” of this account!
Visit Katahdin Federal Credit Union or youngfreemaine.com to find out more!
Win $50
What is the best way to find a shared branching location in Maine?
If you know the answer, please fill out this coupon and submit your entry by August 15, 2016.
Congratulations to Mary Morrison, the winner from last quarter. The question was “What is the
month of April designated as?” The answer was “Financial Literacy Month.”
Name:______________________________________________________________________________
Address:____________________________________________________________________________
Telephone #: __________________________ Answer:______________________________________
___________________________________________________________________________________
KFCU bill pay can be used to make donations, pay individuals and to send gift checks!