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Enhancing the Lives of our Member-Owners FALL 2016
Enhancing the lives of our member-owners by providing a ‘can-do’ culture of quality products and caring solutions.
Visit www.pacu.com to learn more abouthow our caring solutions may benefit you!
5 SIMPLE SAVING TIPS FOR YOUR FAMILYAre you prepared for all of life’s pivotal moments? Does your family have the right amount of savings? If your desire is to put money where your love is, check out these tips to get your finances on the right track.
Keep a family balance sheet. When was the last time you sat down and had a real conversation about money? Too often couples “live in the moment,” only to really collaborate on large or emergency purchases. It’s an easy trap to wreck your finances.
Get in touch with your real situation. A family balance sheet will reveal income, expenditures and wealth. Talk about investments, retirement planning, estate planning wishes, and current or future care for your parents. Seeing is believing. When you put a plan in place, you get a better understanding of your money management behaviors and can adjust accordingly.
Start saving with a reserve fund. You may think of building financial security in several ways but every family needs an emergency fund. It’s best to save three to six months of expenses to cover your family in case of real emergencies, such as illness, loss of job, a car accident, leaky roof or broken appliance.
Make saving as effortless as spending. Knowing what to do and actually doing it are two different things. Just like we all want to lose weight, we all want to save, but our efforts often quickly fizzle out. Instead, treat your savings like your spending. Schedule regular, automatic transfers into a savings account, a 529 education savings plan or make payments directly into your retirement account.
Get serious about retirement. If your goal is to build long-term wealth, take a look at 401(k), Roth IRA and Traditional IRA accounts. While retirement may be decades away, retirement costs are rising and people are living longer. A good rule of thumb is to save at least 15% of your gross pay.
A smart investment strategy should not only cover your essentials, but ensure your lifestyle. For those unexpected events, choose the right level of protection, whether it is disability income insurance or long-term care coverage.
Save money in front of your kids. Has the parenting style, “Do as I say, not as I do” ever really worked? From language to social skills to personal habits, we are role models to our children. Avoid offhand comments about not being able to afford something. This may cause kids to worry. It is never too early, however, to discuss the importance of saving and how to use money responsibly.
When it comes to spending money, teach your children to identify “good value.” A savings account in their name is good way to encourage them to plan for the future. After all, goal setting is a valuable life skill. A savings account teaches them that with a good plan they can achieve their goals.
PIEDMONT ADVANTAGE HOSTS FORMER PIEDMONT AIRLINES EMPLOYEES
On Thursday, September 1, Piedmont Advantage Credit Union had the honor of hosting the Piedmont Airlines Employee Luncheon at our Advantage Way headquarters in Winston-Salem. Former Piedmont Airlines employees had a great time reconnecting with former colleagues, touring our new facility and learning about the exciting new financial solutions we recently implemented to assist our members throughout life.
Piedmont Airlines is part of the core foundation of our credit union and one of the reasons we are so strong today. Since 1949, our focus has remained on our members, not profits. We have built a solid reputation for customized service and financial stability because of the support and enthusiasm of members like those from Piedmont Airlines.
One of the most anticipated segments of the event was the drawing for an original piece of artwork featuring a Fokker F-27, one of Piedmont Airlines fleet of planes. Former Piedmont Airlines Capt. Darrell Moorefield was the winner and is shown below in the photograph with his prize.
We have shared a couple of photos here in our newsletter, but if you’d like to see more follow our Facebook page, “like” us and see additional photos of former colleagues and friends from the luncheon.
Members always come first here at Piedmont Advantage. We look forward to serving you.
Regardless of yourlife stage, we build
Caring Solutions for you!
• Paying for the Wedding/Honeymoon
• Merging Your Lives• Buying a House• Saving for the Future
Life as a Couple
Family Life
• Buying a New Car• New Baby Expenses• Family Vacations• Saving for the Future
• Budgeting and Planning• Investing after Retirement• Traveling • Transferring Wealth• Investments offered through CFS*
Enjoying Retirement
• Budgeting and Planning• Buying a Car• Avoiding Debt• Saving for the Future
Building YourCareer
• Paying for Education• Scholarships• Easy Access to Your Money• Budgeting and Planning• Planning for the Future
Pursuing Higher Education
5,000+ Shared Branches nationwide, including 90+ in NC • 30,000+ Surcharge-free ATMs nationwide24 Hour Online/Telephone Account Access • Loan applications by phone or online
This credit union is federally insured by the National CreditUnion Administration and is an Equal Opportunity Housing Lender.
Nationwide Mortgage License System & Registry ID #686550.
FALL 2016
CALL800.433.7228
CLICKwww.PACU.com
FIND AN OFFICE NEAR YOU Visit www.pacu.com for locations
Easy, wherever you are.
BRINGING THE PIEDMONT ADVANTAGE TO BUSINESS
We are pleased to introduce Fred Atiemo, our new Business Lending Consultant, to our members. Fred brings more than 20 years of experience in the financial industry
working with a range of businesses, government entities and economic development organizations.
Fred is leading our new business lending initiative at Piedmont Advantage. Small businesses need the same focus on member service, competitive rates, customized solutions and quick turnaround that our members have enjoyed for years. “In my experience, being a partner with businesses and helping them discover and understand the key challenges they face is the most important step,” Fred explained. “Once we agree on the challenges, I can help them find financial solutions that best fit their operational and financial circumstances.”
Fred comes to us from Charlotte, NC and prior to that Portland, OR. While his experience extends across a broad array of industries, he has particular expertise with small and mid-size businesses. He has worked with government entities such as the FDIC, NCUA, U.S. Treasury and managed economic development finance programs including tax credits, tax increments, enterprise zones, etc.
Fred holds a bachelor’s of science degree from Portland State University and an MBA from Marylhurst University. If you can’t find Fred in the office you may see him appreciating the natural resources in the area, or listening to a blend of Reggae, Highlife and Country Western music.
“If you have a business lending need or question please call,” said Fred. “I look forward to speaking and exploring together with you.”
Contact Fred at 800.433.7228 or [email protected].
EMV Chips are here.
HOW MUCH LIFE INSURANCE DO YOU REALLY NEED?It’s a great question, and it’s especially pertinent now as the life insurance industry is planning a campaign to encourage consumers to consider their life insurance needs. Piedmont Advantage is proud to be supporting this industry-wide effort. The main purpose of life insurance is to provide financial security for your family. Life insurance helps ensure that when you pass on, your family will have the financial resources it needs to provide for your spouse, children, an elderly parent or some other dependent. Life insurance also may be used to meet a variety of long-term financial planning goals. It can help provide educational funds for your children or funds for your own retirement.
So, How Much is Enough? There are no hard and fast rules for determining how much life insurance is enough, because no two families have exactly the same needs. The bottom line is, if you provide financial support for people who depend on you, you probably need life insurance. One of the best ways to assess your options and how it may fit with your needs and other investments is to discuss your circumstances with an insurance and investments professional.
The Importance of Life Insurance Policy Review. As part of your life insurance review, some additional components can be critical to your plan and to keeping pace with changing lives.
• Beneficiary designations—those who will receive proceeds—may need updating.
• Health may have improved since the policy was purchased, creating an opportunity for lower cost insurance.
• Premiums on term insurance can increase upon renewal, prompting a move to consider a permanent, fixed premium policy.
• Loans or withdrawals may affect your policy performance.
Who Can Help Me? Michael Westbrook is our in-house CFS* financial advisor and is a licensed life, health and long-term care insurance agent and is eager to speak with you. He
holds FINRA Series 7, 66 licenses, and is an experienced financial advisor with a wealth of healthcare industry knowledge. Michael is available at [email protected] or 336.744.8578.
Investment products and services are offered through CUSO Financial Services, L.P. (“CFS”). Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment representatives are registered through CFS. The Credit Union has contracted with CFS to make certain insurance products and services available to credit union members.
Welcome, Fred!
Piedmont Advantage Credit Union is replacing your Visa® Debit and Visa® Credit Card with new, more secure, EMV Chip Cards. We are in the process of mailing them now. These cards are a more secure type of technology that has proven to help reduce counterfeit activity and fraud. For those of you that have received your new card and activated it, thank you. If you have not, make sure that you call the phone number listed on the front of the card, and then destroy your old card as it will no longer be valid. Cards not activated leave you and the credit union vulnerable to fraud. Please note that your EMV Chip Card comes with a new account number. All automatic payments you may have set up on your old card will need to be updated to reflect your new card’s account number.
The small metallic square on your card is a computer microchip. It is slowly replacing the magnetic stripe. Some markets have seen as high as an 80% drop in card-present counterfeit fraud after chip adoption.
When you use your card at a chip-activated terminal, the embedded chip generates a one-time use code. This code is virtually impossible to counterfeit and helps reduce in-store fraud. Every day more and more merchants are accepting chip transactions.
Pay with confidence wherever Visa® cards are accepted. If you have any questions, feel free to call us at 800.433.7228.
HOLIDAY CLOSINGSMonday, January 2 New Year’s Day (obs.)
Monday, December 26 Christmas Day (obs.)
Thursday, November 24 Thanksgiving Day
Friday, November 11 Veterans Day
Monday, October 10 Columbus Day
