From the President Happy New Year! Last year members showed their giving spirit during our social responsibility projects. We are hoping the spirit of the season carries on into the new year. Once again, we participated in the “Providing Warmth for the Katahdin Region” program by partnering with Brookfield Renewable. KFCU collected hats and mittens while Brookfield Renewable supplied warm coats for area children. We had many donations from members and a number of items were beautifully handcrafted. Our Ending Hunger Campaign ended with 2 successful fundraisers— a pie sale and a generator raffle. Both of these fundraisers were well received! We raised over $3,600 on the generator raffle and close to $500 for the pie sale. Thank you to Gilman Electric for your generous generator donation! We appreciate it so much! Also, thank you to all of our members and staff for participating in these programs. Supporting the community is what it is all about. December was a hopping time in the Katahdin region! From the Marathon, Parade of Lights, Festival of Trees, and the Community Christmas party— we had staff and directors participating in a number of different ways. Even though most of us didn’t run the marathon, we were busy welcoming visitors into the community in our own way. Our shred event was successful— over 900 pounds of personal documents were shredded. To further protect our members from identity theft, we are going to make this an annual event! Once again, thank you for your membership. We look forward to serving you in the coming year. If you have any questions or concerns, please do not hesitate to contact me. Tina Jamo President/CEO Mission Statement: “Going the extra mile to exceed members’ expectations — a tradition on the move” Winter 2019 A Quarterly Publication for Members of the Katahdin Federal Credit Union 2020 Board Elections The Annual Meeting of Katahdin Federal Credit Union will be held on May 12, 2020. The Board of Directors recently appointed the following directors to the Nominating Committee: Chairman Gary Dumas, Dorothy Howard and Bernadette Friel. Members wishing to run for the Board of Directors should contact the Nominating Committee by February 10, 2020. Members wishing to run after that date may be nominated by a petition of the membership. The petition must be signed by 1% of the members, up to a maximum of 500 members. Each nominee by petition must submit a statement of qualifications and biographical data with his or her petition. To be effective, the petition must be accompanied by a signed certificate from the nominee or nominees stating they are agreeable to the nomination and will serve if elected. Nominations by petition must be filed with the Secretary of the Credit Union at least 40 days before the Annual Meeting. The Secretary will ensure that all candidates nominated by petition along with those of the Nominating Committee are posted in each Credit Union office at least 35 days prior to the Annual Meeting. If sufficient nominations are made by the nominating committee or by petition to provide at least as many nominees as positions to be filled, nominations may not be made at the Annual Meeting. If there are more nominees than positions to be filled, the membership will be provided ballots at the Annual Meeting, at which time elections shall be conducted. Scholarship Applications High School Seniors can apply for Katahdin Federal Credit Union Scholarships at the guidance office of the following schools: Stearns, Schenck, Katahdin, Southern Aroostook, Penquis Valley High School and Mattanawcook Academy. If you are a member and don’t attend one of these schools, KFCU offers an online scholarship option. Check our website for details: katahdinfcu.org. Volunteer Goes the Extra Mile Dorothy Howard, credit union director, went the extra mile by completing the half marathon during the Millinocket Marathon and Half. Not only did Dot finish the trek on this cold December day, she also finished first in her age division. This accomplishment is enviable, but what makes it even more amazing is that at approximately mile 7, Dot broke her arm and continued to the finish line. This is a fine example of determination and perseverance. Congratulations Dot and we hope that arm heals quickly!
Transcript
From the PresidentHappy New Year! Last year members showed their giving spirit during our social responsibility projects. We are hoping the spirit of the season carries on into the new year. Once again, we participated in the “Providing Warmth for the Katahdin Region” program by partnering with Brookfield Renewable. KFCU collected hats and mittens while Brookfield Renewable supplied warm coats for area children. We had many donations from members and a number of items were beautifully handcrafted.
Our Ending Hunger Campaign ended with 2 successful fundraisers— a pie sale and a generator raffle. Both of these fundraisers were well received! We raised over $3,600 on the generator raffle and close to $500 for the pie sale. Thank you to Gilman Electric for your generous generator donation! We appreciate it so much! Also, thank you to all of our members and staff for participating in these programs. Supporting the community is what it is all about.
December was a hopping time in the Katahdin region! From the Marathon, Parade of Lights, Festival of Trees, and the Community Christmas party— we had staff and directors participating in a number of different ways. Even though most of us didn’t run the marathon, we were busy welcoming visitors into the community in our own way.
Our shred event was successful— over 900 pounds of personal documents were shredded. To further protect our members from identity theft, we are going to make this an annual event!
Once again, thank you for your membership. We look forward to serving you in the coming year. If you have any questions or concerns, please do not hesitate to contact me.
Tina Jamo President/CEO
Mission Statement: “Going the extra mile to exceed members’ expectations — a tradition on the move”
Winter 2019
A Quarterly Publication for Members of the Katahdin Federal Credit Union
2020 Board ElectionsThe Annual Meeting of Katahdin Federal Credit Union will be held on May 12, 2020. The Board of Directors recently appointed the following directors to the Nominating Committee: Chairman Gary Dumas, Dorothy Howard and Bernadette Friel. Members wishing to run for the Board of Directors should contact the Nominating Committee by February 10, 2020.
Members wishing to run after that date may be nominated by a petition of the membership. The petition must be signed by 1% of the members, up to a maximum of 500 members. Each nominee by petition must submit a statement of qualifications and biographical data with his or her petition. To be effective, the petition must be accompanied by a signed certificate from the nominee or nominees stating they are agreeable to the nomination and will serve if elected.
Nominations by petition must be filed with the Secretary of the Credit Union at least 40 days before the Annual Meeting. The Secretary will ensure that all candidates nominated by petition along with those of the Nominating Committee are posted in each Credit Union office at least 35 days prior to the Annual Meeting. If sufficient nominations are made by the nominating committee or by petition to provide at least as many nominees as positions to be filled, nominations may not be made at the Annual Meeting. If there are more nominees than positions to be filled, the membership will be provided ballots at the Annual Meeting, at which time elections shall be conducted.Scholarship Applications
High School Seniors can apply for Katahdin Federal Credit Union Scholarships at the guidance office of the following schools: Stearns, Schenck, Katahdin, Southern Aroostook, Penquis Valley High School and Mattanawcook Academy. If you are a member and don’t attend one of these schools, KFCU offers an online scholarship option. Check our website for details: katahdinfcu.org.
Volunteer Goes the Extra MileDorothy Howard, credit union director, went the extra mile by completing the half marathon during the Millinocket Marathon and Half. Not only did Dot finish the trek on this cold December day, she also finished first in her age division. This accomplishment is enviable, but what makes it even more amazing is that at approximately mile 7, Dot broke her arm and continued to the finish line. This is a fine example of determination and perseverance. Congratulations Dot and we hope that arm heals quickly!
Getting away this winter? Take your KFCU Visa card with you!
The Bottom Line Ready for Recession? Not Quite Yet.This year, with increasing frequency, investors have been getting bombarded with negative news headlines regarding an impending recession. The implication, of course, is that if a recession happens, the financial markets are likely to be negatively affected.
With headlines like these, who wouldn’t be concerned?
Why Does a Yield Curve Inversion Suggest a Recession? (1)
The trade war hasn’t hit its peak yet. The US and China will both pay a heavy price (2)
These two headlines are a small sampling of the negative news at the present time. These types of headlines are very troubling to investors and money managers alike. It’s an almost certainty we will experience a recession in the future. However, barring something major and unexpected, we do not think we will experience a recession in the next twelve months.
Although there has been much ado about ‘yield curve inversions’, the correct definition of one, and its subsequent predictability of recession is dubious at best. In our opinion, recent yield curve inversions are a reflection of asset repricing given unexpected cuts in the federal funds rate and are not indicating recession at this time. Given the complexity of the topic we would refer interested readers to a link at the end of this article, which we believe provides a good overview of the topic. (3)
Certainly, the ongoing trade disputes have had a negative impact on our economy. Gross Domestic Product (GDP), the measure of our combined productivity, has declined from approximately 3% in 2018, then to approximately 2% in 2019, a level where we have mostly been for the past several years. A slowing indeed, but hardly recessionary at this time. (4)
In September, the US Census Bureau released the 2018 edition of Income and Poverty in the United States. This recent report reflects unemployment at generational lows, rising wages, low poverty, and approximately 2.3 million more full-time workers in the workforce in 2018 than the year before. (5) The U.S. consumer is currently strong and, in our view, reflects a strong underlying economy.
Legendary investor Sir John Templeton is credited with the quote “Bull markets are born on pessimism, grow on skepticism, rise on optimism and die in euphoria.” We feel the investing collective is
currently at ‘skepticism’ and believe the economy and the equity markets will continue to rise over the long term and that the odds of an impending recession remain low.
We’d also like to thank our Veterans, both living and past. Indeed, Some Gave All and All Gave Some. Let us never forget that the true cost of our national freedom can be measured with great loss and bloodshed from countless individuals who were willing to make the ultimate sacrifice.
Single Source Thomas W. DuffFinancial AdvisorSingle Source Financial Centre1000 Central Street Millinocket, ME 04462
207-723-5264 or 888-925-5264
Joel WestFinancial AdvisorDuff and Associates
Festival of TreesKatahdin Federal Credit Union participated in the first Annual Katahdin Festival of Trees. KFCU’s tree featured a Frozen II® theme and was surrounded with a variety of Frozen II® items. This event is designed to be a fun, festive family occasion that embraces the spirit of the holiday.
Parade of LightsKFCU joined in the kick-off of Marathon weekend by participating in the Millinocket Parade of Lights. The staff did a great job decorating a truck with lights, Christmas tree and even a live Gingerbread Man.
Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are as of September 14, 2019 and are those of Thomas Duff and Joel West and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Duff and Associates, 470 N Main St, Brewer Maine 04412, 207-989-6082. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Duff and Associates is not a registered broker dealer and is independent of Raymond James Financial Services.Single Source 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.Any opinions are as of 9/14/19 and are those of Thomas Duff and Joel West and not necessarily those of KFCU.
Insurance CornerWhether we like it or not, winter has arrived. Winter weather brings an unpredictable number of driving hazards including rain, wind, sleet, and snow. Please keep in mind several of these tips:
• Always leave plenty of space between you and the vehicle in front of you.
• Try not to brake suddenly; braking gently will help avoid skidding.
• Please keep your vehicle, windshield and headlights clean and clear of snow and ice.
• Always be careful on bridges and overpasses as they generally freeze first.
• Lastly, remember to slow down and leave extra time to commute between locations. Sometimes the roads can be clear when you leave home, but can become hazardous at any time.
Now is the time to review your insurance liability limits. The State of Maine only requires minimum limits of $50,000 per person/$100,000 per accident. These amounts do not go very far covering costs in the event of an accident. It is often very inexpensive to purchase higher liability limits and we all know how high medical costs can be— even with a minor accident. We recommend that you purchase the highest liability limits you can afford, as you never know when you could be involved in a serious accident. With insufficient liability limits, you can jeopardize everything you own once your liability limits are exhausted. Please do not hesitate to give us a call for a full insurance review. It doesn’t cost you anything to review and check.
Traveling? Plan on using your KFCU debit or credit card? Notify us to notate your file with a travel alert.
Kim FrenchAgency ManagerKatahdin Gateway Insurance, LLC749 Central StreetMillinocket, ME 04462207-723-9941 · Fax 207-723-9774
112 Main Street, Suite 3East Millinocket, ME 04430207-746-3687
52 Park StreetMilo, ME 04463207-794-3022
30 Goding AvenueLincoln, ME 04457
Generator RaffleOur Ending Hunger Generator Raffle was a rousing success! The raffle raised over $3,600 to benefit the Maine Credit Unions Campaign for Ending Hunger. The lucky winner was Linda Nadeau. We would like to thank Gilman Electric for their generous donation— it was so greatly appreciated. Without the support of our community— we couldn’t do the things we do! Thanks again!
Text Alerts for Debit Card Fraud MonitoringOur card servicer has added text messaging to monitor fraud on our debit card program. Members that have a cell phone number on file received an enrollment text and were able to sign up to get text alerts whenever we detect a suspicious transaction. Just as a reminder this is a sample of the enrollment text and a text when fraud is suspected.
To activate this new feature, you should have received a Card Fraud Alerts Activation text similar to:
KATAHDIN FCU Card Fraud Alert activation text
Reply YES to confirm your enrollment, HELP for help, STOP to cancel texting. Msg&Data Rates May Apply
When you reply YES to confirm enrollment, you will receive text messages whenever we suspect fraudulent activity on your debit card.
For example:
Transaction Question: Katahdin FCU Fraud Alerts: Did you attempt transaction on debit card ending 1234 at Store Name in WA for $25.62? Reply YES or NO.
If you reply NO, a contact number to call to review recent transactions will be provided.
Katahdin FCU is committed to providing the most advanced fraud protection solutions available.
If you did not receive an activation text message and wish to receive fraud alerts via text, please contact us at 207-723-9718. Also, let us know when you change your cell phone number so we can update your file. This is the best way to deter fraud on your debit card. If you are issued a new debit card, you may receive a re-enrollment text for the new debit card number.
If you don’t have a mobile phone number on file, the fraud department will call the number on file to verify transactions.
Christmas in KatahdinAnother successful Christmas in Katahdin was held on December 8th at Stearns High School in Millinocket. The party was well attended, with over 350 children registered for this free event. This party is made possible by donations, sponsorships and volunteers from many organizations and businesses. Once again, KFCU employees participated at the party and sponsored a “Christmas Wheel of Fortune” game and a candy cane craft table. Peter Jamieson from the Katahdin Chamber of Commerce filled the gym with sounds of holiday music, while volunteers operated craft and activity tables, hosted cookie and cupcake decorating, and served refreshments. There was even a winter wonderland photo booth sponsored by MRH. Santa posed for hundreds of photos taken by Frank Manzo, letters to Santa were written, and balloon animals were created— fun was had by all!
Non-perishable food and personal care items were collected during the party and the response was overwhelming! This community continues to demonstrate its support for one another—especially during this very special season. A huge thank you to all who contributed!
ServicesSavingsShare AccountsClub AccountsShare DraftsShare CertificatesIRA AccountsRoth IRA AccountsCoverdell Education Savings Acct.IRA CertificatesRoth IRA CertificatesMoney Treksm Youth Savings ProgramHealth Savings Accounts
LoansNew & Used Auto & RV LoansCottage Loans (including onleased land)Land LoansComputer Loans Real EstateHome Equity Loans and Lines of CreditShare Secured-Certificate SecuredStreamline (Line of Credit)Unsecured LoansVisa® Classic® CardsVisa® Gold Cards
Other ServicesCU24sm Visa® Check CardDirect Deposit/Payroll DeductionMoney OrdersWire TransfersNight DepositSafe Deposit Boxes24-Hour ATMNotary ServicesCUSO-Single Source Financial Centre CUSO-Katahdin Gateway Insurance LLCVisa® Prepaid Gift CardsKatahdin Connection Home Banking SolutionBill PayMobile BankingRemote Deposit Capture
Locations1000 Central StreetMillinocket, ME 04462207-723-9718800-451-9145Fax 207-723-8426Crystal RoadPO Box 330Island Falls, ME 04747207-463-3661www.katahdinfcu.org
Hours8:00 am – 5:00 pm Drive Up9:00 am – 5:00 pm Lobby
Snowmobile Loans · Low Rates · Favorable Terms Mission Statement: “Going the extra mile to exceed members’ expectations — a tradition on the move”
Win $50How will you be contacted if there is suspected fraudulent activity on your debit card?
If you know the answer, please fill out this coupon and submit your entry by February 15, 2020. A winner will be drawn at random. Last quarter’s question was “What is the most convenient way to save for the holidays?” The answer was, “A Holiday Club.”
KFCU MilestonesThis year KFCU recognized employees and volunteers reaching milestones for their continued years of service and dedication. Thank you and congratulations to the following:
1 year: Ethan Michaud and Jennifer Cullen
5 years: Debora Murphy and Cathy McGowan
10 years: Carlton Bernier
Watch Out for These Two All-Season ScamsThe IRS SwindleA threatening phone caller “from the IRS” says you’re guilty of tax evasion and must pay a penalty at once with your credit or debit card, or else face jail time or revocation of your driver’s license. Older folks with complex financial lives may pay up, assuming that they did make a mistake on their taxes. Wrong— the IRS never demands payment over the phone. Self-defense: Don’t pay. Report the scam to the U.S. Treasury Inspector General’s office at 1-800-366-4484.
The “Computer Crash” ConYou get a phone call from a self-described “computer security expert” who warns that your Windows PC or laptop may be infected with a fatal virus. You might be asked for money to protect your system or to remove this nonexistent malware. If you agree to download a fix or allow remote access to your computer, the crook can ask for your passwords— and may actually install malware that you then have to pay to get rid of, or steal personal identifying information. Self-defense: Hang up on this scammer. No legitimate IT security pro will ever cold-call you in this way.
Privacy NoticeA copy of KFCU’s Privacy Notice can be found at https://www.katahdinfcu.org/home/fiFiles/static/documents/privacy_disclosure.pdf
15 years: Molly Jamieson, Lori Violette, and Bernadette Friel
