News November 2009 issue for WCCU Members News C ommunity Community To help consumers measure their own fi- nancial stability, the National Foundation for Credit Counseling (NFCC) created the follow- ing Consumer Financial Stress Test based on the findings of the NFCC’s 2009 Consumer Financial Literacy Survey. See how your finances stack up relative to the rest of Americans (and how WCCU can help). Q: On a scale of A to F, what grade would you give yourself in terms of your knowledge about personal finance? Survey Results: 41% of U.S. adults, or more than 92 million people, gave themselves a grade of C, D or F on their knowledge of personal finance. (WCCU Tip: Learn more by attending WCCU’s free seminars. Visit our website to sign-up, listen to podcasts, read tips/articles, and/or connect to other educational sites!) Q: Which best describes how you man- age your money? Survey Results: Less than half, 42%, keep close track of their spending, with 7%, or CONSUMER FINANCIAL STRESS TEST- How would you score? Consumer Financial article continued on page 2 Now for some nostaglia...Alot has changed in 20 years, take a step back with these fun facts about WCCU in 1989... 1. 1st official branch of WCCU, opened Nov 1989, at Dunn’s Corners in the old Chickadee Farms- a take-out and grocery mini market. 2. 1st Branch Manager- Mary Ellen Buckley (now VP of Operations). 3. Original staff included Gale (Gradilone) DeFanti, Denise Kugler, Maureen Anderson, Wendy (Siswick) Gencarelli, Stacey Sullivan, Diana Gray, Pat Emard, Robin Myers, Marilyn Taylor, Leila Connolly, Sarah Graeve, Doreen Leherissier, and Janice McGuire. 4. WCCU’s Board of Directors in 1989 were: Executive Committee: Joseph Cugini- Chairperson (President & CEO), Eugene Cercena- 1st Vice Chair, Robert Scott- 2nd Vice Chair, Mary Turano- Secretary, Alcino Almeida- Treasurer Directors: John Gilchrist, Roy Howard, Patricia Algieri, Angelo Terranova, Maurice Young, Angeline Boska Credit Committee: Robert Bewlay (Chair), Vincent Gaccione, Adele Laudone Supervisory Committee: Anthony Sisco (Chair), Doris Recor, Robert Delaney 5. WCCU’s asset size in 1989 was $67,592,255 (currently over $200 million) Dunn’s Corners Branch 20th Anniversary CD Special 20 Month CD 2 .00 % Dunn’s Corners Branch Nov. 16-20 only! APY* * Annual Percentage Yield (APY) as of October 19, 2009 and subject to change. Member’s Advantage does not apply. Requires a minimum de- posit of $500. One coupon per member. Coupon applies to new money only. Not to be used on exisitng CDs. Not to be combined with any other offers. Must be opened at the Dunn’s Corners branch between Nov. 16 - Nov. 20, 2009. Rate shown is for balances over $25,000 or greater. APY for balances $500-$9999.99 is 1.30% and for balances $10,000- $24,999.99 is 1.55%. Other rates and terms available. A penalty will be imposed for early withdrawal. See WCCU for details. Happy 20th Anniversary Dunn’s Corners Branch!! November marks the 20th Anniversary of WCCU’s Dunn’s Corners Branch. Help us celebrate with cake and coffee on Nov. 20th at the Dunn’s Corners Branch, 244 Post Rd, Westerly. Current Branch Staff Left to Right: Ben Headley, Jill Kass (Branch Manager), Rene Fortune, Pam Pelletier, Daniella Rizzo (Asst. Branch Manager), Patricia Haggerty. nearly 16 million, admitting they don’t know how much they spend on food, housing, and entertainment, and do not monitor their overall spending. (WCCU Tip: Download a NFCC Budget Work- sheet through our website, www.westerlyccu.com, find articles on budgeting, and/or connect to other educational sites!) Q: What best describes your finan- cial situation? Survey Results: 26%, or more than 58 million adults, admit to not paying all of their bills on time, with 13 million ad- mitting to having debts in collection, or are seriously considering filing for bank- ruptcy, or have done so in the last 3 years. (WCCU Tip: See if consolidating your debt into a Personal or Home Equity Loan can help. Also, the Bill Pay service can help you set up payments on time and save you from unnecessary late fees. We can help you find a solution.) Q: Do you have any savings excluding retirement?
Transcript
NewsNovember 2009 issuefor WCCU Members NewsCommunity Community
To help consumers measure their own fi-nancial stability, the National Foundation for Credit Counseling (NFCC) created the follow-ing Consumer Financial Stress Test based on the findings of the NFCC’s 2009 Consumer Financial Literacy Survey.
See how your finances stack up relative to the rest of Americans (and how WCCU can help).
Q: On a scale of A to F, what grade would you give yourself in terms of your knowledge about personal finance? Survey Results: 41% of U.S. adults, or more than 92 million people, gave themselves a grade of C, D or F on their knowledge of personal finance.
(WCCU Tip: Learn more by attending WCCU’s free seminars. Visit our website to sign-up, listen to podcasts, read tips/articles, and/or connect to other educational sites!)
Q: Which best describes how you man-age your money? Survey Results: Less than half, 42%, keep close track of their spending, with 7%, or
CONSUMER FINANCIAL STRESS TEST- How would you score?
Consumer Financial article continued on page 2
Now for some nostaglia...Alot has changed in 20 years, take a step back with these fun facts about WCCU in 1989...
1. 1st official branch of WCCU, opened Nov 1989, at Dunn’s Corners in the old Chickadee Farms- a take-out and grocery mini market.
2. 1st Branch Manager- Mary Ellen Buckley (now VP of Operations).
3. Original staff included Gale (Gradilone) DeFanti, Denise Kugler, Maureen Anderson, Wendy (Siswick) Gencarelli, Stacey Sullivan, Diana Gray, Pat Emard, Robin Myers, Marilyn Taylor, Leila Connolly, Sarah Graeve, Doreen Leherissier, and Janice McGuire.
4. WCCU’s Board of Directors in 1989 were:Executive Committee: Joseph Cugini- Chairperson (President & CEO), Eugene Cercena- 1st Vice Chair, Robert Scott- 2nd Vice Chair, Mary Turano- Secretary, Alcino Almeida- TreasurerDirectors: John Gilchrist, Roy Howard, Patricia Algieri, Angelo Terranova, Maurice Young, Angeline BoskaCredit Committee: Robert Bewlay (Chair), Vincent Gaccione, Adele LaudoneSupervisory Committee: Anthony Sisco (Chair), Doris Recor, Robert Delaney
5. WCCU’s asset size in 1989 was $67,592,255 (currently over $200 million)
Dunn’s Corners Branch20th Anniversary
CD Special20 Month CD
2.00%Dunn’s Corners
BranchNov. 16-20 only!
APY*
* Annual Percentage Yield (APY) as of October 19, 2009 and subject to change. Member’s Advantage does not apply. Requires a minimum de-posit of $500. One coupon per member. Coupon applies to new money only. Not to be used on exisitng CDs. Not to be combined with any other offers. Must be opened at the Dunn’s Corners branch between Nov. 16 - Nov. 20, 2009. Rate shown is for balances over $25,000 or greater. APY for balances $500-$9999.99 is 1.30% and for balances $10,000-$24,999.99 is 1.55%. Other rates and terms available. A penalty will be imposed for early withdrawal. See WCCU for details.
Happy 20th Anniversary Dunn’s Corners Branch!!November marks the 20th Anniversary of WCCU’s Dunn’s Corners Branch. Help us celebrate with cake and coffee on Nov. 20th at the Dunn’s Corners Branch, 244 Post Rd, Westerly.
Current Branch StaffLeft to Right: Ben Headley, Jill Kass (Branch Manager), Rene Fortune, Pam Pelletier, Daniella Rizzo (Asst. Branch Manager), Patricia Haggerty.
nearly 16 million, admitting they don’t know how much they spend on food, housing, and entertainment, and do not monitor their overall spending.
(WCCU Tip: Download a NFCC Budget Work-sheet through our website, www.westerlyccu.com, find articles on budgeting, and/or connect to other educational sites!)
Q: What best describes your finan-cial situation? Survey Results: 26%, or more than 58 million adults, admit to not paying all of their bills on time, with 13 million ad-mitting to having debts in collection, or are seriously considering filing for bank-ruptcy, or have done so in the last 3 years.
(WCCU Tip: See if consolidating your debt into a Personal or Home Equity Loan can help. Also, the Bill Pay service can help you set up payments on time and save you from unnecessary late fees. We can help you find a solution.)
Q: Do you have any savings excluding retirement?
Westerly ~ Wyoming ~ South Kingstownwww.westerlyccu.com
401-596-7000 This Credit Union is federally insured by the National Credit Union Administration.
Free
Sem
inar
s!
How Healthy is Your Business?Presented by: Daniel J. Urso, CPA, Urso & Co Inc, Kristy K. Arm-strong, CPA, and Jackie Meneo, WCCU’s Business Lending Officer
Date: Tues. Nov. 17th, 6:00 pm- 7:30 pm at the Westerly/Paw-catuck Chamber of Commerce, One Chamber Way, Westerly
Free November Seminar!!
Come and learn at our Free Seminars!Seating is limited, call Nancy Martin, at 401-596-7000 x2142 or sign
up online at www.westerlyccu.com under ‘Educate Yourself’
WCCU - Out & About
Survey Results: 1/3 of adults, close to 72 million people, report that they have no savings. Of those with no savings, more than 25% report that, if faced with an emergency, they would charge that expense to a credit card or take out a loan, thus adding to their debt load.
(WCCU Tip: WCCU has several savings accounts to fit your needs. We can even help you establish direct deposit of your pay check into that ac-count. Visit any office or open an account online at www.westerlyccu.com)
Q: What percentage of your household income do you save toward retirement? Survey Results: More than 74 million people do not put any part of their annual household income toward retirement. This number is up from 28% in 2008 to 33% in 2009.
(WCCU Tip: WCCU has a financial planner, Wayne Lagasse, located in the Granite Street office, who can meet with you for a no-cost, no-obligation consultation. What a great way to learn what it will take to start or add to a retirement savings program to fit your budget.)
Q: Compared to one year ago, how has the current economic climate affected your spending, and if you are spending less now, if your financial situation were to improve, would you be likely to spend more? Survey Results: Although 57% of adults report spending less than they were a year ago, 45% of those now spending less admit that if their financial situation were to improve, they would resume their previous spending habits.
(WCCU Tip: We still recommend our members download a Budget Work-sheet through our website, www.westerlyccu.com, find articles on budgeting, and/or connect to other educational sites! It is still important to build a nest egg for an emergency fund or additional retirement funds.)
“The survey reveals startling deficiencies related to financial stability. That’s the bad news. The good news is that tools are available for con-sumers to take control of their financial future, but it is up to the con-sumer to reach out for that help.” says Gail Cunningham, spokesperson for the NFCC.
To reach the NFCC agency closest to you, dial (800) 388-2227, or go online to www.DebtAdvice.org. For help in Spanish, call (800) 682-9832.
If you would like info on Savings & Checking accounts, Loans, and Re-tirement consulting, WCCU can help. Call a Member Service Rep today
at 401-596-7000 or visit www.westerlyccu.com.The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior and build capacity for its members to deliver the highest quality financial education and counseling services. NFCC Members annually help more than three million consumers through close to 850 community-based of-fices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit www.nfcc.org. The 2009 Financial Literacy survey was conducted by telephone within the United States by Harris Interactive on behalf of the NFCC between March 13 and March 16, 2009 among 1,000 adults ages 18+. Results were weighted for age, sex, geographic region, and race where necessary to align them with their actual proportions in the population.
This year’s Westerly/Pawcatuck Columbus Day Parade was a great success, with our own Joe Cugini (former WCCU President/CEO/Chair of Board) and his wife Betty leadingthe parade as Grand Marshalls. The theme this year was ‘Volunteerism’ which is right up our alley- WCCU takes alot of pride in its’ community in-volvement. Congrats again to Joe and Betty! See you next year at the parade!
Notice a new face at the Granite Street office? Welcome Scott Sheppard. Scott has moved from the South Kingstown Office to the Main Office to fill the Asst. Branch Manager position. He will be responsible for assisting in all branch oper-ations, staffing and member needs. Congratulations and good luck Scott!
Veterans Day Hours: WCCU will be closed on Wednesday, Nov. 11th for Veterans Day. We will be open our regular hours on Tuesday and Thursday.
Thanksgiving Hours: WCCU will be closed on Thursday, Nov 26th for Thanksgiving. We will be open on Friday, Nov 27th for the following hours:
