49th Annual Meeting Questions, April 18, 2012

Q1a: I live in Lagrange but have a Pleasant Valley Address. How about a branch in Lagrange or Lagrangeville?
Q1b: Won’t you consider a branch in Port Jervis, NY Thanks.
Q1c: I’m a member and I live in Pine Bush. The closest branch to me is Middletown or Montgomery. Do you have any plans to expand into the Pine Bush area? We have Provident, Chase, Walden Savings, and I think one other bank. We need HVFCU.
Q1d: Need a Branch in Rhinebeck/Red Hook area, I live in Red Hook.
Q1e: I love Charles and the Fishkill Branch. They are a pleasure to deal with. Are there plans for a new branch?
Q1f: I was wondering if you had any plans to open a branch in the Monroe NY area?

A1: HVFCU continually evaluates sites throughout Dutchess, Ulster, Orange, and Putnam Counties. Factors considered in our review are member concentration, available branch and ATM locations, cost of location, and probable and potential member usage. At this time, we have not identified locations in these areas that meet our stated criteria. However, we will continue to look at these locations for future consideration.

Q2: Why don’t you offer mortgages in states such as Massachusetts where property taxes are very cheap? MA is close to NY.

A2: Because of the complexity of Federal and various State regulations pertaining to mortgage lending, including Massachusetts, it is difficult and more costly for HVFCU to process, underwrite, and service mortgage loans outside our current lending areas of New York and Connecticut. In addition, we have few members that require mortgages in Massachusetts. To maintain service levels and ease of doing business with us, we determined that it best served our membership overall to focus on the areas where we could easily provide mortgages with low rates and low costs.

Q3: When will the Putnam Branches be open until 7 pm.

A3: We utilize several measures to determine the need for expanding hours. These include member volume, service levels, and expenses. At this time, those criteria suggest our available hours are sufficient, however we will continue to assess our members’ needs and re-evaluate the hours in Putnam County throughout 2012.

Q4: Why are you paying so little in interest; is it because you are building new branches?

A4: While the overall rate environment continues to be at historic lows, HVFCU has maintained competitive rates. Currently our rates remain among the highest in our local market. New branches are being added to meet our members’ needs and to support our continued success and growth.

Q5: Computer and Mobile apps are more than a concern for people as well as the banking industry as a whole. What measures are the HVFCU taking to address these concerns?

A5: HVFCU utilizes industry best practices to secure online banking and continually reviews its practices and systems to determine if additional measures are needed. Our CUAlerts system is available to notify members with an email or text when a transaction or change occurs in one of their accounts. VISA Alerts also allow email or text alerts to be sent when a transaction occurs with an HVFCU credit or debit card. CUAlerts and VISA Alerts services are free, but you must sign up for them. These services allow you to stay on top of your accounts at all times. In addition, our mobile app allows secure direct access to CU accounts without having to type in a web browser address, reducing the chances for fraud if a member receives a phish and is directed to a fake site.

PC security continues to be a challenge for almost everyone. HVFCU recommends never accessing your financial accounts online from shared or public computers, and keeping anti-virus and anti-malware software installed and updated on your system.

Q6a: How about offering another CD Special?
Q6b: CD rates should be higher!

A6: At this time, based on current market conditions, we have no plans to offer a certificate promotion, however if/when we do, we will be sure to notify members.

Q7: I would like to know why safe deposit box service is not offered here.

A7: We have not had a heavy demand for this service, and have chosen not to add safe deposit boxes at this time.

Q8: I bank here at the credit union and Chase Bank. I have a child in the military service. Chase Bank came together with other companies to hire one hundred thousand soldiers. I feel it would be nice if the credit union did that, too. And also, you should hire realty brokers to help in your department with mortgage questions.

A8: While HVFCU is committed to providing opportunities to the men and women who have served our country in the military, we do not have numeric goals for hiring veterans. We post all of our jobs on our website (hvfcu.org) as well as with the local NYS Department of Labor One Stop Career Centers. The Centers have designated Veteran’s Assistance representatives who use these listings to work on job search plans with the veterans that utilize their services. In addition, we have attended community events organized by local agencies that provide services to veterans. In the past, we have participated in job fairs targeting veterans as well.

Our in-house Mortgage Consultants are Certified Mortgage Planning Specialist, who are well qualified to serve our members individual needs and answer all of their questions. There are no plans at this time to hire any realty brokers.

Q9: Why is there only one ATM at your Beacon Branch?

A9: At this time, the volume of transactions at our Beacon Branch can be handled by the one ATM.

Q10: The form of the certificate with advertising is terrible – one could easily throw it away as such!

A10: We will be removing the ad in question for now as our marketing priorities have changed.

Q11: Could you have a drinking fountain available to members at the Barnegat Road office?

A11: We do not have plans to install a drinking fountain. However, if you need water, please notify a staff person and they will be happy to accommodate you.

Q12: Could you have paper towels (men’s) in the restroom at the Barnegat Road office to dry hands per signs on the wall.

A12: Instead of paper towels, we provide electric hand dryers in our restrooms. There are also hand sanitizer dispensers by the doors as well.

Q13: Why doesn’t the HELOC statement have a return payment stub and why is there no return payment address?

A13: Our HELOC statement information is part of a member’s monthly statement and as such does not have the capability of including a coupon. Our return address is on the envelope of the monthly statement you receive, or easily available on our website (hvfcu.org).

Q14: Why don’t they have a postal drop in each branch of HVFCU for customers? Please and thank you.

A14: In recent years, the Postal Service has cut back the number of postal drop boxes due to budget constraints. Unfortunately based on their criteria we are not eligible for additional drop box locations.

Q15: I know about three years ago, someone asked the question about defaulted home loans and there were none. Have there been any since and if so how many by year? (2011/2010/2009)

A15: The credit union foreclosed on 6 properties in 2009, and 14 each in 2010 and 2011. All of them were resold.

Q16: Why do you get your special ordered coin from the reserved and not the mint?

A16: We order special coins from the Federal Reserve because we have a direct relationship with them. We do not have a relationship with the US Mint.

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    PO Box 1071, Poughkeepsie, NY 12602-1071
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363
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