45th Annual Meeting Questions, April 9, 2008

Q1:How many house foreclosures have there been? Will HVFCU notify us? Is there a chance that my mortgage rate will go down on a “jumbo loan” and amount for regular loans?

A1: Our last foreclosure was on April 21, 2003. We sold that property at no loss to the credit union. We will notify members via the website if the credit union ever forecloses on any property. Currently, we do not have any property for sale. If there are changes to the jumbo rates on mortgages or other loans, we will notify the membership via the website.

Q2: Please place calculators at stations with deposit slips in all branch locations.

A2: We will ensure that all branches have calculators located where transactions forms are kept. This will be done by the end of April, 2008.

Q3: Are you ever going to open a branch in Ulster County or at least have more ATMs?

A3: We broke ground in January 2008, on a new branch in the Town of Ulster. The facility will be 5,870 square feet in size. It will provide space for six teller windows, five offices for Financial Services Representatives, two drive-up teller lanes, one drive-up ATM, and one walk-up ATM.

Q4: Why can’t you combine all the points on your HVFCU VISA Platinum cards? I have three. I can’t combine points to use for airline tickets. You can do this on other non-HVFCU cards.

A4: Any member who is a primary owner on a Platinum card with points may request to receive points from one or more other Platinum cards on which they are a primary or joint owner. A minimum of 5,000 points must be available and transferred from each card. The transfer must be done at the time you are ready to make a purchase with the points. To do this transfer, call Scorecard Rewards at 1-800-854-0790 Mondays through Fridays between 9:00 a.m. and 11:00 p.m. EST.

Q5: Can you put water stations in the lobby at Hopewell Junction?

A5: We do not have plans to place a water station in the lobby. However, if you need water, please notify a staff person and they will be happy to accommodate you.

Q6: Is it possible to make dividend checks issued monthly from a certificate account made payable to both owners on the account? Member Services said that is not possible at this time.

A6: We cannot do this on an automated basis. Dividend checks can be automatically issued to the primary account holder only. An alternative option is to have dividends automatically deposited to a joint account.

Q7: Can we have a coin-counting machine at the main branch? It would be a great feature if it were linked electronically to checking accounts.

A7: There are two coin-counting machines at the main branch at Barnegat Road. The deposit you make at the coin-counting machine can go to a checking, savings, or money market account.

Q8: The Newburgh Branch is still not addressing the hearing impaired issue at the teller line. We cannot see their lips so we cannot even take advantage of lip reading. What are you going to do about this and when might it be implemented? This is an issue that has a variety of solutions that come to mind that I would be happy to share.

A8: We are evaluating systems that will alert members standing in line when and what teller windows are open. We expect to implement this system by August 31, 2008.

Q9: Why at peak hours at the Fishkill Branch are customer lines often stretched to the door? Would more part-time workers help?

A9: Our solution to expediting the movement of members during peak hours at the Fishkill branch and other branches is to have the appropriate number of teller lines open. Also we ask our Financial Service Representatives, who are not helping other members, to assist with teller transactions. We expect members to be served by a teller within five minutes of entry into a branch. We currently employ part time workers in all of our branches. We also encourage our members to use branch and drive-up ATMs.

Q10: What are you doing to make Bill Pay checks legible on the website? When a member brings up the view of a check made through Bill Pay the image of the check is illegible.

A10: We are continuing to work with the check image provider and our bill pay vendor to improve the clarity of the images for the bill pay checks. If we are successful in making the expected improvements, they will be implemented by the end of the third quarter of 2008. In the meantime, please keep in mind that there is also a zoom feature on the site that can make the check easier to read online.

Q11: I would like to have access to my bank account in other locations such as Westchester County, Putnam County, or New York City. This would be a blessing for me because I work in Westchester County.

A11: We do not have plans to build branches or establish ATMs outside of our three-county (Dutchess, Orange and Ulster) charter area at this time. However, we offer a variety of options that members can use when not located near one of our branches. Members can utilize the Information Center, ATMs, Internet Banking, our telephone response system called MAGIC, Bank-by-Mail, and Shared Branching.

Q12: Why don’t you have a branch in the Pawling/Patterson area on Route 22? This is a prime area with limited good banking for our population.

A12: The credit union is actively reviewing possible branch and ATM locations throughout eastern Dutchess County, including Pawling and other areas.

Q13: Is the debt ratio too high?

A13: No. The credit union uses a credit scoring system to underwrite its loans. The credit scoring system is statistically verified quarterly and uses multiple factors to underwrite/score a loan. The debt ratio is only one of many factors in the credit scoring system that is used to underwrite loans. Based on the statistical analysis, the credit scoring system including the debt ratio criteria remains statistically accurate.

Q14: Check holds on website – details with breakdown would be good for items on hold.

A14: A hold placed on an account, for example from a check or debit card transaction, will result in a difference between the Balance and Available Balance that is displayed on Internet Banking. We are currently evaluating ways to display these differences in more detail, however we do not have a definite date for completing this project.

Q15: Why not put photos on credit/debit cards to help eliminate fraud?

A15: We do not have plans to include photos on credit cards or debit cards because the inclusion of a photo on a credit or debit card does not deter fraud.

Q16: I liked it better when I received a one-year coupon book for my mortgage payments.

A16: HVFCU no longer offers the annual coupon book. We switched from an annual coupon book to a monthly statement as a service to provide more information about your mortgage, such as current mortgage amount and escrow balances.

Q17: I have been a customer, and I have been a member for a number of years. Why can’t I go through this bank to build a home on land that I have in another state, while I am living in New York?

A17: At this time we do not anticipate offering mortgage and construction loans in areas outside of Massachusetts, New Jersey, Connecticut and New York state. All construction loans require monthly inspections and advance schedules. The monthly inspections and advances combined with different construction codes and regulations in every state and municipality make construction loans difficult to service in other states. If your land is in one of the states mentioned above please feel free to contact us.

    © 2014 Hudson Valley Federal Credit Union

    159 Barnegat Rd. Poughkeepsie, NY 12601
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363