47th Annual Meeting Questions, April 21, 2010

Q1: When will the Highland Branch open?

A1: The Highland Branch will open in October, 2010.

Q2: Why don’t you send a mortgage coupon book at the start of the year rather than a monthly coupon each month? The monthly coupon arrives with barely enough time to get to a branch on time. It’s more costly to mail to everyone each month. This is not cost effective.

A2: We do not send coupon books at the beginning of the year because members have previously requested we provide up-to-date mortgage information including loan balances, principal and interest payments, and escrow balances on a monthly basis. A coupon book would not provide this type of information and is more expensive than monthly statements. You are not required to wait for your coupon (monthly statement) to make your mortgage payment. Your payments can be made at any time at a branch, online, by mail, by calling the Information Center, or we can automatically deduct your payment from your account.

Q3: Please put paper towels in the bathroom. Proper hand washing requires the use of paper towels to turn off water, flush toilet, and open the door. There is even a sign on the wall explaining part of this.

A3: We will install hand sanitizers outside of each bathroom. These will be installed before the end of April, 2010.

Q4: How do you pass on your tax savings from the federal government since you don’t pay tax on profits?

A4: Our tax-exempt status allows us to provide additional benefits to our members that perhaps could not be ordinarily provided. These benefits include: additional ATMs and free in-network ATM services; lower fees and free services such as no-fee coin machines; free financial counseling; and free member education seminars on topics such as identity theft, first-time home buying, and financial literacy.

Q5: Why can’t we have a branch office in the eastern part of the county – somewhere between Poughquag and Pawling?

A5: We continue to evaluate sites throughout Dutchess, Ulster, and Orange Counties including eastern Dutchess County. Factors considered in our review are member concentration, available branch and ATM locations, cost of location, and probable member usage. At this time, we have not identified a location in this area that meets our needs.

Q6: CD rates need to go up. Loans are increasing. I am waiting for CDs to follow.

A6: We acknowledge that rates remain at historically low levels. As the rate environment begins to improve, we will ensure that we stay highly competitive. Currently, our rates are either first or second in all certificate account categories in our local area.

Q7: Could you have classes for people my age and maybe even younger on hands-on accessing your accounts over the internet?

A7: Members can contact our Information Center at 845.463.3011 any time Mondays through Fridays, 8 am to 7 pm, and Saturdays, 9 am to 5 pm. An Information Center Specialist will be happy to provide you with information on how to use Internet Banking. In addition to personal assistance from the Information Center staff, we offer a demo of how to enroll in Internet Banking and a description of the features through the eServices link in the upper left hand corner of our home page at hvfcu.org. We will offer a class on Internet Banking before the end of June. Information on the date, time and location will be posted on our website and on the Inlighten screens in our branches.

Q8: More driving classes, please.

A8: There will be six Defensive Driving classes held this year compared to four last year. Two have already been held and one more is scheduled for May 15th from 8:30 am to 2:30 pm at the Courtyard by Marriott in Poughkeepsie. Three more will be scheduled this fall.

Q9: Will there be an iPhone application for HVFCU in the near future?

A9: Yes, we anticipate an iPhone application will be ready by September, 2010.

Q10: I do not have a computer at home. I am interested in your shredding service. I suggest you create a list and mail it with my monthly statement. The internet may have all the info, but if you don’t own a computer you are left out.

A10: We will update the in-branch Inlighten screens with the current schedule and provide the branches with posters to place in the lobbies. The schedule for the rest of 2010 is:

  • Pleasant Valley on May 14th from 3 pm to 6 pm
  • Middletown on June 11th from 11 am to 2 pm
  • Hollowbrook on September 24th from 11 am to 2 pm

Q11: Since many people have Social Security and a pension that are paid on the 1st or 3rd, why can’t the loan payment be taken out on the 3rd or the 5th, instead of the 25th?

A11: Loans are billed on the last day of each month with a payment due on the 25th of the next month. You can set up an automatic payment transfer for the payment amount due and it can occur on any day from the 1st of the month until the 25th of the month.

Q12: Can it be possible to put the picture of a customer on their credit /debit card? Citibank reduced fraud by 2/3’s in doing this.

A12: Our review of the usage of pictures of customers on their debit/credit cards does not indicate any improvement in reducing fraud over our current system. We have reviewed procedures used by Citibank, Capital One, Bank of America, and others and find that their customers rarely request this feature. These banks also report that early warning systems like the ones HVFCU employs are more effective in deterring the fraudulent use of credit cards and debit cards.

    © 2014 Hudson Valley Federal Credit Union

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

    Routing Number : 221979363