48th Annual Meeting Questions, April 13, 2011

Q1: Why is the “Money Market” Account still called a Money Market Account?

A1: The term Money Market Account is a generic name used to make a designation among various savings account types. It is a common term used in the financial community.

Q2: Can you please bring back add-on CDs? It is so hard to save and it would be a blessing.

A2: At this time, we do not plan to offer add-on certificates.

Q3: Will you please get your own bathroom at the Hollowbrook location?

A3: Separate restrooms in the Hollowbrook location for “HVFCU Use Only” were not provided in our current lease.

Q4: In the future, can we please not require Social Security Numbers to vote for the Board of Directors?

A4: We require the last four digits of members’ Social Security Number as a unique identifier and it is used by the member to validate their ballot.

Q5: I have asked this question many times before. Is this written in stone? Why can’t your automatic payment of loans be at the beginning of the month i.e. 3rd or 4th for all with Social Security or pensions at the first of the month to help us out?

A5: Variable payment 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.

Q6: Can we please change the access online to allow us to go back 18 months in our history and view cleared checks for up to a year?

A6: For those members who have enrolled in eStatements, you have access to transaction history online for up to 18 months. We cannot further expand access on Internet Banking for cleared checks up to 18 months without negatively impacting the performance of Internet Banking for the membership. However, members can also obtain a copy of specific checks that are beyond the available online history by contacting the credit union.

Q7: Can the copies of the cleared checks be made available directly on eStatements?

A7: Copies of the checks cannot be viewed via eStatements, but check images are available through transaction history on Internet Banking.

Q8: Can the Members’ Choice program develop relationships with local merchants to give credit union members discounts.

A8: Yes, please refer to our Members’ Discount Area on our website, hvfcu.org, to see our many current, local merchant discounts. Please also see our website for other credit union industry discounts such as the latest “Invest In America Program” that has links to other merchant discounts for credit union members.

Q9: Can we have member initiated payroll processing from my business account directly into my employees’ accounts at other institutions?

A9: Yes, this is currently available through Business Internet Banking. Business members can contact their Relationship Manager to help set this up.

Q10: In your advertisement, please use American products. For example, the Hudson Valley Insurance Agency ad displays a Honda automobile instead of an American vehicle! This does not stimulate the U.S. economy.

A10: Our members purchase and insure a wide array of vehicles, including Honda automobiles, that are also manufactured in the U.S. and do stimulate the economy.

Q11: Any plans for a branch in Eastern Dutchess, specifically Poughquag or Pawling area?

A11: We continue to evaluate sites throughout Dutchess, Ulster, Orange, and Putnam 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 the Eastern Dutchess area that meets our needs.

Q12: As a member, I would prefer to receive copies of canceled checks. This is more convenient for me to keep up with my accounting. It should be an option. All previous banks I belonged to have provided me with this service. Even small copies would be okay. If not done, I will have to go somewhere else to do business.

A12: Copies of your most recent checks cleared are available online via Internet Banking. This service provides a copy of the front and back of cleared checks that you can print at your convenience.

Q13: Since the change from PFCU to HVFCU, long lines-no workers! 15 minute wait. Are we to expect waiting on line as normal for HVFCU? Since the change from PFCU I have had to wait on line every visit. Why is the service so time consuming? Seems like there are never enough employees for the volume of members. Sometimes the line goes outside the front door. Your staff is not friendly.

A13: We have now increased our staff at the Carmel and Brewster branches by 9 full-time equivalents (6 in Carmel and 3 in Brewster). Management has consistently observed improved member service levels for the past several weeks. Now that training has been completed, many of the faces you are accustomed to seeing have returned.

Q14: When are the hours going to increase in Carmel?

A14. We utilize several measures to determine the need for expanding hours based on service levels, volume, cost benefits, and competition. We will continue to assess our members’ needs at our Carmel location and re-evaluate the hours throughout 2011.

Q15: I am a member and I had my son with me when I opened up an account. I didn’t like the fact that your bank is not kid friendly. There was no bathroom in your bank and the one that was available had no baby changing table to change my son’s diaper.

A15: Separate restrooms in the Hollowbrook location for “HVFCU Use Only” were not provided in our current lease.

Q16: Why doesn’t HVFCU offer safety deposit boxes similar to its competition?

A16: We have no plans to offer this service because of space limitations.

Q17: Can you hold the shredder truck event more often at the Beacon location?

A17: We currently do not plan to bring the shredder truck more frequently to Beacon, but it is scheduled to be at our Beacon branch on June 3, 2011. However, we have 13 shredder events scheduled in 2011 throughout our branch network. Please see our website for the shredder schedule at other branch locations.

Q18: Why must I use Firefox and not Safari on my Apple computer when I need to do e-banking? Can I be accommodated with Safari please?

A18: Our e-banking solution does support Safari. Please contact the credit union if you encounter any problems utilizing.

Q19: Please tell me when you (HVFCU), will provide a credit card with a $1,000.00 deposit balance like other financial institutions (not based on credit)?

A19: Based on the Credit Card Act that went into effect February 2010, we cannot open any credit card account without considering a consumer’s ability to make the required payments. In order to determine the ability to pay, we must pull a credit report for all credit card applications, regardless of whether it is secured or unsecured.

    © 2014 Hudson Valley Federal Credit Union

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

    Routing Number : 221979363