Member NCUA

INSIDE1 Amey’s Corner2 Member Bulletin Board9 Special Incentives

for Home Borrowers 10 Behind the Scenes–

Meet Kim M.11 Heisey Nominated

for Award13 How to Save Money

on Any Salary

A publication for members of Belco Community Credit Union January 2020

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A Look Back & What to Expect in 2020

As we start another year, it presents us with a good time to recap the many exciting things that happened at Belco over the past year and some of what is planned for 2020. We began 2019 knowing that we would be introducing a new Application Processing System (APS) that would change the delivery of online loans and create an online enrollment process for new members or existing members wishing to open additional products. As the work progressed and the planning took shape and form, these new delivery methods became a more

comprehensive Global Centralization Project. As the Application Processing System was developed, tested and ultimately made live for member use, it became evident that we needed to reorganize the way we deliver service to our members. With the investment in technology, came a need to invest in staff to make the accuracy, speed and convenience to our members meet Belco’s standards of service.

Over the last year, we have created teams to handle the online loan and membership applications. In addition, we have invested in additional loan processors, underwriters and member service and support staff. Today, we have a centralized lending area that manages phone applications, online applications and electronic delivery of loan documents directly to a member’s email box or to a branch location. Our Member Support area processes new member applications and ensures that we deliver a seamless new member experience. By improving our operations behind the scenes, we are now able to meet our members’ needs through online, mobile or in-person delivery methods. You can have it your way at Belco!

We continue to look for ways to improve our convenience, speed and accuracy of service to members. These investments include technology upgrades, as well as employees with the training and experience to efficiently assist members. In 2020, we will be introducing an improved Automated Teller Machine (ATM) called an Interactive Teller Machine (ITM) as an additional delivery channel. We expect to explore things like self-service options and video tellers to determine where such features may be able to serve members more conveniently.

We are experiencing increased productivity with each investment in people and improvement in processes. We are confident this productivity will translate into the growth that keeps Belco a sustainable credit union for many years to come.

We are reaching more individuals more often to provide convenience and extend the ways in which we help every member fulfill every dream every time! We believe in our members, and we believe in the better banking experience we are providing across Central Pennsylvania. We look forward to continuing to serve even more members in

M E M B E R B U L L E T I N B O A R DA M E Y ’ S C O R N E R

(“Amey’s Corner” continued on page 6)

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Holiday Closings:

Presidents’ Day – Monday, February 17, 2020

• Scholarship applications are due March 1. Belco is once again awarding five $1,000 scholarships to individuals attending college or continuing their education. For your convenience, this year’s application can be completed entirely online. Simply visit belco.org and look for the ‘Scholarship Program’ link under the Quick Links section.

Belco employees again volunteered their time to take calls during the WGAL-8 “Coats for Kids” Telethon to benefit the Salvation Army in December at the station in Lancaster. Belco also donated ten $100 Visa gift cards as donation incentives.

• Belco welcomed area New Year’s babies with a gift basket and a $50 gift certificate towards the child’s first savings account. The gifts were distributed at 10 area hospitals: UPMC Pinnacle Harrisburg, UPMC Pinnacle Lititz, UPMC Pinnacle Carlisle, UPMC Pinnacle Memorial in York, UPMC Pinnacle Hanover, Women’s & Babies Hospital – Lancaster General Health, WellSpan Gettysburg Hospital, WellSpan Good Samaritan Hospital in

Lebanon, Penn State Health Milton S. Hershey Medical Center, and Geisinger Holy Spirit in Camp Hill.

A group of Belco employees recently volunteered their time at the Central PA Food Bank, where they worked together to pack up 432 boxes of granola bars.

Belco employees and members again donated hundreds of toys to the local Marine Corps Reserve Toys for Tots Program. In addition, Belco donated $500 to Toys for Tots. Thanks to everyone who dropped off new, unwrapped toys for needy children in our area.

• Belco employees delivered 40 copies of “Boxcar Indy Goes to Doggy World,” a children’s picture book about saving money written by Tracey C. Jones, to the children who attend the Schreiber Pediatric Center in Lancaster. After reading this story aloud to their excited

(“Member Bulletin Board” continued on page 5)

M E M B E R B U L L E T I N B O A R D

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How Women Are Different from Men, Financially Speaking

A message from Belco Retirement & Investment Services We all know men and women are different in some fundamental ways. But is this

true when it comes to financial planning? In a word, yes.Everyone wants financial security. But women often face unique obstacles that can

affect their ability to achieve it. Let’s look at some of these potential headwinds.

SOME KEY DIFFERENCESOn the path to financial security, it’s important for women to understand what they

might be up against, financially speaking:

Women have longer life expectancies. Women, on average, live 5 years longer than men.1 A longer life expectancy presents several financial challenges for women:

• Women will need to stretch their retirement dollars further.• Women are more likely to need some type of long-term care, and may have to face

some of their health care needs alone.• Married women are likely to outlive their husbands, which means they could have

ultimate responsibility for disposition of the marital estate.

Women generally earn less and have fewer savings. According to the Bureau of Labor Statistics, within most occupational categories, women who work

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(“Woman Different from Men” continued on page 7)

full-time, year-round, earn only 82% (on average) of what men earn.2 This wage gap can significantly impact women’s overall savings, Social Security retirement benefits, and pensions.

The dilemma is that while women generally earn less than men, they need those dollars to last longer due to a longer life expectancy. With smaller financial cushions, women are more vulnerable to unexpected economic obstacles, such as a job loss, divorce, or single parenthood.

Women are more likely to be caregivers. Statistics show that the majority of caregivers are women. Of the more than 40 million Americans serving as caregivers to their loved ones, 60% are women.3 Often, being a caregiver means having to work part time or leave the workforce. Over time, being a caregiver can have significant financial implications, such as:

• Loss of income, employer-provided health insurance, retirement benefits, and other employee benefits

• Less savings• Potentially lower Social Security retirement benefits• Difficulty with career advancement or reentering the workforce• Increased financial vulnerability in the event of divorce or death of a spouse

Women are more likely to be living on their own. Whether through choice, divorce, or death of a spouse, more women are living on their own. This means they’ll need to take sole responsibility for protecting their income and making financial decisions.

Women need to protect their assets. As women continue to earn money, become the main breadwinners for their families, and run their own businesses, it’s vital that they take steps to protect their assets, both personal and business. Without an asset protection plan, a woman’s wealth is vulnerable to taxes, lawsuits, accidents, and other financial risks that are part of everyday life. But women may be too busy handling their day-to-day responsibilities to take the time to implement an appropriate plan.

STEPS WOMEN CAN TAKEIn the past, women may have taken a less active role in household financial decision

making. But for many, those days are over. Today, women have more financial responsibility for themselves and their families. So it’s critical that women know how to save, invest, and plan for the future. Here are some things women can do:

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(“Member Bulletin Board” continued from page 2)

audience of early readers, Belco employees handed out books so each child could take a copy home. The children also visited with Santa and received a small gift. 

Belco was a sponsor of the Lancaster Humane League’s 12 Days of Adoption in December. Fees were waived during this time to encourage pet adoption during the holiday season.

Belco employees participated in the 7th Annual Swatara Police Department’s 5K Hero Run in November. The race supports several organizations aiding veterans and children of fallen firefighters and police officers, as well as the Department’s K-9 program.

Belco was a sponsor of the Mission Central 5K Race/Walk in October. A group of employees and volunteers also participated in the event, which supports Mission Central’s disaster response, mission outreach and mission education efforts.

Belco in the Community:

• Friday, February 14 (3-8pm) and Saturday, February 15 (9am-6pm)– 2020 Adams County Home Show at All Star Events Complex in Gettysburg. Stop by our table and meet our Belco Mortgage Services representatives. 

• Friday, March 6 – Belco’s 81st Anniversary Celebration at all branches. Stop by for free cake, giveaways, and enter to win a Visa gift card.

• Sunday, March 15 – Taste of Carlisle. Join us for Cumberland County’s premiere tasting event from 11am-1:30pm at the Carlisle Expo Center.

• Saturday, April 4 – Dauphin County Women’s Expo, 9am-2pm at the Hershey Lodge. Stop by our table and enter our prize drawing. Register free at www.agreatwaytospendmyday.com (or $5 admission at the door).

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• Wednesday, April 22 – Social Security seminar presented by Belco Retirement & Investment Services. 6-7:30pm at our Eastgate Branch in Carlisle. Details soon at belco.org.

• Saturday, May 2 – Community Day & Garden Faire in downtown New Cumberland from 9am-3pm. The event features arts and crafts vendors, plant and produce vendors, food and entertainment.

• Saturday, May 16 – Free Community Shred Day, 9am-12pm at our Paxton St. branch in Harrisburg. Bring us your sensitive documents that are no longer needed to be securely destroyed. Limit 10 boxes per person.

• Thursday, May 21 – SACA Fiesta. Friends and supporters of the Spanish American Civic Association come together and celebrate the organization’s work in Lancaster’s Latino community. The event’s trademark is its spread of Latino foods, including dishes from Puerto Rico, Mexico, Cuba, the Dominican Republic, Ecuador and Peru.

Safari Club Egg Hunts

Come join the fun at our annual egg hunts, which will again be held at four convenient locations:

• Carlisle (N. Middleton Park, Pav. 2)– Saturday, April 4 @ 10am

• Lancaster (Long’s Park) – Saturday, April 4 @ 10am

• Gettysburg (Rec. Park) – Saturday, April 4 @ 2:30pm

• Harrisburg (Fort Hunter) – Saturday, April 11 @ 10am

We will once again have plenty of candy-filled eggs, plus special prize eggs for a change to win gift cards and other prizes. Youth members, check your mailbox soon for all the details and registration information.

Remember, April is Youth Month, and we will be celebrating our youth and teen members all month long with special activities, contents and giveaways. Visit belco.org for all the details on Youth Month beginning April 1.

2020, as we plan for the relocation of several existing branches as well as the construction of additional branches that will extend our community presence even more. Look for more details on these exciting developments in the coming months. As always, we thank you for your membership and thank you for believing in Belco, where we believe in you!

Sincerely,

Amey R. Sgrignoli President/CEO

(“Amey’s Corner” continued from page 1)

Take control of your money. Create a budget, manage debt and credit wisely, set and prioritize financial goals, and implement a savings and investment strategy to meet those goals.

Become a knowledgeable investor. Learn basic investing concepts, such as asset classes, risk tolerance, time horizon, diversification, inflation, the role of various financial vehicles like 401(k)s and IRAs, and the role of income, growth, and safety investments in a portfolio. Look for investing opportunities in the purchasing decisions you make every day. Have patience, be willing to ask questions, admit mistakes, and seek help when necessary.

Plan for retirement. Save as much as you can for retirement. Estimate how much money you’ll need in retirement, and how much you can expect from your savings, Social Security, and/or an employer pension. Understand how your Social Security benefit amount will change depending on the age you retire, and also how years spent out of the workforce might affect the amount you receive. At retirement, make sure you understand your retirement plan distribution options, and review your portfolio regularly. Also, factor the cost of health care (including long-term care) into your retirement planning, and understand the basic rules of Medicare.

Advocate for yourself in the workplace. Have confidence in your work ability, and advocate for your worth in the workplace by researching salary ranges, negotiating your starting salary, seeking highly visible job assignments, networking, and asking for raises and promotions. In addition, keep an eye out for new career opportunities, entrepreneurial ventures, and/or ways to grow your business.

Seek help to balance work and family. If you have children and work outside the home, investigate and negotiate flexible work arrangements that may allow you to keep working, and make sure your spouse is equally invested in household and child-related responsibilities. If you stay at home to care for children, keep your skills up-to-date to the extent possible in case you return to the workforce, and stay involved in household financial decision making. If you’re caring for aging parents, ask adult siblings or family members for help, and seek outside services and support groups that can offer you a respite and help you cope with stress.

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(“Woman Different from Men” continued from page 4)

(“Woman different than men” continued on page 15)

With Flat Rate Mobile Promotion, all you need is a smartphone. Mobile payment solutions are becoming increasingly popular in today’s marketplace for their ease, low costs and advantage over the competition.

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Cell: 917-670-2198

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C O N N E C T I O N S

Investigate and negotiate flexible work

arrangements that may allow you to

keep working

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With Flat Rate Mobile Promotion, all you need is a smartphone. Mobile payment solutions are becoming increasingly popular in today’s marketplace for their ease, low costs and advantage over the competition.

THE SIMPLE, COST- EFFECTIVE WAY TO ACCEPT PAYMENTS WHILE ON THE GO

PAY ON THE GO PROCESSING» EMV-Ready Solution:

Clover Go NFC with Bluetooth(stand sold separately)

» FREE standard ground shipping» No cancellation/early termination fees**» 2.75% rate per card swipe**» 3.35% rate per keyed entry**» No per transaction fee**

** Rates and fees are subject to change.

FLAT RATE MOBILE PROMOTION

FOR ADDITIONAL INFORMATION Jon Schmidt

Senior Vice PresidentOffice: 212-273-8241 or 561-494-7623

Cell: 917-670-2198

PAYROLL & BENEFITSTECHNOLOGY SOLUTIONSPAYMENT PROCESSINGBUSINESS FINANCE

Promo 11 - Valid Through 12/31/2019

In Partnership With

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C O N N E C T I O N S

Home at LastSpecial Incentives for Home Borrowers

With a wide range of loan options that make home ownership a reality, Belco Mortgage Services is committed to doing all we can to get you in the home of your dreams.

Right now, we’re pleased to offer some additional incentives for borrowers to make now a great time to buy a home:

• 1% settlement credit – Borrower will receive 1% of the final loan amount at settlement toward costs.

The settlement credit Belco provides cannot exceed 3% on conventional loans, 4% on VA loans, and 6% on FHA loans when combined with all other contributions from the seller and other interested parties. Maximum settlement credit cannot exceed amount permitted under rules and regulations set forth by CFPB.

• Loan administration fee reduced to $499 (normally $999)

Apply by 3/31/20 to take advantage of these money-saving incentives. Loan must settle by 5/31/20 to qualify for incentives.

Visit www.belco.org to learn more and to apply. For current rates or other questions, contact us at 717-720-6286, or

email mortgages@belco.org.

Rates and terms subject to change without notice. This is not a firm offer of credit, or pre-approval. All applicants are assessed following a completed application. Home loans are provided through CU Members Mortgage, a division of Colonial Savings, F.A. NMLS#401285.

Considering a Home Purchase?Mark your calendar for our Free Home Buying Seminar

Thursday, April 23, 2020 Guthrie Memorial Library 2 Library Pl, Hanover, PA

More details coming soon at belco.org

Behind the Scenes with Belco – Meet Kim M., Oregon Pike Assistant Branch Manager

“My experience with credit unions began at a very early age. To this day, I can still remember as a child going to our local credit union in Allentown, PA with my dad. When I was 18, I got my first credit card. While in college at Millersville University, I began working as a teller for a local credit union and continued to work there in various roles after I graduated with a B.A. in Mathematics.

My journey with Belco began in March 2013, when I accepted the position of Member Service Representative at the Oregon Pike branch in Lancaster. Empowering members to meet their financial goals while witnessing the positive impact it had on their lives and our community excited me to be working at Belco. I especially had a passion for our loan products, and having a front row seat to transforming the lives of our members. During this time, I also served on the Wellness and Community Service & Support Committees.

After successfully mastering the sales and production side of the branch, I was promoted to Head Member Service Associate in June 2016. In this role, I was able to learn the operations side of the branch while also supervising the teller staff. With this extensive experience in all branch departments, I had no hesitation in taking the next step in my career. Since December 2016, I have been the Assistant Branch Manager at the Oregon Pike Office. In this role, I have the privilege of coaching and leading my teammates, while continuing to assist the members I’ve built relationships with over the years. At Oregon Pike, we are one team united in our shared motivation to build relationships with our members and transforming their lives. I recently had the privilege of becoming a member of our Brand Ambassador Award Committee. I take great pride in living the Belco life every day and believing in every person, every dream, every time. I enjoy working for an organization that focuses on its current members, future members, and the community.”

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Did You Know…

Something to keep in mind as you make your March Madness bracket selections: There is a 1 in 9.2 quintillion (that’s 18 zeros) chance that someone could correctly pick the winner of every game in the 64-team NCAA tournament. Source: Forbes.com

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Tricia Heisey Named Finalist for Goodwill Ambassador Award

Tricia Heisey, Belco’s Business Development and Financial Education Representative, was honored as a finalist for the 2019 Goodwill Ambassador Award presented at the Conference for Women, held in Harrisburg in October. The award honors a woman who is focused on community outreach, business and personal philanthropy efforts, and who demonstrates leadership characteristics in our community with proven results. Heisey was one of 10 nominees, ranging from local business owners to peers in the financial field.

The Conference for Women is a locally produced day of professional development filled with education, recognition and practical and innovative solutions.

Tricia’s career at Belco has spanned 37 years, all of which have been spent living the credit union philosophy of People Helping People. Tricia’s passion for her job, her community, and for financial education has created valuable community partnerships and helped countless people reach their financial goals. She especially enjoys her outreach to the underserved, no matter their age, income levels or walks of life: ex-offenders, recovering drug addicts, victims of domestic violence, homeless teens, to name just a few.

“We are very proud of Tricia because she is a woman who uses her role in her career to bring immeasurable value to the community, to businesses and to the many people whose lives she touches. Her leadership in a variety of organizations within the community has created a legacy of young professionals who are themselves champions for underserved and challenged individuals. Tricia serves as an example to others through her dedication and commitment to her faith, family, friends, job, and our communities,” said Amey Sgrignoli, Belco President and CEO.

Masquerade Ball

Did You Know…

Half of all Americans have at least one of the top three risk factors – high blood pressure, high cholesterol, and smoking – for heart disease. February is Heart Health Month. Find out how making healthy choices and managing your medical conditions can help you take control of your heart health at www.cdc.gov/features/heartmonth. Source: www.cdc.gov/features/heartmonth

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e Saturday, April 4, 2020, 4-11pm

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COCKTAIL HOUR | DINNER | LIVE BAND DANCING | PRIZES | COMPLIMENTARY GIFT

LIMITED TABLES with ASSIGNED SEATSGeneral Admission: $30/guest

Tickets on Sale February 10

A N N U A L M E E T I N G

Masquerade Ball

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C O N N E C T I O N S

How to Save Money on Any SalarySaving can be challenging at any income level. Yahoo! Finance recently reported

that only 58% of Americans could pay for a $1,000 emergency in cash. And CNN Markets found that only 28% of Americans have 6 months’ worth of expenses saved. 

No matter what your annual salary, these tips can help you grow your savings, so you don’t find yourself without cash when you need it most: 

Know Your WhyDetermine your reason for saving. Do you want to build an emergency fund? Are

you saving for a family vacation? Know your ultimate savings goal and envision yourself reaching it. 

Set Your BudgetTo save money, you simply have to spend less than you earn. As easy as it sounds,

you’re more likely to be successful with a plan. Think of a budget as telling your money where to go instead of allowing it to call the shots in your life. 

List out everything you spend money on, including fixed, semi-fixed, and variable expenses. Fixed expenses are those unlikely to change like rent or health insurance premiums. Your semi-fixed expenses, which include most utility bills, can vary month to month. You have the most flexibility with variable expenses, which include food, entertainment, travel, shopping.

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Review the last 6-12 months of account statements to find the average amount spent in each category, then determine your monthly budget based on your goals.

Reduce SpendingThis can be more difficult for the fixed category expenses, although you may be able

to rent a cheaper apartment or refinance your mortgage or auto loan.  In the semi-fixed category, you could cut the cord to

reduce your cable bill, or eliminate some of your unnecessary cell phone services. Even if you can save $10 or $15/month, every little bit adds up. 

In the variable expenses category, start by making less expensive food choices, reduce how much you eat out, etc. Don’t be afraid to shop second hand or sales racks for great clothing deals. Think about less costly, or even free, activities to do around town. Another tip is to use cash or open a checking account specifically for your variable expenses. That way, once you’ve spent

all of your money set aside for such expenses, you won’t be able to overspend as easily. Review your budget after you’ve figured out where you can cut your expenses to see

how much you are now able to save each month. 

Make More MoneyOnce you’ve cut your expenses,

you can determine if you need to make extra money to reach your savings goals.  

For example, to save $5,000 in a year, you must put aside $416/month. If you can only afford to save $250/month based on your budget, consider how you can make up that extra $166. Consider increasing your hours at work, taking on additional projects, starting a side business, or even looking for a job that pays more overall. The alternative would be adjusting your savings goal to match your current budget.  

At Belco Community Credit Union, we offer a variety of savings account options so you can safely store your money while on your saving journey. Visit belco.org to learn more.

You could cut the cord to reduce

your cable bill, or eliminate some of your unnecessary

cell phone services.

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Protect your assets. Identify potential risk exposure and implement strategies to reduce that exposure. For example, life and disability insurance are vital to protect your ability to earn an income and/or care for your family in the event of disability or death. In some cases, more sophisticated strategies, such as other legal entities or trusts, may be needed.

Create an estate plan. To ensure that your personal and financial wishes will be carried out in the event of your incapacity or death, consider executing basic estate planning documents, such as a will, trust, durable power of attorney, and health-care proxy.

A FINANCIAL PROFESSIONAL CAN HELPWomen are the key to their own financial futures; it’s critical that women educate

themselves about finances and be able to make financial decisions. Yet the world of financial planning isn’t always easy or convenient. In many cases, women can benefit greatly from working with a financial professional who can help them understand their options and implement plans designed to provide women and their families with financially secure lives.

It’s just another way your credit union is here for all aspects of your financial life. You already trust us with some of your accounts. Now, let our financial planning team help lay the groundwork for your future success. There’s no charge or obligation to sit down and talk.

Jessica Aquiler & Eric Pasquini at Belco Retirement & Investment Services may be reached at 717-720-6220.

Sources:1 NCHS Data Brief, Number 328, November 20182 U.S. Bureau of Labor Statistics, Highlights of women’s earnings in 2017, Report 1075, August 20183 AARP, The Trickle Down Effect of Caregiving on Women, November 2018

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. Important message: the information contained in this message or any attached document is confidential and intended only for individuals to whom it is addressed.

(“Woman Different from Men” continued from page 7)