410-534-4500 | 1-800-JHFCU-70 jhfcu.org SPRING 2023 JOHNS HOPKINS FEDERAL CREDIT UNION MARK YOUR CALENDAR Annual Meeting May 10, 2023 Please join us in person for our Annual Meeting, Wednesday, May 10, 2023, 5:00 p.m.–7:00 p.m. The meeting will be held at: John Hopkins University Glass Pavilion at Levering Hall 3400 N. Charles Street Baltimore, MD 21218 Please RSVP by Wednesday, May 3, 2023 by completing our online form at jhfcu.org/news or scan the QR code. AUTO REFINANCING Say Goodbye to Buyer’s Remorse So you needed to buy a car. You did all your research, you picked the perfect vehicle, and you had your down payment ready to go. But once you were at the dealership and in the finance office, things started to move quickly. And before you knew it, you were leaving the lot with a new ride, a laundry list of warranties you’re not sure if you needed, and the hefty car payment to prove it. But you don’t have to live with a subpar auto loan when JHFCU is here to help. Dealerships are incentivized to hike your interest, extend your loan term, and sell you warranties at top dollar, whether they’re in your best interest or not. And you pay for all these services—with interest. Not only does JHFCU typically offer lower interest rates than the dealer, but we also offer the exact same warranties at a fraction of the cost. Our lending team ❤ getting our members the best deal possible. Even if you’ve already bought your car, we make it fast, easy, and convenient to refinance your auto loan with us. In just a few clicks you can have the car—and the loan— of your dreams. On average, members who refinance their auto loan with JHFCU save $2,500!* Scan the code below and start saving today. * Savings calculated on applications from JHFCU members who refinanced auto loans in 2022. Your savings amount may vary. HOLIDAY CLOSINGS Memorial Day Monday, May 29 Juneteenth Monday, June 19 Independence Day Tuesday, July 4 You can access your accounts via Online Banking, the JHFCU Mobile Banking App, TeleBranch 24 and ATMs.
2 MONEYMATTERS | Spring 2023 Credit Made Easy Credit is everywhere, but nearly 1 in 4 Americans don’t know how their credit score is determined, and 1 in 8 don’t know their credit score at all. Credit is a cornerstone of good financial health, but it can be tough to know where to start. Fortunately, you have SavvyMoney on your side. SavvyMoney is a free suite of tools that makes it easy to stay on top of your credit. As a JHFCU member, you have access to comprehensive credit score reporting and monitoring, personalized loan and credit card offers, and financial education resources to help you learn how to build and maintain healthy credit. Whether you’re opening your first account, rebuilding your credit, or just want to keep your score high, SavvyMoney has the tools to help. You can get started with SavvyMoney in online banking or the JHFCU mobile app. Home Equity: What Is It and What Is It Good For? Put simply, home equity is your financial interest in your home. Say you’ve just purchased a home valued at $200,000 with a 20% down payment of $40,000, then your home equity is $40,000. You’ll gain more equity in your home as you pay down your mortgage balance, but your home equity can also increase if the market value of your home rises. You can borrow against your home equity in a couple of ways, with a Home Equity Loan or a Home Equity Line of Credit (HELOC). Both are secured loans, meaning they’re borrowed against collateral. Secured loans typically have better interest rates than unsecured loans, though both will have a higher interest rate than a traditional mortgage. Either a Home Equity Loan or HELOC can be a viable option when you need to take out a loan, but they function differently and typically have different uses. A Home Equity Loan is a lump sum loan that you pay back over a set amount of time at a fixed rate. Home Equity Loans are ideal for one-time purchases and investments where you know exactly how much money you’ll need, like a major home repair or new appliances. Home Equity Loans can also be a great option to pay off high-interest credit card debt, since they have lower interest rates and fixed payments. A HELOC is a revolving line of credit you can use over and over for a predetermined amount of time, known as a draw period. Once the draw period is over, you have a certain amount of time to repay your outstanding balance at a variable interest rate. A HELOC is a better option if you’re borrowing for ongoing payments or projects, such as a whole home renovation or paying tuition. For a limited time only, JHFCU is offering a fixed introductory rate as low as Prime minus 2.00% APR* for the first 12 months when you open a HELOC. Apply online, or stop into a branch to find out how you can tap into your home equity to tackle your projects! * APR = Annual Percentage Rate. The rate you receive will be based on certain creditworthiness. Please ask us for the rate for which you qualify. Maximum rate is 18.00%. COMING SOON: Your Alerts Are Getting an Update JHFCU’s online banking text and email alerts are getting a facelift! Keep an eye on your email for more details.
MONEYMATTERS | Spring 2023 3 Letter from the CEO CEO Keith O’Neil Reflects on His First Year This has already proved to be an exciting year. The 2023 Annual Meeting is our first in-person event since 2019, and marks one year since I’ve joined Johns Hopkins Federal Credit Union. I am exceptionally proud and fortunate to be part of this organization, which has served the Johns Hopkins community for over 50 years. It is easy to recognize what makes this credit union so special. We have the honor of serving a world class organization, one comprised of people of extraordinary talent and passion. We’re located in a city with an incredibly rich and vibrant history, where we serve members across the globe. And the people that serve this organization do so with incredible enthusiasm and pride. We believe what makes JHFCU so special is the extraordinary sense of community we share. At our core, JHFCU is part of a cooperative movement. We work for each other, and only exist so long as we continue to support one another. Over the last year, we have put great effort into developing ways we can provide our members with the most value possible. We’ve spent a significant amount of time and energy surveying our current capabilities, and making strategic investments to implement technology that is more agile, accessible, and streamlined. We take immense pride in our service, and we’re excited to provide a level of accessibility and functionality that matches that quality of service. These investments will enable us to enhance our functionality, but more importantly they provide a viable foundation for sustainable growth. We’re excited to share these developments. We’re always considering ways to improve the member experience, because we know the best and most enduring investment is an investment in other people. The individuals that make up this movement prove that every day, simply by choosing JHFCU. Every dollar that comes into the credit union is reinvested into your fellow members in a variety of ways. Your membership makes homeownership attainable for first-time buyers, it allows us to provide debt counseling to get people back on their feet, it enables members to save for retirement, and so much more. Every member provides real and demonstrable value to JHFCU and to their community, one which provides great value to the world. The last few years have taught all of us many lessons about connection, about humility, and most of all, about resilience. As we settle into our new normal, we must recognize that it is within our power to create the future we want, one of prosperity, collaboration, and mutual respect. We at JHFCU strive to exemplify these principles, and build a better, healthier financial future with our members. Johns Hopkins Federal Credit Union was built by and for the Hopkins community. This is your organization, and your community that you carry with you throughout the years, no matter where life may take you. Thank you for being a member, and for making JHFCU part of your journey. Keith O’Neil President & CEO Join us for our Annual Meeting Wednesday, May 10, 2023 • 5:00 p.m.–7:00 p.m. Please RSVP by Wednesday, May 3, 2023 by completing our online form at jhfcu.org/news or scan the QR code.
4 MONEYMATTERS | Spring 2023 It’s Never to Early to Teach Your Family About Financial Management One of the best parts of being a JHFCU member is sharing it with your loved ones. As a member, you can open a youth account for any of the kids in your life up to age 21, so long as they’re eligible for membership. We know one size doesn’t fit all, so we have different types of accounts depending on the age of the kids and needs of your family. Youth savings accounts are established in a child’s name, but are controlled by the custodian on the account: you! Deposit their allowance, save up for college, or match them for major purchases. It’s the perfect way to teach about money management, earning dividends, and saving for the future. Once your child has a grasp on the ins and outs of banking, consider opening a minor account with them. Kids 16 and older are eligible to open minor checking and savings accounts. Unlike custodial accounts they’re a joint owner, so they can make their own deposits and withdrawals, which makes it the perfect place to deposit their first paycheck. And if they’re 16 or older and headed off to college, they can open their own checking and savings accounts and become a JHFCU member in their own right. Stop into a branch to open an account and get your family on the road to financial health! 23rd Annual Golf for Kids July 21, 2023 Mark your calendar and watch our website for details on our 23rd Annual Golf for Kids benefiting Johns Hopkins Children’s Center. 410-534-4500 • 800-JHFCU-70 jhfcu.org Members: 42,961 Assets: $630,584,865 Call Center 410-534-4500 • 1-800-JHFCU-70 M,Tu,Th,F 8:30 a.m.–5:00 p.m. Wednesday 10:00 a.m.–5:00 p.m. Branch Locations Hours: M,Tu,F 8:30 a.m.–4:00 p.m. Wednesday 10:00 a.m.–4:00 p.m. Thursday 8:30 a.m.–5:00 p.m. East Baltimore Branch 2027 E. Monument Street Baltimore, MD 21205 24-Hour Drop Box available Homewood Branch 4 E. 33rd Street Baltimore, MD 21218 Bayview Branch 5201 Alpha Commons Drive Baltimore, MD 21224 24-Hour Drop Box available Administrative Office Canton Crossing Tower 1501 S. Clinton Street, Suite 1200 Baltimore, MD 21224 Lost or Stolen ATM, Debit or Credit Card 410-534-4500 • 800-543-2870 Press 2 to speak with a representative After Hours: For ATM/Debit Card, press 5 For Credit Card, press 6 Johns Hopkins Federal Credit Union (JHFCU) is a federally chartered credit union completely independent from Johns Hopkins University, Johns Hopkins Health Systems, and any of the Johns Hopkins schools, hospitals, or programs. JHFCU serves the employees, students, retirees and Alumni Association members of the Johns Hopkins University, employees and retirees of the Johns Hopkins Health System and its hospitals, and employees and retirees of other select entities. JHFCU is wholly owned by its members. Neither Johns Hopkins University nor Johns Hopkins Health Systems select or are responsible for the goods and services offered by JHFCU. MoneyMatters is published by the JHFCU office staff. The views expressed do not necessarily reflect those of The Johns Hopkins Hospital or University administration. Address all correspondence to: Johns Hopkins Federal Credit Union c/o Editor, MoneyMatters 2027 E. Monument Street Baltimore, MD 21205 Federally insured by NCUA
RkJQdWJsaXNoZXIy NjYxOA==