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It didn’t take an act of Congress…
to make our Visa consumer friendly

Since the second part of a federal bill known as the CARD Act went into effect on Monday, February 22, most credit cards have become a lot friendlier to consumers. Credit card companies are now prohibited from a long list of unsavory business practices ranging from switching the date a customer’s bill is due to retroactively raising interest rates.

However, because so many of the now-outlawed practices were also huge revenue generators for the companies issuing cards, many financial institutions have responded by preemptively raising interest rates across the board and introducing new fees.

You likely noticed that Pittsford FCU made no such changes – our rate remains unchanged at 9.49 percent APR (annual percentage rate), and we have introduced no new fees. As always, we have no annual fee, no late fee, and no over-the-limit fee.

In contrast, Citigroup informed some customers they will owe $90 if they don’t charge at least $2,400 a year, while American Express and Bank of America have each introduced annual fees as high as $100 for some cards. According to a study by LowCards.com, even consumers with pristine credit are paying at least two percentage points more in interest this year.

What you will notice are a few changes to our statement format. Each month, your Pittsford FCU VlSA statement now includes information about the cost of paying just your minimum payment and how much you can save by paying a larger portion of your outstanding balance each month.

If you have received notification from another financial institution notifying you of new fees or higher interest rates, now may be the perfect time to apply for Pittsford FCU’s Platinum VlSA card. We are here to help our members get ahead – financially. Visit PittsfordFCU.org/apply today!

 

 

Last minute tax tips

If you haven’t filed your taxes already, members who prepare their own returns may want to consider using TurboTax Online, available directly from within Pittsford FCU’s Internet Banking. For those fortunate enough to receive a refund, don’t forget that the fastest, safest method to receive your money is by ACH Direct Deposit. Pittsford FCU’s ABA/Routing and Transit Number (RTN) is 222381918.

 

 

ATM deposit locations added

Pittsford FCU is pleased to announce that members can now make ATM deposits at any of the 9,000 CO-OP deposit-taking ATMs nationwide, adding eight new deposit locations. In February, members were disappointed to learn that Wegmans had decided to stop accepting deposits at their ATMs. We explored several deposit alternatives, but ultimately felt it was necessary to expand our ATM deposit options, which we have been able to do with the cooperation of the CO-OP Network.

Local credit unions in this network include Family First Federal and Xceed Financial. To locate a CO-OP ATM or deposit-taking ATM nearest you, visit PittsfordFCU.org/ATM and look for the CO-OP Network locator icon.

New Deposit-Taking ATM Locations

Family First Federal Credit Union

  • 2520 Browncroft Blvd., Penfield
  • 850 Ridge Rd., Webster

Xceed Financial Credit Union

  • 3330 Monroe Ave., Pittsford
  • 1425 Jefferson Rd., Henrietta
  • 100 Clinton Ave. S., Rochester
  • 800 Phillips Rd., located in Xerox Bldg. 208 (limited access), Webster
  • 189 W. Main St., Webster
  • 1552 Ridge Rd. W., Greece

 

 

Congratulations, PFCU scholarship winners!

Eight college-bound seniors have each won scholarships totaling $1,000 in recognition of their outstanding academic achievement and community involvement. This year, three recipients were selected for the $1,000 Rochester Chapter of the Credit Union Association of New York (CUANY) Scholarships, while Pittsford FCU funded an additional five scholarships.

This is the eighth year that Pittsford FCU members were awarded scholarships, with a total of $39,500 distributed to outstanding Pittsford FCU members.

Rochester Chapter of CUANY Scholarship Recipients:

  • Garima Gupta
  • George Shebert
  • Alexander Styk

PFCU Scholarship Recipients:

  • William Hallock
  • Kevin Harrington
  • Maureen Randall
  • Theresa Sullivan
  • Hannah Waterstram

 

 

Penny Power

Brian Scudder welcomes the most recent batch of Brownies to visit Pittsford FCU. The Brownies earned their Penny Power Badges after participating in a discussion about banking, money, and consumer finance, and going on a tour of the computer room, ATM room, and vault.

 

 

 

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Avoid being a fraud victim

When transacting with anyone not personally known to you, always err on the side of caution. Someone offering to overpay you for whatever reason, and then requesting cash back for the difference is almost always a con artist. In February alone, several members were victims of these “cash-back” scams.

Recently, Member Service Representative Christina Dougal witnessed this scam firsthand and was able to prevent a member from being victimized. The member had placed an ad on Craigslist and was contacted by someone offering her a job. The “employer” sent the member money orders exceeding what she was to be paid and then asked her to return just the overpayment amount. The member started the process of getting the money from her Pittsford FCU account, but after telling Christina why she needed the money, Christina recognized the scam and convinced the member not to send the money.

There are many different kinds of scams out there, and Christina offers additional tips to protect yourself:

  • Never give your financial or personal information to unknown callers unless you initiate the call yourself.
  • Remove all name and address labels off magazines and junk mail when disposing of them, and always use a shredder when possible.

Never hesitate to report fraudulent acts. If you ever have doubts about a transaction, ask any Pittsford FCU member representative for help.

 

 
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Credit Union. All rights reserved.
Your savings Federally Insured to at least $100,000 and backed by the full faith and credit of the United States Government.  National Credit Union Administration, a U.S. Government Agency.