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Your Credit Union:
safe and sound

The national and global financial news of late has not been encouraging. Rising oil and food prices, large numbers of foreclosures for lenders involved in sub-prime lending, and investment firms writing off billions of dollars in investment values are causing concerns. Some anxiety and fear is natural. However, despite all the negative news, we would like you to know that your Credit Union continues to operate in a safe and sound manner.

Pittsford Federal Credit Union’s largest category of assets is loans to members. Nearly $200 million of our $250 million in assets is invested in loans to members. We are proud to report that our members continue to repay their loans at historically “normal” rates, even in this challenging economic time.

The quality of a consumer loan portfolio is largely measured by its overall delinquency rate. With only 0.7 percent of our loans over 60 days past due, 99.3 percent of all loans are in a current status. For comparison, according to the Mortgage Bankers National Delinquency Survey at the end of the first quarter of 2008, the seasonally adjusted delinquency rate for mortgage loans was 6.3 percent, fully nine times higher than our delinquency rate. We are all benefiting from a very stable and loyal membership.

Pittsford FCU continues to maintain a strong balance sheet by adhering to fiscally responsible lending policies and a controlled asset growth strategy. Your credit union deposits are federally insured and backed by the full faith and credit of the U.S. government. No credit union member has ever lost a penny of insured deposits in a federally insured credit union. In addition, we are monitored by the federal government to ensure our ongoing safety and soundness. We also engage an independent CPA audit firm to monitor our internal controls and adherence to best practices. We have, and always will, operate in a safe and sound manner.

In this time of economic uncertainty, please know that we are truly here for you. Pittsford FCU has been a trusted financial institution for more than 40 years. It’s possible that some of you may be experiencing budget strains or financial concerns. Feel free to contact us with any questions or concerns you may have. We will continue our mission of helping our members get ahead financially. It is why we exist!



adds new features

Here at PFCU, we’re always looking for ways to improve our service to you. Now, managing your account is even easier with additional eAlerts features.

With our eAlerts service, you choose the account events that are important to you. Once enrolled, the eAlerts system will notify you via email of all qualifying events, if any, that occurred on your account at the end of each day.

New eAlerts notices:

  • Scheduled periodic balance updates, specified by you
  • A balance drops below or rises above an amount specified by you
  • A loan payment is due or overdue

For a complete list of available eAlerts and instructions on how to set your custom eAlerts, visit PittsfordFCU.org/eAlerts.



Security update:
New form of identity theft

A new form of identity theft is emerging called “vishing.” Vishing involves computer technology, called Voice over Internet Protocol (VoIP), making anonymous calls with caller ID spoofing to make it appear as though you are being called from a recognized entity, all in order to gain personal information.

The phone call, voice message, or text message will direct you to an 800 number to verify your credit card information. After dialing the 800 number, a mechanical prompt will ask you to enter your credit card number, expiration date, and CVV number (three digit number on the back of your card). This information is then used to make a fake credit card and spend money from your account.

Tips to Protect Yourself:

  • If you are asked to confirm or give personal information over the phone, hang up.
  • If you are not addressed by name, hang up.
  • Be aware that Pittsford FCU will not ask for your card CVV or security code.
  • If any of the above happens to you, immediately dial Pittsford FCU via the number on the back of your card.



How to avoid financial scams

Armed with good, old-fashioned common sense, you can thwart any financial scam. Please alert a Credit Union representative if a transaction you are involved in has any of these tell-tale signs:

  • It sounds too good to be true.
  • It involves sending money back to the sender for overpayment or taxes on winnings.
  • It involves divulging personal and/or financial information during an unsolicited call or email.



Experienced a major life event?

Our IRA specialist, Pati Falzone, would like to remind you that certain life events can trigger IRA considerations.

  • If you’ve recently changed jobs, this is a good opportunity to transfer funds from your previous employer’s retirement plan into an IRA at Pittsford FCU. If your new employer does not offer a defined retirement plan, look at the benefits of an IRA.
  • Your 50th birthday is a great time to make “catch-up” contributions to your IRA. When you reach this age, the IRS allows for an additional $1,000 in IRA contributions.
  • If retirement is around the corner, you may be looking for insured investments for your retirement savings once you leave the workforce. Why not open an IRA?
  • Do you have stock market concerns? IRAs are federally insured by NCUA up to $250,000. Consider rethinking your investment options and opening an IRA at Pittsford FCU.

You should also make sure the beneficiaries on your existing IRA, life insurance, and retirement accounts are current. They may not be if you have experienced the death of a loved one, the birth of a child or grandchild, a marriage, or a divorce. All are reasons to review your beneficiaries and update your selections to avoid unintended consequences. If you have any questions, please give us a call.


  Copyright 2008 Pittsford Federal
Credit Union. All rights reserved.
Equal Housing
Your savings Federally Insured to at least $250,000 and backed by the full faith and credit of the United States Government.  National Credit Union Administration, a U.S. Government Agency.
Federally Insured