Members First.
eNewsletter – First Quarter 2021
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Wayne N. Grossé President & Chief Executive Officer
President’s Message.
With the most unusual of holiday seasons behind us, I hope that you were able to find ways to honor your holiday traditions and make meaningful new memories while maintaining the safety that these times demand. I wish you a healthy, safe and peaceful New Year!
If you are like me, you were happy to say goodbye to 2020. But, as I reflect on the year, I don’t want to dismiss it altogether. Some remarkable things came from the challenges we faced – the heroism of all healthcare workers and first responders, the generosity of our communities, and the perseverance of every individual – that make the year worth remembering. I feel particularly grateful for the patience and cooperation of all Bethpage members as we adapted and learned how best to serve you under these circumstances. I am also extremely proud of the commitment and dedication of the Bethpage staff to keeping the safety and health of our members and each other our top priority.
As we start a new year, we will continue to do business in much the same way as we did in 2020. Our primary focus will continue to be to protect the health and safety of our members, our staff and our communities. We will continue to adhere to state and local government guidelines, including social distancing and wearing masks, in all of our branches among our staff and members. This will mean limiting our branch staff to alternating work days and limiting the number of members permitted in our branches, both in an effort to minimize everyone’s potential exposure to the virus and maximize the service we can provide.
We will continue to update our website with the most current information about services we provide and new developments relating to the pandemic. To make an in-person, phone or virtual appointment with a branch representative, to learn about a new SBA PPP loan, to find other ways to bank with us, and more, please visit our website at lovebethpage.com/updates.
Whatever your financial needs may be, we look forward to serving you in 2021 and beyond!
Sincerely,
Wayne N. Grossé
President & Chief Executive Officer
Get to know a Bethpage HELOC.
An interview with Kathleen Flanagan, Senior Manager, Home Equity Operations at Bethpage.
What is a Home Equity Line of Credit (HELOC)?
A home equity line of credit, or HELOC, is a loan that gives you access to flexible funds based on the equity you have in your home. You can draw available funds from the line of credit at any time during the first 10 years, called the draw period, and you only pay interest on what you’ve borrowed. The line of credit is revolving, meaning as you pay down your balance, the funds become available to use again (similar to a credit card). With a Bethpage HELOC, you have the option to make low, interest-only payments for the first 10 years, followed by a 20-year repayment period.
What are common uses of a HELOC?
The most popular uses of a HELOC are to make home improvements, to consolidate debt (for example, to pay off high interest credit cards), to fund higher education, or just to have emergency funds readily available.
Does Bethpage offer a fixed-rate option on a HELOC?
Yes! A Bethpage HELOC provides you the flexibility to “lock in” up to three fixed-rate loans at one time for 5, 10 or 20- year terms, at no additional cost, with a minimum draw of $10,000 during the 10-year draw period. By locking in some or all of your variable-rate HELOC with a Fixed-Rate Loan Option (FRLO), you can take advantage of a stable monthly payment for the FRLO portion(s) of your HELOC, especially in a changing-rate environment.
Are there closing costs associated with a HELOC?
Bethpage covers all closing costs associated with its HELOC product**, assuming that the line of credit is not closed within 36 months of the origination date of the funding of the loan.
To learn more, or to apply today, visit lovebethpage.com/heloc.
Kathleen Flanagan, Senior Manager, Home Equity Operations at Bethpage
Board nominations.
The Nominating Committee of the Board of Directors of Bethpage Federal Credit Union has placed the names of the individuals listed to the right in nominations for board positions in 2021.
Nominations for the Board of Directors may also be made by petition signed by at least 500 members, if received by 5PM on March 10, 2021. The election will be held at the Annual Meeting on April 20, 2021, and will be conducted by ballot unless there is only one nominee for each position. There will be no nominations from the floor. Each nominee by petition must submit a statement of qualifications and biographical data with the petition. The statement of qualifications and biographical data will be published and made available to the public.
For more information or to file a petition and statement for a nominee, contact Lynda Nicolino at 899 South Oyster Bay Road, Bethpage, NY 11714, or call 516-349-6945.
Adam Silvers
Adam Silvers serves as the Managing Partner of Ruskin Moscou Faltischek, P.C., a full service business law firm, and is also a member of the firm’s Corporate & Securities Department. Adam regularly counsels both private and publicly-traded companies on a variety of legal issues. Over his career, Adam has successfully handled a wide range of complex transactions involving mergers and acquisitions, public offerings, private placements and venture capital financings, joint venture and partnership agreements, as well as software licensing and development agreements, among other areas. In recognition of his many accomplishments, Long Island Business News honored Adam with its prestigious 40 Under 40 award in 2006 and in 2018, Adam was inducted into LIBN’s Hall of Fame. In addition, Adam has been actively involved with the American Heart Association, having chaired their annual Long Island Heart Ball Gala. Adam currently serves on the Board of Directors of Bethpage and previously served on its Board Supervisory Committee.
Vincent Scicchitano
Vincent Scicchitano, who has held management and senior management positions at Emblem Health Plans between 1992 and 2008, has extensive experience in strategy, business development and finance. Prior, Mr. Scicchitano was an Accounting Manager for Grumman Data Systems from 1979 to 1992. Vincent, who received a B.S degree from the SUNY Buffalo, resides in Durham, NC, with his wife Joanne.
Mr. Scicchitano joined Bethpage as a Volunteer on the Supervisory Committee in 2011. Vincent is currently Vice Chairman of the Board.
Marie Ann Hoenings
Marie Ann Hoenings is currently General Counsel for Gramercy Group, Inc. of Wantagh, NY. She received her law degree from Hofstra University and immediately thereafter went to work for the New York County District Attorney’s Office as an Assistant District Attorney. After leaving the DA’s office, she went into private practice and was a partner at a premier Long Island firm, where she specialized in professional liability defense, as well as represented management in employment and discrimination matters. She is admitted to the New York and New Jersey State and Federal Courts, as well as the U.S. Supreme Court. She has been a member of the Bethpage Federal Credit Union’s Supervisory Committee since 2012. She has three children and currently lives in Huntington.
Shop safely even after the holidays.
The holidays may be over, but the shopping season continues, with many people returning or exchanging gifts and taking advantage of year-end sales. So, it is as important as ever to stay alert to financial scams.
Stay safe online with these tips:
Safeguard your personal information.
Do not provide your personal information, like your online credentials or debit/credit card PIN, or remote access to your device, while shopping or in response to an unsolicited email, text message, or phone call, even if the request appears to be from a well-known company, like Apple or Amazon.
Shop on reputable websites.
If a deal on an unknown website, especially for high-end items, seems too good to be true, it probably is.
Use payment apps cautiously.
Only send money to people you know. Most reputable merchants will not request payment via peer-to-peer (P2P) payment services. These apps often link directly to your bank account, so once the funds are gone, they are gone! Be aware of package delivery scams — delivered to your inbox. Just because an email or text message looks like it came from a legitimate company, like FedEx, it does not mean it did. Ignore prompts to click on attachments or provide information to retrieve your supposed missing package.
Set up alerts.
Use Bethpage’s Mobile App to set alerts to notify you of all of your account transactions, so you can spot unauthorized transactions. Keep up-to-date antivirus software on your computer for an added layer of protection.
For more ways to protect yourself, visit lovebethpage.com/fraudprotection.
Bethpage upgrades to Coinstar® coin counting.
We are pleased to announce that new Coinstar coin-counting machines — which offer a quick and easy way for our members to turn coins into cash — have replaced our previous coin-counting machines at all participating branches.
To find a Bethpage branch with a coin machine near you, visit lovebethpage.com/locator.
Important note: Members will be charged a 5% processing fee for all coin transactions.
Digital Banking update.
As a Bethpage member, you have easy, secure, and convenient access to Digital Banking, which allows you to manage all of your accounts from anywhere using your mobile device or computer. So, you can stay home and stay safe while staying connected to your finances.
Digital Banking makes it simple for you to:
- Send and receive money digitally between friends and family using Zelle®*
- Schedule payments with Online Bill Pay
- Set up alerts and notifications
You can also deposit checks in a snap!
With the Mobile Check Deposit feature in our Mobile Banking app, you can deposit checks into your Bethpage account using your smartphone. Give it a try!
Convenience — save trips to the branch to deposit checks
Simplicity — deposit checks in a few steps
Security — deposit checks securely from anywhere
For step-by-step instructions on how to remotely deposit checks, visit lovebethpage.com/mobilecheck.
Community spotlight.
Free virtual tax preparation.
The 18th annual Bethpage Volunteer Income Tax Assistance (VITA) Program is here! While we continue to navigate the ongoing health crisis, we are still committed to bringing the VITA Program to our communities.
2021 VITA Program
Tuesday, February 2, through Thursday, April 8.
The VITA program offers free tax help for individuals and families with low-to-moderate income (generally $57,000 and below). While we are unable to have physical, in-person VITA sites this year, we have created three alternatives to help you file your taxes:
- Our volunteers will be able to assist you virtually through Zoom.
- If you are unable to attend virtually, we can provide you with information about locations that offer in-person tax filing.
- Additionally, we’ve partnered with New York State to provide virtual workshops that give taxpayers instructions on how to file their own taxes using the State’s online software. In these workshops, the State will walk you through the tax-filing process, step by step.
For more information, please visit lovebethpage.com/vita, or contact Community Development at 516-349-4288 or community@bethpagefcu.com.
Empowering our youth.
Early in 2020, we launched our Difference Makers program, designed to empower young individuals to come together and become more involved by linking their passions with the needs of local communities. Difference Makers invests in our children with empowerment grants to be used for special projects, and we are excited to share with you one project that has completed with the help of our program.
August Bresnaider of Eagle Scout Troop 123, from Merrick, NY, requested grant money to improve Park Avenue Elementary School’s community garden. The troop created new garden beds, as well as two wheelchair-accessible garden beds so that everyone could enjoy and take part in the upkeep of the garden. They also re-mulched the area and created a “Park Pride” sign on the front fence of the garden.
We are thrilled to see these amazing results and the passion of young individuals looking to effect positive change in their communities.
If you know an ambitious child or youth group looking for financial support to bring their big ideas to life, visit lovebethpage.com/differencemakers for more information or to apply for a grant.
