Summer 2012 CEO Message
Mary Beth Wilcher, CEO
"Looking Ahead and Planning for the Future"
If you are preparing to send a student to college, the new CAPlus program can provide assistance with the college preparation process, including: completing entrance applications, FAFSA forms, negotiating tuition expenses and much, much more. There is a lot to know before finalizing your college decisions and we have the tools to provide you with the solutions. For more information on CAPlus, please review the article included in this newsletter or ask one of our Member Service Representatives for more details.
By the time you receive this newsletter, our Historic State Street Branch renovation project should be well under way. We appreciate your patience during the construction phase and promise it will be well worth the wait. The branch is scheduled to reopen in August with a Grand Opening Celebration immediately following. Until then, please consider using one of our six other office locations or our shared branching network, through the Erie Community Credit Union, located at 1129 State Street.
Technology never stops and for those of you who were in attendance at our Annual Meeting you may recall hearing about the new EMV Chip Cards that will replace the current magnetic stripe debit and credit cards. Our preparation for this conversion, scheduled to take place in 2015, will begin later this year and will affect both debit and credit cards. The reason for the change to EMV cards is a global strategy by MasterCard® and Visa® to reduce fraud. The data contained in the magnetic stripe is easier for fraudsters to copy, use, and or sell to others in an effort to defraud legitimate cardholders. EMV Chip Cards, reduce the likely hood of this happening and have been present in Europe for almost a decade. The United States is the last of the free markets to convert to the new technology. In recent years, the credit union has reissued cards to members due to the risk of possible fraud which originated at a third party vendor. New technologies continue to emerge and some already exist that will allow us to reissue cards to you much quicker than in the past. Rest assured, your credit union is dedicated to providing you with the safest technology solutions possible.
Did you know that your credit union provides business deposit accounts and commercial loans to businesses located in Erie and Crawford Counties, PA? Betty Reynolds, our Commercial Lender, joined the credit union team in February 2012. Betty has over 25 years of commercial banking experience and we’re proud to welcome her to the credit union. Feel free to contact Betty at 814-825-2436 ext. 1051 with all your Business Account needs.