2013 2nd Quarter Edition eNewsletter
April is Financial Literacy Month and we're celebrating in a big way with the announcement of our Life Event Assistance Program (LEAP), HawaiiUSA’s new personal financial literacy education and counseling service. Whether it’s getting married, having a baby, going to college, or retiring, every life stage brings its share of financial challenges. LEAP is designed to help our members "leap" over whatever life stage hurdle they’re facing.
LEAP’s mission is to provide consultative advice and products and services designed to help members achieve their life dreams. Over the next year, we will certify over 100 HawaiiUSA Trusted Advisors, trained individuals who will offer you the necessary tools, knowledge and concepts to help you make better financial decisions.
To expand our efforts, HawaiiUSA will forge partnerships with non-profit agencies that share the same mission. Additionally, helpful tips and up-to-date financial education information will soon be available 24/7, via our website and mobile channels.
Honoring the "people helping people" credit union philosophy and living our "Life matters" brand promise, HawaiiUSA is proud to announce our commitment to LEAP, the first step toward helping our members become smarter money managers and ultimately, realize their life dreams. Stay tuned to hear more about LEAP in the months to come.
President & CEO
Why is my financial institution asking me for identification and personal information?
Federal law requires that financial institutions file a CTR to report currency transactions over $10,000 that are conducted by, or on behalf of, one person, as well as multiple currency transactions aggregating over $10,000 in a single day. Filing a CTR helps safeguard the financial industry from threats posed by money laundering and other financial crime.
To comply with federal law, financial institutions must obtain personal identification information about an individual conducting the transaction such as a Social Security Number (SSN) and a driver's license or other government-issued document. This applies whether the individual has an account relationship with the institution or not.
There is no general prohibition against handling large amounts of currency and filing a CTR is required, regardless of the reason for the transaction. Information is collected in a manner consistent with a member’s right to financial privacy.
Can I break up my currency transactions into multiple, smaller amounts to avoid being reported to the government?
No. It is a crime to break up ("structure") transactions into smaller amounts to evade CTR reporting requirements. Structuring may lead to a required disclosure from the financial institution to the government. Structuring transactions to prevent a CTR from being reported can result in severe penalties, including imprisonment up to five years and/or fines up to $250,000. Penalties can increase, e.g. double penalties if violating another US law.
For more information, call FinCEN's Regulatory Helpline at (800) 949.2732.
Now members can access HawaiiUSA's Mobile Banking* 24/7 and conveniently check balances and transactions, transfer funds and pay bills right from their mobile phone. Here are a few security tips to keep your account information safe from cybercriminals wherever you go:
- Do not leave your mobile phone or device unattended
- Setup an auto screen lock on your device
- Create a password or security pattern to unlock your device
- Do not share or write down your password
- Contact your mobile carrier immediately if your mobile phone is lost or stolen and change your Online Banking credentials
- Remember to log off and close the app or browser when you are done with your banking session
- Use trusted and secured sites to conduct financial transactions and make sure the web address includes "https://" that is designed to ensure a recognized level of security
- Be cautious when using public Wi-Fi connection
Contact our Member Service Center at 534.4300 on Oahu and toll-free (800) 379.1300 immediately if you notice unauthorized transactions on your account.
*Mobile banking is free to all HawaiiUSA Online Banking members. An internet-enabled device is required to access the HawaiiUSA Mobile Banking App and Website. You must be enrolled in HawaiiUSA Online Banking to access mobile banking. Enrollment in HawaiiUSA Online Banking Bill Pay is required to access any bill payment services on mobile banking. Standard messaging and data usage fees apply. Please contact your carrier for details. Your mobile device must be registered through the Mobile Banking Service enrollment process.
Save Paper, Save Trees... and be environmentally friendly with eStatements
Sign up for eStatements during the month of April and be entered to win an iPadTM
Did you know? In one year, by switching from paper to electronic billing, statements, and payments, the average American household would save 150 million pounds of paper and 1.8 million trees!
Take a significant step toward efficiency and environmental friendliness by going paperless with our free eStatement service. It is a safe and secure way to access your statements, and far more convenient than traditional mail.
- View, print, or download up to 24 months of statements
- Secure online access through Online Banking
- Reduce risk of mail fraud or identity theft
- Receive automatic email notifications when your eStatements are available
- Access cancelled checks and HawaiiUSA FCU’s eNewsletter
Click here for official rules and to sign up today!
You don’t need an economics degree to know that inflation is a growing problem. Fueling up the car and buying groceries are sharp reminders of how hard-earned dollars are worth less when prices jump. One risk most investors fail to consider is inflation risk. Inflation risk, also called purchasing power risk, is the chance that the cash flows from an investment won’t be worth as much in the future because of changes in purchasing power due to inflation.
For example, $100,000 in CDs with a 1% interest rate might seem attractive, but with an annual 3% inflation rate, every $1,000 produced by the portfolio will only be worth $970 next year and about $940 the year after that. The rising inflation means that the interest payments have less and less purchasing power. And the principal, when it is repaid years later, will buy substantially less than it did when the investor first purchased the CDs.
Diversifying your portfolio with assets that can keep pace or exceed inflation can help you maintain your purchasing power. Mutual funds and stocks are popular inflation hedges. I bonds and TIPS are government obligations that tie their interest rate to measures of inflation. Ask your Financial Advisor about how to better manage inflation risk.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. HawaiiUSA Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
There’s never been a better time than now to access your HawaiiUSA Home Equity Line of Credit (HELOC)! With HawaiiUSA’s Access & Earn promotion, you can take advantage of today’s low interest rates and qualify to earn 15,000 HawaiianMiles. Simply write a check from your HELOC account or visit any of our 12 branches to draw a minimum of $20,000*.
- Earn flyer miles by using your HawaiiUSA HELOC for the things you want or need.
- Advances will be charged at your account’s prevailing rate.
- Balances must be maintained for at least six months in order to qualify. Other than regular monthly payments, early payoffs will not earn the frequent flyer miles.
- Limit to 15,000 miles once you draw $20,000 or more from your existing HawaiiUSA HELOC.
- This offer to earn HawaiianMiles is not available to HawaiiUSA HELOC accounts that have a discounted promotional rate.
Call 534.4300 on Oahu or toll-free (800) 379.1300 or visit one of our convenient branches to register your HawaiianAir Miles account.
*HawaiianMiles earned during promotion are non-transferable. Minimum aggregate draw of $20,000 (between 4/1/2013-6/30/13) required to qualify. Advances will be charged at your account’s prevailing rate. This offer to earn HawaiianMiles is not available to HawaiiUSA HELOC accounts that have a discounted promotional rate. Qualifying members must be enrolled in the HawaiianMiles program. Limit to 15,000 HawaiianMiles once you draw $20,000 or more from your existing HawaiiUSA HELOC. The award will be processed after the minimum draw amount is met and remains outstanding for a six-month period (less regularly-scheduled payments). Miles will be awarded six-months after the minimum aggregate draw for this promotional period is completed. The awarded miles will be processed by Hawaiian Airlines and miles earned may not immediately be reflected on your account. Awardees may be responsible for paying taxes on earned miles. Please consult your tax advisor. The attached loan drafts are subject to credit availability. All other provisions of your HawaiiUSA Federal Credit Union Agreement remain unchanged. Loan drafts must be drawn for $250.00 or more to avoid the $10.00 minimum draw fee. Loan drafts are not eligible for electronic conversion under NACHA regulations and should not be used where checks are converted to electronic debits (ACH).
The Federal Trade Commission (FTC) reports that identity theft is once more the top complaint they received by the Federal Trade Commission, according to its 2012 annual report of complaints. 2012 marks the first year in which the FTC received more than 2 million complaints overall, and 369,132, or 18 percent, were related to identity theft. Of those, more than 43 percent was related to tax or wage-related fraud.
Identity theft occurs when someone uses your personally identifiable information, like your name, Social Security Number (SSN), or credit card number, without your permission, to commit fraud or other crimes.
- Shred all documents you are discarding that contain personal information and addresses
- Use your SSN only when absolutely necessary
- Add "See Photo ID" on all debit and credit cards
- Watch for mail that abruptly stops
- Opt out of credit card offers (1-888-5-OPTOUT)
- Increase password awareness
- Monitor your credit reports
- Be aware of online phishing and social networks
To learn more about identity theft and how to protect yourself, call our Member Protection Center at 844.8279.
Applications for nominations to fill three (3) 2014-2015 HawaiiUSA Board of Director vacancies are now being accepted for consideration by the Nominations/Elections Committee. Each of the three (3) vacancies are for three (3) year terms. Basic qualifications for applicants are as follows:
- Must be a member of HawaiiUSA, in good standing and bondable by the credit union’s insurance company
- Must be at least sixteen (16) years of age as of December 31, 2013
- Has read the HawaiiUSA Board of Directors Information Packet and is willing to accept the responsibilities of an elected or appointed office.
Applications must be postmarked no later than Wednesday, May 15, 2013. Mail completed applications to:
HawaiiUSA FCU Nominations/Elections Committee
P.O. Box 23226
Honolulu, HI 96822
Board of Directors assume fiduciary responsibility, do not receive compensation and may require many hours of time commitment. If you are interested in applying, please pick up a Nomination Packet at any of our branches or visit our website hawaiiusafcu.com/Board-Election.aspx.
After considering all properly completed applications received, the Nominations/Elections Committee, will send written notification on or about June 4, 2013, to those applicants who are, and who are not, nominated. For more information, please contact our Member Service Center at 534.4300 on Oahu or toll free at (800) 379.1300.
2013-2014 Board of Directors
- Maxine M. Joe, Chair
- Harold H. P. Look, Vice Chair
- Donald H. N. Yee, Treasurer
- Colleen T. Umetsu, Secretary
- Morris H. Kimoto, Director
- Harlan Y. Kimura, Director
- Jean H. Miyahira, Director
- Liberato C. Viduya, Jr., Director
- Albert S,Yoshii, Director
Congratulations to our 2013-2014 Board of Directors Election winners:
There’s an old saying that insurance is a “necessary evil”. Some see it as paying for something they may never use. So what are the risks of not having insurance? In terms of your HawaiiUSA loan, the risks could be great.
To ensure our members are protected at all times, if a member fails to maintain proper evidence of insurance, a policy will be added to the loan. This Force Place insurance policy provides physical damage coverage (comprehensive and collision) only. It does not provide liability coverage which is what the State requires to operate a vehicle. Force Place insurance does not replace the member’s own personal insurance policy and could increase the monthly loan payment and the principal balance. Additionally, without full coverage insurance, financial institutions will consider the account in “default” of the original loan agreement.
The old saying “better safe than sorry” couldn’t be truer when it comes to insurance. For more information about HawaiiUSA’s insurance loan policies, please call our Loan Department at 844.8458 or our Member Protection Center at 844.8279.
When:Monday, August 5. 2013
Where:Pearl Country Club
Time:11:30 a.m. Registration
12:30 a.m. Shotgun Start
Cost:$1500 Platinum Sponsor* (includes two teams and greenies)
$1000 Gold Sponsor* (includes one team and greenies)
$650 Sliver Sponsor* (one team)
$110 Per Person*
* includes green fees, cart fees, lunch, banquet, & one (1) Flanigan
- Handicap Maximum: Men 24/Women 36
- Handicaps will be reviewed by the Golf Tournament Committee
- Flanigan: One (1) chance to rehit your ball, and select the better of the two
Please send payment to:
Attn: Golf Tournament Committee
1226 College Walk
Honolulu, HI 96817
Make checks payable to: HawaiiUSA FCU Golf Tournament
Download PDF Version of newsletter for application
Proceeds derived from this tournament will benefit Hawaii’s schools and/or educators in the Hawaii Public Education System to further their career development. Call 534.4300 for more information.
We are proud to recognize winners of our 2012 Annual Keys of Excellence Awards! HawaiiUSA’s KOE awardees demonstrate our Core Values of Service, Integrity, Unity and Achievement. Congratulations Stacie, Jay, and Crystal!
Sales & Service Trainer
Stacie was promoted from supervisor at our Pearl City Branch to trainer in August 2012. She earned three certifications in three months. Normally, it takes one year to complete one certificate. Stacie’s work ethic is exemplary, as she doesn’t miss a deadline, exceeds expectations and is spot on in work quality. She received rave reviews from training attendees and many others. She has a knack for connecting with people and can have you tearing from laughter.
IT Security & Operations Manager
Jay displays great care and stewardship and is an ideal representative of our Information Technology department in servicing business' needs. He is disciplined in practicing and applying behaviors/principals he expects his team to uphold. Jay fosters an environment of teamwork and cohesiveness. Jay mentors his team, ensuring they understand our company values and strategic objectives, continuously improving performance.
Jay Munechika & Crystal Harada
After assisting with opening our Kihei Branch, this team had no time to rest before Ala Moana Branch's relocation in one business day. All work stations were meticulously cleaned and set up with all cable and network wires. The team totalled over 12 work hours, without complaint. Although our Grand Opening happened on their day off, they showed up early, cleaned windows, and helped set up the tent and food, tasks outside of their job description. Their dedication and commitment to our values went above and beyond in the setting up of our new branch.
Our Student Choice Loan fills in the gap that federal aid may leave behind. Visit hawaiiusafcu.com for more details.
April 21-27, 2013
HawaiiUSA youth members: Become a "Savings Sleuth"! Visit any branch to receive a free, cool gadget*! Visit hawaiiusafcu.com for more information about Financial Literacy and fun games!