Black Friday Specials!

First New York Federal Credit Union would like to invite you to any of their seven branch offices on Black Friday, November 28th.  All offices will be open at 7AM for some extra special savings opportunities.

Start your day off with free coffee and donuts and take advantage of these HOT DEALS!

• 12 month Holiday Loan as low as 7.99% Fixed Annual Percentage Rate
• Take 1% Annual Percentage Rate off any of our already low Auto Loans, PLUS get an additional 0.25% APR discount when you sign up for automatic loan payments.
• Earn an extra 0.25% Annual Percentage Yield on new certificates!

All on Black Friday, November 28th, at ALL First New York FCU branch offices.  Hope to see you there!

For more information, visit www.firstnewyork.org, call us at 393-1326 – press’1′ or visit one of our seven branch offices.

Economic Downturn Answers

Every day when we turn on the news or read about what’s happening on Wall Street, the news has gone from bad to worse. The stock market has been hit hard and has reached the lowest levels in year. So, what’s an investor to do?

Many investors have been taking the route of a flight to safety, where they can earn a decent rate of return AND have the investment be guarenteed.

First New York has several investment vehicles that will meet your safety and security needs:

21 Month Share Certificate Account @ 4.00% Annual Percentage Yield
8 Month Share Certificate Account @ 3.25% Annual Percentage Yield

Or, if you would like immediate account access, First New York FCU offers a Premium Money Market Account, with rates as high as 2.50%.

For more information on the safe and secure investment opportunities available at First New York FCU, visit the website at www.firstnewyork.org, call us at (518) 393-1326 – press ‘2′ or visit one of the seven branch offices.

College Bound? Here’s some help!

It’s your senior year – homecoming dance, the prom and about a hundred other things will make your senior year go by VERY quickly.

If you’re planning on attending college next fall, you have another hundred things to worry about – where should you visit, where should you apply and oh yeah – what’s your major!

When it’s time for college, let First New York FCU help! We are a lender in the Federal Student Loan program. So, let your credit union help finance this important stage in your life.

But that’s not all! With our line of checking products and services, you can take with you to school. Such as:

- FREE Checking Account
- FREE Visa Check Card
- FREE Online account access through First OnLine
- FREE Bill payment
- FREE e-statements

For more information on our checking accounts and related products and services, visit our website at www.firstnewyork.org, call us at (518) 393-1326 – press ‘2′ or visit one of our seven branch offices.

And, let First New York help take the stress out of your senior year!

e-members Are Free Members!

Membership at First New York FCU has just become more valuable (if that’s possible).  Not only do members have the opportunity to save money with the outstanding deposit and lending services – but now First New York is rewarding e-members!

I know what you’re thinking – what’s an e-member?  An e-member is a First New York member who has:

• A Checking Account
• A VISA Check Card
• First OnLine Bill Payment
• e-statements

As an e-member, you will receive the following added benefits – at NO COST:

•  Unlimited FREE ATM transactions at First New York ATMs
• 10 FREE non-First New York ATM withdrawals per month
• 10 FREE debit transactions per month
• FREE Turbo Tax download from the First New York website
• 2 FREE Carfax reports each year
• 1 overdraft transfer fee waived per month

To find out if you are an e-member, or to find out how you can become one, call us at 393-1326 and press ‘2′ or visit a branch office near you.

And enjoy being an e-member – you deserve it!!!

Debit or Credit–What to Choose and When

We’ve all done it. We’re out shopping, ready to use our debit cards, and the sales clerk asks “debit or credit?” We really don’t know what the difference is. It is a debit card, so we say “debit,” right? Wrong.

By choosing “debit” and entering a PIN (personal identification number), your transaction is treated as an ATM transaction-which quickly could put you over your free monthly number of ATM transactions. Instead, when you’re making retail purchases with your debit/ATM card, choose “credit.” You’ll bypass any potential fees-and the funds still come out of your share draft/checking account. Another good reason: Credit transactions require a signature, which helps against fraud.

So save your PIN for ATM use (or if you need to get cash back) and say “credit” when you’re at the mall, gas station, or grocery store. For more information about debit cards contact First New York FCU. We’ll explain the differences between debit and credit cards and how debit cards can work for you.

Reduce Credit Card Debt: Pay Biweekly

Did you know that the sooner you make a payment to a credit card company, the less interest you’ll pay. And you’ll save more in interest charges by making a payment days or weeks early. Federal law requires credit card companies to process payments the day they arrive.

If you only can afford to pay the minimum each month, there’s still a way to accelerate your payoff. Stop charging on the card–and make payments every other week rather than every month. Never decrease the payment amount until you pay off the card.

For example, take a credit card with a $5,000 balance, a minimum monthly payment of $100, and an annual interest rate of 14%. By paying $100 each month, you would pay the card off in six years and four months, with a total interest cost of around $2,547.

However, by sending $50 payments biweekly, you would pay off the card almost 10 months earlier–and save $339 in interest. If you’re managing to pay the minimum payment, consider the biweekly pay-down method. You need to be organized and financially disciplined for it to work. But, it does work, and can save you money!

Home Equity TV Commercial

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The latest First New York FCU television commerical is on the air. Check out our new Home Equity Loan commercial and let us know what you think!

Be Smart About Credit Cards

The TV program guests told appalling stories. “I owe more than $26,000 on my credit cards,” one said defiantly. Another, confessing that he liked to treat friends to expensive dinners out, admitted, “I’ve trashed my credit rating.” And another, insisting she could manage her bills, said she had charged a staggering $50,000 on 11 different credit cards.

And the biggest jolt of all? These guests on TV’s Oprah show all were college students in their late teens and early 20s. Two of them already had declared bankruptcy.

Many of the student guests said they’d first gotten a credit card at the sign-up tables at college registration areas. One young man, a student who’d worked registration as a recruiter for a national card company, said, “[students] are the bait, and we’re the sharks.” He explained that he earned points for each student he signed up.

All the participants said they’d learned some hard facts about using credit cards:

• Be realistic about your expenditures. If you’re covering routine expenses with credit, you’re living beyond your means.
• Understand the trap of minimum monthly payments. If you make a minimum payment–say the lesser of 2% of the balance or $25–on a $2,000 credit card balance, paying 18% interest, you won’t pay off the balance for nearly 16 years, and you’ll pay $3,328 in interest charges.
• If you can’t keep up with one credit card, it’s foolhardy to add more. More cards do not mean more money coming in–they mean more going out, and for a much longer time.
• If you’re in credit trouble now, call 800-388-2227 to find a nonprofit affiliate of the National Foundation for Consumer Credit. This organization helps debtors get a handle on their bills and repair their credit while also meeting their obligations.

When you and your parents agree that you’re ready to handle a credit card, talk to First New York FCU. Our credit card carries a low interest rate and a credit limit that gives you the convenience you need without putting you in a lifetime of credit jeopardy.

Six Ways You Burn Money on Your Car

No one likes to waste money on a car. With the cost of buying a new car averaging more than $28,000, it’s easy to overlook the costs of driving one.

There are no limits on how much money you can spend on a car. Likewise, there are no limits on how much money you can waste on a car. But for starters, here’s a list of six.

1. Not knowing yourself
Think hard about why you need a vehicle. How you use it and how long you intend to keep it will make a difference on which car to own and whether to buy an extended service agreement.

2. Not knowing your car
Read through your vehicle’s owner manual and warranty information to learn about your rights as a customer and the manufacturer’s maintenance recommendations.

3. Not paying attention
Your car’s gas gauge lets you know when you’re low on fuel. But there are other less obvious signs when your vehicle needs attention, such as drips in your driveway, subtle smells, and squeals and rattles.

4. Not keeping tabs
Have a notebook and pen in your glove compartment. When you sense trouble, jot down the symptoms, including date and mileage. Keep a log of service visits and repairs.

5. Not being careful
Speeding, jackrabbit acceleration, and hard stops can lower your vehicle’s gas mileage by 33% on the highway and 5% in the city, according to the U.S. Environmental Protection Agency. Aggressive driving also strains your tires. Learn more about how to save gas (and money) at fueleconomy.gov.

6. Not shopping around
For everything from the car you buy to the gas you put in it, it pays to look around for the best deal–which isn’t always just the cheapest.

Of course, the key way to save money on a car is to get your financing at First New York FCU. Let us know when you’re ready to shop and we’ll help. With our great rates, we can save you thousands of dollars over the course of your loan!

Student Loans: More Affordable Than Ever

In the market for a student loan? You’re in luck. Student loans have low rates and don’t require credit checks or collateral.

Congress revived student loans by passing the College Cost Reduction and Access Act, which aims to make college more affordable for many families and students. The act lowers the interest rate for subsidized Stafford loans, and it also sets a schedule to gradually cut the interest rate in half by 2011.

But just how much will you need to borrow? First, calculate your approximate expenses for the year, including all fixed costs–tuition, room and board–and other indirect costs–personal expenses and transportation costs. A college can provide you with actual fixed costs and even may be able to give you typical indirect expenses at its campus. Or, use the College Board’s estimated in-state costs of tuition and fees for 2007-2008 as a guideline: $6,185 at a public college and $23,712 at a private college or university.

If college is a few years away, take today’s guideline and factor in annual increases. The 2007 College Board report on college pricing trends says college tuition costs increase, on average, more than 5% each year. Once you have an idea how much you’ll need for the year, you’re ready to do the math.

Take your estimated expenses and subtract scholarship/financial aid money you’ve received, savings, and any other money you plan to put toward expenses. The remaining amount is what you may consider borrowing.

For more information about student loans and other ways to help finance your college education, visit the credit union and talk to one of our loan officers. With rising college costs, it’s nice to know you’ll get a good deal on a student loan from First New York FCU.