Frontwave Briefing | Fourth Quarter 2022

This is Frontwave Credit Union's Member Newsletter for Fourth Quarter 2022

Briefing Frontwave Credit Union Member Newsletter | Fourth Quarter 2022

Fraud and scams that threaten your identity and your money are on the rise. We’ve got a lot of tools in place to help protect your accounts here at Frontwave, but technology can’t do it all. More and more, criminals are using social engineering and phishing tactics to trick people into giving up personal and confidential information that exposes them to fraud. Think you’d never fall for it? Don’t be so sure. Nearly 3 million cases of fraud were reported last year, adding up to almost $6 billion in losses. Anyone can become a victim. That’s why it’s important to know the warning signs of common scams and what steps you can take to protect yourself. Understanding today’s top scams According to the Federal Trade Commission, imposter scams were the #1 form of fraud in 2021. This is when criminals pretend to be someone else to steal money or sensitive personal information. At Frontwave, we’ve seen a significant rise in recent months of a particular type of imposter scam also known as account takeover. Here’s how it often goes down: A Member receives a call from someone claiming to be from the Frontwave Fraud Department. The imposter asks the Member to verify a recent purchase. When the Member says they didn’t make it, the fraudster offers to help reverse the charge, but needs some information first. They may ask the Member to provide their online banking login credentials, or say that they need to send the Member a verification code to read back to them. In all cases, the aim is for the fraudster to gain access to the Protecting Yourself from Fraud

do not respond . Instead, contact us directly at 800.736.4500 (local/ international: 760.631.8700). Do not use auto dial or respond directly to a suspicious text or email. • Beware of sending money to organizations that have contacted you, or romantic partners you only know online. Take steps to verify their identity through legitimate sources. What to do if you’ve been a victim If you think your Frontwave account may have been compromised, contact us immediately at 800.736.4500. Also, get copies of your credit report from the 3 major credit bureaus and check for accounts you don’t recognize. You can get free copies once a year at You may also want to consider putting a Fraud Alert on your credit report. This will protect your credit from unverified access for one year. To request a Fraud Alert, simply contact any one of the three major credit reporting bureaus: Equifax, Experian or TransUnion. To learn more about protecting your accounts, visit

Member’s Frontwave account – and steal their money. Other imposter scams include fraudsters impersonating a government agency, like the IRS or Social Security Administration, a charity or another trusted organization to trick Members into giving up personal information. Romance scams are yet another variation. This is when a fraudster pretends to be romantically interested in a Member, and eventually convinces them to send money or share personal information that can be used to defraud the Member. Protecting your money and identity To help keep from becoming a victim of an imposter scam or other fraud: • Never give anyone your online banking username or password, or other sensitive personal information. Frontwave will NEVER contact you asking for this information. • If someone asks you to read back a one-time verification code from Frontwave, hang up immediately! We will NEVER ask you for this. • If you’re not sure if a call, text or email is really from Frontwave,



Fourth Quarter 2022

Don’t have a Frontwave credit card yet? You don’t know what you’re missing! Our Frontwave Visa Signature Rewards card pays you back with points on every purchase, and gives you access to special promotions throughout the year. Right now, every purchase you make through October 31, 2022 earns you a chance to win a trip to Super Bowl LVII! How cool is that?! You can check out the full scoop here on our website. 2022 has also been a big year for giving back to the communities we serve. In celebration of our 70th anniversary, the Frontwave Goodie2Crew has been surprising people from the coast to the desert with acts of kindness. We’ve made donations to local charities, bought gas for Marines aboard Camp Pendleton, paid for pet adoptions, donated school supplies to foster youth, collected ball gowns to donate to the Armed Services YMCA and more! And we’re not done yet! Be sure to follow us on Facebook and Instagram to see where the Goodie2Crew will show up next. As excited as I am about these accomplishments, I know 2022 hasn’t been all sunshine and roses. Rising inflation has pinched everyone’s wallets. Look no further than the prices at the gas pump or grocery store. According to the Bureau of Labor statistics, we haven’t seen year over year prices increase this fast in more than 40 years. But just as we have since 1952, Frontwave has our Members’ backs. We have lots of free resources that can help you stay financially strong in spite of a challenging economy. Want help assessing your financial health? Make an appointment for a free financial checkup. Need help managing debt? Take advantage of free financial counseling from our partners at GreenPath. Looking for tips on saving, investing, buying a home, and more? Check out one of our free webinars or peruse the Frontwave blog. Whatever you need to achieve your financial goals, we want to help. Don’t hesitate to swing by a branch or give us a call at 800.736.4500. We got you. As always, thanks for your Membership!

Frontwave’s Goodie2Crew Gives Back!

Notes from the CE0

Bill Birnie, President/CEO As we enter the final quarter of the year, I am filled with nothing but pride for all we have accomplished as an organization in 2022. I’ve already told you about our record-setting loan growth, upcoming merger with Barstow Community Credit Union, and exciting naming rights deal for Frontwave Arena. We could have called it good at that, but no! Our Dream Makers keep delivering and the good news keeps rolling in! For the second year in a row, and sixth time in the past eight years, Frontwave was honored by the U.S. Department of the Navy with the Distinguished Small Credit Union Service Award for 2021. This year’s award once again recognized the distinguished service and financial education Frontwave provides to Marines, Sailors and civilians aboard Camp Pendleton. We’ve been serving these folks since our founding 70 years ago, and our commitment to their financial success remains as strong as ever. This award proves we’re getting the job done!! Speaking of getting the job done – for the very first time, we were named to the American Bankers Association list of Top 200 credit union credit card portfolios! We’ve been working for years to provide our Members with access to competitive, affordable lines of credit to help them achieve their financial goals – and it’s paying off! Of the Top 200 credit card portfolios, Frontwave ranked 38th for portfolio growth year over year, with 26% growth from July 2021 to July 2022!

Annual Meeting Notice The Annual Meeting of Frontwave Credit Union will be held March 29, 2023 at 5:00 p.m. at Frontwave’s Corporate office:

1278 Rocky Point Drive Oceanside, CA 92056



Fourth Quarter 2022

a relatively high risk of price volatility. But in the long-term stocks have historically delivered relatively stable earnings. So selling off your holdings whenever the market takes a dip is a sure way to incur losses that impact your long-term goals. Pitfall #4: The Quest for Perfection Buying low and selling high is evergreen advice, but trying to time investment decisions on when the market will be at its lowest or highest is risky business, often leading to missed opportunities. As per #3 above, investing for the long- term can provide a more stable investment mindset. Pitfall #5: Eggs All in One Basket Some investors make the mistake of investing in just one

Common Retirement Investment Mistakes

investments, and any potential earnings to grow on a tax-deferred basis. Pitfall #2: Failing to Develop a Concrete Plan Establishing clear goals that incorporate a time element (number of years until retirement) is necessary to create a relevant investment plan. Without such a plan, it is difficult to understand whether your savings will provide you with the living standard to which you’ve grown accustomed and for each year of your retirement. Pitfall #3: Short-Term Investment Mindset The stock market fluctuates; that’s a fact. And in the short-term they face

There are a few common retirement investment mistakes to keep in mind as you seek to maximize your savings and investments. Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report. While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age. While there is no single action that can boost the collective confidence of retirees, there are several key investment mistakes that, if avoided, can help maximize retirement savings and provide confidence to those who are entering their Golden Years. Pitfall #1: Failing to Maximize Your Contribution If you can afford to do so, contributing the maximum amount to your employer-sponsored retirement plan will increase the chances that you’ll reach your investment goal. The earlier you start, the better; it will allow your Provided by Kathy L Chesney, CLU ChFC and Leslie Myers, CRC

Kathy and Leslie may be reached at 760.439.6960 or and mistakes of other investors and maximize opportunities for your retirement plan. fund or asset type, thereby subjecting it to high risk should the market impact their specific holding. Spreading your investment risk over a mix of assets can help manage potential loss during these sharp market swings. The key here is diversification to offset losses in a particular asset category. With these pitfalls in mind, you are well-positioned to avoid the common

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Past performance is no guarantee of future results. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. This material was prepared by LPL Financial, LLC Kathy Chesney and Leslie Myers are registered representatives with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Frontwave Credit Union and Frontwave Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Frontwave Investment Services, and may also be employees of Frontwave Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from atnd not affiliates of Frontwave Credit Union or Frontwave Investment Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency

Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations

May Lose Value



Fourth Quarter 2022

Frontwave in the Community

At Frontwave, we not only provide great financial services, we’ve made it our mission to be a positive force in the community. That means sponsoring community events and worthwhile causes – and we’d love to see you there! • Bike the Coast – November 5, 2022 • Oceanside Turkey Trot – November 24, 2022

What’s better than free financial education? Getting it from the comfort of your couch! Register for one of our virtual workshops today at Upcoming Financial Workshops

We’ve got you covered coast-to-coast!

UPCOMING HOLIDAYS Frontwave will be closed in observance of the following holidays this quarter: New Year’s Day Wednesday, January 1 Martin Luther King Jr. Day Monday, January 20 President’s Day Monday, February 17 Express Line, Online Banking, Mobile Banking, and ATM service we’re proud to serve you. Let us expertly walk you through the VA program and all that it offers home buyers in this free virtual workshop. We will give you tips and tricks to make your buying process as easy as possible. • Wednesday, November 9 @ 6:30 pm Military Home Buying You serve your country proudly and First-Time Home Buying What financial dream is bigger than owning your own home? We want to help prepare you for what it will take and how to make the process easier. In this free virtual workshop, our real estate and mortgage experts will walk you through the steps it takes to become a homeowner. • Wednesday, October 12 @ 6:30 pm • Wednesday, December 14 @ 6:30 pm Columbus Day - Monday, October 10 Veterans Day - Friday, November 11 Thanksgiving - Thursday, November 24 Christmas (observed) - Monday, December 26 observance of the following holidays this quarter: Express Line, Online Banking, Mobile Banking, and ATM service will be available as usual.

CONTACT US Express Line 800.829.7676 Member Solution Center 760.631.8700 or 800.736.4500 Mon-Fri: 7am – 6pm, Sat: 9am – 4pm Autoland 800.234.6999 Enterprise Car Sales 800.CAR.SALES GreenPath Financial Wellness 877.337.3399 Frontwave Investment Services 760.439.6960 Frontwave Insurance Services, LLC 844.788.0820 Visit for more info or to register today! Estate Planning No one wants to think about it, but we should all be prepared for the inevitable. In this free virtual workshop, Attorney Benjamin Diederich will teach you the basics of wills, trusts and estate planning to properly ensure your legacy for the future. • Wednesday, October 19 @ 6:30 pm • Wednesday, December 21 @ 6:30 pm IP 101, Intro to Intellectual Property In this free virtual workshop, Attorney Benjamin Diederich will help you navigate through the complicated legal mechanism designed to protect you, your ideas and your creations. • Wednesday, November 16 @ 6:30 pm Express Line 800.829.7676 Member Solution Center 760.631.8700 or 800.736.4500 Mon-Fri: 7am – 6pm, Sat: 9am – 4pm Autoland 800.234.6999 Enterprise Car Sales 800.CAR.SALES GreenPath Financial Wellness 877.337.3399 Frontwave Investment Services 760.439.6960 Frontwave Insurance Services, LLC 844.788.0820

When online banking won’t do and your usual branch or ATM is too far away, remember Frontwave Members have access to more than 5,600 CO-OP Credit Union “Shared” branches within the U.S. and nearly 30,000 surcharge- free ATMs worldwide. To find a nearby location, call 888.748.3266 or visit

Stay Connected

STATISTICAL REPORT As of November 30, 2019 Members: 91,614 Assets: $890,891,398 Total Shares: $757,133,421 Loans Outstanding: $603,949,171 Follow us on Facebook, Instagram and Twitter for all the latest credit union news, contests, workshops and more! As of August 31, 2022 Members: 122,163 Assets: $1,354,526,370 Total Shares: $1,091,336,157 Loans Outstanding: $848,618,711


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