Frontwave Briefing | First Quarter 2022

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

Briefing Frontwave Credit Union Member Newsletter | First Quarter 2022

5 Personal Finance Hacks to Grow Your Savings

Ready to take your financial fitness to the next level in 2022? These 5 personal finance hacks will help you supercharge your savings, whether you’re building up your emergency fund, saving for a big purchase, or just trying to be better First things first: if you don’t already have a dedicated savings account, set one up right away. Putting your savings into a separate account can help you avoid the temptation of “borrowing” a little for everyday expenses, which can add up quickly. Consider opening separate accounts for different savings goals – for example, one account for your emergency fund and a second to save up for a down payment on a home. (Pro tip: You can open a savings account in minutes using the Quick Apply widget in online banking!) Put your savings on auto pilot. Set up a direct deposit to have a portion of each paycheck deposited straight into your dedicated savings account. Or set up a recurring transfer to move $50 or $100 (or whatever your savings goal is) from your checking account into your savings account each month. These set-it-and-forget- it options make saving simple – and you’ll hardly even notice the money missing from your checking account! Slash unnecessary fees. about sticking to your budget. Set the stage for success. Take a close look at your financial accounts and other services you use. Are there fees you could be avoiding? Say you bank with another institution that charges you monthly maintenance

or ATM fees. Kiss those fees goodbye by moving over to a Frontwave Primary Checking account, which has no monthly service fee and gives you access to more than 30,000 fee-free ATMs nationwide. Even saving $5-10 a month can really add up! The same goes for credit cards. If you’re currently paying an annual fee to earn rewards or get certain benefits, consider switching to a card with no annual fee. For example, the Frontwave Visa® Rewards Credit Card offers points with every purchase, which you can redeem for merchandise, travel, gift cards and cash back – all with great Visa benefits and no annual fee. Avoid late fees, too, by setting up automatic payments for as many bills as you can. It’s super simple to do right in online banking. Go green and save some green. Buying secondhand items is a great way to save some cash, all while helping the

environment. Go full cycle by not only buying used, but also selling your own gently used items instead of throwing them away. Stash the money you earn in your savings account and watch it grow! Limit online shopping temptation. “Buy Now” buttons make online impulse buys all too easy. Force yourself to consider whether the purchase is truly necessary – and whether you might be able to save by shopping around – by going through the full checkout process. Having to more carefully consider each purchase can help cut back on those not-so “must have” buys. For more tips on getting your finances into tip-top shape, give us a buzz at 800.736.4500 or swing by a local branch to schedule your free financial checkup.



First Quarter 2022

newcomers, running for three positions on the Board. I encourage you to visit our website to read their bios and get to know them. That way when the polls open in late February, you’ll be ready to vote for the candidates you think will do the best job representing you and guiding the credit union toward a bright future in service to our Membership. Thanks for your continued Membership and loyalty in 2021. The future of your credit union looks bright for 2022 and beyond! You Spoke. We Listened! When we say we want to do everything we can to make your Frontwave experience great, we mean it. We value the feedback you give us, and take action to make improvements. Thanks to your input: • We added an appointment scheduler to our website, allowing you to schedule an in-person or virtual appointment with any of our 14 branch locations. • We redesigned the “Transfers” menu in online banking to make it easier to add external accounts and transfer money both internally and externally. • We made it even faster and easier to add a checking or savings account, certificate, or money market account in online banking. Simply click or tap on “Quick Apply” from the main menu to get started. Got any other feedback for us? We want to hear it! The next time you get a survey from us, we really appreciate you taking a few minutes to tell us how you feel. Thanks for your Membership!

Rooted in Nature Brewfest, Bike the Coast, or the O’side Turkey Trot, just to name a few. It was so great to get back out there and talk with our Members and the community face-to-face again. We were also thrilled to be recognized by the Department of Navy as the Distinguished Credit Union of the Year for 2020, as well as being named San Diego’s Best Credit Union by the San Diego Reader for the second year in a row and the Best Bank in the Morongo Basin for the second year in a row! Just last month, we signed on to become the Official Credit Union of the San Diego Sockers for the 2021-2022 season. Exciting stuff, right?! That excitement will continue in 2022 as we celebrate our 70th Anniversary. We’ve come a long way since our founding as Camp Pendleton Federal Credit Union back in 1952. But we’re as committed as ever to our Members and the communities we serve. That’s why we’ll be celebrating YOU all year long with special offers and maybe even a few surprises along the way. Continuous improvement will also be a theme for 2022, with a big focus on further enhancing our digital banking tools to make it even easier to manage all your banking needs anytime, anywhere with just the touch of a few buttons. We’re also going to enhance our credit card suite to deliver even greater value to our Members. We want to make sure that when you reach in your wallet, your Frontwave Visa credit card is always top of mind because it’s the one that gives you exactly what you need and none of the stuff you don’t. Last but not least, our annual election for our Board of Directors is just around the corner. We’re entrusting YOU to choose the leaders who will guide the future of the credit union. We have a great pool of candidates, including a mix of incumbents and

Bill Birnie, President/CEO Notes from the CE0

Happy New Year! With a fresh new year upon us, I’m brimming with optimism for our Membership and our organization. Without a doubt, 2021 continued to present challenges as we navigated the pandemic. But among those challenges were a lot of high notes for Frontwave. When the pandemic hit us in early 2020 and most financial institutions were hunkering down and reducing operations, Frontwave did not. That’s not how we roll. In fact, we fought in new ways for our Members and the community. We helped local businesses stay afloat by providing PPP Loans to those in need and deployed technology aimed at getting Members faster access to their accounts and funds. That commitment to YOU remained steadfast throughout 2021. Not only did we keep our branches open and available to you, we began ramping up our presence in the community through events and sponsorships. You might have seen our enthusiastic crew at Super Girl Surf Pro, Oceanside Harbor Days, Cruisin’ Grand,

Save hard. Gain big.

70 years of sweating the details



First Quarter 2022

2022 Contribution Limits

Annual Election on February 24, 2022. Members may request a paper ballot by calling 952.974.2339 or emailing no later than February 18, 2022. Electronic voting will close on March 24, 2022. Paper voting will close on March 18, 2022. Members who prefer to vote Active Members with a valid email address on file will receive an email with an electronic ballot link Annual Election in person may do so at any of our branch locations March 7 – March 18, 2022.

Is it time to contribute more? Provided by Kathy L Chesney, CLU ChFC and Leslie Myers CWS, CRC Preparing for retirement just got a little more financial wiggle room. The Internal Revenue Service (IRS) has announced new contribution limits for 2022. Staying put for 2022 are traditional Individual Retirement Accounts (IRAs), with the limit remaining at $6,000. The catch-up contribution for traditional IRAs remains $1,000 as well. 1 For workplace retirement accounts (i.e. 401(k), 403(b), amongst others), the contribution limit rises $1,000 to $20,500. Catch-up contributions remain at $6,500. 1

Kathy and Leslie may be reached at 760.439.6960 or kathy.chesney@ and leslie.myers@ professional may be able to help make some adjustments to your contributions. Eligibility for Roth IRA contributions has increased, as well. These have bumped up to $129,000 to $144,000 for single filers and heads of households, and $204,000 to $214,000 for those filing jointly as married couples. 1 Another increase was for SIMPLE IRA Plans (SIMPLE is an acronym for Savings Incentive Match Plan for Employees), which increases from $13,500 to $14,000. 1 If these increases apply to your retirement strategy, a financial

Join us Wednesday, March 30, 2022 at 5 pm to hear about the state of the credit union from our Board of Directors and to review the annual report. All Frontwave members are invited to attend. Annual Meeting

Once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA) or Savings Incentive Match Plan for Employees IRA in most circumstances. Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Once you reach age 72, you must begin taking required minimum distributions from your 401(k), 403(b), or other defined-contribution plans in most circumstances. Withdrawals from your 401(k) or other defined-contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax- free and penalty-free withdrawal can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals. This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/ dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

Citations: 1., November 5, 2021




First Quarter 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

Start the year off right with a fresh new quote from Frontwave Insurance Services. We can help make sure you have the right insurance for your needs at the best price. Get a free quote at or by calling 844.788.0820. Looking to Save on Your Insurance? Insurance products are offered through Frontwave Insurance Services, LLC, a subsidiary of Frontwave Credit Union. Insurance offered is not a deposit and is not federally insured or issued by or guaranteed by Frontwave. Insurance may be required as a condition of credit for some Frontwave loans and may be purchased from an agent or insurance company of the member’s choice.

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 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, February 16 @ 6:30 pm Military Home Buying You serve your country proudly and we’re proud to serve you. Let our experts walk you through the VA program and all it has to offer. We will give you tips and tricks to make your buying process as easy as possible. • Wednesday, January 12 @ 6:30 pm • Wednesday, March 9 @ 6:30 pm First-Time Home Buying What financial dream is bigger than owning your own home? We want to prepare you for what it will take and how to make the process easier. Our real estate and mortgage experts will walk you through the steps it takes to become a homeowner. • Wednesday, February 9 @ 6:30 pm Fr t ave ill e cl se i observance of the following holidays this quarter: New Year’s Day Saturday, January 1 Martin Luther King Jr. Day Monday, January 17 Presidents’ Day Monday, February 21 Express Line, Online Banking, Mobile Ba king, a d ATM service will b available s 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 Interested in investing and planning for retirement? We’ve got workshops or that, too! Visit for more info. IP 101, Intro to Intellectual Property Do you know how to safeguard your intellectual property? Have you explored the complicated world of patent and trademark law only to get confused and frustrated? 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, March 30 @ 6:30 pm Preventing Scams & Shams Financial scams & shams can target anyone. Don’t let yourself or your loved ones fall victim to fraudsters. Let our Fraud Investigator, Melissa Montanez, share with you the criminal trends, what to look out for and how to to protect yourself and your money. • Wednesday, March 16 @ 6:30 pm Expre s Line 8 0.829.7676 Member Solution Center 760.631.87 0 or 8 0.736.45 0 Mon-Fri: 7am – 6pm, Sat: 9am – 4pm Autoland 8 0.234.6 9 Enterprise Car Sales 8 0.CAR.SALES Gr enPath Financial Wellne s 8 7. 37. 3 9 Frontwave Investment Services 760.439.6960 Frontwave Insurance Services, LC 8 4.7 8.0820

We’ve got you covered coast-to-coast!

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

STATISTICAL REPORT As of November 30, 2019 Members: 91,614 Assets: $890,891,398 Total Shares: $757,133,421 Loans Outstanding: $603,949,171 As of Nove ber 30, 2021 Me bers: 117,935 Assets: $1,176,258,657 Total Shares: $1,041,364,369 Loans Outstanding: $623,9 8,264

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