AHCU Quarterly Notes - Summer Edition 2023

QUARTERLY NOTES SUMMER 2023

A Newsletter for Members of Anoka Hennepin Credit Union

AHCU Recreational Vehicle Loans

Rates as low as 4.24 ! * % APR

Take your fun on the move this s ummer with a Recreational Vehicle Loan from AHCU!

You have 90 days before your first payment! **

*APR = Annual Percentage Rate. Advertised rate is current as of 7/1/2023 and is fixed for the term of the loan. Borrow at 4.24% APR for 24 monthly payments of $43.53 per $1,000 borrowed. Rates include a .25% discount for auto paying electronically. Certain restrictions may apply. No minimum loan amount. Maximum loan amount $100,000. ** = Payments may be deferred upon credit approval for up to 90 days. Deferred payments may not exceed 90 days. Interest begins accruing upon disbursal of loan. Offer valid on new and used recreational vehicle loans. AHCU Membership required. Offer not valid on loans currently financed with AHCU. Offer subject to change or termination.

Federally Insured by NCUA

NMLS #794427

EMPLOYEE REPORT

AHCU Employee Promotions

Nicole Hesley – VP Marketing & Business Development Congratulations to Nicole Hesley as she steps into her new role as VP of Marketing & Business Devel- opment. Nicole has been with AHCU for 13 years and in the financial services industry for 23 years. She’s held many positions including her previous role as the Digital Marketing Coordinato r. Nicole has a passion for AHCU members and a drive to help AHCU grow. Hector – Financial Services Representative 1 Join us in congratulating Hector on his promotion to Financial Services Representative at the Circle Pines branch. Hector is very engaged in the Circle Pines community and a significant focus on superior member service. Hector regularly earns 5 star Google reviews from his members. We are excited for Hector and we hope you’ll congratulate him next time you’re in Circle Pines.

AHCU’s Newest Employees

Tina – Financial Services Representative

Rick – Champlin Branch Manager

Scott – Contact Center Representative

Rick joins AHCU as a Branch Manager at

Scott joins AHCU as a Contact Center Represen- tative. He is also a sports fan and we’re thrilled to have him join the team!

Tina joins AHCU as a FSR at the Circle Pines branch. She has lending experience and enjoys working with our older members.

the Champlin location. He is a HUGE Vikings fan! Rick is excited to be involved in the Champlin community.

Employee Funded Scholarship Recipients Each year, AHCU employees have the opportunity to participate in programs that help to fund employee scholarships. Employees and their families who are pursuing a post-secondary education are eligible to apply. One of the programs that employees love is the Casual for a Cause. This program allows employees to wear jeans on Fridays by donating to the scholarship fund each paycheck. AHCU was able to award two scholarships this year:

Claire M. is part of the AHCU family as her mom is a teller at the Circle Pines branch. Claire is attending college in the fall and the funds from this scholarship will help with those expenses.

Matt N. is a teller at the Coon Rapids branch and has been with AHCU since 2020. In addition to working with AHCU members, Matt is a college student and the scholarship funds will help him continue pursuing his education.

GIVING SPIRIT

Spirit Foundation Scholarship Winners

Thanks to the support from AHCU members and community partners, we have been able to award 6 - $1,000 academic scholarships to 2023 graduating seniors at the following schools:

Maxwell L. Centennial High School

Anna S. Andover High School

Bridgette B. Anoka High School

Kayvon R. Champlin High School

Sydnie Muir Coon Rapids High School

Brady Johnson St. Francis High School

The Anoka Hennepin Credit Union Spirit Foundation supports local organizations which provide safety, health, nourishment, education, or inspiration to young adults in local communities. To learn more about the Spirit Foundation and ways you can get involved, visit the Spirit Foundation webpage.

CURRENT PROMOTIONS

Line of Credit Home Equity

3.99 %

APR**

Then, a rate of as low as 7.75 A % PR* thereafter.

What could the equity in your home do for you?

3.99% With an intro rate for the first 12 months of Then a rate thereafter. as low as 7. 75 % APR* APR** There has never been a better time to use your home’s equity! Now with a 10-year draw*** period! *APR = Annual Percentage rate. Advertised rate is current as of 7/1/ 2023. Actual rate is based on applicant’s credit score, term of loan, and Loan to Value. **Introductory rate of 3.99% APR for twelve months then Prime -0.50% (currently 8. 25 % APR). The current non introductory variable rate is as low as 7. 75 % APR and is based on applicant's credit score and loan to value. Loan is subject to credit approval. Offer limited to 80% Loan to Value or less. Rates and terms subject to change. Credit Union membership required. Minimum first advance required $5,000, minimum additional advances $500. Borrow at a fixed 3.99% APR for 12 months; estimated monthly payments of $125.00 per $10,000 borrowed. ***10 year draw period followed by a 5 year repayment period. Payments are based on 1.25% of the principal balance as of the 30th of the month. Rates become variable after the initial 12-month term and adjust quarterly. Payments adjust monthly for the first 10 years, then annually, thereafter. During repayment, the payment will be calculated annually on the current rate, balance owned and maturity date. Rates based on Prime plus or minus a margin. Finance charges begin to accrue on the day an advance is made on the line. No annual fee. Minimum non introductory rate 7. 75 % APR; maximum rate 18.00% APR. Minimum loan amount $10,000; maximum loan amount $500,000. Borrower pays all applicable closing costs and range $350 to $5,100. Homeowners insurance required. Offer valid only for residential properties located in Minnesota and Pierce, Polk, St. Croix, Burnett, Washburn, Douglas, Bayfield, Barron and Ashland Counties of Wisconsin.

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763.422.0290

ahcu.coop

NMLS# 794427

Federally insured by NCUA

CURRENT PROMOTIONS

AHCU Checking

Open an Everyday Checking account to get started. Where your dreams and your life align.

AHCU digital

e-Statements

Mobile Check Deposit

Debit Card

Bill Payment

763.422.0290

ahcu.coop

•

Federally Insured by NCUA

NMLS #794427

COMMUNITY EVENTS

Anoka Hennepin Education MN Recognition Dinner AHCU was graciously invited to attend the AHEM recognition dinner held at newly renovated, The Mill Site in Anoka. It was a wonderful evening to support the educators who do so much to help the children in our communities.

AHCU Employees Volunteer at Hope4Youth Hope4Youth is an organization supported by AHCU for several years through volunteer hours, donation drives and various event sponsorships. Recently a group of employees volunteered their evening sorting donations. To learn more about the amazing work and support provided by Hope4Youth, visit their website at: https://www.hope4youthmn.org/

Champlin’s Father Hennepin Days Parade and Expo Record turnout for the annual Father Hennepin Days parade and community booths in Champlin. More than twenty friends and family (including eleven employees) represented AHCU in the just over one-and -a-half mile parade route in June.

HOLIDAY HOURS Find all 2023 holiday hours and AHCU News by visiting the “What’s New” page of our website. All AHCU branch locations will be closed in observance of the following upcoming holidays: Monday - September 4 Labor Day Monday - October 9 Indig e nous People’s Day

St. Francis Pioneer Days The St. Francis community was excited to celebrate during St. Francis’ Pioneer Days Festival in June.

AHCU employees chatted about products and services with local residents.

Look for AHCU In Your Community! We will be attending the following upcoming events. Hope to see you there! 1. Fete de Lacs Expo in Circle Pines 2. Anoka County Fair

Save the Date! AHCU Annual Meeting When:

Tuesday, September 19th, 2023 The Courtyards of Andover

Where:

Tickets on sale July 3 1st. More details to come! Visit our website for up to date information.

Check out our new Events page on the AHCU.coop website.

WORKSHOPS +SEMINARS

Lunch & Learn Financial Education Workshops Upcoming Lunch & Learn Workshops We know your finances and your time are important. During this series, you'll have the opportunity to take a financial education workshop, completely virtual during a lunch hour. The workshops will focus on topics that can help you take the right financial steps towards your dreams. Upcoming Lunch & Learn Financial Education Workshops We know your finances and your time are important. During this series, you'll have the opportunity to take a financial education workshop, completely virtual during a lunch hour. The workshops will focus on topics that can help you take the right financial steps towards your dreams.

Upcoming Lunch & Learn Workshops:

Simple Steps to Building Good Credit. Credit scores affect many areas of our lives beyond how much it may cost us to borrow money. In this workshop you'll learn: Find out:

Financial Literacy 101 Financial Literacy is the first step toward financial freedom. In this webinar we will help you understand your money and use it to get more out of life - including those big goals like living debt-free, retiring early, helping your children through college and owning a home. Financial literacy is the first step to building strong money habits and avoiding lifelong financial struggles. You'll earn, spend and save money in a way that's more meaningful to you. When: July 19, 2023 Time: 11:30 AM - 12:30 PM

Why you need to care about having good credit. The factors that make up your credit. How to establish good credit. Action you can take to raise your score.

When: July 27 , 2023 Time: 12:00 PM - 1:00 PM

Scam Proof Your Finances Become smarter than identity thieves and scammers. Get familiar with:

Free financial workshops for AHCU members only. *This offer does not constitute a specific endorsement of Servion Financial Advisors. Servion Financial Advisors - https://www.servionfa.com/, 651.631.3111

Ways identity theft can happen at any age. Steps to prevent identify theft.

Tips to gain confidence in being safe online and in financial interactions. Free, effective resources to turn to if you are a victim of identity theft.

Lunch & Learn workshops are a great way for you to increase your financial knowledge and confidence from the comfort of your own home. Register today!

When: August 16th, 2023 Time: 11:00 AM - 12:00 PM

Free financial workshops for AHCU members only. *This offer does not constitute a specific endorsement of LSS Financial Counseling. LSS Financial Counseling: 1.888.577.2227 or on their website at https://www.lssmn.org/financialcounseling/ Register online on our Financial Education page or scan the code above on your mobile device.

TIPS YOU CAN TRUST

Get Ready for Student Loan Payments to Resume

After three years of pauses in payments on federal student loans and interest on those loans, it is time for borrowers to prepare for those payments to restart. The U.S. Department of Education announced that interest will start to accrue again on September 1, 2023, and payments will restart in October 2023. Borrowers will receive advanced notice on the specific date of their next payment. You should receive a billing statement or notice at least 21 days before your payment is due. Here are three questions to ask yourself before student loan payments restart to make sure you are ready. 1) Who is my loan servicer? There have been a lot of changes during the payment pause. As a result, you might have a new loan servicer and did not realize it. Time to check to make sure you know who is managing your loans! Make sure you can log into studentaid.gov and verify your contact information. Your dashboard will have your loan details, including your loan servicer and current payment plan option. Based on that information, go to your loan servicer’s website. Log in to your existing profile, or create a new one to set up your automatic payments. You can also call the servicer directly, but be prepared for long wait times. 2) Is my monthly payment affordable? It is a good idea to revisit your budget and get back into the habit of setting aside that monthly loan payment. During the payment pause, you might have used the extra money that would normally go toward your student loans for ongoing living expenses, which is understandable! Put the amount you would normally pay towards your student loans into a savings account. This will give you time to adjust your budget as needed before the real payment is due. How do I figure out my payment? Use the Loan Simulator to find out what payment plan meets your needs the best. It is a good idea to review all options, especially income-driven repayment plans if your income has gone down due to layoffs or furloughs. Income-driven repayment plans can be helpful because repayments can be as low as $0.00, depending on your household size and income. What if my payments are unaffordable? Contact your loan servicer once repayment resumes to ask about a deferment or a forbearance. This option puts your payments in pause, but going forward, be aware that interest on your loans will start to accrue again. It is recommended to use this option sparingly, but it can be helpful to avoid loan default. Learn about the different types of deferment programs, their eligibility requirements and how to apply. 3) Do I qualify for any forgiveness, cancellation or discharge programs? Sometimes change can be good! In this case, borrowers might qualify for forgiveness, cancellation or discharge programs that they might not have been eligible for previously.

If you currently work for a government or non-profit organization, you might qualify for Public Service Loan Forgiveness after making 120 qualified payments. (And yes, the 36 months of payment pause counts towards your qualified payments.) If you have never applied before, now is great time to start! Some of you might have been told you did not qualify — but improvements have been made that could make you eligible now! Don’t delay in taking advantage of this incredible opportunity. If you went to a school that closed or is part of the borrower defense to repayment settlement, check your eligibility for a potential discharge. If you are totally and permanently disabled, you might qualify for the Total and Permanent Disability Discharge. Discharge Due to Death — federal student loans are discharged upon the death of the borrower, as well as PLUS loans their parents took out on their behalf. Through 2025, any federal student loan forgiveness, cancellation or discharge is not treated as federal taxable income. Consult with a tax professional to see if this might affect your state income taxes. For answers to frequently asked questions about the resumption of student loan payments, go to studentaid.gov. BONUS Tip: Address your default NOW with Fresh Start If your loans were in default due to nonpayment prior to March 2023, now is the time to fix it. Contact the Default Resolution Group at 800.621.3115, and ask them which agency is holding your defaulted student loans. Then call that agency and request the Fresh Start program. Fresh Start is a free, one-time, temporary program that will provide you the support to get your student loans out of default quickly. Through Fresh Start: Your loans will be transferred to a loan servicer automatically. Your defaulted loans will be returned to “in repayment” status. The record of the default will be removed from your credit report. Access to federal student aid (loans and grants) is restored. You will need to set up payments going forward with your new loan servicer. Learn more about Fresh Start here. Phew! That was a lot of information. Good news, though; you don’t have to do it alone! We offer student loan counseling services and can assist you with understanding your repayment options, working payments into your budget, and getting back into good standing if you’ve defaulted on a loan. Call 888.577.2227 to schedule a free and confidential phone, in-person or virtual appointment with one of or certified, nonjudgmental student loan counselors.

As with all our Tips You Can Trust, we’d like to remind you that AHCU will never call, text, or contact you on social media to ask for money, personal information, or your AHCU digital login credentials or other AHCU-related systems.

Content Curated from LSS Financial Counseling’s Sense & Centsibility Blog. June 7th, 2023. Author Kim Miller is a certified financial counselor and program coordinator with LSS Financial Counseling.

MEMBER VOICES

We would love to hear about your experience with AHCU. If you’d like to share with us, visit your AHCU branch on Google.

Write a review, give us five stars, and submit – it couldn’t be easier!

“ I have been banking here for years now and have been working with Arlene Ayer. She is very friendly, helpful, and knowledgeable as a Financial Services Representative. I would recommend her to anyone who is looking for help with their finances. ”

“ Hector is so amazing!!! I only continue to bank at the circle pines branch because of Hector! While the kids were signing there names, my 13 year old didn’t know how to sign and my 10 year old was saying how she LOVES cursive writing but doesn’t know how very well. When we were finished with our account setup, Hector said I’ll call you in a couple weeks, I ordered her a cursive practice writing book. Kendra was amazing, too! She is kind and friendly. She helped me with a couple account questions and is great at her job! Keep up the good work Circle Pines!!! ”

“ Alex B. was absolutely AMAZING today! I needed to make a transfer to my son’s account (that I’m also on) but didn’t have online access to make the transfer. We were incredible pressed for time so he helped me set him up as a recipient, make the transfer and made it convenient for me to make future transfers any time of the day or night. He went over & above to help me all while being kind, patient and very conscientious about my and my son’s security. THANK YOU ALEX! This is the kind of customer service I truly appreciate! ”

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Drive-Thru Hours (temporary) : Monday – Friday: 8:30 AM – 5:30 PM Saturday: 9:00 – 1:00 PM

Lobby Hours: Monday – Friday: 9:00 AM – 5:00 PM Saturday: By Appointment

COON RAPIDS BRANCH 3505 NORTHDALE BLVD, COON RAPIDS, MN 55448 763.422.0290 • ahcu.coop

Thank you members! You once again voted AHCU as Readers’ Choice “Best Credit Union” in your communities!

CHAMPLIN BRANCH 11681 THEATRE DR. N. CHAMPLIN, MN 55316

CIRCLE PINES BRANCH 4 S. PINE DR. CIRCLE PINES, MN 55014

FOREST LAKE BRANCH 1452 LAKE ST. SOUTH FOREST LAKE, MN 55025

ST FRANCIS BRANCH 23280 ST. FRANCIS BLVD. NW. ST FRANCIS, MN 55070

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