Growing and Investing in You, Our Members
Last time I wrote in this space, COVID-19 was just really starting to hit Connecticut, hard. Many folks lost their lives in the last three months and nothing can replace the hardship and personal loss experienced by so many. As we are now in early summer, the contagion, while still present, seems less immediate and menacing, but we stay on guard.
During this time, you and our staff have had to endure less than optimal conditions in our branches and on the phone especially. Our branch staff, like many essential workers, has been on the front lines doing their best to balance your needs while maintaining their personal safety and complying with many state mandates. I appreciate your patience and the mutual respect we show for one another as we move through this challenging time together. The rest of our workforce continues to work from home and support your needs as best they can.
Our most important goal is to ensure that we all stay safe.
As a practical update, we continue to adjust and more fully re-open our branch network in July and beyond. Our new branch appointment scheduling tool on our website has immediately become a member favorite to help you plan your branch visit and help us line up the right teammates to serve your needs. Please pay special attention to our branch safety protocols and be mindful of the ongoing health threat.
Our Call Center hours are expanding and shifting and our chat feature will be available more hours, too
.
The COVID-19 pandemic has wreaked havoc on so many of our members and our communities.
We have provided many, many members and their families with emergency funds, loan extensions, service waivers, and discounts, and we have swiftly made funds available to our members through the government assistance programs
, just to name a few services. We continue to process significant volumes of new loan requests, especially for home loans, during this time. Some institutions have made it more difficult to serve their customers' needs by withdrawing or reducing credit lines or changing loan criteria. Our cooperative structure is built for helping one another, and we are trying to live our mission to enrich the lives of our members and communities to create a world where financial freedom is a reality.
During the COVID-19 crisis, more and more of you are using our electronic banking solutions and we are seeing mobile banking including mobile check deposit, online banking, and other electronic service use increase dramatically.
Next up this summer is the significant upgrade to our online and mobile banking presence and functionality.
Look for our communications about these upcoming changes and be sure we have your most up-do-date contact information to make these transitions smooth for everyone. Another function we are improving is our online account opening function, making it easier for you to open and fully fund new and additional accounts without paper.
Let’s all hope for a peaceful and healthy summer season. All the best to you and your family, from the American Eagle family.
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Dean Marchessault
President & Chief Executive Officer
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Stay Informed on Our Response to COVID-19
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Reopening Our Doors to Members
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As the State of Connecticut continues to reopen, we have opened the doors of our branches to members. Some branches have walk-in lobby and teller services while several others are operating only by appointment for now. All branches are outfitted with sneeze guards, social distancing markers, disposable gloves, and sanitizing stations. The health and safety of our staff and members continues to be our top priority while serving your financial needs.
Representatives in our Member Contact Center and Loan Phone Center are available by phone Monday through Friday, from 8:30 a.m. to 6:00 p.m., and Saturday, from 8:30 a.m. to 12:30 p.m.
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American Eagle Soaring in the Community
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Close to $20,000 Donated in Second Quarter's Cash Back to the Community
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American Eagle Financial Credit Union announced the recipients of $19,725 in donations from its participatory funding program,
Cash Back to the Community
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During 2020, AEFCU is donating one percent of its credit and debit card interchange income to three nonprofit and/or 501(c)(3) organizations each quarter through the Cash Back to the Community program. Funding for the program is generated each time members use an American Eagle credit or debit card. At the end of each quarter, one percent of the total interchange income–the fee paid for credit and debit card transactions–is being distributed to the three top qualified nonprofits as voted on by both the Credit Union’s members and the general public.
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Grant Supports Victims and Families of Violence
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Hartford Communities That Care (HCTC)
has received a $5,000 grant from the American Eagle Fund at the Hartford Foundation for Public Giving.
Hartford Communities That Care, Inc. (HCTC) is a Hartford-based nonprofit organization committed to creating and supporting non-violent and drug-free communities in which youth and families can thrive.
This grant will directly support the
Hartford Care Response Team
(HCRT)
in partnership with Trinity-Saint Francis Hospital and Medical Center to address the mental health and medical needs of victims assaulted or killed by gunshot, knife wound, or blunt trauma.
The program connects Violence Intervention Specialists with victims at a moment of significant crisis, offering trauma-informed, culturally responsive immediate and post-crisis interventions, including connection to in-home and outpatient follow-up care; individual and family therapy; connections with community- and faith-based organizations; gang mediation; conflict resolution; substance abuse services; and guidance in connection with access to personal injury and survivor benefits compensation.
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Employees Donate Over $11,500 from Second Quarter Payroll Deductions
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The employees of American Eagle Financial Credit Union donated $11,507 from weekly payroll deductions for the second quarter, April 1 through June 30, 2020.
During the first half of 2020, American Eagle employees have personally donated over $22,500 to the communities where we live and work.
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Employees Pledge Third Quarter Donations to Support Diversity, Equality, and Inclusion
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The Prosperity Foundation (TPF)
was select
ed to receive employee pledges from the Jeans Fridays fundraiser for the third quarter, July 1 through September 30, 2020. TPF is a community foundation designed to strengthen Connecticut’s Black communities in critical areas such as health, education, and economic development.
TPF is an outgrowth of the Urban Prosperity Fund, which was created in New Haven, Connecticut in 2010 in order to promote philanthropy, prosperity, and self-empowerment in the Black community. TPF is a permanent and endowed vehicle addressing the Black community's needs, and bringing the community together around common interests. TPF has the features of a community foundation, including donor-advised funds, educational events, giving circles, and other forms of philanthropy.
Through TPF, philanthropy is a path to grant-making for organizations serving the community and a portal through which Connecticut’s Black community and other interested parties can connect and collectively contribute to improving conditions and opportunities for the community.
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CU Donates $3,500 for Continued Support of COVID-19 Relief
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AEFCU contributed $2,500 to East Hartford’s
Goodwin Foundation
at
Goodwin University
for their COVID-19 Student Response Fund. The money will assist individuals in the Goodwin learning community facing acute, unexpected financial challenges brought on by the disruptions of COVID-19. Donations to this critical-need fund support food, housing, technology, scholarship, financial aid, and other essential support services.
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AEFCU contributed $1,000 to the
Credit Union's Building Financial Independence Foundation
at the
Connecticut Credit Union League
in Meriden. The money will support the popular high school Financial Reality Fairs conducted statewide during the school year. Given the school closings due to COVID-19, AEFCU’s donation will help organizers conduct “virtual” financial reality fairs with teachers and students. The fairs provide hands-on experience using a mobile app in which students choose a career and learn to budget and pay for common living expenses while saving for their future.
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Online Checking $100 Promotion
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Open a Checking Account Online by August 31st and Get $100 Cash
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Open a My Checking or My Ultimate Checking account from the safety and comfort of your home.
Within the first 60 days of opening the account, simply sign up for e-Statements and use your Visa
®
Debit Card 10 times with a $10 minimum on each purchase.
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Options for Making Your Loan Payment
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The Make a Payment page on our website has been updated to include an easy-to-read grid clarifying the options available to members when making an AEFCU loan payment. These include Online Banking, Bill Pay, Phone, Mail, and our third-party Online Payments Portals.
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Financial Wellness in Uncertain Times
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Free Online Financial Education
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It's important for people of all ages to develop and maintain healthy financial habits. American Eagle invites you to explore our
free online financial education portal
offering 29 self-paced modules that take under ten minutes per lesson. There's something for everyone.
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Important Account Changes
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Limit on Electronic Savings Account Transactions Eliminated
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The Federal Reserve made a change to Regulation D requirements, which restricted an accountholder’s ability to withdraw or transfer funds out of Savings and Money Market accounts (non-transactional accounts) to six (6) convenience transfers per month. Convenience transfers include ACH and auto withdrawals, online banking transfers, and other not-in-person transactions.
This restriction has been removed and you can now process unlimited transactions on your Savings, Club, and Money Market accounts.
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Changes to Funds Availability Policy Effective July 1, 2020
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Effective July 1, 2020, our Funds Availability Policy will be updated to increase same-day availability to $225 (previous limit $200) and to apply large holds to deposits over $5,525 (previous limit $5,000).
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Certificate Opening Deposit Decreased from $1,000 to $500
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Effective July 1, 2020, the minimum deposit required to open a Certificate account decreased from $1,000 to $500. This applies to all Savings and IRA Certificates.
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Eagle Club Account Changing Name to Eagle Savings Account
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In order to better reflect the true nature of the account, we are changing the name of the Eagle Club account to
Eagle Savings account
. This change is effective September 15, 2020. You will see this new name on your statements and online and mobile banking starting in September.
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The Risks of Market Timing
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Attempting to pinpoint market highs and lows may result in lower returns for investors.
"Market timing" is the strategy of trying to predict when stock prices will rise and fall and attempting to buy low and sell high. While this seems to make sense in theory, it's extremely difficult to pull off successfully. Trying to time the market may mean missing out on potential gains.
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Labor Day Holiday Closing
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All offices of American Eagle Financial Credit Union will be CLOSED on Monday, September 7, 2020, in observance of Labor Day.
Access your accounts 24/7 with
online banking,
mobile banking, and
at thousands of Allpoint and SUM ATMs across the U.S. Take the Credit Union with you wherever you go. We're never more than a call or click away.
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American Eagle Financial Credit Union
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American Eagle Financial Credit Union will never solicit confidential information about your accounts through email. If you receive a suspicious email asking you to open an attachment or click on a link to provide personal information, do not take action.
See privacy and security policy.
Federally Insured by NCUA.
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