Freedom Expands Field of Membership- CEO Letter

July 2, 2020

Dear Freedom Members,

I wanted to share some very exciting news with you, as soon as I could.

Late last year, Freedom began the process of requesting, with the National Credit Union Administration (NCUA), the governing agency that regulates credit unions, for the ability to expand our field of membership, in order to serve more residents within the state. I am extremely excited to announce to you that the NCUA has approved our request. Effective immediately, in addition to Harford County, Freedom membership is now open to businesses and any individuals who live, work, worship, volunteer, attend school, or have family in Baltimore County.

Your Board of Directors have also unanimously approved this field of membership expansion. With NCUA’s approval, as well as Board approval, we can now provide what we call the “Freedom Advantage”, our unique credit union service offering, to the greater Baltimore County communities. We will be able to better serve a larger group of Maryland consumers and businesses, many of whom we have heard from directly, that have been underserved, and address their immediate and long-term savings and lending needs as only a credit union, like Freedom, can do.

We are excited to roll out our plans for welcoming Baltimore County residents to Freedom and communicating our value proposition. We are working hard to provide the best financial institution and structure we can to serve not only our new communities within Baltimore County, but all of Harford County as well.

Freedom is an organization best qualified to meet the financial service needs of both Harford and Baltimore Counties. We’re financially strong, with full-service, easily accessible locations and a wide range of financial products, services, and accessible, intuitive technology.

We have also put great focus on our social responsibility, supporting those same communities we serve. In fact, we have made it our mission to be a trusted financial partner that does more than just banking, by creating a community support culture of people helping people that meets the needs of our members and the communities we serve. We now have even more opportunity to do good in the community, for even more organizations, businesses, and people across both Baltimore and Harford Counties.

I know this is a big change for us, and you may have some questions as a result of this announcement. I want to take this opportunity to try and answer some of these for you now.

Why did Freedom want to expand its Field of Membership?

Making Freedom membership available to all those who live, work, worship, volunteer, or attend school in Baltimore County was a logical step in our Credit Union’s evolution. Nearly 3,000 current Freedom members are already Baltimore County residents and were able to join because of some affiliation with Harford County. We have heard directly from so many Baltimore County residents over the years that they wish they could join Freedom. With just a few credit unions and numerous big banks in Baltimore County, credit unions are few and far between, even though they represent a better financial choice for most consumers. And we know Freedom will provide Baltimore County the exact type of financial institution that so many have said they want.

How is this a good thing for current Freedom members?

Because of the way a credit union is structured, as a financial cooperative, the health and strength of the organization is strongly dependent on the membership being engaged and utilizing its products and services. The more members that are an active part of the credit union and using its products and services, the better the ability to offer lower cost loan options, higher deposit rates, better technology and access, and more community support. Our expansion into Baltimore County will allow Freedom to provide our unique financial offerings to more consumers that need them and provide a much needed financial alternative to the big banks. In doing so, we will be able to increase our membership, and the ability to serve all our members, and our shared communities better.

With 32,000 members and growing, Freedom has been a strong financial partner to our members for over 67 years, and we look forward to being an even better partner with this expansion.

Does this mean we are taking away resources to support Harford County?

Absolutely not! Our expansion into Baltimore County does not take anything away from our focus, commitment, and support to the Harford County community. On the contrary, our expansion will afford us greater resources to expand our support of Harford County residents, businesses, and organizations. We are, and have always been, a part of this great community, and will continue to serve it as we always have.

Will you be opening new branches in Baltimore County?

We will look at all our options with respect to new and future physical locations, in both Harford and Baltimore Counties, to best serve our expanded membership. We will also review how we already serve members, regardless of location, by leveraging technology for those who like and want to conduct business electronically and remotely, on their own schedule. One of the biggest lessons we have learned during these past few months is that members are quite adept, and look for, newer technology to serve their banking needs. We will, therefore, consider all options to offer the best balance between physical locations and technology that best serves our membership.

We will continue to share information and details about this exciting news for Freedom Federal Credit Union and its membership, and where we go from here. In the meantime, if you have family, friends, and/or coworkers who live, work, study, volunteer, have family, or worship in Baltimore County, please help us spread the news of who we are, and share with them the Freedom Advantage!

I want to thank all of you for your ongoing trust and confidence in Freedom. It is because of you that we are here, and will continue to be here, for many years to come. Our future is bright, and together, there’s no telling what we can accomplish.

Sincerely,

Michael MacPherson
President and CEO
Freedom Federal Credit Union

#FreedomSpiritWeeks

A NEW Summer Contest Series

Presented by Freedom Federal Credit Union

Enter June 12 – August 6, 2020

WIN UP TO $250 DOLLARS!

Freedom is proud to present a new summer contest series called #FreedomSpiritWeeks. Every Friday during the contest period Freedom will challenge the public to submit entries according to the week’s theme on social media. Entrants will be placed into a weekly drawing to win a $50 eGift Card. Weekly winners along with other selected finalists will then have an opportunity to compete for a $250 prize in a final showdown at the end of the contest.

Your entry could win you a $50 eGift Card, or the Grand Prize— $250 DOLLARS!

WEEKLY THEMES

June 12 – June 18 : GRADS WEEK
Show us your 2020 Pride! Enter a photo of a 2020 Graduate!
June 19 – June 25 : TAG LOCAL WEEK
No Photos Required for this one, but they are highly encouraged. Tag a local Harford or Baltimore County restaurant or business and tell us why they’re great!
June 26 – July 2 : CHALK IT UP WEEK
It’s a masterpiece showcase! Show us your sidewalk chalk creations!
July 3 – July 9 : WHAT’S FOR DINNER WEEK
Share a picture of a delectable dish you’ve made, and if you’re feeling extra generous, share the recipe too!
July 10 – July 16 : PROJECT PRIDE WEEK
Time to brag about your summer home improvement projects! Let’s see what you’ve been working on! Brownie points for Before and After photos!*

*Brownie points are NOT actually real points, but they sound delicious.
July 17 – July 23 : BACK TO NATURE WEEK
There’s nothing like enjoying the wonderful outdoors in the summertime, especially while indoor attractions remain widely unavailable. Share the glory, the fun, the hikes, and the gardens.
July 24 – July 30 : MY PURFECT PET WEEK
We know you have a bunch of pawsitively purfect pet photos you are just itching to share. And we are so ready to bask in the cuteness of your fur babies.
July 31 – August 6 : SPIRIT WEEK
Get creative! Submit a fun photo of you and your crew! Be goofy, silly, or beautiful! It’s up to you!

HOW TO ENTER:

Take a fun, creative picture according to the week’s theme
Pick your preferred social channel
Like or Follow Freedom’s page
Post the picture in the comments on Freedom’s Contest Post or your own account using #FreedomSpiritWeeks
Make sure your post is set to “public” and to tag Freedom
Check Freedom’s Facebook page every Friday to see if you’re the winner and to try for the next challenge!

Members and non-members alike are welcome to enter. Enter each weekly contest up to 3 times, to maximize you chances of winning the weekly drawing and getting selected as a finalist for the Grand Prize. See our Contest Rules for full details.

HOW TO WIN A WEEKLY PRIZE:

Submit up to 3 entries per week
Submission are due by each Thursday at 11:59 pm during the contest period
A winner will be selected by a Random Name Picker internet tool the following Friday morning

GRAND PRIZE INFO:

Grand Prize Vote is scheduled to start 10:00 am on Thursday, August 13, 2020 and will run for 24 hours
All 8 weekly winners are guaranteed to be finalists for the Grand Prize
Additional finalists will be chosen by a panel of judges
Finalists will compete to collect votes

HOW TO WIN THE GRAND PRIZE:

Freedom will re-post the finalist photos on our Facebook Page on August 13th at 10:00 am
Every Like/Love = 1 Vote
If you’re a finalist…come prepared to like and share your re-posted photo! Collect as many likes and loves as you can in 24 hours!
WILDCARD FACTOR: Freedom employees are voting internally too. Their votes will have you guessing until the very end!
Have Fun!

@FreedomFCU

@FreedomFedCU

House Passes HEROES Act

The House of Representatives passed a $3 trillion stimulus bill on Friday, May 15, with a 208-199 vote. The more than 1,800-page legislation, dubbed the Health and Economic Recovery Omnibus Emergency Solutions Act (Heroes Act), would provide another stimulus check to qualifying Americans, extend unemployment benefits, and provide relief to homeowners, among other economic stimuli.

The HEROES Act needs to be approved by the Senate before passing into law. However, the Senate will not be voting on the aid package until after the May 25 Memorial Day recess. In addition, Senate leadership has called the bill “dead on arrival” and many senators have threatened to oppose its passing.

Here’s what’s inside the proposed legislation:

1. Economic Impact Payments of up to $6,000 per household

The second round of stimulus checks included in the HEROES Act are structured similarly to the first payments, with individual tax filers phasing out of eligibility at $75,000-plus, and couples filing jointly phasing out at $150,000-plus.

The proposed second economic impact payment varies from its predecessor in two areas. Firstly, the latest stimulus checks will grant $1,200 for each dependent, regardless of age, for up to three dependents per household. Secondly, immigrants with taxpayer identification numbers will be included in the payments, unlike the first round.

2. Expanded and extended unemployment benefits

While some states have made the first tentative steps toward reopening their economy, a record 33 million Americans are still out of work. The HEROES Act would provide relief to these individuals, offering expanded unemployment coverage of an extra $600 per week through January 2021. The bill also extends eligibility benefits for gig workers, independent contractors, part-time workers and the self-employed through March 2021.

3. Student loan forgiveness

The original plans for a broad $30,000 in student loan forgiveness have been scrapped from the legislation, but the HEROES Act includes the following provisions for student loan relief:

$10,000 in federal student loan forgiveness.
$10,000 in private student loan forgiveness.
An extension of the CARES Act suspension of payments, interest and collections on government-held federal student loans through September of 2021. These protections will also expand to include commercially-held Federal Family Education Loan federal student loans, as well as Perkins loans.
A modification to Public Service Loan Forgiveness that would allow payments made on previously-consolidated federal student loans to potentially count towards the 120 qualifying monthly payments required for the program.

The Democratic House leaders made a last-minute amendment to these provisions, restricting eligibility for student loan forgiveness to students who are “economically distressed.” The term has been defined as someone who, as of March 12, 2020, was delinquent or in default on their student loan, in economic hardship deferment or forbearance on their student loan, or in an income-driven repayment plan with a monthly payment amount of $0.

Rental and mortgage assistance

The HEROES Act will provide $100 billion of rental assistance for the country’s 40 million-plus renters. The funds will be distributed through an existing nationwide grant rental assistance program that would verify a tenant’s inability to pay rent and issue vouchers to cover the cost of rent and utilities. The legislation will also extend the moratorium on residential foreclosures and rental evictions for 12 months.

In addition, the HEROES Act also expands the protection for homeowners included in the CARES Act, providing an additional $75 billion for a homeowner assistance fund designed to prevent mortgage defaults and property foreclosures.

Hazard pay for essential workers

The HEROES Act would establish a $200 billion “Heroes’ Fund” to provide hazard pay to qualifying essential workers. The fund will furnish a $13 per hour pay premium on top of regular pay for “all hours worked in essential industries through the end of 2020.” The hazard pay caps at $25,000 for essential workers earning less than $200,000 per year, and at $5,000 for workers earning more than $200,000 per year.

Other provisions and benefits

The HEROES Act includes several additional economic relief provisions, including:

Close to $1 trillion in direct financial relief for state, local and tribal governments.
$75 billion for coronavirus testing and tracing.
Increased spending on Supplemental Nutrition Assistance Program (SNAP), Temporary Assistance for Needy Families (TANF), and Women, Infants, and Children (WIC).
Debt-collection relief.

The Complete Guide to Prioritizing Bills During COVID-19

If you are one of the millions of Americans on furlough thanks to the coronavirus, you may be scrambling to cover your bills. Let’s take a look at what Freedom’s financial experts are advising so you can make an informed decision about your finances going forward.

Triage your bills

Freedom recommends putting your most basic needs, including food and shelter, before any other bills now. Make sure you can feed your family before using your limited resources for loan payments or credit card bills. Similarly, your family needs a place to live, so mortgage or rent payments should be next on your list.

Housing costs

In early March, the Federal Housing Finance Agency offered payment forbearance to homeowners affected by COVID-19, allowing them to suspend mortgage payments up to 12 months. These loans account for approximately 66 percent of all home loans in America. They will eventually need to be covered, though conditions for repayment vary by lender.

Speak to your lender about your options before making a decision.

If you’re a renter, be open with your landlord. They may be willing to work with you.

Paying for transportation

Missing an auto loan payment can mean risking repossession of your vehicle. This should put car payments next on your list of financial priorities. If meeting that monthly payment is impossible right now, it’s best to communicate with your lender and come up with a plan that is mutually agreeable to both parties.

Household bills

Utility and service bills should be paid on time each month, but for workers on furlough due to the coronavirus pandemic, these expenses may not even make it to their list of priorities.

Most states have outlawed utility shutoffs for now. Also, many providers are willing to work with their clients. Visit the websites of your providers or reach out to them by phone to see what kind of relief and financial considerations they’re offering consumers.

Unsecured debt

Unsecured debt includes credit cards, personal loans and any other loan that is not tied to a large asset. Struggling Americans can place these loans at the bottom of their list of financial priorities for now. At the same time, borrowers should know that missing out on a monthly loan payment can have a long-term negative impact on a credit score.

Here, too, consumers are advised to communicate with their lenders about their current financial realities. Credit card companies and lenders are often willing to extend payment deadlines, lower the APR on a line of credit or a loan, waive a late fee or occasionally allow consumers to skip a payment without penalty.

Freedom Federal Credit Union is committed to putting our members first, not shareholders, and helping you achieve your financial goals. Learn more at freedomfcu.org or call us 800-440-4120 to see how we can help.

Your Turn: How are you prioritizing your bills during the pandemic? Share your tips with us on Facebook, LinkedIn,Twitter, or Instagram.

#HeroNurses

LET’s CELEBRATE our #heronurses, HARFORD COUNTY!

WIN A $50 eGIFT CARD FOR A HARFORD COUNTY NURSE

Look for our #HeroNurses Photo Contest on our social media pages starting May 6th, 2020 running until Tuesday, May 12, 2020.

If you are a nurse or know a nurse who lives or works in Harford County…

1. POST a photo of a nurse (could be you!) in the comments on our Facebook or Twitter post
(Or use #HeroNurses and @FreedomFedCU on your public Instagram profile)

2. FOLLOW our social media page

3. SHARE our social media post

We will draw a winner Tuesday, May 12th, at about noon!

Full Contest Rules / Details

Visit us on Facebook, Twitter, or Instagram to get started.

*Nurses may live and/or work in Harford County. Nurses are welcome to enter themselves.

Show Us Your Mask Face

SHOW US YOUR BEST MASK FACE, HARFORD COUNTY!

Win a $50 eGift Card!

Look for our Best Mask Face Photo Contest on our social media pages starting April 24th, 2020 running until Friday, May 1, 2020.

If you live, work, worship, or have family in Harford County…

1. POST your photo in the comments on our Facebook or Twitter post
(Or use #BestMaskFace @FreedomFedCU on Instagram)

2. FOLLOW our social media page

3. SHARE our social media post

We will draw a winner Friday, May 1st, at about noon!

Full Contest Rules and Details

Visit us on Facebook, Twitter, or Instagram to get started.

Stimulus Payment Scam

Millions of Americans have received or are awaiting a gift from Uncle Sam to help them get through the coronavirus pandemic. As part of the Coronavirus Aid, Relief and Economic Security (CARES) Act passed on March 27, the federal government is sending out $290 billion in Economic Impact Payments (EIPs) via stimulus checks or ACH deposits over the next half a year.

The first round of checks and deposits made its way to millions of checking accounts across the country during the second week of April and the next round is expected to be sent within a few weeks. The remainder will be mailed out or deposited via ACH over the following 20 weeks.

Unfortunately, scammers are doing all they can to get their hands on this money before they reach the rightful recipients. The best way to keep your money safe from scammers is to arm yourself with information about the stimulus payments and to learn how to spot the scams.

To help you keep every dollar that’s coming to you and avoid falling victim to these scams, Freedom FCU has compiled this important information on the stimulus payment process and the connected scams. For additional answers to Frequently Asked Questions, visit our Coronavirus Support page‘s Economic Impact Payment (EIP) section.

Important information about the stimulus checks

Many Americans aren’t aware of this crucial fact: You do not need to take any action to receive your stimulus payment. There is no form to fill out, no number to call, and no information to share. Every eligible citizen should receive the check without having to take any action.

The feds are using the most recent tax filing information they have from each eligible citizen to send out the checks. They will use information from 2019 tax returns to determine the payment amount and get recipients their money. Those who haven’t yet filed taxes this year (the tax deadline has been extended to July 15), will have the information from their 2018 taxes used. Social Security recipients, and anyone else not required to file taxes, do not need to take action either; the government already has their information on file.

There is no need to share information, such as a Social Security number, checking account number or home address, with anyone. There is no need to “sign up” for your payment either. All you need to do is wait for your check to land in your mailbox or in your account. Remember the simple rule: There is no need to take any action to receive your check.

When you may need to take action

The only exception to the above rule applies to those who have not yet filed taxes for 2018. These citizens may need to submit a simple tax return to receive their check.

Also, the government has shared that it can only deposit the money directly into checking accounts if it has this information on file for the recipient. This criterion includes nearly all citizens who’ve received a tax refund for the taxes they filed in 2018 or 2019. Individuals receiving their payments via direct deposit will likely have their money sooner. Consequently, many people want to share this information with the IRS before the payments are sent out. It can be done via this link, which can also be used to look up the status of your check. Unfortunately, though, many people have reported that the IRS site has not been working properly recently, which is likely due to heavy traffic.

How the scams play out

The scammers trying to nab stimulus money count on victims thinking they need to take action to get their payments. They use a variety of means, including phone calls, emails, text messages and social media posts, to ask victims to share information that will allegedly enable them to receive their funds. They may ask for the victim’s Social Security number, date of birth, PayPal account information, checking account details, home address or other personal information, claiming it is a necessary “sign up” step in the stimulus payment distribution.

Alternatively, they may claim they can help you receive your payment earlier through their website if you share certain information with them. They’ll often use sophisticated spoofing methods to make it appear as if they are legitimate government representatives. Once they have this information, though, they will reach out to the IRS to change your information so your check goes directly into their own accounts. Or, they may hack your account to withdraw the stimulus money as soon as it arrives.

If you receive any phone calls or messages asking for your personal information so you can receive your payment, you are looking at a scam. Do not respond. Report the scam to the FTC at ftc.gov. The federal government has made it clear it will not be reaching out to citizens and asking for information before sending out payments. It has also shared that there is no way for anyone to gain early access to the stimulus payment money.

Stay safe!

Your Turn: Have you been targeted by a stimulus payment scam? Tell us about it on Facebook, Twitter or Instagram! @FreedomFedCU

Coronavirus Text Scam

The coronavirus pandemic has been raging on American shores for several months, but scammers are still finding new ways to exploit the panic, fear and uncertainty surrounding the virus to con people out of their money. The latest in a string of coronavirus scams involves a simple text message with criminal intent.
Here’s all you need to know about the coronavirus text scam.

The scam starts out with the victim receiving an alarming text message informing them that someone they’ve recently been in contact with is infected with COVID-19. They are then told to self-quarantine and to get tested for the virus.

Here is the actual text from one of these scams:

“Someone who came in contact with you tested positive or has shown symptoms for COVID-19 & recommends you self-isolate/get tested.”

The text also includes a link for the recipient to click for more information. Many unsuspecting people who read these messages innocently click on the link and play right into the scammers’ hands. The link provides the scammer with access to the victim’s device. The scammer can then scrape the victim’s personal information off the phone and use it to empty the victim’s accounts, open lines of credit in their name or even steal their identity.

If you receive a text message like the one described above, do not respond or click on any embedded links. Report the text to local law enforcement agencies, place the number associated with the message on your phone’s “block number” list and delete the message. You can also warn your friends about the circulating scam to keep them from falling victim.

Stay vigilant and stay safe!

Your Turn: Have you been targeted by a coronavirus texting scam? Tell us about it on Facebook, Twitter or Instagram! @FreedomFedCU