Welcome to BillPay pg. 6 Pending Transactions pg. 3

Winter 2014
Published exclusively for members of Empower Federal Credit Union®
Pending
Transactions
Welcome to
BillPay
pg. 3
pg. 6
Message From The President
Credit and
Debit Card
Fraud
If you have ever
experienced what
John Wakefield
President/CEO
many members
have experienced
lately (including myself), your Empower
credit and debit cards have been reissued
with a new number multiple times in
the last 12 months because of merchantbased data breaches. Some members
think it is Empower’s fault when we
reissue, but I can assure you that has not
been the case at all. We have all heard
of some of the major data breaches over
the past 12 months – Target and Home
Depot being the largest and most wellknown cases of merchant data breaches.
However, by contract, we are not
allowed to disclose most merchant data
breaches, so many of the regional and
local (yes, local breaches have occurred)
data breaches have caused us to reissue
new Empower credit and debit cards
without disclosure of the merchant name
unless that information became publicly
disclosed like the 2 examples above.
So, why does Empower reissue its credit
and debit cards due to merchant data
breaches even when Empower is not at
fault? Due to the current security system
in place, Empower, like all financial
institutions, is responsible for any
and all card fraud-related losses, even
those caused by merchants. Once your
card number is stolen, it can be used
by criminals to make purchases, and
Empower covers that cost. Because we
are “on the hook” for all costs, we reissue
your card right away to avoid potential
2 | Empower Federal Credit Union® SPOTLIGHT
fraud losses. Although very inconvenient
to both members and the credit union,
Empower has no choice but to reissue as
fraudulent charges can easily and very
quickly exceed the cost of reissuing your
cards.
What is being done to fix the fraud
problem? Here in America, we are
one of the last remaining countries to
convert to EMV chip-based credit and
debit cards. EMV stands for “EuropayMasterCard-VISA” and it was an
antifraud system first set up in Europe
to combat counterfeit card fraud over a
decade ago. Beginning on October 15th,
2015, new rules are being instituted
where merchants will be responsible for
any fraud losses if they haven’t converted
to the new chip card readers. You may
already have seen these chip readers
being installed at various merchants who
currently accept both chip and non-chip
cards.
How is EMV chip-based card technology
different from the traditional magnetic
strip-based card? When you swipe your
card today, the merchant keeps your
card information including the 16-digit
number along with the amount to submit
through the financial payments system
for payment. Whether you purchase
by credit or debit, the merchant must
eventually get paid. They provide the
account number so we can identify
and properly apply the charge to your
account. The system worked well until
the age of the Internet. Thieves now
can target merchants for credit card
information versus targeting financial
institutions where money and personal
information is critical to protect.
EMV chip cards are different in that
when you “insert” your chip card
into a reader, the 16-digit number is
“tokenized”. Tokenization refers to the
method of converting your number
into a random number that can only be
used for that transaction. If that random
number is stolen, it is useless since it
is dynamically and uniquely created
every time you insert your card into a
chip reader. Apple Pay uses the same
tokenization technique as they have
basically put a chip (secure element) into
their new iPhones similar to an EMVenabled chip card. In the future, I expect
other mobile phone providers to do the
same.
When will
Empower issue
EMV chipbased debit
and credit
cards? We are
planning on
issuing them
a few months
before the October 15, 2015 deadline.
Due to the chip being included in the
card, chip-based credit and debit cards
are twice as expensive to produce. We
decided to wait until more merchants
were ready, and for the fraud liability
to shift to those merchants that don’t
have the new technology installed by
that time. As we get closer to the reissue
date, we will be sending you much
more detailed information. Thank
you for being a member and for your
understanding and patience.
Federally Insured By NCUA
Online Banking Enhancement
Introducing Pending Transactions
What is a pending transaction?
Pending transactions are related to credit card and/or debit card purchases and other transactions that require a hold.
Credit Card and/or Debit Card Pending Transactions
A credit or debit card transaction is considered “pending” from the time a purchase is made or an authorization
was requested, until the time the item is posted to your account history from the merchant. When the purchase/
authorization is requested, a hold is placed on the account for the transaction amount.
When is the hold removed? The hold is removed when the item is received for posting or in 5 calendar days for debit
transactions and 10 days for credit transactions, whichever comes first. This is often the reason that the actual balance
differs from the available balance. Note: a merchant has 180 days to post a transaction. Therefore, a hold may be released
and then a transaction could post after holds have been removed.
Other Holds
Another reason for the actual balance to differ from the available balance would be a deposit that has been posted to
your account, but is not yet available. Examples include payroll, social security and tax returns. Empower posts these
deposits upon receipt. However, these funds are not available to you until the date specified by the company and/or
entity sending the funds.
You are now able to access details regarding pending debit transactions. Please note, details will not display
for Other Holds.
Simply click on the green pending transaction icon
to see details. The debit card transaction hold date, expire
date*, transaction type, payee name, and transaction amount
will display. No details will display for Other Holds.
*Debit transactions: Expiration date will reflect 5 calendar
days from the date of authorization. The debit card
transaction hold will remain for the 5 days or until item is
presented for posting. Credit transactions: Expiration date
will reflect 10 calendar days from the date of authorization.
The credit card transaction hold will remain for the 10 days or until item is
presented for posting.
When accessing via mobile app:
View pending transactions by selecting your checking account under the Accounts
option of the mobile menu. You will see the word Pending above each individual pending
transaction in that account’s history.
Note: The amount of the hold may differ from the actual transaction amount. Often the merchant
will receive authorization for an estimated billing (examples: hotel, gas station, or restaurant). Holds can also occur on deposited items, such as direct deposit payrolls that have been posted to
your account, but not yet released from your employer. In the case of deposited items, no details will
display when you click on the green pending items icon. Empower Federal Credit Union® SPOTLIGHT | 3
How to Improve My Credit Score
Pay down on
credit cards
Make on time
payments
Acquire a solid credit history
with years of experience
Don’t close credit cards
capacity will decrease
Keep the # of new loans
at a minimum
Contact us to learn more about
improving your score.
800.462.5000
Financing College
Empower Federal Credit Union® is proud to offer the
Credit Union Student Choice private student loan
solution to help you fill educational funding gaps. When
federal aid just isn’t enough, we can help.
Visit: Empowerfcu.studentchoice.org
or call 877.689.0962
4 | Empower Federal Credit Union® SPOTLIGHT
Florida and North Carolina
Mortgage Options
Empower now offers first mortgage loans in Florida
and North Carolina! Let our experienced mortgage
consultants assist with your financing options. We offer
competitive rates, low closing costs and fast decision
making for a quick approval process. Call 800.462.5000
and press 3 to schedule your appointment today.
Note: Empower offers first mortgage loans in NY, PA, CT,
FL and NC. We do not offer Home Equity Loans or Home
Equity Lines of Credit in FL and NC. The First Home Club
grant only applies to homes in NY. NMLS #412384
Some restrictions may apply.
Direct Deposit Reminder
Whether you are having your tax
refund deposited to your account,
or other funds being sent to the
credit union - be sure to give the
correct information. Please use
the 14 digits on the bottom of
your checks, following Empower’s
routing and transit number. This
will insure that your deposit will be
posted to your checking account.
Member Comment
“
I would like to take a moment to thank
Empower FCU for addressing an email I had
submitted back in June about a hardship my family
was facing due to being over extended in credit card
payments. When I wrote the letter, it was a plea for
help, but also a way of venting on what a horrible
situation I had gotten myself into financially. I was
literally on the verge of throwing in the towel. I
was not defaulted on any of my loans, but I knew
we could not keep on the path of making minimum
payments much longer.
December 24, Wednesday closed @ 3
December 25, Thursday
Christmas Eve
Christmas Day
December 31, Wednesday closed @ 3
January 1, Thursday
New Year’s Eve
New Year’s Day
January 19, Monday
Martin Luther King, Jr.
Day
February 16, Monday
Presidents’ Day
• Shield the screen and keyboard to protect your
PIN and transaction amount.
• Do not write your PIN on your card or keep it in your wallet/purse.
• When using a drive-up ATM, make sure all car doors
are locked and windows are up.
Your kindness and generosity will always be
remembered by [our] family. I look forward to our
continued financial relationship. Please share our
story with anyone that you feel will benefit.
Know a Family
in Need?
Visa Debit Card Courtesy
Pay Services
We Are Closed On These Holidays
• As you approach an ATM, be aware of your
surroundings. If you notice anything out of the ordinary, visit the ATM later or use another ATM.
I honestly didn’t even expect a response from the
letter. Or at the most maybe an “I am sorry we can’t
help you.” It has only been 4 months, but that letter
I ALMOST didn’t write has changed things for my
family and I. For the first time in a few years we now
have a savings account again! And even better we are
not living on credit cards!
“
Wish to deposit directly to your
savings account? Call the credit
union for the correct 15 digit
account number to have funds
deposited to your savings account.
ATM Security
Tips
To receive overdraft services, we need to hear from you.
We need your permission, if you want to receive overdraft
services that protect your account. Without your
permission, any overdrawn purchases made with your
debit card, or ATM withdrawals exceeding your available
balance, will be DECLINED.
How can I receive and/or confirm that I have
overdraft services?
• Ask when visiting a branch location
• Call us at 800.462.5000
• Send an inquiry via the home banking
Communications Center
We will be happy to verify that your account is protected.
• Put your cash, card and receipt away immediately.
Count your money later and always keep your receipt.
• Do not leave your car unlocked or engine running
when you get out to use an enclosed ATM.
The Duguid Committee,
Empower employees’
volunteer committee, accepts
letters requesting assistance
for credit union families in
need. If you know a family
that has fallen on hard times
due to a job loss, critical
injury, long-term illness, fire or other hardship, you may
nominate this family for assistance. Send your letter to:
Empower FCU, Attn: Duguid Committee, One Member
Way, Syracuse, NY 13212
Privacy Notice
Federal law requires us to tell you how we collect, share,
and protect your personal information. Our privacy
policy has not changed and you may review our policy
and practices with respect to your personal information
at www.empowerfcu.com/Resources/PDFs/Privacy_policy_oct_2013.pdf or we will mail you a free copy upon
request if you call us at 800-462-5000.
Empower Federal Credit Union® SPOTLIGHT | 5
A chance to
Win
5,000 Visa Rewards Points Each
We are giving away 250,000 Visa Reward Points! Use your
Empower Visa Platinum Credit Card for all your holiday
purchases and you’ll be automatically entered to win. The more
purchases you make, the more entries you’ll receive, the better
chance to be one of our 50 reward points winners! For more
information or to apply for an Empower Visa Platinum Credit Card call 800.462.5000,
click www.empowerfcu.com or come in to one of our conveniently located offices.
Federally insured by NCUA.
No purchase required. Contest open to anyone 18 years of age or older, with the exception of Empower Federal Credit Union employees, volunteers and their immediate families.
There will be (50) prizes of 5,000 points each for a total of 250,000 reward points given away. Each reward point prize is equivalent to $75.The offical drawing will be held by January
19, 2015 for Empower Visa Credit Card purchases made between November 1, 2014 - December 31, 2014. Non-cardholders can receive a contest entry by writing to: Empower
Federal Credit Union, VISA Platinum Promotion, 1 Member Way, Syracuse NY 13212. Winners who are non-Empower VISA Platinum Credit Card holders will receive a gift
certificate of value equivalent to the rewards point prize. Redemption of reward points are governed by the rules and regulations outlined in the Empower VISA Platinum Rewards
Program brochure.
Welcome to BillPay
Saving hours a month paying bills is just a few clicks away.
BillPay makes it more convenient to pay your bills at
anytime, anywhere. In just a few minutes you can enroll and
begin entering your payees.
Bills
Halloween at Empower looks pretty spooky
Bills Paid
What are the requirements for BillPay Services?
You must have an Empower FCU checking account (bill payments can only be deducted from checking) and sign up
for this free service through online banking. To sign up, log in to Online Banking and click on BillPay on the navigation
menu. You will then select the Getting Started tab to begin entering some personal information (name, address, etc.).
Once you have confirmed the information and accepted our Bill Payment agreement, you are ready to pay bills!
What are my payees?
We can do the
Your payees are companies, organizations or individuals you want to pay through the bill pay service. Once a payee has
been entered, it is always there for future reference and payments. No more searching for account numbers, multiple
website log in information, or mailing address information.
Heavy Lifting
Can I generate Reports?
Schedule your appointment today
Yes, you will be able to view and print a variety of reports. In just a few clicks, you can see a specified date range with
current and/or pending transactions.
Call 315.426.5678 or 800.462.5000 ext. 5678 or visit empowerfinancial.com
To learn more go to BillPay within home banking.
6 | Empower Federal Credit Union® SPOTLIGHT
EAS provides high quality, face-to-face tax services with competitive pricing at these Empower FCU locations: 523 Erie
Blvd. West (Syracuse), Baldwinsville, Cicero, Fairmount, Fayetteville, Fulton East, Liverpool, North Medical Center
and Oswego.
Empower Federal Credit Union® SPOTLIGHT | 7
Be prepared with a
new auto loan.
Contact us today
800.462.5000
empowerfcu.com
Federally insured by NCUA.
Membership eligibility required.
Loan approval based on creditworthiness.
1 Member Way
Syracuse, NY 13212
PERMIT NO. 4238
SYRACUSE NY
PAID
PRESORTED
STANDARD
U.S. POSTAGE

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