RHODE ISLAND CREDIT UNION • July 2014

SUMMER EDITIONMore than just bankingMember Matters

A home equity loan lets homeowners borrow

money by utilizing the equity in their homes.

Home equity loans increased in popularity due

to changes in the tax laws dating back to the

1980s when people could benefit from moving

debt with non-deductible interest over to a

tax-deductible loan or line of credit secured by a home. When exploring home

equity loans, be sure to contact a tax advisor regarding interest deductibility.

Rhode Island Credit Union has a variety of home equity loan options to meet

the diverse needs of our members. Your home may be your best option for

home repairs and renovations, consolidating debt, investing in education, or

financing any other expense. Before deciding on the best home equity loan

for you, be sure to understand the differences.

Fixed rate loans provide a single, lump-sum payment to the borrower, which

is repaid over a set period of time at a fixed interest rate. The payment and

interest rate remain the same over the lifetime of the loan. Rhode Island

Credit Union offers a number of fixed rate home equity loans with terms

ranging from five to thirty years and rates as low as 2.90% APR. In addition,

we offer affordable home equity loans when the loan to value exceeds 80%.

A home equity line of credit (HELOC) is a variable rate loan in which the

borrower is approved for a certain credit line and can access the money when

needed either by check, withdrawal or transfer. Monthly payments on our

home equity line of credit are principal and interest payments and will vary

based on the outstanding loan amount each month.

If you have any reason to consider a home equity loan, please turn to us first.

We consistently offer more favorable rates than other financial institutions

and our knowledgeable staff is ready to assist you.

For more information on all of our home equity loan programs, contact us by

telephone, visit any branch location or www.ricreditunion.org.

MESSAGE FROM THE PRESIDENT/CEODavid B. Suvall

Sprig® Mobile Banking Changes As you may know, our Sprig Mobile Banking is the ultimate credit union wallet bringing together all of your Rhode Island Credit Union accounts as well as the accounts

you may have at other participating credit unions. Using your laptop or Smartphone, with Sprig you can inquire on your accounts, make remote deposits/payments,

transfer between accounts and process person-to person (P2P) payments.

There have been recent enhancements to Sprig which make it more user-friendly and Sprig Mobile Deposit is now available on Android devices in addition to the iPhone and iPad. Remember, with Sprig Mobile Deposit, you can make a check deposit directly into your account or pay your loan. Your deposit is secure and as convenient as depositing checks at any Rhode Island Credit Union branch location. Deposit limits and restrictions apply including monthly and daily deposit limits. Mobile Deposit is not available to new members for the first 30 days. Visit getsprig.com to enroll and start enjoying the benefits of mobile banking and mobile deposit today.

If you were already a Sprig user, you need to download the new app. If you haven’t, now is the time. It’s a free app and available at the App Store and Google Play.

Paul V. FilipponeBoard of Directors

R. Gary ClarkBoard of Directors

Herve Champagne, Jr.Board of Directors

Robert E. ChristieSupervisory Committee

*Annual Percentage Rate (APR) is for terms up to 5 years and available for 2012-2014 new and used motorcycles. The monthly payment for a 60-month loan is $17.60 per $1,000 borrowed. Rate based on individual creditworthiness and subject to change without notice. Certain restrictions apply.

Motorcycle Loans

2.15%APR*

110% FINANCING AVAILABLE

We’re ready to help you ride!New and Used

Earn valuable Rewards for Merchandise and Travel when youuse your Rhode Island Credit Union VISA Rewards Credit Card.

Earn Double Bonus Point Rewardson airline, hotel, car rental, gas, and restaurant purchases

made from August 1 - August 31, 2014. There's no limit tothe double points you can earn during this promotion.

Now that’s rewarding!

VISA CREDIT CARD

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ANNUAL MEETING AND ELECTION At the 68th Annual Meeting and Election of Officers of Rhode Island Credit Union, elected to the Board of Directors for a three year term were Paul V. Filippone, R. Gary Clark, Herve Champagne, Jr., and elected to the Supervisory Committee for a three year term was Robert E. Christie.

Special Olympics RI Summer Games

Rhode Island Credit Union staff had the pleasure again this year to

volunteer at the 46th Annual State Special Olympics Summer Games on

May 30, 2014. Our staff, along with the staff of many other local credit

unions, clerked, escorted and cheered athletes participating in indoor track

and field events and witnessed their camaraderie, persistence and pride.

Since 1998, credit unions in RI, through numerous fundraising events

and contributions from credit union members and staff, have raised over

$650,000 to support Special Olympics RI.

The mission of Special Olympics is to provide year-round sports training and

athletic competition in a variety of Olympic-type sports for individuals with

intellectual disabilities by giving them continuing opportunities to develop

physical fitness, demonstrate courage, experience joy, and participate in

a sharing of gifts, skills, and friendship with their families, other Special

Olympics athletes, and the community.

We are proud to support this mission and these very special athletes!

One of the many benefits of membership with Rhode Island Credit Union…

Summer fun discounts!Discount Six Flags Single Visit Tickets are $36 and Season Passes are $54.99 and available in any branch location…savings of $23.99 per ticket off the regular ticket price and $10 off the season ticket price.

Enjoy a PawSox Game and enjoy savings too. General Admission tickets are available for $6.00 and Box Seats for $10.00 in all branch locations. That’s $2.00 off the regular ticket price.

Over 5,000 Branches and nearly 30,000 ATMs…just look for the CO-OP Logo.Rhode Island Credit Union is as close as the nearest CO-OP Shared Branching location. You enjoy access to more branches, more hours, and more convenience where you live, work, or travel. You have access to nearly 5,000 credit union branches throughout the country to perform transactions just as you would in one of our branch locations. In addition to the thousands of credit union branch locations, there are more than 2,000 user-friendly self-service Vcom Units located at 7-Eleven stores where you can perform an extensive list of shared branching services. Whether you’re at work, home, or your favorite travel destination, Rhode Island Credit Union will always be nearby.

Through our participation in the CO-OP Network, you also have access to nearly 30,000 surcharge-free CO-OP ATM locations nationwide.

Visit allco-op.org for a complete list of shared branch locations and ATMs or use the locator found at the App Store and Google Play.

Baseball fans, fun and fireworks!We were proud sponsors of the PawSox Game and spectacular fireworks display on June 7th. Congratulations to our 125 raffle winners who each received 4 tickets for Rhode Island Credit Union Night at the PawSox.

Photo: Rhode Island Credit Union Supervisory Committee Member Dennis Tripodi throws out the first pitch.

Are you wondering if the person that you are talking to is too good to be true? Are there things that you are being told that just don’t make sense? Did the person find you on a singles site and start professing their love for you in a short time? Did they tell you that they were currently working or living in a foreign country? Are they telling you that they are having trouble cashing their paychecks? If so, you might be the target of an Internet romance scheme. Below is an example of a common romance scam.

The “Reshipping” Scheme

As the popularity of shopping on the Internet has grown, so have correspondingly the number of E-commerce websites. As traditional brick and mortar stores continue to increase their online presence, the organized criminal elements have quickly responded by adapting their tactics.

Although the “Reshipping” scheme continues to change and evolve with time, one main underlying component remains the same. This scheme requires individuals in the U.S. who are unwitting accomplices to receive packages at their residence and subsequently repackage the merchandise for shipment usually abroad.

“Reshippers” are being recruited in various ways. However, the most prevalent recruitment scenario that transpires almost everyday is described as the “Friendship” and/or “Love”scheme via Internet Relay Chat.

While conversing in various Internet Relay Chat “rooms,” unsuspecting United States citizens are befriended by unknown individual(s) who represent themselves as living or working in a foreign country. At this initial juncture, the unknown subject’s line of recruitment will take one of two paths either friendship or romantic.

After establishing this new online “friendship,” the unknown subject will explain that for various legal reasons, their country will not let direct business shipments into their country from the U.S. After the unknown subject has told their sad story, they will then ask their new “friend” for permission to send recently purchased items to their U.S. address for subsequent shipment

abroad. The unknown subject further explains that they will cover all shipping expenses. After the United States citizen agrees, the packages start to arrive at great speed. This fraudulent scheme lasts several weeks until the “reshipper” is contacted by either the victimized merchants or they may receive a visit from law enforcement, explaining to the “reshipper” that the recent shipments were purchased with fraudulent or stolen credit cards.

The second recruitment method is very similar in nature to the friendship scheme. However, instead of friendship, this unknown subject uses the art of seduction to entice their unwitting accomplice. The unknown subject quickly confirms their romantic overtures by providing their unsuspecting partner with a nominal gift.

After the romantic trap has been set, the unknown subject suggests the idea of utilizing their partner’s U.S. residential address for the receiving and subsequent reshipping of the recent online purchases. Once the agreement has been reached, the packages start to quickly arrive and out of their feelings of obligation, the packages are quickly prepared for reshipment abroad. Several weeks pass, eventually, the U.S. girlfriend/boyfriend is contacted by the victimized merchants or law enforcement. Shortly thereafter, the strings of attachment are untangled and the girlfriend/boyfriend realizes that their online relationship was nothing more than an Internet scam to help facilitate the transfer of goods that were purchased online by fraudulent means.

YOUR LEADERSHIPBOARD OF DIRECTORSPaul V. Valliere ChairMilton H. Bronstein 1st Vice ChairPaul V. Filippone TreasurerRobert P. Gemma SecretaryFrank R. Walker, III Assistant TreasurerBeverly A. Dwyer Assistant SecretaryHerve Champagne, Jr. 2nd Vice ChairpersonErnest A. DeAngelis 2nd Vice ChairpersonHenry A. Godin, Jr. 2nd Vice ChairpersonR. Gary Clark 2nd Vice Chairperson

SUPERVISORY COMMITTEEJane F. Correia ChairRobert E. Christie MemberDennis B. Tripodi Member

CREDIT COMMITTEENancy L. Zeppa MemberMaureen K. Jendzejec MemberBetty L. Chartier Member

160 Francis Street, Providence, RI 02903401.751.7440 • 401.553.2200

Fax 401.751.0189 M, T, W - 8:30-3:30, Th - 8:30-5:30,

Fri - 8:30-6:00-

URI Memorial Union50 Lower College Road, Kingston, RI 02881

401.789.0253 • Fax 401.789.0087M-Th - 8:30-4:30, Fri - 8:30-5:00

-60 North Main Street, Pascoag, RI 02859

401.568.6271 • Fax 401.568.0025M, T, W - 8:30-4:00,

Th - 8:30-5:00, Fri - 8:30-6:00-

570 Pontiac Avenue, Cranston, RI 02910401.941-8770 • Fax 401.941.0096M, T, W - 8:30-4:00, Th - 8:30-6:00,

Fri - 8:30-7:00-

390 Metacom Avenue, Bristol, RI 02809401.253.1313 • Fax 401.253.1389M, T, W - 8:30-3:30, Th - 8:30-5:30,

Fri - 8:30-7:00-

Express Service Phone 24401.351.7760

-ricreditunion.org

This Credit Union is federally insured by the National Credit Union Administration.

Be cautious about Romance Schemes