inside Canopy
letter from the President
we're grateful for YOU

At the end of each year, I like to take time to reflect on the goals I set for the year. In 2022, I ambitiously set out to learn a new language, which has yet to happen. While I am still working on that personal goal, I am proud to say that this year Canopy continued to push forward in our goal to provide you with the best in technology while never forgetting the importance of human connection which is integral to Canopy’s mission. Reflecting on Canopy’s year through the lens of gratitude reminds me of how far we have come and how lucky we are to have the best employees and members on this journey.

At Canopy, we’re grateful for YOU. With a new year upon us, we promise to continue to provide the same level of personal service and caring support you’ve come to expect from Canopy. Part of that commitment is being here for you as you take time to imagine where you’d like to go in 2023. If you have financial goals you want to achieve, projects that need resources to accomplish, or plans you need help getting off the ground, we’re here to help. 

Charlotte
Charlotte Nemec, President/CEO
Give your savings a boost!
Lock in an 18 month term share at 2.02% APY*! 

Call us at 509.328.2900 to open yours today.


*APY = Annual Percentage Yield. Rate is subject to change. $500 minimum opening balance required. Penalty may be imposed for early withdrawal.
Federally insured by NCUA
ask a Financial Coach

Every year we look to the holiday season with anticipation—and for some a little trepidation—as we wonder if we’ll be able to afford to do all we hope to. Between holiday celebrations, gift exchanges, trips to visit family and friends, the potential for overspending can be overwhelming.
 
A LendingTree survey reported that 36% of Americans took on around $1,250 in holiday debt in 2021. Each year, the percentage of holiday borrowers continues to rise. The temptation to give into high interest credit card offers wrapped in warm holiday photos of families gleefully opening gifts can be hard for some to resist.
 
Here is a recent question our Financial Coaches fielded to help members create a strategy for responsible (but fun and festive) holiday spending.
Christmas gifts
Q: I’m trying to budget for the holidays and even though I’ve been able to save some money throughout the year, my gift list and my budget feel like they are miles apart. Help!

A: For most people, the problem arises from the lack of a solid strategy for planning and spending responsibly during the holidays. Here are five tips to help you get and keep your holiday spending on track.
 
Focus on YOUR feelings. Research tells us that the parts of the brain that we use to imagine our future selves and parts we use to think about our “today selves” are different. That can lead to giving ourselves permission to make holiday spending a little disconnected from future obligations to pay off the debts we’ve created. Make a promise to yourself that you will take care of your own long-term financial stability and don’t give in to the fleeting emotional satisfaction of pleasing the people you love.

technology at Canopy: ITMs

Canopy Credit Union is a unique place. We believe that a person’s story matters more than their credit score. We believe in the power of educating and equipping members in order to guide them to financial wellness. We believe that providing unmatched, personal service paired with the best in technology helps members meet all their banking needs.

At Canopy, one of our priorities is to always be looking for opportunities to better serve our members. In today’s world, that often comes down to providing the best technology.

Over three years ago, we launched Teller Connect platform. In each of our branches and at our drive up location, you can interact with tellers in real time through our ITMs (Interactive Teller Machines). What at first glance may look like an ATM is actually a piece of technology that allows you to quickly complete transactions, while still connecting face-to-face with Canopy employees.
8 Steps
8 steps to end the year well

Taking the time to organize end of the year tasks before they need to be completed will make your life easier and perhaps with a little more money in your wallet. Use this checklist to make wrapping up your year simple and productive.
 
Gather up all your financial and tax info at the end of the year, instead of scrambling before tax season in April. There is a variety of documents you will need to have organized come spring. Most of the documents you need for your taxes are sent to you early the next year. Spend time now though designating a specific spot where all the documents go so nothing gets lost.

15 Common Scams
15 common scams and how to avoid them

Navigating your financial safety is tricky in a world where financial scams and schemes never seems to end. They simply morph and evolve into something that looks harmless, less risky, and potentially even trustworthy. So how do you avoid being taken advantage of?

The truth is that nearly 75% of Americans experienced at least one of these types of holiday scams last year:
  • 38% received a request for charitable donation that felt fraudulent
  • 35% experienced fraud when buying a product through an online ad
“They are community focused. They care about people by listening, meeting needs and going above and beyond to show you’re loved and respected. I’m glad this is my money management team.”

~ Alycia B.
grow your emergency savings

As the new year approaches, we often find ourselves reflecting on the things in life we’d like to change, eliminate, or improve. Sometimes it’s hard and takes discipline, like — lose those 40 “pandemic pounds” that have been hanging on far too long. Others may require less pain and struggle, but with a little discipline can be easily accomplished, like creating and growing your emergency savings plan.

How much to have in your Emergency Savings

Everyone has their own unique situation, but there is general guidance you can follow to give you an idea of how much to have in your emergency savings.
  • Single-earner household: Have a minimum of six months worth of expenses saved.
  • Double-earner household: Have a minimum of three months worth of expenses saved.
This money needs to be easy to access, not locked up in accounts that won’t allow access for a certain amount of time like retirement accounts or term shares/CDs. Canopy’s checking and savings accounts are great places to keep your emergency savings. When deciding where to put your emergency fund, a great idea is to make sure the account is in a high-interest account that’s safe and easy to access.

Rick Hoskins
CFS* Financial Advisor
858.805.7922
create a retirement lifestyle strategy
A financial plan can help take control of your financial future.

We understand that not everyone has the same goals in mind. That is why we implement a custom and individualized approach to creating a financial plan that will help make your goals a reality.
Follow us on TikTok for laughs
and tips!
Federally insured by NCUA
Canopy Credit Union | 509.328.2900 | www.canopycu.com