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2024 Scholarship Recipients 

 To further our mission of making a meaningful impact on the lives of our community members, Cedar Point and Cedar Point Financial Services, Inc. offer four scholarships to graduating seniors residing in Calvert, Charles, and St. Mary’s counties. These are the Beacon Scholarship, the Frank E. Gorely Scholarship, the Keepers Club Scholarship, and the Cedar Point Financial Services Scholarship.

The Beacon Scholarship was established to aid and encourage further education. The Frank E. Gorely Scholarship was established in memory of Frank E. Gorely, founding member and first CEO of Cedar Point. The recipient of the Keepers Club Scholarship will serve as an ambassador for our credit union’s youngest members for the coming year. The Cedar Point Financial Services Scholarship was established to aid and encourage further education.

Hundreds of students apply for these scholarships yearly through the St. Mary’s County Business, Education, and Community Alliance (BECA) Common Scholarship Application. This year's recipients are: 

Frank E. Gorely Scholarship
Lake Dawson, Leonardtown High School, attending Salisbury University

CPFCU Keepers Club Scholarship
Tanner George, St. Mary’s Ryken, attending the University of Maryland

Beacon Scholarship
Grace Maggio of Chopticon High School, attending the College of Southern Maryland

Cedar Point Financial Services Scholarship
Vada Mercer, Leonardtown High School, attending the University of Maryland

These exceptional individuals were selected from a pool of over 200 applicants. These students' achievements in and out of the classroom are outstanding. These final four stood out due to their impeccable scholarship, leadership, and citizenship.

Congratulations to our 2024 Scholarship Recipients! Cedar Point is honored to have such well-rounded recipients and looks forward to the amazing things they will do.

Posted: May 28th, 2024

Posted by: Ashton Osborne, Public Relations Specialist

Financial Literacy Month: Budgeting and Saving

Learning to save and budget can be intimidating, but knowing how to manage your money effectively can set you up for success in the future. A budget is essential to help you avoid overspending, reduce debt, and plan for future goals. To develop a budget, you need to know your income and expenses.

Your income is all the money you have coming in, including your wages, any freelance jobs you may have, retirement benefits, and disability payments. Once you have determined your income, you need to identify your expenses. Expenses are anything that your money is going towards and can include the following:

Once you have your income and expenses figured out, you can use that information to make a budget. If you’ve made a budget but are finding that your money isn’t going as far as you'd like, it may be a good idea to consider what items in your budget are ‘needs’ and ‘wants’ to find what's eating away at your income. Finding a method that works for you is crucial when making your budget. Remember it will take time and practice to make it feel natural, so don’t be afraid to try different strategies if another isn’t working for you.

Having a savings gives you some cushion to fall back on in the event of unexpected financial setbacks, like emergencies, repairs, job loss, or reduced work hours. Additionally, savings can make goals like home buying, future education expenses, and retirement possible. You can make short-term goals, usually around 6-12 months, and long-term goals, generally around 3-5 years, but it's important to make sure those goals are realistic for the time frame you have established.

You can check out our suggestions on different strategies and activities to help get you started with budgeting or saving at cpfcu.com/family!

Citations
National Credit Union Administration. (2023, March 24) “Financial Capability Month” mycreditunion.gov. https://mycreditunion.gov/financial-resources/calendar-events/financial-capability-month

National Credit Union Administration. (2023, August 17) “Money Basics Guide to Budgeting and Savings” mycreditunion.com. https://mycreditunion.gov/sites/default/static-files/money-basics-guide-budgeting-savings.pdf

National Association of Student Financial Aid Administrators. (n.d.) “10 Tips for Financial Literacy month” nasfaa.org. https://www.nasfaa.org/10_tips_for_financial_literacy_month

Posted: April 22, 2024

Posted by: Ashton Osborne, Public Relations Specialist

Financial Literacy Month: Fraud Prevention

Fraudsters are getting creative these days. We aim to protect our members from fraud by educating them on the latest fraud schemes and how to combat them. We all think we know how to spot a scam, but are you up to date on your fraud knowledge? Brush up on fraud prevention best practices with these tips.

One of the latest scams people are falling victim to is spoofing. Spoofing is when scammers impersonate a trusted institution. Scammers do this by using false caller IDs, email addresses, and text messages, and tend to impersonate Financial Institutions, Charity and Disaster funds, and Tech Support, to name a few.

Once these scammers contact someone through spoofing, they then start phishing. Phishing is when scammers ask specific questions to get sensitive information to access your accounts. Phishing is often used along with spoofing to make it look like the request comes from a legitimate source. Here are some tips to help you spot spoofing or phishing.

• Don’t answer calls from unknown numbers.
  It’s safer not to answer calls from unknown numbers, as they can be scams. Remember that fraudsters can also manipulate caller IDs and appear to be from a trusted institution. If you answer, but it doesn’t seem like who you’re expecting, hang up.
• Don’t give out personal information.
  Scammers will ask for information like addresses, phone numbers, birthdates, Social Security Numbers, PINs, passwords, and multifactor-identification codes to gain access to your financial accounts. Making passwords unique to the account and free of sensitive information helps safeguard against losing access to multiple accounts.
•  Use extreme caution with emails and texts with suspicious links.
   Scammers can set up access to your device through these links, making usernames, passwords, and multifactor identification codes easy to access. If you are sent something you aren’t expecting or there are spelling and grammatical errors, think twice about responding or clicking on links.
• Use caution if you are being pressured for payment or information.
  Fraudsters can be convincing. They use urgency to scare you into divulging information or procuring payment.
• Be Vigilant. 
  Watching your account for suspicious activity account can keep you from becoming a victim of fraud. If you see something unusual or a purchase you didn’t make, report it to your financial institution immediately. 

Please remember that Cedar Point will never call you to ask for your PINs, login credentials, or verification code. If you receive a call, text, or email asking for personal information from a phone number or email address claiming to be Cedar Point or feel uncomfortable about the call, do not respond. Instead, call Cedar Point at 301-863-7071 to verify the legitimacy of the call, text, or email. Our Call Center representatives are available Monday through Friday from 9 a.m. to 5 p.m. and Saturdays from 8:30 a.m. to noon.

Citations
Consumer Financial Protection Bureau. (2024, March 13) “What are some common types of Scams?” Consumerfinance.gov. https://www.consumerfinance.gov/ask-cfpb/what-are-some-common-types-of-scams-en-2092/

Federal Communications Commission. (2022, March 7) “Caller ID spoofing.” Fcc.gov. https://www.fcc.gov/spoofing

Federal Bureau of Investigation. (n.d.) “Common Scams and Crimes.” Fbi.gov. https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-scams-and-crimes

Posted: April 1, 2024

Posted by: Ashton Osborne, Public Relations Specialist

Financial Aid Awareness Month

Over 80% of college students during the 2020-21 school year received some financial aid, according to the National Center for Education Statistics. For many, financial aid not only lightens the burden of school tuition and fees but makes pursuing a higher education accessible. Financial Aid Awareness Month is observed during February and focuses on educating students and their families on accessing federal, state, and institutional student aid.

Most financial aid will fall under these categories: grants, loans, work-study, and scholarships.

• Grants are financial aid typically awarded based on financial need and usually do not require repayment.
•  Loans are money that has been borrowed to fund an education. Once the student finishes school, this money must be paid back with interest.
• Work-study is a federal program in which students at participating schools can work part-time for the institution to help pay for their education.
• Scholarships are financial aid that are typically need or merit-based. Scholarships can be awarded to students based on academic achievements, extracurricular activities, and more.

A great resource to use when looking for financial aid is FAFSA®. FAFSA® stands for Free Application for Federal Student Aid and allows you to apply for federal grants, loans, and work studies free of cost. FAFSA® is available to all U.S. citizens and eligible non-citizens who can demonstrate a financial need. You can check out their scholarship information page at https://studentaid.gov/understand-aid/types/scholarships. Keep in mind that universities also have their own scholarships, grants, and work-study programs awarded through the information received through FASFA. Students can access the FASFA application at https://studentaid.gov/h/apply-for-aid/fafsa. The 2024- 2025 school year applications opened on December 31, 2023. Visit studentaid.gov for the latest guidance and application deadlines.

We offer three scholarships through Cedar Point and one through Cedar Point Financial Services, inc., through the BECA common application. They are the Beacon Scholarship, the Frank E. Gorely Scholarship, the Keepers Club Scholarship, and the Cedar Point Financial Services Scholarship.

• The Beacon Scholarship was established to aid and encourage further education.
• The Frank E. Gorely Scholarship was established in memory of Frank E. Gorely, founding member and first CEO of Cedar Point Federal Credit Union.
• The recipient of the Keepers Club Scholarship will serve as an ambassador for our credit union’s youngest members for the coming year.
• The Cedar Point Financial Services Scholarship was established to aid and encourage further education.

Students can get more information about the scholarship requirements or apply for these scholarships below

 For more information 

All parts of the application are due and submitted electronically by midnight, Friday, March 1, 2024.

Citations

National Association of Student Financial Aid Administrators. (n.d.) “Celebrate and Learn During Financial Aid Awareness Month.” National Association of Student Financial Aid Administrators. https://www.nasfaa.org/finaidfeb

National Today. (n.d.) Financial Aid Awareness Month – February 2024. National Today. https://nationaltoday.com/financial-aid-awareness-month/

Federal Student Aid. (n.d.) “Types of Aid.” Federal Student Aid. https://studentaid.gov/resources/types-infographic-accessible

Drexel University School of Education. (n.d.) “Grants, Scholarships & Loans: What’s The Difference?” Drexel University School of Education. https://drexel.edu/soe/admissions/financial-aid/difference-between-student-grants-vs-loans/#:~:text=In%20general%2C%20grants%20are%20given,used%20type%20of%20financial%20assistance.

National Center for Education Statistics. (2023, August 30) “Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid at 4-year degree-granting postsecondary institutions, by control of institution: 2010–11 through 2020–21” National Center for Education Statistics. https://nces.ed.gov/fastfacts/display.asp?id=31

Posted: February 27, 2024

Posted by: Ashton Osborne, Public Relations Specialist

Financial Wellness Month

Financial Wellness Month is celebrated every January. It was created to encourage people to pay attention to their financial well-being, especially after the busy holiday season. Saving money or paying down debt are popular New Year's resolutions but are often hard to do or maintain without additional planning. This month encourages people to make realistic plans to reach financial goals. Doing so can help reduce anxiety about finances and promote financial stability.

Taking care of your financial wellness includes managing your income and how you spend that money. While that often means your daily purchases, like groceries or gas, it can also encompass investments and retirement funds. It’s important to regularly sit down and revisit the long-term decisions you are making with your finances to make sure that you can afford your daily expenses and have a plan for unexpected or future expenses.

There are many ways to boost your financial wellness. The most common way people manage their finances is by setting up a budget to ensure they are not spending more than they are making. Other ways to take care of your financial wellness include starting an emergency fund, evaluating your credit, planning to improve or maintain your score, and setting aside money to clear up any outstanding debts. While Financial Wellness Month is coming to a close, ensuring you have a plan is important. We have some tools here and here for you to get started!

Citations
“Financial Wellness Month – January 2024.” Nationaltoday.com, December 2024, https://nationaltoday.com/financial-wellness-month/#:~:text=Financial%20Wellness%20Month%20is%20observed,our%20lives%20as%20a%20whole.

Fidelity Investments. “Financial Wellness Month 2024 Toolkit” sponsor.fedility.com, January 2024, Toolkithttps://sponsor.fidelity.com/pspublic/pca/psw/public/library/engageemployees/FinancialWellnessMonth2024_Toolkit.html

Posted: January 31, 2024

Posted by: Ashton Osborne, Public Relations Specialist

5 Ways to Avoid Scams This Holiday Season

The Winter Holidays are some of the busiest times of the year, and preparing for them can be just as hectic. According to the National Retail Foundation, holiday spending is expected to reach record levels this season and be anywhere from $957.3 billion to $966.6 billion. During this time of year, it's important to remember the risk of encountering a scam. Scammers are a risk year-round, but the holiday season opens doors for them as shoppers search for deals, can have added holiday stress, and may not be as attentive. Here are some tips to keep you from getting scammed this season.

1. Don’t give out personal information.
   The best way to protect yourself from scammers is to avoid giving out personal information. Sensitive information like addresses, phone numbers, date of birth, social security numbers, or card and account numbers are prime targets for many scammers.
2. Safeguard passwords for financial accounts.
   Scammers may call or send emails posing as a financial institution to gather sensitive information about your account, like PINs or Passwords. This practice is called phishing. Never divulge information like that over the phone or through email, especially if you are unsure who is trying to request it. If you're unsure, contact the organization and confirm they were trying to contact you. Besides not giving PINs or passwords out, ensuring your password is unique to your account and free of sensitive information is also important. Multi-factor Identification is also a valuable tool to implement as an extra safeguard.
3. Practice caution while shopping online.
   Online shopping has become more popular over the years, and scammers use it to their advantage. Take the time to ensure that the website you’re buying from is legitimate. Many online shopping scams are done by clicking links to false websites that collect data or install spyware onto devices. Using a reputable business guarantees that the transaction is legitimate and that you are getting what you paid for. Online or offline, using a digital method of payment gives you a traceable payment history, which could make it easier to prove fraud.
4. Stay vigilant.
   Watch your account for suspicious activity. Regularly checking your balances and transactions for an account can keep you from becoming a victim of fraud. If you see something unusual or a purchase you didn’t make, report it to your financial institution immediately. They can deactivate that card and issue a new one.
   Being aware of any unusual activity at ATMs can also help. Scammers install cameras, external skimming devices, or mirrors to gather sensitive information like PINs or card numbers to gain access to funds. If you feel uncomfortable with an atm, find a different one.
5. Look into Charities before donating to them.
   The holidays are the season for giving, but make sure you check into the organizations you're giving to. Doing research before donating to a charitable organization will verify if the organization is genuine. Websites like FDACS.gov/ConsumerServices, Guidestar.org, and CharityNavigator.org are helpful websites for verifying a charity's legitimacy and that your donation goes to a worthy cause.

While Scammers take advantage of the holiday buzz, there's a possibility of encountering a scam year-round. By being attentive, you can keep yourself from falling victim to fraud well after this holiday season has passed.

Citations
Inman, Danielle. “2023 Holiday to Reach Record Spending Levels.” Nrf.com, 2, November 2023, https://nrf.com/media-center/press-releases/2023-holiday-reach-record-spending-levels

DeNicola, Louis. “6 Tips to Avoid Holiday Scams and Protect Your Identity in 2023.” Experian.com, 25, October 2023, https://www.experian.com/blogs/ask-experian/how-to-protect-your-identity-during-the-holiday-season/

Caldwell, Brittany. “Shopping during the holiday weekend? Here are 9 tips to avoid scams.”WFTV.com, 24, November 2023, https://www.wftv.com/news/local/shopping-during-holiday-weekend-here-are-some-tips-avoid-scams/BCWHXFHKDBCFLLF7X4OAMUOWYI/

“Security,” cpfcu.com, 21, November 2023, https://www.cpfcu.com/Security

“12 Days of Riskmas”, cpfcu.com, 26, November, 2023. https://www.cpfcu.com/Security

Posted: December 01, 2023

Posted by: Ashton Osborne, Public Relations Specialist

World Savings Day 2023

World Savings Day, sometimes called World Thrift Day, is celebrated internationally on October 31st. It was started in 1924 at the end of the first International Thrift Congress held in Milan that year. Filippo Ravizza, an Italian professor present at the conference, proposed the day. While there was participation, international recognition of the day took off after World War II.

The original idea behind World Savings Day was to encourage people to put more savings into a financial institution instead of saving it in their houses. This has evolved to encourage people to start saving in general. Saving is important, and the earlier you can begin to do so, the better. People save for a wide array of reasons like retirement, education, property purchases like a house or car, or an emergency fund. In a typical emergency fund, it is recommended that you have anywhere from 3 to 6 months' worth of living expenses saved up. Any little bit that you save will help you in the long run.

The World Savings and Retail Banking Institute creates a theme for World Savings Day each year. This year's theme is conquering your tomorrow, with youth being at the center of their video message this year. You can go here to view this year's video.

Saving is an essential step for setting up how you want to retire or have some cushion during an emergency. Here are some ways that you can observe World Savings Day.

• Set up a savings goal for yourself. Starting a savings can add some security to life. Following a SMART goal or the 50-30-20 rule is a great way to grow your savings.
• Open a savings account. At many places, you can earn dividends on your savings, meaning you’ll save more money to put towards your goals and wants.
• Make a budget. Budgeting is essential to ensure you're spending appropriately and can keep you out of tight spots. Seeing if you can set some of the money aside in your budget is an excellent way to prioritize your future.
• Take a financial workshop. Many financial institutions will hold workshops to teach how to manage your finances.

Citations
• National Today 2023, World Savings Day – International, accessed 24 October 2023, <https://nationaltoday.com/world-savings-day
• World Savings and Retail Banking Institute 2023, WSBI’s World Savings Day 2023 Campaign, accesses 24 October 2023, <https://www.wsbi-esbg.org/world-savings-day-2023/>

Posted: October 31, 2023

Posted by: Ashton Osborne, Public Relations Specialist

Cedar Point Federal Credit Union® Grand Reopening in Lexington Park

Cedar Point Federal Credit Union® celebrated reopening its headquarters in Lexington Park on June 29th, 2023. The location had been closed since April 29th, 2023, for renovations to the lobby.

Cedar Point was excited to welcome Commissioners Eric Colvin and Scott Ostrow, President of Maryland DC Credit Union Association John Bratsakis, Chris Kaselemis and Lee Greely from St. Mary’s Department of Economic Development, Dr. Christine Bergmark from St. Mary’s Chamber of Commerce, Terri Raley from the Lexington Park Business Association, Dr. Frank Clinton from the Small Business Development Center, Brian Shepherd from 1771 Architecture Studio, Wayne and Austin Davis From WM Davis, and board members to celebrate the reopening of the headquarters.

The credit union has operated out of its current headquarters since 1997, with the last major update happening in 2000. “This building has been here for 26 years, and quite frankly, the lobby needed a refresh.” Said Charles Roach, President and CEO of Cedar Point Federal Credit Union. Since its founding, membership at Cedar Point has grown to over 46,000. To better serve the ever-increasing number of members, this remodel focused on overhauling the appearance and technology of the branch.

According to Roach, the main lobby has a modern look with new flooring, lighting, and teller stations. “I feel excited learning new ways to work in our lobby more efficiently," said Ashley Thomas, Headquarters Assistant Branch Manager. “The openness of the lobby and adding more offices for other employees encourages teamwork.”
Technology updates include a large LED display featuring educational and promotional content and guest Wi-Fi to modernize the area further. New money counters called teller cash recyclers (TCRs) have been installed. “I feel that the TCRs will improve the accuracy and speed of cash transactions,” said Owen Lewis, Headquarters Branch Manager. “This version of the lobby will allow members to be helped in a more timely manner overall.” Additionally, the drive-up ATM has moved to the lane closest to the building, and the drive-thru lanes are now operated by video screen.

State Senator Jack Bailey, State Delegate Brian Crosby, and County Commissioners Scott Ostrow and Eric Colvin recognized Cedar Point's dedication to serving the community of St. Mary’s County for the past 78 years with official citations. The branch staff looks forward to building upon that legacy of service for many years to come.

Posted: July 14, 2023

Posted by: Ashton Osborne, Public Relations Specialist

Sponsorship and Donations

Cedar Point Federal Credit Union is dedicated to having a positive impact in the communities we serve, including working closely with charitable organizations which make a difference in our neighborhoods through the arts, entertainment, financial education, and beautification projects.

Contributions or other financial assistance to community service and charitable organizations will be made on a highly selective basis and generally only when duplication does not exist through other forms of member participation. Cedar Point reserves the right to consider each donation request on a case-by-case basis.

All charitable giving and corporate sponsorships must fall into one of the following categories:

• Health
• Education
• Youth
• Cultural
• Family Entertainment & Fine Arts*
• Community Service & Community Improvement**

*Programs/Organizations which enhance the communities we serve by providing family oriented entertainment events and venues and fine art performances.

**Programs/Organizations which enhance the communities we serve through non-profit service that seeks to improve and better specific groups, projects, or populations

While we wish we could support every organization which sends a request, we don't have the capacity to do so. Because if this, Cedar Point cannot provide donations or sponsorships for any of the following requests:

• Activities, groups, or events not in a Cedar Point branch community*
• Administrative expenses or expenses such as conference and travel
• Religious Groups or Political Parties, candidates, or causes
• Sponsorship requests that benefit or fund a single individual's participation in an event or activity

*We may choose to make exceptions for national organizations with local chapters on a case-by-case basis.

Cedar Point will make every effort to process your request in a timely manner. A decision to deny a request does not imply that the applicant's program is not needed or worthy, but simply that it does not fall within our giving guidelines, priorities, or that funds are not available.

Requests must be received at least 30 days prior to the event. If your request is denied, your organization may apply again during the next calendar year.

Does your organization fit within our criteria?

APPLY NOW