ANNUAL MEETING ELECTION RESULTS
* Elected Director
Congratulations to the
winners, and thanks to all who participated.
CBS - THE EARLY
Would a credit union be a better alternative for you?
The Early Show's financial contributor Vera Gibbons compares
banks and credit unions.
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SHOP WITH YOUR ATM CARD!
utility bills can also
Did you know your Credit Union ATM card is valid at over a
million retailers across the US? Through our participation in
the NYCE Network, most major department stores, wholesale clubs,
gas stations, drug-stores and supermarkets accept our ATM card.
In addition to the security of PIN based transactions, you enjoy
the convenience of cash back options available at all
supermarkets and many other retailers. You must have a share
draft account to take advantage of this service. Look for the
red and white NYCE logo, or signs that say “ATM/debit cards
To view a list of participants, go online to www.nyce.net, and
click on the Consumers link.
Save Time and Money Contact Us Before You Hit The Road
Before you hit the road shopping for your next used vehicle,
contact your credit union. We'll give you an idea of how much
financing you'll be approved for, which can come in handy.
Knowing what you can afford will save you time by leading you
straight to vehicles in your price range.
In addition, we have competitive used-vehicle loan rates to save
you money. Our knowledgeable staff is eager to help you. So
contact us today--before you hit the road.
Check our GAP Advantage BEFORE You See the Dealer! When a car is
totaled, most insurance policies only cover the value of the
vehicle. Your loan balance could be considerably higher,
especially if you choose 100% or 120% loan to value financing
GAP Advantage waives the difference between your primary
insurance settlement and the payoff of your loan, including your
deductible up to $1000. If you purchase GAP through the Credit
Union, you receive an additional $1000 toward the purchase of a
replacement vehicle financed through us!
If you’re in the market for a vehicle, compare the dealer’s
coverage and cost with ours. We’re confident that you’ll find
exceptional value here at the Credit Union. For more
information, please call our Loan Dept. at 617-625-0898.
ACH Debit - An Easy Way To Pay Online
The options available to pay for goods and services online and
over the telephone continue to expand. Most bills and many
Internet purchases may be paid with an automated clearing house
(ACH) debit from your account.
However, there are a couple of things you should be aware of
before providing your financial information online or over the
1. By providing authorization over the Internet or telephone,
along with routing and account numbers, you've authorized
initiation of an ACH debit to your account for the purpose of
purchasing goods or services. Use extreme caution when providing
account information by telephone. It’s best not to give any
information unless you initiated the call yourself and are
certain you are dealing with a reputable business.
2. On the internet, make sure you're on a secure site before
entering financial information. You’ll know you are when the
http: prefix changes to https:, “S” for secure.
3. Information relating to the transaction (merchant name and
transaction amount, for example) will appear on your monthly
share draft/checking statements.
4. You have the right to place a stop payment order on an ACH
debit transaction or to be credited for such a transaction if
it's unauthorized. However, nothing replaces safe habits and
efforts to only use secure sites and prevent your personal info
from falling into others’ hands.
Making Sure Your loan Is Approved
Nobody likes getting turned down for a loan. And although we
make every effort to approve all loan requests, it's sometimes
necessary to deny an application--to protect the applicant’s
financial health, as well as the credit union’s.
When the credit union denies a loan, it's because the applicant
has either (1) a poor credit history or (2) a high
debt-to-income ratio. Your debt-to-income ratio is the
percentage of your total debt compared to income. For example,
if each month you pay $400 toward debt with a $1,000 gross
(before tax) monthly income, your debt-to-income ratio is 40%.
Although there's no magic ratio to shoot for, a rough guideline
is that total debt shouldn't exceed 40% of total income. The
credit union also weighs other factors, and requirements vary
for different loans.
If your loan request gets rejected, here are a few things you
can do to improve your chances for approval on your next
* Devise a plan to pay off old loans, including credit card
balances, thus reducing your debt-to-income ratio.
* You may qualify to consolidate your loans and credit card
balances into one loan with us; then stop overusing credit
* Get a handle on your budget by comparing what you spend with
what you earn. A budget can help you trim expenses and funnel
money toward paying off old debts.
* Fix your broken credit history. We will work with any member
who is sincere about re-establishing good credit.
* Bolster your income with a second job--temporarily--to help
trim your debt.
Government regulations limit the number of electronic
transactions on savings accounts to six per month. This includes
electronic bill payment, automatic transfers to cover drafts,
and CUSATalk transactions. Transfers made in person, by mail or
through an ATM are unlimited. Please call if you have any
FINANCIAL PROBLEMS? Talk to us!
If you are experiencing financial difficulty paying your credit
union loans or other bills, you can avoid worse problems if you
talk to us. Many times we can help by lowering your payments or
restructuring your debts to the credit union.
If you have income but you’re finding credit card debt difficult
to manage, a Credit Card Payoff Loan may be the answer for you.
By using payroll deduction, you’ll receive our best rate and
we’ll work with you until you’re back on track.
The most important thing is to stay in touch with all your
creditors and explain why you are having difficulties. If you’re
able to make regular payments of any amount, most creditors will
work with you.