All holidays have something they are known for. Christmas has trees and lights, Hanukkah has menorahs, and Valentine’s Day has conversation hearts. But what comes to mind when talking about President’s Day? While often underappreciated (other than the welcome day off in a cold Maine month), President’s Day is a great time to buy a car! Dealers everywhere offer great sales on both new and used cars on this day, and with a day off from work, it’s a great time to go shopping!
An easy way to make the process pain-free is to get preapproved for an auto loan at your local credit union. Known for their low rates on auto loans, many credit unions simplify the process even more by offering online loan applications. President’s Day is February 21, so click here now to find a credit union near you, and get ready for that new car smell!
- Diana D., Maine Credit Union League
Monday, January 24, 2011
Friday, January 14, 2011
There's More in Maine CU members’ pockets
For nearly 20,000 members of two Maine credit unions, 2011 began with a surprise deposit - a year-end rebate and bonus. Members of Otis Federal Credit Union and Acadia Federal Credit Union received rebates totaling in excess of $700,000. For members of both credit unions, the gesture did not go unnoticed. One Otis FCU member remarked, "This is wonderful, and again highlights why I joined a credit union."
For Otis FCU, this is the sixth consecutive year the credit union has paid an interest refund and bonus. At the start of the New Year, the credit union returned nearly $350,000 to its members in the form of a 6% bonus on dividends earned in 2010 and a 6% interest refund on all loans including VISA credit cards.
Acadia FCU gave its members a 7% rebate on dividends and loan interest, which translated to approximately $350,000 in funds returned to its members. Dave Desjardins, President/CEO of Acadia FCU, explained, "We had a financially successful year despite the problems with the national economy. Our belief is that our members make us successful so we should share that success with them whenever possible. It's our way of saying 'thank you.'”
Jon Paradise, Governmental & Public Affairs Manager for the Maine Credit Union League, said about 10% of the nation's credit unions paid a year-end rebate and bonus in 2010. "However, all credit unions reinvest in their members throughout the year through better rates, fewer and lower fees, and enhanced products and services. Otis FCU and Acadia FCU are both to be commended for being able to return close to three-quarters of a million dollars to their members. In this economy, that is quite an accomplishment."
-Jess H., Maine Credit Union League
For Otis FCU, this is the sixth consecutive year the credit union has paid an interest refund and bonus. At the start of the New Year, the credit union returned nearly $350,000 to its members in the form of a 6% bonus on dividends earned in 2010 and a 6% interest refund on all loans including VISA credit cards.
Acadia FCU gave its members a 7% rebate on dividends and loan interest, which translated to approximately $350,000 in funds returned to its members. Dave Desjardins, President/CEO of Acadia FCU, explained, "We had a financially successful year despite the problems with the national economy. Our belief is that our members make us successful so we should share that success with them whenever possible. It's our way of saying 'thank you.'”
Jon Paradise, Governmental & Public Affairs Manager for the Maine Credit Union League, said about 10% of the nation's credit unions paid a year-end rebate and bonus in 2010. "However, all credit unions reinvest in their members throughout the year through better rates, fewer and lower fees, and enhanced products and services. Otis FCU and Acadia FCU are both to be commended for being able to return close to three-quarters of a million dollars to their members. In this economy, that is quite an accomplishment."
-Jess H., Maine Credit Union League
Thursday, January 6, 2011
Make your New Year’s Financial Resolutions Stick!
Here are some simple ways to help you stay on track!
• Make a clear plan
• Narrow your financial focus to set reachable goals
• Focus on one resolution at a time – while working to rid yourself of debt, don’t also resolve to lose 30 pounds
• Take baby steps – even if it means saving just a few dollars from each paycheck
• Talk about your plan with friends and family to help you stay accountable
• Don’t let an impulse cause you to forget your resolution. The next time you're about to make a spur of the moment financial decision, stop and think
• Don't give up if you make a financial misstep
• Keep track. Knowing where your money is going makes it easier to prevent yourself from spending where and when you shouldn’t
• Let others help you save by increasing your contributions to an IRA account or your 401(k) plan
• Don’t waste your money on fees! Many credit unions offer free checking accounts, as well as fee-free ATMs
• Make yourself save automatically, by arranging to have extra money taken out of your paycheck - either through payroll deduction or by having money moved from your checking to your savings account every time a paycheck is deposited
• Reward yourself for sticking with your resolution – just don’t do it by making a purchase!
- Diana D., Maine Credit Union League
• Make a clear plan
• Narrow your financial focus to set reachable goals
• Focus on one resolution at a time – while working to rid yourself of debt, don’t also resolve to lose 30 pounds
• Take baby steps – even if it means saving just a few dollars from each paycheck
• Talk about your plan with friends and family to help you stay accountable
• Don’t let an impulse cause you to forget your resolution. The next time you're about to make a spur of the moment financial decision, stop and think
• Don't give up if you make a financial misstep
• Keep track. Knowing where your money is going makes it easier to prevent yourself from spending where and when you shouldn’t
• Let others help you save by increasing your contributions to an IRA account or your 401(k) plan
• Don’t waste your money on fees! Many credit unions offer free checking accounts, as well as fee-free ATMs
• Make yourself save automatically, by arranging to have extra money taken out of your paycheck - either through payroll deduction or by having money moved from your checking to your savings account every time a paycheck is deposited
• Reward yourself for sticking with your resolution – just don’t do it by making a purchase!
- Diana D., Maine Credit Union League
Monday, January 3, 2011
Looking to slim down your debt? Start at a credit union!
While losing weight is a top New Year’s resolution for many, losing debt is also a sure way to make 2011 a great year. One Maine credit union, Maine State CU in Augusta, is helping members reach their financial goals with the online tool, Debt in Focus. This web application analyzes a member’s debt. After answering a few questions about income and current debts, a simple financial analysis provides the user with a wealth of information, including debt to income ratios, debt payment schedules, and suggested personal action strategies to help keep the member’s finances moving forward.
Dan Emery, Marketing Specialist for the credit union, said that this is a tool that members have been using regularly, and is a great way to get started on a budget. “We want to give our members the tools they need to gain financial control. Having a budget, tracking expenses and creating a plan are the first steps in this process,” he said.
Credit unions throughout the state have many ways to help you become financially fit, from tools like Debit in Focus, to Financial Literacy fairs, workshops, as well as helpful articles and other online resources. Visit a credit union’s website, or stop in your local branch to start 2011 on the right financial foot!
-Diana D., Maine Credit Union League
Dan Emery, Marketing Specialist for the credit union, said that this is a tool that members have been using regularly, and is a great way to get started on a budget. “We want to give our members the tools they need to gain financial control. Having a budget, tracking expenses and creating a plan are the first steps in this process,” he said.
Credit unions throughout the state have many ways to help you become financially fit, from tools like Debit in Focus, to Financial Literacy fairs, workshops, as well as helpful articles and other online resources. Visit a credit union’s website, or stop in your local branch to start 2011 on the right financial foot!
-Diana D., Maine Credit Union League
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