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Vote “YES” to support the MACCU/River Valley Partnership

On August 17th, an official notice and ballot were mailed to each member of MACCU outlining the details of our proposed partnership with River Valley Credit Union. We will be holding several informational sessions to provide an overview of the merger. If you would like to register, please visit our Partnership page. We hope that we can count on your support to better the future of both credit unions!

Announcing Our Exciting Partnership Opportunity

We have some very exciting news to announce!  For the past several months, we have been evaluating and discussing the possibility of strategically joining forces with another small credit union in Vermont.  After careful research and consideration, your Board of Directors is in unanimous support of partnering with River Valley Credit Union in Brattleboro, Vermont.  We believe that this merger will strengthen the financial position of the credit union and help to ensure long-term sustainability.  This cooperative merger can only happen if our members vote in favor of it, so we hope that we can count on your support.  We will keep you updated as we move forward with this proposal and will be available to answer any questions that might arise.

For more information about this proposed merger, please see our Membership Letter and Merger Proposal Q&A.

COVID-19 MACCU Preparedness

Please visit this page often for updates to MACCU Branch Protocol and FAQ’s related to COVID-19

MACCU has reduced capacity in our lobbies based on the State of Vermont social distancing guidelines. We also encourage all members to wear masks per the State of Vermont mandate, or to alternatively use our Drive-Thru/Walk-Up Teller Service.

While our lobbies have reduced capacity, ALL BRANCH LOCATIONS remain open and serving our members with normal business hours.

You can conduct your banking business through our Drive-Thru/Walk-Up Teller Service. Loan Officers will support members by telephone, or through our Drive-Thru/Walk-Up.

As always, you can use our online services, Home Banking, Bill Pay with remote check deposit, and our Mobile App to conduct your banking business.

To enroll in Online Banking, click here. If you need assistance with this set up, please call your branch.

MACCU has many emergency loan assistance options available during this time. We are here to help, please contact a loan officer to learn more about available programs.

Like you, we’re closely monitoring ongoing developments of the novel coronavirus (COVID-19). Our primary focus is on the safety and well-being of our members and employees. We want to update you on important Credit Union wide protocol currently in place, and our ability to respond to any potential impact.

We are prepared and ready to respond

We will continue to take steps to ensure your service will go uninterrupted at the same time keeping our employees and members safe. We’ve implemented the below plan which is currently in place.

  • Dedicated Response Team
  • Comprehensive and Multi-Phase Pandemic Response Plan
  • Proactive education for employees on COVID-19 protection
  • Extensive, enhanced cleaning of our branches and ATMs

Additionally, we continue to follow guidance from official local, state and Federal government and public health agencies, including the Center for Disease Control (CDC). We’ll continue to evaluate the situation and determine whether additional steps are needed to support our members and communities. Please keep your contact information up to date so we can stay in touch with you.

Member FAQ:

What if I am going through financial hardship because of lost wages or unemployment due to COVID-19?

We encourage you to contact your branch. We have several loan assistance options and we can work with you to find the best fit for your situation.

We have options available that include: Skip a loan payment, Deferred payment on loans, Small loans for covering expenses.

What are Economic Impact Payments?

Many Americans will receive Stimulus payment from the IRS. If the IRS has your direct deposit information on file from a recent tax return, the funds will be deposited automatically. If the IRS doesn’t have your direct deposit information, you can provide it to the IRS on the Treasury’s web-based portal. This will allow you to receive the funds through ACH as opposed to waiting for a check in the mail. The Treasury website is still under development.

You can visit this site for everything you need to know about Economic Impact Payments.

Why are you using gloves? 

We use gloves to prevent the potential transmission of any virus and to protect our members and employees health.

Are you sanitizing money, and should I sanitize money before depositing?

While we cannot sanitize money, we are taking extra steps to be sure to sanitize work stations, drive-thru tubes, pens, and hands frequently. These added steps help towards not contracting the virus.

Why is your lobby closed?

While the lobby doors are locked, our drive-thru lanes are open for business.  There is restricted access to our lobbies, if you have business needs where you feel lobby entrance is necessary, contact us and we will handle your request. We are confident that we can continue serving our members through our drive ups, ATM’s, electronic banking services, phone access and other creative measures for the time being.

Have your branch hours changed?

No, our normal hours remain in effect.

When will the lobby reopen?

We will be evaluating when we will reopen our lobbies on a daily basis.

What if I need to come into a branch?    

There is restricted access to our lobbies, if you have business needs where you feel lobby entrance is necessary, contact us and we will handle your request. We are available to answer questions by phone, please call us and we will assist you with your banking needs.  Member Services is available for assistance during regular business hours by calling your local branch.

  • Barre: 802-479-9411
  • South Burlington: 802-862-8184
  • Springfield: 802-886-8425
  • White River: 802-295-7805
  • Windsor: 802-674-2508

While branch lobbies are closed, how can I access my account?   

First, our drive-thru lanes are open normal business hours.  You have several other options to access your account remotely. These include:

  • Online Banking
  • Mobile Banking
  • Remote check deposit (via Mobile App)
  • ART- 24-Hour Touchtone Telephone Banking (866-545-1045)
  • ATM access (free- Falcon Network, surcharge free- Co-op Network)
  • Cash back when making a purchase with your MACCU Mastercard Debit Card
  • Bank by mail — all branches continue to process mail received via the U.S. Postal Service
  • Check request — use ART, our Telephone Banking system, to request a check be mailed
  • Night drop box/mail slot located at all branch locations

How can I open a new account?

You can open a new account by calling the branch most convenient to you.  We can send you a membership form electronically or open a new account through our Drive-thru/walk up service.

How do I apply for a loan?    

Consumer loan applications are available online at www.maccu.org. You can also apply by calling a loan officer at your local branch.  We can complete a consumer loan electronically.

Can someone from my family join the Credit Union during this time?  

New members are welcome! Call your local branch and we can send you a membership form electronically.

Is my direct deposit and automated withdrawals impacted?    

Rest assured, all direct deposits and withdrawals will continue without interruption.

Who can I contact if there is fraud on my account?  

You should contact your local branch during business hours if you suspect suspicious activity on your account.

If you have lost or suspect fraud on your Mastercard Debit Card, call 1-800-528-2273 immediately.

If you have lost or suspect fraud on your VISA credit card, call 1-800-433-0505 immediately.

How do I sign up for Online or Mobile Banking?      

You can sign up for Online Banking at www.maccu.org and download our mobile app at Google Play or the Apple App store.

Is there someone I can talk to if I have problems with my account?        

Our friendly staff is available during business hours to help you with your account by calling your local branch. You also can email us at maccu@maccu.org.

How can I make payments on my loan?    

You can make loan payments through our mobile app, online banking and by mailing your payment through the US Postal Service.  You can also make an electronic payment through our website http://www.maccu.org and clicking on Quick Links (red arrow on upper right) then PAY MACCU LOAN.

Will you be sending statements and notices?      

You will receive statements and notices as you normally do.

How can I deposit a check remotely? 

You can deposit a check using your mobile device through our mobile app. We have a night drop box at each of our branch locations- all deposits will be made first thing the next morning.  As always, you can mail checks for deposit to your local branch.

My share certificate is coming due. How can I renew it?    

If you take no action, your certificate renews automatically per the Truth in Savings Disclosure, usually for the same term (or in the case of a special term- the next lowest term). Changes can be made by calling your local branch.

Is my money safe?  Should I take out my cash? 

Your money is safe.  Deposits are federally insured up to $250k and we are a financially strong CU.   You also have access to your money electronically, through online and mobile banking, debit/credit cards, bill payer, etc.

Credit Unions vs Banks

Top 5 Reasons Why Credit Unions are better than Banks

Are you one of those people who walk past a credit union in your community without looking twice? Then you don’t know what you are missing out on when it comes to financial matters. One of the main reasons why some people are not in credit unions is because they don’t know how they operate and what they entail. Credit unions are non-profit organizations with an objective of serving their members rather than making profits from service provision. They offer similar financial services compared to banks such as loans, checking and savings accounts, credit cards, and mortgages.

Here are five reasons why you should choose a credit union over a bank:

 

  • Motives

 

The main reason why credit unions exist is to serve their members rather than accomplishing the goals of the institution. Members come first in credit unions then the rest follows. On the other hand, banks are formed with the aim of making profits, and they’ll do whatever it takes to meet their profit margins.

 

  • Better interest rates

 

Credit unions have lower interest rates on loans, credit cards, and even mortgages. Besides that, most credit unions are less strict when it comes to loan eligibility, and they are not selective of one’s source of income. Savings accounts, CDs, and bonds in credit unions also yield returns compared to having the same in banks.

 

  • Structure

 

For those who are not members of any credit union, you might not be aware that credit unions belong to members and they are responsible for their operations. Once you’ve made your first deposit, you are granted voting rights, and any surplus income will be reimbursed as dividends. Being a member means that you get financial services at lower rates and participate in decision making.

 

  • Fee-free accounts

 

A majority of banks require account holders to maintain a minimum balance which is not the case with credit unions. One of the main reasons why most people are drawn to credit unions is because they offer free checking accounts and no minimum balance requirements to cut down any extra fees.

 

  • Relationship building is valued

 

Let’s face it, credit unions value members who have been with long enough and they tend to be more lenient when such members want to borrow funds. Besides enjoying lower interest rates, when applying for loans, the terms and conditions are more flexible for such members provided their credit score is high. In case you haven’t joined a credit union, take the time to visit one in your local community; you’ll be surprised to see a big difference between them and banks.

Why You Should Have an IRA!

3 Reasons you should have an IRA (Individual Retirement Account)

Do you have an IRA account? Well, consider getting one soon. An IRA can come in the form of traditional IRA, Roth IRA or Rollover IRA. Financial institutions set up these accounts to encourage individuals to save for their retirement effectively on a tax-free basis. Regardless of the type of IRA you choose, you can rest assured that your money will potentially grow faster than it would in other taxable accounts.

Why should I have an IRA (Individual Retirement Account)?

1.     Tax advantages

Having an IRA account can have so many advantages for those planning their retirement. Making contributions to a traditional IRA ensures that your money grows tax-deferred until the day you withdraw it after retirement. Alternatively, your savings can experience tax-free growth if you contribute to your Roth IRA devotedly. You have every reason to smile knowing that no one will tax whatever growth your investment attracts. Saving through IRAs is, without doubt, the most convenient way of generating tax-free income for your heirs. Interestingly; even in your death, your beneficiaries will not experience any taxation complications after inheriting your proceeds.

2.     IRA account holders enjoy penalty-free withdrawals of their contributions

Another incredible reason to have an IRA is that holders enjoy Penalty-free withdrawals of contributions even before their retirement particularly if they contribute to a Roth IRA. Nevertheless, Traditional IRA/401(K) account holders are required to pay a penalty of up to 10% if they decide to withdraw their contributions before they are 591/2 years of age. Roth IRA account holders can withdraw whatever they’ve actually contributed and sell their investments (accrued market returns) penalty-free provided they are not yet 59 ½.

3.     Flexible savings or contributions

Enjoy the flexibility of distributions by investing in a Roth IRA account. Apart from attracting zero-penalties or taxes, Roth IRA account holders can make their contributions at their own convenience provided they don’t default. Young people should grab every available opportunity to invest their money in IRAs.Why? Well, as a young adult, you are allowed to claim your money back after acquiring a reasonable rate of return on your investment. On top of that, you can manage to pay yourself and contribute to your retirement fund at the same time without unnecessary complications.

The bottom-line: There are a TON of reasons to own an IRA. All you have to do is contact MACCU, make your contributions, and see your investment returns grow. Do the right thing today to enjoy your tomorrow after retirement.