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COVID-19 MACCU Preparedness

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

MACCU has restricted our lobbies from member traffic on a temporary basis.

While our lobbies are temporarily restricted, 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, 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.


APR Explained

APR Explained: Why A Lower Rate Is Your Highest Priority

How much does your credit card or loan cost you? The answer to this lies in the Annual Percentage Rate (APR). This is a universal measure used to compare the prices of different financial products such as credit cards, loans, and mortgages. To compare different credit products and loans, take a look at the APR and it will give you an idea of how much each costs. This way, you can make a better and informed decision.

What is APR and how does it work?

When applying for a loan, getting the lowest interest rate should be the highest priority. The annual percentage rate is the interest paid for a loan yearly. In the simplest terms, this is the cost of borrowing money.

The APR is shown as a percentage. It contains all the costs and fees related to the loan. The fees and costs are different depending on the type of loan you apply for. For most of the loans apart from mortgages, the fees relate to maintaining the loan and processing.

The most significant advantage offered by APR is the ability to compare loan rates. Take a credit card for example. It comes with different types of costs and fees associated with the account. With the APR, you can compare different cards easily.

The APR is required to be shown to all customers by loan issuers and credit card companies. It facilitates a good understanding of the actual loan rates applicable as per their agreement. Or credit card companies, they are allowed by law to advertise their monthly interest rates. However, they are required by law to state the APR to all customers before signing any agreement.

A loan can be offered with either a fixed or variable APR. The fixed APR loan has a fixed interest rate with a guarantee not to change during the entire life of the loan. The variable APR loan’s interest rate can change any time.

Is the lower APR better?

To put it out there, the lower the APR, the better the loan. However, when it comes to a product like mortgage, the lower APR loan might not be the best. Some mortgage loans give you a lower APR but you pay higher closing costs, higher points and other fees associated with closing the home loan.

Always go for a loan with a lower APR. This is the cost of your loan and the lower you go, the better. However, make sure to read all the details when getting a loan and ask the originator for as much information and details as possible.


Four Ways to Compare Online to Offline Colleges

In the New Year, it’s an excellent time for a quick change. Most people relate it to education because each year more than 20 million people get enrolled in universities and colleges. Whether you are thinking of enrolling in a program or starting to earn credits in a new field, it’s a great time to learn on the web. Nowadays, everyone uses the internet and stays online for several hours, playing video games or watching videos.

In the meantime, you have seen several ads for online colleges. These online colleges offer several programs that are convenient, flexible and money-saving. But do you think that is enough for you? In this blog post, you will see how you can compare online to offline colleges.

Get to Know About Four Best Ways to Compare Online to Offline Colleges :

1.      Compare the Cost of Both:

A Recent survey directed by the American Association of State Colleges and Universities uncovered that 60% of the 400 state-funded colleges reviewed charge the equivalent per credit hour for online courses as they accomplish for study hall courses. The highest contrast in price will be between foundations, not between sorts of organizations.

2.      Your Convenience:

You can concentrate on your course load as your timetable permits. It implies that you can keep up your work and other obligations while finishing your training. There’s likewise the driving issue. A study hall course will expect you to communicate, adding time and worry to your instruction.

3.      The Piece of Education:

The most important question you have to address while considering your school alternatives is training quality. That is what you’re there for, right? The investigation found that studies in online classes are bound to contribute in-class conversations and have discussions with peers about their significant fields.

4.      Worth of Both Colleges:

The genuine issue found for online colleges is their reputation. A few, similar to the University of Phoenix, have a reputation issue. Others, as Southern New Hampshire University, have earned a lot of positive press for their inventive way to deal with instruction. At the point when you’re picking a degree program, look at ranking like US News and World Report’s rundown of best online colleges.


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.


Tomorrow’s Millionaire – Make Saving Fun

Saving money usually means overlooking all glamorous and luxurious habits in your life and can seem like a drag. It’s a great time to challenge yourself and encourage saving in a fun way. Saving money is essential to achieve a full scope of objectives. Having some cash saved can help you plan for crises that may happen in the future. Saving money for the future doesn’t require you to be a big downer. There are more ways you can make saving fun instead of something you dread to do.

Now make money-saving a fun thing to do:

1.     Put a clingy note in your wallet:

While going out shopping, you have to think about what you need. You can write this sentence in bold letters on paper and stick it in your wallet. You can even take a stab at folding it over your platinum card. Ensure you put it somewhere. The thought here is to get you to see it before you make a purchase that is not needed.

2.     Make It a Competition:

If you know another person who’s in a similar monetary circumstance, challenge them to a save off! Pick a time frame—express three to six months—and see who can set aside more cash and dominate the match. The ideal approach is to make the challenge reasonable.

3.     Go up against your self:

Have you moved yourself to a game? You know, such as checking whether you can make more steps every day, locate the fastest route home, or eat a whole cake in one sitting? Indeed, you can do something very similar to money-saving. Count up how much money you’ve put into the reserve funds each month and afterwards, challenge yourself to beat that months sum.