Workers Credit Union
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Workers' Community & News
Workers' Credit Union has always been community-minded and supportive of civic, social, cultural and industry-related organizations that help to make our community a better place in which to work and live.
From groups that provide the basic necessities of food, shelter and medical care to children and families, to the arts, and to those that help to create jobs and commerce, Workers' Credit Union looks to direct its support through many diverse channels. Consideration is afforded to any nonprofit organization whose efforts are in some way tied to enhancing the quality of life in North Central Massachusetts.
Workers' Credit Union provides corporate funding and support to many organizations in and around the area. In addition, many Workers' employees are actively involved with numerous community efforts. Collectively, Workers' employees volunteered nearly 5,000 hours of their time to over 60 different organizations in the past year alone. Below is a list of 15 of those organizations:
- American Cancer Society
- American Red Cross
- Fitchburg Art Museum
- Fitchburg State College Foundation
- Massachusetts Credit Union League
- Mount Wachusett Community College
- Montachusett Regional YMCA
- Nashua Valley - Council Boy Scouts
- Nashoba Valley Chamber of Commerce
- North Central Mass. Chamber of Commerce
- Our Fathers Table Parish Church
- Special Olympics of Massachusetts
- Thayer Symphony Orchestra
- Twin Cities Community Development Corporation
- United Way of North Central Massachusetts
For past news releases click here
In the News
In the holiday spirit
For Immediate Release (November 20, 2009) – Maestro Francis Wada (left) from the Thayer Symphony Orchestra and Frederick Healey, president and CEO, of Workers’ Credit Union, which is sponsoring the TSO’s December 12th Holiday Pops Concert at The Performing Arts Center at Montachusett Regional Vocational School, Fitchburg. This year, the performance includes over one hundred musicians, TSO instrumentalists and the Salisbury Singers.
Hoonjan elected president of
Massachusetts School Bank AssociationUnion
For Immediate Release (November 9, 2009) – Jackie Hoonjan of Fitchburg, MA, vice president, regional manager and Chelmsford branch manager, for Workers’ Credit Union, has been elected president of the Massachusetts School Bank Association.
The association, for banks and credit unions with branches in high schools, has 23 members. Its mission is to share best practices on expanding financial literacy through the school curriculum, and to host an annual conference at the Federal Reserve for high school students.
The credit union has two high school branches, located in Chelmsford, MA and Acton, MA.
Student loans come in many ‘colors’
There’s more than one model for student loans
Linda Lagoy, vice president, regional manager and Fitchburg branch manager for Workers’ Credit Union
The founder of the Ford Motor Company famously declared, in 1909, “Any customer can have a car painted any colour that he wants so long as it is black.” For college-bound seniors, if it were only that simple. Selecting a major, picking a college to attend, and figuring out how to pay for it, can, at first blush, be overwhelming.
Unlike the choices Henry Ford provided his customers, when it comes to covering the cost of a college education, the number of options are almost limitless. But once you organize the options, the steps are fairly straightforward.
However, before seeking private loans, we suggest students and their parents use a 3-step process: first, secure as many grants and scholarships as possible; secondly, maximize federal student loans; and thirdly, fill any gaps through private loans.
There are numerous grants and scholarships available. Obviously, you want to maximize these because they don’t have to be paid back. Schools, foundations, businesses and other organizations offer grants and scholarships. The best way to learn more about these programs is through the high school guidance department and college financial aid offices.
Unfortunately, the majority of families find it necessary to borrow money, even after receiving financial aid. For this, there are two types of student loans: federal and private.
Students should always maximize the use of federal student loans — including Stafford Loans for students, PLUS for parents, and Graduate PLUS. They offer fixed interest rates, which are generally lower than private loans, and terms determined by the federal government.
If you must borrow additional money, after exhausting grants, scholarships and federal student loans, you’ll need to secure a private education loan. They are available through many lenders; interest rates, terms and benefits vary.
When securing a private loan, be sure to shop carefully. Some lenders charge origination fees of 1 to 3 percent up front. At our credit union, the student loan program features include zero origination fees, significantly lower interest rates, in-school deferred payment, co-signer release, and a graduated repayment option.
When it comes to paying for a college education, there is more than one option, so it pays to do your homework.
Workers’ Credit Union to host seminar on how to fund a college education
Lunenburg, MA (October 14, 2009) – Workers’ Credit Union is hosting a no obligation seminar titled “Cover the College Funding Gap,” on Wednesday, October 28th at 6 pm at Workers’ Credit Union’s Lunenburg office, 603 Mass Ave.
Gardner, MA (October 14, 2009) – Workers’ Credit Union is hosting a no obligation seminar titled “Cover the College Funding Gap,” on Tuesday, October 27th at 6 pm at Workers’ Credit Union’s Gardner
Participants will learn through a hands-on workshop how to fund a college education through federal aid and grants, scholarships and private loan programs. A $100 raffle toward textbooks will be held and refreshments provided. The workshop is open to the general public. Seating is limited. To reserve a seat, please call 800-221-4020.
Concert sponsored by Workers’ Credit Union
Fitchburg, MA (October 9, 2009) –Fitchburg State College’s Mary Chapin Durling thanks Workers’ Credit Union’s Fred Healey for the credit union’s corporate sponsorship of the December 19th concert at Weston Auditorium featuring fiddling virtuoso Natalie MacMaster. Tickets are available by calling the Weston Box Office at (978) 665-3347 Monday through Friday 12:30-3:30 pm.
Credit union going green
Norman Skillings from Skillings and Sons, Inc. gives an update to Deb Buxton, branch manager for Workers’ Credit Union, on the installation of a new geothermal heating and cooling system at their Townsend branch.
Townsend, MA (October 9, 2009)– The Workers’ Credit Union branch, which is nestled in the center of town, is not only getting a new look, but a green makeover that is expected to be completed by the end of the year.
“This project will not only make banking easier for our members, but reduces the energy needed to heat and cool the building,” commented Fred Healey, president and CEO of Workers’ Credit Union.
In addition to a geothermal heating and cooling system, the major renovation eliminates the traditional teller stations and lines, which are being replaced with “dialog stations.”
John Doyle, senior vice president, said geothermal systems are fairly simple in design. Three wells, 500 feet deep, will keep the water sent through the closed loop system at approximately 50 degrees year round. A supplemental heating system will do the rest of the work to keep the building comfortable during the winter months.
Mr. Doyle said he anticipates the credit union will reduce their annual heating and cooling cost by $9000. With a ten-year payback on the system, it wasn’t an easy decision. “While the payback is longer than we liked, it is the right thing to do since the building will be in service for decades to come.”
According to the Deb Buxton, branch manager, the most noticeable change will be the new dialog stations, which remove the traditional barriers that separate the tellers from their customers or in the case of a credit union, their members.
“The new layout allows for greater interaction with our members. If they want, they can actually see all their accounts on the computer screen,” noted Ms. Buxton. “We have received excellent feedback at our Orange, MA branch, which has had the dialog stations since 2008. Our members tell us they really like the openness, while keeping the transactions private, and that it feels so much more member friendly than a traditional teller counter.”
With an additional 400 square feet of space, Ms. Buxton said the credit union will feel more spacious and still have drive-up teller and ATM lines. An official opening celebration is planned for the first of the year. The branch remains open throughout construction. “I want to thank our members for putting up with any inconveniences,” concluded Ms. Buxton.
Credit unions create CUSO to provide education loans
For Immediate Release (September 23, 2009) – Fitchburg-based Workers’ Credit Union announced that it partnered with six other credit unions to provide private education loans to students of ITT Technical Institutes, a provider of career-oriented, post-secondary education.
“Providing educational loans is core to our mission because they are critical to helping create strong and growing communities,” commented Fred Healey, president and CEO of Workers’ Credit Union.
Workers’ Credit Union along with Eli Lilly Federal Credit Union, Indianapolis, IN; Bellco Credit Union, Greenwood Village, CO; Community America Credit Union, Kansas City, MO; Directions Credit Union, Toledo, OH; Veridian Credit Union, Waterloo, IA; and Credit Union of America, Wichita, KS partnered to create Student CU Connect, a credit union-owned single purpose credit union service organization dedicated to private student loan funding for eligible ITT Technical Institute students nationally.
The program was initially developed by The Rochdale Group, a credit union consulting firm headquartered in Overland Park, KS.
Kevin M. Modany, chairman and CEO of ITT/ESI said, “We are pleased that our eligible students will have access to this new private education loan program. We look forward to continuing to work with the credit unions in this important area for our students.”
ITT Technical Institutes with 8,000 full and part-time staff and faculty serves more than 62,000 students at 116 locations in 37 states.
Keeping Patients Connected
Photo: Nicole Rutledge, of Saugus, accesses the internet through a Community Resource Cyber Station, funded by Workers’ Credit Union, at the HealthAlliance Hospital Leominster Campus, Lobby B Entrance.
Leominster, MA (September 23, 2009) – Patients and visitors at HealthAlliance Hospital are keeping connected to the world-wide web through Community Resource Cyber Stations generously funded by Workers’ Credit Union, located in multiple sites throughout the HealthAlliance Hospital health care system.
Internet kiosks, equipped with state-of-the-art equipment, are designed to provide safe and comfortable internet access, allowing convenient access for patients and visitors. Whether in the surgical waiting area, the emergency department, labor and delivery, or other areas throughout HealthAlliance, the majority of users are conducting online banking, keeping in touch with family and friends, accessing medical resource sites, or even conducting job searches. Expectant families are using the kiosk the in Maternity waiting area to keep young siblings occupied, others are doing homework.
“Our visitors use the computer kiosks in many ways. Some access the internet for personal needs such as email and communicating with loved ones” says Rick Mohnk, Chief Information Office. “Others use them for business if they do not have a personal wireless laptop to access our guest wireless internet connection, and still others use them to pass the time while in one of our waiting areas or when mom is in labor and delivery. Whenever I talk with the users of these kiosks, they very much appreciate the convenience and easy access.”
Workers’ Credit Union to host inheritance planning seminar
Lunenburg, MA (October 23, 2009) – Workers’ Credit Union Investment and Insurance Center is hosting a no obligation seminar titled “Inheritance Planning…A Journey Through Life,” on Wednesday, November 4th at 6 pm at Workers’ Credit Union’s Lunenburg office, 603 Massachusetts Avenue.
Groton, MA (October 6, 2009) – Workers’ Credit Union Investment and Insurance Center is hosting a no obligation seminar titled “Inheritance Planning…A Journey Through Life,” on Wednesday, October 28th at 6 pm at Workers’ Credit Union’s Groton office, 308 Main Street.
Leominster, MA (October 6, 2009) – Workers’ Credit Union Investment and Insurance Center is hosting a no obligation seminar titled “Inheritance Planning…A Journey Through Life,” on Wednesday, October 28th at 6 pm at Workers’ Credit Union’s Twin City Mall office, 881 Merriam Ave, Leominster, MA.
Townsend, MA (October 6, 2009) – Workers’ Credit Union Investment and Insurance Center is hosting a no obligation seminar titled “Inheritance Planning…A Journey Through Life,” on Wednesday, October 21st at 6 pm at the West Townsend Reading Room located at 264 Dudley Road in West Townsend. This is just north of the intersection of Routes 119 (Main Street) and Route 124 Greenville Road) in West Townsend.
Orange, MA (September 28, 2009) – Workers’ Credit Union Investment and Insurance Center is hosting a no obligation seminar titled “Inheritance Planning…A Journey Through Life,” on Wednesday, October 7th at 6 pm at Workers’ Credit Union’s Orange office,
32 New Athol Road .
Chelmsford, MA (September 28, 2009) – Workers’ Credit Union Investment and Insurance Center is hosting a no obligation seminar titled “Inheritance Planning…A Journey Through Life,” on Wednesday, October 14th at 6 pm at Workers’ Credit Union’s Chelmsford office, 6 Turnpike Road.
Leominster, MA (September 28, 2009) – Workers’ Credit Union Investment and Insurance Center is hosting a no obligation seminar titled “Inheritance Planning…A Journey Through Life,” on Wednesday, October 14th at 6 pm at Workers’ Credit Union’s Water Tower Plaza office, North Main Street, Leominster, MA.
Participants will learn through a hands-on workshop how to increase their estate's value, avoid probate and take advantage of Medicaid laws to pass as much as possible to family members. The workshop is open to the general public. Seating is limited. To reserve a seat, please call 978-353-7175.
Qualifying for a home mortgage
Catherine Benoit, vice president, residential mortgage manager for Workers’ Credit Union
With the recent turmoil in home financing, some may believe the path to the American Dream has been dashed. However, there is good news - there are still plenty of programs available to purchase a new home.
The key to financing a home purchase is to have good credit. As many of you may recall from last month’s column, credit scores can range from 300 to 800. Most lenders require a minimum score of 620 to finance a home, but with higher credit scores more program options are available.
To keep your credit score strong, pay your bills on time and don’t max out your credit cards or other lines of credit. Remember, if you are purchasing a home with another person, the lender will use the lowest borrower’s middle score from the three major credit bureaus.
There are a variety of programs still available, including a 100% financing option offered through Mass Housing Finance Agency. In addition, the Federal Housing Authority has a program that will finance a home with as little as 3.5% down payment.
The timing couldn’t be better to purchase a home. With the federal government’s $8,000 tax credit, first-time home buyers can use it for a down payment if they finance the purchase through Mass Housing Finance Agency. There are some caveats: the borrower must have a minimum investment of $1,000 and participate in a homebuyer counseling program.
Even if it isn’t a requirement by the lender, homebuyer counseling programs, which are available online and through local community development corporations, are extremely beneficial to first-time buyers.
Finally, the lender wants to ensure you don’t financially overextend yourself. The general rule of thumb is that your total debt to income ratio can’t exceed 41%. Simply total all your monthly payments for any type of debt, such as car payments, student loans, credit cards and factor in your new monthly mortgage payment.
Lastly, the very first step to home ownership is to save money not only for a down payment, but maintenance and emergency repairs and at least three months of living expenses. The American Dream is still possible with a little bit of planning.
Workers’ Credit Union raises over
$47K to benefit the community
For Immediate Release – It took car washes, barbeques, candy bar sales and the incredible generosity of nearly 200 Workers’ Credit Union employees to raise over $47,590 for United Way of North Central Massachusetts’ Community Impact Fund. “The level of commitment and passion to helping create opportunities for a better life for all in our community is second to none,” commented Patrick Muldoon, president and CEO of HealthAlliance and this year’s campaign chair for United Way of North Central Massachusetts. Money raised through employees’ pledges will support 46 United Way of North Central Massachusetts’ programs in the area of education, income, health and safety net services. The 14 branch credit union, with offices spanning from Orange to Acton and Chelmsford, kicked off their annual campaign drive about six weeks ago according to Nicole Curtin, assistance vice president, who helped coordinate the fundraising activities with fellow employees Herb White, assistant vice president, and Joe Rollo, assistant vice president. Curtin said they hosted a variety of activities, including every Friday blue jean days where employees paid $5 to wear their favorite denim. In addition, the branch with the greatest number of employees who contributed, which was their Fitchburg office, had their vehicles hand washed by senior management.
Workers’ Credit Union to host
first-time home buyer seminar
Fitchburg, MA (September 08, 2009) – Workers’ Credit Union is hosting a free no obligation seminar titled “First-Time Home Buyer Seminar” on Tuesday, September 22 nd at 6 pm at Workers’ Credit Union’s Fitchburg office, 815 Main Street.
Participants will learn about first-time home buyer programs, how to utilize the $8,000 Federal Tax Credit for a down payment or closing costs and the advantages and challenges of purchasing banked-owned or foreclosed property. Heather Putnam-Graham from Worcester County Mass Housing, Andrew Olden, CPA and Deb and Rich Colangelo from Village Properties are the featured speakers.
The workshop is open to the general public. Seating is limited. To reserve a seat, please call 978-345-1021.
815 Main Street, Fitchburg MA 01420 - 978-345-1021 or 1-800- 221-4020
Routing/Transit ABA Number: 211382931
© 2007 Workers' Credit Union. All rights reserved.
Routing/Transit ABA Number: 211382931
© 2007 Workers' Credit Union. All rights reserved.
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