Workers Credit Union

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

Cover the College
Funding Gap Seminar
Free seminar hosted by Workers’ Credit Union

Chelmsford, MA (March 8, 2010) – Workers’ Credit Union is hosting a free seminar, titled “Cover the College Funding Gap,” at 6 p.m., Monday, April 5, at Chelmsford High School, 200 Richardson Road.

Acton, MA (March 8, 2010) – Workers’ Credit Union is hosting a free seminar titled “Cover the College Funding Gap,” at 6:00 p.m.,
Tuesday, April 6 at Acton Community Safety Building, 371 Main Street.

Lunenburg, MA (March 11, 2010) – Workers’ Credit Union is hosting a free seminar titled “Cover the College Funding Gap,” at 6:00 p.m., Wednesday, April 7 at Lunenburg High School, 1079 Massachusetts Avenue.

Participants will learn how to fund a college education through Federal Aid and Grants, scholarships, and private loan programs.

The seminar is open to the general public. Seating is limited.  To reserve a seat, please call 800-221-4020.

For experts only:
Buying bank-owned or foreclosed property

Fitchburg, MA (February 26, 2010) – Warning: For experts only. That is what nearly 70 individuals, who braved the snowy weather last Wednesday, learned about buying bank-owned or foreclosed property from a panel of experts at a seminar hosted by Workers’ Credit Union.

“You need to clearly understand the deal and be prepared for difficulties,” said Attorney Craig Reynolds, one of the speakers. “There could be title issues, property damage, closing delays and loan denial, in addition to other issues.”

Workers’ Credit Union’s Mike Roy, a mortgage originator, had five audience members participate in a mock auction, with two bidding more than they wanted. Its purpose was to remind bidders that they shouldn’t let their emotions get in the way, and to establish a maximum bid prior to the auction. 

Roy also outlined the steps for bidding on property: determine the type of property; locate auctions by reading the local newspaper; verify all outstanding liens on the property, taxes, sewer, water and others, such as child support and mechanics; check on zoning issues; and arrange for financing in advance because there is no financing contingency allowed.

Once at the auction, the bidder needs to register with the auctioneer and have the deposit funds verified noted Roy.  

Donna Brooks, from Boss Realty, added that the financial institution may also sell it outright as a bank-owned parcel, rather than relying on an auction. There is also a short-sale, in which the homeowner sells the home for less than its outstanding mortgage, and asks the bank to accept the net proceeds as payment in full.

“I can’t emphasis enough—local, local, local. If buying a foreclosed or short-sale property, deal with local banks and credit unions that hold the mortgage,” she said.

Buying a home through an auction carries the most risk. According to the panel, once your bid is accepted you must purchase the home—or the deposit, generally $5,000, is lost.

“You are buying everything as is, including tenants, liens, Title 5 issues, lead paint, damage and title issues,” said Reynolds. Furthermore, even if the home is damaged or burns down prior to the closing, you own the property. “Obtain an insurable interest in the property the moment your bid is accepted.”

Purchasing a bank-owned property is more typical of a traditional real estate transaction, in which the buyer negotiates with the bank or credit union. The panel again stressed that buyers should deal with local financial institutions, and steer clear of national banks.

Reynolds did add that the buyer needs to be careful about the language in the sales agreement. He said the seller might add a clause that supersedes all addendums and conditions added by the buyer. A real estate attorney should review the agreement. 

The challenge outlined for a short-sale is that the seller of the home must convince the bank to accept less than the outstanding mortgage, which is difficult and can take months, if not over a year.

Other speakers on the panel included Heather Putnam-Graham of MassHousing and Greg Lemay, home inspector, of Lemay Consulting.  Catherine Benoit, vice president and residential mortgage manager for Workers’ Credit Union moderated the event.

“Questioning Your Retirement Strategy?”

“Questioning Your Retirement Strategy?”

David M. Earls, financial representative for Workers' Credit Union Investments and Insurance Center

To Roth? Or not to Roth?  I know, I am breaking all the rules by using a noun as a verb. But, there seems to be an inordinate amount of hype over whether someone should convert their Traditional Individual Retirement Account (IRA) to a Roth IRA.

For 2010, Congress is allowing any individual, regardless of income, to convert a Traditional IRA to a Roth IRA. The major change from 2009 is that the $100,000 income limit for an individual or a couple has been eliminated.

According to the U.S. Census Bureau’s 2008 report, approximately 40 percent of U.S. households have a Traditional IRA, which is created with pre-tax dollars, while about 16 percent have a Roth IRA, which is funded with after-tax income.
 
The difference between the two retirement funds is that withdrawals from a Traditional IRA are taxed as ordinary income, while a Roth IRA is  designed to produce tax-free income when used according to the rules.

Unfortunately, there isn’t a one-size-fits-all answer. The first and most important question that needs to be answered: Will you be better off paying taxes on your IRA now, rather than later?

Who should consider converting?

Generally, it makes the most sense for individuals with substantial after-tax funds in their Traditional IRAs, and younger people who have time to reap the benefits of future gains— which wouldn’t be taxed. 
In addition, it might make sense for individuals who wish to leave a tax-free asset to non-spousal beneficiaries.

However, there are a couple of caveats. Will you be in a higher or lower tax bracket when you retire? Will tax rates go up in the future? Will the tax on Social Security benefits change, so more of it is taxed?

It is also important to determine whether converting will put you in a higher tax bracket in the current year. And, of course, you must have the free cash to pay the taxes due on the conversion. Finally, there are special rules concerning IRAs that are an annuity, and IRAs with post-tax and pre-tax dollars.

While there seems to be more questions than answers, we recommend that you consult your financial advisor or accountant to determine if you are better off paying the tax now or later.  The Roth IRA conversion may make the most sense for those who have a long time before they retire.
 

Workers’ Credit Union donates
$20K to help Haiti

Workers’ Credit Union’s Fred Healey (left) and employees present a check, to assist with the relief effort in Haiti, to Captain Mark Hager from the Salvation Army.

For Immediate Release (Feb. 17, 2010) – After seeing the devastation on television, Workers’ Credit Union employees jumped into action, organizing an employee fundraiser that netted $20,000 for the victims of the Haiti earthquake. 

“The enormity of the situation is almost unimaginable, with over one million displaced people,” said Fred Healey, president and CEO of Workers’ Credit Union. “Whether in our own backyard or half way around the world, when people are in need, our employees are always willing to help, which is quite gratifying.”

The funds will go to The Salvation Army, which already had a presence in Haiti before the earthquake. “We wanted to make sure the recipient organization had a proven track record in the country and that 100 percent of the money would be spent on food, medicine and shelter,” Healey said.

“The outpouring of support is truly appreciated and will provide much-needed basic services,” said Salvation Army’s Captain Mark Hager. 

According to Healey, the large donation was made possible because employees, the board of directors and credit union all participated in the fundraising drive.

Workers’ Credit Union
 to host retirement strategies workshop

Chelmsford, MA (March 8, 2010) – Workers’ Credit Union is hosting a no obligation seminar titled “How to buy bank owned or foreclosed property,” on Tuesday, March 23rd at 6 pm at Workers’ Credit Union’s Chelmsford office, 6 Turnpike Road. 

Gardner, MA (March 4, 2010) – Workers’ Credit Union is hosting a no-obligation financial workshop titled: “Questioning Your Retirement Strategy?” The seminar is for individuals questioning whether their retirement accounts are on the right track. It will be held on Wednesday, March 31, at 6 p.m. in Workers’ Credit Union’s Gardner office, 171 Main Street.

Leominster, MA (February 26, 2010) – Workers’ Credit Union is hosting a no-obligation financial workshop titled: “Questioning Your Retirement Strategy?” The seminar is for individuals questioning whether their retirement accounts are on the right track. It will be held on Wednesday, March 24, at 6 p.m. in Workers’ Credit Union’s Water Tower Plaza office, North Main Street, Leominster, MA.

Lancaster, MA (February 17, 2010) – Workers’ Credit Union is hosting a no-obligation financial workshop titled: “Questioning Your Retirement Strategy?” The seminar is for individuals questioning whether their retirement accounts are on the right track. It will be held on Wednesday, March 10, at 6 p.m. in Workers’ Credit Union’s Lancaster office, 145 Main Street.

Townsend, MA (February 17, 2010) – Workers’ Credit Union is hosting a no-obligation financial workshop titled: “Questioning Your Retirement Strategy?” The seminar is for individuals questioning whether their retirement accounts are on the right track. It will be held on Wednesday, March 17, at 6 p.m. in Workers’ Credit Union’s Townsend office, 221 Main Street.

Acton, MA (February 9, 2010) – Workers’ Credit Union is hosting a no-obligation financial workshop titled: “Questioning Your Retirement Strategy?” The seminar is for individuals questioning whether their retirement accounts are on the right track. It will be held on Wednesday, March 3, at 6 p.m. in Workers’ Credit Union’s Acton office, 452 Great Road.

In a hands-on workshop, participants will learn how to rebuild from market loss, how to get competitive rates in a low-interest rate environment and whether to convert an existing Traditional IRA to a Roth IRA—since the income limits have been lifted in 2010 and the tax burden can be spread over two years.

The workshop is open to the general public, but seating is limited. To reserve a place, please call 978-353-7172.

Workers’ Credit Union
 to host seminar on buying bank
owned or foreclosed property

Chelmsford, MA (March 8, 2010) – Workers’ Credit Union is hosting a no obligation seminar titled “How to buy bank owned or foreclosed property,” on Tuesday, March 23rd at 6 pm at Workers’ Credit Union’s Chelmsford office, 6 Turnpike Road. 

Fitchburg, MA (February 02, 2010) – Workers’ Credit Union is hosting a no obligation seminar titled “How to buy bank owned or foreclosed property,” on Wednesday, February 24th at 6 pm at Workers’ Credit Union’s Fitchburg office, 815 Main Street. 

Participants will learn how to avoid financial obstacles, locate foreclosures in their community, win the bid at auction, and resolve title issues, potential delays and financing concerns from the expert panel, which includes: Heather Putnam-Graham, MassHousing; Craig Reynolds, Reynolds Law Office; Donna Brooks, Boss Realty Group; and Greg Lemay, home inspector, Lemay Consulting.

The workshop is open to the general public. Seating is limited. To reserve a seat, please call 978-345-1021.

Workers’ Credit Union’s $10,000 donation
to provide food and heating assistance

 Phil Grzewinski (left), president of United Way of North Central Massachusetts, thanks Workers’ Credit Union’s Fred Healey for their $10,000 contribution, which will provide food and heating assistance.

For Immediate Release (Jan. 26, 2010) – As nonprofit providers struggle to keep up with the increased demand for food and heating assistance, Workers’ Credit Union has announced a $10,000 contribution to the United Way of North Central Massachusetts’ Safety
Net Fund.

“Learning about this pressing need, Workers’ Credit Union once again stepped up with this incredibly generous donation,” said Phil Grzewinski, president of United Way of North Central Massachusetts.

In a recently completed survey, United Way said that agencies providing food and heating assistance are seeing a marked increase in requests, which is up substantially from what was a busier-than-usual December.  Some agencies are reporting increases of 30 percent or more for food, coats and utility assistance.

“The guiding principal of doing what is right has served the credit union well for nearly 100 years, and the same goes for this contribution. Now, more than ever, families need a helping hand so they can get back on their feet,” said Fred Healey, president and CEO of Workers’ Credit Union. 
 
Individuals or businesses who are interested in giving may contact United Way of North Central Massachusetts at 978-345-1577.

Workers’ Credit Union names assistant branch manager

Fitchburg, MA (Jan. 16, 2010) – Bette A. Kalukiewicz of Littleton, Mass. has joined Workers’ Credit Union as an assistant branch manager for the Fitchburg office. Kalukiewicz has over 30 years of banking experience, and was most recently with Cambridge Savings Bank in Acton, Mass. She has taken numerous classes through New England Banking Institute, as well as Fairfield University. Workers' Credit Union, founded in 1914, is headquartered in Fitchburg, Mass. With assets of more than $700 million, the Credit Union serves over 65,000 members from fourteen offices in Acton, Chelmsford, Fitchburg, Gardner, Groton, Lancaster, Leominster, Lunenburg, Orange, Townsend and Workers’ Online at wcu.com.

Keeping your kids social media activity safe and fun

Jackie Hoonjan, vice president, regional manager and Chelmsford branch manager for Workers’ Credit Union

Anyone with children knows that the digital lifestyle is here to stay. According to Robert Siciliano, a personal security consultant, the average 8- to 18-year-old spends more time watching television and movies, playing games or being online during the week than in school or
with parents.

Mr. Siciliano spoke at a recent seminar on social media security and identity theft prevention, sponsored by Workers’ Credit Union and Chelmsford High School, which houses a credit union branch. The author of The Safety Minute: Living on High Alert; How to Take Control of Your Personal Security and Prevent Fraud shared these tips with the audience:

Think first, post later. Tell your kids to think before they post anything on social media web sites, such as Facebook or MySpace. Set some rules for what is and isn’t appropriate for your kids to communicate, play and post online. Posts with drug taking, drinking, sexual posing or activity will come back to haunt them.

Use privacy settings. Mr. Siciliano noted that privacy settings on social media web sites, which determine who has access to their information, aren’t foolproof, but they are important and should be set.
 
Manners matter. Kids should always remember to follow the “golden rule,” he said. They shouldn’t spread rumors, cyberbully, be sexting or do anything that they wouldn’t be comfortable reading about themselves. Once posted, the information can easily be cut and pasted, and can live forever in the digital world. Nothing in the cyber world is truly private.
 
It is difficult to get kids to think long-term. However, an inappropriate post could nix an opportunity to get into their ideal college or secure a job, and could be illegal, such as sending a sexual image to a minor.

As a parent, it can be overwhelming to manage your child’s online activity. Mr. Siciliano suggests a few basic guidelines:

Balanced use.  Set guidelines on how much time they spend in the digital world.
 
Keep it public. Online activity shouldn’t be done in secrecy or in the bedroom. Encourage your child to use electronic media in the areas of the home you can monitor.
 
What is acceptable? Discuss what is appropriate and what isn’t, and what type of web sites they can visit or download information from.

While the digital lifestyle is here to stay, it can be an enjoyable and productive tool if it is done with moderation and with good intentions.

How Facebook feeds the hungry
Workers’ Credit Union passes 1,000 “Fan” mark with promotion 

Photo Caption Release (January 2010) – Workers’ Credit Union’s Jennifer Freeman (right) presents a check for $1,000 to Jean McMurray from the Worcester County Food Bank. The credit union launched their Facebook fan page and issued a challenge: it would donate $1 to the charity for each fan, if the page reached 1,000 by midnight on Dec. 31, which the credit union did.

Fitchburg, MA – With only hours to spare, Fitchburg-based Workers’ Credit Union achieved its goal of securing 1,000 fans for its recently launched Facebook page, which resulted in a $1,000 donation to a regional food pantry, Worcester County Food Bank.

“It was a win-win. Especially in these difficult economic times, we were able to provide a much-needed donation that will benefit local families, while helping us launch our social media efforts with a strong base,” commented Nicole Glinski Curtin, assistant vice president, marketing and communications manager and the lead person for the new initiative.

The community-based credit union, with over 65,000 members, launched their Facebook fan page in November, and one month later issued a challenge: it would donate $1for each fan, if the page reached 1,000 by midnight on Dec. 31.

Diving into social media marketing wasn’t something the credit union took lightly, because of its ever-growing popularity. According to Gordon Wetmore, senior vice president of marketing for the credit union, they developed a detailed plan, which included creating an internal Facebook team made up of employees. 

“We knew it would be an excellent communication vehicle that would reach a different audience than our traditional marketing,”
said Wetmore.

The credit union’s robust internet banking program, with its ever growing email list generated significant interest in the fan page. In addition, the credit union is advertising on the popular social media web site. They purchase ads based on specific geographic and
demographic targets.

The goal is to provide community, social and financial information relevant to Facebook followers, not to push products or services, according to Curtin. Postings on the site have included the credit union’s holiday hours, wishes for a Happy New Year, branch events and poll questions, in addition to occasional follow-up comments to members’ postings. In the future, Workers plans to include financial education information.

With more than 1,000 fans in six weeks, the credit union was more than surprised to receive fans also beyond its traditional market area. “It takes time and effort to build a fan base,” concluded Curtin.

Keeping kids warm

Photo Caption Release (December 2009) – Workers’ Credit Union’s Linda Lagoy (2nd from left), Bette Kalukiewicz (right) and Melissa Clifton (2nd from right) with a Hat and Mitten Tree it sponsored to benefit local children. Children’s Aid & Family Service’s Cheryl Trant (left) and Patty Hurley (center) will coordinate the distribution of the items to area families.

Credit Union helps Acton SERVE program

Photo Caption Release (December 2009) – Laura Ducharme (left), community resource coordinator for the Town of Acton, thanks Sokha Thong and Shawn Linehan from Workers’ Credit Union’s Acton branch for participating in the Serving Residents Through Voluntary Efforts (SERVE) program, which will provide 25 Acton families with holiday gifts this season.

Groton branch makes donation to Loaves and Fishes

Photo Caption Release (December 2009) – Bethany Schlaich, Charles Antonelli and Doreen Page, from Workers’ Credit Union’s Groton branch, with over 100 pounds of food the employees and its members collected for Loaves & Fishes Food Pantry, which provides food, emergency shelter and resource referrals to residents of Ayer, Devens, Groton, Harvard, Littleton and Shirley.

Credit union makes the holiday complete for local family

Lunenburg, MA (December 18, 2009) – The staff at Workers’ Credit Union’s Lunenburg office paid it forward for a local family
this holiday season.

Petra Rivera, branch manager for the credit union, said the staff skipped their annual office holiday gift swap to make Christmas
brighter for a local family. “The Salvation Army told us about a single mother who recently secured her own apartment after
having been in a shelter.” The staff raised $415 and Wal-Mart provided a10% discount on the entire purchase, which included basic essentials along with holiday gifts.

Holiday giving

Photo Caption Release (December 09, 2009) – Workers’ Credit Union’s Melissa Clifton (right) and Jennifer Prouty display some of the gifts the credit union collected through its Giving Tree, which the American Red Cross will distribute to local families. Credit union members and employees from their Fitchburg office and Leominster locations, Water Tower Plaza and Twin City, participated in the drive. 

Protecting yourself from identity theft

For Immediate Release (December 09, 2009) – Linda Lagoy, vice president, regional manager and Fitchburg branch manager for Workers’ Credit Union

Identity theft is a growing issue that will affect over 9 million people this year, according to the Federal Trade Commission. In addition to their financial losses, victims of fraudulent activity may spend up to 175 hours cleaning up their records, and incur out-of-pocket expenses of $20,000 or more. Interestingly, the majority of identity theft does not occur on the Internet. Here are some ways thieves access your
personal information:

Dumpster Diving. Thieves look through your trash for bills and other paperwork with personal information, such as paychecks and credit card offers. The best line of defense is to shred all documents with personal information, including labels on magazines.

Skimming. An unscrupulous employee at a retail establishment uses a special device while processing your credit/debit card to capture your card number; they may use it for fraudulent charges, or sell it to other thieves. There is very little you can do to prevent skimming, except for thoroughly checking your credit card statements monthly for unauthorized charges.

Phishing. A fictitious financial institution or company sends you an e-mail, requesting personal information. Banks and credit unions will never request personal information over the Internet. Never reveal any personal information over the Internet unless you have initiated it, such as when making an online purchase.

Change of address. Thieves will also change your address, by completing a change-of-address form at the post office. That way, they will receive all of your personal information, including bank statements. If you fail to receive your mail, even for a day or two, contact the
post office.

Theft. Then there is the never-gone-out-of-style stealing. They may steal your personnel records from work; snatch your wallet or purse; take mail, including bank and credit card statements and pre-approved credit offers.

You should photocopy both sides of the credit cards in your wallet and keep them in a safe place. If your wallet is stolen, you’ll know who to contact. Some folks will invest in a lockable mailbox, or use a post office box, to prevent thieves from stealing their mail.

Pretexting. Thieves use false pretenses to obtain your personal information from financial institutions, telephone companies, and other sources. That is why you have to answer so many questions, such as your mother’s maiden name, when you make an inquiry.

By being diligent, and mindful of these ruses, you can minimize your chance of being a victim of identity theft.

New mortgages remain steady, thanks
to low rates and federal tax credit

For Immediate Release (December 01, 2009) – While the volume of mortgages for local financial institutions is off from its peak a few years back, the first-time home buyer tax credit is helping sell lower-priced homes in North Central Massachusetts.

“The federal tax credit for first-time home buyers has definitely stimulated home sales,” commented Catherine Benoit, vice president, residential mortgage manager, of Workers’ Credit Union. “The majority of mortgage applications have been for first-time home buyers purchasing lower-priced homes, as well as homeowners refinancing because of the lower rates.

According to the National Association of Realtors report, sales of existing homes nationally were up 10.1 percent in October.

Congress recently extended through April 30, 2010, the American Recovery and Reinvestment Act of 2009, authorizing a tax credit of up to $8,000 for qualified first-time home buyers, originally due to expire December 1, 2009. “Buyers must enter into a binding contract for a principal residence on or before April 30, 2010 and close on the home by June 30, 2010,” added Benoit.

As part of the extension, a new tax credit, up to $6,500 was added for repeat buyers who want to purchase another home. The home buyer must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ends on the date the replacement home is purchased.

“The tax credit is really helping,” commented Brenda Rufiange, from Re/Max Property Promotions in Leominster, MA. “We are even seeing multiple offers on lower-priced homes.”

According to David Cormier, owner of Re/Max Property Promotions, overall sales in 2009 are comparable to 2008, but activity level for lower-priced homes is quite robust, especially during the last quarter.

Benoit said some of the activity is also a direct result of programs available through Massachusetts Housing Finance Agency (MassHousing) and Federal Housing Administration (FHA). MassHousing has several first-time buyer programs as well as a program to assist in the repair and renovation of older homes. FHA offers low down payment financing for all buyers.