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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
Fitchburg, MA (April 29, 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, May 19, at 6 p.m. in Workers’ Credit Union’s Fitchburg’s office, 815 Main Street.
Lunenburg, MA (April 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, May 12, at 6 p.m. in Workers’ Credit Union’s Lunenburg’s office, 603 Massachusetts Ave.
Leominster, MA (April 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, May 5, at 6 p.m. in Workers’ Credit Union’s Twin City Mall office, 881 Merriam Ave, Leominster, MA.
Orange, MA (March 31, 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, April 28, at 6 p.m. in Workers’ Credit Union’s Orange office, 32 New Athol Road.
Groton, MA (March 24, 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, April 21, at 6 p.m. in Workers’ Credit Union’s Groton office, 308 Main Street.
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.
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.
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,
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.
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.
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
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.
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.
Workers' Credit Union names
residential mortgage manager
Fitchburg, MA (January 16, 2009) - Catherine M. Benoit of Lunenburg, MA has joined Workers' Credit Union as vice president, residential mortgage manager.
"Catherine has extensive mortgage experience, particularly helping first-time homeowners and refinancing existing homes, that will be a real asset to the credit union," noted Fred Healey, president and CEO of Workers' Credit Union.
Benoit has over 20 years of mortgage experience and was most recently with National City Mortgage in Leominster, MA. She has a B.A. from Assumption College and has served on the board of Our Father's House in Fitchburg, MA since 2004.
Workers' Credit Union donation
to provide food and heating assistance
Phil Grzewinski (center), president of United Way of North Central Massachusetts, and Captain Brian Peabody (right), The
Salvation Army, thank Fred Healey, president and CEO of Workers' Credit Union, for its $10,000 contribution to United Way's Community
Support Fund, which is helping The Salvation Army and other local nonprofit agencies provide food and heating assistance to local families.
For Release (Tuesday, February 02, 2009) - Workers' Credit Union made a $10,000 donation to United Way's Community Support Fund, which is providing emergency food and heating assistance to local families.
"Workers' Credit Union's commitment to the community is second to none," commented Phil Grzewinski, president of United Way of North Central Massachusetts.
In October, United Way created the Community Support Fund to provide immediate emergency relief to individuals and families in the North Central Massachusetts region.
As contributions are received, United Way is directing 100% of the dollars to existing health and human service providers in its 19-town service territory. So far, over $89,000 in distributions have been made for food and heating assistance.
"The credit union realizes that many families are struggling and we are pleased that we can offer some assistance," noted Fred Healey, president and CEO of Workers' Credit Union.
According to a United Way survey of area non-profit service providers, some local pantries are seeing up to a 60% increase in requests for food assistance.
Contributions can be made to the fund by calling 2-1-1, online at www.supportunitedway.org/csf or by mail to United Way of North Central Massachusetts, Attn: Community Support Fund, 285 John Fitch Hwy, Fitchburg, MA 01420.
Residents who want to learn about where to go for emergency financial assistance can contact 2-1-1 24 hours a day, 7 days a week, or visit http://supportunitedway.org/csf. The Mass 2-1-1 hotline is prepared to connect callers with help for basic needs and other health and human services.
United Way of North Central Massachusetts serves the communities of Ashburnham, Ashby, Ayer, Barre, Devens, Fitchburg, Gardner, Groton, Harvard, Hubbardston, Leominster, Littleton, Lunenburg, Pepperell, Shirley, Templeton, Townsend, Westminster and Winchendon.
Newspaper in Education (NIE) program
Release (February 11, 2009) - Kaylah Samsel, a student from Northwest Elementary School in Leominster, MA, presents to Workers' Credit Union's Paulo DeOliveira letters written by the students thanking the credit union for sponsoring the Sentinel and Enterprise's Newspaper in Education (NIE) program, which provides newspapers at no cost to the classroom. Kaylah's participation in the program won her classroom a pizza party and a gift certificate for classroom supplies, compliments of Workers' Credit Union.
Newspaper in Education (NIE) program
Release (February 2009) - Cam Cullen, a student from Reingold Elementary School in Fitchburg, MA, is congratulated by Workers' Credit Union's Paulo DeOliveira (left) and Superintendent Andre Ravenelle for his winning entry in the Sentinel and Enterprise's Newspaper in Education (NIE) program, which provides newspapers at no cost to the classroom. Cam won his classroom a pizza party and a gift certificate for classroom supplies, compliments of Workers' Credit Union.
Workers' Credit Union
to host workshop on rebuilding investments
Fitchburg, MA (March 03, 2009) - Workers' Credit Union Investment and Insurance Center is hosting a no obligation financial workshop titled "Recovering and Rebuilding Your Investments for the Future" on Wednesday, March 11th at 3 pm at Workers' Credit Union's Fitchburg office, 815 Main Street.
Lunenburg, MA (March 03, 2009) - Workers' Credit Union Investment and Insurance Center is hosting a no obligation financial workshop titled "Recovering and Rebuilding Your Investments for the Future" on Wednesday, March 11th at 3 pm at Workers' Credit Union's Lunenburg office, 603 Massachusetts Avenue.
Chelmsford, MA (March 03, 2009) - Workers' Credit Union Investment and Insurance Center is hosting a no obligation financial workshop titled "Recovering and Rebuilding Your Investments for the Future" on Wednesday, March 11th at 3 pm at Workers' Credit Union's Chelmsford office, 6 Turnpike Road.
Participants will learn through a hands-on workshop how to position their long term investments in today's market, protect investments going forward, offset inflation while interest rates are at historical lows and determine what investments will most likely rebound first. The workshop is open to the general public. Seating is limited. To reserve a seat, please call 978-353-7175.
Workers' Credit Union, founded in 1914, is headquartered in Fitchburg, MA. With assets over $600 million, the Credit Union serves over 64 thousand members from fourteen offices in Acton, Chelmsford, Fitchburg, Gardner, Groton, Lancaster, Leominster, Lunenburg, Orange, Townsend and online at wcu.com.
Investments offered through CUSO Financial Services, L.P. (CFS) are not NCUA/NCUSIF insured, not credit union guaranteed, and may lose value. Registered Representatives are employed by Workers' Credit Union and registered through CFS. (Member FINRA/SIPC).
For specific tax advice, please consult a qualified tax professional.
Workers' Credit Union's David Earls
recognized for outstanding performance
Fitchburg, MA (March 3, 2009) - Workers' Credit Union announced that David M. Earls of Lancaster, MA, a registered representative affiliated with broker-dealer and SEC Registered Investment Advisor CUSO Financial Services, LP (CFS) achieved Gold Pacesetter status in 2008. The award honors the top producing registered representatives among CFS' 130-plus credit union programs.
"We are extremely proud of David's accomplishment and the outstanding service he has provided to our members over the years," said Fred Healey, president and CEO of Workers' Credit Union. "His knowledge, experience and commitment to member service are examples and an inspiration to all of us who strive for excellence in our profession."
The annual awards are presented by CFS as a way to recognize top registered representatives for their dedication to high standards, commitment to superior service and outstanding performance in delivering investment services to members.
Workers' Credit union rolls out
free financial counseling program
Fitchburg, MA (March 09, 2009) - For families and individuals struggling to make ends meet, there is help. Worker's Credit Union recently partnered with Auriton Solutions, a leading provider of financial counseling services, which uses behavior modification and education to help individuals regain control of their financial situation.
"For many individuals struggling to pay their bills, they have difficulty acknowledging the source of their financial crisis," noted Fred Healey, president and CEO of Workers' Credit Union. The credit union launched the free program because they are seeing more and more individuals who need help.
Healey said some of the tell-tale signs of financial distress are paying the minimum due on accounts, putting off paying one bill to cover another bill, charging one credit card to pay another credit card or taking cash advances.
The credit union selected the non-profit agency because they offer solutions without judgment. "Auriton uses certified counselors who are impartial and assist both individuals and families in the complex process of financial decision making," noted Healey.
According to Auriton counselors, the first step is acknowledgement; each individual must confront the challenges of their personal financial crisis.
Once the issue has been identified, an action plan is created. The counselor may assist with the process of paying down debts or identify and modify ineffective money management behaviors. In addition, they may review basic budgeting or housing issues and foreclosure prevention, depending on the situation.
To help the individual execute the plan, the counselor provides ongoing support for an extended period of time to reinforce the new financial behaviors.
To access the service, individuals can stop in any of the credit union's branches or call 1-800-253-5076. "It is a win-win. The program works and it is a free service," concluded Healey.
Workers' Credit Union navigates
through another excellent year
Fitchburg, MA (March 17, 2009) - While many financial institutions ventured into uncharted terrain in 2008, Workers' Credit Union stayed on course, navigating to another very good year. President and CEO Frederick D. Healey delivered the upbeat assessment during the 94th annual meeting at the credit union's Fitchburg headquarters Tuesday evening.
"Members' equity, the true measure of our financial strength grew to a record 13.6% of total assets. We are rock solid," noted Healey.
The total volume of consumer and real estate loans made in 2008 was $177 million. Total loans outstanding as of December 31, 2008 grew to $508 million, a 7% increase over last year. "Despite what you might hear is happening nationally, we have money to lend and made over 9,000 loans last year," commented Healey.
The credit union also saw robust business lending. "During the year we increased outstanding business credit lines, term loans and commercial real estate loans by 55% in a very difficult market," noted Healey.
In his report, Healey made special note of the fact that the credit union had granted almost $2 million in student loans. "As the economy worsened, traditional providers of government-backed student loans cut back or discontinued lending. As this was taking place, Workers' and other credit unions stepped in to fill this important need."
Recognizing the growing demand for electronic banking, in 2008 the credit union developed a series of products offered through Workers' Online. The first to be introduced was cuSave, a high-yield savings product, which was met with great success, finishing the year with balances totaling $3 million.
"Three quarters of all member transactions are now conducted electronically," said Healey. "Just last week we added more features to Workers' Online. Our members are now able to get Mobile Banking, which provides access to accounts through cell phones and PDAs."
The credit union's Investment and Insurance Center saw many of their members steer to variable rate financial instruments as the stock market conditions became volatile in late 2008. "As a result of doing the right thing by their clients, the IIC was able to grow its client base, as more people came to rely on the IIC as their trusted advisor," said Healey.
The 64,000 member community credit union finished 2008 with $620 million of assets, a 6.6% increase over last year.
Capital grew to $85.8 million, an increase of 10.2% over the previous year.
It was noted that the credit union is a community credit union and has carried out that mission by giving generously to a variety of community-based nonprofit organizations.
Healey capped the meeting with a special thanks to the board of directors, management, employees and especially its members for their continued support during a very active year for the credit union.
Workers' Credit Union elects two directors
J. Paul H. Gauvin Jonathan Ratila
For Immediate Release (March 17, 2009) - Workers' Credit Union re-elected to its board of directors Jonathan Ratila, of Fitchburg, MA, and elected a new director, J. Paul H. Gauvin, of Fitchburg, MA, both to three year terms expiring in 2012.
Gauvin is president of Henri Enterprises, Inc., Fitchburg, MA. Active in the community, he is chairman of the advisory board of directors of the Center for Well Being as well as The Salvation Army. In addition, Gauvin serves on the boards of the Crocker Field Restoration Committee, North Central Massachusetts Chamber of Commerce, Rotary Club of Fitchburg and Thayer Symphony Orchestra. He is on the finance committee of Sacred Heart Parish in West Fitchburg, where he is also a Eucharistic minister. He received his bachelor degree in business administration from Nichols College, Dudley, MA.
Ratila is treasurer and business manager for the Raivaaja Publishing Company, Fitchburg, MA. He is a trustee of the Fitchburg Public Library and a long-time member of the Fitchburg Historical Society. Ratila has been a member of the board of directors at Workers' Credit Union since 1986 and serves as clerk, chairman of the audit committee and on the investment committee.
Workers' Credit Union promotes three
For Immediate Release (March 24, 2009) - Workers' promotes three to new positions.
Betty-Ann Berube of Westminster, MA has been promoted to assistant branch manager of the credit union's N. Main Street branch in Leominster, MA. She has been with the credit union since 2004 and was previously a member service representative for loans.
Shannon Griffith of Leominster, MA has been promoted to a financial service representative for the credit union's Walmart branch in Leominster, MA. Previously a senior teller, she has been with the credit union since 2005.
Donna J. Caouette of Fitchburg, MA has been promoted to assistant collection manager. With 25 years tenure, she was most recently a collection officer.
Fitchburg Letter Carriers' Food Drive is May 9th
Fitchburg Letter Carrier Rob Penttinen thanks Jennifer Lawrence of Workers' Credit Union for their
corporate sponsorship of the National Association of Letter Carriers' Food Drive for the Fitchburg Post Office.
Residents can leave canned and boxed food at their mailbox Saturday, May 9h, which will be picked up by their postal carrier
and donated to local food pantries.
For Immediate Release (April 15, 2009) - This marks the 17th year the Fitchburg letter carriers are participating in the National Association of Letter Carriers' Food Drive, which is Saturday, May 9th. Postal patrons can leave donations of canned and boxed food or toiletry items at their mail box, which will be picked up by the postal carrier for local food pantries.
In addition to being able to leave donations at their mail box for pick up, residents can also drop off their contributions at two Fitchburg locations from 11:00 am to 1:00 pm, St. Bernard's Elementary School, Summer Street and Park Hill Plaza, Electric Ave. This year's major sponsor is Workers' Credit Union.
"The credit union would like to extend a special thank you to the post office and all those that donate food to this very worthy cause," commented Frederick Healey, president and CEO of Workers' Credit Union. In addition, 1280 WPKZ, Domino's Pizza and the British American Club are helping sponsor the drive.
Local agencies receiving the food this year include: Cleghorn Neighborhood Center, Montachusett Opportunity Council, Norman Valiton Home, St. Vincent de Paul / St. Francis Church, Loaves & Fishes at Devens, Christ Church Food Pantry and the Salvation Army.
Fitchburg Letter Carrier Rob Penttinen is helping coordinate the drive in memory of Al Salo, who organized the annual event for many years.
NIE Pizza Party
For Immediate Release (April 16, 2009) - Caroline Anderson, a student from St. Anna School in Leominster, MA, is congratulated by Workers' Credit Union's Paulo DeOliveira and her teacher,Mrs. Jane Powers, for her winning entry in the Sentinel & Enterprise's Newspaper in Education (NIE) program, which provides newspapers at no cost to local schools. Caroline's participation in the program won her classroom a pizza party and a gift certificate for classroom supplies, compliments of Workers' Credit Union.
Chelmsford High students make the grade in banking competition
Chelmsford High School's Mark Daly, Peter Lawlor, Keri Sweeney, Danica Breton and
Kristin McLeod are congratulated by Workers' Credit Union's Cristina Underhill, supervisor for the credit union's
Chelmsford High School branch. The students won second place in the Massachusetts School Bank Association's spring conference.
For Immediate Release (May 05, 2009) Chelmsford, MA - Two Chelmsford High School teams took second place in the Massachusetts School Bank Association's spring conference titled "Money, Safety, Banking and You!," which was held at the Federal Reserve Bank of Boston.
"We are really proud of the students for the hard work and creativity," noted Cristina Underhill, branch supervisor for Workers' Credit Union's Chelmsford High School Branch.
This is the first year that students from Workers' Credit Union's Chelmsford and Acton High School branches participated in the annual conference, which is for financial institutions that have branches in schools.
One team had to develop a product around the theme "Money, Safety, Banking and You," with the second team focused on creating a marketing campaign. Michael McDonald, Peter Lawlor, Keri Sweeney and Mark Daly developed a credit card specifically for senior citizens.
Danica Breton, Kristin McLeod, Ashley Thomas and Kelsey Goodridge had to present a general marketing campaign around the same theme and both groups presented their ideas to a panel of judges from the Federal Reserve Bank of Boston, which judged 26 entries in both categories.
Tom Sousa, a business teacher from the high school, helped put the two teams together. In addition to presenting their concepts, the students attended workshops during the half day conference in Boston.
GPS navigation winner
Judy Bourgault, branch manager for Workers' Credit Union's Orange branch,
presents a GPS navigation system to Rebecca Cain from Athol, MA, who won the grand prize
through a drawing the credit union held to commemorate its recent annual meeting titled "Navigating Toward Success."
Credit unions launches new slogan
For Immediate Release (May 05, 2009) Fitchburg, MA – Experience is a valuable teacher and Workers’ Credit Union, which is celebrating its 95th anniversary this year, has drawn on that knowledge to launch a new slogan, “Doing what’s right…for you.”
“When we look back at our history, our members’ experience banking with us, and just as importantly, look forward, we knew our new slogan captured the essence of what a good, solid local financial institution is all about,” commented Fred Healey, president and CEO of Workers’ Credit Union.
According to Healey, despite the difficulties the national banks are facing, their credit union and the majority of local financial institutions are doing well. “It has been and will always be about the customer or in our case, our members.”
The 64 thousand member credit union executive said that by doing what is right for their members, it is a win-win. “The member gets to achieve their goals without the stress of unreasonable debt and the credit union’s balance sheet remains strong.”
The credit union is in the process of rolling out its new message through print and online marketing.
Acton students get
money management 101
Ben Nitscheim, Gabe Kline, Mike McGovern, Reid Larson and Theresa Doolittle from
Ms. Hubbell's sixth grade class at C.T. Douglas School in Acton listen to Shawn Linehan, branch manager
for Workers' Credit Union, explain how a drive up window operates as part of a five week program on money sponsored by the credit union.
For Immediate Release (June 02, 2009)– The sixth grade students at C.T. Douglas School in Acton not only learned how to manage money thanks to a program developed by Workers' Credit Union, but saw firsthand how a credit union operates with a class field trip.
"The goal is to give them an overview of money along with age appropriate strategies to manage it," noted Shawn Linehan, assistant vice president and branch manager for the credit union, who taught the curriculum.
The five-week program, "Money Makes Cents," includes 45 minute lessons on topics such as the history of money, how it is created and circulated, how to earn and spend their hard-earned dollars and most importantly, the significance of saving for the future.
To conclude the program, Ms. Melissa Hubbell, Ms. Katie Oxnard and Ms. Tina Bloom, the sixth grade teachers, accompanied their students on a tour of Workers' Credit Union's Route 2A branch
Fitchburg Longsjo Classics to include a host of family activities
Fitchburg Longsjo Classic 2009 major sponsors Fred Healey (2nd row center), Workers' Credit Union; Bob Antonucci, Fitchburg State
College; and George Gantz, Unitil, with Terry Longsjo Brackett, George Brackett , Jen Fischer (right), assistant principal
and teachers Tammi Chandler (2nd from left) and Teresa Gammel (left) with their students in front of the newly named
Arthur M. Longsjo Jr. Middle School, Fitchburg, MA.
Fitchburg, MA - June 09, 2009 - In addition to four days of cycling competition over the Fourth of July weekend, the Fitchburg Longsjo Classic is hosting a series of family events starting with the Opening Ceremony on Wednesday night, July 1st.
"This is a special milestone for the race and we really encourage everyone to come out and help us celebrate the 50th anniversary by watching the race or attending one of our special events," commented Ed Collier, executive director of the Fitchburg Longsjo Classic.
The Courtyard by Marriott Fitchburg, the official race headquarters, will host an All You Can Eat Pasta Buffet from 6:00 PM to 8:00 PM Wednesday, July 1st in conjunction with the Opening Ceremony. Tickets for the dinner are $14.95. To reserve tickets, please call 978-342-7100.
The very next day, Thursday, July 3rd, racing gets underway with the new Courtyard by Marriott South Street Time Trial course, which begins on South St. near the town offices in Westminster, MA. Starting at 6 pm the Fitchburg Senior Center will host the Longsjo Community Dinner. The pasta meal is only $5.00 and kids eat free. The first 100 children get a free autographed booklet.
Fitchburg State College is hosting a barbeque on Friday, July 3rd during its Circuit Race, which is a 3.1-mile loop past the college on Pearl Street. According to Collier, hot dogs and hamburgers will be served by Chartwell, which will set up at the intersection of Pearl Street and Highland Ave.
The First Congregational Church in Princeton Center is hosting a Food Feast on Saturday, July 4th that includes a continental breakfast, a barbeque luncheon and all-you-can eat pasta dinner that is coordinated with the Wachusett Mountain Road Race. The grueling race course that includes a 104 mile pro men's race will finish in Princeton Center this year.
Longsjo Classic Past Champions Dinner will also be held on July 4th at the Courtyard by Marriott Fitchburg, Rte 31, Fitchburg. Many of the past champions from the past 50 years will help commemorate the second oldest bicycle race in America and honor the legacy of Arthur M. Longsjo Jr. The keynote presentation on the extraordinary life of Art Longsjo will be given by Peter. J. Nye, author of Hearts of Lions: The History of American Bicycle Racing. To reserve tickets, which are $50.00, please call 978-342-7100.
A host of activities will be taking place at Putnam Place, Boulder Drive, Fitchburg, and MA on Sunday, July 5th during the Workers' Credit Union Downtown Criterium. The Welcome Center, which is sponsored by D'Ambrosio Eye Care, will include: a rock climbing wall, Animal Adventures, Blinkee the Clown, Mike Steidley Extreme Bike Stunt Show, face painting, games and other activities. In addition, hamburgers and hot dogs will be sold, with all the proceeds benefiting the Boys & Girls Club of North Central Massachusetts.
For the more adventurous, there will be the Category 5 Community Heroes race on Sunday as well. Riders will race five laps on the world-famous criterium course. The proceeds from the race registration will benefit fitness programs at the Boys and Girls Club. The cost to participate is $25 and is limited to 50 riders. Registration for the event is online at www.longsjo.com.
Sunday's activities will also include a "Champions Ride", an opportunity to head out for a great ride and conversation with returning past Fitchburg Longsjo Champions. The ride will start with two casual laps on the criterium course and then head out into the country for an easy 20 mile cruise.
More information on all these events can be found at www.longsjo.com. The race is made possible by The Ronald M. Ansin Foundation, Unitil, Sterilite Corporation, Courtyard by Marriott Fitchburg, Fitchburg State College and Workers' Credit Union.
Workers’ Credit Union donates to the Gardner Senior Center
Dan Novak(right), senior citizen director for Elderly of Greater Gardner, and Mark Lynch, from CAPS Education
Collaborative, thank Monica Whitehouse from Workers' Credit Union for sponsoring a monthly dinner luncheon for over 100 seniors.
Workers’ Credit Union donates to the Central Mass Limb Loss Support Group in Lancaster, MA
Rose Bissonette, founder of the Central Massachusetts Limb Loss Support Group, Lancaster, MA, thanks Workers' Credit Union's
Lynn Buteau, assistant vice president and Wal-Mart in-store branch manager, Leominster, for sponsoring their organization's fifth anniversary gala.
Sentinel and Enterprise's Newspaper in Education (NIE) program
For Immediate Release (June 18, 2009) - Elissa Nott, a student from St. Anthony's School in Fitchburg, MA, is congratulated by Workers' Credit Union's Paulo DeOliveira (right) and her teacher, Lisa Crawley for her winning entry in the Sentinel and Enterprise's Newspaper in Education (NIE) program, which provides newspapers at no cost to the classroom. Elissa won her classroom a pizza party and a gift certificate for classroom supplies, compliments of Workers' Credit Union
Workers’ Credit Union donation to the Lunenburg teen center
For Immediate Release (June 29, 2009) - Shari Yousey and Michelle Belleza, from the Chester Mossman Teen Center in Lunenburg, MA, thank Fred Healey, president and CEO of Workers' Credit Union for their donation. The center provides a fun and safe after school environment for teenagers.
Credit Union goes mobile
For Immediate Release – As consumers become inextricably tied to their cell phones, there is one more reason to pick up the device – mobile banking. Workers’ Credit Union members can now simply type in a few passwords into a web-enabled cell phone to check account balances or pay a bill.
“Our members want the convenience of being able to bank from virtually anywhere in the world at any time of the day or night, and mobile banking helps us meet that need,” commented Frederick D. Healey, president and CEO of Workers’ Credit Union, which recently launched the service for its 65,000 members.
With over 270 million cell phone users in the United States, it is expected that mobile banking will grow rapidly. With 14 branches, the community credit union has already 800 members using the service.
According to Healey, as long as someone has online banking through the credit union and a web-enabled cell phone or PDA through one of the major cell phone carriers, they can set up mobile banking.
Users can check account balances, transfer money, pay bills, locate ATM’s and branches and current interest rates through mobile banking.
The credit union says that mobile banking is extremely secure. To access mobile banking requires a user name and password, which is never stored on the phone at any time. In addition, it uses the highest level of security protection in the industry and a built-in session time-out feature after five minutes of user inactivity.
Just like online banking, which took a few years to gain widespread acceptance, Healey predicts that consumers will quickly embrace mobile banking because of the convenience. “People don’t leave their homes without their cell phone. Now they can bring us along,” concluded Healey.
Credit union network now includes over 6,000 locations
For Immediate Release (July 14, 2009) -Workers’ Credit Union recently added over 6,000 new locations where its members can make deposits, withdrawals and loan payments through its new affiliation with Financial Service Centers Cooperative .
“This is a tremendous benefit for our members who can now conduct basic banking transactions at thousands of locations across the country,” commented Fred Healey, president and CEO of Workers’ Credit Union.
According to Healey, the Shared Branching Network, which is a free service, will give its members access to other credit unions across North America, Europe and
“We are a mobile society and this service makes it that much easier for our members to have access to their accounts from virtually anywhere in the world,” concluded Healey.
Credit union keeps on walking
15th consecutive year participating in American Cancer Society’s Relay for Life
Workers’ Credit Union’s Relay For Life Team members Bobbie Decato, Anna Ketola, Angie Prescott, Nina Babineau, Pam Prescott
and Patty Wayrynen all in stride for a good cause. The credit union raised over $17,000 for the annual event held in Gardner, MA.
FOR IMMEDIATE RELEASE (July 17, 2009) - Workers’ Credit Union’s Relay for Life Team picked a challenging fundraising goal of $15,000 to commemorate its fifteenth anniversary of participating in the annual American Cancer Society event held every
June in Gardner, MA.
“With 54 committed employees and their families participating in the walk, we were able to surpass our goal by nearly $2500,” commented Nancy Sequin, assistant vice president/human resource manager for the credit union, who organizes the event.
This year’s team captains also included Patty Wayrynen and Donyce Fleck.
Workers’ Credit Union to host Social Security and Medicare workshop
Chelmsford, MA (July 19, 2009) – Workers’ Credit Union is hosting a no obligation financial workshop titled “Social Security and Medicare in Today's Rapidly Changing Economy” on Wednesday, August 19th at 6 pm at Workers’ Credit Union’s Chelmsford office, 6 Turnpike Road.
Fitchburg, MA (July 19, 2009) – Workers’ Credit Union is hosting a no obligation financial workshop titled “Social Security and Medicare in Today's Rapidly Changing Economy” on Wednesday, July 29th at 6 pm at Workers’ Credit Union’s Fitchburg office, 815 Main Street.
Lunenburg, MA (July 19, 2009) – Workers’ Credit Union is hosting a no obligation financial workshop titled “Social Security and Medicare in Today's Rapidly Changing Economy” on Tuesday, August 11th at 6 pm at Workers’ Credit Union’s Lunenburg office, 603 Massachusetts Avenue.
Participants will learn through a hands-on workshop how: age at retirement affects Social Security benefits; they are calculated; whether working after retirement age impacts benefit levels and whether Social Security and Medicare benefits could change under the Administration's healthcare initiative.
The workshop is open to the general public. Seating is limited. To reserve a seat, please call 978-345-1021.
Workers’ Credit Union tend to the grill
Chefs extraordinaire John Doyle (left) and Jack Doolin from Workers’ Credit Union tend to the grill, at the company’s headquarters in Fitchburg, for a fundraiser that benefited United Way of North Central Massachusetts. Proceeds from the sale of hamburgers and hot dogs will benefit the credit union’s annual campaign drive for United Way.
Credit Union appoints new branch manager
For Immediate Release – Janice P. Dokla of Rindge, NH has joined Workers’ Credit Union as assistant vice president and branch manager for their Water Tower Plaza branch on North Main Street, Leominster, MA.
Dokla received her B.A. in psychology, magna cum laude, from Fairfield University in Fairfield, CT. She was a group and regional manager for TD Banknorth and most recently managed their Keene, NH office.
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
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.
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.
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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