MAFCU News

NCUA Insurance Increased to $250,000

NCUA deposit insurance coverage on MAFCU accounts has increased to $250,000 per member. MAFCU accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the United States government.  The new coverage will remain in effect until December 31, 2009. Click here for a brochure.

13-Month Term Certificate Special

A MAFCU Term Certificate is a great investment option that allows you to earn higher interest in a short period of time.  We now are offering a 13-month Term Certificate with a special rate of 3.97% APY, and the ability to earn an additional 0.25% Relationship Value reward.  

Our Relationship Value Term Certificates offer progressive dividend bonuses to members who have a combination of MAFCU services including a MAFCU loan, VISA credit card, and/or checking account. Call a MAFCU Member Services Representative at 617-278-5600 to open an account or for more information.( View Rates)

*APY=Annual Percentage Yield.  APY Effective 11/17/08.  $500 minimum. This program applies to MAFCU members with a MAFCU  checking account and MAFCU loan and/or VISA credit card.Rates subject to change without notice. Penalty of early withdrawal.

MAFCU Celebrates Brookline's First Light Festival

MAFCU will kick off the holiday season on Thursday, December 4, by participating in the town of Brookline's annual First Light Festival from 4 to 6 pm at the Credit Union's 365 Boylston Street branch. During the event, Brookline businesses hold open houses and offer refreshments and entertainment to all who stop by.  The Credit Union will display the work of local artists, along with some light refreshments.  Click here for more information about the First Light Festival.

Reg D at MAFCU

As of January 1, your MAFCU accounts will be subject to Reg D, a federal regulation that permits up to 6 TOTAL of any combination of the savings withdrawal transactions within a calendar month not including loan payments. No more than 3 of the 6 transactions may be made by a check or check card payable to third parties.

Accounts That Are Affected by Regulation D

• Savings Accounts
• Money Market Accounts
• Holiday Accounts

Types of transactions subject to Regulation D

• Transfers between the affected accounts, not including payments made to MAFCU loans
• Online banking transfers between the affected accounts
• TNT phone transactions between the affected accounts
• Pre-Authorized or Automatic Withdrawal
• Transfers to another member's account
• Overdraft transfer from a savings account

Transactions not limited by Regulation D

• Deposits, transactions in person at a branch, ATM, or by mail are not limited

Tips to help you manage your savings accounts and avoid Regulation D limits:

• Plan ahead and make one large transfer instead of several small transfers. Each regulated transaction counts as one transaction, no matter what the amount.
• Balance your checking account on a regular basis. This will help limit the number of overdraft transfers from your savings account, which counts towards the number of transactions allowed.
• If you utilize an ATM to transfer funds between your accounts, consider visiting a Branch Location, or mailing your transfer request since these transfers are not subject to Reg D.
• Set automatic ACH withdrawals from merchants to come out of your checking account instead of your savings account since checking transactions are not subject to the regulation, or consider MAFCU’s Online Bill Payer.

Smart Car Buying At MAFCU

In addition to low interest rates, a quick turn-around time, and an easy application process, MAFCU staff can provide guidance to those looking for assistance when buying a car.

“Members should be realistic about what car they can afford,” says Michael Shuman, MAFCU’s Vice President of Lending. “It’s important to realize that in addition to monthly payments, there are expenses such as insurance, gas, maintenance, and repair costs.”

Shuman recommends that members get preapproved before they purchase their car. “Preapproval is important because it makes you a cash buyer,” he says. “It takes the anxiety out of finding a car you want but may not be able to acquire.” Once the preapproval process has been completed, members can purchase the car of their choice from a dealer, a private party, a lease buyout, or any other seller. MAFCU also refinances existing car loans.

The Benefits of a MAFCU Car Loan

You can apply for a loan 24 hours a day, seven days a week by calling MAFCU’s Loan Line at 617-278-5600, or 800-556-2328 (press option 2), or click here. Enjoy these benefits:

• Low rates on new and used cars and vehicles
• Relationship Pricing. Members can save even more with MAFCU’s Relationship Pricing.
  You get an additional discount when you have any of the following:
• MAFCU checking account
• Direct deposit of an entire paycheck to a MAFCU account
• Current loan or Visa from MAFCU
• Extended Warranty. MAFCU offers a discounted extended warranty, which can be financed
  through a car loan.
• 30 day money-back guarantee
• Parts and labor (must use a licensed mechanic)
• Warranties begin on the day you buy them, not the in-service date of the car
• No deductible
• Transferable service agreements
• Nationwide coverage
• 24-hour Emergency Road Service
• GAP (Guaranteed Asset Protection) Plus Insurance. Gap Insurance, also known as
  deficiency coverage, covers the difference between what is owed on the loan and what the
  car insurer provides in case of total loss.

MAFCU and Enterprise Car Sales

MAFCU partners with Enterprise Car Sales to provide members with quality used cars. “We are delighted to provide MAFCU members with a hassle-free and worry-free way to purchase their next vehicle,” says Chrissy Gehlbach of Enterprise. “We carry over 120 different makes and models of superior one- to three-year old cars that are all priced below Kelley Blue Book Retail Value.”

The Perfect Used Car Package

• No-haggle pricing. The price you see is the price you pay. Every vehicle is priced below Blue Book Value.
• Vehicle Certification. Every vehicle goes through a rigorous 109-point inspection by an ASE-certified technician.
• 7-Day Repurchase Agreement. If you change your mind, we’ll buy it back, no questions asked.
• 12/12 Limited Powertrain Warranty. Every vehicle is backed with a 12 month/12,000 mile limited powertrain warranty.
• Roadside Assistance. Your vehicle purchase comes with our one-year unlimited mileage roadside assistance program.
• Free CARFAX reports. A free CARFAX® Vehicle History Report TM is available for every vehicle we sell.
• Trade-Ins Accepted. We gladly accept your trade-in. Even if you don’t buy a car from us, we’ll gladly buy yours.

MAFCU members can click here to view a selection of Enterprise inventory online.

Will a Hybrid Car Save You Money?

As gasoline prices hover around $4 a gallon, you may start wondering about how much you could save with a new hybrid vehicle. Indeed, the right hybrid will save you hundreds of dollars a year at the gas pump and through potential tax credits. But whether you will really save money overall after paying a higher price for that hybrid is a calculation you need to work through carefully—taking into account all your costs.

If you're considering a hybrid car purchase, here are some points to help make sure you consider the right model:

Make sure you’re getting a big mileage boost

Be sure to look carefully at the mileage difference between the hybrid model and the regular model, and make sure you're getting a big improvement. For the latest on hybrids and other green cars, visit http://www.edmunds.com/ and click on Tips and Advice.

Consider when you might sell your hybrid

If you tend to get a new car every two to three years, resale value will be especially important to you. Thus a higher resale value for a Toyota Prius compared with its closest gas-only family counterpart, the Toyota Corolla, will mean money in your pocket. And you will realize that value whether you sell the car yourself or trade it in on a new one.

Only you can decide if paying more for a hybrid makes economic sense for you. When you've made the decision, ask a MAFCU loan officer about your auto loan options.

Copyright 2008 Credit Union National Association Inc. Information subject to change without notice.  Click here to read the article in its entirety.

Essay Contest for Seventh and Eighth Grade Students

MAFCU will be participating in the Massachusetts Credit Union League's annual essay contest for seventh and eighth grade students.  This year, students are asked to submit a 250-word essay, handwritten, on the following topic:  In 2009, Massachusetts credit unions will celebrate their 100th birthday, and a history of "people helping people."  It will also be a tough year economically for many American families.  What kind of program would you create in your community to help those less fortunate in the year ahead?

All essays must be received by MAFCU by Friday, December 12, 2008.  The first prize winner will receive a $500 US Savings Bond; seven finalists each will receive a $250 US Savings Bond; and honorable mention winners will receive a $50 US Savings Bond.  Click here for application and rules.

Last year, Helen Keen, the daughter of MAFCU member Diane Gray, was selected as one of ten finalists in the contest.  She wrote an essay on the subject "If you were elected President of the United States in November 2008, what would you propose to do to make the country a better place to live?” More than 1,850 entries were submitted. For her winning entry, Helen received a $250 savings bond, and was honored with the other winners at the State House in Boston.

"In Tumultuous Financial Times, Credit Unions Might be an Option to Consider"
The Boston Globe 

Recently, The Boston Globe published an article on why credit unions are a good option for those seeking financial stability during these tubulent economic times.  The story highlights the safety of credit unions, the competitve rates, the range of services, and the good deals on loans available to members since MAFCU and other credit unions have never invested in subprime loans.  Click here to read the article.

Change to MAFCU

MAFCU’s coin-counter machine can help you save.

The Credit Union has installed a coin-counter machine at our main branch at 365 Boylston Street in Brookline.  It’s simple to use—just feed your pennies, nickels, dimes, and quarters into the machine, and you’ll receive a receipt for the amount.  You then bring the receipt to a Member Services Representative.  For an easy way to save, you can deposit the amount into a MAFCU account, or you can get cash.

This is a free service for members.  Non-members will be charged a 7.99% fee of the amount they put into the machine.

MAFCU offers a quarterly newsletter to keep you up to date on everything that is happening at the Credit Union.

	You can download a copy here.
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