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MEMBERLINES
- Archives
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After many months of being on our new data processing system, the volume on our Teller-Phone product has recently been enhanced. We hope those of you who had a hard time hearing the prompts now have an easier time when using this service. Thank you for your patience!
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Bangor Hydro-Electric Company Sale
The upcoming sale of Bangor Hydro-Electric Co. to Emera will result in all BHE Co. stock being sold and realizing a capital gain on that stock. The credit union offers regular and Roth IRA's that may help eliminate or reduce the impact of this capital gain on your income tax. You can earn very good rates on a regular or Roth IRA share certificate and you will be saving for the future at the same time. Please give Carol or Darla a call if you would like more information about our share certificate rates. You can also log onto our web page at www.bangorhydrofcu.com to get our current rates.
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Roth IRA's are a great way to diversify your retirement savings. With a Roth IRA at your credit union you know your funds are 100% safe.
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Credit Union Life Insurance
When the first Board of Directors started this credit union they realized the importance of having a safety net for families by offering life insurance. Most other credit unions offered this same life insurance, but over the years it became a very costly item for them and many no longer offer the insurance. However, your credit union still offers this important benefit. It works this way: if you have $3000 in your regular share (savings) account by age 60 and that amount remains on deposit until your death, your beneficiary will receive $3000 worth of life insurance. If you drop below the $3000 after your 60th birthday, the life insurance will be based on the lower amount. Please call Darla to discuss any questions you may have.
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Do you know who you have listed on your accounts at the credit union as joint owner or beneficiary? Maybe you have had your account for a long time and you aren't sure who you listed at account opening. Please call us anytime and we will check this out for you and update, if necessary.
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Christmas club funds that are transferred to a share or draft account will be available on October 1st. Those who receive a check will need to allow time for postal delivery to your home.
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DON'T borrow from your 401K when you have the credit union ready and able to help you! We understand there are times when you need some money. Maybe you think the best way is to "borrow" from yourself by withdrawing from your 401K. There are several drawbacks to this. Your money will not grow for your future. You also pay an interest rate for the use of your money and we all know how hard it is to pay ourselves back. If something should happen to you before you get the money paid back, your beneficiaries are the ones to suffer.
We have changed our unsecured loan rates to help with this type of debt. Effective immediately:
* 12 months $1,000 at 10.99%
* 24 months $2,000 at 11.99%
* 36 months $3,000 at 12.99%
* 48 months $4,000 at 13.99%
* 60 months $5,000 at 14.99%
It's quick and convenient to borrow and pay back money at the credit union. Call us first to find out what we can do to help you.
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We are trying to find more ways to reach our members. Since so many of you now have an e-mail address, it's a quick way for us to correspond with each other. Please call us with your address or you can e-mail your address to any one of the following staff members:
darla@midmaine.com
carolmcl@midmaine.com
susanw@midmaine.com
karlas@midmaine.com
deirdre@midmaine.com
We'd love to hear from you!
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Here's a sample quiz that you will find when you visit our Googolplex site. You can find the answer when you visit the Googolplex site.
You've got a pocketfull of coin. A friend asks if you have exact change for a dollar. In your pocket is the largest amount of money in coins you can have without being able to meet your friend's request. Do you have more or less than a dollar?
Check us out to find the answer!!
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We all want to wish Greg Smith and his dog, Meaghan, a big "Welcome Home" after their cross-country trip by motorcycle. Greg and Meaghan have been visiting Shrine Hospitals from Boston to Chicago with the last stop in Toronto Canada.
The long, slow process for children healing from burns was made somewhat easier by visiting with Greg and Meaghan. Thank you Greg and Meaghan for being there for those in need!
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Unsecured loans at your credit union are a good deal!!!
Did you know that if you had a balance of $2000 on a credit card at 18% AND you paid a minimum payment of $50.00, it would take you 5 years to pay the money back? Worse yet you would pay $1,046.54 in interest! That's over half what you borrowed in the first place. Instead, borrow that $2,000 from the credit union for 24 months at 11.99%. Your payment is $94.12 per month and you only pay back $258.83 in interest. By paying $44 (or $11.00 per week) more each month at our much lower rate, you save $800 in interest! How can you go wrong making smart financial decisions like this?
Other rates are as follows:
*12 months 10.99%
*24 months 11.99%
*36 months 12.99%
*48 months 13.99%
*60 months 14.99%
Be sure to give us a call!
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*** DID you know that we offer student loans? If you are already attending college or plan to in the near future, we are here to help. We offer Stafford subsidized and unsubsidized student loans as well as PLUS loans(your parents borrow the money for you). If you need to be thinking about financing your college education, please call or stop by soon.
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INTERNATIONAL CREDIT UNION WEEK
Join us during the week of October 15th as we celebrate International Credit Union week. On Thursdy October 18th, Credit Union Day, we will have lots of sweets,coffee and gifts for the children so be sure to come in to see us!
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Join us on January 17, 2002 for steamed hot dogs, chips, soda and sweets. We will happily accept any donation you can make toward the 2002 Campaign to End Hunger in Maine. Put this on your calendar and you will also see it on "Hot off the Lines" as a reminder. We look forward to serving lunch to our terrific members!
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Do you have a child 12 or under who does NOT have an account at the credit union? Your children are our future and we will gladly deposit the first $5.00 in the account for him or her. She or he will automatically be entered into the Monty Moose Birthday club and a quarterly newsletter is sent to your child. We offer Monty Moose share certificates that earn the same rates as our regular certificates but with a minimum balance of $250. We enjoy visits from the chldren and hope you will consider opening an account for your child. Please call if you have any questions.
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Due to rising administration fees, effective January 1, 2002 the returned check fee will increase FROM $15.00 TO 20.00. Remember if you are having a problem balancing your checkbook, be sure to stop by and we will be glad to help you.
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There has NEVER been a better time to have a home equity line-of-credit with the credit union. Rates are at the lowest level they have been in decades and we make the process of opening an account very easy for you. Effective January 1,2002 the variable home equity rate will be 5%(subject to change quarterly). Fixed rates as of January 1,2002 for 5 years or less are 6%, 5-10 years will be 6 1/2% and 10 to 15 will be 7%. Be sure to call Carol or Darla if you want to discuss the variable or fixed rate home equity loans.
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HAVE A SAFE AND HAPPY HOLIDAY SEASON FROM THE STAFF AND BOARD OF DIRECTORS OF THE CREDIT UNION
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BE SURE TO KEEP YOUR YEAR-END STATEMENT FOR INCOME TAX PURPOSES!!!
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Ask yourself this question, "Am I happy with the service and services that my credit union offers?" If you answered "yes" then spread the word! Your family members can join the credit union, too, but we have no way of knowing who they are unless you tell us. If you would like us to contact members of your family to tell them about our services, then please give us a call. We'll gladly tell them why you are a member of our "Family" and why they should become one too!
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National Credit Union Youth Week
From April 14-20, credit unions will shine the spotlight on the nation's future-its young people.
While financial plans are for adults, the money habits children develop now usually stay with them into their adult years. One way to start a conversation about money with your children is to visit BANGOR HYDRO FEDERAL CREDIT UNION'S online youth guide, "Googolplex: The Credit Union Guide for Student Moneymakers" together.
Googolplex contains hundreds of financial stories and games that will keep you talking and laughing with your children while they learn the importance of planning their finances.
You can find Googolplex at www.bangorhydrofcu.com.
Please bring your child into the office during the week of April 14-20 and he or she will be given a gift as a thank you for being a member of our credit union.
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Congratulations to the newest winners in the quarterly drawing:
Nathaniel Erskine and Joseph McCurdy each won $25 in cash.
Remember all members 18 or under are entered and eligible to win.
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When you receive your statement this month, our annual "Privacy Policy" notification will be included. You can check out our privacy policy anytime on our web site www.bangorhydrofcu.com.
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The credit union is pleased to offer our members, volunteers and staff an opportunity to attend Maine Credit Union Night with the Portland Pirates on Saturday March 30, vs. the St. John's Maple Leafs. The Pirates are the top minor league affiliate of the NHL-Washington Capitals. Through the credit union you can purchase as many tickets as you need for this special game at only $6.00 each, a 40% savings off the regular box office price. In addition to this great price, $1.00 of each ticket sold goes to benefit the 2002 Campaign to End Hunger in Maine. Don't miss the boat-be a part of Maine Credit Union Night with the Pirates! Stop by the credit union to purchase your tickets.
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Have you checked our our web page recently? "Hot off the Lines" is a new page where you can find updated activities or announcements that we need to get out to you in between newsletters. Our office hours are listed all the time for your convenience. Please check it out!
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*** Are you turning 18 soon? You are going to need a checking account and ATM card as you enter the job market or attend college. We are the perfect place for you to start! We can give you pointers on managing your checking account and get you started in the right direction. Please give us a call or stop by anytime.
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If you leave your job for any reason, remember to take your credit union with you. Even if you leave your company, change positions or location, or retire, you'll always be a member of this credit union as long as you keep your account open.
Because we can continue to serve your financial needs through a variety of ways, there is no need to close your account. Look at the many ways in which to reach us:
*Telephone or **Teller Phone-call our regular numbers 945-6264,
945-6411, 1-800-974-4475 (Maine only) during regular business hours or our 24/7 numbers 945-4115 or 1-800-757-8068
*Fax us at 941-1145
*E-mail darla@midmaine.com
*Postal mail to 193 Broad Street, Bangor, ME 04401
*On-line at www.bangorhydrofcu.com and access your accounts through **Members On-Line
**Requires signed form
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UPDATE FOR CREDIT UNION CHANGES
In our last newsletter we mentioned some changes that might be in the future for our credit union. The Board of Directors discussed opening our field of membership to other businesses and/or changing the name of our credit union (to reflect all the membership). While it remains clear that new potential members are a geat benefit to the credit union, changing the name does not seem to be necessary at this time. We remain proud that our name reflects our largest employer group, a business that is well known in the community for its participation in the United Way, March of Dimes and many other Community events. New employer groups that have joined our field of membership include PP&L,Caretaker, Bangor Gas,Northern Maine Independent System Administrator, PDQ Door, and Caring & Sharing. Please join us in welcoming these new companies and if you know any of the employees at these companies we hope that you encourage them to come in to take advantage of the credit union difference.
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Be sure to take a moment to remember the tragedy of September 11,2001. At noon on 9-11-02 we will be taking a moment to say the Pledge of Allegiance and a prayer for our country to honor the many people who lost their lives on this day last year.
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CHECK OUT OUR BACK TO SCHOOL LOAN SPECIAL RUNNING UNTIL
SEPTEMBER 30,2002 - $1000 FOR 12 MONTHS AT 10.00%. CALL CAROL OR DARLA TODAY
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With all the corporate accounting scandals in the news over the past few months, the credit union wants to assure you of our prudent practices. We have very active supervisory committee that routinely checks membership cards, loan documents, cash counts, reconciliation of accounts, and they check numerous other areas. Richard Wilcox is the chairperson and would be happy to hear from you with any questions or concerns. Dick is a System Operator (shift work) and may be reached at (home) 285-3424 or (work) 945-4416. Inhouse we routinely do quality control of loan documents as well as cross-training in many areas to help eliminate errors. We also have a federal examination each year with a representative from NCUA. All concerns are brought to the attention of our Board of Directors headed by George Crouse who works for Project Services.
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HAVE IT ALL WITH BANGOR HYDRO FCU, 193 BROAD ST. SUITE 3 , BANGOR, ME 04401
945-6264 OR 1-800-974-4475
For 54 years, credit unions in Maine and around the world have set aside the third Thursday in October to celebrate International Credit Union Day. Each year, it gives your credit union an opportunity to remember our proud history as we promote understanding and support for the credit union difference.
This year's theme for Maine Credit union week is "I Have It All With My Credit Union." We want our current members to be aware of the many services and products that are available at your credit union, as well as promoting the benefits of credit union membership to new members. Your credit union encourages you to spread the word about credit unions and to let people know that they, too, can "Have It All" by joining a credit union.
Member service is the foundation of the credit union movement. Whether a credit union is providing a loan to help a member cover unexpected medical bills, giving financial counseling to a member whose company closed it doors, or simply offering a better deal on used car loans, the credit union is making a difference for its members and the community as a whole.
In the 2002 American Banker/Gallup Consumer Survey, credit unions ranked #1 again in consumer satisfation-19 years and counting. The survey gave credit unions higher ratings than banks and other financial institutions on trustworthiness. And we are first in service. The poll found more people who use credit unions as their primary financial institutions say the quality of their service is improving compared to those who use banks.
This International Credit Union Day, we are excited to see how many people are helping us build a better tomorow. Thank you for being part of the credit union difference. Please don't hesitate to tell us how we're doing, and how we can provide even better service in the future.
In honor of International Credit Union Day, October 17, we will have refreshments here in the office. We look foward to seeing you and celebrating with the people that make your credit union great, our members.
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IT'S IMPORTANT TO KEEP YOUR YEAR-END STATEMENT FOR TAX PURPOSES
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Have you checked out our web page recently? "Hot off the Lines" is a new page where you can find updated activities or announcements that we need to get out to you in between newsletters. Be sure to look at this page weekly and let us know what you think about it.
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YOU CAN'T PREDICT, YOU CAN PREPARE
What a telling statement! How many of us experience unexpected events in our lives that no one could foresee? All of us without a doubt. That is why it is so important to make sure we plan for our future and the future of those who depend on us. Stop by the credit union and let us help you start 2003 out with a savings program that will be there for you when an unexpected event happens in your life.
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THANK YOU FOR YOUR PATIENCE
By the time you get this newsletter, our data processing conversion will be done. This new system offers enhanced functionality that will result in improved member service. Our staff trained for many hours during the month of September, but there are still some facets of the system that require additional training. We thank you for your patience as we learn how to most effectively utilize the new system.
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CREDIT UNION PAY LIFE INSURANCE
In our December newsletter we told you that as of June 30,2003 the credit union would no longer be offering the credit union pay life insurance of up to $3000 per member. The board of directors reviewed this service thoroughly before deciding that the cost had become prohibitive. By the end of May we will send a letter to members with cost comparisons for you to consider should you want to purchase the insurance. Between now and the end of June Cuna Mutual Insurance Society employees (telephone 1-800-356-6006) will be happy to discuss various options with you including insurance with no age restrictions, waiting periods, exclusions or health questions. Please call Darla at 945-9140 if you have any questions.
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Join us on January 17, 2003 for steamed hot dogs,chips,soda and sweets. We will happily accept any donation you can make toward the 2003 Campaign to End Hunger in Maine. Put this on your calendar and you will also see it on "Hot off the Lines" as a reminder. Come have lunch with the credit union staff!
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ARE YOU A WEEKEND SHOPPER?
If you shop for a car on the weekend, please make sure you consider us for your financing. Members who have bought vehicles on the weekend will later tell us that the salesperson said our rates were higher than the dealership rates. We no longer belong to an "Indirect Lending" program and the salespeople do not know our rates. In most instances you are much better off financing with us and taking any rebates the dealership may offer. Remember you can make weekly,biweekly or monthly payments through payroll deduction OR make cash payments. We want to add convenience to your life!
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View this page frequently to catch up on the latest happenings at the credit union. Just go to our web page at www.bangorhydrofcu.com and click on Hot off the Lines.
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The following symbols may appear on your statements:
- =Check # is out-of-sequence
- #=Check was written on an account at this credit union
- C=Withdrawal via an official credit union check
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ANOTHER CONVENIENT FEATURE
Do you sometimes get caught short in your share or share draft account balance? Our home banking product, Member On-Line, offers a very convenient answer to this problem. Follow these steps to make your life easier:
* Go to our web page www.bangorhydrofcu.com
* Sign on to your account
* Click on Preference on the bar across the top
* In the blue bar, click Notification
* Enter the e-mail address that you want to use for notification
* Click on continue
* Click on Setup Balance Notification
* You are now on the notification page which allows you to set up any
account that drops below a certain balance
What a terrific feature to help manage your accounts.
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ADDRESS CHANGE EFFECTIVE IMMEDIATELY
BANGOR HYDRO FCU
193 BROAD STREET SUITE 3
BANGOR ME 04401-6369
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Please remind family,friends,neighbors and co-workers that the credit union now has an open membership to all those people living in the greater Bangor area. Your name goes into the $50 monthly cash drawing if you send a new member in to open an account so it is a win-win situation for all!!
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WE NOW TAKE BANGOR HYDRO ELECTRIC PAYMENTS
We now accept Bangor Hydro Eletric Company utility payments. Bring in your current bill and add some convenience to your life by making your payment while you are at the credit union!
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MEMBERSHIP IS TIMELESS AND AGELESS
Once you join the credit union your membership is for life as long as you do not close your account. Even if you change your name, move away, get a different job, or retire, your membership goes with you, giving you open access to your accounts. The credit union motto,"Once a member,always a member," still holds true.
Your family members are also eligible to join, from the newborn baby to great-great grandparents and everyone in between. Tell your family members about your credit union today, explain the benefits of becoming a member at Bangor Hydro Federal Credit Union or have them stop by to talk to a staff member. They (and we!) will be grateful for years to come.
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Don't forget to set your clocks back on Sunday morning at 2:00 AM November 4th.
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IMPORTANT MESSAGE REGARDING VERIFIED BY VISA
Shop online with greater security when you use Verified by Visa. When you hit the "Submit Order" button, you will be required to activate Verified by Visa. It's easy and free, and Bangor Hydro Federal Credit Union recommends Verified by Visa to protect your accounts.
There are 3 quick steps:
1) Next time you shop online at a participating Verified by Visa store*, you'll be prompted by a "Protect Your Visa Card"screen, and you'll see the Verified by Visa logo.
2) Enter your account details. It will only take a couple of minutes.
3) Create a secure password and submit. You're done and can continue with your order. Your card will have password protection whenever you shop online with a participating Verified by Visa merchant.
*A complete list of stores is listed at www.visa.com/shopverified
Not an online shopper? Bangor Hydro Federal Credit Union still suggests you sign up for Verified by Visa as Internet fraud can and still does occur to card members that have never used the Internet. For maximum fraud protection, go to our website,www.bangorhydrofcu.com and click on the Verified by Visa link. Follow the easy instructions and select your personal protective password. There are no fees,and it only takes a moment.
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*Have you logged on to our online account access yet?
If not,you are missing out on access, convenience and fun!* Once you have signed the required Member On-Line agreement, you are ready to go.
Bangor Hydro Federal Credit Union's Members On-Line is an excellent way to visit the credit union and reach your account information from any personal computer with Internet access. It's a convenient alternative to coming into the office when you're too busy. Because this service is 24/7, whenever you need to check a balance, make a transfer, or perform a number of transactions, simply log onto www.bangorhydrofcu.com and click on Members On-Line. You can sign on and take care of your credit union business at your convenience!
This free service is completely secure-your account ID and personal security code establish a confidential entry to your account information. Don't miss out on this great service from the credit union. Stop by to sign your Members On-Line agreement today!
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If your employer changes payroll companies, please let us know as it may affect transfers that are made for you when your pay is deposited to your account.
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When checks are deposited to your account, we may determine that a local or non-local hold will be applied to that deposit. Local holds can be up to seven days, and non-local holds can be as long as nine days. Please keep this in mind especially when depositing to your share draft account. Call the credit union with any questions.
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Loan Specials* Loan Specials* Loan Specials*
There is a great deal of competition for car loans and home equity loans. That gives you, the consumer, choices when you are considering where you want to finance. Why not consider your credit union when making that decision? We offer extremely competitive rates, you can pay weekly, bi-weekly or monthly on your loans and you are dealing with people you know and trust. To encourage you to finance with us, through October 31, 2003 there will be NO closing costs for a new home equity loan. If you currently have a home equity with us and want to extend your Line-of-Credit, there will be NO closing costs either. That can be a savings of up to $400.00, and with rates going down to 4% (variable) on October 1, 2003 now is the time to finance with the credit union.
We recently started using risk-based lending for our car loans. This means that the better your credit rating, the better rate you get with us when you finance a new or used car (used cars must be newer than 1997 models). Also through October 31,2003 all new or used car loan (either a new purchase or refinance from another institution) applicants will receive a $50.00 savings bond as a thank you from the credit union. We look forward to hearing from you about one or both of these great loan specials!
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Join us during the week of October 16,2006 for a celebration of this year's theme, "CREDIT UNION MEMBERS MAKE A WORLD OF DIFFERENCE." On Thursday, October 19th, Credit Union Day, we will have lots of sweets, coffee and gifts for the children, so be sure to come in to see us!
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RATES LOWERED ON DISABILITY INSURANCE
Effective October 1,2007, the rates on retro and non-retro disability insurance(purchased by members to insure a loan)will be lowered. Retro disability insurance will drop from $.174 to $.154 per $100. Non-retro disability insurance will drop from $.130 to $.115 per $100. Life insurance remains the same at $.076 for joint coverage and $.046 for single coverage per $100.
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ATTENTION
Members Using CU24 In-Store Banking Terminals
at Hannaford, Shaw's and other supermarket customer service desks
Effective November 1,2003, owners of the In-Store Banking program will no longer offer this service in supermarkets throughout Maine.
As a result of this service being eliminated, our credit union is focusing on the many other channels we have to support your financial needs.(NOTE: this does not affect the use of your ATM/debit card or any other transactions at these stores, such as the checkout lanes.)
Convenience and savings are yours when you continue to use use your CU24 ATM or VISA Check Card at credit union ATMs displaying the SURF sticker. Surcharge-free transactions are available at more than 100 ATMs across the state. To locate a surcharge-free ATM near your workplace or home, visit our website at www.bangorhydrofcu.com or www.mainecul.org.
Our credit union offers Members On-Line for online account access to make transfers, check withdrawals and other transactions. For an application to sign up, contact us at 1-800-974-4475 or 945-6264. We accept deposits through the mail, direct deposit, or use our secure "drop box" in our lobby by our ATM machine.
Please call us at 1-800-974-4475 or 945-6264 if you have any questions regarding this change. Service to our members is first priority at Bangor Hydro Federal Credit Union.
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We have a beautiful print of Acadia National Park on our counter.This print, donated by Steve and Bonnie Tucker, will be raffled off at the end of January so be sure to buy your tickets early and often! All proceeds will go to the Campaign to End Hunger in Maine.
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Be watching for a date for our next steamed hot dog lunch sometime in January. All proceeds will go to benefit the Campaign to End Hunger in Maine.
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Remember our Christmas Loan Special ends January 31,2004. You can borrow $1000 at 10% for 12 months to pay off holiday debt.
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SurF INTO SAVINGS WITH YOUR NEXT ATM TRANSACTION
Dreaming of warm beach days? Well at Bangor Hydro FCU SurF is up! SurF is a surcharge-free alliance of select Maine credit unions formed to help increase member access to surcharge-free ATMs. Bangor Hydro FCU is part of the SurF network and members using their CU24 cards at ATMs that bear the SurF logo will enjoy a surcharge-free transaction!
Just how large is the SurF network of surcharge-free ATMs? Over fifty Maine credit unions representing more than 100 ATMs are part of this surcharge-free alliance. Members of those participating credit unions with CU24 cards need simply look for a SurFsticker on a credit union's ATM to know they can transact their business with no ATM surcharge.
"We became part of the SurF alliance because we feel it's important to provide our members with free and easy access to their accounts and funds," said Darla King,CEO. "The SurF network is also a good example of the credit union cooperative spirit at work, as credit unions from across Maine came together to pool our resources and provide a greater benefit to our members."
Your credit union can help you locate these SurF terminals. Why not SurF to savings using this surcharge-free alliance!
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BUILD UP YOUR FINANCIAL FITNESS
Today most of us are preoccupied with physical fitness. We exercise,watch our diet, maintain good habits for general health. But are we also"fiscally fit"? Here are some suggestions for building up our finances to become fiscally fit.
REDUCE YOUR DEBT. This means cutting back on charging and paying down your credit card balances, if not eliminating them altogether.
LOWER YOUR CREDIT OBLIGATION. Is your car loan rate as low as the rates we offer? Are your monthly home equity payments as low as they could be with us? Check us out.
KNOW YOUR LIMITS. Make all your loan and credit card payments on time to avoid late charges. Avoid over limit fees by knowing your balances and not overspending.
AVOID CHECKING FEES. Is your checking account with us? Our checking is FREE. No minimum balance requirements, per-check fees or monthly service charges.
CONTROL YOUR SPENDING OVERALL. Follow a budget. Yes, a budget. Call it a "spending plan" if that makes you feel better or will help you follow it more successfully.
SAVE MORE. And save regularly. Build an emergency fund of three-to-six months of expenses. Open a retirement savings plan like an IRA or your company's 401(k) program. Save separately for major purchases like appliances.
These six strategies for becoming financially fit can easily mirror our physical fitness if we take these steps seriously and stick to each one. Your credit union has a variety of plans and programs to see that you maintain your financial fitness easily, simply and regularly. Contact us today.
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You may have read our article in last quarter's newsletter regarding US Savings Bonds. It was stated that in November 2004 savings bonds would no longer be available in paper form at any financial institution and that you would have to purchase bonds via the Internet after that time. Since that newsletter, legislation has challenged this and the deadline has been pushed back indefinitely by the government. Paper bonds will still be available through your credit union until the government changes their latest ruling. Please let us help you with your next savings bond purchase.
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We now offer 6 free ATM withdrawals per month to all members no matter what ATM machine you may use. Remember, if the machine is not part of the SURF network, you still may be assessed a surcharge from the ATM owner. Look for the SURF logo at the machines you use so you do not get charged an extra fee. If you are not sure where these machines are located go to our web site www.bangorhydrofcu,click on "Products & Services", and then click on CU ATM Locator. You can fill in the town or city that you are in and it will give you the addresses for all SURF ATM machines. Please call us if you have questions.
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Extended Service Coverage
Recently we have begun a program whereby you can purchase extended service coverge on your vehicle. There are certain factors involved including term of your loan and year of your vehicle. This could be a lifesaver if you have a serious problem with the vehicle and your original warranty has run out. If you are interested in purchasing this insurance by adding it onto your present vehicle loan, please call Carol or Darla.
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Easy Ways to Build Savings
If you're finding it hard to save on a regular basis, there are simple steps to follow that may work for you. It will require a little discipline on your part, but we think you're up to it.
Step 1-Pay Yourself First
If you spend all of your money, you'll have nothing left to save. Since you pay your bills every month, make a subtle change by paying yourself first before you pay any bills. By "writing a check" to yourself for $25 or whatever amount you're comfortable with each month, you will be able to save before running out of cash. Deposit this amount into your savings account.
Step 2-Paper or Coins?
Try this: spend only paper currency and save your coins. They really do add up.
Step 3-DD and PD
Set up Direct Deposit of your net pay into your checking account. Then set up Payroll Deduction of a portion into savings. It's automatic. You don't have to think about it. You'll never miss the money.
Step 4-Take Advantage of Others
Actually, take advantage of savings services that others offer. Clip and use grocery coupons, then set aside the actual amount saved. Use restaurant and department store coupons. Take advantage of sales. Shop at discount stores. You get the picture.
Start Saving with Our Savings Options
Ask about our Share Certificates, Money Market Account, Vacation and Holiday Clubs, IRAs and other savings possibilities. We'll show you how they'll help you build your savings easily.
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BOARD OF DIRECTORS ELECTION RESULTS
Joe Coffin was elected to the Board of Directors at our 2004 Annual Meeting held on April 27,2005. Joe has been actively involved in the credit union for many years as a board member, credit committee member (in the days of the credit committee)and most recently as the chairman of the Supervisory Committee. Welcome back to the Board, Joe!
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Our loan special that ended October 31,2003 was so successful that we decided to run it again through April 30,2004. If you close a home equity or home improvement loan before then you will not have to pay any closing costs for a savings of $300-$400. If you buy a new or new- to-you used vehicle before April 30,2004 you will receive a $50 savings bond as a thank you from the credit union. If you have a vehicle financed elsewhere and you refinance with us we will also give you the $50 savings bond. Please call Carol or Darla to talk about a new loan for you!
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The credit union's staff and Board want to thank the many of you who shared your opinions with us through our last membership survey. What you told us has evolved into several new and exciting efforts.
You told us that personalized service and loans were the things you valued most. You directed our board to further develop on-line access to services and financial information. You said you were satisfied with our current central Bangor location but those of you at BHE's new offices wanted more physical access to our services.
WELL, WE LISTENED AND NOW WE ARE ACTING!
For example, we are redesigning our Broad Street office to offer even more personalized services. Instead of moving the office or establishing an expensive "satellite" office on Union Street, we are joining the "shared branching" network of credit unions, making our basic services available at hundreds of participating credit unions across town and indeed across the entire United States. This will be available sometime during the second quarter of 2006. We are also redesigning our website to provide more online access to our services and financial information that you tell us is important to you.
We are now looking for members to join our short-term "Implementation Team" which will meet monthly during the winter and spring to generate ideas to help implement the many new BHFCU projects(lobby space redesign, website redesign and shared branching service development to name a few). We are expecially looking for people with experience in marketing, website development, writing or any creative discipline. So if you would like to volunteer or just learn more about the team,please contact Darla at the credit union.
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WHY GET YOUR NEXT CAR LOAN FROM US
When the time is right for you to buy a new or "new" used car, do you first think about financing at your credit union? You should! Here's a list of reasons why financing your car or truck through your credit union makes perfect sense(cents):
* The best rates are available at Bangor Hydro FCU.
* We can help you analyze your budget so that you get a comfortable payment that you can live with.
* We can pre-approve a specific loan amount.
* We can offer you credit disability and single or joint credit life on your loan.
* We can set up weekly, bi-weekly or monthly payroll deduction for you.
* We offer GAP insurance to protect you if your car is totaled and you owe more than what the insurance company is willing to pay for it.
*We offer a service warranty program through Heritage.
Remember that our primary mission at Bangor Hydro FCU is service to our members. We're "driven" to helping you get the things you need and live the lifestyle that you want, comfortably and affordably.
Stop by today to discuss a car loan and ask about our special rates. We'll help you make all the right choices from start to finish.
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Tips for Keeping a Good Credit Record
* Make your monthly payments when they are due. Be sure to allow for mailing time. Consistently late payments make you appear to be a poor credit risk.
* Be careful about becoming overextended-in over your head. Your monthly credit payments should total less than 10% of your monthly take-home pay.
* If you receive an incorrect bill, notify the creditor in writing within 60 days. Under the Fair Credit Billing Act, the creditor must either correct the bill or send you an explanation within 90 days.
* Even if you've had problems in the past, paying delinquent debts now will make a significant improvement in your credit.
* If you find you're overextended, talk to your creditors. Many are willing to work out longterm payment plans.
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NEW FEDERAL LAW TAKES EFFECT IN OCTOBER
WHAT YOU SHOULD KNOW ABOUT YOUR CHECKS IN THE 21ST CENTURY
A new federal law goes into effect on October 28,2004 to facilitate the electronic exchange of checks, which will permit faster and safer processing of checks. Credit unions and other financial institutions will now be allowed to treat an electronic image the same as the original check itself. The law is called the Check Clearing for the 21st Century Act or Check 21, for short.
HOW WILL THIS LAW AFFECT YOU?
When your check clears, the credit union's processor will take "a picture" of the check, which under the new law becomes a legal "substitute check" containing all of the information of the original. The substitute check can then be transported electronically to depository banks and credit unions rather than transporting it by truck or plane. This new effiency will allow checks to clear faster, reduce check fraud, increase security and saves costs for the entire financial industry.
WHAT IS A SUBSTITUTE CHECK??
After October 2004, if you request a copy of your original check, you can expect to receive a substitute check. The substitute check will contain an image of the original check and will bear the legend:"This is a legal copy of your check. You can use it the same way you would use the original check." The substitute check is required to accurately represent all the information on the front and back of the original check.
WHAT PROTECTIONS ARE THERE WITH SUBSTITUTE CHECKS?
The Check 21 Act provides members like you with specific rights. If you believe the substitute check does not accurately reflect the transaction, contact us immediately or you may submit a claim in writing. And after an investigation, if warranted, your account may be recredited.
WHAT IF A BUSINESS WON'T ACCEPT THE SUBSTITUTE CHECK AS PROOF OF PAYMENT?
Courts and businesses will all be required to accept the substitute check as proof of payment.
HOW DOES THE CHECK 21 LAW AFFECT THE POSSIBILITY OF FRAUD OR IDENTITY THEFT?
The check images are protected by the security of electronic methods, and there's less human contact. Paper checks are taken out of the processing system reducing the ability for someone to commit check fraud.
HOW WILL CHECK 21 AFFECT THE AMOUNT OF TIME A CHECK CLEARS?
Checks will clear more quickly because the process will all be done electronically.You will need to keep a closer eye on your account to make sure you have money to cover your checks. We are here to help by offering our share draft Line-of-Credit to you. You can be set up with a line-of-credit as high as $2,500(with credit approval). If a check clears and you do not have enough funds to cover it, your share draft line of credit will cover that draft and save you a $20 overdraft fee. We value the trust you have shown by having your shre draft account with our credit union. This is a new era for easier,faster financial transactions and your credit union is prepared to provide uninterrupted service as we take advantage of the latest technology and comply with new laws. At the same time, we understand that honest mistakes happen and we are ready to give you a cushion by setting you up with our share draft line of credit. If you have any questions, please call or stop by.
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DREAM...BELONG....ACHIEVE...
We all have dreams. Maybe it is purchsing that first home. Enjoying the sense of financial security. A loan for that new set of wheels or a college dregree. Credit unions around the world help more than 120 million credit union members achieve their dreams-whatever they may be. To recognize credit unions and the role they play in members' lives, each year we celebrate International Credit Union Day. This year's official them,Credit Unions: Dream...Belong...Acheive illustrates how we are there for our members. Please join us on Thursday,October 21,2004 for drinks and snacks as we celebrate another year in a long history of helping our members Dream...Belong...Achieve.
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NOTICE ABOUT INFORMATION REPORTED TO CREDIT BUREAUS
A new law, called the Fair and Accurate Credit Transations(FACT)Act, and amendments to the Fair Credit Reporting Act(FCRA)enhance the ability of consumers to combat identity theft,increase credit report accuracy and allow consumers to have greater control regarding market solicitations they receive.
It also requires credit unions and other financial institutions to provide you notice when we provide negative information about your loan account to credit bureaus. Negative information means information concerning delinquencies,late payments,insolvency or any other defaults on loans. We must provide the following notice prior to,or no later than 30 days after, furnishing information to credit bureaus. Therefore, you may see this notice in loan communications and other member account communications regarding your accounts.
We may report information about your account to credit bureaus. Late or missed payments,or other defaults may be reflected in your credit report.
It is a new regulation that we must comply with and communicate to you. We also must give another notice to all home loan applicants. This notice discusses the use of a consumer credit score to make real estate loan decisions in our underwriting process.
Details about your financial behavior and identification information are contained in your personal credit report. A copy of your credit report makes it easy for you to understand the information a lender would be seeing if they reviewed your credit history, and you can order a credit report at any time from national credit bureaus, such as Equifax,Experian and Trans Union.
If you have any questions, please contact us. We'll be happy to discuss this notice or your account with you.
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WHAT AFFECTS YOUR CREDIT SCORE?
By now, most consumers know that they have something called a "credit score" haunting their financial lives, and that this number is very important when it comes to getting credit, such as a consumer loan,credit card or a mortgage. But did you know that the higher your score, the better?
Your credit score significantly determines the rate you will be charged for a loan or credit card. So how is the score determined?
1. Your payment history.Late payments reduce your score, so always pay your bills and loans on time.
2. Your total debt.Do you have lots of debt? Multiple credit cards that are maxed out,plus car loan,mortgage, and equity line? High debt will reduce you credit score,too.
3. Your credit history. The longer it is, the better for your score.
4. Your credit types. The wider the variety of credit you have, the more you demonstrate your ability to handle debt well.
5. Your seeking new credit. If you apply for and receive a lot of credit(e.g.,opening several credit cards,taking installment loans),you come across as credit risk and your score is also reduced.
Your safest course of action is to have credit, but keep it to a minimum and never miss or be late with any payment.
Additionally, as many of you are probably aware, the credit union has recently gone to a "Risk-based Lending" program that makes it more important than ever to have a high credit score. The better your credit score is, the lower your rate on vehicles, recreational items, mobile homes, land, home improvement loans and personal loans. You can see how important it is to work toward a high credit score so you will get a low rate. Please call us if you would like to discuss this further.
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WHAT TO DO IF YOU REPLIED TO A PHISHING EMAIL
Sometimes you can exercise the utmost caution and still be fooled. No one can guarantee total safety and security. If you have already responded to what you now believe to be a phishing scam email,there are some steps you can take to help minimize damage.
First,report the incident. If you used a credit card or provided credit card information,contact the credit card company immediately. Also contact the company that you now believe to have been misrepresented by calling the company directly using a telephone number you know to be real.
You might also want to contact the Interney Fraud Complaint Center(IFCC),which works with the federal government,at http://www.ifccfbi.gov/index.asp,then click on File a Complaint. Or log on to www.consumer.gov/idtheft/to file a complaint.
From that point,you should change the passwords on all of your accounts as soon as possible. If a thief starts to enter your accounts, your new password will thwart the entry.
Always review your credit card and credit union statements to look for suspicious activity. In fact,it's a good idea to routinely check all your account statements.
Finally,be sure to get the latest anti-virus and anti-spyware software to nip illegal entry into your PC in the bud. It's and "ounce of prevention" worth investing a little time in.
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We are feeling more comfortable every day with our new system. However,one of the more frustrating aspects of the system was a hold on members' Visa debit cards if she/he was 7 days late on a loan payment. We do NOT want to cause any type of hardship to our members so we have changed this to 30 days past due on a loan before there is an automatic hold on your Visa debit card. Please call us if you have any questions.
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Shopping for that Perfect Car?
We know that a lot of you plan to buy a vehicle over Presidents' Day holiday. Be sure to see us first,get your pre-approval and shop for that perfect car!You can come in to do your paperwork with us the following day.Call Carol and Darla if you have any questions.
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IDENTITY THEFT: THE UNDERCOVER CRIME
There's a lot of discussion going around about identity theft. Do you know what it is? Identity theft occurs when someone poses as you while using you personal information.
With just two pieces of information,clever thieves can steal your identity. They can take out loans in your name,open credit card accounts,run up balances,and destroy your credit rating in the process. And you're left with responsibility for the debts. It could take you years to prove your innocence.
WHAT ARE THOSE TWO PIECES OF INFORMATION?
Your name and your Social Security number. This is one reason why you should never give out your Social Security number unless you are absolutely certain who the receiving party is. You should also request that the recipient not divulge the number to anyone.
In fact, you should protect all documents that contain personal information. Don't give a thief a chance to link your name with any important number.
WHAT TO DO TO PROTECT YOURSELF
* Always keep,then destroy when no longer needed,receipts that show your Social Security number,credit union numbers,credit card or loan number,or any financial account number.
* Cancel unused credit cards.
* Don't carry your Social Security card,passport or birth certificate with you,unless necessary.
* Before discarding them,always shred credit card solicitations,receipts,canceled checks and all financial documents that show your personal information.
* Check your credit union credit card statement for unauthorized charges and contact us immediately.
* Do not give out your Social Security number,mother's maiden name or credit card account number over the phone unless you are sure the other person is legitimate.
* Order a credit report once a year and alert the company to any errors or suspicious entries.
* Ask credit reporting agencies to remove your name from lists that are sold to companies offering preapproved credit cards.
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Due to rising costs we have made the following changes in our fee schedule effective May 12th:
*$15-Stop Payment-you place a stop pay on a draft that you write
*$7-Deposited item returned(a check that you deposit with us is returned)
*$4-Copy of a cashier's check(a cashier's check that we wrote for you)
*$10-Wire transfer within the US
*$30-Wire transfer outside the US
*$2-Money order
Please call if you have any questions.
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Do you know who your IRA beneficiary is?
In today's hectic world,one of the last things on an IRA owner's mind is,"Who is the beneficiary of my IRA?" Although this question may go unasked for some time,life changing events could necessitate a beneficiary change for you. Marriage, divorce, a new birth or adoption in your family or death of a current beneficiary are some of the changes that make it important for you to update this information. If you are unsure who is listed on your account,please give any staff member a call and we can look up that information for you. If you need to make a change, we have a form on which you can update your beneficiary information. Current and accurate information will make disbursement of your IRA funds as you want it to be in the event that becomes necessary. Call today to check on this!
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Get Some Credit For Saving On Energy
Uncle Sam isn't completely heartless, as some may claim him to be. A new energy bill allows the federal government to provide tax credits related to energy. Starting January 1,2006, consumers are rewarded for making some energy-saving improvements to their homes and buying energy-efficient vehicles.
ENERGY-SAVINGS HOME IMPROVEMENTS
Consumers will be given a tax credit for taking steps such as installing energy-efficient windows and doors, adding insulation, putting in highly efficient air-conditioners, and installing an energy-efficient furnace. To qualify for the tax credit, these improvements must take place between January 1,2006 and December 31,2007. The credit is applied according to the tax year in which the improvement is made.
The dollar cap for installing energy-efficient windows is $200,which means you can claim up to that amount. You can also claim up to $300 for installing a highly efficient airconditioner, up to $150 for installing a more efficient gas,propane or oil furnace or boiler, and $50 for an advanced main air-ciculating fan. What's more, if you install solar panels, you may claim 30% of the cost(including labor)up to $2,000. Unfortunately, solar heating systems for hot tubs and pools do not qualify.
BUYING ENERGY-EFFICIENT VEHICLES
If you're considering a new car purchase,go for the new hybrid or diesel automobiles. In the past, hybrid buyers were given a $2,000 tax break. With the new bill, energy efficient vehicles will qualify their drivers for a credit ranging from $400 for a 25% improvement in city fuel-economy to a $2,400 credit for a 150% improvement. David Friedman, a research director for Union of Concerned Scientists, an advocacy group, estimates that hybrid buyers will get tax credits somewhere between $650 for the Honda Accord hybrid and $3,150 for the Toyota Prius. The one drawback is that once a manufacturer sells 60,000 vehicles eligible for such credits, the manufacturer's credits begin to phase out during the next year and a half until it disappears altogether.
The bottom line is that becoming energy-efficient saves not only financially, but also on premature energy source depletion.
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For those of you how have been by the corner of RT 202 and Mecaw Rd.just beyond the Bangor city limits,you probably have seen our new sign"FUTURE HOME OF BANGOR HYDRO FEDERAL CREDIT UNION". We will have chosen a contractor by the time you get this newsletter and hope to start the building in early spring. We will keep you up-to-date on the progress as the building gets started.
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PROTECT YOURSELF WITH VERIFIED BY VISA
Fraudulent use of Visa cards (debit and credit) is becoming more and more prevalent in today's society. We want to assure you that we already have in place many precautions to help protect you and more are scheduled to be added this year. One of the ways you can help protect your VISA card is to go to our website www.bangorhydrofcu.com, click on the "Verified by VISA" logo and register. You can also sign up on the VISA website www.visa.com/verified. This site also gives you a lot of information about protecting yourself,discounts,places to shop that support Verified by VISA and much more. Verified by VISA makes your transaction more secure by the way in which the participating merchant processes your transaction. We all need to do our part in protecting ourselves and the financial institution that we do business with from monetary losses. Please help us protect you by registering through Verified by Visa. Taking time to do this could save you piece of mind when you shop online.
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CUNA MUTUAL INSURANCE RATE CHANGE
Due to rising disability claims, Cuna Mutual is increasing rates for all insured loans under the MEMBER'S CHOICE effective October 1,2006. At this time CUNA is paying out more in claims than it is receiving in premiums for our credit union The increase in premium could result in a higher last payment or may extend the duration of the loan. THE NEW DISABILITY INSURANCE RATE PER $100 OF OUTSTANDING LOAN BALANCE IS $.130 FOR THE 30 DAY NON-RETROACTIVE COVERAGE AND $.174 FOR THE 30 DAY RETROACTIVE COVERAGE.
We also have set new Disability and Life maximums for each insured loan under the MEMBER'S CHOICE Insurance Program effective October 1,2006. The new maximums are as follows:
CREDIT LIFE / CREDIT DISABILITY
MAX AMOUNT OF LOAN INSURED $50,000 / $50,000
MAX MONTHLY DISABILITY BENEFIT N/A / $850
Benefit payments will be based on the higher maximum on any CLAIM incurred prior to the effective date of this change.
For existing loans that exceed the new maximums, the premium rate will be applied to the actual loan balance up to the new maximum and benefits will be paid based on the maximum. If you fall into this category, your coverage and premium may slightly increase your term.
There is no action necessary on your part to continue the coverage if you already have it. IT IS IMPORTANT THAT THIS NOTICE BE ATTACHED TO YOUR CERTIFICATE. In the event you do not want coverage to continue, please notify Carol or Darla.
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ENERGY EFFICIENT HOME IMPROVEMENTS
Go to http://www.irs.gov/newsroom/article/0,,id=154657,00.html to see if you may qualify for tax credit on your 2006 taxes due to installing more energy efficient doors or windows. This will also be done for the year 2007 so be sure to keep receipts if you install energy efficient doors and windows in 2007.
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If you have been in business for a while,you may already know that the IRS encourages you to make your TT&L(tax deposit payments)on line.If you are a new business owner,please go to www.eftps.gov to enroll or call 1-800-555-4477. Need some help? Come in to see us and we will help you enroll.
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NEW MORTGAGE PRODUCT OFFERINGS!
Recently approved by our federal agency NCUA,the credit union can now offer you a 20-year fixed mortgage loan. Many of you may find that a 20-year mortgage is just what you are looking for and now is the time to apply. Rates are as low as *7.5% so call Carol or Darla to find out if this loan might work for you!
We also want you to know that we are listening to what you tell us on our annual surverys. One of the comments this past year was that our home equity(HE)payment for the variable HE loan was too high(1.5% of the outstanding balance).Effective immediately, each HE loan payment will be 1% of the outstanding balance. On a $10,0000 balance this will DROP your loan payment from $150 per month to $100 per month. For those of you who already have a HE with us, Please call if you wan to conintue to make higher payments. If you mail in your payment, any additional money sent in will go directly on the principal as it always does when you pay extra on any laon. If you are set up for weekly,biweekly or monthly payments,we can apply any additional amount you want each time a payment is made. Please call us if you have any questions about your present HE loan.
Finally,our last new mortgage offering is an interesst-only home equity line-of-credit. This works much like our regular HE loan,except in this case,your payment each month is based on the amount of interest due. There is a 3-year "Draw" period on this type of loan. Near the end of 3 years you will receive a letter from us extending the HE LOC for another 3 years,asking for new updated information,or both.
For those of you who have a HE loan of any type at another financial institution, we would love to talk to you about refinancing here. For a limited time there are no closing costs on any of the mortgage loans.
CALL TODAY FOR MORE INFORMATION!!
* Rates based on credit score for fixed rate loan.
** No closing cost offer is for a limited time.
***All home equity line of credit loans have a variable rate that may change quarterly-currently the rate is 7%.
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Check out our Certificate Rates
Go to our website www.bangorhydrofcu.com then click on "Rates". All certificates are in a "step-up" classification which means that you can change to a higher rate one time during the term of the certificate. Keep watch on our rates let us know when you might like to "step-up"! Current rates are:
Term Rate APY*
6-month 4.60% *4.70%
12-month 4.89% *5.00%
24-month 5.13% *5.25%
60-month 5.37% *5.50%
Remember, there is no safer investment than a share certificate at your credit union!
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Sometimes you feel as if it just creeps up on you out of nowhere, but in reality debt actually is caused by your actions, or by the actions of others over which you have no control. For the most part, however, you can take charge and reverse the trend of debt growth in your financial life. For starters, take a look at some possible causes of debt.
* A rise in expenses while income remains the same, or less income but the same expenses. This may be due to job loss or change, or perhaps no raise in pay accompanied by additional expenses like higher education or orthdontia for the kids not covered by your insurance. When expenses are unavoidable, perhaps it's time to revisit that old friend, the Budget.
* A change in family status. The death of a spouse, or a divorce, may result in your loss of a huge chunk of income. Living on a single income requires a major adjustment in spending.
* Poor money management. If you don't know where your money is going, especially for unnecessary expenses, how can you expect to take control of your finances? Here's where a budget might be essential. Establishing a budget is no more difficult than listing your expenses and your income and reconciling the two.
* A change in employment. This may also include unemployment or underemployment. When this happens, you'll need to realign your expenses with what income or emergency savings you have available. And that means no extras for the time being.
* Medical expenses, expected or not. When health issues arise, and you or someone in your family is affected, there is no compromising. When insurance coverage isn't available, you pay anyway. Result: more debt. Time to tap into that emergency fund. Or reassess your insurance coverage.
* Not saving enough, or not at all. This time we address the issue directly: establish an emergency fund or face the consequences. What's more, saving is not just for emergencies any more. While there may be higher education expenses looming, there is also retirement. Remember those three favorite words of all financial advisors: "Pay yourself first."
* Include everyone in money matters. This means your spouse and your children need to understand the difficulties-and rewards-of smart money management.
* Expecting a windfall. Most us play the lottery and count on winning one day. Don't count on it. The odds against winning are just too great. What about an inheritance? Well, how many wealthy aunts or uncles do you have who are likely to leave their wealth to you? Spending tomorrow's "maybe" money today is very tempting, but "definitely" foolish.
* Financial illiteracy. Not understanding how money works, including how to spend it wisely and save it fruitfully, puts you at a disadvantage. Remember that there are only two times you need to handle money smartly: today and in the future. Act on it now.
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NEW LOCATION! NEW LOCATION! NEW LOCATION!
By the time many of you receive this newsletter, the credit union will probably be relocated in our new office. Located on the corner of Rt.202 and Mecaw Road in Hampden, you will be able to easily find us by following these directions: If you are coming from the south on I-95,take Exit 182A(Bangor-Brewer)which puts you on Route I-395,then take Hampden Exit 2 West. If you are coming in from the north on I-95, you will also take Exit 182A. Once you are off the exit, you will see us approximately 1/2 mile down the road on the corner of RT 202 and Mecaw Road(right hand side of the road). In case you have a GPS, coordinates are 44 Degrees 46.75 1 North, 068 Degrees 47.916 West. Some of the other roads near Mecaw Road are Perry Road, Odlin Road, Thatcher Street, Webster Avenue, Godsoe Rd., Old County Rd., and Farm Rd. If you are still unsure about where we are located, please call and we can send a map or give you verbal directions.
Also be looking for our Grand Opening Supplement to come out in the Bangor Daily News Friday, October 19,2007 edition. The week of October 15-19 is International Credit Union week and this is a great time for the supplement to show you how our credit union got to where it is today. A few weeks after we have settled into our new office, we will be inviting you to stop by to see us and enjoy food,give-aways and raffle drawings. We hope to see all of you there!
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New Year's is often linked to resolutions made and not met. If "making and keeping a budget" is one resolution you've had trouble sticking with,perhaps you need to rethink your thinking.
Many people have great intentions of getting their spending under control, then putting the leftover money into savings. Problem is,that approach doesn't help establish spending discipline. It's simply too tempting to go overboard this week and promise yourself you'll start saving next week.
SO HOW DO YOU ESTABLISH BUDGET DISCIPLINE? HERE ARE FIVE WAYS TO GET ON TRACK:
1. Know where your money is going. It's hard to save if you don't know where your potential savings can come from. Whether you use a financial software program or simply jot your daily expenses in a small notebook, getting a read on how much you spend and where you spend it is critical to making informed decisions about consuming and spending.
2. Know what a bargain is. We all love a bargain, but sometimes a bargain is a perceived one and doesn't truly represent savings. (Common budget busters in this realm are stocking up on this week's bargain at the supermarket only to throw the food away later or buying a shirt because it's on sale, even though you're not sure you are ever going to actually wear it.) Before you buy that sale item, take that few seconds to ask yourself if you are really truly going to use it.
3. Shop with a partner. Take a friend, your spouse or someone else committed to your budget shopping with you. They'll help keep you honest about whether you really want those fuzzy dice for the rear view mirror or not.
4. Make dining out a special event. Most people dine out by force of habit. But if you do it regularly, it's a very expensive one. Packing a lunch and/or eating dinner at home are two of the easiest ways to find extra cash in your savings account at the end of the month.
5. Consider automatic savings. You've heard it a hundred times. "You can't spend what you don't see." Even the smallest amount will add up if you have it automatically deposited from your paycheck into your savings account. Just be sure to keep the card linked to that account where it isn't within easy reach.
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