Winthrop Federal Credit Union brings you
Extra Credit WFCU
Winthrop Federal Credit Union
From the Desk of the President/CEO
Financial Fitness During Hard Times
The economy remains unstable no matter what the government does to convince
us that things are improving. The housing market has not rebounded and most activity
is due mostly through foreclosure sales, despite low values and low mortgage rates. Oil
and gasoline prices are rising fast and we have yet to realize the impact of the unrest in
the Middle East. The energy prices will hurt almost every sector of the economy if prices
What can we do as individuals to deal with this? Is it possible to maintain financial fit-
ness when times are hard? The answer is YES, but you have to be prepared to work for it.
Joseph M. Clark
President/CEO First, get your costs under control and work within a realistic budget. Then I would
recommend that you take a look at your credit score. This is where you can best con-
trol the rates you pay on loans, insurance and even your ability to rent or buy. It is so
important to maintain a good credit score. In the past, loan rates were higher if your
credit score was sub-par. In the future, it may be impossible to even get a loan without a
Hours of favorable score. New regulations make home buying with credit scores below 660 nearly
Operations: impossible. Paying your bills on time is the best way to keep your credit score from de-
teriorating. Don’t run up large balances on credit cards. If you pay the minimum on the
15 Woodside Ave
cards, it can take about thirty years to clear up the balances.
Winthrop MA, 02152
Now, separate your ‘wants’ from your ‘needs’. You must take care of your absolute
Mon., Tues., Wed., Fri needs, but wait until you can reasonably afford the wants. That will require savings to
8 am to 4 pm
pay for the wants instead of putting them on a credit card.
8 am to 7 pm Lastly, plan a budget that is workable and realistic. This is not a doomsday scenario; it
Saturday is managing your resources to help put you in a better financial situation. This will allow
9 am to 12:30 pm you to use your money in a more productive way.
Most people know they must diet and exercise to become healthy. It is no different
for sound financial health: you must “trim” your expenses and “exercise” a healthy saving
Abandoned Property Owners - Final Warning
If you have an inactive account at the Credit Union (no activity for 3 consecutive
years) please make a transaction by October 1, 2011. This transaction will change the
status of your account from dormant to active this way avoiding abandoned funds to
be turned over to the Commonwealth of Massachusetts.
Winthrop Federal Credit Union. Guiding you Every Step of the way. 1
Could a Second Chance Car Loan Save your Car and Money?
Yes and that is why we are here. If you like your car but hate its hefty
payments, there’s a chance WFCU can save you money if you bought a car
through another financial institution
In today’s tough economic times everyone is looking to save money…
Save hundreds at Winthrop Federal Credit Union by transferring your auto
John A. Clark
loan or personal loan to us and we will take 2%* off your current loan rate.
We will refinance your loan up to 72 months.
In Memory of John A. Clark
For more information please contact the credit union or visit our website
www.ilovemycreditunion.com to apply online.
* Promotional floor rate 2.00% Annual Percentage Rate. Certain restrictions may apply. Refinance only applies to
loans currently with other financial institutions. Loans currently with Winthrop Federal Credit Union are excluded from this
promotion. Real Estate loans are also excluded from this promotion. Limited Time offer. Offer may expire without notice.
Home Equity Lines
Peace of mind for when you need it!
Put the equity you built in your home to work for you and your family. You
could do several things with your WFCU Home Equity Line of Credit: remodel
June 16, 1917 - March 12, 1989
your home, pay for college tuition, consolidate debt or simply be available
Attention for peace of mind. Your home’s equity can allow you to do this at an interest
High School Seniors rate that is typically lower than other loans. What’s more, we don’t charge an
Applications are being accepted annual fee and the interest may be tax-deductible.*
for the John A. Clark Scholarship * Visit irs.gov and your state’s department of revenue for more information on deductibility.
Award. Please submit a 2 page
essay describing your academic, Prime Rate published in The Wall Street Journal. Rate can change monthly. Minimum rate 5% Annual Percentage
leadership, and civic involvement Rate (APR). Maximum APR is 18%. Please refer to DCU’s Early Federal Disclosure, available in any branch or by email
by Thursday May 31, 2011. request, for more information.
Borrow up to 80% of your home’s value minus your first mortgage balance. Line access is available up to 10 years,
One deserving senior, who is
a member of the credit union, minimum draw required.
will receive a scholarship in the
amount of $500.00.
Please mail your application to:
Winthrop Federal Credit Union,
Your Mastercard Debit Card: Choosing Debit or Credit
15 Woodside Ave,
Winthrop, MA 02152 You’re at the checkout, you hand the cashier your debit card, and she asks
Attention: Jack Jaques if you want to use credit or debit. Both will result in funds being withdrawn
or e-mail: from your checking account, both include fraud protection, and you can
track both online through WFCU’s iAccount.
If you opt for credit, you are asked to sign your name just like a credit card
transaction and it may take a couple of days for the transaction to process
through your account. Remember, you get unlimited credit transactions per
month with a daily aggregate limit of $1500.
If you opt for debit, you are asked to enter your PIN (personal identifica-
tion number) and no signature is needed. Funds are immediately withdrawn
from your checking account, as if you had taken cash out of an ATM. Re-
member, you are limited to 15 free debit transactions per month, including
ATM cash withdrawals, with a daily aggregate limit of $500.
2 Winthrop Federal Credit Union. Guiding you Every Step of the way.
$aving Tips for your Kids
1. Save at least some of the money you get from doing chores,
and from allowance and gifts. Saving just 25¢ of every dollar you
get will add up.
2. Make one or more savings goals and stick to them.
3. Learn to keep a budget, which is a record of how much money you
receive and how you spend it.
4. Spend your money wisely so you always have some to save.
5. Keep your money safe by putting it in a share savings account at
your credit union.
6. Help your money grow faster by keeping it in your share savings
account. The credit union gives you extra money-called dividends-
for keeping your money there.
7. Try to make a deposit in your share savings account every month.
The Campus Account
If you are a college student you are eligible to apply for a Campus
Account. The list of benefits is long... check it out:
» Free iAccount web banking... 24 hours a day, 7 days a week WFCU will be closed on the
» Free EZ Payer Electronic Bill Paying Services (via phone or PC)
» Free Checking! (No per check charges or minimum balance May 30, 2011
4th of July
» Free checks
» Free Members Check Card (ATM/debit card)
» No annual fee and low rate VISA Classic Card (co-signer necessary)
» 15 Free ATM transaction per month at surcharge free SUM or ATMs
» Free and unlimited ATM transactions at the WFCU ATM
» Discounted auto loan rates (1/2 point)
» Additional dividend earnings on term certificates (1/4 point)
* Annual proof of college enrollment is required to receive this
package. Subject to approval. Offer good for a limited time only.
Winthrop Federal Credit Union. Guiding you Every Step of the way. 3
Winthrop Federal Credit Union and La Siesta
Come CELEBRATE Cinco de Mayo 8, 20011 Mother’s Day which will end
with The Winthrop Federal Credit the week of celebration. What can be
Union and LaSiesta Restaurant where better than ending these festivities
you can get the best Authentic Mexi- with FAMILY on Mother’s Day at LaSi-
can Cuisine. The celebration will be- esta with great food and live music?
gin on Monday May 2, 2011. There The Winthrop Federal Credit Union
will be events held throughout the takes PRIDE in our involvement with
week such as raffles, giveaways and a the Community and encourages
live Mariachi band. The Mariachi band our Members to Support our local
will perform on Thursday May 5, 2011 Merchants.
(Cinco de Mayo) and on Sunday May
WFCU invites you for our
First Time Homebuyers Open House
Don’t miss your opportunity to re- » HECM – Reverse Mortgages
ceive a free instant pre-approval and (Available to members 62 and
to speak with any one of the profes- older)
Winthrop Federal Credit sionals including, Real Estate Agents, WFCU Mortgage Lending Depart-
Union is looking for volun- Real Estate Attorney and Mortgage
teers to serve on our Supervi- ment also offers:
sory Committee. Applicants
Loan Officers. » Jumbo Loans
must be a member of the credit WFCU has the right mortgage » Second/Vacation Homes
union. Experience in book- program to fit your needs!
keeping, accounting, or audit- » Cash-out Refinance
ing is helpful in carrying out At WFCU you’ll find a great rate » Investment Properties
your responsibilities for the on Federally Secure Mortgage
audit and verifications of the
We’ll help you find the right mort-
Programs. gage, so you can find the right home
credit union’s operations. To
apply for the position of Su- » FHA – Only 3.5% Dow on Saturday, May 21, 2011 at 1:00
pervisory Committee Member » VA – No Down Payment and No PM, at the Credit Union, 15 Wood-
please send your resume to: Monthly Mortgage Insurance side Ave, Winthrop, MA 02152.
» 203K Rehab Programs This is a free seminar. Instant Pre Approvals offered
Winthrop Federal Credit Union, » Rural Housing Program at no charge.
15 Woodside Ave,
Winthrop, MA 02152
Attention: JoAnn Memmolo –
Compliance/BSA Officer Annual Meeting
Lost or Stolen Card?
The Annual Meeting and Elec-
Or via e-mail to: tion of Officers will take place on
Wednesday, May 11, 2011. The An- 617-329-3223
(during business hours) or
nual Meeting will take place at the 866-604-0381
Winthrop Federal Credit Union, 15
Woodside Ave, Winthrop, MA 02152
at 6:15 PM. If you are interested in 617-846-1226 ext. 223
(during business hours)
serving on our Board or one of our or 888-849-6046
committees, please submit your re-
sume and letter of intent to wfcu@ Remember: Never write your
winthropfcu.org. password on the card!
4 Winthrop Federal Credit Union. Guiding you Every Step of the way.