These are just some of the questions that people have about joining a credit union. As a means of dispelling some of the untruths and clearing up the confusion, this article will focus on how to join a credit union in New Bedford, Massachusetts. It will also give you advice as to what you can expect to find available to you when you become a member.

Is it worth all the time and hassle to sign up for a credit union?
Actually, the process that is required to join a credit union in New Bedford, Massachusetts isn’t really all that involved. All you need to do is meet the requirements of membership and either call or visit St. Anne Credit Union located on Union Street in New Bedford. The application process is very streamlined and easy to complete.

How long is the process?
If you qualify to become a member of the New Bedford credit union, the process won’t take very long at all. In fact, after just a few minutes you could be opening your first Share Savings account and be on your way toward enjoying all of the other benefits associated with membership.

What do you have to do to qualify?
According to the St. Anne Credit Union website in New Bedford, all you need to do to qualify is to either work or live in the Southeastern Massachusetts countries of Bristol and Plymouth. You don’t have to work at a certain place, be a homeowner or belong to a certain club or affiliation. All that is required is that you work or live in Bristol or Plymouth counties.

Are there any specific requirements to be a member of a credit union?
Contact St. Anne Credit Union in New Bedford if you have any questions about becoming a member of a credit union. Their website specifically states that membership is open to anyone who lives or works in Bristol or Plymouth counties. Membership is made up of people just like you who live and work in Southeastern Massachusetts.

Can I get rejected?
Applicants can be rejected from becoming a member of a credit union if they do not meet the qualifications and requirements of membership. For questions and concerns about membership, contact St. Anne Credit Union in New Bedford direct to speak with a representative.

Do I need to pay membership dues?
Joining a credit union in New Bedford and becoming a member of a credit union is not like joining a club. There are no membership dues that need to be paid. The basic requirement of membership is to open a $25 Share Savings account. Any other types of accounts, loans or savings investments that you make after that are up to you. Some of these other investment accounts require a minimum monthly balance, but the Share Savings account is the only investment required for membership.

Time to Join a Credit Union in New Bedford?
St. Anne Credit Union has been serving customers in the New Bedford area since 1911. It is a member-owned, non-profit financial institution. St. Anne Credit Union in New Bedford serves customers within Bristol and Plymouth counties in Southeastern Massachusetts, providing services to over 3100 members. This member-owned institution has over $18,000,000 in assets and is currently the oldest credit union in Southeastern Massachusetts.

Whatever your financial needs, concerns or interests, St. Anne Credit Union can help. With a wide variety of home, auto, motorcycle and personal loan opportunities, savings accounts, certificate of deposit and money market accounts, checking accounts and more available to every member of a credit union, there are many reasons to join a credit union and actively take advantage of every opportunity available. You can join St. Anne Credit Union by visiting the New Bedford location at 93 Union Street or by calling 508-993-0011.

Valued Members
Members of a Southeastern Massachusetts credit union understand that they aren’t just customers or numbers on a ledger, they are contributing, involved members in a cooperative financial organization. Credit unions were designed to involve members in every part of the process, from having a vote for Board Members that run the union to receiving annual dividends when the credit union makes a profit.

Credit unions value members who have checking and savings accounts with their institutions much more than typical banks do. At a bank, you are a customer, an account holder. Shareholders make all of the decisions about how the bank is run because they are the ones who profit if it does well financially. Credit union members all benefit when the credit union succeeds, so each member gets an equal vote.

When it comes to your personal financial situation, a credit union that is operated locally by people within the community on behalf of its members, is much more interested in helping you learn how to improve your finances. Most banks are unable to give customers the personal attention that they need when they experience problems with their financial affairs. Chances are, the only customers at your bank that are getting personal attention are those who have the largest balances and investments.

Better Management
Whether you need to get a loan for your home or car, want to invest your money into an IRA or certificate of deposit, or would just like to get basic checking and savings accounts, a credit union can help you to better manage your accounts and investments. Because your local Southeastern Massachusetts credit union is local and smaller in size than the average mega bank, it is much easier for you to establish a good working relationship with the representatives at the credit union than you would be able to with a bank manager or teller.

Another way that you can learn how to improve your finances is through the establishment of credit. Whether you just got your first job or are looking to improve your credit history, one of the benefits of membership at a credit union is all of the options available that can help you build up your credit. There are products and services designed to help you reach your full financial potential, no matter where you currently are in your life.

Home loans, lines of credit, auto loans and more, speak with your credit union representative for all of the available options that can help you make smart decisions about your finances. If you are ready to start saving for your retirement or want to add to your retirement savings, a financial expert at your Southeastern Massachusetts credit union can help you get started with an IRA account or other savings investment opportunity.

Financial Education
Maybe you are ready to start investing, but don’t know how to begin. What type of investment program is best for you and your financial situation? Your Southeastern Massachusetts credit union can help give you the financial education you need to determine which route is best. From certificates of deposit to money market accounts, IRA investments and high-yield savings, you can learn how to improve your finances by making smart decisions.

Helpful and friendly credit union staff can help you get on your way to learning how to improve your finances. Just start with basic checking and savings accounts and then move your way up to explore other benefits of membership. Contact St. Anne Credit Union in New Bedford for more information about joining a local Southeastern Massachusetts credit union by calling 508-993- 0011.

In this article we are going to talk a little bit about the credit union loan opportunities available to members and how you can use them to get the most out of your New Bedford credit union membership at St. Anne Credit Union. Whatever you need, from home loans to car loans, savings investment opportunities and basic checking services, your credit union in New Bedford can help you make the most out of your membership opportunities.

Membership
By far the biggest opportunity available to members is your New Bedford credit union membership itself. While banks have customers, credit unions have members. Banks have shareholders that they report to when they make financial and business decisions.

• Credit unions make decisions based upon the benefits that will be received by their members.
• Credit union members are actually owners and have an equal vote for board members who govern the credit union.
• Credit union members receive dividends at the end of the year through increased savings account interest, reduced fees and other opportunities, based upon the success of the credit union.

Loans
Members enjoy a number of credit union loan opportunities. Home mortgage loans, equity loans, car loans, motorcycle loans and personal loans are all available through your New Bedford credit union membership.

• Loans that are typically given to credit union members are much better than what you would receive as a customer at a bank.
• Credit unions give better annual percentage rates (APRs) than bank loans.
• Credit union members are more likely to be approved for credit union loan opportunities through their credit union in New Bedford than they would at a bank.

Savings
Credit union members can also take advantage of a wide variety of savings opportunities, on which the basic credit union membership is based. To become a member of a credit union in New Bedford all you need to do is open a Main Share Account with a minimum investment of $25. This establishes your membership at St. Anne Credit Union in New Bedford and allow you to open up other types of savings accounts, checking accounts and loans.

Savings opportunities available through your New Bedford credit union membership include the following options:

• Christmas Club – All it takes is $1.00 to open one of these accounts. Club accounts are continuous at St. Anne Credit Union, allowing you to use the same passbook each year so you don’t have to keep opening new accounts. A great way to save for the holidays all year long.
• Certificate of Deposit (COD) – Open a CD account with a minimum of $1,000 and choose terms that range between six months and five years to help put your money to work for you.
• Money Market Deposit Account – A variable rate account that requires a minimum of $2500 to open. Must maintain a minimum balance of $2500 or the account will be converted to a NOW account and rate.
• IRA Share Account – Start saving toward your retirement with this government-sponsored retirement savings plan. Enjoy tax incentives and keep a minimum $500 balance to take advantage of this opportunity for credit union members.

Member Education
Another benefit of joining a credit union in New Bedford is the savings and investment education that you will receive. St. Anne Credit Union provides credit union members with the knowledge and tools about important financial matters that they need to become stronger, more educated consumers.

• Information on everything from basic home budgeting to full-scope financial planning.
• Consultation and advice to help credit union members make more informed decisions based on their individual needs.
• Opportunities to ask questions about available credit union loan opportunities and savings accounts that will help members maximize their options.

Credit Union Members in New Bedford, Massachusetts
When you decide to get a New Bedford credit union membership, there are a few things you have to know. In order to qualify to become a member at the credit union in New Bedford, you must live or work in Plymouth or Bristol counties in Southeastern Massachusetts.

As a member you become a shareholder in St. Anne Credit Union and have a voice in how things are run. You get an equal vote in the election of the credit union’s Board of Directors and receive a share in any profits that are many through dividends. You can join St. Anne Credit Union by visiting the New Bedford location at 93 Union Street or by calling 508-993-0011.

Reason #1 – Credit Unions are Different

A credit union is different than a traditional bank or other financial lending institution. A credit union in New Bedford is more than just a place to do your banking or financial business. Credit unions offer loans and financial services to people through a cooperative membership.

Reason #2 – The Power of Membership

Currently there are over 90 million credit union members in the United States and locally, at St. Anne Credit Union in New Bedford, there are over 3100 members located in Bristol and Plymouth counties. Overall, throughout the country, credit unions save their members an estimated $8 billion a year in fees, dividends and other opportunities.

Reason #3 – Simpler Loan Process

Credit union auto loans may be easier to get than loans through banks or other financial institutions. The reason for this is that credit unions cater more to their members who apply to purchase a new or used car than a non-member organization would. Depending on the credit union and your unique situation, you might get approved for a car loan at a credit union even if you would be denied at a bank or other loan center.

Reason #4 – Ability to Pay Determination

When you apply for a car loan at a credit union where you are a member, the ability to figure your ability to pay the loan when you purchase a new or used car is much easier to determine. The reason is that most members of a credit union in New Bedford do all of their financial business at the credit union, including checking accounts, savings accounts, mortgage loans and financial investments. All of this information, plus your good payment record and current balance for each, can help to expedite your car loan at a credit union.

Reason #5 – Better Rates

Overall, most credit union auto loans offer better rates to their members than banks or other outside financial institutions available through your local car dealer. For many people, this is the number one reason why they choose to get a car loan at a credit union. Whether you decide to purchase a new or used car, or if you want to put down a large or small down payment, your credit union in New Bedford can give you the straight scoop on the best possible deals available for your credit union auto loan.

How to Get a Car Loan at a Credit Union

While it can be easier to get a car loan at a credit union, there is still an application and approval process that you must go through. First, you must be a member of the credit union in New Bedford in order to apply for a car loan. The process for becoming a member is easy, but you should join the credit union before apply to purchase a new or used car. Depending on a number of factors, you can still apply for a car loan at a credit union as a new member, but it is in your best interest to join and establish yourself as a member first.

Once you are a member, you will also have to fill out an application. Speak with your local credit union auto loan representative for details about the information you’ll need and what you’ll need to do to be approved for a car loan at a credit union. Depending on the market and the credit union in New Bedford you may need a credit score of 600 or better. Again, check with your representative to find out what the target credit score requirements are for current members.

Contact St. Anne Credit Union in New Bedford for information about membership, member credit union auto loans and what you need to do if you want to purchase a new or used car. You can visit the Union Street location in New Bedford or contact a helpful representative at St. Anne by calling 508-993- 0011.

By 1888, the credit union had spread to other nations, including Austria, England, France, Italy and the Netherlands. The largest banking group in Austria still bears the Raiffeisen name and Rabobank, which is available today in the United States, also pays homage to the founder of the agricultural credit union.

The Federal Credit Union Act was first signed into law in 1934 by President Roosevelt. This law authorized the formation of credit unions that were federally chartered in all states. The reasoning behind this law was to make credit available to customers through a system of non-profit, cooperative unions nationwide.

Credit Unions Come to America
The very first credit union in North America was in Quebec, Canada. It began operations on January 23, 1901 and required members to make a 10-cent deposit to join. By 1908, credit unions became available in the United States. In fact, the State of Massachusetts was the first in our nation to establish legislation in 1909 that allowed credit unions to be established for its citizens. Established in 1911, St. Anne Credit Union in New Bedford, Massachusetts is currently the oldest credit union in all of Southeastern Massachusetts.

In 1934, President Roosevelt signed the Federal Credit Union Act into law authorizing the formation of federally chartered credit unions in all states. The purpose of the federal law was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions. Soon after, the Bureau of Federal Credit Unions was established and housed within the Farm Credit Administration, eventually moving to the Federal Security Agency before settling in the Department of Health, Education and Welfare.

Credit Union Growth in the United States
Credit unions grew throughout the 1940s, 50s and 60s, reaching as many as 6 million members across 10,000 federal credit unions throughout the nation. By the 1970s, the Bureau of Federal Credit Unions became an independent federal agency, reforming itself as the National Credit Union Administration of NCUA. This department was created to supervise and charter federal credit unions.

Later, the National Credit Union Share Insurance Fund (NCUSIF) was formed as a means of insuring credit union deposits, similar to the FDIC used by traditional banks. The NCUSIF was created for credit unions without the use of tax dollars, supported solely by the credit unions themselves.

In 1977 legislation was passed that helped to expand the types of services available through credit unions, such as mortgage lending and share certificates. By the end of the 70s, credit unions had grown considerably in the United States with the number of members more than doubled and the amount of assets tripling to over $65 billion.

Expansions continued in the 1980s, as deregulation helped to boost flexibility in the area of merger and membership criteria. However, unemployment and high interest rates brought many changes and losses to the financial industry. Congress was called on to approve a plan to help recapitalize the Share Insurance Fund to reduce stress experienced by the federally insured credit unions. In 1985, federally insured credit unions helped to recapitalize the NCUSIF by depositing 1% of total shares into the Share Insurance Fund. The now fully capitalized NCUSIF has fail safe features and is backed by the United States Government.

From the 90s on through today, credit unions in the United States have been steadily growing at a healthy pace. Despite economic issues that have plagued countries around the world, the Share Insurance Fund has been able to maintain an equity level that is healthy and sustainable.

St. Anne Credit Union in New Bedford, Massachusetts, serves customers that live or work within the counties of Bristol and Plymouth. Established on August 3, 1991, St. Anne Credit Union is a member-owned, non-profit financial institution with more than 3100 members and over $18,000,000 in assets.

Even if you are only able to put a couple of dollars into your savings account here and there it will make a difference. A small amount can add up over time and you will feel better knowing that you have money waiting for you in your savings account when you need it. This article features 15 things that you can do today to help put more money into your New Bedford credit union savings account for the future.

#1 – Leftover Money

At the end of the month, or when you are finished paying all of your bills and have made all your necessary purchases, take any money that is leftover and put it directly into your credit union savings account. Even if its just $10 a month, it will add up over the period of a year, giving you an extra $120 in savings.

#2 – Sell Something

Most of us have items sitting around our garages or attics that we don’t need. Take inventory of the things you have in your home and consider selling the things you don’t want or use so you can put the money to good use in your savings account. Use Craig’s List to sell items for free locally.

#3 – Garage Sale

If you have a lot of items to sell, such as old clothing, household appliances, collectable memorabilia and things that would be difficult to list on Craig’s List, consider having a garage sale where you can sell many things all at once. Remember to check local ordinances that might prevent you from posting signs or limit the hours or frequency of your garage sales.

#4 – Online Banking

Whenever possible, use your New Bedford credit union to your advantage and pay your loans and other available bills online. This will save you in stamps and the gas it takes to pay bills in person or drop off envelopes to the post office. Speak with your credit union representative for more information about available online banking services.

#5 – Store Brands

Many people already know that the store brands of some grocery and household cleaning products are just as good or effective as the national brands. You can save a lot of money each month just by switching brands. Put the savings directly into your credit union savings account and watch the dollars add up throughout the year.

#6 – Coupons and Discounts

You don’t have to be an extreme couponer to take advantage of sales and discounts available at your local store. Printable coupons are now available online, as well as deals through deal-making services like Groupon.com. Put the savings that is marked on your receipt directly into your savings account to reap the rewards of your efforts.

#7 – Want vs. Need

This is one of the hardest parts about savings – learning the difference between want and need. When you are about to buy something, ask yourself whether the item is a “nice to have” or a “have to have” purchase. If you just want it, but don’t really need it, consider putting that money into your savings account instead. One or two purchases like this a month can really add up over time.

#8 – Change Jar

Remember how much money you were able to save when you were a kid just by putting your change into a piggy bank and not thinking about it until you needed it? Start a change jar at home and put all of the change from your pockets or purse into it at the end of each day. Once a month or every couple months, take the change out and deposit it into your New Bedford credit union account.

#9 – Reduce Your Bills

One of the best new ways to save money is to find new ways to save on your bills. Consider switching from your current phone service to a VoIP provider that will cut your bill in at least half. Look at your Internet Service Provider and see if there are ways that you can reduce your monthly bill. Check out your cable or satellite service package and consider whether or not you are really watching all the channels that you are paying for. There is lots of money hidden in your monthly expenses that could be saved and put in your credit union savings account.

#10 – Budget Savings

When you pay off a credit card, a vehicle or other major purchase, start putting that monthly payment into your savings account instead. Just keep “paying that bill” by transferring the funds from your checking account into your credit union savings account and you will see your savings rise considerably.

#11 – Quit Something

We all have bad habits. Smoking, fast food, lottery tickets, fancy coffees – whatever your vice is that you’ve been wanting to give up, decide to quit and put the money you would have invested into that bad habit into your savings account.

#12 – Recycle

Instead of putting your cans and bottles into the trash can or recycling bin every week, consider saving them and take them to your local scrap metal recycling center each month instead. Why not get paid for all that glass and aluminum? Take the money you make from your efforts and put it directly into your savings account or use the money each month as emergency funds to prevent you from tapping into your savings.

#13 – Transportation

Proper vehicle maintenance, such as regular oil changes and tune-ups can help prevent more costly repairs. Making sure your tires are properly inflated can help boost gas mileage by as much as three percent. Planning your errands and getting them done all in one trip can help to save gas as well.

#14 – Do It Yourself

There are many tasks that we hire others to do that we could do for ourselves. From washing the car to mowing the lawn or taking care of the pool, take the money that you would have spent to hire someone else to take care of these things and put it away in your savings.

#15 – Home Movie Night

Take advantage of $1 movie rentals or join a monthly web-based movie service and host a weekly movie night at home. Make your own popcorn and snacks to save even more money over movie theater costs. The average ticket now for a movie theater is $10. For a family of four you could save as much as $39 per movie before you even factor in the costs for snacks.

While some of these methods aren’t necessarily new ways to save money, they may be new ideas for you and your family. Speak with your New Bedford credit union representative at St. Anne Credit Union for more ways to save. Find out more about investing your savings into a Certificate of Deposit or Money Market Deposit account to help grow your money even faster once you have built up enough in your savings account. Saving money doesn’t have to be hard – you’ve just got to take a little time and know where to look to find it.

There are two different types of home equity loans available to consumers. The first is a fixed rate loan and the second is a line of credit. Both are generally available in terms that can range between five and fifteen years, and both also require the entire loan to be repaid in the event that the house is sold. However, there are distinct differences associated with each type:

Fixed Rate Home Equity Loans – This type of home equity loan provides the member with a lump sum payment. The loan is then paid by the member over a set period of time at a set interest rate. Both the interest rate and the payment amount stay the same throughout the length of the home equity loan.

Equity Line of Credit – This type of home equity loan provides the member with a pre-approved spending limit that allows money to be drawn out when needed via checks or a credit card that is tied to the line of credit. It works very similar to a credit card or other type of credit account, with monthly payments based upon the amount of money borrowed. There is a set term assigned to the line of credit, just like with the fixed rate loan, which requires the member to pay any outstanding amounts in full at the end of the term.

Why Get a Home Equity Loan?
There are many benefits available to Bristol and Plymouth County credit union members who apply for a home equity loan. While the interest rate for a home equity loan or second mortgage is generally higher than the first mortgage loan, the rates is still much lower than the average credit card rate.

A home equity loan, whether you choose an equity line of credit or fixed rate loans, is tax deductible up to $100,000. Many credit union members use this type of loan to pay off and consolidate debt into a single, lower interest rate payment. The tax benefits associated with this type of loan is also a definite plus.

The main reasons home equity loans are chosen over other types of loans include:

• lower interest rate available on this type of loan
• payments or interest may be tax deductible
• relatively large loans can be available through this type of lending
• members may be able to qualify easier for equity loans

How to Use a Home Equity Loan to Your Advantage
For Bristol and Plymouth County credit union members, a home equity loan can be used as a financial tool for responsible borrowers. Your credit union will help you determine whether or not you will have the means to repay the loan, provide you with the best interest rate available to members and can help you learn how to take advantage of beneficial tax deductions.

Some members use a home equity loan for big repairs and renovations to their home, such as a new roof or fence, while others take advantage of the low rates to help pay unexpected bills, such as medical or automotive related. Short-term recurring costs, such as a child’s college tuition, is another common reason for taking out a home equity loan.

To avoid taking out a loan you don’t need or can’t afford, speak with your credit union representative to make sure you understand all of the terms of the home equity loan. Learn all you can about the difference between an equity line of credit or fixed rate loans to ensure that you choose the best type of loan for your situation and select a term that will work with your future plans and needs.

Where to Find the Best Home Equity Loans
The best place to find a home equity loan that is uniquely designed to meet your needs is at your local credit union. St Anne Credit Union in New Bedford, Massachusetts serves customers who live or work in Bristol and Plymouth counties and has been in business since 1911. If you are looking for a home equity loan and would like more information about getting an equity line of credit or fixed rate loans, speak with your credit union representative for details.

Money market deposit accounts pay a higher interest rate than a general savings account because they reward members for maintaining a higher minimum balance requirement and limit the number of withdrawals each month. At St Anne Credit Union in New Bedford, members are required to deposit a minimum of $2500 to start their money market deposit account. If the balance drops below $2500 at any time, the interest rate will drop to the rate available through the NOW account.

The money deposited into a money market deposit account is insured at your credit union in New Bedford by the NCUA – the National Credit Union Administration. Similar to the more familiar FDIC or Federal Deposit Insurance Corporation that is used by banks, the NCUA is a federal agency that guarantees your money will still be there no matter what. It is a convenient and safe way to store and grow money that you will use for future investments or have received as the result of recent investments.

How Interest in a Money Market Deposit Account Works
Again, very similar to a regular savings account, the money you deposit into your money market deposit account will earn interest. When you open a money market account at your credit union in New Bedford, you are investing in the assets of the financial institution.

You receive interest on the money that you deposit there as compensation for allowing the credit union to loan that money out to other members. You can access your funds at any time, but the amount of interest will drop if you go below the minimum balance or will cease all together if you close out the account.

In most cases, the interest on money market accounts is compounded daily and is then paid monthly. When interest is compounded daily, the credit union is actually paying you interest on the interest you have already earned, helping you to grow your money even faster. Speak with your credit union in New Bedford for details on how your interest will be calculated and what rate you will receive.

How to Manage Your Money Market Deposit Account
You are able to withdraw your money from your money market deposit account whenever you want. However, check with your credit union representative in advance to find out if there are limits on the number and amount of withdrawals in order to maintain your interest rate each month. Some financial institutions will charge a fee if you do not maintain a minimum balance in your account. This fee will vary from institution to institution, so it’s important to speak with your credit union in New Bedford to find out the details about your money market deposit account.

You will receive a statement of your account from the credit union each month, updating you with information about your account, any transactions that were made, any fees that were charged and, of course, the interest that you have earned. You should keep track of any deposits or withdrawals that you make and check your records with the credit union statement each month to make sure they reconcile.

The best way to grow your money in a money market deposit account is to put more money in each month than you take out. Remember, this type of account combines the best aspects of a savings account and a money market fund, giving you the opportunity to earn more interest while saving your money for future investments or expenditures.

How to Open a Money Market Deposit Account
Speak with your representative at St Anne Credit Union in New Bedford to find out what you need to do to open a money market deposit account. Your representative can give you details about minimum deposits, minimum balances, account fees and current interest rates to help you decide if investing in a money market deposit account is right for you.

There are many reasons to join a credit union. Beyond that there are several reasons why you should apply for new and used auto loans at your local credit union in New Bedford. This article will focus on the benefits and advantages to joining a credit union for the purpose of purchasing a vehicle.

Reason #1 – Credit Unions Have Money to Lend
Many banks are withholding loans in the current economic market – even to long-time customers and investors. Credit unions have money to lend and are ready to do so for their members. In fact, statistics show that in 2009, while the rest of the financial industry in the United States was reducing credit through local and national institutions, credit unions made over $80 billion available for the purpose of lending. Despite the fact that many banks are returning to the business of lending money to their customers, many Americans are still turning to credit union car loan options because of the many other advantages associated with the way they operate.

Reason #2 – Better Rates and Terms
The rates available to members for a credit union car loan are usually just as good as or even better than the rates being extended by nationwide banks and other financial institutions associated with the car companies. In addition to competitive rates, credit unions will frequently have better loan terms for their members than other lenders, making it easier on the buyer all around.

Reason #3 – Members and the Community Come First
Credit unions are much more likely to work with their members than banks are to work with their customers. While there are no real differences in the way that banks and credit unions process payments or set up new and used auto loans, credit unions are usually much more in tune with their local community. Many credit union representatives know most of their customers on a first-name basis and because of this, are more willing to help members if they are experiencing a problem.

Reason #4 – Simple Loan Processing
If you’ve ever bought a car through the dealer or through a nationwide bank, you know the headaches and red tape involved throughout the process. Your local credit union in New Bedford works hard to make the process as user-friendly as possible. You can either work face-to-face with your credit union car loan officer, over the phone or in some cases, online.

Reason #5 – Easy Membership Opportunities
Credit unions used to be more strict in their membership policies. Some credit unions still require you to work at a certain company, within a specific industry or for a particular department with the government. St. Anne Credit Union in New Bedford, Massachusetts allows memberships to anyone who works or lives in Bristol or Plymouth counties.

Reason #6 – Tons of Perks
As the article stated at the very beginning, membership has its privileges. Credit union members receive a lot of awesome perks that are unique to the credit union experience and not available through banks or other financial institutions. Competitive rates, better deals on new and used auto loans, dividends paid annually on member savings accounts, better interest rates and more. Ask your representative at your credit union in New Bedford for details about the perks available through membership.

How to Join a Credit Union in New Bedford
If you are not currently a member of a New Bedford credit union, there has never been a better time than now. All it takes is $25 to open a Main Share account with St. Anne Credit Union to start your membership. Members at St. Anne have the right to participate in the election of Board Members and they receive a profit share through dividends each year.

Membership at St. Anne Credit Union in New Bedford is open to anyone who works or lives in Bristol County or Plymouth County Massachusetts. Credit unions are made up of equal and fair members who all have the same vote regardless of the services used or the amount of money invested.

As a non-profit organization, any profits made are shared by the members through reduced costs for loans and fees, as well as increased dividends on savings. For more information or to join St. Anne Credit Union, just visit the 93 Union Street location or call locally at 508-993-0011.

What is an IRA?
An IRA is an Individual Retirement Account. It is a type of retirement savings plan that is available through a financial institution, such as your local credit union in New Bedford. Certain tax advantages are also available through investment in an IRA. There are a couple of different types of IRAs available to individuals:

• Traditional IRA – Also referred to as a deductible IRA or a non-deductible IRA, depending on the type of contribution, most earnings or transactions within the IRA have no impact on the account holder’s taxes. However, withdrawals at the time of retirement are later taxed as income as part of the Tax Reform Act of 1986.
• SEP IRA – A type of IRA for individuals who are self-employed or part of a small business. The account is established as a Traditional IRA in the employees name as an alternative to a pension fund, which would be in the name of the company.
• Self-Directed IRA – This type of IRA allows the account holder to make investments on their own into the retirement savings plan.
• Roth IRA – Introduced in the Taxpayer Relief Act of 1997, contributions made to a Roth IRA are made with “after-tax” assets, so all transactions have no impact on the account holder’s taxes and withdrawals are generally tax-free.

How Does an IRA Work?
Similar to a 401k plan, investors in an IRA plan aren’t required to pay taxes on any dividends, capital gains or other distributions that come from securities held in the account. There are different tax advantages to each type of IRA account, depending on your needs and ability to invest.

Depending on certain variables, you might qualify for a deductible or a non-deductible Traditional IRA. Some of the criteria involved in the qualification process includes your age, whether you have a retirement savings plan at work or not, if you have a 401k, your annual income and whether or not your spouse is covered by a retirement plan. Speak with your local representative at your credit union in New Bedford to find out what type of IRA would be best for your particular situation.

If you are not eligible to participate in a deductible IRA, you might be able to contribute to a Roth IRA to enjoy the available tax savings opportunities. Currently, you must have an adjusted gross income of under $125,000 if you are unmarried or $183,000 if you are married and file your taxes jointly. Contributors over the age of 50 can contribute a maximum of $5,000 each year.

Investors who make too much money to qualify for the Roth IRA tax savings plan and are not eligible to invest into a deductible IRA can opt to invest in a non-deductible IRA. While your contributions into this plan won’t be tax deductible, the savings that you grow through this plan will still be tax-deferred.

Choosing an IRA in New Bedford
So which plan is best for you and your retirement strategy? Which plan do you qualify for and which plan will help you to earn the most money for your retirement? If you already have a Traditional IRA, and anticipate being in a higher tax bracket when you retire, you might want to convert it to a Roth, especially if you are making non-deductible contributions.

Speak with your representative at your New Bedford credit union, but overall the Roth IRA plan will offer you more flexibility. The Roth does not require mandatory withdrawals at age 70.5 as other IRAs do. There are also more opportunities for withdrawing your money penalty-free with a Roth IRA if you need your money prior to retirement.

Opportunities Available Through St. Anne Credit Union in New Bedford
Currently St. Anne Credit Union in New Bedford, Massachusetts offers two IRA savings plan options to its members. Credit union members can choose between the IRA Certificates of Deposit (CD) plan or the IRA Share Account.

Currently a minimum balance of $500 is required to open an IRA Share Account with St. Anne Credit Union. The interest rate available through St. Anne is based upon the number of years the money will be invested and the type of IRA retirement savings plan that is chosen. Speak with your representative for more information on how to start your own IRA in New Bedford and start saving for your retirement.