CHECKING

 

A checking account from your credit union offers you the savings and convenience you want to manage your personal day-to-day finances. Our account includes a MasterCard Debit card which you can use for all your purchases as well as to access cash through any "Cirrus" or "NYCE" ATM machine. Click on our Debit Card link under Products for more detailed information on our MasterCard Debit Card.

We also offer "Student Share Draft Accounts" for your college and high school children. No minimum balance required; free checks; payroll deposit; direct deposit and more!

 

METHUEN FEDERAL CREDIT UNION FUNDS AVAILABILITY POLICY
 

 

 

 

SAVINGS


At Methuen Federal Credit Union, we offer several Savings & Investment options to help you grow your money. These include Regular Share Savings accounts, Christmas and Vacation Club accounts, Certificate and IRA Accounts, as well as Savings Bonds.

REGULAR SHARES

Open a share account with one share ($25.00), and you are a member for life! Deposits may be made by payroll deduction, direct deposit, by mail or by coming in to the office. Withdrawals may be made by coming in to the office, or mailing signed instructions. The Credit Union requires positive identification in accordance with the US Patriot Act. Your savings are federally insured up to $250,000.00 and backed by the full faith and credit of the United States Government.

 

CLUB ACCOUNTS

Vacation Clubs may be opened any time during the month of May. Christmas Clubs may be opened any time during the month of October. Both run for 52 weeks, and checks are mailed, unless you indicate otherwise. We also have a Miscellaneous Club which you may use for your own purpose. Your savings are federally insured up to $250,000 and backed by the full faith and credit of the United States Government.

CERTIFICATE SHARES (CDs)

Certificates of Deposits from your Credit Union are an excellent investment opportunity if you do not need immediate access to your funds and want to invest for longer periods to obtain high rates of return. Your savings are federally insured up tot $250,000 and backed by the full faith and credit of the United States Government.

IRA ACCOUNTS

Start Planning for your retirement today by opening an IRA account at your Credit Union. With outstanding rates and funds that grow tax deferred year after year, an IRA account is an important part of your long-term savings portfolio.

Traditional IRA - offers tax-deferred earnings and the possibility of tax deductible contributions.

Roth IRA - funded by non-deductible contributions but gives owners the opportunity for tax-free withdrawals. New as of 1998.

Education IRA - New as of 1998, enables parents and others to deposit $500 per year to be used for educational purposes. Earnings grow tax-free if you meet the income requirements.

Shares are insured up to $250,000.00 by the National Credit Union Administration.

 

 

LOANS

 

At Methuen Federal Credit Union, we offer a variety of loan types to fit most any financial need you may have. These include both secured and unsecured personal loans, home loans, education, as well as overdraft protection and line of credit loans. You must be a member of Methuen Federal Credit Union to apply for one of our many loan types.

SHARE SECURED LOANS

Deposits in the Credit Union may be offered as collateral on a loan. You may request terms and conditions suitable to you. Rates are 3% plus the last declared dividend with a 6% floor limit for loans 24mos -60mos. Loans exceeding 60 mos. will be tied to the current 2nd mortgage rates for those terms.

Example of typical extension of credit:
$5,000.00 for 24 mos. @ 6.0%ANNUAL PERCENTAGE RATE: Monthly payment: $235.36, Finance Charge: $648.36, Total Payback: $5648.36.

PERSONAL / UNSECURED LOANS

At Methuen Federal Credit Union, we offer Personal/Unsecured loans for consumer purchases, debt consolidation, vacations or any other need you may have. Apply in the office or complete our online request. Salary verification is required. You may fax your salary verification to the Credit Union at 978-686-2627.

 
AUTO / RECREATIONAL VEHICLE LOANS

New or used vehicles being purchased: A sales agreement will be required, as well as proof of insurance. This information can be faxed to the Credit Union at 978-686-2627. Currently owned vehicles may be placed as collateral on non-purchase "collateral loans". If applying on line, fax salary verification. We will loan up to $50,000.00.

 

Life Insurance and disability insurance is available. GAP Insurance is now available. Your High School or College children are eligible. Go to our Insurance section for more detailed information on available insurance options.

HOME EQUITY LOANS

The Credit Union now offers a Home Equity Line of Credit up to $150,000.00. The rate is adjustable quarterly and based upon prime. Apply by clicking below.

AUTO EQUITY LOANS

You can now use the equity in your automobile to consolidate debt or use the cash for purchases, vacations or any other purpose you have in mind. You can even re-write an existing loan with the Credit Union, or transfer a loan from another financial institution. The 72 month auto loan rate will prevail. Auto loan terms and conditions apply.

LINE OF CREDIT (LOC) LOANS

The Credit Union now offers "Line of Credit" loans. Simply fill out an initial application and receive a credit line and come in from time to time, as needed, to get an advance on this line of credit.

It can be used for any purpose. Share Draft account holders can use this to pay overdraft advances. Complete our on-line application or come into the office for details.

OVERDRAFT PROTECTION LOANS

Overdraft Protection is provided on every Share Draft account in order to prevent returned/NSF checks. This is not intended to be a line of credit, but a protection.

Advances are to be repaid in a timely manner and are not encouraged. A disclosure of fees for multiple advances is available in the credit union office. The time period for repayment of overdrafts is 30 days.

A "Line of Credit" loan is also available to use along with your Share Draft account as well. See our Line of Credit loan details for more information.

EDUCATION LOANS (Non-Deferred)

Payoff existing student loans. These loans include secondary and elementary school tuition.

A copy of an itemized tuition bill is required, as well as salary verification. This information can be faxed to the Credit Union at 978-686-2627 , or stop by the office. We will loan up to $30,000.00 and will consolidate current Student and Educational loans.

Sallie Mae Smart Option Student Loan

The Methuen Federal Credit Union Smart Option Student Loan® by Sallie Mae® is an ideal solution to help bridge that gap between federal loans and the cost of your education expenses. Click the link below for more details.

 

 

The Smart Option Student Loan features and benefits:
- Competitive Interest Rates
- Borrow up to 100% of school certified education costs (minimum $1,000)
- Multiple in-school repayment options available
- Borrower benefits available –like rewards and interest rate reductions
- Rates that reward creditworthy borrowers
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower rate
- Fast Online Application. Our easy-to-complete application takes about 20 minutes. It's quick and easy.
- 24/7 online account management.
- No prepayment penalty
 

To learn more or to apply, please click the get started button above.



VISA CREDIT CARD

Our CU VISA includes extended warranty, lost, stolen or damaged purchase insurance, life insurance on the unpaid balance of your account, travel accident insurance, free replacement cards and much more!

We also offer "Student Visas" for your college and high school children. We don't use "gimmicks", we have a no-nonsense program.

Once you have received your VISA card, you can access your VISA account on line as well as protect your card with Verified by VISA. Simply click the appropriate quick link in the left tool bar of our website.

BE ADVISED THAT ALL ONLINE BETTING TRANSACTIONS WILL AUTOMATICALLY BE DECLINED. DO NOT ATTEMPT TO USE YOUR CARD FOR THESE PURPOSES.

If you would like to apply for one of our VISA Credit Cards, simply click our secure online application in the left column.
 

LOST OR STOLEN VISA CREDIT CARD CALL 800-843-5463

 

 

REAL ESTATE LOANS

The CU offers First Mortgages. Call the office for details.

2nd Mortgage Loan applications are taken in the CU office. It is helpful to call in advance. Second Mortgage apps are processed at the Credit Union. We loan up to $200,000.00 with up to 15 years to payback.

Home Equity Lines of Credit are available up to $150,000.00.

Methuen Federal Credit Union is an Equal Housing Lender.

 

INQUIRE ABOUT OUR GREAT GOVERNMENT LOANS!

- FHA/FHA 203K
- REVERSE MORTGAGES
- VA MORTGAGES
 

  


Mortgage products offered in partnership with Allanach Mortgage Group.

Broker's licenses MA# MB6033, NH# 5616, CT# 7160, RI# 20051935LB

 

 

The Credit Union is Registered with the Nationwide Mortgage Licensing System
Methuen Federal Credit Union : NMLS ID: 643812
Eileen DiBartolomeo: NMLS ID: 709485
Jo-Ann M. Conlon: NMLS ID: 707114
For more information, go to www.nmlsconsumeraccess.org