News Archives - MAC Federal Credit Union (MACFCU)

2020 Goals: Say Goodbye to Debt

Posted on: February 7, 2020

Say goodbye to debt!

Thinking about debt can be a bit overwhelming. Especially when your debt is spread out among more than one different credit card and/or lender; each with their own due date, minimum payment and interest rate.

A good way to ease the stress is to consolidate. Get all of your debts into a single loan, or at least get all of your non-collateral items together in one loan. Collateral is any type of debt that is tied to a physical thing – like a mortgage or auto loan. Non-collateral loans are credit cards, personal loans, student loans; money without being linked to a physical item.

Debt consolidation is merging multiple debts into a single debt. Instead of making multiple payments on multiple different loans or credit cards. Move them into a single payment at a low interest rate. This strategy can decrease your total debt over time because you’ll pay less in interest fees.

Would another credit card really help?

Yes, if you use it properly with a disciplined approach! A low interest credit card, like MAC’s, can help save you money. There is no annual fee, and if you do have to carry a balance, the interest fees are much less than the national card companies.

If you have questions and want to talk to someone about your individual debt situation, contact us! We have certified financial counselors available to help figure if debt consolidation or something else is best.

Third Winner of $2020

Posted on: June 15, 2020

Matt Nations is our third winner of $2020!

He has been a MAC member since 2009. He originally chose MAC out of convenience while he was working on Ft. Wainwright. He has chosen to stay with MAC for more than a decade due to great customer service and the simple process for obtaining loans. Matt plans to use his winnings towards paying for dirt work this summer.

$2020 Can Make a Big Impact

If you win, we have some ideas on how you can spend the money for the greatest long-term value.
Pay off debt: Use the money to relieve some financial stress the last couple months may have given you. This is a great way to reduce debt and give you a stress-free summer!
Put it into savings: Saving money is always a smart idea. You may be saving for a large purchase, or want to have a rainy day fund! This is a great start.
Home Improvement: While sitting at home for the last couple months, you may have been thinking about those improvements you want to do. This is a perfect opportunity to get your summer home improvements out of the way!

While there is so much you can do with $2020, those are just some ideas for a long-term benefit.

If you want to win $2020, like Matt did, skip the PIN, and WIN!

Remember to use your MAC debit card as a credit transaction for free entries to win! For full details, click here.

No purchase necessary. MAC is giving away $2,020 every month starting February 20, 2020 and ending December 20, 2020. Eligibility: Open to everyone who is a MAC Member or anyone located in the Fairbanks North Star Borough and the City of North Pole. Must be 18 years or older to win. Employees and volunteers of MAC FCU and its subsidiaries, and their immediate family members, are not eligible to win. Enter to win: Automatically entered to win by swiping a MAC Debit card as a Credit Card Transaction. Each swipe as a Credit Card Transaction is an additional entry. To enter without a debit card, Mail in a 3×5 notecard with your name, address, phone and e-mail to: MAC FCU Marketing $2020, 1317 Wembley Ave, Fairbanks, AK 99701. Drawing the Winner: MAC will randomly choose a winner to receive $2020 on the 19th of each month and announce the winner via Facebook.

Auto XP

Posted on: June 5, 2020

We have a new auto lending program unlike any other. Read on for more about Auto XP.

This special loan can save you 30 – 40% off a traditional auto loan. You borrow for the car similar to a lease, but you have options throughout the loan and upon loan maturity.

No money down, and a payment you can afford.

All autos up to five model years old are eligible.* Financing is available for 24 – 72 months. The difference between what you pay for the vehicle and the residual value is used to determine the principal portion of your payment, which results in lower monthly payment than conventional financing. The residual value is established based on the term of the loan using industry-approved guidelines similar to leasing. But Auto XP is so much better than leasing!

Reasons to Finance with MAC’s Auto XP

Key Benefits

Lower monthly payments – 30 to 40% lower on average than with conventional financing
No down payment required and no prepayment penalties
Flexible loan terms from 2 to 6 years
Guaranteed future value at end of term
Reduces negative equity risk
Protection from unexpected depreciation

Advantages Over Leasing

You own the vehicle (titled in your name – not the leasing company’s)
You can negotiate the vehicle purchase price like a cash purchase with the dealer
Lower excess mileage charge than most leasing programs of only $0.10 per mile
Lower disposition fee than most leasing programs of only $195

Flexible Loan Options

Refinance remaining balance at loan maturity or anytime during the loan term
Keep, sell or trade the vehicle at loan maturity or anytime during the loan term with no early termination fees
Walk away by returning the vehicle at loan maturity in lieu of making the final balloon payment with no end of loan term hassles. Vehicle pick-up is arranged, even if you have moved to a different state!

If you think Auto XP is a fit for you, we are here to assist. Call us at 907-454-1253 or stop by the 10^th Avenue branch.

*Some restrictions may apply. See a Financial Services Officer for specifics about your auto.

Dear MAC Family

Posted on: May 15, 2020

Update: In compliance with the State of Alaska’s Phase 4 mandates, Effective Tuesday, May 26th, we will no longer have capacity restrictions in our lobbies . We still strongly encourage all recommended CDC guidelines for COVID-19 prevention and control by practicing social distancing, wearing proper face coverings, and frequent hand washing.

Dear MAC Family,

The historic and unprecedented last few months have been surreal and challenging for us all. I hope that you and your families are well and lives are returning to what is our “new” normal. At MAC, staff is working diligently to develop what new and modified operations will be so we may continue to serve our members. I understand limiting access to our lobbies may have been a frustration for some and I deeply appreciate your patience and support as we work our way through this very difficult time. Above all else, MAC has placed members and staff safety as the top priority and we will continue to do so.

MAC continues to perform with financial strength and focus. We have more than double the NCUA required capital and are positioned to weather any economic storm, all while remaining committed to serving our members through competitive services and rates. Obviously, the pandemic forced us to change a few budget projections and assumptions, however, these are manageable and easily accomplished all while continuing to serve our members and community. Your money is 100% safe at MAC!

Access to our lobbies will have a limited capacity starting on Monday, May 18th and includes modifications with a focus on health and safety. This may include masks for staff, continual cleaning of common areas, plexiglass barriers, directional signage, and reduced seating in waiting areas, just to name a few. As a reminder, MAC has a fantastic suite of electronic and self-service options that include:

Remote deposit for checks
ATM kiosks that accept cash and check deposits
ATMs for cash throughout Fairbanks and Ft. Wainwright
Online loan applications and processing

In addition, our drive thru will continue to provide expanded services for the foreseeable future.

Lastly, I would like to give a special thank you to the MAC staff. I am truly blessed to work with such a dedicated and caring group of people! Everyone stepped up and ensured our members received continuous service and support during this trying time.

If we can be of any assistance, please don’t hesitate to reach out at 907-456-1253 or mail@macfcu.org

Warmest Regards,
Angela Head
President/CEO

Second Winner of $2020 Announced

Posted on: May 1, 2020

Cory Cornell is our second winner of $2020! He has been a MAC member since 2009, when he was stationed at Ft. Wainwright in the Army. He needed a physical location that his current bank couldn’t provide. That and MAC’s low interest rates on auto loans are ultimately what steered him to MAC. Now retired from the military, Cory chooses to stay with MAC because of the excellent member service.

Still waiting on his stimulus check, the money couldn’t have come at a better time. He and his family plan to use the winnings on some much needed auto repairs and a trampoline for their 2 1/2 year old grandson.

You too can win!

Open an eChecking account and use your debit card for online and signature-based purchases. When checking out, don’t enter your PIN, sign instead.

More about the best checking account in Alaska.

Earn 2.00% APY* on balances up to $10,000. Our eChecking account benefits and services include:

No Minimum Balance Requirement
Online Banking & Mobile Banking App
eStatements
Bill Pay
Debit Card
Remote Check Deposit

To earn the 2.00% APY all you have to do is simply use your checking account each month as follows:

Have 12 or more signature-based debt card purchases posted to your account by the last day of the month. Signature-based means the card is run as credit at the terminal, and you don’t use your PIN.
Have at least one direct deposit, automatic withdrawal or one bill-pay transaction.
Maintain a valid email address with MAC for eStatements.
Log into online banking.
Have three or less paper checks clear.

If you don’t meet the account usage guidelines, you’re still earning a dividend.

0.25% APY on balances up to $10,000 if monthly qualifications are NOT met.
0.15% APY on balances over $10,000.

Skip the PIN and win!

To open a MAC eChecking account with debit card, give us a call at 907-456-1253. For full details about winning $2020, click here.

*Annual Percentage Yield is current as of 4/28/2020.

Fraud Prevention

Posted on: April 11, 2020

Service and security are just two of the things you expect from MAC. With Coronavirus impeding regular life, we want to make you aware of some potential scams. Remember, be aware of who you give information to, and what types of information you willingly give.

Stimulus Checks

These checks will automatically be issued to qualified individuals, you don’t have to do anything to receive it if you qualify. The IRS will not call, text, email you, or contact you on social media asking for your personal or banking information. Payments will be deposited via direct deposit if that’s how you did your most recent (2019 or 2018) tax filing, or via a mailed physical check. For more details on the Economic Impact Payment, check out the IRS website.

Research Before Donating

Fraudsters also like to imitate charities in times like this. The scam is to call, email or send a text requesting donations. These scams can appear to be coming from well-known or local charities. However, if the request is fraudulent, the money you donate will never make it to the real charity. We recommend that any donation you make be done directly to the charity of your choice. It is okay to send a check and donate online, as long as you know where the donation is going. Check with one of the online sites that track charities such as GuideStar, CharityNavigator or CharityWatch.

Be Critical of Emails Asking for Personal Info or Account Updates

Emails can be made to look like a business that you know, but there is usually something just a bit off, like the sender email address or incorrect grammar. Don’t click in emails that you don’t know the sender. Often, links in these emails download dangerous malware onto your computer which can be used to steal your information. If you are requested information to update your account from any organization, pick up the phone and give them a call on the number given on their website; don’t go by any info in that email.

Online Purchases

Fraudsters are preying on current fears, which can trigger an increase in the sale of fake products like masks, immune system boosters and sanitizers. If you aren’t able to find a hand sanitizer at your local store, it doesn’t make sense that a random source on the internet would have an unlimited supply for sale. If an offer sounds too good to be true, it probably is.

Be Aware

It’s good practice not to share your personal information online or through email. MAC will never ask for your info via email. If you think you have been a victim of fraud, please contact us at 907-456-1253.

Sources

https://blog.pacificservice.org/uncategorized/coronavirus-beware-the-scams/ https://www.irs.gov/coronavirus/economic-impact-payment-information-center