Top 10 reasons to use automatic payroll deduction to save at the St. Thomas Employee Federal Credit Union
From the St. Thomas Employee Federal Credit Union
Here's a "top 10 countdown" to why you should use automatic payroll deduction to save at the St. Thomas Employee Federal Credit Union:
10. "A penny saved is a penny earned." – Benjamin Franklin
9. It's a convenient way to pay yourself first on a regular basis – the funds are never seen and never missed.
8. It's a convenient method of saving for short-term goals. In addition to a basic share, the CU is happy to provide additional shares that you can name yourself (e.g., wedding account, trip to Europe, car fund, "what am I buying next?").
7. It's a convenient way to save ahead for routine annual or semiannual expenses such as property taxes, insurance and gift-giving occasions. Divide the annual expense by the 26 payrolls, and save that portion from each paycheck.
6. It's a convenient means of saving for "rainy days" that have a way of happening. Plan ahead by having a bit of money tucked away for those unforeseen situations.
5. Funds (up to $100,000 per account) are safe at the CU – they are insured by the National Credit Union Administration, an agency of the U.S. government.
4. Funds earn a very competitive interest rate or dividend. The CU is predicting a dividend of 2.50 percent (APY 2.52) on share accounts for the second quarter of 2007, which is much higher than most other financial institutions are paying on readily available monies (basic savings accounts). In 2006, the CU paid out over $41,000 in dividends to its 1,000+ members.
3. There are no hidden fees or charges. The only time the CU ever charges a fee is for the deposit of a bad check.
2. No one can borrow until someone saves. The CU, which is a co-op, makes competitive loans to members, using only the funds that other members have deposited.
And finally, the No. 1 reason to save at the CU:
1. It would make Adrienne happy!
Note: You also can deposit checks or money orders into your CU account at the CU office, or by mail; sorry, no cash is accepted or disbursed.
Questions about the Credit Union? Call (651) 962-6660, e-mail the credit union, or stop by Room 209, Loras Hall, during our open hours from 3 to 6 p.m. Mondays, or from 10 a.m. to 1 p.m. Tuesdays, Thursdays and Fridays.