3 Factors That Affect Student Loan Interest Rates And When To Refinance

Date October 18, 2016

This post originally appeared on the SoFi blog.

Refinance Your Student Loans and receive a $200 Welcome Bonus!

Lately, there’s a lot of talk about student loan interest rates in the news: reports on Hillary Clinton’s student loan refinancing proposal, stories regarding recent changes in federal interest rates, and speculation about when to refinance student loans, given the likelihood that rates will continue to edge higher.

While you may not have paid much attention to interest rates when you first took out your loans, now’s a good time to take a closer look and consider refinancing. In order to lock in the best rate possible when refinancing, it’s important to know whether student loan interest rates are going up or down.

Interest rates change on a regular basis and depend on certain factors. That’s why you probably graduated with student loans taken out in different years and/or from various lenders—each with a different interest rate. By refinancing, you can consolidate all of those student loans into one loan with a lower interest rate, which will save you money over time.

Read the rest of this entry »

Simple Tips to Help You Avoid Remodeling Pitfalls

Date October 13, 2016

 alt=For most of us, our homes are our biggest investment. Someday, all homes are going to need repairs, like a new fence or roof. Some homeowners may undertake a major remodeling project. No matter what the need, homeowners must take the time to learn how to hire and manage home improvement contractors. Fortunately, the California Contractors State License Board (CSLB) offers free tools to help homeowners protect their investments and make the home improvement process easier and safer including the following publications:


  • “What You Should Know Before You Hire a Contractor” – The definitive resource for detailed information about hiring a contractor and successfully navigating any home improvement project.
  • “Before You Dive Into Swimming Pool Construction” – A common sense guide to responsibly managing your pool construction project.
  • “Tips for Hiring a Roofing Contractor” – A pamphlet outlining the basics on repairing vs. replacing your roof and how to handle the project effectively.
  • “10 Tips For Making Sure Your Contractor Measures Up” – A quick reference produced in multiple languages.
  • “Choosing the Right Landscaper” – A brochure outlining the steps to take before hiring a landscape contractor.

Read the rest of this entry »

What is a Rollover IRA?

Date October 11, 2016

Leaving your job? Take your retirement account with you.

When you retire or change jobs, you have lots of decisions to make. One of the most important is: what will you do with your retirement account?

Basically, you have four choices:

  1. Leave the money where it is (probably not your best option). Your investment choices may be limited, and you may be over-weighted in company stock. If you switch jobs several times, you could end up with a hodge-podge of retirement accounts that are hard to keep track of.
  2. Arrange an indirect rollover (not a good idea). In an indirect rollover, you take the money out of the account, minus 20% for tax withholding. You have 60 days to establish a new account. But there’s a catch. You have to contribute the entire original amount, making up the 20% difference from your own pocket. You’ll recover the 20% at tax time, but handling a rollover this way is complex and a bit risky.
  3. Cash out your account (really bad idea). You will probably have to pay taxes and penalties, and you’ll lose out on future tax-deferred earnings. It may be tempting to take the money and run. But we’ve got three words of advice: don’t do it.
  4. See us for a rollover IRA (now you’re talking!). Most financial institutions that offer IRAs (like MCCU!) can arrange a direct rollover into a Traditional IRA. It’s simple, flexible and convenient. Your money will be safe and sound at a financial institution you know you can trust. And if you prefer a Roth IRA, we’ll convert it for you. No problem.


For more information simply call MCCU at 818.993.6328 or stop by one of our branches.

We will be happy to evaluate your current situation and arrange the accounts you need.


Start Your Kids on the Right Financial Path!

Date October 7, 2016

 alt=Financial literacy is important. Not just for adults – but especially for our kids. We want them to grow up to be financially smart and stable humans, who never have to worry about money. If we can teach them the skills to save and manage their money wisely now, we, as parents and grandparents, can have peace of mind knowing they will make smart money decisions throughout their lives.

MCCU ‘s Kids Club accounts – Little $avers and Teen $avers – are designed to teach your kids the importance of saving and how to use their credit union! Plus, we waive the membership fee for Kids Club accounts!

Read the rest of this entry »

Tired of Too Many Unwanted Solicitations?

Date October 5, 2016

It’s dinnertime and the phone rings. You get up, answer the phone, and it’s a representative from the local phone company (not yours) trying to upsell you long-distance services. Or are you getting a ton of unwanted scam or sales calls to your cell phone (p.s. the IRS will never call you if you owe money and threaten to have you arrested)? How many times has this happened to you?

Unfortunately, when you buy a home, or even subscribe to a magazine, you are put on a list that is either public information, or is sold to hundreds, even thousands, of solicitors. There is a way that you can put a stop to unwanted solicitations made by phone, mail and e-mail. Either call or go online to the agencies below to opt-out of these solicitations. Once you register, you will be removed from solicitation listings. Be sure to keep these numbers for reference since renewal times may vary. E-mail lists are good for a year, credit bureau lists are good for two years, and telemarketing lists are good for five years.


Or go to www.donotcall.gov


Credit Bureaus

1-888-5OPTOUT (567-8688)




Exclusive Savings for Credit Union Members!

Date October 3, 2016






Love your savings.
Everyone is looking for ways to save money, and that’s just what Love My Credit Union Rewards is all about.

Matadors Community Credit Union is excited to offer you exclusive discounts and benefits on products and services you use every day. Credit union members have already saved over $1.6 billion with Love My Credit Union Rewards discounts. So along with lower loan rates and fewer fees, here’s another way you can save even more.

  • Receive a 10% discount (business members a 15% discount) on select regularly priced Sprint monthly data service. Valid in conjunction with other credit union and most Sprint National handset offers and promotions
  • Get safety and security of roadside assistance and more for less than $1 per week* with CU Road Pal.
  • Save up to $15 on TurboTax Federal tax products
  • Save on services for your home from ADT, DIRECTV, Allied, and more
  • Earn cash back when you shop at over 1,500 online retailers with Love to Shop

The more offers you take advantage of, the more you save. Start saving today at LoveMyCreditUnion.org.


*Based on individual roadside assistance plan

Go Green and Earn Green with eStatements!

Date October 1, 2016

 alt=Want to earn an easy $10? Sign up for eStatements at MCCU!

Are you tired of checking your mailbox and finding nothing but bills, junk mail, and statements from your bank or credit union, your mortgage lender and your investment firm?

Is your mailbox locked? Can anyone access it? Identity thieves will go to great lengths to steal your personal information in an attempt to commit identity theft. One such method is to steal bills and statements from your mailbox. There is a way to prevent this from happening, aside from getting a lock on your mailbox.

Read the rest of this entry »

The Benefit of Opening a Health Savings Account

Date September 28, 2016

If you are on a High Deductible Health Plan¹, you may want to consider opening a Health Savings Account (HSA) at MCCU!

A HSA offers a way to set aside funds to pay for your (and your family’s) medical expenses. HSAs provide you with tax savings², and annual contributions (much like an IRA) may reduce your taxable income. Plus, your qualified distributions for medical expenses are never taxed. The money you set aside in your HSA grows tax-deferred until age 65, when funds can be withdrawn for any non-medical purpose (taxes may apply) or tax-free when used for medical expenses.

MCCU’s Health Savings Account features:

• $100 minimum balance to open and earn interest
• No set-up or annual fees
• Unlimited check writing
• Free MasterMoney™ Check Card
• Free Online & Mobile Banking
• Monthly statement

Visit us online for more information on MCCU’s Health Savings Account such as eligibility, contribution limits and more


¹ A HDHP is a medical insurance plan with a deductible of at least $1,300 for single coverage (account owner only) with a maximum out-of-pocket cap of $6,550; or a deductible of at least $2,600 for family coverage with a maximum out-of-pocket cap of $13,100. Contribution limits for HSAs are $3,350 for individual coverage and $6,750 for family coverage. If you are age 55 or older, you may make catch-up contributions of $1,000 per year. You must meet your deductible before the insurance policy provides coverage except for preventative care. Disclaimer: Our intent is for this information to be correct and accurate; however, the information is provided “as is” without warranty of any kind, either expressed or implied.
² Check with your tax advisor.

College Students: Be Smart About Credit Cards

Date September 26, 2016

 alt=Each year when school sessions start, credit card companies start hitting student mailboxes with multiple credit card offers.  Unfortunately, many students accept these tempting offers, use the cards enthusiastically, and then find themselves – even before they graduate – way over their heads in debt.  A recent survey of undergrads reported these startling numbers:

  • The average number of credit cards per student is 3.2
  • The average credit card debt per student is $1,843
  • 9% have credit card debt between $3,000 and $7,000

Read the rest of this entry »

5 Tips for Getting the Most Out of Your Rewards Credit Card

Date September 23, 2016

One of the best things about choosing to use a rewards credit card for your day-to-day spending is the points, miles or cash back you can earn every time you swipe. But it can be tricky. To make sure you’re getting the most out of your card, take a look at the tips below.

1. Pick a card that offers rewards you’ll actually use

It’s easy to get caught up in the excitement around a new card that’s just hit the market. But before you apply, consider whether the card comes with a rewards program that actually fits your lifestyle. Otherwise, you might get stuck with a bunch of points or miles that you’ll never redeem — something that happens to 1 in 5 consumers, according to NerdWallet’s research on reward cards.

Doing some digging upfront to find a card that will be valuable to you is the key to ensuring you’ll get the most out of your plastic.

Read the rest of this entry »

%d bloggers like this: