The Difference Between a Traditional 401(k) and a Roth 401(k)

Date July 13, 2015

An employer-sponsored 401(k) plan is often one of the most valuable parts of a job’s benefits package. Although free snacks and a generous vacation policy are great, making regular contributions to a retirement account can help ensure that your golden years are financially comfortable.

That’s what makes it so important to understand the ins and outs of these savings tools, including knowing the difference between traditional and Roth 401(k) plans. Here’s a look at the features that make each one unique, and how you might be able to take advantage of both.

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How Do I Move My Checking Account to Matadors Community Credit Union?

Date July 1, 2015

 alt=I’ve recently had quite a few people ask me:

“How do I move my checking account from Citibank (or any financial institution) to Matadors Community Credit Union (MCCU)?”

My answer: “It’s more simple than you think.”

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3 Benefits of Paying More Than the Minimum on Your Credit Card

Date June 24, 2015


It’s the end of the month, and your credit card bill just hit your inbox or slid through the mail slot. Where do you look first? If you focus on the smallest number on there — the minimum payment — you’re off to a good start. Making your minimum payment on time is absolutely crucial to keeping your FICO score intact and avoiding late fees.

But there are also good reasons for paying more than the minimum whenever you can.

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Vote MCCU Best Credit Union for 2015 in the Daily News Reader’s Choice Awards!

Date June 4, 2015

 alt= The Los Angeles Daily News is holding their annual Reader’s Choice Awards! MCCU has won for six years, most recently in 2014, and we want to win again!

We have been serving the San Fernando Valley and beyond since 1963 and are proud of our financially healthy and safe and sound credit union. We were awarded a 5-star rating – the highest rating available – by Bauer Financial!

Please vote for us by clicking this link, and go to the Goods & Services category. Scroll down to Credit Unions and type in “Matadors Community Credit Union”! You can vote for your favorite restaurant, school, florist and more while you’re there. Let your voice be heard and vote for all your San Fernando Valley favorites!

You have until Friday, June 26th to vote!

We thank you in advance and please tell your friends and family to vote too!

Click to Vote for Matadors Community Credit Union and all your other favorites today!

Refinancing Auto Loans 101

Date May 28, 2015

If you’re paying too much in interest for your car or truck loan, refinancing could be a great way to save some serious dough. Interest rates for vehicle loans may have dropped since you financed your auto. Or maybe you’ve improved your credit score, which could qualify you for a lower rate. Either way, it could be worth hundreds of dollars in savings to get a new auto loan to replace your current one.

The process is fairly simple. You’ll need to contact your current lender to get your loan’s payoff information. Then, you can apply for financing from a new lender that offers a lower interest rate. You’ll typically be asked to provide recent account statements, W-2s or other proof of income, and give permission for the lender to run a credit check. You can usually receive a response within a day. Once approved, the funds can be sent to pay off your existing loan, and the title would be transferred to the new lender.

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Free Shred Event in Granada Hills May 30th

Date May 19, 2015

Crimes Stoppers, NIX, Neighborhood Lending, Target and Devonshire LAPD will be hosting a FREE Shred It Event!

 

 

When: Saturday, May 30th from 9:00am – 1:00pm

Where: Target – 11133 Balboa Blvd. in Granada Hills

Bring all your unwanted personal documents to their on-site mobile shredding trucks. Last pick up will be 12:45 PM.

So start your Spring clean up and get rid of those unwanted documents for FREE.

6 Tips to Keep Your Accounts Secure and Prevent Fraud

Date May 12, 2015

With data breaches affecting retailers and even health insurers like Anthem, you might be worried about the safety of your financial information. Fortunately, you can take several steps to protect yourself from fraud, including the following.

 

 

  1. Keep passwords strong and private

Usernames and passwords act as the front doors to your online accounts: If you have simple locks, it’s easier to break in. A simple word or phrase as a user name or password might be easier to remember, but ones with upper-case letters, numbers, symbols and at least 10 characters are safer. Also, refrain from sharing your logon information with anyone, and change this information every few months.

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Should I Use a Credit Card or a HELOC for Emergency Home Repairs?

Date May 5, 2015

It’s a scenario homeowners know all too well: Just as money is getting a little tight, something goes wrong. Maybe the air conditioning breaks down in the dog days of summer, or a pipe bursts or the roof starts leaking. If you need to repair your home, you have two choices for financing the job: a credit card or a home equity line of credit. We’ll help you decide which would best fit your situation.

The benefits of using a HELOC

Like a credit card, a HELOC is a revolving line of credit, meaning that you can borrow (and pay interest on) only what you need. Unlike a credit card, however, it’s backed by an asset — your house — so its interest rate is pretty low. The advantage of using a HELOC is that it can be cheaper than using a credit card. If you can qualify for a HELOC, it can be a low-cost way to fund home repairs, and you might be able to get a tax deduction for it (ask your tax advisor).

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How to Save for a Summer Vacation

Date April 8, 2015

Nothing pops the post-vacation happiness bubble like receiving your credit card bill and realizing it will take you months to pay off the trip. This year, start saving ahead of time so your summer vacation won’t cause more stress than it relieves.

Here are some strategies to consider.

Make an annual budget

Sit down and figure out your annual travel needs, from visiting distant relatives to taking a weekend trip, or taking a longer vacation out of state or even out of the country. It’s not unusual for families to spend 3% to 4% of their annual income on travel, but the final figure will depend on your other expenses, whether you have children and whether you live close to your immediate family. Once you have an estimate of how much you want to spend annually, you can begin making a savings plan.

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MCCU Chosen as Councilman Mitchell Englander’s Business of the Month!

Date March 13, 2015

Find out more about MCCU!

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