Everybody knows how difficult times have become, with the global recession and all. That is why it becomes more essential than ever before to manage your finances well. Union members of the Michigan Tech Employees Federal Credit Union are so lucky to be given the opportunity to avail themselves of a full range of financial services that are so light to the pocket.
 
A credit union, to begin with, is a cooperative of members who want to help each other financially. It is a not-for-profit organization wherein members pool their resources together so that money can be lent to those members who are in need of financial assistance. Any income derived from the activity is then shared among the members in the form of dividend.
 
There are a variety of loan options for MTE FCU members. Fixed Mortgage Loans, which come in 10, 20 or 30 years term, have a fixed interest rate all throughout the loan period. They are recommended if you don’t expect your income to significantly increase for the next few years or so and if you intend to live in that house for at least 10 years.
 
There are also other forms of home loans, car loans, and personal loans depending on your needs. If you are not sure what’s right and best for you, you may want to try to consult a loan consultant of the union.
 
You can also open a Savings Account with the union. The Scottie Savers Account is designed for young members below the age of 12. The account earns dividends when you have at least $5 balance. The Teen Savers Account is a great choice for teenagers between 13 and 17 years old. This special account also earns dividends on a minimum balance of $5. Besides that, it helps kids understand the value of money and saving. If you are planning for retirement, the IRA or the Individual Retirement Account, can help you prepare for your golden years. This account comes in two types, the Roth IRA and the Coverdell Education Savings Account IRA. The Roth IRA type of account is a flexible option that not only helps you with your retirement but also with your first-time home purchase. The Coverdell Education Savings Account IRA on the other hand is a special account designed for the education expenses of your child. Earnings and withdrawals are both tax-free when used solely for education expenses.
 
THE MTE FCU Credit Card is not unlike other credit cards in the sense that it offers affordable fixed rates. The Classic VISA Card has a fixed rate of 12.9%, while its Platinum VISA Card’s rate is only 9.9%. The Platinum VISA Card provides special privileges in the form of bonus points, concierge service and travel accident insurance.
 
The credit union is also proud to offer a number of insurance products, specifically life and disability insurance.
 
The Michigan Tech Employees Federal Credit Union began its operation in 1952. It now serves 8,500 members; it has accumulated assets of over $45 million.

Find detailed consumer information for MICHIGAN TECH EMPLOYEES Federal Credit Union