If you haven't yet subscribed to MCCU News, please click here to ensure you don't miss any issues!
Valuable information for our Members and the Community!
MCCU branches will be closed in observance of the following holidays:

  • Memorial Day - Monday, May 27
  • Independence Day - Thursday, July 4

Click here for a complete list of 2019 holiday branch closures.
young-cellphone-man.jpg
Download our
 New Mobile App!

We are excited to roll out our new new mobile banking app! The new app is now available in the App Store and Google Play.

Not only does the app have a new, sharp look, you'll be able to:

  • Easily switch between your MCCU accounts
  • Pay bills and add new payees
  • Apply for a loan
  • Find one of our 5,000 Shared Branches or 30,000 no-fee ATMs while on the go
  • Block your ATM/Debit Card in the event it's lost or stolen
  • Customize what you see when you log in
  • And more!

The new app loads lightening fast and is so easy to use. You need to be enrolled in online banking before you can log in. You can even enroll on your phone at matadors.org.

If you're already using our current app, be sure to delete it once you've installed the new app. Your login information will be the same, but you'll need to set up Touch/Fingerprint ID if you use this feature.

Download the new mobile banking app today!

piggy bank with student loan written on it in black marker
Watch Out For Student Loan Scams

Scammers will try anything to fool college students into parting with their money. Don’t get hooked! Here’s what you need to know about three popular student loan scams.

1.) Student loan forgiveness scam
In this scam, a student loan debt company will contact you offering to forgive your student loan for a fee.
Sounds like a dream? Unfortunately, it’s more like a nightmare.

No student loan company would completely forgive your loan, even for a fee. You’ve just been targeted by a scam.

This scam attempts authenticity by sounding like Public Service Loan Forgiveness, a legitimate federal government program for public servants with federal student loans. If you fall for the scam, you’ll still need to pay off your loan, plus you’ll lose the money you shelled out for the “fee.”

2) Student loan consolidation scam
In this scenario, a student loan company will promise to consolidate your loans and lower your monthly payments, all for a fee.

FOMO: Do You Live For Now or for the Future?
volleyball_friends.jpg
Do you suffer from FOMO (Fear of Missing Out)? It’s that sensation in the back of your mind that makes you go out even when you’re tired. It’s the reason you go to the concert featuring that band you don’t even like that much because your friends are going.
How much influence does this fear have on today’s millennials? A recent Eventbrite survey found that 78% of millennials prefer to “invest in experiences instead of things.” Seventy percent cited FOMO by name as a motivator for their financial decisions. But seeking out adventures, rather than investing in your future, has consequences. Let’s look at three ways you can use the Fear Of Missing Out to feed your financial future – rather than your financial fears.

1.) FOMO on retirement
Road tripping with friends across the country could produce some priceless memories. What could be even more priceless, though, is getting to take that trip with your spouse and family once you’ve retired. Cutting your travel budget now and putting the extra into an IRA is a great way to balance both.

2.) FOMO on homeownership
The biggest difference in wealth for older generations is time in homeownership . If you’re renting, your housing money goes out the window each month. You don’t build equity, and you have to keep making that payment as long as you live there. With a mortgage, the money you pay each month stays with you as you build equity. Once you pay the mortgage off, your housing costs plummet.

Those opportunities may seem distant if you’re burdened by student loans and credit card debt. Getting out of debt is the best way to ensure you can qualify for and pay a mortgage. That means cutting spending now and committing to paying off loans and credit cards with any extra money.

3.) FOMO on financial security
Fifty-eight percent of millennials live paycheck to paycheck. That’s a stressful life. The constant worry over making rent and paying for basics can contribute to stress and lower quality of life. It’s an experience, frankly, that’s not much fun. Many millennials see this constant scramble as emblematic of their generation’s lifestyle, but it doesn’t have to be that way.

Setting aside money in an emergency fund can help you escape that cycle. A few hundred dollars in a savings account can provide a great deal of peace of mind. It’s a tremendous comfort to know that, even if an unexpected expense crops up, you’ve got rent and other basics covered.

Financial security is an experience just like going to a live show or a craft beer festival. The difference is that it’s an ongoing, long-lasting one. There is no closing time, and there is no last call. Being secure in your finances will never leave you with a hangover or ringing ears the next morning. It will make it easier to have the kind of experiences you want.

If you’re interested in your financial future, get in touch with us today! Our friendly, knowledgeable staff can help you get started with planning for homeownership or retirement. Any great experience, whether it’s living debt-free or retiring early, can be a little easier when you get help from your credit union.