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October 2023 eNews

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DEPOSIT RATES

What is a No-Penalty Certificate of Deposit?

A No-Penalty Certificate of Deposit doesn't charge a withdrawal penalty for money taken out before the CD term expires. This provides flexibility and convenience for those looking for short-term investments in a secure way. Like traditional CDs, No-Penalty CDs are fixed-rate accounts over a specified time period.

How does a No-Penalty Certificate of Deposit work?

A No-Penalty Certificate of Deposit functions just like a regular CD, with the main difference being that there is no Early Withdrawal Penalty. Toro Credit Union is currently offering a 4.50% APY* Certificate of Deposit with a ONE-TIME PENALTY FREE withdrawal if you need to withdraw funds once during the six-month term. The greatest benefit of No-Penalty CDs is not having to worry about fees when or if you need to withdraw funds from your account during the term.

How do I invest in a No-Penalty Certificate of Deposit?

Login to It'sME247 Online Banking
Click "New Accounts"
Click "See Available Certificates"
Click "Purchase Online" on the same line as the type of certificate you wish to purchase.

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for Same Day Loan Funding

Set up direct deposit this month so that you can get your loan funds the same day the loan is approved!

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NEW - Medicare Advisory Service

We're thrilled to announce our exciting new partnership with TruLync Medicare Advisors for our Minnesota members! When it comes to Medicare, having choices is crucial, especially if you or a loved one is transitioning to Medicare soon or planning for retirement. With TruLync's expert guidance, you don't have to navigate the complex world of Medicare alone. Whether it's understanding hospital stays, doctor visits, Medicare Advantage, or prescription drug coverage, we're here to provide you with tailored solutions to meet your unique needs. TruLync can offer you Medicare plans from dozens of private insurance companies, guaranteeing you get the plan that may be best for you.

Contact David Brown, Licensed Insurance Agent, to get answers to all your Medicare questions today.

David Brown

Licensed Insurance Agent

612-345-2798 (TTY: 711)

dbrown@mncun.org

Email David Brown

Disclaimer: For Minnesota residents only. By calling this number, you agree to speak to a licensed insurance agent about Medicare products. Neither Medicare nor Medicaid has reviewed nor endorsed this information. We may not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY: 1-877-486-2048) to get information on all of your options. This is an advertisement.

Medicaid: Spotting the scams

During the pandemic, states had to keep people enrolled in Medicaid so they didn’t lose their insurance. Now that the health emergency declaration is over, that requirement has been phased out — which means people eligible for Medicaid have to re-enroll in their state’s program or find new insurance if they’re not eligible. So, where do the scams come in?

When big changes affect millions of people, scams will follow. That means people who’ve been on Medicaid — including people of modest means, children, older adults, pregnant women, and people with disabilities — will be targeted by health insurance scams. Here’s what to know:

Medicaid won’t charge you to renew or enroll. You may get a call, text, or email from your state Medicaid agency to renew your enrollment in your state’s program. But the real Medicaid program won’t ask for money or personal information like your credit card or bank account number. Learn more about eligibility for Medicaid in your state at Medicaid.gov (scroll down to find the link to your state’s Medicaid agency).

Visit HealthCare.gov to compare insurance plans, coverage, and prices. HealthCare.gov lets you compare prices on health insurance plans, check your eligibility for healthcare subsidies, and begin enrollment. HealthCare.gov will ask only for your monthly income and your age to give you a price quote. If anyone asks for your bank account or credit card number to give you a quote for health insurance, that’s a scam. Don’t do it.

Scammers try to sell you medical discount plans that are not major medical. Medical discount plans charge a monthly fee for supposed discounts on some medical services or products from a list of providers. They’re not a substitute for health insurance, though some plans do give actual discounts. But others just take your money for very little in return. If you’re considering one, find out if your doctor participates in the plan. Check what coverage it gives for major events. And be sure to get the plan’s details in writing before you sign up. If anyone pressures you to sign up quickly or insists you’ll miss out on a special deal, say, “no, thanks.”

If you think you’ve spotted a scam, tell your friends and family about it so they can protect themselves. Then tell the FTC at ReportFraud.ftc.gov and your state attorney general.