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APR

Auto Loans

2.74%

First Mortgage

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Home Equity

Line of Credit

3.25% ‡

Personal Unsecured

Loans

10.90%


† Annual Percentage Rate
APR is Variable Tied to

   WSJ Prime (3.25%).

 

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Luso American Credit Union Holds Fourth Annual

Free “Shred Day” October 17th
October 5, 2015 – Peabody MA

 

Luso American Credit Union will hold their fourth annual community Shred Day on Saturday, October 17th at the Credit Union’s branches in Peabody: at 37 Tremont Street from 9am until 11am; and at 79 Lynnfield Street from 11:15am until 1:00pm.

Luso American Credit Union Manager Ivone Silva said, “Shred Day is a great way to securely dispose of personal documents like invoices, tax returns, financial statements and paycheck stubs to guard against ID theft, a major problem throughout the country. Luso American’s board of directors, management and staff are committed to assist, not only the Credit Union’s members, but the community as a whole. We invite our members and the local community to take advantage of the free Shred Day events at our two branches.”

The Shred King Company will provide the efficient and confidential destruction of information with their mobile shredding truck on site. Peabody residents are asked to bring their important documents to the Credit Union branches during the event. No 3-ring binders or hanging files are allowed. Containers will be returned to those taking advantage of this free service.

In 2014, identity theft continued to top the Federal Trade Commission’s (FTC) national ranking of consumer complaints, putting it at the top of the list for the 15th consecutive year. Identity theft occurs when someone uses personal identifying information, like name, Social Security number, or credit card number, without permission, to commit fraud or other crimes. Shredding personal documents is one of the best ways to combat ID Fraud.

 

 

Luso American Credit Union Holds New Branch Grand Opening January 20
January 12, 2015 – Peabody, MA

 

Luso American Credit Union will hold the grand opening of its new branch at 79 Lynnfield Street (CVS Plaza) in Peabody on Tuesday, January 20. Local officials, including Mayor Edward Bettencourt, Credit Union officers and Board Members including, Sergio M. Costa, Credit Union President will participate in a ribbon cutting ceremony at 3:30 p.m. Refreshments will be served. The Credit Union will hold daily gift card raffles through February 3 and weekly grand prize drawings through February 17. Additionally, a special interest rate will be available on NOW checking accounts for new members; those interested can learn details at the branch.
 

The new 79 Lynnfield Street branch will be Luso’s second location and will expand the Credit Union’s services, offering members another convenient option for banking in Peabody. Luso American Credit Union Manager Ivone Silva said, “We look forward to the new branch and the opportunities it will give us to better serve our members. Now, our many members that live or work in that part of town have a more convenient branch for all their banking needs. We also welcome new members from the area and look forward to providing them with the personalized service that our existing members are already accustomed to.”
 

 

Luso American Credit Union Holds Third Annual “Shred Day” September 13th
September 4, 2014 - Peabody, MA

 

Luso American Credit Union will hold their third annual community Shred Day on Saturday, September 13th from 9:00 am until 11:00 am. The free event will be held at the Credit Union located at 37 Tremont Street in Peabody.

Luso American Credit Union Manager Ivone Silva said, “ID theft is a major problem throughout the country. Shred Day is a great way to securely dispose of personal documents like invoices, tax returns, financial statements and paycheck stubs to guard against ID theft. Luso American’s board of directors, management and staff are committed to assist, not only the Credit Union’s members, but the community as a whole. We hope our members and the local community will take advantage of our free Shred Day event.”

Shred-It company provides the efficient and confidential destruction of information with their mobile shredding truck on site. Peabody residents are asked to bring their important documents to the Credit Union during the event. No 3-ring binders or hanging files are allowed. Containers will be returned to those taking advantage of this free service.

Identity theft continues to top the Federal Trade Commission’s (FTC) national ranking of consumer complaints. According to the FTC, American consumers reported losing over $1.6 billion to fraud in 2013. Identity theft occurs when someone uses personal identifying information, like name, Social Security number, or credit card number, without permission, to commit fraud or other crimes. Shredding personal documents is one of the best ways to combat ID Fraud.

 

 

6th Annual Scholarship Awarded!
June, 2014 - Peabody, MA

 

Luso American Credit Union awarded $1,000 scholarships to four of our young members, Erico Cordeiro, Chelsea Rowe, Yaritza Sanchez and Matthew Connelly.

 

 

Pictured are from left to right: Erico Cordeiro, recipient, Chelsea Rowe, recipient, Alfonso Barcamonte, Vice-Chairman

and Scholarship Committee Chairman, Yaritza Sanchez, recipient, Sergio M. Costa, Chairman of the Board,

Marlene Faria and David Connelly accepting for their son, Matthew Connelly, recipient.

 

 

Luso American Credit Union Launches New Youth Account

June 6, 2012 - Peabody, MA

 

Luso American Credit Union has launched a new youth account for members of the Credit Union.
 

Credit Union Manager Ivone Silva said, “Today’s youth will soon lead our community’s future, and that’s why we are looking to offer solutions to help teach them good money management. Our new youth account provides a hands-on way to teach financial responsibility. We are helping them develop a habit of saving.”

Luso American Credit Union has created the Luso Super Savers account for ages 5-18. This account offers young members the following features:

· $25 opening deposit
· $25 minimum balance
· Dividends compound monthly
· Pays 2% interest up to $1,000 or 18 years of age
· Eligible age: ages 5-18

When the member exceeds $1,000 or becomes 18, the account will convert to a regular savings account. Each qualifying member can only have one Super Saver Account.

The Credit Union will hold a special Youth Week at the Peabody branch from June 18 through the 23 to mark the launch of the new product. A free gift will be awarded to every young member who opens a new Luso Super Savers Account. Refreshments will be served in the branch all week long.

Silva said, “Gen Y is one of the fastest growing segments in financial services and what is even more interesting, is that they bank online and rarely, if ever, go into a branch. As this generation matures, it’s going to change the face of financial services and financial institutions need to be ready.”

Luso American will also be releasing Mobile Banking to their membership this summer.
 


Save Big Money on Home and Car Loans
Go to Credit Union for Auto Financing
By ELISABETH LEAMY, ABC News Consumer Correspondent, June 28, 2010

This week I shot another one of my savings makeovers based on the strategies in my book SAVE BIG. For this makeover, I worked with the McGraw Hill Federal Credit Union to help a New Jersey family save big money on their home loan and their car loan. I was once again reminded what phenomenal resources credit unions are. In fact, if you are in the market for a car, you have GOT to find a way to join a credit union, if you're not already a member. You can find one you are eligible for at www.findacreditunion.com.
Credit union auto financing is generally such a great deal that I'm going to issue a rule here: never shop for a used car at a dealership without first getting outside financing quotes, especially from a credit union. The loan is one more factor the dealership can play around with in the messy math equation of buying a car. The process is torturous enough. Don't add to the angst.
When I checked car loan rates at a credit union and some other non-dealer sources, here's what I found: Car Loan Interest Rates from Different Sources:

My credit union: 4.25% A small bank in my area: 7% Online Quote: 9.14% Bank where I have my checking account: 11.22%
As you can see, by shopping around for an auto loan, I found a low interest rate of 4.25 percent at the credit union, almost a third the size of the highest quote of 11.22 percent. Now let's see how that helps us SAVE BIG on a $25,000 car loan, the national average.

24-month, $25,000 Auto Loan:The rate at the Bank was 11.22%. The amount owed? $28,032. But at the credit union at a rate of 4.25% the amount owed is $26,112. BIG SAVINGS= $1,920

There you have it. Close to $2,000 in savings achieved through half an hour's worth of work comparing interest rates. I love it when such a small effort yields such BIG SAVINGS!
 



Auto Finance Tips - Refinancing Your Car Loan
By Philip Reed, Senior Consumer Advice Editor


As interest rates drop, people's thoughts turn to refinancing — refinancing their home loan, that is. What they don't know is that refinancing an auto loan is easier to do, and it can save you some serious money.

How much? Say you bought a new car six months ago. And say there were a few dings on your credit so the dealer told you that your auto loan would be 11 percent on a five-year loan for a $23,000 car. Your monthly payments are $500.

Now let's say that you surf the Web until you find a company that offers auto refinancing. You could refinance the balance of your car loan and lower your payments to about $400 a month. That's a savings of nearly $6,000 over the life of the loan.

Other examples could well be more dramatic. In some cases, a new-car buyer could wind up with an auto loan based on an 18-percent interest rate. By refinancing at a competitive rate, the monthly payments would be slashed, and all it takes is about 10 minutes to fill out the application.
 


CU Efficiencies Drive Dividends
By Marygrace Murphy, 15 July 2009, Credit Union Times


Credit unions often differentiate themselves from banks by offering year-end bonus dividends to members. A number of credit unions are finding ways to operate more efficiently so that members can enjoy their portion of excess earnings this year.

Midland, MI-based Dow Chemical Employees' Credit Union returned $9 million in year-end rebates and rewards to members who used the credit union to borrow or save money in 2008. On the other hand, Las Vegas-based Clark County Credit Union is not expecting to offer a bonus dividend at the end of this year.

This news comes in marked contrast to CCCU's January announcement of a $2.9 million dividend for 2008, the ninth year in a row it had distributed such a dividend.
 



When Lender Says NO, Turn To CUs
By States News Service, 2 July 2009, Boston Globe

The following information was released by the Credit Union National Association -CUNA:

Credit unions are a good alternative to traditional mortgage financing as credit markets overall have tightened up, the Boston Globe said in a Tuesday article.

Credit unions were listed as the No. 1 alternative of five options mentioned by the newspaper. "Unlike banks and mortgage companies that sell their loans on the secondary market, many credit unions actually keep the loans they make in their own portfolio," the article said.

"The secondary money market purchases bundles of loans from lenders. These loans must meet specific guidelines such as those set by [the Federal Housing Administration], Freddie Mac and/or Fannie Mae.

Once the primary lender sells the loan, the lender is now in the position to make another loan to a new borrower," the article said. Credit unions that don't sell the loan on the secondary money market can set their own loan requirements.