Massachusetts State Employees Credit Union
Credit union membership offers many benefits. Campus employees are able to join the Massachusetts State Employees Credit Union and become eligible for personal loans, used or new car loans, home improvement/home equity loans, money market savings, savings accounts, personal checking accounts, vacation and holiday club accounts, and secured loans. Contributions are made by direct deposit distribution. Services offered range from simple savings to home mortgage loans to IRAs. Banks, unlike Credit Unions, are in business to make a profit. Banks and savings and loans are owned by groups of stockholders whose interests include earning a healthy return on their investments. In credit unions, these profits are returned to the members in the form of high yield savings, low rate loans and other low or no-fee services.
The MSECU (Massachusetts State Employees Credit Union) was chartered in 1921 and was established to provide financial services to active and retired employees of the Commonwealth of Massachusetts. All current and retired employees of the various agencies, authorities, departments and districts of the Commonwealth are eligible to join, as are family members of all eligible persons.
A safe place to save: Your savings and investments are insured by the National Credit Union Administration (NCUA), a united States Government Agency, for up to $100,000. In addition, any amount exceeding this is insured in full, up to legal limitations, by the Massachusetts Share Insurance Corporation (MISC).
For additional information about membership go to their website at mastatecu.org/ASP/home.asp. You can also call: 617.723.5555 or 800.700.7733.
Employees may also contribute to credit unions and other financial institutions by using one of up to ten direct deposit accounts in HR/CMS. For more information on payroll deposits contact your payroll administrator, Mary Ann Gachignard at 978.542.7026.