The NCUA insured Tremont credit union is a member-owned full service financial institution. Since 1952 it has served members and businesses throughout the greater Boston Metro area, who benefit from dividend payouts when it does well, and are entitled to membership for life. Deposits backed by the National Credit Union Administration are covered up to $250,000. Their depositor’s funds in excess of this amount are covered by the MSIC, a Massachusetts insurer.
Benefits
For residents and employers of Braintree Massachusetts and surrounding counties, the Tremont branches offer a wide array of services including financial management assistance, savings and loan products. Employers find it beneficial to offer membership to employees so they can take advantage of the discounted interest rates, dividend payouts, and being part of a cooperative with their best interests in mind.
Major employers utilizing Tremont banking services include Boston Children’s Hospital, Iron Worker Local 7, Amtrak, and the Dana-Farber Cancer Institute. Their employees take advantage of the following services free of charge:
-Home banking through the internet
-No charge checking regardless of the balance
-Branches located throughout the Boston Metro area
-Direct deposit
-The capability of paying bills online
-Free financial advice
A company is designated a TCU SEG, or ‘select employee group’ when it offers membership benefits to their employees and their families, and it costs nothing to implement. Individual workers can apply for membership outside of their employer and receive the same benefits however.
Products and Services
Convenient locations of multiple no-surcharge atm’s is a benefit of many credit unions, and Tremont CU makes it easy to locate one with an iPhone. The downloaded application is free and finds an ATM located closest to the current location or by a specified address. TCU also offers a location service through text messaging or by downloading a database to a GPS. More than 28,000 ATM’s are available nationwide.
To help members save for vacation or the holidays, the Vacation and Christmas clubs are an ideal solution. Deposits are automatically deducted from paychecks, sent in by mail, or made in person. A vacation club account only allows four withdrawals annually, keeping the money safe for its intended use. The Christmas club account is similar, and funds may only be withdrawn during October, when they are transferred to a liquid savings.
Other products include auto and home loans, recreation vehicle and boat loans, and interest rates are generally competitive. One big advantage to borrowing from tremont credit unions is the absence of early repayment penalties common with traditional lending institutions. Convenient payment methods through mail, in-person, or by automatic payroll deduction are available.
Personal and vacation lending is another service offered at TCU. While personal notes typically have short term repayment schedules, borrowing the money for a vacation or emergency expense from a credit union has two common advantages. The first is extended repayment periods as long as five years; the second is a fixed interest rate much lower than what an individual would be charged from a payday lender.
Banking through a credit union like Tremont offers personal service with a sense of community, while providing quality discounted financial products.
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