St. Mary's CU Grows Income By 74%

St. Mary's CU Grows Income By 74%

There are 4 comments on the Http story from Apr 29, 2010, titled St. Mary's CU Grows Income By 74%. In it, Http reports that:

Marlborough-based St. Mary's Credit Union posted net income of $2.3 million for 2009, a 74 percent increase over the $1.3 million it reported the previous year.

Join the discussion below, or Read more at Http.

Of course they did

Hanson, MA

#1 Apr 29, 2010
While they give you 1% or 1.5% interest to hold your money, they charge you 5% or more to borrow money from them and charge you 18% for a credit card it's a win, lose situation. Guess who's the loser?

If you invest your money at 1% interest rate it will take 72 years to double and at 1.5% it will take 48 years to double your investment. Those poor saps who save their money at the credit union will be poor the rest of their life's.

Ask the credit union for a 12% ROR on your investment and see how long it will take the police to arrive. While you are there ask them to show you how to pay your house off quicker and pay less interest charges with a "simple interest" mortgage. They are required by law to offer them, but they don't offer, or advertise, them to the credit union members or the public. Why?
Carol Southworth LCU

Lunenburg, MA

#2 Apr 30, 2010
Credit unions and banks are the biggest rip-off, but people still use them? And the St. Mary's Credit Union is the worst. They should give discounts on loans for Catholics and Pediphiles!!!
Andrea

Nahant, MA

#3 May 13, 2010
Of course they did wrote:
While they give you 1% or 1.5% interest to hold your money, they charge you 5% or more to borrow money from them and charge you 18% for a credit card it's a win, lose situation. Guess who's the loser?
If you invest your money at 1% interest rate it will take 72 years to double and at 1.5% it will take 48 years to double your investment. Those poor saps who save their money at the credit union will be poor the rest of their life's.
Ask the credit union for a 12% ROR on your investment and see how long it will take the police to arrive. While you are there ask them to show you how to pay your house off quicker and pay less interest charges with a "simple interest" mortgage. They are required by law to offer them, but they don't offer, or advertise, them to the credit union members or the public. Why?
We have a Simple Interest loan on our house and we will pay the house off in 8 years. We were in a 30 year mortgage and owed 25 years on it. The credit union bugged us with a lower interest rate, but wanted to put us in a 30 year program again. You just end up paying more and more. Now the house will be paid off way before we retire and in the process saving us $135,000 in interest charges which we can invest instead. It's a great program.
Spencer

Clinton, MA

#6 Oct 13, 2010
@Andrea, I agree with you 100%. We had a thirty year Mortgage and paid it off in 10 years with a simple interest mortgage saving over $100,000 in interest charges and 20 years of payments. Our monthly mortgage was even less. Where did you get your loan, we got ours through Citicorp Trust, FSB and our Primerica Rep?

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