Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Countys schools transfer summer pay program to CU
ROCKVILLE, Md. (4/14/09)--Montgomery County (Md.) Public Schools (MCPS) will move its summer pay program, which allows employees to set money aside throughout the school year for summer expenses, to MCT FCU, Rockville, starting next school year, 2009-2010. "This will help the school system save money in administrative costs and enable MCPS employees to earn interest," said Sue DeGraba, MCPS chief financial officer (FOCUS Newsletter April 13). Funds saved through the program will be disbursed to the county schools' employees during the summer of 2010 in five equal payments on July 2, July 17, July 31, Aug. 14 and Aug. 28. The payment schedule mirrors the credit union's current summer pay program payout schedule, said the Maryland and District of Columbia Credit Union Association. MCT FCU's summer pay program is similar to the county schools' program in that it allows employees to deduct as much as they wish from each paycheck during the school year. However, MCT offers 2% annual percentage yield on all funds saved through its program, while the current MCPS program doesn't pay interest. Although the school district recommends its employees save through the credit union's program, employees have the option of making summer savings arrangement with any financial institution of their choice.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 day ago