TERI ROBINSON, CEO, SHARES HER TOP TIPS
This summer, our CEO Teri Robinson joined Russel Clayson on The Ironworker Podcast to share the history of Ironworkers USA Federal Credit Union, what we’ve learned from our experiences working with members, how we treat our members, and what members can expect working with us. Teri also shares her wealth of financial knowledge, tips, and tricks to help you learn to budget and save for the future. Whether you’re a longtime member or new to us, this is an episode you won’t want
to miss. Listen to this episode at buzzsprout.com/1901413/ episodes/15222631 or scan the QR Code. Below we share a few of Teri’s top tips.
WE LISTEN
We’re here to help, we always have been. We take pride in being your go-to for all things related to money, and want to help. We know that many ironworkers don’t have a bank account due to the nature of the work they do, traveling for jobs across the country. That makes it hard to save and to establish credit. We take the time to understand your unique situation and help you establish a realistic financial plan.
“My staff is trained in talking to people about a budget if that’s what they want to seriously do,” said Teri. “We’re here to listen and hopefully give you a better way to work financially.” Give us a call at 877-769-4766 to get started, and you can expect no judgment, just support. Learn how to open a checking account, how much to save, how to build credit, what loans are right for you, and get on the road to financial success.
A BETTER WAY TO SAVE
Regular savings accounts offer minimal returns, meaning you won’t make as much on them in interest payments. But our Certificates of Deposit (CDs) offer a better option if you have money you can set aside for a few months or years to allow it to grow. It’s a great way to let your money work for you!
Teri explains, “Where we have our better rates right now are in our certificates.” You can choose from three to 60-month terms and get higher interest rates than a standard savings account. CDs require a minimum deposit of $100 and have rates between 1.00-4.00% APY. When you lock in your funds for a specific term, you secure that return interest rate and can withdraw your money, plus earned interest at the end of the term.
Don’t worry; even if your money is in the CD for a term, you can still access it in an emergency. If you withdraw funds early, you just lose the interest earned over the first three months, but your principal (the money you put into it) remains untouched.
RETIREMENT FOR EVERYONE
Many ironworkers plan on using their annuity and pension for retirement, but there’s another opportunity for saving and that’s in an Individual Retirement Account (IRA). Teri explains there are different types of Individual Retirement Accounts (IRAs) depending on your financial goals.
“We have a Roth IRA, the traditional IRA, and then the educational IRA,” said Teri. Roth IRAs offer tax-free withdrawals in retirement, while Traditional IRAs provide tax-deferred growth, allowing you to save money for retirement in a tax-advantaged way. Education IRAs help you save for a child’s education. When you open an IRA with a $100 minimum balance, you’ll earn a competitive rate on your account.
It’s important to remember IRA funds are for long-term investment, and early withdrawals may incur penalties. You can make deposits manually or set up automatic transfers to help you reach your goals. We’re here to help you choose the right plan based on your budget and future plans.
WE LOOK OUT FOR YOU
Unlike many banks, we exclusively offer loans to ironworkers and their families. We take the time to understand your unique circumstances and make sure you get the right help at the right rate. Predatory lenders, on the other hand, exploit vulnerable individuals with high interest rates of 24% to 36% and deceptive practices. These lenders often charge hidden fees & tough terms, causing long-term financial strain that’s hard to recover from.
“If you really look at what you’re paying those guys, you’ll see why they’re called the predatory lender for a reason,” said Teri.
We look at the big picture and are dedicated to offering fair
and supportive lending options, protecting our members from such practices, and ensuring they receive the help they need at favorable rates. Many members are surprised at their credit score and the loans they can get through us.
ALL IN THE FAMILY
Did you know our membership is available across the US, and family members are welcome to join? All you need to do is refer them to us! Teri explains with a simple $5 minimum deposit, family members can open a savings account and access not only our personalized customer service, but also checking accounts, savings certificates, loans, and credit accounts.
Invite your loved ones to become a member of our credit union family because together, we are stronger!
