Join us for AllCom Member Appreciation Day, where we celebrate the
BEST members who make our community thrive!

Hot Dogs | Fun | Friends | Popcorn

WHEN:
Saturday, June 21, 2025
9 am – 1 pm

WHERE:
AllCom Credit Union
36 Park Ave, Worcester

*No purchase necessary to enter. Must be 18 years or older to enter, open to US entries only. AllCom staff, board members and affiliates are not eligible to enter. One entry per person. Entries must be submitted in-person 6/21/2025 by 12:45 pm. Winner will be announced 6/21/2025 by 1:00 pm and contacted via phone if no longer present at the event. Odds of winning is dependent upon number of completed entries received. AllCom Credit Union is not responsible for misdirected or incomplete entries. This giveaway is sponsored by AllCom Credit Union. For a full set of rules, please contact AllCom Credit Union at 36 Park Avenue, Worcester, MA 01609. VOID WHERE PROHIBITED BY LAW.

If you’re looking for a financial institution that feels more like a neighbor than a number, look no further than AllCom Credit Union. Located on Park Ave. in Worcester, AllCom is where members are known by name, not account number. You’ll always reach a real person when you call, not a recording.

With over 4,000 members and $80 million in assets, AllCom is one of the city’s best-kept secrets. Founded in 1922 to serve employees of the New England Telephone Company, we’ve proudly called Worcester home for more than 100 years. Since 1988, our branch on Park Ave – right across from Starbucks and New England Roast Beef – has been a neighborhood landmark.

But we’re more than just a building on Park Avenue – we’re part of the community. Over the years, we’ve proudly supported and participated in local events, school programs, and charitable initiatives. Whether it’s sponsoring local fundraisers or volunteering at community events, AllCom is woven into the fabric of Worcester life.

Thanks to investments in technology, our members enjoy the same conveniences as they would at a larger bank – from a convenient mobile app to a paperless loan application process – all backed by a team that truly cares.

“Credit Unions are owned by their members and at AllCom, our members come first,” says Laura Ybarra, President & CEO of AllCom since 2022. A Worcester native, Laura’s story is deeply tied to the Credit Union. She joined through a Worcester Public Schools school-to-work program at Doherty High School and has been with AllCom for over 27 years. Her journey from student intern to President/CEO reflects the values we hold dear: loyalty, community, and personal growth.

AllCom serves a broad local membership – from local telephone, gas, utility and postal service employees to individuals and families throughout Worcester County and parts of Middlesex County. If you live, work, or go to school in the area, you’re eligible to join our Credit Union family.

We may be smaller in size, but we think that’s part of our charm. With just one branch and a committed team, we offer a level of personalized service that’s not commonly found. “We carry the same products and offer the same services as larger Banks and Credit Unions,” says Ybarra. That includes standout offerings like The Rate Improver Mortgage, a 30-year fixed mortgage that allows members to lower their rate within 5 years as market rates drop, without refinancing fees.

And while we’re proud to be your local Credit Union, we’re here for you wherever life takes you. Through our partnership with the CO-OP Shared Branch Network, members can access account services at more than 5,600 Credit Unions nationwide. So whether you’re away at college, traveling out of state, or relocating, AllCom goes with you.

At AllCom Credit Union, we’re not just in your neighborhood – we’re part of it. Banking Made Better. Learn more at allcomcu.org.

To help prevent account takeover fraud, AllCom is introducing a new ID verification step at Shared Branch locations.

Starting May 1st, if you visit a Shared Branch and present an ID from a different state than the one you’re in, you’ll be asked to complete a quick, one-time verification using a QR code and passcode before making a withdrawal.

This extra layer of security ensures it’s really you accessing your account — not someone pretending to be.

HOW IT WORKS:

If you have any questions, please contact us at 888.754.9980 or email memberservices@allcomcu.org

Thank you for choosing AllCom Credit Union.

A line of credit and a credit card can both be great options for short-term financing. However, they’re not created equal. Check out a few key differences to help you decide which is best for your needs. 

A line of credit allows you to borrow money repeatedly. While all credit cards are connected to a line of credit, you can have a line of credit that is not associated with a credit card.

A credit card comes with a predetermined credit limit and requires minimum monthly payments on the money borrowed. If you carry a balance month to month, you may be subject to higher interest rates.   

A line of credit allows you to borrow up to a certain limit and repay with interest only on the amount you borrow. It usually offers a higher credit limit and a lower interest rate than a credit card. If you secure your line of credit against your home, with a HELOC (Home Equity Line of Credit), you will typically get a lower rate than a personal line of credit.

Below are basic differences between the two:

Line of Credit:

• Provides a revolving credit limit 
• Borrow up to the approved limit and repay  

• Gives you the freedom to borrow and repay on your own terms, providing greater flexibility in managing your finances 
• Generally offers higher credit limit compared to credit cards, providing greater access to funds for larger expenses or ongoing capital needs 

Credit Card:

• Comes with a predetermined credit limit. 
• Requires minimum monthly payments, and if you carry a balance, you may be subject to higher interest rates 

• Can be used for day-to-day expenses, such as office supplies, travel expenses, and online purchases. 

To put it simply, a line of credit may make more sense for ongoing or larger expenses, while credit cards are convenient for day-to-day expenses or regular purchases, and offer many perks, including points you can use for cash back. 

Inflation is an economic concept that is often discussed, yet frequently misunderstood. It is the sustained increase in the general price level of goods and services in an economy over a period of time. Inflation can have a significant impact on your financial goals, as it reduces the purchasing power of your money.  It is important to understand inflation and how it affects your financial goals.

Inflation basics

Inflation is the price increase of goods and services: more money is needed to buy the same goods (like a cheeseburger or a car) and services (like a haircut). Over time, the same amount of money—say $10—buys less and less. You’ve already experienced this in your lifetime—instead of paying $15 for a book like you did last year (or even a few months) ago, it costs $15.50 now. That’s inflation at work. Inflation affects the prices of pretty much everything in your budget.

There are four types of inflation that are named and categorized by their speed: creeping, walking, galloping, and hyperinflation. Beyond that, there are specific types of asset inflation and wage inflation, but we’ll stick to looking at the first four general types.

Creeping inflation is prices rising three percent or less a year. This mild inflation boosts demand and results in economic expansion as consumers expect a steady increase in costs and buy more now to avoid paying more later. Walking inflation is prices rising between three and ten percent in a year. This can be bad for the economy as consumers enter a buying frenzy where supply and wages can’t keep up. Common goods and services can become priced out of reach for most people. Galloping inflation is prices rising more than 10 percent. Money loses value so fast that the economy destabilizes. Finally, hyperinflation is prices rising 50 percent or more a month. This is rare and usually the result of government turmoil, war, etc.

The annual inflation rate for the United States was 4.0% for the 12 months ended May, according to U.S. Labor Department data published on June 13, 2023. 

How/why inflation happens

The Federal Reserve System (or just “the Fed”) is America’s central banking system. As dictated by Congress, the Fed has three main tasks: stabilize prices for Americans, create conditions that maximize employment rates, and moderate long-term interest rates. While the Fed has several tools and mechanisms to achieve these objectives, the one you probably hear about most is the fed funds rate.

The Fed requires that financial institutions hold a certain amount of capital in reserve at the end of every day, determined as a percentage of the total loans the bank or credit union has made. This reserve requirement prevents banks and credit unions from lending out every single dollar and not having enough cash on hand to start the next day.

At the end of every day, some financial institutions don’t have enough in reserve to meet the requirement, while others have much more than they need. To solve this problem, those with more than enough money in reserve will lend their extra Federal Reserve funds overnight to those that need it. The fed funds rate is the interest rate the banks and credit unions charge each other for this type of loan.

Raising the fed fund rate means the price of other goods like food and gasoline will stay low, and each paycheck should stretch further as inflation is slowed. Rising rates will also benefit those who have money in high-yield savings accounts.

When the Fed lowers the rate, the opposite occurs: banking institutions are more likely to borrow from one another, businesses expand, salaries increase, credit card rates drop, larger mortgages are lent out, and consumers spend more. The economy is stimulated and allowed to grow until the balance is tipped once more with overspending and inflation, which will prompt the Fed to once again raise rates.

What inflation means for retirees

As you can see, inflation is expected, and all retirement plans should take it into account to help you set and reach an appropriate goal. However, other events and policies can affect inflation rates outside of the fed fund rate, which can’t always be planned for. When prices for common goods and services that retirees depend on—food, medications, transportation—jump too high too fast, Social Security benefits might fall short. This is another reason why Americans should have a retirement plan in addition to their Social Security benefit.

Stay informed and proactive, and you can prepare for a more secure financial future.

The equity in your home can provide a cost-effective way to borrow money for just about anything. A home equity line of credit (HELOC) works similar to a credit card, but is better suited for large expenses and generally has a lower interest rate. With a HELOC, you borrow against the equity in your home that is used as collateral. Here are some of the best HELOC borrowing strategies and smart ways to use your HELOC:

Debt Consolidation
A home equity line of credit usually has a better interest rate than other types of loans. Financial obligations such as auto loans, personal loans, and credit card balances with high interest rates could be consolidated with a HELOC. This form of debt consolidation can provide lower interest rates and eliminate multiple payment due dates. The downside of a HELOC is that it uses your home as collateral, so if you fail to repay it, you could put your home in jeopardy.

Higher Education
College is expensive and if you or your child don’t qualify for low-rate, flexible federal student loans, borrowing against your home’s equity may be one of your better borrowing options. Before committing to any type of loan, compare the interest rates, repayment flexibility, and potential borrower benefits, to choose a financing option that best suits your needs.

Home Improvements
One of the most common reasons for taking out a HELOC is home improvements. Upgrades such as a new deck or kitchen renovation may increase the value of your home and be well worth the investment down the road. Even if you plan to keep your home, upgrades or renovations can make it a better place to live.

Emergency Expenses
Unexpected expenses may arise that deplete your emergency savings fund. Your HELOC can supplement emergency savings if life events such as loss of employment, medical expenses or expensive auto repair bills happen.

What About Other Expenses?
You could use a HELOC to pay wedding expenses or get a business off the ground. If your other borrowing options have high interest rates, a HELOC might be a good loan option.

Apply or contact us to learn more.

Is now the perfect time for you to buy a home? Or maybe next month will be more perfect. What about next year?

Many hopeful homebuyers try to predict when home values will rise or fall while also tracking the latest mortgage rates. This can add to the overall stress of the homebuying process and lead to poor decisions because predicting markets is very difficult. The best time to buy a home is when you can afford to.

Buy a home when…

Knowing that your financial health is the best indicator of when you’re ready to buy a home, you can focus your energy into the clear step-by-step process of getting your finances in order (no guessing necessary!).

• Save up for a down payment, 10–20% of expected home cost
• Save up for closing costs, 2–5% of mortgage
• Improve your credit score
• Shop for best mortgage terms between lenders (hint: start at your local credit union)

You can also follow these money-saving tips:

• Know about property taxes, utility costs, and any home-owners association fees so you can account for them in your home buying budget
• Hire your own inspector prior to purchasing
• If you plan to resell the home in the near future, consider the appreciation or depreciation potential of a home
• Remember that if you sell the house within two years of purchasing and living in it, you could incur capital gains tax on its sale

Seasons

In general, the seasons will factor into the supply, demand, and cost of housing—whenever there is more extreme weather (hot or cold), that’s when the supply is likely to be low and buyers will have more negotiating power. However, in general:

• Winter — Inventory and demand tend to be low in cold months in the north. Fewer people want to move in the middle of snow or rain—or in the middle of the school year for families, regardless of climate.
• Spring — More houses will enter the market in spring. This means more buying options but also more competition.
• Summer — This is the season with the highest inventory on the market. Competition can still be fierce, but you’re more likely to find the house that fits your must-have list now.
• Fall — This is often quoted as the best time of year to buy a home: sellers with houses that have been on the market since summer are motivated to sell and there’s still a good selection.

Each year, Americans complete transactions more and more online. Consumers need to stay diligent to prevent becoming a victim of fraud and identity theft.

Here is a list of things you can do right now to make your accounts more secure. There are more tips outside this list but with many things in life, it’s about taking the first step!

Change your passwords so they’re unique and strong

Take the time to start changing your passwords so that each account has a different password. Begin with your most important accounts such as your financial accounts.

The Federal Trade Commission (FTC) provides a great example of a creative password, “Think of a special phrase and use the first letter of each word as your password. Substitute numbers for some words or letters. For example, ‘I want to see the Pacific Ocean’ could become 1W2CtPo!”.

This is an excellent example because it:

• Has upper and lowercase letters
• Contains special characters
• Doesn’t contain personal information
• Is at least six characters long (but ideally could be longer)
• Is memorable to you but gibberish to others

Brainstorm how you can make every password memorable but different. If you have trouble remembering your passwords, consider a password manager.

Update your usernames so they’re unique too

It’s best to vary your login credentials to ensure that each financial account has a unique username and a unique password. Why? If you created a username and password that was the same as the one you had during a breach, your other financial accounts could have been compromised as well.

Sometimes apps require an email for your username. It’s not ideal because you cannot make it unique. Think about having an email for purchases and services you want to try and another email account for important communications. It can help with spam but also may limit your chances of exposure through your email.

Sign up for two-factor authentication

Two-factor authentication is key in securing your financial info. Here’s how it works: After logging in to your credit union’s online or mobile banking, you’ll get a code via text or email. The password and code can confirm that the member is the only one who is accessing their account.

Two-factor authentication is more secure than security questions. Your answers to security questions can sometimes be found on social media. For example, your mother’s maiden name or your favorite activity could be found if you posted about either.

Plus, it’s easy to forget how you answered a question. Two-factor authentication can make your life a little easier and safer. If you haven’t already, sign up for two-factor authentication where you can.

Opt in to automated account alerts

Sign up for automated alerts to help protect yourself from fraud. It takes just a few minutes and you can customize the alerts. With alerts set up, if you didn’t make a transaction, you can see it right away and contact your financial institution.

Install antivirus and get a VPN

Any device is vulnerable to hackers, including your smartphone. Install an antivirus that protects against malware, ransomware or trojan horses.

Also get a VPN, which encrypts your traffic, and use it anytime you’re online. Both an antivirus and VPN are worth the annual fee.

Say no to public Wi-Fi

When you’re getting work done at a coffee shop or browsing your phone at the airport, it is very tempting to hop on to the free public Wi-Fi. Don’t do it!

There are a few ways hackers can easily steal your information on public Wi-Fi:

• Fake Wi-Fi connections are simple to create and allow fraudsters to access your private information. Should you join Joe’s Coffee or Joe’s Coffee Shop? Both could be accurate but one could be malicious.
• Packet sniffing is when a hacker can scan everyone’s information on public Wi-Fi with easy to use, free software. Almost anyone can find your passwords.
• Sidejacking is when a hacker can access anywhere you’re logged in at the time. From there, they can download malware among other things.

Start paying with your smartphone

Mobile wallets such as Apple Pay, Google Pay or Samsung Pay help keep your transactions safe by creating a unique code for each transaction. It’s more secure than swiping because the store doesn’t have your name, card number or security code. All of that information stays private.

Add your debit and credit card to your mobile device and use it for any of your in-person payments. Hundreds of thousands of stores accept digital wallets so try it on your next trip to the store.

Laura Ybarra, President & CEO, AllCom Credit Union announces the recent promotion of Erin Harvey to AVP, Member Services. Starting with AllCom in 2011 as a part-time teller, Harvey has moved up the ranks holding multiple branch positions such as head teller, branch supervisor, assistant branch manager and most recently, branch manager.

“For more than 10 years, Erin has been a tremendous asset to our team,” said President/CEO Laura Ybarra. “AllCom is fortunate to have her continued dedication to delivering an experience for our members.”

Laura Ybarra, President & CEO, AllCom Credit Union announces the recent promotion of Christine Alves to AVP, Operations. In addition to her promotion, Christine recently celebrated her 10th anniversary with AllCom Credit Union. Her journey with AllCom Credit Union began in 2012 as a Financial Service Representative. From her branch position, she moved to Operations as an Operations Specialist and was later promoted to an Operations Manager.

“Christine is the epitome of a team player and always helps anyone whenever and wherever it’s needed,” says Laura Ybarra. “She spearheads the most complicated projects, demonstrates an unbelievable ability to stay calm and organized, and always does so with a smile.”