Marlborough—The recently-renovated Marlborough branch of the RTN Federal Credit Union offers a full range of banking services, sometimes at rates below commercial banks.
Credit unions provide all of the services that banks do—checking and savings accounts, credit and debit cards, and online banking and bill paying. Members can get mortgages and loans, and RTN has an in-house insurance agency with auto, home and life insurance.
“We work to know our members and we value them,” said Jacob Lippman, manager of the Marlborough branch. “We have a full customer service staff here and can meet our members’ needs and resolve any issues.” The branch has been on Route 20 about 17 years, and was just remodeled and expanded.
RTN, which is based in Waltham, was founded in 1945 as a Raytheon employee credit union. It is a full-service financial cooperative, owned and operated by its members. RTN is one of the 10 largest credit unions in Massachusetts, with more than $825 million in assets and 50,000 members. Membership is open to employees, students, members and volunteers, and their families, through more than 650 employer groups. Lippman noted that anyone interested in becoming a member of the credit union should come in and discuss how that can be done.
RTN has seven other free-standing branches around the eastern half of the state, as well as satellite branches and ATMs, many in the buildings housing the participating employers.
Why chose a credit union over a commercial bank?
“Since the company doesn’t have shareholders, we are able to give back to our members,” for example with lower rates, Lippman said. ”People should definitely look at our loan rates. We can often do much better than the banks.” RTN is currently offering a CD of 1.85 percent for 37 months with an APR of 1.83 percent.
“We also offer a more personal touch. We keep all of the servicing of the mortgages we grant in-house, and customers can deal with us directly to solve any problem that might come up with their mortgage.”
RTN has just launched a new checking account aimed at younger members, age 24 and under, called Class Act Checking, with no monthly fee, no minimum balance, no ATM fees, a debit card, and free online and mobile banking.
RTN may not have as many ATMs as the large banks, but, Lippman noted, many people now use their debit cards to get cash back when they shop, and RTN has “share branching” with other credit unions so members can make deposits and withdrawals at those firms’ branches, including branches in other states. Some account packages include a set number of free ATM transactions at outside ATMs each month.
RTN is committed to financial education to give people the tools necessary to fulfill their needs. The Marlborough branch offers free financial education seminars, open to both members and non-members, on topics such as managing debt, understanding Social Security, retirement planning, and first-time home buying. The schedule for those seminars is on the website, www.rtn.org, and a brochure is available at the branch.
RTN’s Marlborough branch participates in many community events, including those held by the police and firefighters, and is a sponsor of the Evening of Giving that benefits Roland’s House, the Marlborough-Hudson homeless shelter.
The Marlborough RTN branch is located at 451 Boston Post Road East (Rt. 20). It is open Monday, Tuesday, Wednesday and Friday 8:30 a.m. to 5 p.m., and until 5:30 p.m. on Thursday. It’s open 8:30 a.m. to noon on Saturday. For additional information, call 508-480-0500 or visit the website, www.rtn.org.