Loans, whether it be a mortgage, auto loan, or personal loan, all follow a basic structure. But as a borrower, you may be wondering how exactly your monthly payments are calculated. If you look ahead to your payment schedules, you may ask why you're paying more than what you initially applied to borrow. The process that details this is known as amortization.
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Credit unions may not immediately come to mind when thinking about history. But the truth is, credit unions have played an important role in shaping financial identity through the ages. Credit unions have always helped others in tough times, whether through support during wars or other modern-day relief efforts.
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If a loved one has recently passed in your life, all of us here at American Heritage offer you and your family our sincerest condolences. Loss is never easy, and we are here to support you all as you go through this difficult time.
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Whether it’s a pile of them on your dresser or a lucky one you find out and about, pennies are everywhere. Recently, the penny has been a major point of discussion after the current U.S. administration’s call to end penny production. But what exactly does this mean for consumers? Will one cent make much of an impact?
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When looking for a financial partner to handle and store your money, there may be a variety of factors that go into your decision. Are you looking for accounts that will give you the highest returns on your funds? Or are you seeking guidance you can count on for the right loan options or to kickstart your small business?
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You may have noticed a lot of recent discussion regarding taxes on credit unions. Lawmakers and the current administration are currently discussing tax reform. As a piece of that discussion, they’re looking at changing the credit union federal income tax status. As a member of a credit union, this isn’t just a tax on your financial institution—it’s a tax on you. Credit unions pay billions in state and local taxes each year. If Congress moves ahead with this revision and taxes the profits on credit unions, this will directly affect you as a member. These profits are returned to you in the form of fewer fees, better rates on loans, and higher dividend earnings.
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The first week of March is National Consumer Protection Week, a time dedicated to raising awareness about your rights as a consumer and how you can protect yourself whether you’re shopping online, navigating contracts, or simply making everyday financial decisions.
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We’ve all heard of inflation, whether that be in a high school history class or through a news program of the past few years. But what about deflation and disinflation? At first glance, they may sound like improvements over inflation. However, both terms carry their own weight and, in some respects, consequences.
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For many, our biggest life goals are accomplished through banking. The ability to save, borrow, and invest money is key to most aspects of modern life and independence. However, fair banking had not always been available for everyone through the course of history. Know your rights and celebrate these championships of justice by learning about these historic laws.
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Join your fellow members of American Heritage Credit Union on Thursday, October 19, 2023, as we celebrate International Credit Union Day and a major milestone.
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