Author: Bruce Lund

When it comes to saving money, compound interest is the interest you earn on not only your initial contribution, but the interest earned on that initial contribution as well. It’s essentially a snowball effect. For example, let’s say you contributed $1,000 to a savings account that earns 5% annual interest. After one year, you’d earn $50, giving you a new balance of $1,050. In year two, you would earn 5% on the larger balance of $1,050 instead of the original $1,000. Your money has compounded and will continue to grow at an increasing rate each year.

There are also many investment vehicles available that can help you make the most of compound interest. One of the simplest starting points for building retirement savings is to contribute to your employer’s 401(k) plan if one is offered. It is an employer-sponsored, tax-advantaged retirement savings account. Alternatively, you can contribute to an IRA, which is an account set up at a financial institution that allows you to save for retirement with tax-free growth or on a tax-deferred basis. However, a simple savings account can help you prepare for the future. No matter how you choose to start saving, the important step is to start contributing as early as you can to take full advantage of compound interest.

Start saving for your future now. The earlier you start, the better. What if you can’t save away $5,000 a year, though? Save away whatever you can. $1,000…$500…$100. Whatever it may be, it’s never too early to start taking advantage of compound interest and setting yourself up for a healthy financial future.

Drive with the peace of mind knowing that with Mechanical Breakdown Insurance (MBI) you have protection against the increasingly high cost of repairs and associated labor costs for mechanical and electrical vehicle failures.

In addition to repairing your vehicle, MBI provides services such as rental car allowance, tire protection, roadside assistance, and 24/7 towing. MBI is available for both new and used vehicles. This coverage will protect your vehicle after your warranty has expired. Ask us how you can drive with the proper protection against costly repairs!

BENEFITS OF MBI:

Roadside Assistance & 24/7 Towing
Rental Car Allowance
Paintless Dent Repair
Windshield Repair
Key/Remote Replacement
Consequential Damage Coverage

Contact us at 707-443-8662 to learn more about Mechanical Breakdown Insurance!

Guaranteed Asset Protection (GAP) helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower’s payoff amount on their auto loan and the determined actual cash value of a vehicle in the event that a vehicle is totaled or stolen, up to a certain LTV maximum, less exclusions or limitations that may apply. This is a voluntary, non-insurance product. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed with our financial institution!

How does GAP work?

The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement.*

REAL-WORLD EXAMPLE:

Your loan balance is: $15,000

Your insurance company settlement is: $10,000

– Based on your vehicle’s market value: $11,000

– Less your insurance deductible: $1,000

Loan balance remaining without protection: $5,000

Loan balance remaining with protections: $0

PLUS $1,000 credit towards the financing of your replacement vehicle!

GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum. Call us at 707-443-8662 to learn more.

Since 2007, America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Compass is pleased to provide financial resources to our members by encouraging individuals to do a financial check-in that allows them to get a clear view of their finances, set savings goals, and create a plan to achieve them.

Monday, April 6, 2026 – Building A Strong Foundation

Tuesday, April 7, 2026 – Expect the Unexpected

Wednesday, April 8, 2026 – Dream Big, Plan with Purpose

Thursday, April 9, 2026 – Rewrite Debt Narrative

Friday, April 10, 2026 – Consider Saving a Habit

Click here to see the full articles.

When someone charges a credit card, takes out a loan, or utilizes a service that requires post-payment––such as a hospital visit or utility connection––they are expected to pay that debt back. However, if someone doesn’t have the money to make their payment, they’ve forgotten to pay, or simply neglected to do so, their creditor will ramp up efforts to recover the funds they’re owed. After multiple attempts to collect payment on a debt that is past due, the creditor may turn to a debt collection agency for assistance.

If you don’t pay overdue debt in collections, you will likely see a negative impact on your credit score. This can make it more difficult to secure loans, credit cards, or favorable interest rates in the future. Generally, debt in collections will remain on your credit reports for seven years from the first date of missed payment. The collection agency can also take legal action against you if the debt remains unpaid for an extended period of time.

Dealing with debt collection can be stressful, but by communicating clearly, making an effort to pay down the debt, and negotiating within reason, you can navigate the process more effectively.

As the year winds down, it’s a great time to shop for a new or used vehicle. Dealers often offer attractive discounts and incentives to clear out inventory before the new models arrive. Here are some tips to help you get the best deal:

1.            Do Your Homework: Research makes and models you’re interested in, including pricing and features. Check online reviews and ratings to find reliable options.

2.            Get Pre-Approved: Secure financing through Compass before you visit dealerships. Pre-approval gives you negotiating power and helps you avoid high dealer interest rates. Plus, we have a special rate offer, just for you. To learn more, visit https://compassccu.org/promotion/auto-loan-rate-promo/.

3.            Compare Offers: Don’t settle for the first deal. Visit multiple dealers or explore private sellers to find the best price.

4.            Consider Total Costs: Factor in insurance, taxes, registration, and fuel efficiency when comparing vehicles.

5.            Inspect and Test Drive: Always test drive the car and, if buying used, have a trusted mechanic inspect it.

6.            Negotiate Wisely: Focus on the total price, not just monthly payments. Be prepared to walk away if terms don’t feel right.

7.            Ask About Incentives: Dealers may offer year-end rebates or special trade-in values, ask about all available deals.

Ready to hit the road with confidence? Contact us today at 707-443-8662 for competitive auto loan rates and expert guidance to help you drive away with a great deal!

For many new members, managing money can feel overwhelming. You may have concerns about trusting a financial institution with your hard-earned money. However, keeping your money in a credit union is one of the safest and smartest financial decisions you can make.

Why Banking at Compass Community Credit Union Is a Smart Choice

• Your money is protected: Credit unions are federally insured, so your money is protected. The National Credit Union Administration Share Insurance Fund insures credit unions—covering account balances up to $250,000. Plus, Compass provides additional private insurance from American Share Insurance so your account balances are insured up to $1,250,000.
• Your information is confidential and secure: We understand that many worry about the risk of personal information that could be exposed. It’s important to know that your money and personal information are protected by strict privacy laws. Compass will not share information with outside vendors.
• Cash can be risky: When using cash, there is a risk of theft, loss, and physical damage. Cash is untraceable, so once it’s gone, it’s gone. At a credit union, your money is protected with the latest security technology and safeguarded against theft.
• Boost your financial profile: Keeping money in a credit union account helps you build a financial history, which can make it easier to qualify for loans to buy a car, go to college, qualify for a credit card—or even secure housing.

Accessing your money is safe. We provide several services to make accessing our funds easy and convenient. We offer a VISA debit card, online and mobile banking with free bill pay to make life easier for you, personal checks and automatic deposits. Call us today at 707-443-8662, we are happy to answer any questions you might have.