FOR THE MEMBERS OF COLUMBUS METRO FEDERAL UNION CREDITViews THERE S STILL TIME TO OPEN AN IRA FOR 2017 While the new year has come and gone, you still have until April 17 to open and claim an IRA deduction (if applicable) for tax year 2017. TEACH CHILDREN TO SAVE DAY IS APRIL 20 Every child dreams about their future. Some of those dreams, like going to college or starting a business, may require money to come true. How will you help your children achieve their dreams? One way is to help them learn how to save money. It can be as simple as having them cut out a picture of something they d like to have someday and post it where they ll see it often. Then, help them open a savings account at Columbus Metro with as little as $5. Encourage them to make regular deposits from money they receive as gifts or for doing chores; you might offer to match the money that they save. Science has proven that if you start small and set goals, saving money can become a regular habit. At Columbus Metro, we offer two programs to help you teach your kids about money: the Metro Kids Club featuring Kirby Kangaroo for children 12 and under, and Claim Your Youth Culture for those ages 13 to 17. Visit www.columbusmetro.org/products/invest for more information. Be sure to visit the Kirby Kangaroo page for a special Science of Saving coloring sheet! SPRING 2018 An Individual Retirement Account is one of the best ways to save for your golden years. Whether you are just beginning your career, planning for your family or approaching retirement, saving now with an IRA will prepare you for the future. Generally, you can contribute up to $5,500 every year ($6,500 for those over 50). For more information, visit bit.ly/2fjjifs Inside: 2 3 4 5 Sign Up For Freedom With Bill Pay Considering A Pool Addition? Home Equity Borrowing & The New Tax Law Reloadable Card www.columbusmetro.org
Super Money Market $20,000 minimum... 0.25% APY $50,000 or more...0.55% APY 6 Month Share or IRA Certificate $1,000 minimum... 0.40% APY 12 Month Share or IRA Certificate $500 minimum... 0.60% APY 15 Month Share or IRA Certificate $500 minimum... 0.60% APY Allows deposits of $250 or more 36 Month Share or IRA Certificate $500 minimum... 1.25% APY 60 Month Share or IRA Certificate $500 minimum... 1.75% APY KEY RATES Education Growth Fund Certificate $250 minimum... 2.50% APY Vehicle Loan (2017 to 2018) As low as... 3.75%* Up to 72 months Vehicle Loan (2013 to 2016) As low as... 3.99%* Up to 66 months Vehicle Loan (2012 & older) As low as... 5.49%* Up to 60 months Credit Cards Visa Platinum... 9.90-13.90% APR* Home Equity Loan Fixed Rate Call for rates Up to 180 months Home Equity Line of Credit Redi-Line...4.25% APR First Mortgages Contact Jenniffer McNamee at ext. 3026 or jmcnamee@columbusmetro.org Rates current as of 3/22/18 and subject to change without notice. See a Member Services Representative for full details. APY = Annual Percentage Yield. APR = Annual Percentage Rate. Loans made subject to standard loan approval guidelines. *The rate you pay may vary based on your credit history and/or loan-to-value ratio. SIGN UP FOR FREEDOM WITH BILL PAY When you have MetroWeb Bill Pay from Columbus Metro, you ll have more freedom to enjoy life. MetroWeb Bill Pay gives you convenience, savings and security. You can: View and pay your bills electronically, all in one place Make secure payments to any person or company anywhere, anytime Verify your account balance as you pay your bills Automate recurring payments to save time each month Receive email and text reminders when bills are due To learn more about how to simplify your life with MetroWeb Bill Pay, go to www.columbusmetro.org/products/electronic/billpay and click on the view the demo link. To get started, log on to the desktop version of MetroWeb at www.netteller.com/ columbusmetro and click on the Bill Pay tab to access the enrollment form. Or, stop by any of our branches and we ll be glad to help you log on and sign up. ANNUAL REPORT NOW AVAILABLE Columbus Metro s 2017 annual report is now available. Stop in any of our branches for a copy or visit www.columbusmetro.org/about. Federally insured by NCUA
CONSIDERING A POOL ADDITION? The kids have been bugging you to get one. Your spouse insists that you d both get more exercise if you had one. Or, you have visions of weekend parties with tiki huts and tropical drinks. If you re thinking about installing a pool, be sure you re ready for the financial commitment. Maintenance. Besides purchase and installation, there is ongoing maintenance to consider. Depending on the type of pool you purchase, you may be looking at higher utility bills, chemicals and testing supplies, inspections and an annual water delivery. Landscaping and fencing. If this wasn t included in your installation package, you may need to pay to have certain plants or trees removed, or you may want to add new ones to complement the pool. Protective fencing is required in nearly every state. Insurance. Make sure to alert your insurance agent of your new addition and expect a premium increase due to the increased liability. Resale. A pool doesn t add value to a home, but it is a factor if you ever sell. Some buyers are looking for properties with a pool, while others won t even consider one. Depending on the age of your pool, it could actually hurt your chances and become a bargaining chip during negotiations. A cool dip on a hot day is refreshing, but be sure you know what you re diving into. If you decide to take the plunge, be sure to call us or go to www.columbusmetro.org/products/loans/homeequity for more information on our home equity loans and lines of credit. Paying for College START THE CONVERSATION ABOUT FINANCIAL AID AWARD LETTERS After the elation of acceptance letters, students can find themselves bewildered when financial aid award letters arrive. That s why it s important to help them understand what s in the letter, including the meaning of COA (cost of attendance) and EFC (expected family contribution), and the difference between free money (scholarships, grants and fellowships) vs. earned money (work-study) vs. borrowed money (federal student loans). For the student with several award letters, a simple spreadsheet can help them compare and evaluate each school s offering. By adding up the aid package and subtracting that from the COA, families will have the balance (or gap ) that they need to pay for school. That can start a conversation about other funding options, such as savings or private student loans. For more information and a fun poster of financial aid award letter tips visit www.salliemae.com/awardletters. And visit www.columbusmetro.org/products/loans/student for information about the Smart Option Student Loan from Sallie Mae.
HOME EQUITY BORROWING & THE NEW TAX LAW Like a lot of taxpayers, you re probably still trying to figure out how the new tax law will impact you. So far, you may have noticed a difference in your paycheck. But if you have or are thinking about applying for a home equity loan or line of credit, you could be affected as well. For years, homeowners could borrow against their home equity and get a tax deduction for the interest that they paid, no matter what they used the money for. The new law, however, narrows the qualifications for the tax deduction. To qualify, you must use the proceeds of the loan to make substantial improvements to your home, and the combined total of your first mortgage and home equity and/or HELOC balances cannot exceed $750,000. Despite the change, home equity loans and HELOCs are expected to remain popular. Since your home is used as collateral, the rate you pay on a home equity loan is lower than for other types of loans. Plus, the tax law significantly increased the standard deduction, so many taxpayers will no longer itemize their deductions anyway. You can refer to IRS Publication 530 to see what s considered a capital improvement; for more detailed questions, it s best to consult a tax advisor. BY PHONE 614.239.0210 800.986.3876 BY FAX 614.239.0988 BY EMAIL cmfcu@columbusmetro.org BY MAIL P.O. Box 13240 Columbus, OH 43213-0240 VISIT US 4000 E. Broad St. Columbus, OH 43213 6623 E. Main St. Reynoldsburg, OH 43068 5600 N. Hamilton Rd. Gahanna, OH 43230 DSCC Building 20 Room B110S DFAS Building 21 Room A132 CONTACT US 24-HOUR SERVICES MetroWeb www.columbusmetro.org Bill Pay Support 844.357.5638 Visa Balance & Payment Inquiries 800.442.4757 www.gotomycard.com Lost or Stolen Visa 800.442.4757 Lost or Stolen Debit MasterCard 800.528.2273
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P.O. Box 13240 Columbus, OH 43213-0240 Presorted STD U.S. Postage PAID WC HOLIDAY CLOSINGS CREDITViews MEMORIAL DAY Monday, May 28 INDEPENDENCE DAY Wednesday, July 4 GET A PAYCHECK CHECKUP The Internal Revenue Service is encouraging everyone to do a quick paycheck checkup because of the recent tax law changes. Their new online calculator can help you determine whether your employer is withholding the right amount of tax from your paycheck. This can protect you from having too little withheld (resulting in a big tax bill next year) or too much withheld (so that you receive more in your paycheck instead of a big refund). The calculator is available at www.irs.gov/individuals/ irs-withholding-calculator. You ll need your most recent paystub and your latest tax return (2016 or 2017). The calculator will only be as accurate as the information you enter, and you should do it again if your circumstances change substantially during the year. If you need to change your withholding, ask your employer for a new Form W-4 and be sure to turn it in ASAP.