Friday, February 27, 2009
TIP#58 Try the library
SAVINGS TIP #58: If you have a book habit (good for you!) but get a library card. At $15-$30 to buy a book, you'll save tons of money borrowing instead of buying. You can always go to the bookstore and buy the books you want if you like to write in them or keep certain ones as references. Your public library probably offers a lot more than you realize. I can borrow CDs and movies, too. I can renew online, reserve books, and so much more. Even the late fees are low (15 cents a day! I actually feel good about paying fees to the library!) The Naperville Public Library really rocks.
TIP#57 Install a programmable thermostat, save $150/yr
SAVING TIP #57: The EPA tells The Daily Green that you can save about $150 each year by installing a programmable thermostat. Check out thedailygreen.com. I have one at home, it keeps my house nice and comfy all day and automatically lowers the heat during the hours I'm out and during the night (I like it a little colder when I sleep). It keeps me from having to constantly adjust the temp. I can still temporarily change the temperature (would that be a "temp temp"?!) and it will go back to the schedule on the next change.
A Readable Summary of the Recovery Bill!
Want details on the American Recovery and Reinvestment Act but don’t want to read all 407 pages? Read the summary of provisions prepared by the Advanced Markets division of our partner, ING Advisors Network through Financial Network. For a complementary investment review, contact Mike Pozzi at 630-983-2310. For specific details on how this act affects your individual situation, please see your tax advisor. (And if you still want to read all 407 pages of the bill, visit Recovery.gov!) Here's a great summary:
American Recovery and Reinvestment Act of 2009 February 19, 2009
A memorandum from the Advanced Markets division of ING Advisors Network
President Obama signed the American Recovery and Reinvestment Act of 2009
(hereafter “the Act”), a $787 billion economic stimulus package, into law on February 17, 2009. The House approved the bill on February 13 by a 246-183 margin, while the Senate approved it by a vote of 60-38. It was a partisan vote, as no Republican Congressmen and only three
Republican Senators voted in favor of the bill.
The Act contains almost $300 billion in tax relief primarily aimed at middle-class
taxpayers. The Act creates new tax breaks and makes significant enhancements to existing
deductions and credits. Over 300 changes to the Internal Revenue Code (hereafter the “Code”)
are contained in the new law. This analysis will focus on the Act’s major tax provisions of
interest to most financial professionals. Due to the newness of this tax act, more official
explanatory information may be expected in the future. Additionally various of the tax Code
provisions will require further regulatory guidance from the Internal Revenue Service on specific
implementation issues.
INDIVIDUAL PROVISIONS:
In fulfilling the President’s desire to grant individual tax relief, the Act creates a Making
Work Pay credit. This is a credit against income tax in an amount equal to the lesser of 6.2% of
one’s earned income or $400 ($800 for married joint filers). The credit is retroactive to January
1, 2009 and will available once again in 2010. The full credit can be used by individuals with a
modified adjusted gross income (MAGI) not exceeding $75,000 ($150,000 for joint filers). It is
phased out at a rate of 2% above this threshold. Those who qualify will be able to adjust their
tax withholding accordingly or merely wait and take a lump sum credit at the time of filing their
income tax returns. Only individuals with earned income will qualify including those who are
self employed. The employer share of FICA (6.2%) remains unaffected.
A one-time Economic Recovery payment of $250 for 2009 only is available for
individuals who are on fixed incomes. This would involve recipients of Social Security,
disabled veterans and railroad retirees. These payments will reduce any Making Work Pay
credit they might be entitled to. Retired government workers who typically do not receive
Social Security are included. The methodology of distribution of these checks is to be
determined.
The Act also addresses an Alternative Minimum Tax (AMT) patch for 2009. This raises
the exemption amount only slightly above the 2008 rates. For 2009 it will be $70,950 for joint
filers and $46,700 for single filers. That is up from $69,950 and $46,200 for 2008 respectively.
The AMT patch is primarily designed to lessen the burden on more than 26 million middle
income individuals. This provision alone has a cost of $70 billion.
The First Time Homebuyer Credit has been greatly enhanced by the Act. The Housing
Assistance Tax Act of 2008 enacted July 30, 2008 established a credit in the sum of $7,500 for
qualifying home purchases after April 9, 2008 and before July 1, 2009. This earlier credit was
to be treated as a loan and to be repaid over 15 years unless the home ceased to be a principal
residence or was sold earlier. In that event the repayment was to be accelerated. This new Act
increases the credit to $8,000 and relieves one from repayment after only 36 months of
ownership. These new provisions are operative for purchases between January 1, 2009 through
November 30, 2009. The prior law is in effect for those purchases that predated January 1,
2009. The new credit is phased out starting with modified adjusted gross income (MAGI) in
excess of $75,000 single filers ($150,000 for joint filers). No credit is available when MAGI
exceeds $95,000 and $170,000 respectively.
A new “above the line” car deduction is available for any state and local sales or excise
tax incurred with the purchase of a new vehicle occurring after February 17, 2009 and for the
rest of 2009. This deduction directly reduces one’s gross income but still permits the use of
either the standard or itemized deduction. Only the purchase up to the first $49,500 is included.
If a vehicle costs more then that part of the sales tax is allowed. There will also be a phase-out
to the extent one's AGI exceeds $125,000 for individuals ($250,000 joint filers). The newly
purchased vehicle includes cars, SUV’s, light trucks and motorcycles with a weight not
exceeding 8,500 pounds.
The Hope Education Credit for 2009 and 2010 is increased to $2,500 per year from
$1,800 with an AGI phase-out starting at $80,000/$160,000 for individuals and joint filers
respectively. The Act now renames the Credit to the “American Opportunity Tax Credit”.
Forty percent of the credit is refundable. The maximum credit of $2,500 will be allowed with
100% of the first $2,000 and 25% on the next $2,000 of qualifying payments. Any tuition paid
during 2008 will still be under the old rules, even if the semester actually begun in 2009.
The 2009 and 2010 child tax credit which is refundable now has the income threshold at
$3,000. Additionally there is a temporary increase in the earned income credit. For 2009 and
2010 the credit is increased from 40 to 45% for those with three or more qualifying children.
This is available on the first $12,570 of earned income. Unemployment compensation has
historically been an item of income and now for 2009 up to $2,400 is excluded from income.
The Act also modifies the rules with regards to Qualified Tuition Programs. (Code
Section 529 programs). Distributions which are used to pay for a beneficiary's qualified
education expenses are tax-free. Other distributions are included in income and subject to
penalty. Now for 2009 and 2010 beneficiaries can have tax-free distributions to pay for
computers, computer technology and even internet services. These now have been included in
the definition of qualified education expenses.
BUSINESS PROVISIONS:
The Act creates substantial benefits for businesses. The 50% first year bonus
depreciation created under the 2008 Economic Stimulus Act is extended to December 31, 2009.
This is retroactive to January 1, 2009. The Act also extends through 2010 the additional year of
bonus depreciation for transportation property with a depreciation schedule of more than ten
years. The bonus depreciation for new vehicles placed in service during 2009 now has an
increased cap of $10,960 for cars and $11,160 for light trucks and vans. Code Section 179
expensing (small business expensing) now permits the initial deduction up to $250,000. This is
designed to help small businesses more quickly recover certain capital expenditures rather than
using the normal depreciation schedule over many years.
The Act has special Net Operating Loss (NOL) rules for small businesses. A
small business for these purposes is one with gross receipts no greater than 15 million dollars per
annum. They now have the choice to carryback NOL’s for three, four or five years. Normally
the NOL carryback period is two years.
For those individuals whose income comes primarily from a small business the Act
grants 2009 estimated payment tax relief. They need only make payment based upon 90% of the
tax on their 2008 return not 100% as under prior law.
The prior law allowed investors to exclude 50% of the gain from the sale of certain small
business stock acquired and held for more than five years. The Act raises the exclusion to 75%
for stock acquired between January 1, 2009 and January 1, 2011. A small business must have
assets less than $50 million and one must be directly involved in the active trade or business.
Special COBRA changes are part of the Act as well. An individual who is separated from
employment between September 1, 2008 through January 1, 2010 may elect to pay only 35% of
their COBRA payment. The former employer is required to pay the remaining 65% on the
former employee’s behalf. The employer will be reimbursed by taking credit from the income
tax withholding and payroll taxes they are normally scheduled to pay to the government as an
employer.
ENERGY INCENTIVES:
The Act has various significant energy incentives for both individuals and businesses
alike. The Act increases the residential energy property tax credit from 10 to 30% under Code
Section 25C. The maximum cap is raised to $1,500 for installation in 2009 and 2010 and the
lifetime $500 cap is eliminated. The Act also removes the individual dollar caps for Code
Section 25D residential energy efficient property credit for solar hot water property, geothermal
heat pumps and wind energy property. The Act increases to at least 2012 the credit available
under Code Section 45 due to renewable sources such as wind. The Act modifies the existing
credit for plug-in electric vehicles. The base credit now will be $2,500 (and depending on
battery capacity may be as high as $7,500) and will be reduced once production records reach
200,000 units.
CONCLUSION:
Although this Act was just enacted the Administration has indicated further legislation
may be forthcoming on involving tax related issues. The above is presented as an educational
overview of some of the salient tax issues involved with this sweeping new legislation.
Certainly, it is not meant to an exhaustive explanation of this broad and technical area.
Obviously, you should naturally be seeking appropriate tax advice from you tax professional
regarding this or any other future tax legislation.
Contact Mike Pozzi, Financial Network’s Investment Adviser Representative located at Hawthorne, at 630-983-2310
Disclosure: Securities and investment advisory services offered through Financial Network Investment Corporation, a registered broker/dealer and member of the SIPC. Financial Network Investment Corporation is not an affiliate of Hawthorne Credit Union.
Mutual funds annuities, and other investments available through Financial Network Investment Corporation are not insured by the FDIC, NCUSIF or any other federal government agency, are not deposits or obligations of nor guaranteed by Hawthorne Credit Union, or any other affiliated entity. Investments are subject to investment risks including loss of principal invested.
American Recovery and Reinvestment Act of 2009 February 19, 2009
A memorandum from the Advanced Markets division of ING Advisors Network
President Obama signed the American Recovery and Reinvestment Act of 2009
(hereafter “the Act”), a $787 billion economic stimulus package, into law on February 17, 2009. The House approved the bill on February 13 by a 246-183 margin, while the Senate approved it by a vote of 60-38. It was a partisan vote, as no Republican Congressmen and only three
Republican Senators voted in favor of the bill.
The Act contains almost $300 billion in tax relief primarily aimed at middle-class
taxpayers. The Act creates new tax breaks and makes significant enhancements to existing
deductions and credits. Over 300 changes to the Internal Revenue Code (hereafter the “Code”)
are contained in the new law. This analysis will focus on the Act’s major tax provisions of
interest to most financial professionals. Due to the newness of this tax act, more official
explanatory information may be expected in the future. Additionally various of the tax Code
provisions will require further regulatory guidance from the Internal Revenue Service on specific
implementation issues.
INDIVIDUAL PROVISIONS:
In fulfilling the President’s desire to grant individual tax relief, the Act creates a Making
Work Pay credit. This is a credit against income tax in an amount equal to the lesser of 6.2% of
one’s earned income or $400 ($800 for married joint filers). The credit is retroactive to January
1, 2009 and will available once again in 2010. The full credit can be used by individuals with a
modified adjusted gross income (MAGI) not exceeding $75,000 ($150,000 for joint filers). It is
phased out at a rate of 2% above this threshold. Those who qualify will be able to adjust their
tax withholding accordingly or merely wait and take a lump sum credit at the time of filing their
income tax returns. Only individuals with earned income will qualify including those who are
self employed. The employer share of FICA (6.2%) remains unaffected.
A one-time Economic Recovery payment of $250 for 2009 only is available for
individuals who are on fixed incomes. This would involve recipients of Social Security,
disabled veterans and railroad retirees. These payments will reduce any Making Work Pay
credit they might be entitled to. Retired government workers who typically do not receive
Social Security are included. The methodology of distribution of these checks is to be
determined.
The Act also addresses an Alternative Minimum Tax (AMT) patch for 2009. This raises
the exemption amount only slightly above the 2008 rates. For 2009 it will be $70,950 for joint
filers and $46,700 for single filers. That is up from $69,950 and $46,200 for 2008 respectively.
The AMT patch is primarily designed to lessen the burden on more than 26 million middle
income individuals. This provision alone has a cost of $70 billion.
The First Time Homebuyer Credit has been greatly enhanced by the Act. The Housing
Assistance Tax Act of 2008 enacted July 30, 2008 established a credit in the sum of $7,500 for
qualifying home purchases after April 9, 2008 and before July 1, 2009. This earlier credit was
to be treated as a loan and to be repaid over 15 years unless the home ceased to be a principal
residence or was sold earlier. In that event the repayment was to be accelerated. This new Act
increases the credit to $8,000 and relieves one from repayment after only 36 months of
ownership. These new provisions are operative for purchases between January 1, 2009 through
November 30, 2009. The prior law is in effect for those purchases that predated January 1,
2009. The new credit is phased out starting with modified adjusted gross income (MAGI) in
excess of $75,000 single filers ($150,000 for joint filers). No credit is available when MAGI
exceeds $95,000 and $170,000 respectively.
A new “above the line” car deduction is available for any state and local sales or excise
tax incurred with the purchase of a new vehicle occurring after February 17, 2009 and for the
rest of 2009. This deduction directly reduces one’s gross income but still permits the use of
either the standard or itemized deduction. Only the purchase up to the first $49,500 is included.
If a vehicle costs more then that part of the sales tax is allowed. There will also be a phase-out
to the extent one's AGI exceeds $125,000 for individuals ($250,000 joint filers). The newly
purchased vehicle includes cars, SUV’s, light trucks and motorcycles with a weight not
exceeding 8,500 pounds.
The Hope Education Credit for 2009 and 2010 is increased to $2,500 per year from
$1,800 with an AGI phase-out starting at $80,000/$160,000 for individuals and joint filers
respectively. The Act now renames the Credit to the “American Opportunity Tax Credit”.
Forty percent of the credit is refundable. The maximum credit of $2,500 will be allowed with
100% of the first $2,000 and 25% on the next $2,000 of qualifying payments. Any tuition paid
during 2008 will still be under the old rules, even if the semester actually begun in 2009.
The 2009 and 2010 child tax credit which is refundable now has the income threshold at
$3,000. Additionally there is a temporary increase in the earned income credit. For 2009 and
2010 the credit is increased from 40 to 45% for those with three or more qualifying children.
This is available on the first $12,570 of earned income. Unemployment compensation has
historically been an item of income and now for 2009 up to $2,400 is excluded from income.
The Act also modifies the rules with regards to Qualified Tuition Programs. (Code
Section 529 programs). Distributions which are used to pay for a beneficiary's qualified
education expenses are tax-free. Other distributions are included in income and subject to
penalty. Now for 2009 and 2010 beneficiaries can have tax-free distributions to pay for
computers, computer technology and even internet services. These now have been included in
the definition of qualified education expenses.
BUSINESS PROVISIONS:
The Act creates substantial benefits for businesses. The 50% first year bonus
depreciation created under the 2008 Economic Stimulus Act is extended to December 31, 2009.
This is retroactive to January 1, 2009. The Act also extends through 2010 the additional year of
bonus depreciation for transportation property with a depreciation schedule of more than ten
years. The bonus depreciation for new vehicles placed in service during 2009 now has an
increased cap of $10,960 for cars and $11,160 for light trucks and vans. Code Section 179
expensing (small business expensing) now permits the initial deduction up to $250,000. This is
designed to help small businesses more quickly recover certain capital expenditures rather than
using the normal depreciation schedule over many years.
The Act has special Net Operating Loss (NOL) rules for small businesses. A
small business for these purposes is one with gross receipts no greater than 15 million dollars per
annum. They now have the choice to carryback NOL’s for three, four or five years. Normally
the NOL carryback period is two years.
For those individuals whose income comes primarily from a small business the Act
grants 2009 estimated payment tax relief. They need only make payment based upon 90% of the
tax on their 2008 return not 100% as under prior law.
The prior law allowed investors to exclude 50% of the gain from the sale of certain small
business stock acquired and held for more than five years. The Act raises the exclusion to 75%
for stock acquired between January 1, 2009 and January 1, 2011. A small business must have
assets less than $50 million and one must be directly involved in the active trade or business.
Special COBRA changes are part of the Act as well. An individual who is separated from
employment between September 1, 2008 through January 1, 2010 may elect to pay only 35% of
their COBRA payment. The former employer is required to pay the remaining 65% on the
former employee’s behalf. The employer will be reimbursed by taking credit from the income
tax withholding and payroll taxes they are normally scheduled to pay to the government as an
employer.
ENERGY INCENTIVES:
The Act has various significant energy incentives for both individuals and businesses
alike. The Act increases the residential energy property tax credit from 10 to 30% under Code
Section 25C. The maximum cap is raised to $1,500 for installation in 2009 and 2010 and the
lifetime $500 cap is eliminated. The Act also removes the individual dollar caps for Code
Section 25D residential energy efficient property credit for solar hot water property, geothermal
heat pumps and wind energy property. The Act increases to at least 2012 the credit available
under Code Section 45 due to renewable sources such as wind. The Act modifies the existing
credit for plug-in electric vehicles. The base credit now will be $2,500 (and depending on
battery capacity may be as high as $7,500) and will be reduced once production records reach
200,000 units.
CONCLUSION:
Although this Act was just enacted the Administration has indicated further legislation
may be forthcoming on involving tax related issues. The above is presented as an educational
overview of some of the salient tax issues involved with this sweeping new legislation.
Certainly, it is not meant to an exhaustive explanation of this broad and technical area.
Obviously, you should naturally be seeking appropriate tax advice from you tax professional
regarding this or any other future tax legislation.
Contact Mike Pozzi, Financial Network’s Investment Adviser Representative located at Hawthorne, at 630-983-2310
Disclosure: Securities and investment advisory services offered through Financial Network Investment Corporation, a registered broker/dealer and member of the SIPC. Financial Network Investment Corporation is not an affiliate of Hawthorne Credit Union.
Mutual funds annuities, and other investments available through Financial Network Investment Corporation are not insured by the FDIC, NCUSIF or any other federal government agency, are not deposits or obligations of nor guaranteed by Hawthorne Credit Union, or any other affiliated entity. Investments are subject to investment risks including loss of principal invested.
Wednesday, February 25, 2009
SAVINGS TIP #56: Save $52 per month on Cable TV
By eliminating premium movie channels on cable TV service, you could save about $52 per month, or $624 per year, suggests Emily J, our Bolingbrook Branch Manager. Movies are great inexpensive entertainment, so don't eliminate movies completely, just switch to renting a couple movies a month instead for about $10. You'll still save about $42 per month or about $504 per year. You can even rent the popular dramas in the post season that run on HBO and Showtime. You won't miss a thing that way.
Good one, Emily!
Good one, Emily!
Monday, February 23, 2009
Special car sale this Saturday
Times are tough and many people are putting off buying new cars. But a used car is still at a great deal. This weekend Enterprise is holding a special car sale for Hawthorne members. If you finance through Hawthorne you'll get a $500 gift card, plus they're offering the blue book value for your trade in plus $500 - that's like getting a $1000 credit! Saturday, Feb 28 from 9 a.m. to 4 p.m. at five locations in the Chicago suburbs, including Naperville. Check out the details.
Auto loan rates are looking very good - you can get pre-approved at eHawthorne.org or call 630-369-4070 (24 hours a day to apply!)
Auto loan rates are looking very good - you can get pre-approved at eHawthorne.org or call 630-369-4070 (24 hours a day to apply!)
Friday, February 20, 2009
TIP#51: Brown Bag Lunch saves about $112/mo!
Brown bag your lunch and cut back on eating lunch out. Make it a once-a-week treat on Friday, maybe. (You'll find eating out is much more fun when you only do it occasionally!) You'll save about $112/mo. Assuming the cost of your average lunch out is $10 per day, and it costs about $3 to bring a frozen dinner or a sandwich and chips, you'll save $7 per day. Multiply that by 4 workdays and you'll save $28 per week or $112 per month!
What could you do with an extra $112 per month?
1) Start a rainy day savings account for vacation? Education? A dream?
2) Pay off debt. Add that $112 to pay down the principal on your mortgage or add it to your credit card payment.
3) Have more fun! Stimulate the economy!
The possibilities are endless. All thanks to a little brown bag...
What could you do with an extra $112 per month?
1) Start a rainy day savings account for vacation? Education? A dream?
2) Pay off debt. Add that $112 to pay down the principal on your mortgage or add it to your credit card payment.
3) Have more fun! Stimulate the economy!
The possibilities are endless. All thanks to a little brown bag...
Thursday, February 19, 2009
Time to stamp out bill paying by mail
TIP #50: Eliminate postage with Billpayer, save about $100/year.
If you're like most Americans, you pay 20 to 30 bills per month. So for those of you still "going postal," the 44-cent stamp will cost you between $8.80 and $13.20 per month. You may be thinking, 'big deal," but by using Online Banking you could have an annual savings of over a hundred dollars.
If you're like most Americans, you pay 20 to 30 bills per month. So for those of you still "going postal," the 44-cent stamp will cost you between $8.80 and $13.20 per month. You may be thinking, 'big deal," but by using Online Banking you could have an annual savings of over a hundred dollars.
Wednesday, February 18, 2009
Skip the Pop Machine, save $57/mo
TIP #49: Skip the vending machine. Most pop machines charge $1 per can and if you drink 2 cans per 40 workdays that equals $80 per month. Instead, buy by the case at $6.99 ($.29 per can, 2 per day X 40 workdays = $23/month. Save about $57/mo per month!) – Kathy C from Hawthorne CU.
5 Ways to Save Money on Groceries
Hawthorne’s very own Member Service Representative, Jerry B. pointed out to me last week that he had seen an advertisement for Oprah’s upcoming show on saving money on groceries and had recorded the show on his DVD, (he wanted to make sure that we all know that he is not a regular viewer of the Oprah Winfrey show!) He found several segments beneficial, particularly the one featuring Stephanie Nelson, founder of CouponMom.com. To view these money saving tips and to get more information on shopping with coupons, click here.
Tuesday, February 17, 2009
365 Days of Saving
We're working hard here at the credit union to help our members manage their money during this very challenging time. In that spirit, we'll promise to provide you with 365 tips this year - you can get your daily tip via:
1) Email - Submit your email address in online banking. If you don't use online banking send us your email at memberservice@ehawthorne.org (But why don't you use online banking? It's the greatest thing since the internet. Plus, you could win $100 when you pay two bills online each month between now and April 30.)
2) Twitter - Do you tweet? A tweet is a short 1-2 sentence messsage, often containing a link for more info, about a subject. Check out Twitter.com/HawthorneCU. Become a follower of Hawthorne and we'll tweet our tip to you every day, plus other news about events and promos, too.
Not all the tips will be ones you'll be able to use, but you never know how one idea might lead to another....so be sure to share your ideas with us too!
1) Email - Submit your email address in online banking. If you don't use online banking send us your email at memberservice@ehawthorne.org (But why don't you use online banking? It's the greatest thing since the internet. Plus, you could win $100 when you pay two bills online each month between now and April 30.)
2) Twitter - Do you tweet? A tweet is a short 1-2 sentence messsage, often containing a link for more info, about a subject. Check out Twitter.com/HawthorneCU. Become a follower of Hawthorne and we'll tweet our tip to you every day, plus other news about events and promos, too.
Not all the tips will be ones you'll be able to use, but you never know how one idea might lead to another....so be sure to share your ideas with us too!
Thursday, February 12, 2009
Show us the money!
NPR's Planet Money blog posted a blog that was understanding of the banks who have not yet disclosed how they used the TARP funds. He compared it to getting a$50 check for his anniversary from his parents. He deposits the money and doesn't really know what he spends it on. How can he make that comparison? We're talking about billions of taxpayer dollars to help bail out banks, not a sweet little gift from the folks who don't expect an explaination of how it's used. He's comparing apples and oranges. What do you think?
Tuesday, February 10, 2009
Transparency and accountability? Yes please!
I was happy to hear Treasury Secretary Geithner mention in his address today that transparency and accountability would be an important aspect of the $1 Trillion dollar comprehensive plan to restore financial stability to our economy. I love how this administration is embracing the internet as a tool for communication - and for transparency and accountability. Giethner mentioned a site, financialstability.gov which is not yet live, but I like the concept. Glad to see it!
Recession: Glass half empty, or half full?
Last night President Obama said this was "not your run-of-the-mill recession." What is a run-of-the-mill recession? Fortunately we haven't experienced that many in order to know what a "run-of-the-mill" recession is like. I must say it's frightening that this period of time has been compared to the Great Depression...or at least I keep hearing it's "the worst economic conditions since the Great Depression". That's true.
You might not know that credit unions, including Hawthorne Credit Union, were born during the Great Depression when average working class consumers had no access to loans or financial services of any kind. They pooled their money into a fund, depositing as little as 25 cents a paycheck, so that they could make small loans to help each other through the tough times. People helping people. Hawthorne Credit Union was started by a group of employees at Western Electric's Hawthorne Works Plant in Cicero in 1935. So it stands to reason that we are poised to help our members through this economic crisis too. We're still making loans, we're still strong. We will sit down with you and help you sort through your situation, consolidate debt to reduce your monthly expenses. Get you on a savings plan. Consult with our expert partners at the BALANCE Financial Fitness Program.
In addition to credit unions being born from economic hardship, check out this article from CNN about 6 companies born out of economic downturn.
It might be rough for a while, but we'll come out of it as a stronger nation. Who knows what innovation will be born? So while we ride out the tough times, let's remember the glass is also half full.
You might not know that credit unions, including Hawthorne Credit Union, were born during the Great Depression when average working class consumers had no access to loans or financial services of any kind. They pooled their money into a fund, depositing as little as 25 cents a paycheck, so that they could make small loans to help each other through the tough times. People helping people. Hawthorne Credit Union was started by a group of employees at Western Electric's Hawthorne Works Plant in Cicero in 1935. So it stands to reason that we are poised to help our members through this economic crisis too. We're still making loans, we're still strong. We will sit down with you and help you sort through your situation, consolidate debt to reduce your monthly expenses. Get you on a savings plan. Consult with our expert partners at the BALANCE Financial Fitness Program.
In addition to credit unions being born from economic hardship, check out this article from CNN about 6 companies born out of economic downturn.
It might be rough for a while, but we'll come out of it as a stronger nation. Who knows what innovation will be born? So while we ride out the tough times, let's remember the glass is also half full.
Monday, February 9, 2009
Shred Day success!
Shred Day was a huge success this weekend - more than 100 people showed up - some were already members and some were future members (we hope!). The truck was nearly full of personal documents, keeping identity theives from getting their hands on all that info. Plus, all the paper gets recycled. Hawthorne shredded enough paper to save 101 trees in 2008 - can you believe it? That's like a small forest! Check out our Shred Day schedule! Our next Shred Day is Sat. 3/7 at Bolingbrook Branch http://tinyurl.com/aqq84a
Thursday, February 5, 2009
ATMs where ever you go
Hawthorne has 57,000 surcharge free ATMs nationwide. That number doesn't mean anything really until you compare it to Chase and Wamu, who together have only 10,000 ATMs nationwide. Can you believe it? That's because we're hooked into several surcharge free networks: Co-Op, Allpoint and STARsf. These networks are made up of credit unions, community banks and privately-owned ATMs. So Hawthorne members can get surcharge free cash just about anywhere - Target, Costco, 7-Elevens, gas stations, restaurants, pubs, community banks and credit union ATMs. How's that for convenience? Click here to locate one.
Wednesday, February 4, 2009
Did you know credit unions are cooperatives?
You might be asking, "What's a cooperative, anyway?" It's a not for profit organization that is owned by its members, or the people who use the organization. Credit unions are cooperatives, and there are many other kinds. Learn more with this podcast from Home and Family Finance Radio:
http://hffo.cuna.org/15562/audio/2504/html
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