Message From The President

Dear Member:
Whether you pick up a newspaper, flip through TV channels, or surf the Web, it’s hard to avoid news about the economy. And while most of the news isn’t good, please know that Allsteel Credit Union is here for you, our valued member-owners, in good times and bad. Like many credit unions, we were organized and chartered in 1936, providing a beacon of light in the dark days of the Great Depression. And that light is still shining during this Great Recession.

First and foremost, your money is safe in the credit union. Accounts are currently insured up to $250,000 by the National Credit Union Administration, a federal agency. Our capital — our rainy day fund — stands at twice the level that’s considered safe.

And we have money to lend. Rates are great! If you have been delaying a major purchase like a house, vehicle, or even an appliance, remember the stimulus package passed by Congress provides many people with additional assistance. (See your tax advisor for details.) For example, first-time home buyers are eligible for a refundable tax credit of up to $8,000 for purchases made before December 1. The credit phases out for single taxpayers with adjusted gross incomes that exceed $75,000 (or $150,000 for married couples filing jointly). Note that if you sell the house within three years, you must forfeit the credit.

If you buy a new vehicle in 2009 — with a price tag of up to $49,500 — you can deduct state, local and excise taxes as well as the interest on your car loan. The tax break is an above-the-line deduction, which means it can be taken even if you do not itemize other deductions. The deduction begins to phase out for single tax filers with adjusted gross income of more than $125,000, or $250,000 for married couples filing jointly.

Or maybe it’s time for some improvements to make your home more energy efficient. Tax credits for purchases such as a new furnace or insulation are increased to 30 percent through 2010, for up to $1,500. Buy an Energy Star appliance, and you’re eligible for a rebate. Finance those home improvements with a loan from Allsteel Credit Union.

Remember, we’re here for you. So see us first for all of your financial needs. And our heartfelt thanks to all of our loyal members who have remained faithful to the credit union during these difficult times.

Robin Lamb President More News ›