Homebuyer Tax Credit Has Been Extended

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers who have been in their homes five or more years.

A tax credit, unlike a deduction, means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference!

The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For members of the military, the foreign service and the intelligence community who are ordered on a period of official extended duty; these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

Answers to more specific questions can be found at: http://www.federalhousingtaxcredit.com/. Please consult your tax advisor to see if these tax credits apply to your home purchase.

Your Money is Safe at MEFCU

The money of Mayo Employees Federal Credit Union members is protected by federal insurance at their credit union, the Credit Union National Association (CUNA) pointed out today — insurance coverage that is similar to that provided to banks by the Federal Deposit Insurance Corporationz(FDIC).

Virtually every credit union across the nation has federal deposit insurance. Just like FDIC insurance at banks, savings are insured to at least $250,000. The federal insurance safety net at credit unions is provided by the National Credit Union Administration (NCUA), a U.S. Government Agency. Additionally, the credit union insurance (just like the FDIC) is backed by the full faith and credit of the United States. In fact, no one with their savings at a federally insured credit union has ever lost any part of their savings.

Here at the Mayo Employees Federal Credit Union your deposits are first insured by the National Credit Union Administration (NCUA) up to $250,000 on regular deposits and up to $250,000 on your IRA deposits. These numbers are based on how deposits are structured, so in some cases NCUA coverage is actually much higher than this. The Credit Union has also purchased additional deposit insurance from Excess Share Insurance, the largest private deposit insurer. Excess Share Insurance insures your deposits above and beyond NCUA by an additional $250,000 bringing total insurance on regular deposits to $500,000 and IRA deposits to $500,000.

If your deposits are coming close to one of these limits we would encourage you to stop in and speak with one of our Member Service Representatives who can look at your deposit structure in order to maximize the safety of your deposits.

Here at the Mayo Employees Federal Credit Union, for many years we held true to a very conservative approach for investing your money. We have always invested in insured certificates with other financial institutions and government backed investments. We did not purchase mortgage backed securities that came with a higher, attractive return.

Strong, conservative fiscal management has been a hallmark of this credit union throughout our history and in times like this you can feel very secure in the lending and investing practices we have chosen.

You can rest assured your Credit Union offers safety and security of your deposits at the highest level. If you have any concerns or questions, please stop in one of our branches and speak with a Member Service Representative.

To learn more about federal savings insurance and to determine how much of your savings at your credit union is covered by federal insurance, visit the NCUA insurance calculator.

Scam Alert!

With this particular scam, members receive a phone call stating their debit card or credit card has been deactivated. Members are instructed to press 1 to reactivate their card. Then they are instructed to enter their 16-digit card number and PIN. All of this is on an automated system. THIS IS A SCAM. Do NOT do this. Mayo Employees Federal Credit Union will never ask for your PIN, and if your card is deactivated for any reason, a real person will call you, not an automated system. Please make everyone in your family who carries a debit or credit card aware of this.

Fraud Alert!

You may have received an email from the Credit Union National Association (CUNA) asking you to fill out a new application for a monetary award. This is a "phishing" scam. Do not click on the link in the email or provide any information. CUNA is the trade association for Credit Unions. CUNA does not maintain any type of customer/member financial information. Additionally, MEFCU would never request personal identification information over the phone or via an e-mail solicitation. If you did respond to this e-mail, contact MEFCU at 535-1460 or (800) 535-2129.

Online Banking Login Procedure

There is a new procedure for logging in to Online Banking. MEFCU has partnered with Safe2Login, a company specializing in protection of credit union online banking sites, to provide extra security when logging in. When you click on Online Banking, you will initially be required to register with Safe2Login, creating a password and a specific word to be used as your safecode. After that, logging in will require one extra click. We are doing this for two reasons: to help protect your valuable identity and because the FFIEC and NCUA (two federal regulatory agencies) require it. For more information, click the Safe2Login FAQ button on the login page. If you still have questions, call our Phone Center at 507-535-1460 or 800-535-2129 and speak with one of our helpful representatives.

Email Scam Alert (Phishing)

An email that is circulating which appears to come from the National Credit Union Administration (NCUA) asks the reader to click on a link and enter his or her credit card number and PIN number. This is a scam! Delete this email immediately! The NCUA and your Mayo Employees Credit Union will NEVER ask for this type of information in an email.

Protecting Against Fraud

You may have read a news story that described how a Visa processor had its databases broken into by hackers. A breach of this kind is serious and potentially dangerous. Credit card processors house very sensitive information on their internal systems, and sometimes, despite the best precautions, this information can become compromised.

Here is what the Credit Union advises to protect against fraud.

1. Monitor your personal accounts regularly to keep track of the transactions being conducted on your accounts.
2. Use Money Link and Visa Online to check each of your accounts -- once a day is advisable.
3. Check your monthly statements carefully. Balance your accounts each month and check each item on your Visa statement against your receipts.
4. If you find a suspect transaction (such as a purchase made in Las Vegas when you haven't been to Las Vegas), call our Card Services area immediately.

All the best security in the world may not stop criminal activity, but by taking precautionary steps personally, you can help protect yourself if your card should become compromised.