AACFCU Donates $12,207 to the Cystic Fibrosis Foundation at the Dothan, AL Great Strides Walk

AACFCU’s children’s savings account mascot Kirby Kangaroo

Thank you again for your support of our fundraisers for the Cystic Fibrosis Foundation (CFF) in April. Thanks to your help, AACFCU was able to donate $12,207 to CFF from our Wiregrass area and Florida branches at the Great Strides Walk in Dothan, AL on Saturday, April 20.

Our Mobile, AL branches are still holding a few fundraisers for CFF until the end of April if you would like to donate to this organization. We will present our donations from these branches at the Mobile area Great Strides walk on May 18 at the Five Rivers Delta Resources Center. We’d love to see you there!

Join us in supporting the Cystic Fibrosis Foundation

2013 marks the 5th year AACFCU has supported the Cystic Fibrosis Foundation (CFF) by raising money and serving as the start/finish sponsor at the Great Strides walks in Dothan and Mobile, Ala. This has become one of our largest fundraisers with all of our employees joining the fundraising efforts for CFF.

Won’t you help us in supporting this worthy organization? Fundraisers such as bake sales, gift basket giveaways and lunch sales can be found across our 19 branches until April 19, 2013.

We’ll also join CFF and other teams at the Great Strides walks in April and May to present our donations to CFF representatives. We’d love for you to join us at the walks and celebrate the efforts of CFF and our local fundraising teams. The Dothan walk is April 20 at the Kiwanis Park. The Mobile walk is May 18 at the Five Rivers Delta Resource Center.

Cystic fibrosis is a life-threatening genetic disease affecting approximately 30,000 children and young adults in the United States. Approximately 10 million Americans are symptomless carriers of the defective gene. Cystic fibrosis substantially impairs respiratory and digestive functions making the simple acts of breathing and eating a challenge. In the 1950s, few children with cystic fibrosis lived to attend elementary school. Today, advances in research and medical treatments have further enhanced and extended life for children and adults with the disease. Many people with the disease can now expect to live into their 30s, 40s and beyond.*

*Information courtesy of www.cff.org. Visit cff.org to learn more about cystic fibrosis our the Cystic Fibrosis Foundation.

New Article from Jason Alderman and Practical Money Matters: Tax Deadlines Are Real

By Jason Alderman

Find the original article here.

Congress could well debate the debt ceiling, tax reform and other important economic issues until the cows come home, but one thing’s for sure: If you don’t pay your income taxes – or at least file for an extension – by April 15, you could be in for a world of financial hurt.

That’s because the IRS probably won’t give you a break on the penalties it levies on unpaid taxes unless you were the victim of a natural disaster, suffered death or serious illness in your immediate family, or experienced another catastrophic event.

You must file your 2012 federal tax return (or request an extension) by midnight on April 15, 2013, otherwise the penalty on any taxes you owe will increase dramatically. You’ll be charged an additional 5 percent of taxes owed for each full or partial month you’re late, plus interest, up to a maximum penalty of 25 percent of the amount owed. (The interest rate currently charged is 3.22 percent.)

If you file your return or extension request on time, however, the penalty drops tenfold to only 0.5 percent per month, plus interest.

Here’s how it adds up: Say you owe $2,500 in federal income tax. If you haven’t requested an extension, you would be charged an additional $125 (5 percent), plus interest, for each month you’re late in paying off your bill. Had you filed for an extension, the penalty would drop to only $12.50 per month (0.5 percent).

Be sure to contact the IRS early if you won’t be able to pay on time so you keep as many payment options open as possible – either call 800-829-1040 or visit your local IRS office. Also check out the IRS’ “Filing Late and/or Paying Late” webpage for helpful information.

One way to avoid this penalty is to pay by credit or debit card before the filing deadline. You’ll pay a convenience fee, which is tax-deductible if you itemize. Fees vary depending on which payment processor you choose. (See “Pay Your Taxes by Debit or Credit Card” at www.irs.gov for details.) If you use a credit card, make sure you can pay off the balance within a few months; otherwise the accrued interest might exceed the penalty.

Other payment options include:

• If you can pay the full amount within 120 days, you may qualify for a Short-Term Extension. If granted, you’ll still owe interest on your debt, but will avoid the application fee for an installment agreement.
• If you need longer than 120 days, an Installment Agreement lets you pay off your bill in monthly installments.
• To apply for either, fill out an Online Payment Agreement Application at www.irs.gov or call an IRS representative at 800-829-1040.
• Under certain dire financial-hardship circumstances, the IRS will allow some taxpayers with annual incomes of up to $100,000 to negotiate a reduction in the amount owed through an Offer in Compromise. For step-by-step instructions, read the IRS Form 656 Booklet.

If you’re unable to make payments on your installment agreement or offer in compromise, call the IRS immediately for alternative payment options, which could include reducing the monthly payment to reflect your current financial condition.

Also read the IRS’s guide, “The What Ifs for Struggling Taxpayers,” which contains helpful information on the tax impacts of different scenarios such as job loss, debt forgiveness or tapping a retirement fund.

This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a legal, tax or financial advisor for specific information on how certain laws apply to you and about your individual financial situation.

Phishing: How Not to Become a Victim of This Scam

We are aware that some of our members may be receiving phishing texts, emails or calls. Scammers send these types of messages to “phish” for, or fraudulently gain, your information. You may receive texts, emails or calls stating that your debit card and/or account has been “de-activated” at AACFCU or any other financial institution’s name the scammer chooses to use. While we aren’t able to prevent scammers from sending out these messages, we are dedicated to ensuring your information in protected.

Here is what you can do if you find yourself a victim of this type of scam.

1. DO NOT provide your account or debit card information. AACFCU will not ask for information we already have, and we will never ask for your PIN (personal identification number).

2. If you have provided your debit card information, report it to the number listed on the back of your card.

3. If you have provided any account information, PIN or any other personal identifying information, call us at 800-448-4096 as soon as possible so we can take the necessary steps to protect your account.

4. If you received a call, block the number on your phone and utilize the National Do Not Call Registry (www.donotcall.gov). It’s a good idea to register both cell numbers and landline numbers on this list.

Teens’ First Accounts at AACFCU

It seems about that time: Your teen is slowly taking steps into the adult world. He’s had his first real crush, he’s getting ready for his first set of wheels…he’s the king of social networking. But when it comes to learning about finances, he’s just not there yet–or so you think.

And while you might think your child will learn all he needs to know about finances in school, don’t hold your breath. And maybe you’re not sure you’ll be able to teach him on your own.

Let us help at AACFCU. We can set your teen up with his first debit card and checking account. Getting teens established with these tools can help them learn to manage money now–while the stakes are small–so they don’t get into financial trouble later.

Stop by today, and we’ll help your teen with one of his firsts.

Watch for Signs of Elder Financial Abuse

The problem of financial swindles targeting senior citizens is very real and is getting worse. Research indicates that most often the perpetrators are family members or caregivers, with elderly women more likely to be targeted than men.

If you provide care for an older individual, watch for these signs that financial exploitation or abuse may be going on:

• Large, unexplained withdrawals from accounts, or transfers between accounts that the older person cannot explain
•  Suspicious signatures on checks or other documents
• Lifestyle not consistent with income or assets, or significant changes in spending patterns
• Notices to disconnect utilities
• Anxiety about personal finances
• Missed appointments or unpaid bills
• Abrupt changes to a will or power of attorney
• Unusual transfer of assets to others

If you suspect financial exploitation, visit the National Adult Protective Services Association website at apsnetwork.org and click on your state to find your local office and report abuse.

 

Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Teaching Teens Financial Responsibility

When your kids were little, you frequently heard requests such as “Will you read me a story?” or “Can we go for a bike ride?” Now that your offspring have morphed into teenagers, their pleadings often involve asking for money—your money.

How can you tame their cash demands and avoid the money wrangles, while also instilling a sense of financial responsibility? Here are a few ideas:

• Make the most of “teachable moments”—Look for opportunities in your day-to-day interactions with your teen when you can slip in a money “lesson.” For instance, if you’re out shopping together, you can talk about your own shopping choices or why you’re delaying a purchase.

• Provide hands-on experience—These types of experiences have more impact for teens than just listening to you talk. For instance, have your teenager make the grocery list for the week. At the market, he’ll see for himself how big a chunk of the family budget goes toward groceries.

• Model money monitoring—Sit down with your teen to go over her list of expenditures for the week. Discuss such questions as: Was this a want or a need? Why did your balance get so low at this point? What could you have done differently in your spending?

• Introduce plastic, perhaps—You’ll need to decide if your teen is mature enough to manage a debit card. Our Youth Accounts offer teens a debit card so they can begin learning how a debit card works. Again, go over transactions together.

• Talk about the future—What will come after high school? If it’s college, what portion of expenses will the teen have to cover? Older teens also begin to think about career choices. This is a good time to talk with them about saving for retirement. It’s never too early to have that conversation.

Let us help at AACFCU. We can set your teenager up with his first debit card and checking account. Getting teens established with these tools can help them learn to manage money now—while the stakes are small—so they don’t get into financial trouble later. Call us today at 800-448-4096 or stop by today.

Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.