First Abilene FCU sponsors Justin Snow Football Camp

The credit union recently sponsored and supported the 2010 Justin Snow Football Camp at Abilene Christian University. Not only did the credit union help provide the camp for hundreds of local children, but employees took their time to help make the camp happen. The football camp is an annual event put on my Indianapolis Colt Justin Snow, an Abilene native.

First-Time Homebuyer Tax Credit Extended and Expanded

• First-Time Homebuyers, those who have not owned a home within the last three years, are eligible for a tax credit of up to $8,000 or 10% of their home purchase, whichever is less.
• Any home that will be used as a principal residence will qualify, provided the home is purchased for a price less than or equal to $800,000.
• Under the extended homebuyer tax credit, which is effective between November 6, 2009 through April 30, 2010, single buyers with incomes up to $125,000 and couples with incomes up to $225,000 may receive the full tax credit.  Homes purchased between January 1, 2009 and November 6, 2009 still have the same income requirements as previously - $75,000 for singles and $150,000 for couples.

• The tax credit defines current homeowners as those who have owned or resided in a home for at least five consecutive years of the eight prior years.
• The tax credit available for current homeowners is up to $6,500 or 10% of their home purchase, whichever is less.
• The tax credit is available for purchases made on or after November 6, 2009 through April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchases qualifies provided it is completed by June 30, 2010. 
• Income limits of $125,000 for individuals and $225,000 for couples. 

• Eligible purchases under both tax credit offers must be primary residences.
• Some buyers may still be eligible for the tax credit if their income requirements are above the limits, however, they qualify for a reduced amount.  The credit is reduced for single buyers making between $125,000 and $145,000 and for married couples making between $225,000 and $245,000.  The amount of the tax credit decreases as the income approaches the maximum limit.  Homebuyers earning more than the maximum qualifying income - more than $145,000 or $225,000 are not eligible for any amount of tax credit.
• As long as a written binding contract to purchase is in effect on April 30, 2010, members will have until June 30, 2010 to close and still receive the tax credit.
• The buyer does not need to repay the tax credit, if they occupy the home for three years or more.  However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Credit Card Fraud

There have been recent reports of a credit card scam where the credit card company calls to inform you that your card has been flagged for excessive or unusual purchases. The caller has all of your card information, but ask for the three digit security number on the back of the card. DO NOT give anyone, claiming to be your credit card company these numbers. Real credit card companies will never ask for anything on the card as they already know the information from when they issued the card.

A Statement on Credit Unions in Texas from Dick Ensweiler, President and CEO, Texas Credit Union League.

(Dallas September 25, 2008) Last night, President George W. Bush, in describing the economic crisis in America, brought up the issue of government deposit insurance. It's important for credit union members and the public to know why they can count on the safety and soundness of their credit union.

Credit Unions, which function as not for profit, non market based financial cooperatives, have remained well capitalized nationwide and are in particularly good condition in Texas, even amidst the current economic crisis. Credit unions are owned by the members and are not publicly traded on Wall Street. As such, they remain largely insulated from severe market swings. In addition, members deposits are safe and sound, secured by a federal deposit insurance fund established for credit unions specifically and that fund remains healthy. Deposits are insured up to $100,000, and up to $250,000 for retirement accounts.

For more about federal savings insurance at credit unions, see the "America's Credit Unions" website at www.creditunion.coop.

To determine how much of your savings at your credit union is covered by federal insurance, visit the NCUA insurance calculator at http://webapps.ncua.gov/ins/

2010 HOLIDAY CLOSINGS

First Abilene FCU will be closed on the following dates:

Friday, January 1

Monday, January 18

Monday, February 15

Monday, May 31

Monday, July 5

Monday, September 6

Monday, October 11

Thursday, November 11

Thursday, November 25

Saturday, December 25

FLEXTELLER SECURITY CHANGES

Due to an NCUA regulation, First Abilene FCU is converting FlexTeller to a multi-factor authentication process. Basically, we're asking for a bit more information when you sign on to online accounts.

Step 1
Log in to Flex Teller as usual and you will see a message explaining that there are new security features. Members will have the option "do this later" but only until July 31st.

Step 2
Select Yes and follow the instructions.
After setting up your choices you will be taken back to the log in page.

Step 3
To log in now you will need your account number and password as before but you will also select your image and answer one question.

Members will have 30 days to enroll. After that time, they will be required to enroll or will not be able to access the account through FlexTeller. If you have any questions, please contact the First Abilene FCU Technical Services Department, (325) 437-3700.