January

LOOKING FOR
A TAX BREAK?
M
aking a deposit into your MECU IRA account could help reduce the amount of taxes you pay
and help you save for retirement. MECU offers both traditional and Roth IRA Savings accounts as well
as IRA Certificates of Deposit.
IRA Savings and CD accounts are federally insured by the NCUA up to $250,000, and MECU provides
Excess Share Insurance giving you a total of $325,000 of coverage.
There is no fee for establishing or maintaining your IRA or IRA CD at MECU. Open your IRA or
make a deposit to your existing IRA before April 15, 2009 to take advantage of the tax savings for 2008.
MAKE NEXT
CHRISTMAS EASIER
I
t’s not too early to think about saving for Christmas 2009. Open a MECU Christmas Savings
account and be ready for next year’s holiday shopping.
Your Christmas Savings account will earn interest throughout the year and help your holiday
dollars grow. The money you save throughout the year and the interest that you earn will be
automatically transferred to your Share Savings in early November. So, open your Christmas
Savings account today and start preparing for the next holiday season.
SAFETY, SECURITY AND
GREAT RATES
T
he stock market can be a risky place to invest. If you are looking
for a great rate and a guaranteed return, invest in a MECU
Money Market. You get a great investment with a high interest rate while
still having access to your funds. Unlike a money market fund with an
investment firm, a MECU Money Market account won’t put your principal
at risk. Plus, you won’t pay broker fees and you’ll have access to your funds
when you need them.
This great investment offers tiered rates to maximize your
investments’ growth potential. Check out MECU’s Regular Money Market
account and the Premier Money Market account on our website,
www.mecu.com, to see which works best for you!
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GET ON THE ROAD TO
FINANCIAL FREEDOM
AT MONEYPOWER DAY!
M
ECU is sponsoring the Baltimore CASH
Campaign’s 4th MoneyPower Day to be
held Saturday, March 21, 2009 at Baltimore
Polytechnic High School from 9 a.m. to 3 p.m. This FREE
event offers different ways to learn how to repair credit,
save money and accomplish your financial dreams—whether
starting a business, saving for retirement or purchasing a home.
And this year there will be lots of activities for kids of all ages.
Some of the things you can do at MoneyPower Day are:
N
N
Your taxes are done and you want your money now. A RAL
looks like the way to go, but do you really know how much
you may be losing? Quickie tax preparers often overlook
Earned Income Tax Credits (EITC) that you may be entitled to
deduct, which can average about $1,400.
Last year, between 15 and 25 percent of taxpayers
eligible for an EITC didn’t get one because it was not put on
Attend workshops to learn how to save money to buy
their income tax return. Besides the actual cost of having
a home or start a small business.
your taxes prepared by a for-profit company, the interest
Pull your credit report and get help with correcting any
charged on RALs is around 36%.
problems at the Credit Café.
N
Can you afford the cost of a
Tax Refund Anticipation Loan (RAL)?
You may qualify for the EITC if you earned less than
Talk with service providers to learn about organizations
$39,000. And, if you qualify for the EITC, you also qualify
that can help you.
to have your taxes prepared for FREE!
This year, young adults will be able to attend peer-to-peer
workshops on money management and entrepreneurship.
For more information, go to www.moneypowerday.org.
Free tax preparation
through the CASH Campaign
You can get FREE help preparing your taxes at any of the
Want your tax refund
FAST, SAFE, EASY and FREE?
15 Volunteer Income Tax Assistance (VITA) sites in the City
Why wait to get your refund checks in the mail this year
taxes and check to see if you qualify for the EITC.
that will start opening January 19. To find a site near you, call
410-685-0525. Trained volunteers will help you prepare your
when they can be directly deposited into your MECU
You don’t have to worry about your check getting lost. Plus,
Get your refund fast with
direct deposit to your MECU account
the IRS schedules direct deposits a week sooner than mailing
If you file your taxes electronically, choose to have your
paper checks, so you get your money faster.
refund deposited directly into your MECU Share
Checking or Savings account? It’s free, easy, safe and fast.
There is no charge for this service; it’s free! Just fill in
Savings or Checking account. Your refund is often in your
the refund section of your tax form with MECU’s routing
account in less than two weeks. You will need your account
number, 252076468, and select checking or savings, then fill
number and MECU’s routing number—252076468.
in your account number.
Don’t have a checking account?
Save your refund for your
special goals
Visit a MECU branch today or go to www.mecu.com
Once you have your refund deposited into your Share account,
and open your account online, or call 410-752-8313.
ask us for help in how to achieve your dreams. Whether it’s a
house, a car or your education—MECU can help!
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On Your Account
MECU GIVES
CASH BONUS
T
FOR 28TH
YEAR!
he strength of MECU comes from its members, so it’s always gratifying when we are able to give our members a cash bonus
because of that strength. In 2008, we paid a cash bonus in June and in December totaling over $4 million.
The cash bonus is made up of a loan-interest rebate on all your MECU loans, excluding VISA,® and an extraordinary
dividend on all your deposit accounts at MECU. That means the more accounts you have at MECU, the larger your cash bonus.
Better still, the MECU Board of Directors has set aside funds to help ensure the cash bonus for 2009!
Move all your accounts to MECU and pay yourself twice!
MECU offers the best rates in town on both deposit accounts and loans. MECU’s rates alone are like paying yourself once.
Add the cash bonus on top and you’ve paid yourself twice!
MECU HELPS
FUND COLLEGE SCHOLARSHIPS
The Credit Union Foundation of MD & DC, which MECU helps fund, invites credit union members to apply for its 2009 College
Scholarship Program. This year, ten $1,000 scholarships will be awarded to winning essay entries, and one $1,000 scholarship will
be awarded to the winning video submission.
This year’s essay topic asks applicants to imagine a credit union that is run strictly by people under 30.
The essay should describe what the credit union looks like, what products they focus on, and what makes
their credit union stand out.
This year’s contest includes a video component. Applicants are invited to submit short
30- to 60-second videos that address the question, “How are credit unions different than banks?”
A good example of this type of video focusing on credit unions can be found on the
YouTube website, at http://www.youtube.com/watch?v=cawzTSVTP2M.
Complete information and applications are online: http://cufound.org/scholarship.htm
CollegeBound scholarships
MECU’s Annual Charity Cup Golf Tournament provides funds for
merit scholarships offered to Baltimore City school students through the
CollegeBound Foundation. A link to the application for ten $1,000 MECU
scholarships, along with other available scholarships, can be found on the MECU
website under Youth Accounts. It’s also available on the CollegeBound website,
at http://www.collegeboundfoundation.org/students/paying.html.
Now is the time to line up funding for your next semester’s education.
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NOTES OF
INTEREST
Annual Meeting Notice
The Annual Meeting of the Members is set for Tuesday,
March 17, 2009 at 12:00 p.m. at the MECU Corporate
Offices, 7 East Redwood Street, 20th floor, Baltimore,
Maryland 21202. All members are invited to attend.
Directors and Committees Serving You
Board of Directors: Active Directors—Roman Clark, Fire;
Andrew Frank, Mayor’s Office; G. Louise Green*, Finance;
A. Soula Lambropoulos*, Health; Benjamin Meli, DPW;
Peggy A. Peacock, HCD; Charmaine M. Thomas, Police.
Retiree Directors—Ernest J. Glinka; Gary W. McLhinney;
Herman Williams Jr.*; Directors at Large—Lorretta Johnson,
BTU; John T. Walker III*, BCPS. Director Emeritus—Harry
Deitchman.
*term expiring
Credit Committee: Deborah Moore-Carter, Labor
Commission; Thomas Driscoll, Finance; Dan Fickus, Police;
Marietta English, BTU; Glenard Middleton, DPW; Neetu
Dhawan-Gray, Associate Member; Robert Sledgeski, Fire.
Supervisory Committee: Judge David Allen, Retired;
Jennell Rogers, Finance; Abraham Schwartz, ERS; Otis Rolley,
III, Associate Member; Beatrice Tripps, Mayor’s Office.
Nominees for Directorships in 2009
Candidates for directorship may be nominated by the
Nominating Committee or by a petition of the members.
The Nominating Committee of MECU has submitted the
following members as candidates for directorships beginning
in March 2009:
Active—G. Louise Green, Finance
A. Soula Lambropoulos, Health
John T. Walker III, BCPS, Director at Large
Retiree—Herman Williams Jr.
If you have questions about the annual meeting
or election procedures, contact Janet Topper at
443-263-4243.
Disclosure of Board and Committee
Compensation Schedule
Achieving the strong financial position that MECU enjoys
requires a team with knowledge, experience and a dedication
to hard work. In a year when the economy was volatile, with
other financial institutions and businesses laying off employees
and struggling along, MECU paid you, its member-owners, an
extraordinary dividend and loan interest refund for the 28th
consecutive year.
The roles of the Board of Directors and Credit and
Supervisory Committees are critical to the success of MECU
in fulfilling its mission. Setting the strategic direction, providing
oversight and acting as your member-elected representatives
are responsibilities that are not taken lightly by these
individuals. They invest hundreds of hours of personal time
to MECU attending meetings, attending educational sessions
required by the State of Maryland, supporting MECU in the
community and more. The expectations for these officials are
high, and if one is not willing to make the commitment and
sacrifice required it will result in being removed from office.
Fortunately, as a State Chartered Credit Union, the MECU
membership can compensate its officials for the many hours
they contribute to the betterment of the organization by
paying an honorarium for meetings they attend.
As required by law, the compensation schedule is authorized
each year by a vote of the membership at the Annual
Meeting in accordance with Section 6-331 Annotated Code
of Maryland, Financial Institutions Article. Additionally, it is
approved by the Commissioner of Financial Regulation for
the State of Maryland based on the institution’s financial
performance. This compensation is in exchange for services
performed as an official, and it is reported as income to the
Internal Revenue Service.
The proposed dollar amount that will be paid to each official is
as follows: Board of Directors: $200 honorarium per meeting
attended; $200 per day for each day that a director attends
an educational conference, as required by law, and travel
days. Credit and Supervisory Committee Members: $150
honorarium per meeting attended; $150 for each day that
a committee member attends an educational conference, as
required by law, and travel days. The aggregate dollar amount
paid to all officials for the 12 months preceding January 2009
was $247,216.
Assuming that the proposed honorarium schedule stays
the same as last year, is approved by the members at the
annual meeting, and that the same number of meetings will
be held as in the preceding 12-month period, the aggregate
dollar amount to be paid to all officials in 2009 is estimated
to be the same. The aggregate dollar amount of all officials’
expenses, excluding the compensation outlined above, for
the 12 months preceding January 2009 was $135,339.
MECU Mission Statement
To provide members with high-quality financial services through sound management and innovation.
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