Newsletter - Fall 2022

Newsletter header. Mainstreet Talk.

Welcome to Mainstreet UAW MO KAN Members!

 

 

We are excited to announce that on September 18, 2022, UAW MO KAN Credit Union members voted to merge with Mainstreet Credit Union. The merger was made official on September 20, 2022 and accounts were merged on October 1, 2022 after business hours.

The merger brings together the strengths of two well-regarded credit unions. This partnership represents an opportunity to take our shared values and serve our members in bigger and better ways than ever before with increased accessibility, technology and innovative products.

The UAW MO KAN Credit Union was established in 1950 by General Motors employees. They have been serving the General Motors union members for more than 63 years and currently have a little under 1,000 members.  

All members will now have access to another established branch office. The Fairfax branch is located at 3254 Brinkerhoff Rd, Kansas City, KS 66115.  

This merger gives UAW MO KAN members the same benefits Mainstreet members enjoy:

  • Low interest rates on consumer and mortgage loans
  • Free checking
  • Business accounts
  • Debit and ATM cards
  • Investment Services
  • Online Banking
  • Mobile Banking
  • Access to 12 Mainstreet branches throughout the KC metro area.  
 

International Credit Union Day


Cookies At the Credit Union

Stop by your local Mainstreet Credit Union branch to celebrate International Credit Union Day with cookies on October 20th! This annual event raises global awareness for the credit union movement through outreach, volunteering, fundraising and other ICU Day-themed activities. Credit unions bring financial inclusion and a promising future to people all over the world. Since the first celebration in 1948, ICU Day is a chance to spotlight and celebrate these achievements.

Branch Locations




Our Business Service Team 

Whatever goals your business has, we have the financial products, tools, services, and the people to help you succeed.
With the expertise of our Business Services team, the door to success is open for your business. Our experienced team is here to help you if you are starting a business, your business is well established, or have questions along the way.
 
 
 
 
 

Main Perk For School Employees

As a special perk for school employees, Mainstreet offers a $1000 signature loan with a 0% APR* with a 12 month term to be used for anything you need. Buy supplies for your classroom, pay student loans, or take a dream vacation

Apply Today!

*One Main Perk loan (A 0%, unsecured loan for up to $1000 with a term of 12 months) per calendar year per member. Proof of employment from JCCC , or a school district is required. Automatic payment scheduled from a Mainstreet CU deposit account required. Cannot be combined with any other offer. Mainstreet reserves the right to terminate this program at its discretion. Federally Insured by NCUA.
**APR= Annual Percentage Rate. The Annual Percentage Rate applies to qualified individuals' creditworthiness at the time of offer.
 


The Inflation Reduction Act, signed into law on August 16, 2022, includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate stock buybacks. Additional funding is also provided to the IRS. Some significant provisions in the Act are discussed below.

Medicare

The legislation authorizes the Department of Health and Human Services to negotiate Medicare prices for certain high-priced, single-source drugs. However, only 10 of the most expensive drugs will be chosen initially, and the negotiated prices will not take effect until 2026. For each of the following years, more negotiated drugs will be added.

Starting in 2025, a $2,000 annual cap (adjusted for inflation) will apply to out-of-pocket costs for Medicare Part D prescription drugs.

Starting in 2023, deductibles will not apply to covered insulin products under Medicare Part D or under Part B for insulin furnished through durable medical equipment. Also, the applicable copayment amount for covered insulin products will be capped at $35 for a one-month supply.

Health Insurance

Starting in 2023, a high-deductible health plan can provide that the deductible does not apply to selected insulin products.

Affordable Care Act subsidies (scheduled to expire at the end of 2022) that improved affordability and reduced health insurance premiums have been extended through 2025. Indexing of percentage contribution rates used in determining a taxpayer’s required share of premiums is delayed until after 2025, preventing more significant premium increases. Additionally, those with household incomes higher than 400 percent of the federal poverty line remain eligible for the premium tax credit through 2025.

Energy-Related Tax Credits

Many current energy-related tax credits have been modified and extended, and a few new credits have been added. Many of the credits are available to businesses, and others are available to individuals. The following two credits are substantial revisions and extensions of an existing tax credit for electric vehicles:

  • Starting in 2023, a tax credit of up to $7,500 is available for the purchase of new clean electric vehicles meeting certain requirements. The credit is not available for vehicles with a manufacturer’s suggested retail price higher than $80,000 for sports utility vehicles and pickups, $55,000 for other vehicles. The credit is not available if the modified adjusted gross income (MAGI) of the purchaser exceeds $150,000 ($300,000 for joint filers and surviving spouses, $225,000 for heads of household). Starting in 2024, an individual can elect to transfer the credit to the dealer as payment for the vehicle.
  • Similarly, a tax credit of up to $4,000 is available for the purchase of certain previously owned clean electric vehicles from a dealer. The credit is not available for vehicles with a sales price exceeding $25,000. The credit is not available if the purchaser’s MAGI exceeds $75,000 ($150,000 for joint filers and surviving spouses, $75,000 for heads of household). An individual can elect to transfer the credit to the dealer as payment for the vehicle.
Corporate Alternative Minimum Tax

For taxable years beginning after December 31, 2022, a new 15 percent alternative minimum tax (AMT) will apply to corporations (other than an S corporation, regulated investment company, or a real estate investment trust) with an average annual adjusted financial statement income in excess of $1 billion.

Adjusted financial statement income means the net income or loss of the taxpayer set forth in the corporation’s financial statement (often referred to as book income), with certain adjustments. If regular tax exceeds the tentative AMT, the excess amount can be carried forward as a credit against the AMT in future years.

Excise Tax on Repurchase of Stock

For corporate stock repurchases after December 31, 2022, a new 1 percent excise tax will be imposed on the value of a covered corporation’s stock repurchases during the taxable year.

A covered corporation means any domestic corporation whose stock is traded on an established securities market. However, the excise tax does not apply:

  • to a repurchase that is part of a nontaxable reorganization,
  • with respect to certain contributions of stock to an employer-sponsored retirement plan or employee stock ownership plan,
  • if the total value of stock repurchased during the year does not exceed $1 million,
  • to a repurchase by a securities dealer in the ordinary course of business, or
  • to repurchases by a regulated investment company or a real estate investment trust, or (6) to the extent the repurchase is treated as a dividend for income tax purposes.
Increased Funding for the IRS

Substantial additional funds are provided to the Internal Revenue Service to help fund operations and business systems modernization and to improve enforcement of tax laws.

Source: Broadridge Investor Communication Solutions, Inc.

Mike Thornhill Headshot

Mike Thornhill
Financial Advisor, CUSO Financial Services, L.P.
Mike.thornhill@cusonet.com

©2022 Broadridge Advisor Solutions, Inc.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SiPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Representatives are contracted with CFS to make non-deposit investment products and services available to credit union members.

 

Make an appointment with Mike Thornhill

 

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Government Imposter Scams

Scammers can pretend to be government officials to get you to send them money. Examples of this are when they promise lottery winnings if you pay “taxes” or other fees, or they might threaten you with arrest or a lawsuit if you don’t pay a supposed debt.


A government impersonator scam often starts with a call, email, or text message from someone who says they’re with a government agency. They might give you their “employee ID number” to sound official. And they might have information about you, like your name or home address.

They often say they work for the Social Security Administration, the IRS, or Medicare — but sometimes they give you fake agency names, like the non-existent National Sweepstakes Bureau. They’ll also give you some reason why you need to send money or give them your personal information immediately. If you get a call like this, hang up the phone. It’s a scammer.

Because government agencies won’t call, email, or text you and ask for money or personal information. Only a scammer will do that.

 How to avoid the scam


  • Don’t wire money, send cash, or use gift cards or cryptocurrency to pay someone who says they’re with the government. Scammers ask you to pay these ways because it’s hard to track that money, and almost impossible to get it back. They’ll take your money and disappear.
  • Don’t give your financial or other personal information to someone who calls, texts, or emails and says they’re with the government. If you think a call or message could be real, stop. Hang up the phone and call the government agency directly at a number you know is correct.
  • Don’t trust your caller ID. Your caller ID might show the government agency’s real phone number or even say “Social Security Administration,” for example. But caller ID can be faked. It could be anyone calling from anywhere in the world.
  • Don’t click on links in unexpected emails or text messages. Scammers send emails and text messages that look like they’re from a government agency, but are designed to steal your money and your personal information. Don’t click on any link, and don’t pass it on to others. Simply delete the message.
 

MAINSTREET IN THE COMMUNITY

Community Events in September

  • Mainstreet shows appreciation to the educators in our community through our partnership with local school districts. The photo on the far left shows Mr. Hamer receiving his award.
  • Our Olathe branch was able to participate in Old Settler's Day downtown to celebrate Olathe's history with the community.
  • Mainstreet participated in a bag giveaway to show our support for teachers in our community. Our representatives handed out over 500 bags to teachers on their first day of school! 
Kara World - 4th Grade teacher at Meadow Lane Elementary Pam Hopkins- Senior Office and Athletic Director at Olathe West Shawn Ficus- 3rd Grade teacher at  Black Bob Elementary




Eric Newlin-Choir Teacher at Pioneer Trail Middle School




Make Your Voice Heard!

At Mainstreet Credit Union, we pride ourselves on our community involvement and see it as our duty to encourage our members to participate in the electoral process. Please do your part and vote in the 2022 mid-term elections. Your vote matters! 
 
Voting is a foundational pillar of both our democracy and the cooperative principles that govern our credit union. The next Congress will discuss several policies that could affect how we serve you as a credit union member. With issues like taxation, financial regulation, data security and access to pro-consumer financial products all likely on the table, it’s critical we credit union members make our voice heard. 
 
You can check your registration status right on this website. Additionally, this site can tell you where your polling station is located and what early and absentee voting options are available to you.
  
As a credit union member, you have a voice, but only if you use it!

 


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2022 Shred Days

9 a.m. to noon, unless trucks are full

Saturday, October 15th – Shred It Facility

10000 Lackman Rd.

Lenexa, KS  66219


This FREE service is available to every Mainstreet member. All types of dry paper are accepted. Please make sure your shred materials are clear of plastic, media tapes, corrugated cardboard, electric cords, electronics, lighters, and metal objects. Those items can potentially cause serious injury to volunteers and truck operators.

Please note: Times and locations are correct at this time and are subject to change.  Always check the Announcements page on our website at www.mainstreetcu.org/announcements for updates.


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Become more environmentally friendly and sign up for eStatements! Make sure your email address is up to date on your account to ensure you will receive notifications when your eStatement is ready. To enroll, you can sign-up through your OnlineAccess account (click here for instructions) or contact us at 913-599-1010.


Vital Statistics

As of August, 2022
Number of Members: 71, 946
Assets: 636.4 Million