Newsletter - Summer 2024



Mainstreet Credit Union has been named on the Forbes list as the Best-In-State Credit Union in 2024 for Kansas! This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. This recognition reflects Mainstreet Credit Union's commitment to providing outstanding financial services and member satisfaction within the state.  

We are grateful for this recognition and for everyone who voted for us from around the country this year. Being listed alongside other top-tier financial institutions on the Forbes list is an honor for us and motivates us to continue working to provide the best financial services to our members.  

This year’s winners were determined based on two main sources: An Independent Survey of approximately 26,000 US consumers who were asked to rate credit unions at which they have or have had a checking or savings account (criteria categories were Trust, Terms & Conditions, Branch Services, Digital Services, Customer Services, and Financial Advice) and a sentiment analysis of Publicly Available Reviews collected for each credit union, in each state. 



Earn a $150* bonus this Summer! 

Earn $150* when you open a checking account and complete these three steps:  

1.) Sign up for eStatements 

2.) Set up direct deposit 

3.) Make 10 debit transactions in 90 days. 

Mainstreet offers three account options with plenty of perks. Simply choose from three convenient options based on your financial needs and goals, and we’ll take care of the rest. 

Take advantage of this promotion from July 1st - Sept. 30th, 2024! 

For Eligible Accounts and Features

 

*Offer valid for checking accounts opened between July 1st, 2024 and September 30th, 2024. Limit one account per person. Valid for new Members and current Members without an established checking account. Requires new checking relationship with the Credit Union (those with existing checking accounts do not qualify). $150 Bonus - Checking Account Bonus Requirements: Membership eligibility required. The Member must open the checking account by September 30th, 2024. The Member must have 10 posted point of sale purchases within 90 days from account opening (Transactions exclude refunds/credits, and ATM transactions). The membership account number tied to the checking account must be enrolled in e-Statements and have direct deposit posted at least twice from the same source of at least $200. $150 will be deposited into the primary savings account within 60 days of meeting the qualifications. Account must be active and in good standing with no fraudulent activity. Business, Minor, Trust, Custodial, and Representative Payee accounts are not eligible for this promotion. All bonus payments will be reported to the Internal Revenue Service as an extraordinary dividend in the year they are paid. Offer is subject to change without notice. Employees, Board of Directors, and volunteers of Mainstreet CU are not eligible.

Federally Insured by NCUA.


Refer A Friend

Refer your friends to Mainstreet and earn up to $400 when they open and use a new Deposit Account or Consumer Loan. It's simple—just share your unique referral link with friends and family. Once they open and use any new eligible account, you and your friend will receive $50 as a token of our appreciation. Start sharing today and watch your rewards grow! 

 Learn More

1Review Full Terms and Conditions


Backpack Drive

This summer, the Olathe Public Schools Foundation will fill backpacks with school supplies to distribute to Olathe students when they return to school this fall. Mainstreet wants to help Olathe meet their goal by gathering supplies from our employees and members. They are in need of backpacks, dry erase markers, pencil bags, notebooks, and more! For a full list of items that are needed, click the button below. 

Bins will be in our Lenexa, Olathe DT, and Olathe East Branch lobbies starting July 1st and ending on July 31st! 

Learn More


Business Services

Group of employees huddled together during a meeting


At Mainstreet, we pride ourselves on building strong relationships with our members. We are not just another service provider - we are your trusted business partner. Our team is always available to answer any questions or concerns you may have, and we are committed to providing exceptional member service. So why wait? Contact us today to learn more about how Mainstreet's Business Services can help take your business to the next level. 


 
 
 
 
 

Our Business Services team has enjoyed meeting more members of our community during their Mainstreet Mingle Events! Mainstreet Mingle is our networking group for our small business owners. If you are a part of a local business and want to know more details about Mainstreet Mingle or our Business Services, please contact mcusimano@mainstreetcu.org. 
 
 
Micaela Cusimano
Business Services Specialist


Certificate Specials - The choice is yours!


5.10% APY1 for 7-Months 
or 
4.85% APY2 for 14-months 


You work hard for your money. Now, make your money work harder for you with a Share Certificate. With as little as $500, you can start to see your savings grow faster. Take advantage of these special offers while they last. Open your Share Certificate today!  

Advantages of Share Certificates: 

  • Higher interest rates: Compared to traditional savings accounts, share certificates offer higher interest rates that can help your money grow faster. 

  • Fixed rates: The interest rate on a share certificate is fixed for the entire term. This means you will earn a guaranteed return on your investment, regardless of market fluctuations. 

  • Low risk: Share certificates are backed by the credit union and insured by the National Credit Union Administration (NCUA) up to $250,000 per individual depositor. This ensures that your investments are safe and secure.    


1The 5.10% APY (Annual Percentage Yield)  promotional certificate has a term of 7 months, and the offer is effective as of June 1, 2024, and scheduled to end on July 31, 2024. Business accounts and corporate entities are not eligible. The promotional 7-month certificate will mature into a 6-month certificate at the then-current rate. Penalties may apply for early withdrawal. Fees could reduce earnings on these accounts. The offer is subject to change or may end at any time. Advertised rates and APY are offered at Mainstreet Credit Union’s discretion.  Fixed and adjustable Certificate rates are not guaranteed until your Certificate is funded and issued.  A $500 minimum deposit is required.  Certificates have a maximum deposit amount of $250,000.  Membership qualifications apply.

2The 4.85% APY (Annual Percentage Yield)  promotional certificate has a term of 14 months, and the offer is effective as of June 1, 2024, and scheduled to end on July 31, 2024. Business accounts and corporate entities are not eligible. The promotional 14-month certificate will mature into a 12-month certificate at the then-current rate. Penalties may apply for early withdrawal. Fees could reduce earnings on these accounts. The offer is subject to change or may end at any time. Advertised rates and APY are offered at Mainstreet Credit Union’s discretion.  Fixed and adjustable Certificate rates are not guaranteed until your Certificate is funded and issued.  A $500 minimum deposit is required.  Certificates have a maximum deposit amount of $250,000.  Membership qualifications apply.

Federally Insured by NCUA



At Mainstreet, we understand the unique needs and financial considerations that come with purchasing a secondary residence. Our flexible loan options and competitive rates are designed to make the dream of owning a second home more attainable. No matter what you’re looking for, our dedicated team can help you finance your second home. 

Call 913-599-1010 for rates or to speak with one of our Mortgage experts.  



Navigating Retirement Pitfalls 


 Much is written about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Some classic financial missteps have been known to plague retirees, too. 

Calling them "missteps" may be a bit harsh, as not all of them represent errors in judgment. Either way, becoming aware of these potential pitfalls may help you to avoid falling into them in the future. 

Managing Social Security. Social Security benefits are structured to rise about 8% for every year you delay receiving them after your full retirement age. Is waiting a few years to apply for benefits an idea you might consider? Filing for your monthly benefits before you reach your full retirement age can mean comparatively smaller monthly payments.1 

Managing medical costs. One report estimates that the average couple retiring at age 65 can expect to need $315,000 to cover health care expenses during the course of their retirement, even with additional coverage such as Medicare Part D, Medigap, and dental insurance. Having a strategy can help you be better prepared for medical costs.2 

Understanding longevity. Actuaries at the Social Security Administration project that a 65-year-old man has a 34% chance, and a 65-year-old woman has a 45% chance to live to age 90. The prospect of a 20- or 30-year retirement is not only reasonable, but it should be expected.3 

Managing withdrawals. You may have heard of the "4% rule," a guideline stating that you should take out only about 4% of your retirement savings annually. Each person's situation is unique but having some guidelines can help you prepare. 

Managing taxes. Some people enter retirement with investments in both taxable and tax-advantaged accounts. Which accounts should you draw money from first? To answer the question, a qualified financial professional would need to review your financial situation so they can better understand your goals and risk tolerance. 

This article is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your investment strategy for tax considerations. 

Managing other costs, like college. There is no "financial aid" program for retirement. There are no "retirement loans." A financial professional can help you review your anticipated income and costs before you commit to a long-term strategy, and help you make a balanced decision between retirement and helping with the cost of college for your children or grandchildren. 


Mike Thornhill Headshot

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

 

  1. SSSA.gov, 2023 2. Fidelity.com, 2023 3. LongevityIllustrator.org, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite. 


Events Around the Corner

Shred Day 

October 19th, 2024 

Shred It Facility / 10000 Lackman Rd. /Lenexa, KS  66219 

 All Shred events will be from 9 a.m. to 12 pm, or until trucks are full. 

All types of dry paper accepted. No plastic, media tapes or corrugated cardboard, please. 

Member Events 

Be on the lookout for another member event this fall! To stay up to date you can always check the announcements page on our website.  

We also send out email announcements so make sure your email is up to date! 

Announcements


Sign up for Electronic Statements (eStatements)


In August, Mainstreet will make multiple fee changes. Members will no longer pay the $3 overdraft transfer fee or the $10 return deposit fee. Also starting in August, members who receive paper statements via mail will be subject to a $3 mailed statement fee. We strongly encourage members to switch to eStatements, which offer a more convenient and environmentally friendly alternative.  

Enrolling in eStatements is quick and easy. 
1.) Login to MobileAccess or Online Access
2.) Click Messages
3.) Send us a Message (Ex: "I want to sign up for eStatements")

It's that simple! Your request will be processed within 1 business day.

If you are unable to contact us online you can also call us at 913-599-1010 or stop by your nearest branch. Our dedicated team will be happy to
enroll you for eStatements.    

Fee Schedule

 



How to Enroll in OnlineAccess

 

1.) Click the Account Logins button in the top right corner!

2.) Click Enroll 

3.) You will need your social security number, member number, email address, and phone number to complete the enrollment progress.

4.) Once you enroll you will have full access to your estatements!