By: lwilliams

lwilliams @ 3:19 pm

Karen Bates won a 32″ LCD HD TV from Michigan First Credit Union. One drawing will be held each month during June, July and August to determine the winners of the Grand Prize (32″ Flat Panel HD TV) and the Second Prize (Best Buy Gift Card). Karen Bates was the Grand Prize winner for June.

Pictured are Michael Poulos, Karen Bates and Michael Bates (Karen’s Husband).

“When we first signed up, we weren’t even interested in the prize. When I saw that I could get my statements online, I said “Sign me up!” We do all our banking online. E-statements were the next logical step. I love being paperless. Now, our whole family is starting to get e-statements. When they found about this, my mother-in-law, father-in-law and step mother-in-law all signed up for e-statements too!” - Karen Bates

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By: lwilliams

lwilliams @ 3:17 pm

Michigan First Credit Union was recently featured in an article in the Detroit Free Press. Michigan First member, Isabelle Lewis, used her stimulus check to contribute to the savings of her grandchildren. Please find the complete article with pictures below.

Where did stimulus funds go?
http://www.freep.com/apps/pbcs.dll/article?AID=/20080629/COL07/806290600
Detroit Free Press, SUSAN TOMPOR
June 29, 2008

Whenever she has extra cash, Isabelle Lewis deposits $20 or so into each of the savings accounts that she opened for her three grandsons.

But after she got her economic stimulus money, Lewis of Lathrup Village had another idea. One June day, she took three crisp $100 bills to the credit union and brought along her Triple A’s — 8-year-old Alton, who likes to be called AJ, and his 5-year-old twin brothers Alexander and Alston Andrews. “It’s like free money, so I just share with my grandkids,” Lewis remarked during their trip to the Michigan First Credit Union in Lathrup Village where, truthfully, the boys focused more on the fish in the bank’s tank than their own catch of the day.

So what is everyone doing with all that money? More than 130 million Americans will get a tax stimulus rebate either by direct deposit or paper check by mid-July.

I talked to five diverse Michigan households in April about what kind of money they thought they would get — and what they thought they’d do with it.

Now, two months later, I’ll tell you how life — and tax glitches — actually tripped up many people.

Some get more than expected

Lewis — who retired from Detroit Public Schools in 1999 — saw her money on schedule via direct deposit. But she received $600 on May 6, not the $300 she first expected.

Lewis didn’t realize that some retirees would receive a bigger payout.

Lower-income seniors and disabled veterans who normally do not have to file a return are eligible this year to receive a minimum stimulus payment of $300 for singles or $600 for married couples, plus $300 for each qualifying child if they filed a 2007 return.

But if better-off retirees had 2007 net income tax liability of at least $600 for single filers or $1,200 for joint filers, they would be eligible to receive stimulus checks in those amounts rather than other $300 or $600 minimum amounts, according to Mark Luscombe, an analyst for CCH in Riverwoods, Ill.

Some wealthier individuals, including retirees, did not qualify for the stimulus checks.

Lewis planned to give half her money to her grandsons for their college savings all along. Her own mad money account is flusher, too.

“This $300 will just sit there until I need something big.”

Check is still in the mail
Janet and Fred Pattan, who live about 30 miles outside Escanaba, need $850 for firewood to heat their home in the Upper Peninsula. The wood should last three years, but they won’t take delivery until they have their $600 stimulus check.

When Janet (Maudie) Pattan, 64, saw my number on caller ID last week, she chimed: “I still don’t have any money.”

They got a letter in early June from the Internal Revenue Service. They didn’t file the correct original form; they mailed a copy of the return instead. They had to then mail the original.

Teresa and Steve Smith, both 43, had a May 9 target date for their direct deposit, based on Social Security numbers listed in the IRS table.

The Northville couple saw their $2,100 check June 14.

No one knew it in late April, but thousands of people who used TurboTax and other tax-preparation services later discovered they had to wait for a paper check because they agreed to have fees for services deducted from their refunds.

Eligible individuals are receiving up to $600 for singles — or $1,200 for married couples filing joint returns. Plus families are receiving $300 for each eligible child under age 17.

The couple already has spent $1,295 on gutters for their home. At one point, Teresa and her husband wanted to go on vacation with their children: Adam, 16; Madeleine, 13, and Jacob, 10.

“Before gas prices went crazy, we were thinking of a drive through the Upper Peninsula,” she said. But now it costs nearly $62 to fill up the family’s Pontiac Aztek. It’s more for the family’s full-size Ford van.

They’re not sure how they might spend the remaining $805.

Second thoughts on splurging
Yulette Barnes, 36, says sky-high gas prices and a sky-high jobless rate in Michigan stopped her from buying some Narciso Rodriguez perfume.

“I can’t really see myself spending $100 for perfume at this time,” Barnes said.

She definitely planned to do that, if she got the money around Mother’s Day as she thought would happen.

But Barnes had to wait for the check because of the tax software mix-up.

The check popped up in her mailbox June 24. She received $704 — $404 as head of a household and $300 for her 4-year-old daughter Kaitlyn Rose.

And six weeks after Mother’s Day, she wasn’t feeling quite as giddy.

She’s paying about $350 a month to fill up her Chrysler Sebring.

Barnes, who lives in downtown Detroit, has a job as a legal assistant for Grant, Busch & Kirschner, a Southfield law firm that specializes in workers compensation and Social Security issues.

And her friend who has three children lost her job about two months ago and is still struggling to meet her bills.

Barnes lent about $300 of the check to her friend.

Barnes did shop a little. A day after she got the check, she spent about $280 on three pairs of sandals at Macy’s and a purse. And she spent another $100 or so on shoes and earrings for Kaitlyn Rose. No money ended up in her daughter’s savings account, as planned.

A nasty surprise

Michael Lary, event coordinator for the City of Ferndale, didn’t think he’d get a check at first. Then, he went to www.irs.gov and discovered he qualified for a $300 rebate.

He planned to take a trip to Chicago if the check arrived before the Memorial Day weekend.

No check, no trip, no clue.

So, as he waited, he kept thinking of new things to buy. One week, it was a recliner. Another, a $465 Schwinn bike.

Then, a letter arrived from the IRS.

The federal government withheld his $300 stimulus payment and told him that he owed back taxes and penalties in 2006 for his casino winnings.

Lary said he won about $2,000 at a casino. Now, he’s working through this tax mess. He still could owe about $500. But he plans to see if the casinos have records for his gambling on casino player’s cards for 2006. Those records could show that he lost more money than he won that year, so he said he is hoping that he might not owe as much money.

“I forgot that I won the money at the casino — and I didn’t report it,” he admitted, noting that he did his own taxes via a Web site. “It was my own fault.”

Contact SUSAN TOMPOR at 313-222-8876 or stompor@freepress.com.

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By: Lena

Lena @ 8:12 am

Mark your calendar for the summer concert series at the Lathrup Village Municipal Park every Wednesday evening. The eight week event, made possible through the efforts of the Lathrup Village Community Foundation, features a mix of great entertainment ranging from country, jazz, folk, Americana, to blues and classical.

All concerts are scheduled for Wednesday evenings from 6:30 p.m. to 8 p.m. Below are scheduled performances for this summer’s series:

July 2 - Dr. Dixie Goodtime Band
July 9 - Après le Jour (classical0
July 16 - Paul Carey (blues and jazz)
July 23 - Jesse Palter (jazz)
July 30 – Groove Essential
August 6 – Shepard’s Folly (Celtic)
August 14 - Free family movie night

The concerts are held in the park behind City Hall, located at 27400 Southfield Road in Lathrup Village. Parking is free. For more information, call (248) 557-2600, ext. 244.

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By: Lena

Lena @ 5:52 pm

Michigan First awarded recently students from 83 high schools in the metro Detroit area with one-time, non-renewable $1,000 scholarships. The schools are located within the 44 communities served by the Credit Union. Scholarship recipients were chosen by each high school’s scholarship selection committee or designee, and based on the student’s academic achievements, community involvement, special talents, leadership and civic and social responsibility. Scholarships awarded are applied to the student’s first year of college. During the past six years, Michigan First has awarded more than $300,000 in scholarships.

Pictured is Mr. Michael Poulos (President and CEO of Michigan First) and the scholarship recipients.

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By: Lena

Lena @ 5:43 pm

In early June, Michigan First held its annual MoneyKids Fun Day at Lathrup Village Municipal Park. Nearly 300 MoneyKids, friends and family members enjoyed a fun day that included inflatable play attractions, clowns and face painters, train rides, and food. Maxamillion the Dinosaur, the MoneyKids mascot, was also on hand to put smiles on everyone’s face. MoneyKids were eligible to enter a drawing to win one of three Toys R Us gift cards. In addition, each child received a gift.

Michigan First Credit Union MoneyKids Mascot Maxamillion the Dinosaur (Max) hangs with his new pals Kel-El and Darrion.

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By: Lena

Lena @ 1:26 pm

Come and join us during this year’s “Art in the Park”. There will be plenty of opportunities to shop as artists booths will line Southfield Road and the Municipal Park. Enjoy court open for fabulous foods or simply stop by to listen to the music in the gazebo. To relax, try one of the Michigan brews offered at the mini pub this year.

Don’t forget to look for the Michigan First Credit Union booth to enter into a special drawing!

Where: Lathrup Village Municipal Park

27400 Southfield Road (Between 11 and 12 Mile Roads)

When: Saturday, June 21

10:00 a.m. - 7:00 p.m.

Sunday, June 22

11:00 a.m. - 5:00 p.m.

Have you been at this event before? Tell us about it by writing a comment on the blog.

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By: Lena

Lena @ 1:22 pm

Smooth Jazz V98.7 visited the Michigan First Credit Union Evergreen Branch to do a live broadcast, give out prizes and accept entries for Giveaways. Singer/Entertainer Kimmie Horne was present to sign autographs. Pictured are Michigan First President/CEO Michael Poulos, Entertainer Kimmie Horne, the V98.7 Jazz Cat, and Michigan First Vice President of Marketing and Public Relations Sandra Tomlin.

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By: Lena

Lena @ 1:20 pm

Michigan First Credit Union sponsored the Scholar’s Lecture and Spelling Bee at the Ford
Freedom Awards, an annual fundraiser for the Charles H. Wright Museum of African American
History. Pictured below are Michael Poulos, President/CEO of Michigan First Credit Union; Keke
Palmer, star of the film “Akeelah and the Bee”; and Rob Bettie, the Community Relations
Specialist with State Farm Insurance.

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By: Lena

Lena @ 9:16 am

Michigan First Credit Union Receives Generation Next Award for Youth-Focused Financial Initiatives

Michigan First Credit Union has been awarded the 2007 Generation Next Award, in recognition of its “overall achievement in outstanding contributions to the credit union youth movement” and for “effectively bridging the gap for the next generation of credit union members.”

The Generation Next Award is presented annually by the Michigan Credit Union League (MCUL). This year’s award was presented by Mike Bridges, MCUL director of public affairs, at the recent MCUL Metro West Chapter luncheon.

Michigan First has a long history of commitment and involvement with youth activities and programs. Its student-run branch program has grown to 10 elementary and middle schools, and there are plans to add 10 more school locations in 2008. Michigan First also has a branch in Southfield-Lathrup High School that employs the students. Through its MoneyKids (ages 0-12) and MoneyTeen (ages 13-17) programs, Michigan First encourages children and teens to save money and teaches financial responsibility that grows with them.

In addition, Michigan First also provides scholarship programs for local high school seniors and sponsors many community initiatives and groups, including the Good Schools Essay Contest presented by the Skillman Foundation and the Good Schools Resource Center at Marygrove College, Detroit Metro Youth Day, Southfield Lathrup Junior Optimist Club and Career Day program, Detroit Public School Chess program, Detroit Executive Service Corps and a number of other initiatives.

Criteria for the Generation Next Award includes progressive efforts through areas such as classroom involvement, legislative efforts regarding financial literacy, student-run credit unions, and youth account services and/or staffing.

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By: Lena

Lena @ 8:52 am

Michigan First Credit Union honored students from 11 elementary and middle schools, celebrating their achievements in successfully running a Michigan First Credit Union student branch within their schools. Students who work in the credit unions were honored with a pancake breakfast and awards ceremony on May 29 at Michigan First’s main branch in Lathrup Village.

Special recognition was granted to the schools that had the most money deposited into savings accounts through the program and the school that opened the most new accounts.

This year, MacArthur K-8 University Academy took home the prize for the most new accounts opened, a total of 110 opened this year alone. MacArthur K-8 University Academy  also received the award for having the most in deposit dollars, collecting more than $22,000.00 in student deposits.

The schools participating in the student-run Michigan First branches include: University Prep in Detroit; and from Southfield, Mich. – Leonhard Elementary, McIntyre Elementary, Brace Ledere School, Stevenson Elementary, Adler Elementary, Birney Middle School, Laurus Academy, MacArthur K-8 University Academy, Levey Middle School and Crescent Academy.

Michigan First established the student-run branches in 2001 as part of its ongoing effort to increase financial literacy among children and teens. Students at the elementary and middle school student-run credit union branch are able to run the branches through various positions including branch managers, assistant managers, tellers, computer operators, bookkeepers and greeters. The students wear Michigan First logo shirts provided by the credit union. Michigan First staff is on-hand to monitor transactions as students make deposits. Students are allowed to only make deposits in savings accounts in an effort to encourage saving money.

In addition to student-run branches, Michigan First also advocates financial literacy through its MoneyKids (ages 0-12) and MoneyTeen (ages 13-17) programs that are designed to encourage children and teens to save money and instill financial responsibility that grows with them.

Michigan First plans on opening an additional 10 student branches by the end of 2008.

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