First Class Newsletter

Winter 2012

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Dates to Remember

Presidents’ Day
Monday, February 20
All PAFCU branches closed ATM, Tel-Me, and Website service available.

PAFCU Exclusive Pre-Owned Sales Event
Friday, March 23 and Saturday, March 24
1818 Pacific Street, Suite 3 in Hauppauge, NY

Visit the Easter Bunny
in Hauppauge
Saturday, March 31 10:00 am –12:00 pm

Snow Closings
In the New York area call (631) 434-3500, ext. 8 for information.

The Best Credit Card

If you’re looking for the best rate and terms on a credit card, it’s right here at People’s Alliance. We’ll give you a competitive rate, and if you have any circumstance requiring individual attention, our friendly member service department is just a phone call away. The same name credit card you know and trust, a fair-market interest rate, and member service second to none - it’s all here at People’s Alliance. Visit www.pafcu.org or contact PAFCU today to fill out an easy application.
Our Visa Platinum Card Preferred APR is as low as 9.9%* with no annual fee and you earn points with the Extra Awards Program. The new Preferred APR for PAFCU’s Visa Gold Card is as low as 10.9%*.
For new PAFCU Visa card holders we offer an introductory rate of 4.0% for 6 months! And any existing card holder to transfer a balance of $1,000 or more from another credit card will receive an APR of 4.0% for 6 months!

*Annual percentage rate is the lowest rate offered to applicants with direct deposit of net pay and a checking account. All loan requests are subject to credit approval. This offer cannot be combined with any other offer.

Ready, Set, Go With A PAFCU Car Loan

Rates As low as 1.99%** for New Vehicles and 2.99%** for Used Vehicles

Worried your vehicle won’t make it through the winter and ready for a new one? Before you set foot on a dealer’s lot, do your research. Whether you’re thinking of buying new or used, do your homework by visiting Web sites like GrooveCar.com, edmunds.com, kbb.com, fueleconomy.gov, and reviewing the April Consumer Reports, its annual auto issue. Then, come to People’s Alliance for your pre-approved loan.

Gone are the days when it was fashionable to trade a car for a new one every fall when the model year changed. According to Federal Highway Administration statistics, roughly four out of five cars on the road are more than three years old. Today’s vehicles are more reliable and a late model used car may be a better option for you than a new one.

Once you’ve narrowed your choices, visit www.pafcu.org or stop by PAFCU to apply for your pre-approved loan. With a pre-approved loan you won’t be limited to the vehicles the dealer wants to sell you. For example, the special dealer financing is often only available on slow-selling models. But keep your pre-approval under your hat. Dealer financing is a profit center, you don’t want the dealer making up for lost profit on your purchase price.

** The above annual percentage rates (APR) are the lowest rates offered to applicants with direct deposit of net pay and a checking account. Applicants who are not approved at this rate may be offered credit at a higher rate and/or different terms. All loan requests and rates are subject to credit approval. Rates and terms are subject to change.

To Get Your Refund Faster

Want to get the maximum refund you deserve and also file your taxes for FREE? As a valued PAFCU member, you’ll find out just how easy filing your taxes can be when you file your simple federal return with TurboTax Federal Free Edition. Get started by signing onto Home Banking.

If you are planning on having your tax refund direct deposited into your PAFCU account, be sure to give the person who prepares your taxes or the I.R.S. your member number and PAFCU’s routing number, which is 226076135. Do not give a voided check.

A Better Checking Account

At People’s Alliance we offer checking accounts to meet your needs. Our checking account is designed around you: our member-owner. With no minimum balance, no monthly service charge and a debit card that can be used for everyday purchases from your checking account for FREE; it’s sure to be a good fit for your financial needs. We also have Business Checking, Teen Checking and a Special Checking Account for our On The Move program.

Get In The Fast Lane With Your FastChek Debit Card

Still fumbling with your checkbook and fishing for a pen in the checkout lane? Why not get a FastChek debit card from PAFCU? It’s far more convenient and will save you - and the people behind you in line - valuable time. Just swipe the card and either enter your Personal Identification Number (PIN) or sign for the purchase, and a few moments later, you will be on your way. You can earn cash rewards with the new FastChek Rewards Program at PAFCU. All you have to do is sign into Home Banking to activate an offer and start earning cash rewards!

Income Limits Raised For IRA Contributions

Even if you are covered by a retirement plan at work, you may still be able to gain a tax advantage by contributing to a Traditional Individual Retirement Account. A Traditional IRA can allow you to set aside funds for the future while you gain a tax deduction. The modified adjusted gross income (AGI) limit has increased for the 2011 tax year. According to the Internal Revenue Service, for those with a retirement plan, the deduction for contributions to a traditional IRA is phased out if modified AGI is:

• More than $90,000 but less than $110,000 for a married
  couple filing a joint return or a qualifying widow(er),
• More than $56,000 but less than $66,000 for a single
  individual or head of household, or
• Less than $10,000 for a married individual filing a separate return.

If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $169,000 but less than $179,000. If your modified AGI is $179,000 or more, you cannot take a deduction for contributions to a traditional IRA. The modified AGI limit for Roth IRA contributions also has increased for 2011. You cannot deduct contributions to a Roth IRA, but the money accumulates tax-free, until you make withdrawals. For complete details, contact your tax advisor. To open or contribute to your IRA, contact People’s Alliance. We offer various IRA options to meet you needs.

Say Yes to Overdraft Coverage so You Have Fastchek Debit Card Services When You Need Them

The Federal government has issued changes to Regulation E effective August 15, 2010 which will affect overdraft protection for ATM and one-time FastChek debit card purchases. PAFCU currently has an overdraft program for qualified members where an ATM or one-time FastChek debit card transactions may be paid on insufficient funds for a $30 fee per transaction. Beginning August 15, 2010, we will not be able to continue this overdraft coverage unless we receive your authorization to opt-in. If you say YES and opt in to this service, the August 15 change will not affect your account. If you choose not to opt-in, such transactions for which sufficient funds are not available in your account will be declined at the point of sale. This new regulation does not affect checks drawn on your account or recurring payments using your FastChek debit card.

TO MAINTAIN THIS SERVICE, JUST SAY YES BY PERFORMING ONE OF THE FOLLOWING:

• Click here to Opt-In (by clicking here you agree to receive your notice and disclosure electronically)
• Email us at eresponse@pafcu.org with your consent
• Call us at (631) 434-3500 to speak with Mary Ann at extension 258 or Robin at extension 347
• Visit us at any branch location