CUNA News Now: Wisconsin CUs’ CD an option to state’s college savings plan

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PEWAUKEE, Wis. (11/9/09)--Wisconsin credit unions are the first in the nation to offer certificate of deposit (CD) portfolios that could lead to up to $3,000 in state tax deductions per child per year for individual contributors, regardless of income.

"To credit unions, this means they're again being recognized by the state as a valuable asset to Wisconsin citizens," said Wisconsin Credit Union League President/CEO Brett Thompson. "To consumers, it means they can now indirectly access the most competitive rates offered by Wisconsin credit unions statewide to enhance a long-term investment portfolio."

To claim the state tax deductions, individuals must contribute to an account by Dec. 31. Individuals can contribute to family member's accounts--such as a grandchild, niece or nephew--or to their own account, the league said.

Instead of purchasing the CD directly from credit unions, consumers contributing to an EdVest account would direct the state Treasury to use credit unions for a portion of their invested funds.



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	News Now LiveWire NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 3 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 3 days ago Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats 3 days ago AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr 3 days ago NCUA approved 2010 OTR of 57.2 percent 4 days ago Sign up; more tweets... Wisconsin CUs' CD an option to state's college savings plan PEWAUKEE, Wis. (11/9/09)--Wisconsin credit unions are the first in the nation to offer certificate of deposit (CD) portfolios that could lead to up to $3,000 in state tax deductions per child per year for individual contributors, regardless of income. "To credit unions, this means they're again being recognized by the state as a valuable asset to Wisconsin citizens," said Wisconsin Credit Union League President/CEO Brett Thompson. "To consumers, it means they can now indirectly access the most competitive rates offered by Wisconsin credit unions statewide to enhance a long-term investment portfolio." To claim the state tax deductions, individuals must contribute to an account by Dec. 31. Individuals can contribute to family member's accounts--such as a grandchild, niece or nephew--or to their own account, the league said. Instead of purchasing the CD directly from credit unions, consumers contributing to an EdVest account would direct the state Treasury to use credit unions for a portion of their invested funds. Resource Links Create a College Budget statement stuffer Fundamentals of Personal Finance Your College Savings Answers booklet More CU/System
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