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 Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 7 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 7 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 12 hours ago 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 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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