photo of Stephanie Harrison with CU philosophy award

Natco Credit Union Employee Sews and Donates Over 400 Masks

Prior to the pandemic, Stephanie Harrison kept busy by working a full-time position as a senior loan underwriter at Natco Credit Union and spent many hours running her own business, Stephanie Harrison Photography. Stephanie’s job duties as a senior loan underwriter could be completed remotely and therefore, she was among the Natco team members who began to work remotely in March. As a business owner, she also temporarily closed her photography business. For eight weeks, she didn’t leave her home.

The credit union purchased supplies to sew masks for staff. As someone who was used to being busy all the time, Stephanie volunteered to sew. She continued making masks for her family using fabric she had previously purchased for other projects.

She created a one-man assembly process and began to sew for two hours each morning before work and spent most evening sewing. Through her passion to help others, she offered masks to anyone for free. Some masks were donated to local businesses including the Wayne County Health Department and Fairview Elementary school where all three of her boys attended several years ago.

As she completed masks, she would post on Facebook and allow people to claim the masks they wanted. Masks were placed inside baggies and taped to her front door for pick up. Some people would place money back in the baggie and retape it to her front door. This allowed her to purchase more supplies. Others donated supplies such as fabric and elastic. Stephanie continued to purchase supplies on her own as well.

To date, Stephanie has sewn and donated over 400 masks for adults and children in the local area. Once restrictions on business began to lift in early July, she reopened her photography business. Her available time to sew has been reduced significantly. When time allows, she still makes masks and offers them for free.

Stephanie is a shining example of Natco’s mission statement – Helping people live better lives and the credit union industry’s philosophy – People helping people. She was presented with a Credit Union Philosophy award during Q2 2020 to recognize her project of sewing masks.

 

photo of Natco employee using sewing machine

image of door with masks taped to it

 

photo of Stephanie Harrison with CU philosophy award

image of sign that says plan ahead

Unemployment Benefits are Taxable – Have the Right Tax Withheld for 2020

If you have recently received unemployment benefits, it’s important to understand that these benefits are taxable. Unemployment benefits must be reported on your federal tax return. A record number of Americans are applying for unemployment compensation due to the COVID-19 Outbreak. If you received unemployment benefits, as well as the additional $600 per week in coronavirus relief any time during the year, your tax return may be affected.

This additional income could drastically change your tax situation. Don’t get caught off guard when you prepare your 2020 taxes. If you did not have taxes withheld from your unemployment benefits, there are steps you can take now.

Review this important information provided by the IRS or contact your local unemployment office.

 

image with street signs that refer to www.irs.gov/pub4128

image of US Treasury check and cash

Natco Community Empowerment Center Saves Community Members $331,452 in Filing Fees

For the fifth year, Natco Community Empowerment Center (NCEC) has provided free basic tax preparation services to community members in the Richmond and Connersville areas. NCEC has been a Volunteer Income Tax Assistance (VITA) site since 2016.

This year, NCEC prepared and submitted a record 1,023 returns for Natco Credit Union members and individuals and families. In total, this year’s Federal refunds were $1.2 million and State refunds were $160,000. The average fee to prepare a tax return is $324*. By providing our services for free, individuals and families saved $331,452 in fees. The community also benefits when these fee savings are spent locally.

Natco Community Empowerment Center provides various no-cost programs and services  to members of our community. These include providing a connection to local immediate need resources/assistance programs, job seeking assistance, money management counseling, financial counseling, trainings/classes/workshops and much more. All services are individualized and based around the needs and plans of the individual. NCEC is owned and operated by Natco Credit Union. Programs and services are provided in part through funding from the United Way and other grants.

Call Dana or Taria at 983.4766 to learn more.

* Amounts are based on basic fees charged by paid preparers as stated in 2018 Annual Survey of Tax Return Preparation Fee by the National Society of Accountants (Sch. C).

image of man with hand over his heart

$18,737 in Interest on Member Loans Was Recently Forgiven

Through our Deferred Payment Relief for Service Industry Workers initiative, we were able to forgive $18,737 on 50 loans held by members who were hardest hit by the pandemic due to loss of income.

We received a $10,000 grant from the National Credit Union Administration (NCUA) to assist members who suffered a financial impact from a loss of employment due to COVID-19. We forgave an additional $8,737 in an effort to help more members.

Our mission statement is ‘Helping people live better lives.’ This initiative has helped numerous members in a challenging time and is an example of how Natco lives up to our mission.

Below is an example of a member who was helped by the Deferred Payment Relief for Service Industry Workers initiative.

This member was laid off in March when their employer closed due to COVID. A 90-day payment deferral on credit union loans was immediately granted. Not long after losing their income, they contracted COVID-19 and came very close to losing their battle with the virus. They were placed on a ventilator, then suffered a stroke, and lapsed into a coma. 

After a lengthy stay in the hospital, they recovered enough to be released but were unable to care for themself. They temporarily moved in with a relative, where they received visiting nursing services and were required to wear a heart monitor. Almost four months later, they still had lingering symptoms that may never go away. They were eventually able to return to work with the added burden of a mountain of medical bills. 

During their time off, interest accumulated on two credit union loans in the amount of $1,691.56. Through this initiative, Natco was able to forgive the entire amount of accumulated interest The member was moved to tears and said that no one had ever done something that nice for him in their entire life. 

Mask Up Hoosiers

Governor Holcomb’s Executive Order Begins Monday, July 27, 2020

EFFECTIVE MONDAY, JULY 27, 2020 VISITORS WILL BE REQUIRED TO WEAR A FACE MASK TO ENTER OUR BRANCHES.

THIS STEP IS FOR THE PROTECTION OF OUR MEMBERS AND EMPLOYEES AND IS IN COMPLIANCE WITH INDIANA’S MANDATE DATED JULY 23, 2020.

The official Executive Order from Governor Holcomb has just been released. Therefore, we are providing some additional information.

Beginning Monday, July 27 all Hoosiers must wear masks at certain times in certain situations. Those situations are as follows:

• Masks must be worn by anyone over the age of eight when in indoor spaces, using public transportation or outside when not socially or physically distanced from
someone who isn’t in your household.

• Exceptions will be made for medical purposes, strenuous physical activity, eating and drinking. Masks will be strongly recommended for those ages 2-7.

• Masks must be worn over the nose and mouth.

The Executive Order becomes effective at 12:01 a.m. on Monday, July 27, 2020, and continues 30 days until 11:59 on Wednesday, August 26, 2020, unless rescinded, modified or extended by the Governor.

We may ask you to briefly pull down your mask so that we may verify your identity. Otherwise, a mask is required during the duration of your visit inside our branches.

If you are unable to wear a mask during your visit to our office, our drive ups are full service.

We all share in this health challenge and Natco will continue to focus on doing what’s best for our members, our employees, and our communities.

Mask Up Hoosiers

 

image of hand with coins

Did You Know There’s a Coin Shortage? #GetCoinMoving

First it was toilet paper, hand sanitizer, and disinfecting wipes. Then it was PPE (personal protective equipment). The latest COVID-19 shortage involves pocket change.

The coronavirus pandemic has caused a nationwide coin shortage, according to the Federal Reserve.

Reserve Chair Jerome Powell said Wednesday the shutdowns caused by the pandemic have raised concerns about circulation of coins, which the Fed’s 12 regional banks are in charge of supplying to financial institutions.

The pandemic “significantly disrupted the supply chain and normal circulation patterns for the US coin. With the partial closure of the economy, the flow of funds through the economy has stopped,” Powell said during a virtual hearing with the House Financial Services Committee. “We are working with the Mint and the Reserve Banks and as the economy re-opens we are starting to see money move around again.”

While there is  adequate coin in the economy, the slowed pace of circulation has meant that sufficient quantities of coin are not readily available where needed. With establishments like financial institutions, retail shops, restaurants, laundromats, transit authorities and other typical places where coin enters our society slowed or even stopped, the normal circulation of coin was disrupted.

Natco members, we are asking for your help!

  • Break out your piggy banks and jars of coin. Bring them into one of our offices. Use our coin counter to either exchange for bills or deposit into your Natco account. This is a free service to Natco members.
  • When cashing a check, deposit the coin and receive only the bills back.
  • Use exact change at retailers or even pay your bill with all coin.

#GetCoinMoving

#getcoinmoving

image of person holding phone and credit card with laptop in front of them

Don’t Fall Victim to Scammers

Natco always wants to help our members protect their accounts. There are several common types of scams happening to innocent people. That’s why we provide information that helps you understand how the scam works. One type of scam is called a Money Mule. Learn more about this type of scam below.

Understanding how a Money Mule scam works, can help protect you so you don’t fall victim.

Contact us immediately if you ever feel like you have become victim to a scam involving your account.

Learn more about Money-Mule-Scams now.

Congratulations Class of 2020 - Natco Cares

Congratulations to our Class of 2020 Promotion Winners

Congratulations to Alex Kenworthy and Kylah Roberts! These two graduating seniors were drawn at random for our Class of 2020 promotion. Each was presented with a check from Natco for $500!

Thank you to everyone who participated. We wish each and every graduating senior much success in their future. Contact us to learn more about products and services that will make it easy for you to continue using your Natco accounts no matter where your future takes you.

 

photo of class of 2020 promo winner - Alex Kenworthy

photo of Class of 2020 promo winner - Kylah Roberts

image of stacked hands in different skin tones

How Financial Institutions Can Help America Heal

Wall Street Journal

 

How Financial Institutions Can Help America Heal

Financial tools to pay for education and build wealth should be more widely available.

By Rodney E. Hood

June 4, 2020 6:51 pm ET

image of stacked hands in different skin tones

When I was growing up in North Carolina, my father sat me down for “the talk” about how to behave should I ever find myself in an encounter with a police officer. He wanted me to understand the risks I could face as an African-American should such an encounter go the wrong way.

That was more than 30 years ago. Yet even now the risks my father warned about loom large for minorities in America, as demonstrated by George Floyd’s tragic and deadly Memorial Day encounter with a Minneapolis police officer. I am all too familiar with the heartbreak and pain that so many in the black community experience as they see such events play out repeatedly, and I understand the demand for change from peaceful protesters around the country.

But there’s nothing heartening in the emerging images of violence and property destruction. Violence and vandalism serve no constructive purpose.

President Trump appointed me the first African-American to lead a federal banking regulatory agency, the National Credit Union Administration—the independent agency that oversees the nation’s federally insured credit unions. Since I assumed the chairmanship last year, much of my focus has been on building and reinforcing places that have fallen behind, often in areas where opportunity is limited, like hard-pressed urban neighborhoods and rural communities fighting decline.

Healing begins with strengthening our commitment to diversity and inclusion. Diversity is important, but only if it’s more than simply “checking the right boxes.” Inclusion requires a deep commitment to cultural change. As vice chairman of the Federal Financial Institutions Examinations Council, a formal interagency body that makes recommendations to promote uniformity in the supervision of financial institutions, I have called upon regulators to make inclusion a major priority in the financial industry.

But the change must reach beyond government agencies. Private industry should support inclusive growth. In that regard, it has been encouraging to see so many bank and credit union leaders make supportive statements about diversity and inclusion.

I encourage financial leaders to bolster those statements with a strengthened commitment to community building through financial inclusion. This includes giving more working families access to tools that help them achieve financial independence, providing more young people with the educational and vocational training they need to succeed, and nurturing the material conditions that allow people to prosper and thrive. Each of these will help Americans build stronger communities and a healthier society.

And finally, let’s renew our commitment to having the difficult conversations about diversity, equity and inclusion needed to foster and nurture greater understanding. These aren’t controversial principles. They’re the forces that bring us together and serve as sources of enrichment, strength and unity.

Mr. Hood is chairman of the National Credit Union Administration.

 

https://www.wsj.com/articles/how-banks-can-help-america-heal-11591311103