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Olean Area FCU Brings Mad City Money to Cuba-Rushford Seniors

Cuba, NY. Olean Area Federal Credit Union staff were welcomed into the Cuba-Rushford school to share their Mad City Money program with nearly 65 high school seniors. The Credit Union (CU) first implemented Mad City Money in 2013, presenting the program in Olean and Allegany high schools. With a brief hiatus due to COVID-19, the credit union employees were excited for the opportunity to bring this program back to local youth.

Originally purchased through the Credit Union National Association (CUNA), Mad City Money is a financial education tool that helps high schoolers get a taste of the “real world.” Students get to choose an “identity” at the start of the program, where they’re given an occupation, salary, spouse & children, student loan & credit card debt, and medical insurance payments. They then have to visit various stations to decide on what housing, transportation, childcare, food, and other necessities to purchase while staying within their budget.

Students learn how to calculate their credit card monthly payment, practice writing a check, experience unexpected bills – as well as unexpected financial gains, and discover how much they can actually afford with their given “identity.” While some of the students had money left over at the end to put in their savings, many had to return to certain stations to switch out their purchase for something more affordable.

When asked what the main takeaway of this program was for the students, they reiterated a better understanding of their parents’ spending habits, a realization of how expensive living in the “real world” is, and the importance of paying off debt. Being able to experience these scenarios in a controlled way provides students with a level of financial wisdom they likely wouldn’t have otherwise.

Olean Area FCU is eager to bring Mad City Money to high schools in their expanded field of membership, which includes all of Allegany, Cattaraugus, McKean & Potter counties. For more information and to schedule Mad City Money at your school, email Marketing@oleanfcu.com or call (716) 372-6607.

OLEAN AREA FCU DONATES $4,000 TO FOOD PANTRIES

Olean, NY – With the giving spirit of the holidays and sense of community they hold year-round, Olean Area FCU announced a $4,000 donation to 4 local food pantries.

The Olean Food Pantry, Creekside Chapel, Loaves & Fishes, and the Portville Community Food Pantry each received $1,000 donations.

“As a credit union, giving back to our local food banks is one of the best ways we could think of to fulfill the credit union philosophy of, ‘people helping people’ this holiday season. We recognize the growing need for this vital service in our community and want to make sure it continues to be available to our friends and neighbors,” said Rich Yeager, President & CEO.

Olean Area FCU ranked among top Commercial Lenders.

Olean Area Federal Credit Union (FCU) was recently ranked among the top 20 largest Buffalo Commercial Lenders by Buffalo Business First. With four branch offices, an expanded Field of Membership, and a $47.41 million Commercial Loan Portfolio, Olean Area FCU earned its seat among 19 other reputable financial institutions in Western New York. 

“It’s exciting to see our credit union on this list,” said Olean Area FCU’s Director of Commercial Lending, Mike Smith. “I sincerely believe this achievement can be attributed to our focus on excellent service and providing the best possible products to our members,”

Olean Area FCU offers a variety of commercial products to meet businesses everyday needs. Their deposit products include business checking, savings, certificates, and merchant services.  Their commercial lending programs give local business owners peace of mind knowing that their commercial team is comprised of local lenders making local decisions. Lending services include term loans, lines of credit, commercial mortgages, credit cards, as well as offering loan programs through the Small Business Administration (SBA).

Over the past year, while many business owners navigated their way through the pandemic, the Credit Union assisted over 250 local organizations with over $21 million in funding through the Paycheck Protection Program (PPP).

As Olean Area FCU approaches their 50th anniversary in 2022, CEO Richard Yeager recently commented on their growth and dedication to service, “To be included as one of the top commercial lenders in our area reflects our commitment to the communities we serve. We strive to give our commercial members flexible rates and terms to assist in their growth, and in turn, the growth of our local economies.” 

Olean Area FCU is the second largest credit union in Western New York, with assets of $388 million. It currently serves over 19,000 members with four locations: 1201 Wayne Street & 206 North Clark Street in Olean, 180 West Main Street in Allegany, and 160 South Main Street in Portville, NY. In addition, Olean Area FCU recently opened an Operations Center at 234 Homer Street in Olean.

All You Need to Know About the New Stimulus Bill

It’s another stimulus bill, and that means more checks are a-comin’! But don’t hit the shops just yet. Although the new bill promises bigger stimulus checks, there are stricter eligibility requirements. And that’s just the tip of the iceberg that is this bill.

Below, we’ve outlined some of the most significant measures included in the American Rescue Plan.

Stimulus payments

The third round of stimulus checks are set at $1,400. Here’s who is getting checks:

  • Single taxpayers with an adjusted gross income (AGI) of $75,000 or below.
  • Taxpayers filing as heads of household with AGIs of $112,500 or below.
  • Married couples filing jointly with AGIs of $150,000 or below.

Parents will also be getting checks for every child they claim as a dependent on their tax return, including college students and adult children with disabilities.

Older relatives who are living with taxpayers will also be counted as dependents.

Higher earners will receive partial payments, but these will phase out quickly. For single filers, the checks stop at an AGI of $80,000. For heads of household, the checks stop at AGIs of $120,000, and for joint filers, the cutoff is $160,000.

To be eligible for a payment, an individual must have a Social Security number.

Changes to unemployment insurance

The relief bill will extend unemployment benefits for another 25 weeks, until Sept. 6. The weekly supplemental benefit of $300 will continue running through that date, too.

The first $10,200 of benefits will be tax-free for people whose income is less than $150,000. This only applies to unemployment paid in 2020.

In addition, unemployment benefits received through the Pandemic Unemployment Assistance program will run through Sept. 6. Benefits received through the Pandemic Emergency Unemployment Compensation program would also run through that date.

Changes to the child tax credit

The relief bill will expand the child tax credit to $3,000 for children ages 6 through 17, and to $3,600 for children ages 5 and under. The credit will now also be fully refundable.

In addition, half the child tax credit may be advanced to parents before the end of 2021. Plans for the distribution are still being finalized, but lawmakers are hopeful that parents will start getting monthly payments toward their child tax credits for 2021 as early as July.

Married couples with a modified AGI of up to $150,000 (or up to $112,500 for heads of household and up to $75,000 for single filers) would receive the full value of the new benefit.

Changes to student loans

There will be no income tax on forgiven debt for those that qualify for loan forgiveness or cancellation. This would apply to all debt forgiven between Jan. 1, 2021, and Dec. 31, 2025.

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