BENSENVILLE, Ill. -
For most seniors living at Bridgeway of Bensenville Retirement Community, the routine task of handling financial matters became almost impossible because many no longer drive, are using walkers or are wheelchair-bound.
Enter Bensenville Community CU. Beginning back in 2005, a staff member of the $23-million CU began holding weekly office hours in the facility’s den facilitating transactions like cashing checks.
The growing use of credit union services by residents of the retirement community led to an agreement between the Bridgeway and the credit union to create an official space for members to transact business.
“After a while, we got approval from the administration to be permanent and they designed a small space for us to work out of,” BCCU CEO Roger Peters said.
The CU needed deposits to fund loan growth and eventually got the boost in deposits it needed. In fact, more than 55 new accounts were opened in the first few months. That positive reaction to the CU’s presence at the facility led to the request for upgraded digs.
“We asked for the opportunity to see if it works and it did, we got an overwhelming response,” Peters said. “So we approached them (Bridgeway administrators) to build a branch, which ended up costing us about $5,000 to build.”
Today, the 4,000-member CU hopes to use its new branch at Bridgeway as a template to offer services to neighboring facilities and their residents. The relationship with Bridgeway is a win-win for everyone, according to Peters. The CU has started expanding its product offerings, it was able to beef up its membership and is able to operate at Bridgeway rent-free.
BCCU will begin marketing a no-fee gift card, shop-at-home information, accounts for grandchildren and other new services beginning sometime in the second quarter.
The onsite branch, which is open once a week, offers members a small piece of independence for the up to 85% who don’t drive. He believes the reason the CU is successful at the retirement community is because unlike the previous in-house financial, Banco Popular, BCCU offers the membership products closely geared toward their particular demographic. “When Banco Popular was there, they were selling overdraft protection at $45 per month and other products that did not create revenue,” Peters said. “People wanted CDs and savings and Banco Popular was offering products like car loans even though most residents don’t drive.”
In response, one Banco Popular official said the bank opens and closes branches based on demographic information and it was decided to close the branch based on demographic information, not because it did not offer Bridgeway residents products that they needed. “We have great rates on CDs, fixed income products, retirement planning investments and many other great products for seniors,” said Banco Popular Spokesman Juan Carlos Cruz. “We don’t just offer car loans and checking accounts, (closing the branch) was a financial decision that we had to make.”
Regardless of what sparked the changing of the guard at Bridgeway, Peters thinks the retirement community’s members are more comfortable with the credit union model.
For More Information
www.bensenvillecu.org
www.cuna.org
www.creditunion.coop
