DUBLIN, Ohio — Ohio Healthcare FCU has introduced a product to help members further their professional development and careers.
The $42-million OHFCU recently created the Professional Development Share Certificate, which encourages members — healthcare workers statewide — to improve their careers.
Terms range from one to four years, requires a minimum opening deposit of $25, and then at least that same amount deposited each paycheck. Members are allowed to withdraw money at any time without penalty if they use the funds for any purpose that leads to professional development, such as courses, books, and association dues. The CD pays .25% on top of OHFCU's current CD rates. If members choose a multi-year CD, they get an additional .25% every 12 months. The maximum deposit is $5,000.
Paul Bohlman, OHFCU business development officer, said the CU got the idea for the product when a head nurse approached him late last year and said she was concerned about her staff not completing their professional education courses. "She said she was having a hard time encouraging her team to pursue certification exams," Bohlman explained. "She said that was happening because of the amount of time to prepare for the tests, the fear of failing and not getting their money back, and the cost."
In addition to helping members overcome the cost barrier, the CD may also help them with their fear of failing, Bohlman surmised. "If they don't have to borrow the money, their concerns about not getting their money back if they fail may not be as great. It might be a little hard for someone to live with borrowing the money, taking the test, and then not passing." Costs for nursing certification courses average about $500 to $600, Bohlman added.
The economy, Bohlman acknowledged, can make it hard for members to set aside money for more than essentials. "But with the CD, we hope they can stay ahead of the game and make the certification process less challenging."
The Professional Development Share Certificate is open to any healthcare professional who is a member of OHFCU, including doctors and technicians. The CD was designed through a focus group of eight healthcare professionals who told the credit union that for the product to be attractive it had to pay more than a typical savings account, but offer ready access to funds.
At press time, OHFCU paid 1.36% APY for a one-year CD, 12 1.87% APY for 18 months, and 2.12% APY for two years.
With the CD launching in mid-April, Bohlman said is too early to gauge response for a product that has been advertised primarily through the credit union's website and word of mouth.
