How One Michigan CU Is Structuring New Youth Acct.
PARCHMENT, Mich.-First Community FCU has launched three new Youth Club accounts to encourage saving and build financial literacy skills for its young members.
All three programs offer new features and benefits unique for each age segment, ranging from children to young adults, which include special savings opportunities, special birthday offers, and online links offering games and activities for youth ages 18 and younger. There are educational articles and activities focused on financial literacy for First Community's young adult members.
Features aimed at teen and young adult members include: No-Fee Checking (with parental joint ownership), Credit Saver Loans (with parental joint ownership) and ATM/MasterCard Check Cards that allow $50 withdrawals daily (with parental joint ownership).
TLC Community Partners With Habitat for Humanity
ADRIAN, Mich.-TLC Community CU said it has joined Lenawee Vo-Tech to build a Habitat for Humanity house here. The CU donated property in Adrian to Habitat for Humanity, site of a house that came back to the credit union after the owner passed away. Structural issues made repairing the home impractical, so the existing house was torn down. TLC staff will be helping by volunteering to help with painting and landscaping next spring.
TCU Now Offering A Jumbo Loan Plan
SAN JOSE-Technology Credit Union has added a Jumbo Conforming Loan Program offering qualified homebuyers financing on home loans up to $729,750.
"This program is ideal for would-be homebuyers looking to finance a first-home purchase and homeowners who are interested in refinancing their existing high-interest mortgages," the credit union said, noting the Bay Area has some of the highest home prices in the country, averaging $517,000 as of May. TCU is also promising borrowers faster loan approval (with a $100 Visa gift card if the loan isn't closed in 10 days), lender fees as low as $138, an online application, and more. For info: www.techcu.com.
Merrimack Valley Names Board Room After Director
LAWRENCE, Mass.-Merrimack Valley FCU has named its board room after Frank Serio, who has been attending board meetings for 45 years. Even as he spends winters in South Florida, Serio joins the meeting via teleconference. An employee of Western Electric in 1962, Serlo joined the credit union and began volunteering as a loan interviewer during his lunch periods. That same year he was elected to the then $1-million CU's board. Of his relationship with the credit union, Serio said he recalls the 1960s when members in trouble would bring their bills to the credit union so checks could be made out to those owed funds, the 1970s when share insurance and checking was introduced, and the shrinkage of the workforce at what was then called AT&T and his own retirement in the 1980s. During his career Serio has served as chairman, vice chairman and treasurer, and on other standing board committees.
Filene Releases Report On Serving The Underserved
ITHACA, N.Y.-A successful strategy for entering and serving an underserved market is outlined in new research from Cornell University and commissioned by the Filene Research Institute. The report focuses on REAL Solutions, which stands for "Relevant, Effective, Asset-building, Loyalty-producing" Solutions, a program from the National Credit Union Foundation aimed at helping working families with low wealth and modest means.
Researchers at Cornell University's Center for Sustainable Global Enterprise emphasized that "This is important because underserved households-while at the bottom of the economic pyramid now-represent future savers, future car-buyers, future homeowners, and future generations of credit union members."
The research report-titled Back to the Future: Integrating Sustainability into Credit Union Strategy-touches on much of what NCUF has learned so far about why and how credit unions can provide affordable services to the underserved financial market. Several of the strategies detailed in the report are based on REAL Solutions' practical experience.
"The most successful services are not only affordable for consumers, but also sustainable for credit unions," said REAL Solutions National Program Manager Lois Kitsch. "Sustainable services can become a permanent part of credit unions' business plans-as opposed to ‘loss leaders' that must be limited in volume or subsidized by other parts of the credit unions' operations."
Conn. CUL Offers Vendor Management Program
MERIDEN, Conn.-As part of its new strategic plan and dues-supported Vendor Management program, The Credit Union League of Connecticut held training for more than 50 affiliated credit unions on how to use the comprehensive software solution. The training was conducted by Kris Buckley of Buckley Technology Group, the League‚s strategic business partner for IT compliance and vendor management-related products. The ACCESS-based vendor management software was developed by BTG and provided to all affiliated credit unions in Connecticut at no extra charge, as part of a strategic partnership agreement.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
