Paul J Lucas, national marketing and branding consultant and frequent CU Journal contributor, wanted to share some thoughts on brand management for credit unions. Visit Paul's website at pauljlucas.com,email at paul@pauljlucas.comor call (202) 320 5759 to learn more.
Hard Knocks - BIG Lessons
Late this summer HBO aired this year's "Hard Knocks" show about the Cincinnati Bengals National Football League training camp. Watching the series it became apparent that the basic building blocks of a winning team are universal - whether you’re on the football field, growing a company or building a successful credit union brand.
David Levitin, a neuroscientist and author of "This is your brain on music" estimates that it requires 10,000 hours of practice to master any craft. Studies of professionals from composers, to NBA players, to ice skaters show that it takes roughly three hours of practice a day, 20 hours a week, for 10 years to achieve the level of expertise we associate with world class. The next time you're tempted to think a top athlete was born lucky think about all the hard work it took to turn luck and talent into success.
Remember the old joke: one man stops another man on the street to ask, "How do you get to Carnegie Hall?" The other man answers, "Practice, practice, practice." As managers it's much easier and a lot more fun to fall in love with hot new ideas than to keep slogging away at the same old basics day after day. The challenge is that those new ideas won't start yielding results until they become those old basics you keep slogging away at.
A successful organization is seldom built on innovation. Watching the Bengals prepare for the upcoming season I identified eight critical elements in their quest to become a winning team:
Leadership - without it numbers 2 through 8 are just exercises in frustration
Preparation
Focus
Execution - especially doing the little things right constantly
Follow-through
Accountability
Getting everyone working off the same strategic plan
Having the right people in the right places
Are you sitting there thinking you could have written that list off the top your head? Bottom line, knowing what needs to be done and making it happen are two very different things. Most successful CEO's I know would willingly mail their annual business plans and strategies to their competitors. Why? Because they know it's what you do every day in the trenches that counts.
So ask yourself:
A) Does your staff consistently up-sell the values and benefits of your credit union?
B) Do you have a brand strategy that everyone clearly understands, right down to knowing how their individual efforts help drive your brand efforts?
C) Can every staff member name the values, benefits and features of your CU?
If they can, keep up the good work.
If they can't, it's time to get in the huddle and make it happen.
The DigitalMailer blog will be a year old as of tomorrow. We're very excited to have added the blog to our website and to be able to communicate with you - our partners, our clients, our friends - on a regular basis.
Having spent a year in the blog-scape (or just about), we thought we'd share a few lessons we've learned along the way.
1) Rome wasn't built in a day, even if your blog was.
Jimmy Marks, our Creative Media Director, made this blog work on our site and set up an archive people could read through. It didn't take him long to get things rolling and for us to post stories and topics of interest. But gaining a readership and bringing in people was tough, and at times a little disheartening. Luckily, we stuck with it and it has had lasting benefits.
2) Write for the people you care about
We wanted to do what we could to give our clients and partners, both current and potential, a look at how we operate. People use our stories and posts to get a look inside our world and, hopefully, to better their own.
3) Don't be afraid to expand
Our other blogs, clickconnectcommunicate.com and cusoapbox.com, came out of our desire to share our thoughts with our joined industries - communication technologies and credit unions. CCC Blog stands to give our friends and neighbors our thoughts on emerging technologies. CU Soapbox is growing every month, becoming a mouthpiece for folks in the CU industry who want to keep up with what's going on. But we keep this blog running to highlight the good works of our employees and our company as a whole.
4) If you're not having fun, you're doing it wrong.
I'm a fairly quiet guy. I didn't know how much fun I was going to have writing short stories and ideas about the industry here in my own little corner of the internet. My number one goal: don't let it feel like a chore. If I don't want to post anything, I don't post anything. If I do, I let 'er rip. And the blog maintains no deadlines.
When you're looking for the good news about DigitalMailer, or just want my two cents, this is where you should start. We're happy to be here, and we look forward to many more years online.
Electronic Messaging Tips for E-mail Success: A sample of our whitepaper on e-mail deliverability
The email industry is still evolving so there are no firm standards. However, the following tips will help you improve the results from your email marketing. Permission rules Internet users are increasingly saturated and frustrated with junk email. This shouldn’t be a problem for most credit unions, at least in dealing with their own members. Most members want to hear from their credit union, especially if you craft concise, well-written missives. But for credibility, you must seek permission to send messages, and always make it easy to opt out.
Open a dialogue Don’t just talk AT your members; they get plenty of that through other media. Establish a dialogue with members and use the interaction to strengthen the relationship. Invite users to check out your Website, ask questions, give opinions, but be prepared to keep up your part of the dialogue with fast, well-crafted responses.
Short = sweet There is no rule of thumb for email length, but most professional messages are short, sometimes no longer than one screen, with the details presented on Web pages linked to the message. Some of our favorite email lists rarely get read because there is just too much good info to absorb quickly, so the message is set aside and ultimately never read. Like a good speech, three topics are probably enough.
Seek professional help Electronic messaging is not rocket science, but you can make your messaging efforts much smoother by enlisting the services of a specialized email service provider such as DigitalMailer. Service providers will automate much of the tedious maintenance efforts such as resends, bounce-back maintenance, and opt-out requests so you can concentrate on making the messages better.
Timing counts Although every rule of thumb should be tested, the conventional wisdom is that Tuesdays through Thursdays are best for reaching members at work, reserve Saturday and Sunday emails for home users. Many experts recommend sending messages late in the workday so they needn’t compete with the morning clutter.
Ensure a good landing An effective email marketing campaign includes a specialized Website landing page that supports the teaser email copy and converts prospects into buyers. You should NOT use your home page for the landing unless your offer is obvious AND you have tracking in place to distinguish regular visitors from those visiting due to your direct-marketing efforts.
They'll Be Runnin' from Collectors When They Come! The next hill to climb
by Ron Daly
Ready for some good news in all this doom-and-gloom? We've turned a corner in the financial crisis!
Ready for the bad news? It's the corner of Wall Street and Main Street.
What does that mean? Not everyone had stocks. Not everyone had thousands/millions/billions tied up in the market. Not everyone has 401k's and retirement packages.
But doggone if just about everyone has a credit card.
And now, banks and credit card companies are shielding themselves against bankruptcy by calling in the tab, so to speak - massive rate hikes, lowering of credit limits, and seizure of assets.
Special Report - The deep breath before the plunge: What you need to read, what you want to know
Our regular contributors offer good reads regarding the Financial Meltdown.
from Ron Daly:
"Frankly, there's no better way to put this than CNN did in this explanatory article (Click Here). It shows causes, thoughts, solutions and suggestions that we as homeowners, workers, families and people with credit need to consider. It's 9 pages worth of very sharp, very smart information."
from Greg Crandell
"There are few things right now that concern me more than mortgages...the (Wall Street) Journal just reported one in six homes is "under water" - meaning the mortgage is more than the home is worth now (Click Here)."
Shoot First, Ask No Questions, Offer Blind Opinion
by Ron Daly
Well, it's official: the economy stinks.
Not that anyone with half a brain (or considerably less) couldn't see it coming. But things get really rocky when the Dow starts to plummet and the banks all fail and the government offers a "Sweetened Bail-Out" package...you get the idea.
But then some of my employees were chatting and had heard that, throughout the web, things were looking grim. There was this story from CNN which is terribly depressing - and with the word "depressing" comes the word "depression".
Yes, depression. As in The Great Depression. As in "Brother, Can You Spare a Dime?" depression. Which 60% of Americans think we're facing. And that means 60% are overreacting.
You might not agree with me. You might think we're doomed. But the Wall Street Journal doesn't think so...which is to say the Nobel Laureate who authored this article doesn't think so. The LA Times seems to argue that depressions in economics are inevitable, but another "Great Depression" is highly unlikely. People in Congress and in the Media have been yelping about depressions and recessions and bailouts and the plummeting market and that's got you worried. You should be worried, but you shouldn't be terrified. You should be ACTING on good information given to you by informed market professionals. Don't sell everything you own. Don't give away all your possessions and run off into the desert. Just think carefully and don't get overwhelmed by people telling you we're all doomed.
Part 1 of our long awaited "SPAM Series" is a horror story (just in time for the start of October...we're all excited about Halloween over here). Jeffry Pilcher, E-I-C of the blog The Financial Brand, sent me a story (and seven or eight actual examples) of e-mail gone wrong.
What follows is the story of..."THE MAIL THAT WOULDN'T DIE!"
I never signed up for email notifications from Jupiter Images, a stock photo supplier. Nevertheless, I started getting email from them. Too much, too little relevance. So...
April 29 – I try using the unsubscribe option in the email. It bounces back.
April 30 – I send an email directly to the sender of the spam (rare that there was an actual, real reply-to address). I told him I no longer was in a position to buy stock photos, so “please remove me from your mailing list.”
May 22 – I’m still getting spam, so I try the unsubscribe option again. No dice.
May 22 – I send this message to sales@jupiterimages.com: “I should be able to unsubscribe. I believe Jupiter's non-functioning unsubscribe email address is in violation of the anti-spam laws. Please fix this. Thanks.”
May 29 – The sales rep sending out spam says he’s trying to take care of this for me. He wants to know if I want to be completely removed from every email list they have. I tell him "yes."
June 3 – Still getting spam. Try unsubscribing again. Nope. Send emails begging: "Unsubscribe me pleassseeeee."
June 5 – More spam. I’m f**king pissed now. Blood boiling. I go online and Google as many Jupiter email addresses I can find, then send the following message to 26 employees of the company: "Sorry, I don’t want to be a jerk, but nothing else has worked and I’m out of options... I’ve tried THREE TIMES to unsubscribe from your mailing list, but YOUR UNSUBSCRIBE EMAIL ADDRESS HAS BEEN DISABLED, which, by the way, IS ILLEGAL. ILLEGAL! My patience has expired. An "unsubscribe" process that should have taken 3 seconds has now taken seven emails (make that 8, with this one) over the span of a month. A MONTH???? EIGHT EMAILS??? This is unacceptable. I’ve highlighted the most-relevant excerpts from this process in my messages below. I think everyone can agree that this would push even the most patient and understanding person past the breaking point. Your company will IMMEDIATELY find a way to stop sending me emails. IMMEDIATELY. NOW. Thank you —in advance— for your swift and effective response. P.S. - I don’t want any more emails. Period. That includes apologies or explanations. I don’t want to see another email from Jupiter EVER. Just take me off your list. All of them."
June 6-15 – Despite my request to the contrary, I get emails from these folks apologizing and promising to do whatever they can to remedy the situation. "Eff you... just do it," I’m thinking.
July 24 – Yep, you guessed it. BINGO! Another promotional spam email. This time, the message was short and to the point: "You have got to be kidding me... One more email from you and I’m calling a lawyer. Got it? - jp"
July 25 – The sales guy figures out the only way he can stop email from getting to me is to go in and change my email address. He can’t delete it. He can’t change its settings. All he can do is garble up the address so that it bounces back.
Future – If I get another email, I’ll spend up to $5,000 of my own money on a lawyer.
Frightening, yes? It's all too common. From Greg:
The CAN-SPAM Act uses broad language. Where Jeffry says he didn't sign up for e-mails is an example of this, as businesses are allowed to dispatch e-mails to clients/patrons without a prompt. But Jeffry was facing a problem that's fairly common - it's not that the people sending you the automated e-mail don't provide a solution, it's that the solution doesn't work.
In thinking more and more about SPAM, I realized a fundamental truth: SPAM is in the eye of the beholder. Jeffry didn't want his e-mail about pictures just like anyone else might not want chain e-mails about the Arctic Fox or the Presidential Campaign. In either case, they're a grievance, but it's the simple fact that you're getting a whole lot of what you DON'T want that makes it so aggravating.
Special thanks to Jeffry for sharing his indignation with us.
One of my colleagues managed to drop a back-issue of the Credit Union Times on my desk today. In it was an article (read the online version here) about how Credit Unions need to "think outside the box".
Ho hum, I thought, considering that just about every article that has ANYTHING to do with Credit Union marketing says those exact words. But then I kept reading (bad idea). The article goes on to say that:
Credit Unions have to get themselves onto Facebook and MySpace.
Gen - Y is the "Hannah Montana generation" (although it never says why).
Gen - Y has no interest in entering a brick-and-mortar building when it can do everything online.
No one cares about helping people.
The article goes on to make outrageous claims about how the iPhone and Bill Gates' retirement mean Macs will outdo PCs - which is bull. PCs claim about 75% of the marketshare, Apple moves around 6%. Read about that here.
The overarching question in the piece is "Are you still a CD Credit Union in an MP3 World?"
Right, I forgot - No one buys CDs anymore. Which is why THEY have shy of 90% of the market, compared to 10% for MP3s and - get this - 0.2% vinyl. People are still buying albums on vinyl!
The article is littered with buzzwords. "Evolve with the marketplace", "Be edgy","Outdo the Banks"...sorry, I nodded off there. I don't want to seem like I'm picking on anyone (I'm really not - the article's a good read and it DOES point out that sometimes the best way to appeal to a group is to latch on to their wants more than their needs), it's just that I'm tired of people in the CU industry who try to drive a square peg into a round hole when it comes to young customers. You want the truth about how young folks (like me) see finances?
I'll do this one thing at a time.
Credit Unions should be on Social Networks - Okay, so Facebook is important to advancing high schoolers and college kids. Fine. But nobody needs to get it in their head that all the problems CUs face trying to get youth membership will disappear when they sign their CU up for a MySpace page or a Twitter account.
Gen-Y uses these spaces as a personal tool, not a professional one (go back and read my old posts on Facebook and Social Networking - or don't, I don't care). So no, you don't get a bump in ROI because you uploaded your favorite videos of a dog chasing his tail. You want to advertise? Advertise. But don't try to "friend" me to tell me about a Roth IRA. I promise you I won't want to chat about it. Want to use Facebook's ACTUAL business tools? Here's a link. I just made your day.
Gen - Y LOVES Hannah Montana- I'd laugh at this if the thought didn't completely repulse me.
And why does this have anything to do with ANYTHING?!? Hannah Montana is not a real person. Is the idea that Gen - Y is desperate to be dual-identity pop stars? Did people in the 30s and 40s call their children "The Buck Rogers generation"? You CAN'T BOIL AN ENTIRE GENERATION OF PEOPLE DOWN TO A FAD. Fads disappear - and so does money, if you're not careful.
That's why we (the young) rely on Credit Unions to KEEP our money. This link points to a study saying that only about 19% of Gen-Y's total income gets saved (that's an average, now...nobody I know puts away 20%, not even me).
You can do it all online! - No, you can't.
I can't go online and speak to a loan officer. I can't go online and resolve a checking dispute or get the best service for a problem I'm having. My computer doesn't burp up cash when I need it. I can't count on my computer for everything.
Sometimes, you have to have a building with actual, living, breathing people inside. The speaker from the article says he's "of the generation that...learned to eliminate the middle man." Well, why's he still here? I point to self-checkout, a phenomenon that is popping up at more and more stores. I love self-checkout because I never have that much stuff and it all pretty much fits in one bag. But when I buy beer (I'm 22) or Lucky Charms (I don't act like I'm 22) that don't scan correctly or need cashier assistance, I can't just beg the machine to read my ID. It won't. Because there is NO SYSTEM in the world that can act without human input.
Drink machines don't refill themselves, Gas pumps don't just pump pure crude from out of the ground, and a bank can't run without people there to make sense of whose money is where. You can upgrade or downgrade a building, you can put balance sheets in the palm of someone's hand, but Credit Unions have to do with people. Part of the reason I joined my CU was because I got better service and support, not because of their website. Get real, people.
Nobody Cares About People - Who sold somebody with this one?
Gen - Y can, at times, come off a little selfish. But who isn't? We all want to get the most for our money and the most for ourselves. But one thing that someone had to tell me when I started my account at the CU was this: I own part of a financial institution. I put more into my investment every time I save, every time I borrow, and every time I walk through the lobby. I'm a financial powerhouse, and it only took $5.
You really want to hook Gen - Y? Explain to them that Credit Union membership means owning your own bank.
So, what's the lesson for the day? Well :
Social Network friending doesn't mean anything. I'm friends with people I've never met. Odds are, they only friended you to drive up their friendship number or as a novelty.
Online services are important, but they're only one leg on the table. Match, don't surpass, your online with your over-the-phone, e-mail and personal services.
Never lose your focus on PEOPLE. At the end of the day, Gen - Y wants to be treated well by their CU. That matters more than hip-hop and iPods and, yes, even Hannah Montana.
[EDITOR'S NOTE -- All trademarks and brand names copyright their respective owners]
Stormy Weather: The Weekend Brings Bad News for the Financial Sector
by Ron Daly
Our Friday post had to do with resources available to Texans who had been uprooted by Hurricane Ike. Even as we put together our list, we were uncertain of exactly what was in store. Thousands of people trapped after ignoring the evacuation mandate, thousands more stranded far from home - the picture is grim. But there are those who try to make it a little brighter, bit by bit.
Click the image above to donate. Special thanks to Brent Dixon at OpenSourceCU.com for breaking the story/providing the source code for the donation buttons. Visit their site to get the code for yourself/your blog/your credit union's webpage.
In a move that some would describe as shocking - and others would describe as the good nature of credit unions shining through in a time of need - Texas Dow Employees Credit Union has offered to delay loan/mortgage payments in the wake of the Hurricane. Their Senior VP of lending, Paul Perdue, put out this video:
But that's not the only big financial news from this weekend. Merrill-Lynch was swallowed by Bank of America, Lehman Bros. filed for bankruptcy, and the stock market hit its worst day since September 11, 2001 (won't link to stories, because they're everywhere already). How are CUs faring in the midst of this? This story from the Times Leader explains the urge for calm and how credit unions view the turmoil.
As someone who was a credit union CFO for a number of years and who has always kept an eye on how the financial industry moves, I'm interested to see what happens next in all these news stories.
DigitalMailer can provide Crisis Management Notification Systems for CUs concerned about impact/ recovery information. Visit our CMNS page for more info, or contact us at info@digitalmailer.com.
In the next few weeks, Greg Crandell will shed light on the origins of SPAM - how it came to be, how it continues, and how you can avoid it on both ends of the e-mail spectrum.
Before we here at DigitalMailer begin this long and winding road to understanding SPAM, we want to hear from you. How has SPAM affected your personal life, your e-mail, the way you do business online, your marketing efforts, or your world in general?
If you have questions, comments, stories, photos, screenshots, videos, recordings...whatever... that has to do with SPAM, send it to us at this address. We want to hear from you.
20&Change: What're Ya Worrying About? [**SPECIAL REPORT: THE JIMMY CHALLENGE CONTINUES!**]
When my dad was 20, he asked my Uncle Allen, his brother-in-law, if he could borrow his brand new car. Allen wasn't sure, but dad told him he'd be very, very careful. He even went so far as to throw in a "don't worry".
Dad drove Allen's car into a river.
My grandmother was mad, but not surprised. Which brings me to Gen - Y marketing or, more appropriately, Gen - Y mentality. Lindsey Siegriest from CUTimes Wrote about this just recently (read the article here), saying Credit Unions and other financial institutions should start looking at not just Gen-Y, but "Gen-Z". That would be Tweens and Teens that are verging on spender status. After all, marketing professionals consider seven to be the start point of Gen-Z advertising - kids of age 11 are considered active consumers (more horrifying stats about how much young people spend can be found here).
That said, it's important to remember that Gen-Y is one slice of a $175.1 Billion dollar pie. A large slice of pie, to be sure, but a slice nonetheless.
In Communication, there is a theory known as the "Two-Step Flow of Communication". The idea is that there are opinion leaders and opinion followers - followers follow the leader. Still with me? Good.
Young people, more specifically Gen-Y, look to our parents to give us guidance and help us make decisions. We trust, respect, and admire their decision making skills. And here is where I eat a little crow: I, too, am "Gen-Y-ish" and wanted to get away from my point of origin from ages 14 to 20. But I, too, ask my parents about the big calls I have to make. And I've learned from their examples AND their mistakes. Here's the news that's not really news: YOUR KIDS WANT YOUR OPINION AND YOU CAN HELP THEM MAKE GOOD INVESTMENT DECISIONS. I don't need an article to back that up, but here's one anyway.
People my age and younger want to know they've done the right thing by socking their money away in a checking/savings/investment account. Let them know all the benefits and the differences in their choice of service. I'm not saying that the creative approaches to Gen-Y investing aren't good - some of them are really extensive (Young and Free, which is in Texas now), some are simple but to-the-point (BankerSpank.com), and some of them are hillarious (WhatTheB.com).
Then there's folks like me (you're reading the article) and CU Tomorrow from Filene (Hi, Ben and the Gang!) and Dane, Elliott and Lydia over at Callahan (they did their big webinar and it was a SMASHING success. Way to go, guys!). We just shout out our thoughts about the way we think and folks seem to get a kick out of it. But as much as you, the "big-wigs" rely on us for insight, remember: we're looking to our parents to give us guidance.
THE THREE COMMANDMENTS OF GEN-Y MARKETING: Don't talk down to us Don't waste our time with boring details, and Don't expect us to run right to financial responsibility.
(last minute fourth): And don't worry...we'll figure out how to save soon enough.
That said, it's time for "The Jimmy Challenge!" How much have I got saved after this past paycheck?
Drum roll....
$5! The amount I started with to open my member savings account. It seems that the idea of financial security was less tempting than a Redskins game and a concert...hoo boy.
Since this is our first time out, I'll forgo the "What Ron Says" section about how best to invest the amount I've got saved. I've decided to hang onto this tiny amount and wait until next week, when I'll have to start...you know, saving money. For real.
Have any ideas for what I could do with Mr. Lincoln? Send me 5 bucks worth of ideas to blogs@digitalmailer.com.
Ron Daly's new segment, "Ron Rants", tells readers what gets him angry.
Every so often, I pick up my phone and find that the person calling is someone at their wits' end. They've had it with their inferior service at another vendor and they've finally called us to help them get their systems working the right way. Some call it "a lesson learned the hard way". I call it "getting hosed."
HOSED (n.) - Taken advantage of by a service provider that does NOT know what they're doing.
Why do people do this, you wonder? Because there's some sort of crazy idea about Internet services that says cheaper services are just as good as other services that are a bit more costly. This is as good as saying that a gas station hot dog is as delicious and filling as filet mignon. What gets in people's heads that says "this costs drastically less, but must be just as good"?
Does this mean that every online service that's any good is expensive? No. But when you pay money for a service - of any kind, really - you should be getting your money's worth. When your e-mails don't get through and your surveys don't produce results, you're getting hosed. H-o-s-e-d. So how do you avoid this?
1) DO YOUR HOMEWORK - It's not impossible to comparison shop web services. Good businesses can back up their performance with testimonials. They have corporate partners in the same line of work. They have evidence of success in the form of awards, mentions, and accolades. Are these things missing from your provider's site? They're HOSING you. Failing anything else, ask other businesses that have used the service in question. Hear what THEY have to say. With Web 2.0 becoming more and more prevalent, the idea of dialog is so important. Have a chat with people who know what's happening.
2) ASK FOR PAPERWORK - It's called due diligence. You take the time to ask for reports on success rates, for survey results, for feedback. When they don't provide it, give them the boot.
3) REMEMBER: IT HAPPENS BOTH WAYS - Every business began as a small business. Google was once something overshadowed by Yahoo!. Apple floundered for most of the 90s. David doesn't always slay Goliath, but he CAN avoid being stepped on: when you can get the same thing from vendor A that colossal vendor B has been giving you at a fraction of the cost, make the best decision you can.
Good support is everything. When your "helper" stops "helping", it's time to move on. Get the most out of your dollar and don't settle for second best. No one gets into business to be the most mediocre corner of the market. Long story short: DON'T GET HOSED!
Key West, FL - With Tropical Storm Fay bearing down on Florida, Keys Federal Credit Union wanted a way to let everyone know their branches wouldn't be open Monday morning. DigitalMailer worked overnight to make sure that the people of Key West knew the situation and prepared an e-Lert to help get the word out to members. The e-Lert went out Sunday evening and Monday found a number of people in the know about the storm and the situation.
UPDATE: The CREDIT UNION NATIONAL ASSOCIATION (CUNA) newsletter, CUNA NewsNow, published a story about Tropical Storm Fay and its effect on Credit Unions in Florida. DigitalMailer was featured in the article for its contributions to Key FCU's emergency information plan. Read the full article here: More CUs close as Fay gains strength
DigitalMailer's Crisis Management Notification System offers e-Lert services to your business to connect with customers and make them aware of threats and increase security and safety. Messages can be received by e-mail or by mobile device. To learn more, write us at info@digitalmailer.com or visit our CMNS page
Great Ideas from Credit Unions Like Yours: A Home for the Brave
Ron Daly brings you another edition of "Great Ideas from Credit Unions Like Yours", highlighting great ideas and innovations in the Credit Union industry.
Sgt. Joshua Brett and his wife were having trouble getting their mortgage. The Massachusetts couple wanted a home of their own, having dealt with Joshua's distance after three tours in Iraq and the shaky housing market. With few options, they turned to a new program developed by MassHousing. The program, called A Home for the Brave, was designed to help men and women of the Armed Services find affordable housing. The mortgage requires no downpayment, has payment protection and features closing-cost assistance for eligible veterans. The loan was initiated by First Citizens' Federal Credit Union and was backed by more than fifty institutions eager to give recognition to the brave service of a Veteran.
Has your Credit Union given to the community in a special way? Is there a program you'd like us to feature? Send us a message in our comments section.
If the credit union industry is as important to you as it is to Ron Daly, you won't want to miss these headlines. Ron gives us his take on recent articles from around the web.
Some stories I read in the past few days that are worth noting:
This article, from the Victorville Daily Press in California, really paints a picture. The High Desert Federal Credit Union suffered loan delinquencies as high as 20% and a loss of $4.7 Million. Most of this is blamed on the economic downturn and the crumbling real estate market. For the full story, click here.
A great article here about credit unions, banks, and deposit insurance. Click here to read.
Ever had to hit the ATM and lost money in the transaction? Did you know you contribute to the $4.4 billion made annually by financial institutions from these transaction fees? Read about it here.
A startling story out of South Carolina: A whole credit union shut down - click here.
Finally, a little ray of sunshine from Yahoo! Finance. Click here.
Ron Daly talks about another great innovation in the Credit Union industry.
HarborOne Credit Union saw a problem. People for whom English is a second language are frequently left out in the cold when it comes to services they might find helpful. Marketers tend to write (and think) in one language for one audience, so some services fall under the radar of a non-English-speaking household. How, then, can you have a frank and helpful conversation about finance when you are meeting with people who speak a different language than your own? Likewise, how can you ask the questions that need asking with a barrier blocking communication?
HarborOne Credit Union provided a solution: the Multicultural Banking Center. The center was opened almost one year ago and has been a ringing success, both for HarborOne and the minority and immigrant populations they were hoping to serve. Non-English speaking people, or people that use English as a second language, are often targets of predatory investment scams. With the help of the Multicultural Banking Center, these people can learn about savings, checking accounts, credit lines and the home ownership process. HarborOne extended its services to include other community outreach programs designed to get people in need on the fast track to financial security.
HarborOne's MBC program has been so successful, it is under review by the National Credit Union Foundation (NCUF) to be used as a model for future facilities of its kind.
What's your take on the Multicultural Business Center? Is your Credit Union reaching customers in new and helpful ways? Talk to us in our Comment Section.
