LINX Forum Links Credit Unions Together

The Credit Union Foundation of MD & DC has developed and launched a free online forum for credit union professionals. The forum, known as “LINX,” was designed to enable idea and documentation exchange among credit union staff and volunteers.

“LINX was designed to allow users to focus posts into specific areas of interest,” said Foundation Executive Director Kyle Swisher. “Users post questions, respond to posts, exchange documents, and search an archive of past posts.” Unlike some “bulletin board” services where users are flooded with multiple emails, LINX users access the free service and choose only those posts they want to receive updated information on. LINX users can also search an archive of past topics to find answers to their questions before they start a new post.
LINX topics include compliance, finance/investments, governance, training, marketing, lending, small credit unions, financial literacy, and more.

“The more users we can attract to LINX, the better the service is for all of its users,” said Swisher. “That’s why we introduced the iPad giveaway. We believe that once users register and begin to visit the LINX forum, they will see the benefit and use the site regularly.”

To view the LINX site go to www.cufound.org/linx or click "LINX" above.

Helping Youth Members Build Credit Safely

Credit unions have long held the high ground on protecting young members from predatory lending practices. And members need to establish their credit rating so they will be ready when it’s time for an auto or home loan. Protecting members while preparing them for future credit responsibilities can be a tricky balancing act.

At Destinations Credit Union in Baltimore, they’ve established a credit card program designed to do exactly that.
Destinations’ “Credit Builder MasterCard™” was developed for young members without a credit history. The program combines a low credit limit, no annual fee, and a competitive rate to help members establish credit while avoiding excess debt. And to sweeten the deal, Destinations includes a rewards program that allows users to use accumulated points for gifts and travel while they establish credit. It’s a new program, and one worth sharing.

Members begin the application process online and once established they can view their Credit Builder activity and balances via Destinations’ website.

A Q&A with Destinations CU’s Marketing Director Carol Szaroleta appears on the issue of "Turn-Key" that you can download below.

Download the

"Credit Builder "

issue of Turn Key. 

Click the

image

at left.

Use our free online tools to see how a “Credit Builder " Program can help your members and your credit union. 

Download the "Credit Builder " Calculator by clicking the image below and see how the program can benefit your members and your credit union.

Help Members Save On Energy Bills & Grow Loan Portfolio

It was an idea that grew out of a Board Planning Session, recalls St. Agnes Employees FCU CEO Margaret Burdette. “With gas and energy costs rising, members were looking for ways to save on their bills. Hybrid cars were growing in popularity and the government was rolling out incentives to encourage consumers to move toward more energy efficient purchases, from replacement windows, to heat pumps, to appliances.”

The credit union’s Loan Committee developed policy and loan recommendations for the Board to consider and the “Green” Loan Program was launched.

Under the provisions of the program, members apply for loans in three different categories, auto loans, personal loans, and home improvement loans. In each case members are offered a 1/4% reduction off the credit union’s current loan rates for approved purchases. Appliances and home improvements have to be recognized as either Energy Star-qualified, or in the case of home improvements, the project needs to qualify for federal or state tax credits for consumer energy efficiency. Any hybrid car, new or used, qualifies for the program. So do any new or used autos with a combined MPG of 28 or higher. And while “Cash for Clunkers” has expired and federal tax credits are being phased out, members can still save energy, qualify for a reduced loan rate, and do their part to create a “greener” America while building St. Agnes’ loan portfolio.

Download the

"Green Loan"

issue of Turn Key. 

Click the image

at left.

Use our free online tools to see how a “Green Loan" Program can help your members and your credit union. 

Download the "Green Loan" Calculator by clicking the image below and see how "Green Loans" can benefit your members and your credit union.

Police FCU Grows Loan Portfolio, Aids Members

With $5-A-Minute Loan Challenge

Maybe it’s the competitive nature of their members or the universal draw of a “can’t lose” offer, but Police FCU’s experience with their “5-Minute Loan Challenge” has been a winner for the credit union, its members, and staff.

On an intermittent basis, Police FCU will announce the challenge to their membership. The rules are simple: If the credit union can’t beat the term of a member’s existing auto or personal loan at another institution in 5 minutes, the member is awarded $25. On the spot.

From the members’ perspective all they have to lose is 5 minutes. Either way they walk away with a better loan or $25 cash. From the credit union’s perspective, it’s a chance to help their members while growing their loan portfolio. The real key to the program’s success, according to CEO Danny Gregg, is staff empowerment.

“We’ve been doing the 5-Minute Challenge on-and-off for years and I can tell you that the only way this program can work is if you empower your staff to work with the member to beat their current loan rate,” says Gregg. “Empowerment, within guidelines, is the key.”

Loan acquisitions have long been a good way to move credit union members to better terms while adding to a credit union’s loan portfolio.

When Police FCU decides it wants to ramp up their loan activity, the 5-Minute Challenge is rolled out to its 11,000+ membership. Marketing the acquisition program as a challenge grabs members’ attention. Add the $25 bonus and the challenge’s 5-minute limit, and you really hold the members’ interest.

Click Image For Promo Ideas

Fore more details and a Q&A with Police FCU's CEO Danny Greg, click the "Turn Key" graphic at the top of this article. 

And to calculate your own credit union's projected success with a loan challenge program, download the Loan Challenge Calculator by clicking the image below.

Click this image to download the

Loan Challenge Calculator

Foundation Launches Mobile “Credit Union Finder” Application; Available From App Store At No Cost

Help your members stay connected with you though their mobile devices.

The Foundation has released the industry’s first mobile application that allows users to locate, map, and contact your credit union directly from their iPhone™, iPod Touch™ or iPad™. “Credit Union Finder™” is a free application available now at the Apple App Store.

The Foundation developed the mobile application with Innovation Grant assistance from the National Credit Union Foundation, graphics support from Visions, Ink., and data from credit unions nationwide.

Every week more credit unions are establishing mobile banking capabilities. Credit unions realize the value of mobile applications, especially to their younger members. The Foundation wanted to help members find and contact your credit union through a mobile appand to help non-members find a credit union they could join.

The app is available at no charge. It includes your credit union and all credit unions coast-to-coast and branches overseas.

The free app can be found at the Apple App Store under “Credit Union Finder”.

Add a link to Credit Union Finder On Your Website!

Click here to download the Credit Union Finder logo

Click here to download the Apple App Store logo

Click here to download sample copy for your website

Link your members directly to the Credit Union Finder page at the Apple App store:

http://itunes.apple.com/us/app/credit-union-finder/id373142554?mt=8

Click logo below to be directed to the Credit Union Finder at the Apple App Store:

Calculate A Member Milestone Program With This Calculator Download

Great credit unions know the simple secret to growth: Keep the members you have. At Johns Hopkins FCU that means recognizing their longtime members with a special milestone commemoration and gift. 

“We want our loyal members to know that they are valued,” said JHFCU’s Lynn Gregory. “So after their 20th membership anniversary date we present them with a small desk clock and a note of thanks from our President.  The tokens of appreciation are well received and help us keep our member / credit union relationships alive.”  The program has been in operation for 14 years.

Click the image to the right for more details and a Q&A with Johns Hopkins FCU's Lynn Gregory.

Calculate your own credit union’s investment in a member milestone program with this downloadable interactive calculator. 

Click the image below to download the excel spreadsheet, then enter your own member data to evaluate your member milestone program.