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Need Assistance with Credit Union - Quick
Benefits & Compensation
Need Assistance with Credit Union - Quick
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We are looking into changing credit unions and I need to create a small list of potential CU's to bring in to actually speak to. Many of the local ones reference the state name in the title and
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Forums » Topic Forums » Benefits & Compensation » Need Assistance with Credit Union - Quick
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Need Assistance with Credit Union - Quick
posted at 5/4/2012 10:54 AM EDT
on Workforce Management
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Posts: 14
First: 10/31/2011 Last: 5/30/2012 |
We are looking into changing credit unions and I need to create a small list of potential CU's to bring in to actually speak to. Many of the local ones reference the state name in the title and I am wanting to avoid that due to the fact we are wanting more participation, and have about 1300 locations in 32 states. I do not have a lot of experience with credit unions and wonder if anyone could provide some suggestions here. Thanks in advance! |
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Re: Need Assistance with Credit Union - Quick
posted at 5/4/2012 12:46 PM EDT
on Workforce Management
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Posts: 174
First: 9/20/2011 Last: 2/11/2013 |
In Response to Need Assistance with Credit Union - Quick: We are looking into changing credit unions and I need to create a small list of potential CU's to bring in to actually speak to. Many of the local ones reference the state name in the title and I am wanting to avoid that due to the fact we are wanting more participation, and have about 1300 locations in 32 states. I do not have a lot of experience with credit unions and wonder if anyone could provide some suggestions here. Thanks in advance! Posted by ellymae CUs, like banks are state chartered. CUs are also normally founded on appealing or being based on specific groups like teachers or servicemen/women or union workers. Usually local clusters. This is why they have local names. That is their natural market. Why not let your local management pick the one they want to use after you set some corporate guidelines? Do you reallly need to own this local issue?? |
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Re: Need Assistance with Credit Union - Quick
posted at 5/4/2012 1:20 PM EDT
on Workforce Management
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Posts: 14
First: 10/31/2011 Last: 5/30/2012 |
In Response to Re: Need Assistance with Credit Union - Quick: In Response to Need Assistance with Credit Union - Quick : CUs, like banks are state chartered. CUs are also normally founded on appealing or being based on specific groups like teachers or servicemen/women or union workers. Usually local clusters. This is why they have local names. That is their natural market. Why not let your local management pick the one they want to use after you set some corporate guidelines? Do you reallly need to own this local issue?? Posted by howard7 Do I need to own this? LOL! Most certainly not. Between 401(k), ESOP, ESPP and a recently acquried Non-Qual Deferred Comp Plan, I already have my hands full. Thus me asking for help here with something I am not familiar with. The CEO has asked that this be done and who am I to say no? Personally, my opinion is that we already have one, and the lack of participation stems more from lack of interest and education than anything. With the nature of the business, education and communication is always a difficult thing. Are you familiar with any that you might recommend? We currently use Corporate America. Thanks for any advice you can offer! |
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Re: Need Assistance with Credit Union - Quick
posted at 5/4/2012 1:48 PM EDT
on Workforce Management
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Posts: 174
First: 9/20/2011 Last: 2/11/2013 |
In Response to Re: Need Assistance with Credit Union - Quick: In Response to Re: Need Assistance with Credit Union - Quick : Do I need to own this? LOL! Most certainly not. Between 401(k), ESOP, ESPP and a recently acquried Non-Qual Deferred Comp Plan, I already have my hands full. Thus me asking for help here with something I am not familiar with. The CEO has asked that this be done and who am I to say no? Personally, my opinion is that we already have one, and the lack of participation stems more from lack of interest and education than anything. With the nature of the business, education and communication is always a difficult thing. Are you familiar with any that you might recommend? We currently use Corporate America. Thanks for any advice you can offer! Posted by ellymae Alas no. May others can help. |
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Re: Need Assistance with Credit Union - Quick
posted at 5/7/2012 8:23 AM EDT
on Workforce Management
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Posts: 147
First: 9/21/2011 Last: 2/12/2013 |
When you say "we are looking into changing credit unions", do you mean the one(s) you would recommend to employes OR do you mean your financial/accounting/banking business as a business partner? Who does the corporation bank with? I would think that the current relationship your company has with banks/CUs would get you more perqs than bringing in a credit union or two that you don't currently have any relationship with.... I thought one of the main selling points of CUs was that they were local. But here is a link to all the different associations by state: http://www.cuna.org/cuna/lg_roster.html While I am finding some that cover multiple states, I am not sure you will find any that are in all 32 states that you have employees in. |
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Re: Need Assistance with Credit Union - Quick
posted at 5/7/2012 1:56 PM EDT
on Workforce Management
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Posts: 14
First: 10/31/2011 Last: 5/30/2012 |
In Response to Re: Need Assistance with Credit Union - Quick: There should be some sort of credit union association in your state elly. I would tend to think that would be a good place to start. Posted by mroberts7 Thank you I will try that. So far what I've found is only the league that is an advocate on the legislative end. I do know that many credit unions have shared branch banking across several states, so I guess that is what I need, one that does that. Thank you again. |
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Re: Need Assistance with Credit Union - Quick
posted at 5/7/2012 2:13 PM EDT
on Workforce Management
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Posts: 14
First: 10/31/2011 Last: 5/30/2012 |
In Response to Re: Need Assistance with Credit Union - Quick: When you say "we are looking into changing credit unions", do you mean the one(s) you would recommend to employes OR do you mean your financial/accounting/banking business as a business partner? Who does the corporation bank with? I would think that the current relationship your company has with banks/CUs would get you more perqs than bringing in a credit union or two that you don't currently have any relationship with.... I thought one of the main selling points of CUs was that they were local. But here is a link to all the different associations by state: http://www.cuna.org/cuna/lg_roster.html While I am finding some that cover multiple states, I am not sure you will find any that are in all 32 states that you have employees in. Posted by rrupert Thank you for the link. I will check it out. Word from "upstairs" is that they are wanting to look into changing from the current credit union we are using. Our associates in the field are, or at least should be aware of the fact that they can become members of the credit union through the company by having a portion of their check direct deposited into their account(s) with the credit union. There are so many advantages to it, such as credit rebuilding loans, lower mortgage rates, lower interest rates for car purchases and even assistance in finding automobiles, etc. There is a website out there called cuswirl where a lot of credit unions have joined together to allow shared branch banking - as opposed to just offering shared atm use. This way a credit union here in my area may not have branches in the state of one of our associates, but is more than likely going to have shared branch banking with one that is. Trying to determine a short list to bring them in and speak with them as to the advantages they may have over other credit unions. I really appreciate the link. I'll be checking it out shortly. |
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Re: Need Assistance with Credit Union - Quick
posted at 5/16/2012 1:37 PM EDT
on Workforce Management
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Posts: 1
First: 5/16/2012 Last: 5/16/2012 |
In Response to Need Assistance with Credit Union - Quick: We are looking into changing credit unions and I need to create a small list of potential CU's to bring in to actually speak to. Many of the local ones reference the state name in the title and I am wanting to avoid that due to the fact we are wanting more participation, and have about 1300 locations in 32 states. I do not have a lot of experience with credit unions and wonder if anyone could provide some suggestions here. Thanks in advance! Posted by ellymae EllyMae - I work for a credit union that services employees nationwide, we were built for companies that cover many states. If you wouldn't mind emailing me the company you work for, I can look into seeing if you might be eligible to work with us. Then I would be happy to provide you with more information on credit unions in general as well as how we differ from what you normally think of (local and community based credit unions). My email is ekunkel@uecu.org. I hope I can help you, or at least point you in the right direction. Thanks! Erica Kunkel |
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