With Independence Day just around the corner, I thought now would be a gooda time to talk about your freedom to choose where you do your banking.  Sure you have options and people will try to entice you to go to their facility-here lately, it seems that they throw everything but the kitchen sink at you to get you to switch to their bank, from ipods and gift cards to cold hard cash, heck some even switch for a free t-shirt. But in the end, what do you get for making the switch? Do you get great customer service? Do they know you by name? Do they appreciate your loyalty? Or…do they increase your rates and bombard you with service charges? Do they put your needs first or the needs of their stockholders?

I’m here to tell you that at Hopewell Federal, we keep our promises and honor our commitments. And, if you’re a member, odds are that we call you by name. You’re more than just a number. And with services likes shared branching, you can do your banking across the country. There is a difference with credit unions, we dare you to compare today and want to remind you that you have the freedom to bank, anywhere you choose.

Have a happy and safe Fourth of July!

Hi Folks,

 It’s been a busy week, and thankfully, we seem to be getting busier all the time…why? Well, in short, I think it’s basically because people in general are fed up with banking. You turn on the news and you hear about bailout money, people who pay on time are seeing their credit cut in half or receiving tremendous rate hikes. Some banks have tighten the reigns on their lending and some folks are just being nickled and dimed, over every little thing from using an ATM, to one day late on their payments – you name it! Every time you turn around it seems to be something else.

When it comes to banking, people have just lost their faith and confidence in their bank and it seems their looking for alternatives. When the trust is gone, you look somewhere else to gain it back and that’s where the credit union movement comes into play.

It may sound like I’m getting on my soapbox here, and I am. I guess that’s because while many institutions say they’re doing business as usual, we actually are conducting business as usual. Credit unions are different, because we put people over profit, and credit unions have been around for 100 years. I can’t speak for all credit unions, but I can speak for Hopewell Federal. We haven’t changed our credit card program, it’s still locally owned and locally managed with the same rates we’ve had for years. We offer a variety of products and services to help you get ahead financially, because we want to earn your trust. We still make good loans and have money to lend. And our mortgage program is fair and honest with no extravagant origination fees, because we don’t have stockholders to answer to, just our members who are owners of the credit union.

While we can’t work miracles, you’ve heard me say it a hundred times by now, you can not borrow your way out of debt; we will work hard to help you get ahead financially. If you need assistance, maybe a second chance at managing your checking account, we will work with you. So, if you’re tired and turned off by the banking industry…I invite you to discover a local credit union near you.

Thanks,

Al

President Obama held a press conference on Wednesday, to unveil his new regulatory reform plan for the financial and insurance industry.  There is good news in his proposal for credit unions.  Credit unions will still have an independent regulator under his proposal.  We will not be lumped or dumped into the same regulator board as the banks. Since credit unions are not for profit but for service, I take this to mean that the President recognizes that credit unions are not part of the current problem so they do not need to have a totally new regulator.  His proposal also seeks to create a Consumer Financial Protection Agency that would oversee consumer products including mortgages and credit cards.  Any new regulatory agency will create more compliance issues and most likely drive up the cost of financial products and services. 

Our state and federal trade associations will work hard to protect the interest of credit unions through the legislative process.  Credit unions are not the cause of the subprime mortgage crisis that lead to bank failures, nor are credit unions part of the credit card abusive practices.  Credit unions are here to provide reasonably priced products and services to our members and not earn profits for or drive up the value of stock for stockholders.  The credit union motto is and always has been “Not for Profit, Not for Charity, But for Service”.

 At Hopewell Federal, we try very hard to live up to that motto.  We strive everyday to help our members get ahead financially.

 Thanks for your support of credit unions.

 Al

Hi Folks,

You might have read lately that the credit card industry is going to be changing.  Congress recently passed and the President has signed new credit card laws.  It is the intent of Congress to stop the unfair charges assessed by many credit card companies.  No longer will an issuer be able to increase your rate simply because you were one day late in making your payment.  No longer will they be able to increase your rate because you were late on a payment at another institution.  No longer will they be able to shorten your billing cycle, giving you less time to make your monthly payment.  Congress and the President are trying to protect consumers from predatory lending practices. 

At Hopewell Federal, we’ve never had the make a profit at all costs mentality. We put PEOPLE OVER PROFIT, for the benefit of our members. Our Visa card programs are fair and the interest rates are fixed and remain stable.  Our fees associated with our Visa cards are among the lowest around.  We’re not here to find ways to separate our members from their money.  We’re here to help our members get ahead financially. 

Many banks have sold their card portfolios to the big credit card companies including  local community banks right here in Licking County.  Folks, at Hopewell Federal, we still own our own credit card portfolio and will continue to keep it in house. You will always be able to deal with a local credit union representative when you have questions about your credit card account.  And WE set the rates and terms of your Visa account agreement, not a third party partner. 

 So if you are concerned about your current credit card program and want to explore your opportunities, give us a call or stop in and see in at either our Newark or Heath office.

I’m sure you will find our Visa card programs very member friendly.

 Have a great week ,

 Al

As I was contemplating what my post was going to be about this week, I came across this article-which initially came out a year ago and was updated this past April, from a fellow CU, Brewery CU in Milwaukee, Wisconsin. They retweeted this on Twitter and I have to say that this article…just says it all.

As I read article after article, twitter, blogs, watch the news, listen to the radio and more, it sounds like the majority of folks are frustrated and fed up with skyrocketing rates, hidden fees and the like…that’s why I thought instead of retweeting, I call this re-blogging, a very important article that showcases the many reasons why you should Ditch Your Bank for a Credit Union, from MSN money, by Liz Pulliam Weston.

There’s no propaganda here. She states simple facts of why we are different and even shows a side by side comparison. I wonder, if you’re a member of HFCU, do you know why you getter a better rate with us than another financial institution? It’s the Credit Union Difference! And Ms. Weston, states it perfectly.

So, special thanks to our friends at Brewery CU in WI. If you’ve thought about joining a credit union, you can make the switch today with the greatest of ease with our on-line switch kit. But don’t just take my word for it, check out the recently updated article from the MSN money expert and compare for yourself!

http://tinyurl.com/2k8zmk

Dear Graduates and parents of grads,

As I was pondering what to blog about this week, I happened across a few articles that sparked my interest. My desk is covered with things to read, but one stood out from the rest. There’s a fantastic article on Forbes.com, written by David K. Randall, entitled, “What I Wish I Had Known About Money When I Graduated. “ You can follow the link to it below:

http://tinyurl.com/q3em8r

I urge you to read this article, especially for those of you graduating from high school. Why? Well…because it’s sound advice.

As the father of five, I know all too well, how credit card companies seemingly throw credit cards at college kids, enticing them with free t-shirts, ipods, etc. just so that they’ll sign on the dotted line and then pay the price for that credit card later.  They make elaborate offers to young adults because they think the shiny new fangled whatever - from Wii’s to t-shirts, will make you want to sign up for a card. There’s often a “pack” mentality on campus, that if everyone’s doing it, I should do it too! Don’t be swayed! Just because you can’t see the money being spent, doesn’t mean you aren’t wracking up the bills! Charges add up in no time. And while Mr. Randall addresses in his article that, “recent legislation will make it harder for anyone under 21 to get a credit card, ” you will still be responsible for the debt at 22, 23 and 24. So, you may have to wait until your junior or senior year to get a card, but again, you’ll still be responsible! So, I encourage you to DO YOUR HOMEWORK! Find a card with a low FIXED rate .

Another great nugget he addresses is “your credit score matters more than your SAT score.”  While I can’t say that exactly…I mean, you did need to get into college, it plays a key factor in the rest of your life. YOU CAN NOT BORROW YOUR WAY OUT OF DEBT! I’ve said this a million times.  So, if you’re brave enough and responsible enough to have your own credit card, you can’t just swipe your way into getting whatever you want with your card and think it’s okay because you’re a student. Unless you’ve been underground somewhere, you already know the economy is bad…don’t add to it and ruin your future. Your credit score stays with you, just like your college transcripts! So please, treat it like you would your grade point average and make smart choices, do your homework and when it’s time for you to graduate college, you’ll be able to afford your first mortgage, a new car, etc. Because your score will be in tact.

Again, for more, I urge you to read David K. Randall’s article on Forbes.com it’s packed with more ideas that will help you get ahead financially. As a graduate you’re going to get a lot of advice about your future. We’d just like encourage you to read some that  will help you get  a good financial start.

And if you need financial couseling, we have a certified financial counselor on staff that would be happy to help! Call for an appointment today, it’s FREE to all members.

Congratulations graduates! You have the whole world ahead of you, take advantage  of it!

-Al

Hello folks,

Everyone I know always looks forward to Memorial Day Weekend, it’s the official start of summer, warmer weather and of course a long holiday weekend! More importantly, it’s a time to remember those who have served and pay respect to those who are currently serving our country.

We will be closed on Monday, in observance of the holiday. But we will also have a weekend of blog and twitter silence, in rememberance of those we’ve lost, who valiantly have served our country. As a former airforce base credit union, many of our members are in the military or have served in the military. And we’d be remiss not to say thank you for your membership and your service to our country.

-Al

Do you constantly find yourself saying:

“Where does it all go?”
“I wish I could save more!”
“I always seem to spend more than I make”
“I just don’t have enough to begin saving!”
“If I only had a budget!”

More than likely you’ve probably muttered one or maybe even more of these phrases to yourself time and time again. Given today’s economy it’s important to start saving and budgeting your money wisely. And we can help!

This Tuesday, we’re holding a FREE seminar called, MONEY MANAGEMENT 101, from 5:30 to 6:30 p.m. in our Heath Office. We’re proud to be the only credit union in Licking County with a Certified Financial Counselor on staff. He’ll be on hand to give you tips, help you with ideas to track what your spending your money on and even get you started creating a budget you can actually stick to!

I’ve said it before and I’ll say it again, you can’t borrow your way out of debt, it takes hard work and some sacrifices, but if you’re willing to put in the effort you can get back on track and see your credit score go back up. This FREE seminar will help you get back on the path to financial freedom and…help you see light at the end of the tunnel! So…call us today to get registered!

Time is running out! It’s Tuesday, May 12th 5:30-6:30 p.m. at our Heath office. You can RSVP by calling us at 522-8311 or email emartin@hopewellfcu.org. I sincerely hope to see you there!

Have a great weekend!
-Al

I’m not sure about you, but I still see some tough times ahead for those of us in Licking County. This past week we lost a long time company, the Chesrown auto dealership went out of business, a victim of the times. And Moore’s Pizza , who has also been in the area for 20 years, also went out of business. These two companies are just the latest victims of the economic downturn.

On the national level, Chrysler finally filed for bankruptcy and will try to somehow re-organize itself and get back in the market. And by the end of this month, GM’s fate will become clear, that’s the deadline that President Obama’s team gave them to get their plan into place. No matter how it goes for the future of either of these companies, it seems like the UAW will have to be a willing partner and make some tough choices.

This week the stress test sfor several of the largest banks will be released. Looks like some of them will have to raise more capital. I guess they are not out of the woods yet. So how’s the credit union doing during these tough times? We are doing very well. Our member deposits are growing at a 25% annual rate and our loans to members are growing by 12.5% annual rate. It appears that our members still know a good deal when they see it and that’s credit union membership. Our mortgage business is very good, as we help members refinance their existing mortgage or help them get a mortgage to buy a home.

I was recently invited to the Governor’s Residence for a private reception with him. There were about 40 to 50 financial institution officers there. The governor told us that he appreciates what we do to help the consumers and businesses in Ohio. There were positive comments for credit unions who did not start the mortgage problems, but can help solve them. This was the first time that I shook the hand of our governor. I must admit, I felt honored to be invited to this gathering. And I’m hopeful that a turnaround is coming for Licking County.

We understand that times are tough, that’s why now, more than ever, you’ll want to discover the difference of a credit union membership.

Have a great week.

- Al