Making the Switch

Okay, so it’s a been a week since I’ve had a chance to update you guys on what’s been happening. We’ve been very busy at Hopewell, with conferences, our operation feed campaign and more.

You know, it seems everywhere I go, people say to me, oh I’ve heard about Hopewell Federal and I want to switch but I think it’s too difficult. You’re wrong. We do have an electronic switch kit on our website that REALLY and TRULY takes the guesswork of having to do everything. Sure, you may have your banking needs currently at another financial institution, but seriously-switching really isn’t as difficult as you might think.

I keep hearing in this economic downturn, people are looking to credit unions, when really, we’re continuing to do what we’ve always done and that is meet the needs of our members by helping them get ahead financially, but what really resonates with you?

Is it the free iPod? (In my opinion, the “toaster” of the millennium) Or, is it a place where the folks know you and can take care of your needs? So, if you’ve been thinking about making the “big” switch to a credit union, call us or log on to www.hopewellfcu.org. and discover the credit union difference. I think one BIG difference, that I’ve stated many times before is that you can do shared branching with credit unions, I’m not sure your current financial institution has that available. But for us, it means you can do your banking at Hopewell and and several other local Licking County Credit Unions…including Fiberglas, Cardinal or CES in Utica. How about that? And not just there but at 193 other locations across Ohio.

So make the move to a credit union-and taking your banking with you! Have a great Easter!

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3 Responses

  1. Hi Al

    I was wondering what you think is a better vehicle to save money a cd or a money market account?

    Thanks

  2. Hi Dina,

    Let’s look at the two types of accounts before answering the question.

    A money market account is normally an overnight type of savings account and the money is available to you at any time. The interest rate paid on the money market account is subject to change at any time and normally less than you could earn on a certificate . So today the rate might be attractive and even competitive with a short term certificate but that could change tomorrow.

    Certificates are good vehicles for long term savings plans. If you do not need the money for a longer period of time, say one to five years, you can lock in the interest rate for the term of the certificate. With certificates you can try the laddering approach. Invest part of the money in a one year, part in a three year and part in a five year for example. This way if rates change you will not feel the full effect on your investments. It is proven that those who ladder their certificates, normally come out ahead in the long term.

    So what’s my answer? If you don’t feel your can invest for a longer term, than the money market is the account for you. If you have no plans to use the money for more than a year, you would opt for a certificate. If you have a sized amount to invest, I would also consider laddering the certificate investments.

    Hope this help.

    Al

  3. So Al-

    I’ve been reading your blog for awhile now and I’m curious-how you guys have never what your stance is on the mortgage crisis-

    I see that you offer mortgages-so what’s in it for me if I choose to refinance with you over my bank-?

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