Fed Up with Banking?

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.



What New Regulatory Reform Act means to Credit Unions

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.


People Over Profit

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 ,


You Have to Love Credit Unions …

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!