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 ,

 Al

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7 Responses

  1. Hi Al

    Thanks for your latest post-I’m a first time commenter. As a resident of Licking County, I have to admit I have been a customer of a large local bank here for the past 13 years. And yes, I have their credit card. Now, I got their credit card bill and it is NOT the same.

    You know, you give a bank loyalty for so many years-you think, they’re local, they’re not those big banks that are in trouble, like Bank of America or Wachovia, they’ll take care of me-then you see that they’ve sold out. They saw the economy was bad-sold their portfolio and basically screwed all their customers in the process. Apparently when you call-they are more than willing to share that they notified customers of this months ago-but silly me, with my busy life I did not read the fine print. But what I did read, was that this wasn’t going to affect me much, because it was the same kind of quality service we were used to, which is just not true.

    I’m really, really mad-so I started to do some on-line research. I recently watched the Today show about a week or so ago talking about credit unions being the way to go. So I did my homework. While you guys may not be the biggest in town, you seem to be on the ball.

    Your post on credit cards was like a beacon calling out to me that it’s time to abandon ship at my bank. What do they say? We’re main street, not wall street and it’s business as usual? Not hardly. Plus, my college-aged kids think that your twitter account is pretty cool too.

    I’m closing out my accounts there as soon as possible and making the move to Hopewell Federal, it just makes cents!

    Thanks!

  2. Hi Kate,

    You are right on. The Big banks look at how they can increase the value of a share of stock and not at how they can help the customer. At credit unions, the customer, who are the member owners, reap the benefits. No stockholders to deal with or earn big profits for. I have always told people that credit unions are America’s best kept secret and maybe now the message is getting out that credit unions are good for the little guy or gal.

    Thanks for your post and we welcome you as a member of Hopewell Federal Credit Union.

    Al

  3. Seeing stuff like this gets me so fired up! It’s ridiculous to see that stuff like this goes on in a small town like ours-and that the newspaper never reports about stuff like this. I’m guessing you’re talking about PNB.

    Credit unions get a bad wrap because they’re treated almost like the step children of the financial world-but this is the stuff that the Advocate should be reporting. In economic times like these-you should reconsider everything-from your spending habits to where you bank-let’s face it, charging you fees to take YOUR money out of their bank is ridiculous.

    I think we’re lucky to have so many credit unions in our small area. I haven’t heard much about them having problems, they seem like the unsung heroes in the midst of all this banking crap.

  4. Hi Chris,

    You are right that the media should be talking about credit unions. The national media sources have all mentioned considering joining a credit union during these tough economic times.

    However, I guess since credit unions are small and don’t have the big dollars we get less coverage. Maybe that’s why credit unions are the best kept secret in America, the media tends to forget about us as we go about our daily business of providing quality service to our members.

    You will NEVER read that credit union stock hit a new record today since we don’t have stockholders. But you know, I really believe that our members know what we are all about and we just need their help in spreading the credit union message in our community.

    All businesses have a purpose and that business is to help members get ahead financially.

    Thanks for sharing your thoughts…

    Al

  5. This is going to sound like I’m ripping on Park-but c’mon! Why did they need bailout money if things were status quo? I don’t belong to your credit union Al, but I do belong to a credit union in Columbus, I work up in that area part-time. I often do shared branching transactions between you guys and Fiberglas-and your staff seems very friendly. You’ve never tried to oversell me or sway me on products. They just help me do my banking with a smile. Especially at your office across from the grill.

    I had a Park card for years-when they still owned it, but when they took bailout money and tried to say things were still business as usual, that was it for me. I don’t care how many town meetings you have and try to call it something else-it is what it is, you took the money, you weren’t forced to-and now their customers are paying the price in extra high credit card fees is what it sounds like to me.

    Take my advice, no matter which credit union you choose to go to, you’ll be treated better than you will at any bank-don’t just take my word for it-try it for yourself-you’ll be glad you did. I just had to vent.

  6. I can’t speak for other financial institutions, I can only speak for Hopewell Federal and how we do business. Thanks for the shared branching mention. That’s another area where credit unions are unique. We share our branches with other credit unions and their members. Again it is all about serving members and doing it to the best of our ability. There are over 3,500 shared credit union branches throughout the United States and six right here in Newark and Heath area.

    Thanks for the nice comments about our Newark branch also. Our mission is to help members get ahead financially be it our member or a guest member.

    Be sure to let your family and friends know about credit unions and the benefits of membership.

    Al

  7. I just stumbled upon this post, from the Canadian west coast. Here’s what I think about credit unions:

    In 1972 and relocated in a city on the Canadian west coast, I set out to cash my first paycheck. Arriving at the nearest bank I was informed by the teller that I would need to open an account. In a hurry I walked to the nearby Credit Union and cashed my check. Then I was asked if I wanted to open an account, which I did a few days later.

    This was just a simple single event but represents to me my bank – credit union experience.

    . . .

    In late 2007 and early 2008 I decided to sell all equities (bank investment account) and invest in term deposits. At age 73, I was particularly concerned about a very inflated stock market. It took several visits but I finally and firmly ordered all mutual funds sold.

    After closing the RRSP turned RRIF account and transferring the funds to my credit union, I then purchased staggered term deposits. The rep did suggest diversifying but did not try to change my mind.

    Later when the bank called for an explanation I stated that I transferred the account so I could invest all in term deposits. When told that they have term deposits too, I stated that the credit union was offering 1% more on a 5-year GIC. “Well we could find something like that for you.” Too late!

    In over thirty-six years I have always found credit union staff to be friendly, knowledgeable, and never persuasive! I think if more business could be conducted with Credit Union concepts we would be much better off socially.

    The entire post: http://social-fix.blogspot.com/2009/02/from-bank-to-credit-union.html

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