Credit Union - July 2008
Put your money where your OE3 Credit Union is
By Rob Wise, Credit Union secretary/financial officer & recording - corresponding secretary
There is a growing trend toward consolidation in the financial-services industry, where banks are buying up other banks, along with brokerage and mutual-fund companies, and merging with investment banks. Why? Economies of scale, expanded product offerings and more complete financial services to customers are all cited as reasons. All of this industry-maneuvering begs the question: Does bigger mean better, more accommodating or easier to deal with? Unfortunately for customers, these changes often mean higher fees, new personnel and limited personal service. The issue ultimately boils down to how well a customer is served by these new and larger financial organizations. For many individuals, choosing a bank or savings-and-loan institution is based on factors of convenience, services available, fee levels and the type of financial relationship they desire.
For others, retirement planning, funding college educations, home financing, return levels on investments and investment opportunities are the issues that concern them most. At first glance, credit unions may not appear as sophisticated as some of these mega-banking institutions. However, if you compare credit-union fees and interest rates on CDs and car loans, you will find credit unions are just as competitive, and in most cases, provide better loan rates and interest returns on long- and short-term investments. Credit unions also offer a complete menu of products and services that should be among the options you consider when searching for a core financial institution.
These options include a debit-card-driven checking account, high-yield certificates of deposit, online e-banking, home mortgages, lines of credit, competitive auto loans and low-interest credit cards. Your Operating Engineers Local Union No. 3 Federal Credit Union (OEFCU) offers these important options and a lot more. I want to assure you that OEFCU is weathering the sub-prime crisis far better than many larger financial institutions. A recent examination of OEFCU’s financial conditions indicated loan delinquencies are minimal in comparison to these other institutions. Your OEFCU continues to experience growth in loans and share certificates.
For Operating Engineers members experiencing financial difficulties, OEFCU’s new Balance Financial Wellness Program, which was introduced in March, can provide solutions and solid advice when it comes to handling delicate financial matters regarding everything from recovering from credit-card debt to clearing up a poor credit rating. Your Credit Union fully understands the impact the current housing market and credit crisis has had on the membership and is committed to working with members to find reasonable resolutions to their financial difficulties. For anyone struggling with mortgage payments, the Balance Program provides early delinquency intervention counseling to help avoid foreclosure. If you are making plans to buy your first home, Balance offers comprehensive education to help you prepare for this important event.
The Balance Financial Wellness Program is strictly confidential and absolutely free to OEFCU members. You can contact a counselor toll-free at (888) 456-2227 or online at www.balancepro.net. When you evaluate your financial needs and compare services offered by other financial institutions, remember that a personal relationship with your financial institution should ultimately fit high on your list of priorities. You will find OEFCU is safe, strong, well-managed and more than competitive when it comes to loan rates and rates of return on long- and short-term investments. We care about the well-being of our members, and our friendly staff looks forward to helping you with your financial needs.
