My Credit Union Story

Posted by SIU Credit Union on Nov 6th, 2009 | no comments

For the past couple of days, a good friend and co-worker has been continually reminding me that I have yet to turn in an article for our blog.  Since I finally realized his persistence is both shameless and tireless, I decided I better get started.  “This won’t be hard,” I thought to myself.  After all, I oversee compliance for the credit union, so I could just choose one of the hundreds of regulatory changes currently affecting the financial sector, write a short blurb, and be done with it.  However, let’s face it…there are only a few of us nerds out there who actually enjoy reading the minute details of upcoming lending mandates or interchange legislation.  So I thought I would start off with telling my story about what I have learned first-hand about credit unions.

When I interviewed for this position just one year ago, CEO Dennis Schaefer asked me if I knew the difference between credit unions and banks.  I confessed that I did not (somehow I was still hired).  I soon learned that one of the main surface-level differences is that where banks are for profit, credit unions are not for profit, member-owned cooperative networks.  The underlying premise upon formation for all credit unions includes a desire to promote thrift and to provide credit to individuals who may otherwise be unable to obtain it.  When I learned this, I thought to myself, “that is a great story, and I’m sure that was the idea a hundred years ago, but in today’s society, that kind of desire and commitment to help your neighbor just doesn’t exist.”  I was immediately proven wrong.

Throughout this past year I have been amazed at not only SIU Credit Union’s desire and commitment to serve and help its members, but at the entire industry’s dedication to service.  I have attended several conferences and meetings with officers and executives from credit unions nationwide, and everywhere I go, the overall atmosphere can be summed up into one simple theme:  help your neighbor; serve the underserved.  This is evident on a daily basis from here at SIU Credit Union in Southern Illinois, to Washington, D.C. where credit union lobbyists are continually fighting for the best interest of the entire credit union movement.  As cliché as it may sound, I feel like I have become a part of a family here at SIU Credit Union.  I find it very refreshing to be a part of something that, in spite of these tough economic times, still manages to put people first and to go the extra mile.

Tell us your credit union story. We’d love to hear it.

– Amy Ragan, Internal Auditor and Compliance Officer

Going on Your Next Employment Interview

Posted by Tracy Frischkorn on Nov 4th, 2009 | no comments

Job interviews can be challenging and stressful.  Planning ahead and being prepared for hard questions will give you an edge. Here are some tips to ensure a smooth interview.

Tips:

1. Practice interviewing ahead of time so you are comfortable with the process.
2. Make sure your qualifications are appropriate for the position at hand.  Be ready to demonstrate your proficiency in the tasks associated with the job.
3. Be prepared. Learn all you can about the company ahead of time.  Have an understanding of the business and the services provided.
4. Dress appropriately. Project an image of workplace professionalism.  Understanding the environment of the business is critical.
5. Speak slowly and with confidence.  Be prepared to sell yourself without being overbearing.   If you don’t know the answer, be honest.  Eye contact is essential and body language should convey a positive attitude.
6. Don’t lie!  Exaggerations about previous jobs or experiences can, and will, come back to haunt you.  Employers do background checks, including previous positions and duties.   Be honest about what skills you have.
7. Don’t interrupt the interviewer to interject your opinions or responses.
8. Don’t bad mouth your old company or supervisors during the interview.
9. Ask questions when given the opportunity.  For example, show interest in the position by asking specific questions about the tasks or ask questions about where the company sees itself in 5 years.

Send a follow up “thank you” letter to the interviewer showing your appreciation while conveying your continued interest in the position.

-Tracy Frischkorn, HR Director

Talking Money With The Inmates

Posted by SIU Credit Union on Nov 3rd, 2009 | no comments

For a little over an hour a month, I attend boot camp. Not boot camp in the traditional sense, rather at the Illinois Youth Detention Center in Murphysboro. For the past several months the credit union has been invited to come in and talk to the inmates about financial literacy. I also bring a birthday cake with me for those celebrating birthdays that month. It’s amazing how that little gesture means the world to those locked up, without family on their special day.

I’ve always enjoyed helping people understand the tricks to managing their money successfully. But I get an even greater sense of satisfaction when the 15 or so kids who are nearing the end of their stay and I spend one morning a month talking money. I was lucky enough to be raised in a family where money was never a concern … at least if it was, it wasn’t my concern. But these kids, many of them from broken homes, have a different perspective on money. They’ve had to worry about where their next meal will come from. Most had to steal or sell drugs just to survive. I spend an hour trying to reinforce the lessons they’ve been given during their stay. Hopefully that time is as rewarding to them as it is to me.

The boot camp is military in nature. The inmates wear uniforms and march to commands. For the most part, they are respectful and obedient. It’s the easiest class I’ve ever had to talk to … and quite possibly the most important. Hopefully, the inmates will take away the importance of my message: Get an education. Find a good job. Live within your means. It’s simple stuff, but words that many of them have never heard before.

I look forward to my visits with them. I only hope my message is heard and I don’t begin seeing familiar faces in the classroom.

-Chris Sievers, Marketing Director

Why Credit Unions Aren’t Banks

Posted by SIU Credit Union on Oct 28th, 2009 | no comments

When we are out and about in the community, we often hear two things. What’s a credit union? and I didn’t know I could join. To be clear, if you are living in Southern Illinois you are more than likely eligible to join SIU Credit Union. And no, you don’t have to been connected to Southern Illinois University to join the credit union.

But when you explain what a credit union is, it’s almost guarneteed to be followed with … so you’re a bank. Um, no. Here’s the difference.

Banks and credit unions may offer similar products and services. But the similarities stop there. Crucial differences exist–in ownership, in cost of borrowing money, and in use of services.

* You own your credit union. Credit unions are member-owned nonprofit financial cooperatives dedicated to improving members’ lives. More than 90 million members own 7,905 U.S. credit unions with combined assets of $869 billion. Stockholders own banks. Banks make money for stockholders, not for customers.

Credit unions are the only democratically controlled financial institutions in the United States. You and other members elect a volunteer board of directors to oversee the credit union. The manager or reports to this board. Bank directors, however, are paid and legally bound to make decisions that benefit stockholders, not customers.

* Credit unions have the best rates. Credit unions price loans, pay interest on funds you’ve deposited, and charge fees to provide you with high-quality, low-cost services. Banks price products and services to make a profit.

Credit union loan rates also are better. Money market, savings, and interest checking accounts carry higher rates–giving back more to members. Interest rates on credit cards and auto loans average one to one-half percentage points lower than bank rates. Credit unions make consumer loans and some member business loans. Banks offer consumer loans, but really emphasize business loans.

Because you’re an owner of SIU Credit Union you have a say in how we do business. Let us know how you think we’re doing, and what services you want at your credit union.