A Note From Our CEO, Carrie Iafrate!
There is so much to talk with you about. Let’s get right into all the buzzwords we’re hearing right now; inflation, Federal Reserve rate hikes, stock market volatility, increased costs, slow spending, etc. In the simplest of terms, the price of goods and services are inflated (we are all feeling it!) and the Federal Reserve is raising the federal funds rate to curb it. You will see a rise in dividends on savings and rates on loans this year with the Federal Reserve’s intention that you’ll save more and spend less. This will be across all financial institutions, not only with Members First Credit Union.
What’s more important to discuss is that we know and see the impact for you. Budgets are tight if not overextended. You’re having to make different choices with your spending and savings. This might mean pausing on your dream of a new home, taking a vacation, furthering your education, paying for sports programs and childcare. Studies are showing that 6 out of 10 Americans are living paycheck to paycheck. I want to make sure you know all the ways we can help.
- In July we are offering you 90-day loan deferments on auto loans and personal loans.
- Our VISA credit card rates are fixed and do not adjust with the Fed rate hikes. I encourage you to check the other cards in your wallet and get outstanding balances transferred.
- A new No Money Down mortgage program just launched and our Real Estate team can’t wait to meet with you!
- Get quick cash when you need it with our no minimum credit score $1,000 Whatever Loans.
- Debt consolidation and personal loans are here to help with wherever you are in your financial journey.
- We’re raising deposit rates. We have many short and long term options for your savings plan.
- Many of our team members are Certified Credit Union Financial Counselors and we’ve made it a new requirement of our ongoing development plans. Talk with us about budget and solutions!
- We have a Solutions team (not Collections) that offer payment plans to keep you financially stable, in your home and driving your vehicles.
Our team LOVES helping you and being a part of the Members First community. In fact, our engagement levels and retention rate are at the highest they’ve ever been. We celebrate and share stories internally when we make a positive impact on our members and I’m proud to share this one with you:
“A member came in for her Whatever Loan appointment and we were discussing the financial stresses that the pandemic and current inflation have caused. She mentioned that she had taken some time away from work, borrowed funds through a payday lender and got caught in a cycle because the payments were too high for her while work was inconsistent. She was in a better place financially, but was still struggling to get the debts paid because of the high APR on the loans (96%, 150%, and 225%). I mentioned looking into wrapping those debts into a single signature loan and she was excited that we would offer that option. I was able to approve her request to consolidate and we are saving her $650 per month in payments and over $9,700 in interest!”
- Proud Members First Credit Union Employee
Give us an opportunity to share our knowledge to help you, your family, friends, co-workers and local businesses. Reach out to me and our team. Let’s rise each other up and thrive together through all the buzzwords.
Above is a excerpt from the Members First Credit Union 2022 Summer Newsletter. To read the full newsletter, click here.
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