Strength to Overcome

Humanitarian Highlight 8.12.21

This week, our focus for Humanitarian Highlight is on credit unions who are giving their community the strength to overcome life’s trials and tribulations.

Bay Federal Credit Union

In Bay Federal Credit Union’s annual fundraising drive, a total of over $27,000 was collected for Children’s Miracle Network Hospitals. The money will go to help children in the various high-quality children’s hospitals the network represents.

West Virginia Central Credit Union

GoPacks, a nonprofit made to fight food insecurity and provide educational programs for children, partnered with this credit union to raise over $10,000. The money was raised through individual donations and contributions from West Virginia Credit Union community members and staff.

Credit Union West

Employees at Credit Union West donated $5,451 to the Firefighter Angel Foundation. This non-profit foundation aims to help children in need by providing essential items and services, particularly those in Yavapai County.

State Employees Federal Credit Union

State Employees Federal Credit Union pledged to donate a significant amount of money to the Special Olympics for every USA victory in the Tokyo Olympics. The credit union pledged $500 for every gold, $250 for every silver and $125 for every bronze. Fans and community members are also encouraged to donate directly through SEFCU’s page on the charity event.

Ascend Federal Credit Union

This credit union announced that their employees had donated 5,279 food items to the Second Harvest Food Bank of Middle Tennessee. Ascend Federal Credit Union held the collection in its corporate office and within all 28 branch locations. The food bank will be donating the collected foods to 27 different agencies. This is the fourth year the credit union has participated in this food drive.

Visions Federal Credit Union

For July 4^th, Visions Federal Credit Union hosted its annual 4 on the 4th Road Race. This charity event supports a charitable organization of the credit union’s choosing, and this year’s event donated to the Southern Tier Veterans Support Group. Over 350 runners participated both virtually and physically, and as a result of the race, the credit union donated over $3,500.

Oak Tree Business Systems, Inc.

These charitable acts benefitting children, veterans, and other vulnerable groups grant people the strength to overcome their struggles, and these credit unions should be praised for them.

If you would like to place an inquiry about being featured in a Humanitarian Highlight or have any other comments or questions regarding our business, please do not hesitate to contact us with any questions through our email or by phone at (800) 537-9598.

Be sure to follow our social media pages if you’d like to see our weekly Humanitarian Highlights segment as soon as it comes up!

3 Keys to More Credit Union Members

3 Keys to More Credit Union Members

How Enticing & Simple is Your Credit Union Membership Application Process?

Every now and then it’s important to take a look at your membership process to make sure it is easily accessible. While you might think you have all bases covered, and you most likely do, it’s always a good idea to take a few minutes and review the process. You want to make sure your credit union membership process is easy and enticing. Address the following areas to ensure a smooth, easy road to membership. Here are 3 keys to more credit union members for your institution!

Awareness.

Have you covered all the bases regarding membership awareness? Is all of your branding in place, easily identifiable, consistent, front and center? Take a moment and look around your credit union. Make sure the first impression a potential member has is that you want him to join your credit union. If you notice an area lacking, make adjustments until it is obvious to anyone who walks through the door that you want him on your team. Also, do the same evaluation of your website. Remember, people like invitations. Your web presence should give them one.

Promotions.

Potential members looking to finance an automobile loan, or obtain a first or second mortgage, will likely turn to a credit union for the low rates and attractive terms. Make sure you have any promotions regarding those services, and any other services you have to offer, in plain view. Look to make sure they have a high degree of physical visibility in your credit union, and online. Promotions can be used as a great hook to get new members. It is important that potential members are aware of anything special you have to offer like introductory rates, online banking, and automatic bill pay. This could be the very thing to entice them to leave their current banks and become members. Oak Tree also offers Marketing Services to help your credit union grow.

Forms.

The easier a credit union application process is, the better. This is why Oak Tree’s fillable forms are a good alternative option. It cuts down on the time it takes for new members to fill out the form, and gives you more time to get to know them as individuals. It makes the process a lot less formal and works to establish a rapport from the beginning. Plus, all of our forms are compliant with regard to disclosure requirements and all other state & federal guidelines. All that is required is simple and accurate data input.

Consider these three areas to be a great starting point. There are other ways to make your membership application process enticing and simple. Just get creative. Work through the process as a new member and make note of any areas you might be able to streamline or make more appealing. Of course, if you need credit union membership forms we are just a phone call away. We are happy to serve and would do anything we can do to make sure our forms contribute to making your membership process as simple and attractive as possible.

Remember, for all of your members we can help them with better credit union lending documents as well!

Inspiring Hope

Humanitarian Highlight 8.5.21

For this week’s #HumanitarianHighlight, we’re looking at credit unions whose donations are inspiring hope in the communities they serve. Whether it is through donations to children’s organizations, or even directly donating a closed branch to a charitable organization, here are some credit unions that go above and beyond to inspire hope for those who really need it.

Redstone Federal Credit Union

This credit union committed $2 million toward the Boys & Girls Clubs of North America for their Doors to the Future capital campaign. This campaign aims to grow the organization through developing new Centers for Advancement, improving transportation, and increasing scholarship funds contributions. The significantly large donation will be paid in parts over the next five years.

Affinity Plus Federal Credit Union

Affinity Plus Federal Credit Union hosted the “2021 Tech Drive Tuesday” donation event that aimed to collect laptop tech for struggling college students. In addition, for every laptop that was donated, the credit union promised to donate $150 directly to Minnesota Computers for Schools.

Pillar Credit Union

Marion Matters for Hope Center received an unusually generous donation: an entire closed branch. Pillar Credit Union handed over the keys to the closed office structure to the organization, which has partnered with them for over ten years. Marion Matters helps community members with financial literacy programs and provides comprehensive education for financially struggling participants.

Power Financial Credit Union

Power Financial Credit Union donated nearly $50,000 to charities that help minority groups and communities in Florida. The announcement was made as part of Power Financial Credit Union’s 70-year anniversary. Each of the organizations will receive over $7,000 to be used at their discretion. These organizations include the Advocacy Network on Disabilities, the Save Foundation, the Jason Taylor Foundation and more.

Eastman Credit Union

A $125,000 donation was made by this credit union to sponsor East Tennessee State University’s Roan Scholars Summer Experience Program. This program offers students a six-week service internship aimed at teaching them how to positively impact the world around them.

Directions Credit Union

This credit union donated $3,000 and over 700 pencils to the Monroe County Library System. These generous donations will go toward summer reading supply kits, which are aimed at inspiring children to complete summer reading logs.

Oak Tree Business Systems, Inc.

Hope is important, and these credit unions, as well as many others we’ve featured before in #HumanitarianHighlight, are greatly appreciated for their charitable and hopeful donations.

If you would like to place an inquiry about being featured in a Humanitarian Highlight or have any other comments or questions regarding our business, please do not hesitate to contact us with any questions through our email or by phone at (800) 537-9598.

Be sure to follow our social media pages if you’d like to see our weekly Humanitarian Highlights segment as soon as it comes up!

To Email or Not to Email Credit Union Members

Important Tips on Credit Union Email Marketing

To Email or Not to Email

We already went into some important rules on email marketing in our Email Dos and Don’ts article, but there is always more that can be discussed about this powerful and cost-effective tool for reaching your members with your services and promotions. Email brings up many compliance risks, and so it is something that should be reviewed. So let us help you with knowing when to email or not to email credit union members.

Why should you continue or create an email marketing strategy?

Most consumers prefer email, and so marketing through their preferred media makes sense. Email is also one of the most cost-effective methods to get your message out to the masses. There is also the fact that email is permission-based. This means someone has to approve the emails, or at the very least, they have the ability to stop the emails. Email is also convenient for the consumer as well as the credit union since they can engage with the brand anywhere they go, and very easily.

What should I use email for?

Consumers love promotions and coupons. Who wouldn’t want to save money on a product or service they need or want? This is the same for contests or rewards programs. You can notify your members of news and updates about the credit union, or your products and services. There are many purposes that you can use emails for.

How do I do it?

There are many providers to help in creating your email blasts, and they are very cost-effective. When you are running your email campaigns, it is important to be aware of the pitfalls that could end up costing you, though.

Let’s go over some important rules when emailing your members marketing materials and creative content. Official rules can be found on the FTC website, and are required for email communication from businesses to consumers. The rules are pretty simple, and it is important that you do not try and work around the basic boundaries, as they are there to protect your members – just like you!

Compliance and Permission

Get consent from your members to use their email addresses for e-communication, and let them know that you are using their info for that purpose. Give them the option to “opt-in,” and always offer email updates and newsletters to your members when interacting in-branch, and in your online communities. Don’t miss opportunities to have members go paperless with the latest news your credit union has to offer.

No misleading information

Avoid misleading information, especially in your subject line! You need to be clear about the content of your email. Your members should not think they are opening an email from a known close friend, but a friendly neighborhood credit union with beneficial rates and services! With so many phishing scams and email hacking going on in the digital age, a clear subject line actually increases your chances of getting your email opened and read, whereas misleading subject lines are becoming more of a red flag.

Based on the FTC guidelines the following tips are very important:

1. Don’t use false or misleading header information. Your “From,” “To,” “Reply-To,” and routing information – including the originating domain name and email address – must be accurate and identify the person or business who initiated the message.
2. Don’t use deceptive subject lines. The subject line must accurately reflect the content of the message.
3. Identify the message as an ad. The law gives you a lot of leeway in how to do this, but you must disclose clearly and conspicuously that your message is an advertisement.
4. Tell recipients where you’re located. Your message must include your valid physical postal address. This can be your current street address, a post office box you’ve registered with the U.S. Postal Service, or a private mailbox you’ve registered with a commercial mail receiving agency established under Postal Service regulations.
5. Tell recipients how to opt out of receiving future emails from you. Your message must include a clear and conspicuous explanation of how the recipient can opt out of getting an email from you in the future. Craft the notice in a way that’s easy for an ordinary person to recognize, read, and understand. Creative use of type size, color, and location can improve clarity. Give a return email address or another easy Internet-based way to allow people to communicate their choice to you. You may create a menu to allow a recipient to opt-out of certain types of messages, but you must include the option to stop all commercial messages from you. Make sure your spam filter doesn’t block these opt-out requests.
6. Honor opt-out requests promptly. Any opt-out mechanism you offer must be able to process opt-out requests for at least 30 days after you send your message. You must honor a recipient’s opt-out request within 10 business days. You can’t charge a fee, require the recipient to give you any personally identifying information beyond an email address, or make the recipient take any step other than sending a reply email or visiting a single page on an internet website as a condition for honoring an opt-out request. Once people have told you they don’t want to receive more messages from you, you can’t sell or transfer their email addresses, even in the form of a mailing list. The only exception is that you may transfer the addresses to a company you’ve hired to help you comply with the CAN-SPAM Act.
7. Monitor what others are doing on your behalf. The law makes it clear that even if you hire another company to handle your email marketing, you can’t contract away your legal responsibility to comply with the law. Both the company whose product is promoted in the message and the company that actually sends the message may be held legally responsible.

It can seem daunting to look at the many things involved in running a legitimate and compliant email marketing strategy. That is why Oak Tree Business Systems, Inc. is here for the credit union community. We are ready to help you strategize and create an awesome email blast campaign that drives your membership numbers and other lending growth numbers. If you have something to add about when and what to email or not to email credit union members, then please let us know on our social media or below.

Contact us today MarketingServices@Oaktreebiz.com or visit our website’s Marketing Services Page to get started.

Providing Food and Supporting Veterans

Humanitarian Highlight 7.29.21 | Providing Food and Supporting Veterans

Humanitarian Highlight 7.29.21

This week, our focus for Humanitarian Highlight is on credit unions providing food to the need and supporting veterans. Both are valuable causes and help those in need, and these credit unions are setting the bar high.

GCS Credit Union

This credit union raised over $30,000 during their fifth annual Tee Up Fore Veterans golf tournament, an event started in the interest of supporting veterans. Several sponsors and golfers contributed to the overall donation, which will be used to sponsor a prepaid vacation for veterans to visit the memorials built for their service.

Jax Federal Credit Union

Jax Federal Credit Union gave generously to Feeding Northeast Florida: a whopping 23,000 meals through food drives and a sizeable $3,700 monetary donation. This foodbank serves millions of meals to families in need in the northeast region of Florida. It is estimated that the combined donation will result in approximately 23,174 meals.

All In Credit Union

Fort Rucker’s Army Emergency Relief Fund received $30,000 due to this credit union’s Annual Golf Tournament, which was held at Fort Rucker’s Silver Wings Golf Course. This emergency fund is a financial assistance program created to help active and retired soldiers with emergency vital care. The golf tournament was started over three decades ago to facilitate donations toward this valuable service.

University Credit Union

University Credit Union has started a three-day initiative to support local restaurants and donate to the Campaign for Ending Hunger. Every order taken at participating restaurants will be matched with a $5 donation toward the campaign by the credit union. The campaign hopes to raise up to $5,000 toward the $100,000 goal, which will support local food banks in Maine.

San Diego County Credit Union

SCCU is hosting it’s 7^th annual “Stuff the Bus” Fundraiser, which aims to purchase school supplies for students experiencing financial hardship or homelessness. The fundraiser takes digital and in-store donations through locations such as Ralphs or Food 4 Less. The event will run through July 31^st in San Diego County.

Clearwater Credit Union

The Community Food and Agriculture Coalition (CFAC) will receive a $25,000 donation from Clearwater Credit Union. This donation will aim to help with food shortages in vulnerable households in the area, as the CFAC estimates 1 in 8 Montana citizens struggle to afford food supplies. It will do so by contributing to the CFAC’s Double SNAP program, which doubles SNAP benefits (up to a certain amount) at local qualifying farmers’ markets.

Oak Tree Business Systems, Inc.

It is incredibly important for society to help those in need. Initiatives like these help some of our most honorable and some of our most vulnerable, and we applaud credit unions for doing them. These credit unions, as well as many others we’ve featured before in #HumanitarianHighlight, deserve praise for their wonderful acts of charity.

If you would like to place an inquiry about being featured in a Humanitarian Highlight or have any other comments or questions regarding our business, please do not hesitate to contact us with any questions through our email or by phone at (800) 537-9598.

Be sure to follow our social media pages if you’d like to see our weekly Humanitarian Highlights segment as soon as it comes up!

How are Credit Scores Determined?

How are Credit Scores Determined?

It’s the time of year when credit unions see an increase in consumer lending. Members seek to secure home loans or financing for an automobile. That means two things are necessary. First, you are going to need compliant consumer lending and/or home equity lending forms. Oak Tree has forms to cover all lending and disclosure requirements to fund either loan type. Our home equity and consumer lending packages are customizable and contain all of the disclosure forms necessary to make the process as simple as possible. When your members ask “how are credit scores determined”, you should be prepared for some answers.

Secondly is a discussion about credit scores. They are perhaps the primary determining factor, and a proper understanding now can help your members secure the best financial opportunities later. Credit scores influence interest rates, loan amounts, collateral requirements, and ultimately whether or not to lend money to a borrower. Here is how they are determined:

Types of Credit. This is actually referring to the types of credit already used by a member and generates 10% of a member’s overall credit score. It’s comprehensive too, including things like a consumer’s mortgage, retail accounts, credit cards, and installment loans.

Amount Owed. This comprises 30% of an individual’s credit score. Things included here are items such as the total number of accounts (and their balances), how much of any credit line is used at any given time, and the ratio of installment amounts owed against the amount already paid.

Credit History Length. 15% of a consumer credit score comes from one simple factor: the amount of time an account has been active. Consumers with new accounts indicate more risk since they are considered new to the world of lending.

New Credit. This makes up 10% of an individual’s total score and accounts for how many credit accounts have been recently opened, and the total proportion of those accounts levied against things like recent inquiries, and any positive reestablishment of credit history if payment was a problem in the past.

Of course, anyone’s credit score will change over time, accurately reflecting current financial behavior. Negative information falls off after so many years regarding things like bankruptcy, lawsuits, or judgments. With all of these factors in the mix, it’s highly possible that an individual’s credit score will look different from one month to the next. This is good information to have on hand when it comes time to discuss lending with one of your members. Our lending forms packages can help you facilitate the process of underwriting to make it as simple as possible. The credit conversation, however, is up to you. It might be great to discuss the importance of credit scores beforehand with those members who are interested in consumer credit. News flash, Oak Tree can help you market those potential members. Contact us at MarketingServices@OakTreeBiz.com

This will allow them to make adjustments before they seek funding, and hopefully, improve their credit score. When the time comes for your members to start the process, you will be ready if you are an Oak Tree customer. They will too since you gave them all the information they needed to properly understand their credit score. If you need consumer lending, or home equity lending forms, contact us today. All of our forms are customized to your needs and can integrate with any data processor. We have you covered, so you can work with your members to improve their credit score so they get the best rates and terms available when it is time for them to borrow!

Oak Tree has been helping credit unions with their lending documents for over 37 years now.

Economic Recovery and Fostering Growth

Humanitarian Highlight 7.22.21 | Economic Recovery and Fostering Growth

Humanitarian Highlight 7.22.21

The last year has not been easy for many, but credit unions are doing their part to help out. This week, our focus for Humanitarian Highlight is on credit unions that are pushing for economic recovery and fostering growth in their communities. Whether through scholarships, community charity, or even making positive changes within their own organizations; here are a few credit unions that are doing their part to help the world recover and grow.

Mass Mutual Federal Credit Union

In keeping with a longstanding tradition for the credit union, MassMutual recently awarded $20,000 in college scholarships to several outstanding students. Each of the ten selected students will receive $2,000 individually, to be put to use in their first year at a college of their choice.

Lookout Credit Union

This credit union, in addition to the efforts of the Idaho Falls firefighters and other donors, helped raise a record-breaking donation (almost $50,000 total) toward the treatment of muscular dystrophy. Lookout Credit Union donated $1,000 toward the goal, a significant portion of the total drive donation.

Michigan Legacy Credit Union

As public discourse over minimum wage mounts, one credit union has made waves in a decision to increase base pay from $13 an hour to $16 – a 23% pay increase. This change will apply immediately to current staff and new hires of the credit union, in the interest of allowing staff to earn a livable wage for the area.

St. Jean’s Credit Union

Following a successful previous grant allotment, the Federal Home Loan Bank of Boston Jobs for New England Recovery Grant Program gave St. Jean’s Credit Union an additional $50,000 in grant money. This grant was quickly distributed to six small businesses and nonprofit organizations in the interest of supporting the selected companies after the events of the last year.

Gesa Credit Union

With over $100,000 in a shared grant pool, Gesa Credit Union is giving away a maximum of $5,000 per approved grant application. The grants are being awarded as part of a newly created Local Heroes Grant Program, which aims to support local heroic and selfless organizations in areas where Gesa Credit Union operates.

American 1 Credit Union & TRUE Community Credit Union

After a few years of planning, a YMCA building in Jackson, Michigan will finally be moving to construction. Several prominent companies and nonprofit organizations contributed to the creation of this facility, two of which are the American 1 Credit Union and the TRUE Community Credit Union. Both credit unions, as well as other significant donors, will receive naming rights for particular rooms in the facility.

New York Credit Union Association

Several credit unions in the New York Credit Union Association have pooled together a joint donation of $30,000 to Cohen Children’s Hospital. A charity golf outing has been held for the last twenty-eight years but was canceled due to the events of the last year. Instead, the NYCUA pooled together a donation that was equal in size to the previous years. This large donation was made toward supporting the treatment of diabetes at a pediatric level.

Oak Tree Business Systems, Inc.

Economic recovery and growth are not going to be easy, but credit unions have always been dedicated to serving the community, no matter how difficult the problem. These credit unions are a small portion of the people dedicated to helping the local community.

If you would like to place an inquiry about being featured in a Humanitarian Highlight or have any other comments or questions regarding our business, please do not hesitate to contact us with any questions through our email or by phone at (800) 537-9598.

Be sure to follow our social media pages if you’d like to see our weekly Humanitarian Highlights segment as soon as it comes up!