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!

Credit Union Email Marketing Do’s and Don’ts

Building a community through digital channels is very powerful in the advancing digital age. Accessibility to your members is easier than ever if you know where to look! As a credit union, it is a responsibility to your members to keep them informed and to promote financial services to qualifying members. Email marketing is a great tool to use when looking for engagement metrics as well as an automated contact channel. Email marketing has the potential to grow your credit union and its services when done well. Here are some tips to up your email marketing game. Check out our credit union email marketing do’s and don’ts.

Do’s: 

1. Be aware of your target audience—Speak the persona that you intend your email to be understood by using certain tones. Focus on your field of membership (FOM strategy). 

2. Define the purpose of your email—Use a good subject line that is most likely to be opened while avoiding spam words and sales-like terms. 

3. Deliver value for the customer—your credit union email should directly convey the value of your services in terms of solution and benefit. Finance literacy is key for your credit union members’ knowledge of what your credit union can offer. 

4. Leverage word of mouth—Use customer reviews and member spotlights as an added signifier of community and trust. Explore credit union referral programs. 

5. Use eye-catching language and UX design—Effective tone and design can make any email stand out! Have a creative team to back up your credit union brand and help your credit union members achieve their credit union lending dreams.

6. Add your headshot/credit union images in the email signature—This personal touch creates a “real person” feel to a bulk/automated email. 

7. Experiment with the call to action and promotions; A/B testing—Try different subject lines and promotions and track what is more successful while growing your email skills. Credit Union

Don’ts: 

1. Use redundant words/technical jargon (unless required)—Everyone favors certain words but no need to show that in an email, expand your vocabulary for your audience. Simplify your message for your members to something that can be understood by many ages and comprehension levels. 

2. Don’t share full blogs on an email—Give your members the option of going to your credit union website to learn more and follow your credit union blog. 

3. Forget personalization—Everyone likes to feel special now and again, include your recipients’ name to take away the “mass email” feeling. 

4. Make the email to long—Keep your email short and concise as to keep the attention and convey your message! 

5. Over promotional—Sales-y speak can often get your email deleted from many an inbox, try and make different connections between consumer needs and helpful service. 

6. Spam filters—Certain terms and titles can put your email directly into a spam folder, make sure you look into current spam indicators. 

7. No option to unsubscribe—Always provide the option to opt-out of receiving emails from your CU. Especially when sending emails about event campaigns. 

8. Not formatting for mobile/devices—Most emails and communication is through mobile devices so make sure to format for this. 

Do you know of any great Credit Union Email Marketing Do’s and Don’ts?

Digital is king and when used wisely can rocket your institution into success as well as grow your digital community! Contact Oak Tree today for a FREE consultation in compliant email marketing campaigns or visit us on our marketing services site. #MarketingTips #CreditUnionMarketing

Focusing on the Future Generation

Humanitarian Highlight 7.15.21

This week, our focus for Humanitarian Highlight is on credit unions giving to an important cause: our future. Indeed, this week’s focus is on credit unions that are focusing on the future generation. Nothing is more important than investing in the people who will inherit the world we live in. Such as: aid programs for sick children, college scholarships for outstanding youth, or even therapy and protection for the young people who just need a little help. Whatever the cause might be, here are quite a few credit unions keeping the most vulnerable in mind.

Black Hills Federal Credit Union

Using a good old-fashioned concession stand, Black Hills Federal Credit Union managed to raise $1,000 in money to be donated to the Front Porch Coalition. This nonprofit group focuses on suicide prevention and mental health, providing interventive mental care as well as preventive materials and counseling.

Texas Trust Credit Union

Texas Trust Credit Union raised $1,250 for SafeHaven, a nonprofit organization that provides protective shelter and food to women and children who are victims of domestic violence. The organization houses over 146 people, half of whom are children. As part of the event, the credit union also donated necessities such as personal hygiene products.

Marshfield Medical Center Credit Union

A fun and special fundraiser was used to raise over $1,750 towards the needs of Marshfield Children’s Hospital and the Child Life program. The fundraiser, appropriately named “Pie in the Face,” allowed donors to contribute to a good cause and also get the opportunity to fund a gigantic pie that splattered David Murphy, the president of the Marshfield Medical Center Credit Union. The donation was composed of $752.82 collected funds, as well as a personal donation of $500 from the president and the credit union itself.

PrimeWay Federal Credit Union

With over $10,500 in scholarships awarded annually, PrimeWay Federal Credit Union has a history of supporting higher education. This year, they added a $1,500 art scholarship to their scholarship initiative, in the interest of supporting aspiring students in the Houston area.

Atlantic Federal Credit Union

Atlantic Federal Credit Union offered a sizeable college scholarship to members who were graduating high school seniors. To qualify, they simply had to apply with a written essay, a reference letter from a teacher or counselor, a resume (with community service provided) and their school transcript. The Atlantic Scholarship Committee reviewed and compared all submissions and chose a winner, as well as four additional winners. The winner received a $10,000 scholarship, whereas each following students won $5,000, $2,500, and $1,500 respectively.

Blue Federal Credit Union

Blue Federal Credit Union proudly announced that a company event to raise money for the St. Baldrick’s Foundation raised a total of $10,090. The event was a fundraiser where eighteen employees agreed to shave their heads in support of St. Baldrick’s foundation, which researches curing cancer in children. The donation amount was collected from individual donations, as well as a company initiative to donate $100 for every company employee who committed to shaving their head.

Michigan State University Federal Credit Union

Michigan State University Federal Credit Union raised over $48,000 for the REACH Studio Art Center and Capital Area United Way, and also donated supplies to the facility. The REACH Studio Art Center serves the community through afterschool programs, which MSU Federal Credit Union has helped fund.

InRoads Credit Union

For four years, this credit union’s “Team Up for Schools” organization has raised over $234,000 for schools in the communities they serve. This was done through a combination of individual donations and a fantastic promotion where any members who use a high school-themed debit card would have 5 cents donated by InRoads Credit Union.

Oak Tree Business Systems, Inc.

Providing for the future education and health of young adults and children is beyond a noble goal: it is a necessary one for the strength of our country. These credit unions, as well as many others we’ve featured before in #HumanitarianHighlight, realize this truth and are doing their part to help.

Thank you for reading this Humanitarian Highlight! Please do not hesitate to contact us with any questions about our products and services through our email or by phone (800) 537-9598.

Lending Checklist for Credit Unions

Lending Checklist for Credit Unions

Have you heard the good news? Credit union lending is on the rise. Starting in 2018, many credit unions outsold banks and it’s still going strong. That’s right. According to the latest Federal Reserve report, credit unions passed banks by securing more loans for credit cards and automobiles. That’s great news! In light of this, we thought it would be a good idea to walk through a lending checklist for credit unions with you. We know you’ll want to position yourself to take advantage of the momentum.

Lending Checklist for Credit Unions

🔲 Awareness.

Are your members aware of the different types of loans you offer? Each member has the potential to become a new loan customer. Make sure your staff is in tune with as many members as possible. Being aware of their financial situations will let you know which loan products to offer. Also, make sure you pitch mobile loan application processes, too. This may encourage shy members to initiate a loan, especially if they are unsure of their credit. They can always come in later to finish.

🔲 Forms.

Make sure you are using compliant forms. The National Credit Union Administration (NCUA) nor The Consumer Financial Protection Bureau (CFPB) take compliance lightly, and neither do we. We offer great consumer forms, as well as forms for home equity lending. We work hard to make sure our forms are compliant and accessible. Each package has several different delivery methods and will easily integrate with your data processor. The backbone of good lending is compliance. We have you covered there.

🔲 Marketing.

Do you have campaigns ready for each season? Do you know when to offer home equity products and when to pitch automobile loans? We have a fully-staffed marketing department that is ready to help you craft a targeted campaign that will deliver results. One phone call is all it takes to get started.

🔲 Member Checklist.

Leave it to us to have a checklist within an article about that very thing. Your staff also needs one for members, though. Nothing is more frustrating to a member than talking with a loan processor who is unprepared. Make sure your specialists have a reference list of specific items they will need from your member, according to which product they are applying for. Also, make sure to keep all necessary forms on hand in one easy-to-find place, so that starting the underwriting process is a breeze. 

Tick off the items on this checklist to prepare for the lending momentum heading your way. The ball is already in motion. To paraphrase a quote from one popular television show, “Spring is Coming.” Consumers will spend through spring and summer. There are several major holidays tucked in there, after all. Positioning yourself now will allow you to ride the wave later. Help your members’ accounts stay on a happy note. Do that, and their attitude towards your credit union will be the same!

Mending the Community

Humanitarian Highlight 7.8.21

Humanitarian Highlight 7.8.21 | Mending the Community

For this week’s Humanitarian Highlight, let’s take a look at how CUs are mending the community they serve. Is your credit union a stand-out when it comes to charity and community? Then hit us up on social media and let’s help get the word out on your good works!! From virtual games to veterans and the most vulnerable let’s look at how CUs are mending the community they serve.

SAFE Credit Union

SAFE CU donated $20,000 each to Soil Born Farms and Allegiant Giving. Both of these organizations have programs that assist military veterans transitioning into civilian careers. Allegiant Giving is using the generous donation from SAFE CU to help pay for veteran’s certification tests through its online education program. SAFE CU aims to help anyone and everyone in their community.

Sky Federal Credit Union

SKY FCU partnered with Montana DECA to host the first annual Virtual Game-Of-Life event. The event was a virtual financial reality fair available to all high school students in Montana. Over 2,500 students attended the event from over 90 high schools across Montana. SKY FCU was very happy about the massive turnout for their event. It is very important for them to be able to share financial knowledge with everyone in the community and doing so through the youth is a great outlet to do that.

Tropical Financial Credit Union

Tropical FCU awarded $10,000 in scholarships to 3 students continuing their education in the fall. One student got a grand prize of $5,000 and the other two students got $2,500 each. Tropical has granted scholarships to students for the past 8 years. Previously, they gave out 10 $1,000 scholarships, but this year they wanted to make a bigger impact and ease the financial stress more. The students were picked based on their 500-word essays, resumes, and volunteer work.

United Federal Credit Union

United FCU held a sweepstake, “Drive Away Happy Auto Loan Event.” They randomly chose a winner to award $6,000 towards their auto loan payments. The generous donation will greatly help the winner with her auto loan payments. She emphasized how much this money will help her, not only with her car payments but now she can put more money towards other necessities. There were also other winners in the sweepstakes, United FCU awarded a choice of 90 days of no payments or $100 cashback to all approved loan Members. United FCU wants all of its members to feel supported by them.

Lake Michigan Credit Union

Lake Michigan CU organized their Band Together Campaign for the seventh year in a row. The campaign is to support child care in their local communities. This year, LMCU was able to raise $75,000. Lake Michigan CU’s members and community came together to provide the best care for children and their families.

TopLine Federal Credit Union

TopLine FCU hosted its annual Personal Care Drive in May. The drive benefitted three local non-profits. TopLine FCU members and employees donated a variety of personal care items like body wash, toothbrushes, diapers and so much more to community members in need. TopLine members and employees donated over 1,100 personal care items to help local families in need.

Oak Tree Business Systems, Inc.

Thank you for reading this Humanitarian Highlight! It was great to see how CUs are mending the community they serve. Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.

6 Tips for a New Credit Union Data Processor

How to Shop for a New Credit Union Data Processor

Shopping for a new data processor can be overwhelming… so many options, and so many things to consider. How do you know if you are making the right choice? Here are 6 tips for a new credit union data processor to consider while you shop. Cover these, and the rest is just commentary.

Functionality. 

Does the new system offer real-time processing? How easy is it to use? Both of these questions speak to functionality. Many data processing companies produce software with amazing bells and whistles. Just make sure it still fits your needs with regard to access, usability, storage, and backup.

Reliability and Security. 

With cloud-based systems, data processing software reliability is at an all-time high, but security breaches are also becoming more common. If your proposed provider cannot offer a guarantee with regard to reliability, keep shopping. There are plenty of other providers.

Integration. 

How easily will your new system integrate with your current lending software? Integration is a must for a data processing switch to be solvent. This should be priority number one. If it does not integrate, disregard all of the other nice features and continue your search.

Cost. 

This one can be tricky. Notice we mentioned cost, and not price. You may find a product that is priced cheaper but could actually cost you more in the long run. If certain capabilities (like forms integration) are not part of the package, then you could potentially spend more on labor down the road. Ask questions, and always ask for a discount… especially if you are a new customer!

Time Frame and Training. 

How long will it take the data processor to make the switch and train your staff? This is one of the rare instances in business where time literally is money. You may not be able to afford to have your system down for days in order to make the switch. Make sure you clarify beforehand, then communicate with staff and customers to keep frustration at bay.

Longevity. 

Will this system need to be upgraded every five years? Will it be obsolete in ten? Ask about longevity to prevent unnecessary spending in the future. You want to make sure your data processor can grow with you.

Regardless of what core you currently are using, or decide to upgrade to, you can be sure that Oak Tree will be there for your document needs. Our Data Linking services will ensure that everything works.

Unity

Humanitarian Highlight 7.1.21

Humanitarian Highlight 7.1.21 | Unity

For this week’s Humanitarian Highlight, let’s take a look at CUs displaying unity in their communities. Is your credit union a stand-out when it comes to charity and community? Then hit us up on social media and let’s help get the word out on your good works!! From diapers to baseball and the most vulnerable let’s look at how CUs display unity in their communities.

Truity Credit Union

Truity CU came together with 50 other local businesses that held fundraisers for Bartlesville Regional United Way. About 41,000 individuals in the local area have been helped by the organization’s 14 non-profit partners. This is all possible because of the generous donations made by many businesses. Truity CU donated over $50,000 to the program. This generous donation was able to provide COVID-19 relief for many people in the area. It is great to see so many local businesses coming together to help one another.

Royal Credit Union

Royal CU teamed up with a few business partners and was able to raise $39,000 for the Junior League of Eau Claire Diaper Bank. Over 21,000 diapers and 6,000 wipes are being distributed at a local food bank. The large donation will be used to purchase more diapers and wipes for the food bank. This will relieve stress on families struggling to purchase these necessities. Royal CU was able to partner with other local businesses to achieve this and be able to provide a positive impact on their community.

PFCU

Employees at PFCU raised almost $4,000 for IM Kids 3^rd Meal. Each quarter the PFCU employees get to pick a charity to donate to. This quarter was IM Kids 3^rd Meal, a program that provides meals to local children that struggle with food security. The program is raising funds to be able to purchase a truck with a lift gate so it is easier to distribute the meals to children. The donation from PFCU was almost half of what they need. The program is well on its way to meeting its goal of $10,000 for the truck. PFCU wants what is best for its community and is willing to do what it can to achieve that.

Freedom Federal Credit Union

Starting the opening day, Freedom FCU partnered up with the Aberdeen IronBirds baseball team to raise money for Hits for Healthy Kids. Each time an IronBirds player gets a hit, Freedom FCY donates $10 to the program that benefits children a part of the local Boys & Girls Clubs. Freedom FCU has partnered with the Boys & Girls Clubs for almost 10 years and continues to show its support through Hits for Healthy Kids. They are able to provide more opportunities for the youths in their area.

CAP COM Federal Credit Union

CAP COM FCU donated $5,000 to 20 non-profit organizations in the Capital Region. The 20 donations will make huge changes to various organizations that have been struggling since the beginning of the pandemic. Many of the non-profits are using the money to update their amenities or shelters for their occupants. The 20 organizations that received the donations are “superstars” for the effort and impact they have to contribute to their communities. CAP COM FCU has greatly impacted their communities with these donations and displayed unity within their community.

Reliant Credit Union

Reliant CU recently awarded 12 scholarships to any Reliant member attending a 2 or 4 year school this fall. The students chosen were based on their demonstration of the CU motto, “people helping people.” The recipients of the scholarships did not just show academic excellence but also volunteers in their community. Reliant CU has been awarding the Donald K. Rhine scholarship since 1998 and helping members achieve their academic dreams.

Oak Tree Business Systems, Inc.

Thank you for reading this Humanitarian Highlight! It was great to see CUs display unity in their communities by supporting them. Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.