Heather Helmbrecht’s Post

I get this question very often! So here's a good summary of what it means to bank with a credit union - a financial institution with a purpose and one that truly places members (who are also customers of the banking services) at the top💛

These type of posts help explain how credit unions are different. Thanks Michelle!

Way to find a niche, and solve a tricky problem... In terms of market, this has been a consistently fast growing segment with a lot of financial firepower. Catch them early, and keep them loyal! Ishan Gurg - Reminded me of your work with the non-profit. https://lnkd.in/eZw8YqRm . . . . . . #growth #banking #businessstrategy #innovation #diversification #businessmodels

Why bank local? Community banks care about the same things you do, like helping your community. When the small businesses you support needed access to the funds from the Small Business Administration’s Paycheck Protection Program (PPP), an initiative designed to help them meet payroll during COVID closures, community banks stepped up to the plate. For example, as a collective, community banks issued 4.7 million loans as part of the PPP, totaling $429 billion and saving an estimated 49 million jobs. In total, community banks made 60 percent of all PPP loans, provided 72 percent of all such loans to minority owners, and served over 90 percent of rural, suburban, and urban localities—far exceeding the support given by much larger national institutions. #banklocal #communitybanking #intracoastalbank #volusiacommunitybank #flaglercommunitybank

Credit Unions are not-for-profit and member-owned. This empowers us to offer solutions to people that are in THEIR best interest, even if this means less profit for the financial institution. The point is to serve the member, not maximize profitability. An example of this human-centered philosophy was circulated internally today by Noe Najera, one of our market presidents. To summarize: We recently had a person who initially was added as a co-signer for a member requesting to refinance her auto loan. Maria took her time to review the credit report of this person and noticed high credit card debt and high interest rates. She took her time to explain to him the benefit of a home equity line of credit to consolidate his debt. This person was paying $952.00 a month in credit card debt with only $380.00 of that going into the principal. Now his payment is only $140.00 for interest. Maria ended up saving this person $432.00 a month in interest expense! Even our people making loans are trained to find ways to save people money. In this particular case, it was a non-member whose incumbent bank simply did not explain this option to him. Needless to say, we gained a new member because of this. We at Notre Dame Federal Credit Union are empowered to do this kind of work whenever people choose to bank with us because they want to promote this kind of banking. Remember, you empower and enrich whoever owns and runs your bank. Credit unions are member-owned, so at a credit union you empower and enrich yourself and the other members. It's a beautiful thing. #creditunions #PeopleOverProfits #WhereYouBankDoesMatter

Why bank local? Community banks care about the same things you do, like helping your community. When the small businesses you support needed access to the funds from the Small Business Administration’s Paycheck Protection Program (PPP), an initiative designed to help them meet payroll during COVID closures, community banks stepped up to the plate. For example, as a collective, community banks issued 4.7 million loans as part of the PPP, totaling $429 billion and saving an estimated 49 million jobs. In total, community banks made 60 percent of all PPP loans, provided 72 percent of all such loans to minority owners, and served over 90 percent of rural, suburban, and urban localities—far exceeding the support given by much larger national institutions. #banklocal #communitybanking #intracoastalbank #volusiacommunitybank #flaglercommunitybank

The rise of the credit union: Credit unions are member-owned, non-profit financial cooperatives that provide a wide range of financial services, including everyday banking, and savings accounts, loans, credit cards, and investment products. According to the latest statistics from the Association of British Credit Unions Limited (Abcul), there were 246 credit unions in the UK. This number has been steadily increasing over the past few years, as more and more people are choosing to bank with credit unions instead of traditional banks. Read More: https://lnkd.in/ehAFbbR8

#RIAs: We believe it's imperative to proactively engage with clients in conversations about their held-away #cash. Many individuals have sizable deposits in traditional bank accounts, earning minimal interest and potentially exposing them to the risk of being #uninsured. We have helped hundreds of advisors uncover billions of dollars through thousands of your clients (depositors). All your clients have savings— they are just looking for a #bettersavingsaccount from you. Read our latest Cash Update. https://lnkd.in/eYANtRse

The Cash Conversation is top of mind. If you are not speaking to your clients about cash, I GUARANTEE you someone is..... Let's connect so you can provide a better option to your clients! #RIAs #cash #uninsured #bettersavingsaccount

“Interest Payment for Lender's Theory" Big 11 As a lender and even as a firm that lends for corporations to borrow. The lender will always have their interest payments on Jan 1st grow because it is in the market. These are the only type of corporations that bank accounts must go up because their service isn’t an action and their product is not sold in the market. Money is being lent. “Theory of Lender’s and Bankers” Or the bank account that is for interest which is recommended to be separate from other bank accounts that Lender’s use. And actual reserves should be the other bank account. In response to why lending is barely a service? They agree with banks and that’s about it and banks provide a service. Does an investor get more stake in the company because they invested? No they don’t get a higher stake. They get what they pay for and that isn’t a service provided for a corporation. “Growth for Corporations Reserve Theory” All corporations reserves are not truly operating so that bank account should increase until they are used for operations which would need an inter company transfer. Time your transfers right. “Non-Profit Reserve Theory” And No, Red Cross or non-profit provide services that is not lending money which is barely a service. When there is no disaster, then yes; their bank accounts should go up by growth. It is money in the market. But the moment they operate they must be allowed to have their bank accounts grow all the time. For one reason, they will wait to help in an emergency. 1st Method Current balance right at the time of disaster*growth for that year)=growth on balance based on any date before January 1st, 2nd method. Current balance right at the time of disaster or total balance on dec 31st due to donations which ever is the greater * growth for that year)=growth on balance based on any date before January 1st, This formula will help them to start working on thr disaster right away. Now date is no longer and issue. Here’s an actual solution. Don’t increase pay during disasters because we all know who gets big bucks. Get a bonus after doing a good job.