In the
first two months of 2020, we’re delighted to have welcomed 311 new members into
our Credit Union Family. We aim to
provide them with a great experience as mutual owners of our financial
co-operative. What else have we been
doing?
FINANCIAL WELLBEING STARTS AT WORK
We’re busy reaching out to employers in the Humber
Region to ask them to consider becoming a Credit Union Payroll Partner.
For over 20 years, we have been helping
employers large and small to offer their workers a regular deduction from their
wage or salary for saving deposits and loan repayments with HEY Credit
Union. It’s a valued staff wellbeing
benefit that comes at no direct cost to the employer.
Research shows that it’s a very effective way to
reduce absenteeism caused by money worries, have a more productive workforce
and demonstrate social responsibility to the community. Having some savings tucked away for a rainy
day builds financial resilience and payroll deduction recognises that the best
way to catch a savings habit is to save automatically when we get paid.
In January, we launched our latest payroll partnership
at ResQ, a major employer in Hull
city centre. We often visit our payroll
partners’ workplaces to run staff roadshows, information stands in canteen or
foyer and sign up new members. In March,
we’ll be at DWP offices in
Washington, Co. Durham and Leeds, and County Hall, Beverley, the HQ of East Riding of Yorkshire Council.
If you are an employer, why not get in touch? We’d love to provide a scheme for your
staff. It really is simple to operate,
as we look after all the administration. Find out more. Call John on 01482 778753 or email info@hullandeycu.co.uk
Employees: Doesn’t
your employer offer Credit Union payroll deduction yet? Email info@hullandeycu.co.uk to suggest an employer and if they sign up with us, we’ll pay you a reward of £100.
THE BANKS ARE TAKING MORE INTEREST
This week one of our members told us they had enquired
at their High Street Bank about a
loan, only to be advised to pay off their existing loan with us first because “having
a Credit Union Loan would negatively affect their credit score”. This is complete nonsense – the bank adviser
should have known better – any loan that’s being repaid correctly, on time,
can’t make your credit score worse, quite the opposite in fact.
While it’s disappointing that some banks misrepresent
the work of credit unions in this way, there is another way of looking at
it. Maybe our success and the impact we
are making in our communities is causing the banks to take more interest these
days?
WILL YOU BE PAYING MORE FOR AN
OVERDRAFT?
From April 2020 bank overdraft charges are being
simplified. Instead of daily fees, plus interest and other fees, there will be
just one single interest rate on overdrafts, regardless of whether they are
arranged or unplanned overdrafts.
Therefore, if you occasionally go overdrawn (where you have not arranged
an overdraft) but soon return to a positive balance, you are likely to only pay
a very small amount if at all. The changes will mean that you will be paying
less for an overdraft.
But, with most banks set to increase the interest rate
to around 40% (APR), those with large overdrafts may end up paying three times
the amount that they pay now – particularly if the overdraft is not reduced by
frequent large repayments. With higher
interest rates, many may find that they stay overdrawn for longer and can only
meet minimum payments. Consistently only
making minimum repayments may affect your credit file, while increasing your
level of ongoing debt.
A cheaper alternative?
Overdrafts should only be used for short-term
borrowing or to cope with emergencies.
If you are one of our Payroll Members, you may like to consider our Flexi Credit. You can apply for a credit facility of £1,000
or £2,000 which, if granted, sits on your account, without charge - ready to be
used in an emergency. When drawn down,
you pay back £40 per month for £1,000 or £80 per month for £2,000 and the rate
we charge is 19.6% APR – less than half that proposed by the banks. It could be a cheaper option. Find out more.
AROUND OUR REGION
Withernsea now has a Members’
Group
It was a great pleasure to attend the launch of our
latest Local Members’ Group in The
Shores at Withernsea on Tuesday 3rd March. 15 members turned out, including the Town
Mayor, Councillor Terry Dagnall. Members
enjoyed a Know Your Credit Union Quiz,
learnt our latest product news and the progress of our expansion project,
funded by Withernsea Big Local Trust. We also consulted members about plans for
some HEY Credit Union promotional gifts to use at events and updated them on
our Charity of the Year. The group
looks forward to meeting again in June and September.
Beverley Cherry Tree Centre
For over 20 years there’s been a Credit Union branch
at the Cherry Tree Centre. Thanks
to the enthusiasm of Centre Manager Jo Ramsay and her team, it’s seen a recent
upsurge in business, after advertising its presence more pro-actively around
the estate, and extending access times from one afternoon to five days a
week. We’ve installed a smart new Credit
Union sign over the front door so that the local community knows where to find
us. And it seems to be working!
Goole Members’ Group
The Group visited the nearby town of Snaith for its
January meeting and enjoyed a warm welcome from our friends at Eadon Place Residents Group. Members were pleased to learn that, following
relocation of the branch office, membership of the Goole branch has greatly
increased, to 1,117. They also discussed
options for fund raising in 2020 and decided to continued supporting Yorkshire Air Ambulance and the HEY Goole Toy Appeal. A fun quiz and prize draw rounded off a
lovely evening.
Flooding in Snaith
Shortly after the Goole Group met, sadly Snaith and
surrounding villages, where we have lots of members, suffered terrible
flooding, and our thoughts are with all the residents affected. On the positive side, the way the community
rallied round in mutual support was very moving and I am proud of our branch team
who organised a raffle, generously supported by local traders, and an Easter
Egg drop to provide some seasonal cheer for the affected families.
OUR CHARITY OF THE YEAR 2019
We’re proud that our members, staff and volunteers
raised £1,331.71 to support the work of Yorkshire Air Ambulance. They
provide a lifesaving rapid response emergency service to 5 million people
across 4 million acres of Yorkshire and the Humber, 7 days a week, 365 days a
year. Operating two helicopters, based
at Wakefield and Thirsk, they attend around five missions every day.
As our Credit Union covers a vast rural area where
road transport can be slow and difficult, it’s hardly surprising that we know
of our own Members whose lives have been saved by the intervention of the bright
yellow helicopter and its capable crew. It
is strange that such a vital service, in this day and age, must rely on
charitable donations to keep airborne, but sadly this is the case.
Yorkshire Air Ambulance have warmly thanked everyone
at HEY Credit Union for their kind donations.
Jo (Goole Branch) and I are walking 10,000 steps every
day through the month of March to raise funds for Cancer Research. If anyone
would like to sponsor us, here’s a link. We would really appreciate your support.
SOCIAL MEDIA 10TH ANNIVERSARY
Our HEY Credit Union Facebook page is 10 years old on 11 March.
It’s come a long way since our Marketing Officer, Melisa, created it in
2010. Back then, our Bridlington branch
had just moved to Prospect Street and total members’ savings had topped £4
million. We were one of the first credit
unions to use social media but today most organisations do so. Recently
we passed the 2,000 Likes milestone
and our 10th anniversary competition had 636 entries!
SPRING IS ON ITS WAY
Spring is just around the corner – time to get busy
with those home and garden improvements, maybe invest in a new car or
caravan, or book a special holiday? Whatever
your plans, don’t forget to give us a chance to quote you for an award-winning
Credit Union Loan!
Whether
you are a member who pops into a branch or talks to us online, we hope to hear
from you very soon…
