FEBRUARY / MARCH 2020

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?

We would also urge members looking to borrow for a special project to always get a quote from us first.  Often we can beat the rates charged by the banks – check out our loan calculator - see if we could save you some money.

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 3^rd 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.

 HEY GOOLE ‘WALK ALL OVER CANCER’ CHALLENGE

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 10^TH 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 10^th 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… 

John's Blog - July 2019

JOHN’S BLOG – JULY 2019

Our first 20 years

Your credit union celebrated its 20^th anniversary last month, and we were delighted to welcome the Deputy Lord Mayor of Kingston upon Hull, Councillor Lynn Petrini and her consort, Mr Graham Petrini, to our Hull Central branch on Brook Street. Our guests took the time to speak with staff, directors and members about what the credit union means to them. As we were founded with the support of Hull City Council, it was fantastic for us to have the City’s Deputy Lord Mayor visit us to commemorate our anniversary, and we really appreciated her coming along. We made sure she got the first slice of cake as a thank you!

We were founded on the 10^th June, 1999, and we’ve come a very long way since. Here are some key facts to show just how far:

·      We now have over 13,600 adult members, plus 1,400 junior savers across the Humber region and beyond;

·      Our members hold savings in excess of £10 million, and loan balances over £5 million;

·      Since our foundation, we’ve granted 55,500 loans to our members, to the value of £38 million;

·      Without us, many small borrowers would have resorted to high-interest credit, doorstep lenders or loan sharks. We estimate we have saved them over £18 million in interest!

·      Since 1999, we’ve shared out £1 million in surpluses to our members as dividends. That’s money earned that has gone right back to our members and supported our community, showing the power of co-operation! 

On a personal note, and as a founder member myself, I’d like to thank everyone who has devoted their time and effort over the years to making this credit union what it is. Together, we can be proud that we’ve had a genuinely positive effect on the financial wellbeing and independence of our members – long may it continue!

BBC Radio 4 Money Box

On Saturday 6^th July, a member of HEY Credit Union was interviewed on BBC Radio 4’s weekly finance show, Money Box, hosted by Paul Lewis. Ashleigh explained how she had benefited by taking out a Child Benefit Loan & Savings Plan with us.  She was very complimentary about how it’s enabled her to borrow for life’s unexpected expenses at a fair rate, while also gradually building up a savings cushion too.

Our Child Benefit loans are really popular with our members, as they allow you to apply for up to £500, at a fixed interest rate of 3% per month on a reducing balance.  It’s a great way to smooth out the lumpy costs of things like Christmas and back to school.  If you’re in receipt of Child Benefit payments and would like to know more, you can do here.

Also on the programme was ABCUL’s Head of Policy & Communications, Matt Bland, who said of credit unions, “We’re innovating to provide a facility that works with the finances of households up and down the country”.  It’s this approach – working with our members to provide services that they need – that provides our inspiration and has done so for 20 years. Well said indeed!

Yellow Yorkshire day

We recently announced our new charity partner for this year, Yorkshire Air Ambulance. They provide a vital service across our region by saving lives. Many people in our part of the world have come into contact with YAA at some point, and so we’re delighted to be able to help raise funds for such an admirable cause. That’s why last Friday, 5^th July, we turned our offices yellow in support of Yellow Yorkshire Day, holding raffles and fundraising competitions too.  Later this month Goole branch is devoting its annual Cupcake Day to the cause (19^th) and your CEO and staff colleagues are doing a 20km sponsored walk (29^th). Thanks everyone for your support!

Credit Union event in Parliament

As co-operatives, credit unions know the potential and benefits of working together for a shared goal. That’s why we were delighted to attend the All Party Parliamentary Group on Credit Unions at Westminster, together with credit union colleagues from across the country and representatives from the government and Lloyds Banking Group. Lloyds have long been a supporter of credit unions, with more than £5 million already donated to credit union growth and sustainability since 2014. Our President, Andy Stankard and I met with local MPs Diana Johnson (pictured) and Graham Stuart at the event and left with many exciting ideas to ponder over to help HEY Credit Union to remain successful for another 20 years.

Competition Time!

What’s a birthday without a celebration? To commemorate our 20^th birthday this year, we’ll be running some competitions and events for our members to take part in and share in the celebration. Be sure to follow us on our social media channels for more details, including some great prizes up for grabs!

Thanks again for your continued support,

John

CEO, HEY Credit Union