JOHN’S BLOG – OCTOBER 2020

I am writing these notes soon after our credit union’s year end (30 September) and putting the finishing touches to our draft annual accounts, which have now gone off to the auditors.  It’s been a different kind of year, that’s for sure, but we have made some more progress, thanks to the loyalty of our members and the hard work of our team!

 

MAKING IT EASIER FOR OUR MEMBERS

Long before Covid hit our shores, we were planning some changes to the way we operate, to make it even easier to join, save, borrow, and manage your accounts with us.    Investing to improve our technology systems was a key goal of our 3-year Business Plan 2019-22, and we’ve been busy behind the scenes doing just that!   Here are some improvements we hope Members are now noticing:

1  We’ve replaced the old Members’ Area on the website with our new Web App

Old Members’ Area	New Web App
Not suitable to use on smartphones and tablets	Is easy to use on any device – desk computer, laptop, tablet, smartphone.
Only showed balances correct to the end of the last working day	Shows correct balances on all your CU accounts 24/7
Didn’t let you make withdrawals	Enables same day withdrawals to your designated bank account
Didn’t let you apply for a loan	Apply for a loan at the touch of a button
Didn’t let you send an enquiry, change your payroll deduction or amend personal details	Allows all those

Over 40% of members have registered to use our Web App.  If you haven’t done so already, here’s how.    If you need more help to register or get started, or if you are having problems with the Web App, don’t hesitate to call us on 01482 778753 (M-F) – our friendly team will offer you some kind and patient help to sort it.

2  We’ve introduced a new Online “Join and Borrow” system

Now, when you apply online for a Credit Union Loan, or to become a Saver with HEY Credit Union, you’ll find the application process simpler and speedier.   We’ve introduced:

·       An easier to complete online application form;

·       A more streamlined process for providing supporting information (in many cases you may not need to provide documents at the time of applying);

·       Better feedback by email to let you know the progress of your application (but you must register a valid email address with us to allow this and check your spam folder if you don’t hear back);

·       A secure signing facility for top up or repeat loans;

·       Same day despatch of funds for approved loans to your bank.

3  We now take Loan Applications by telephone

With branches operating in a more restricted way, we wanted to ensure that members who prefer a more personal service were not deterred from applying.  You can call 01482 778753 from 10 am to 4 pm Monday to Friday to apply.

 

BRANCH NEWS

Our branches in Hull, Scunthorpe, Bridlington, Goole and Withernsea are all open again (for times see here), operating in a Covid-safe way.   It’s been lovely to welcome members back into branch as our staff team have missed them.  They also appreciated the kind messages of support that many members sent.

I am happy to announce that Driffield branch will reopen from 8^th October, every Thursday from 9.30 am to 12 .30 pm in the Council Offices, Market Walk.   Beverley Cherry Tree branch will also reopen very soon.

 

CHRISTMAS IS COMING!

Loans

We know Christmas will be different this year, with possible restrictions on family gatherings
and many of the festive events that we always look forward to unable to take place.   But I am sure we’ll all do our best to give our families and friends the best possible time.

Here at HEY Credit Union we’re already busy helping our members to plan a wonderful Christmas.  Since the start of September, there’s been a big influx of Loan applications, suggesting that members are anxious to get their Christ
mas shopping sorted much earlier than usual. 

We have a fantastic Refer a Friend Offer to tell you about.  If any Member refers a friend or colleague to apply to us for a Christmas Loan, we’ll enter both of you (Member + Friend) into our super Prize Draw to each win a £50 SHOPPING VOUCHER.

There’s lots of great reasons to Refer a Friend to apply for a Christmas Loan with us, so don’t delay, do them (and yourself) a favour and do it today!

Savings

Our Christmas Saver accounts will be open for withdrawals from 1^st November.  From that date, you’ll be able to arrange transfers to bank direct via the Web App too.   Our thrifty members have once again saved up nearly £1 million in this popular account. Together, we’ve got Christmas sorted!

 

OUR MEMBER SURVEY

Thank you to all members who kindly gave us feedback in our 2020 Member Survey.  While the number of replies was much lower than in 2019 (probably you had other things to think about!), their tone was just as encouraging.   Here are some highlights:

·    98% said they are likely to recommend HEY Credit Union to people they know;
·       78% thought it important that HEY Credit Union has a branch presence in various parts of our region;
·       72% said Covid hadn’t impacted very much on their interaction with us.
·       The feeling that we are ethical, local, friendly and different from corporate banks came over strongly.

You can read a summary of responses here.

I have replied personally to those members who raised specific queries or concerns.  One wrote back to express surprise that we actually read their comments!   Well, that’s the Credit Union difference.  As member-owners we always value your feedback and try to help if we can.

 

CHILD TRUST FUNDS START MATURING

The Government gave children born between 1 September 2002 and 2 January 2011 money in a Child Trust Fund (CTF) to encourage them to save for the future.  

Those turning 18 up before 31 August 2021 can now start to access their CTF cash.  As one of the CTF providers, with over 220 accounts and £200,000 saved, we’ve already paid out our first two!   We are proud to have helped the young people in our region to start their adult life with some savings to support their ambitions.

 

SCHOOL BANKS ON HOLD

Unfortunately, the restrictions on volunteers entering schools and handling cash mean that we’re unable to operate any Pennies 2 Pounds School Banks for the foreseeable future.   We’ve asked the schools to publicise alternative ways for families to deposit, withdraw and contact us.  

You can pay into Junior Saver accounts direct from your bank, by standing order or in branch.  Contact our friendly team for bank details.

 

COULD YOU BE A HEY CREDIT UNION DIRECTOR?

We are looking for more directors to join our Board.  It’s a voluntary role that would appeal to anyone who is passionate about co-operative/credit union values, with some time and determination to help us build on our success.  We’re particularly keen to hear from people with skills/experience in technology, human resources and marketing.  You wouldn’t have to live or work near our Hull base, as meetings are now held by video/tele-conference.   Take a look at our director profile here and/or contact me for an informal chat (info@hullandeycu.co.uk) – you could make all the difference!

 

OUR AGM WILL BE DIFFERENT THIS YEAR

We’ll be holding our Members’ AGM 2020 on Tuesday 8^th December at 5.45 pm.  It will be a great opportunity for members to find out how we’ve been doing this year and learn about our exciting plans for the future.  Due to restrictions on face to face meetings this year, this will be our first ever online AGM!  We will be doing our very best to make it as accessible as possible for our members, so please keep the date free and watch out for news – in early November - of how to register. 

 

COUNCIL STAFF SAVE AS THEY EARN

Recently I recorded a podcast for the staff at East Riding of Yorkshire Council telling them of the benefits of joining our Save as You Earn scheme.

Hundreds of staff at our four local authorities already save with us direct from their pay, and this year they’ve increased their savings by 15% on average.  Podcasts are a modern and popular way of conveying information to their staff.  If any other employer would like us to record one, please get in touch.

 

INTERNATIONAL CREDIT UNION DAY

On Thursday 15^th October we’ll be joining with our credit union friends all over the world to celebrate International Credit Union Day.  It’s a day to reflect on the proud history of our Credit Union Movement, promote all that it has achieved, recognise the hard work of credit unionists and celebrate the massive difference it has made to the financial wellbeing of people and families everywhere.    

Keep an eye on our social media pages that day – there’ll be some surprises for our members! 

 

That’s about it, until next time – keep safe and well and don’t forget to Refer a Friend!

w/c 27 April 2015

Scunthorpe Branch sports a new look

With the merger of North Lincolnshire Credit Union now a legal fact, we moved quickly to rebrand our latest branch in Scunthorpe High Street with a fresh new look.  We are trading there as Northern* Lincolnshire Credit Union (part of HEYCU), but using our popular well-established colour scheme and logo, as illustrated by the cheerful new fascia sign and window posters that you can view on our website and Facebook page.   Within the branch our product literature and signage has all been changed over to the new brand too.

Many thanks to David and Richard for their expert handywork fixing up the new poster frames etc and to Melisa for her design skills and keeping everyone on track!  On the day several members commented on how smart it all looked.

* a subtle name change, but intended to show that we can serve people who live or work across the region not just in one Council area.

Driffield Members make two presentations

Congratulations to the members of our Driffield Branch Committee who organised their annual quiz evening to raise funds for two good causes.   Representatives of the two organisations - Yorkshire Air Ambulance and the MacMillan Nurses - attended the branch meeting to receive cheques for £200 each.   A great effort and positive proof that the Credit Union is a valued member of the community it serves.

Matched Loans prove popular

We’re delighted with the response to our newest loan product, the Matched Loan.  Take up has been good in the short time it’s been available.   Matched Loans are for members who have at least £1,000 in their savings that they are prepared to secure (ie not withdraw) to take out an equivalent loan for up to five years.  As these loans are secured, they can be arranged instantly just by visiting a branch and completing a very simple form.  No credit checks are needed and the interest rate is a very appealing 4% APR.

If you’ saved up more than £1,000 with us and need quick access to finance but don't want to dip into your savings, this is the loan for you.  It can also help members to build their credit rating.

Promoting saving by payroll at the HICA Group

Last time I mentioned Hull College joining the growing ranks of employers willing to let their staff save with us by direct payroll deduction.

This week I met with our friends at the HICA Group, one of the region's leading care home and domiciliary care organisations, to plan a new campaign to encourage more of their employees to save and borrow with us in the same way.  We look forward to rolling this out soon and welcoming them into membership.

Save money on your energy bill

Hull City Council is currently operating a new round of the collective energy switching scheme ‘Energy Switch’.  Since piloting the scheme in 2013 thousands of people have reduced their energy bills by registering their interest via the City Council website, calling 01482 300300 or visiting a Customer Service Centre.

Energy Switch works by aggregating groups of people and presenting them to the energy market on one day; energy companies then bid against each other based upon the volume of customers they stand to gain. The scheme is now performing better than ever, with 99% of people who register receiving a cheaper quote, and the average yearly saving per household in Hull now averaging a very worthwhile £270. Changes within the energy market in 2014 have resulted in market leading offers on the last three auctions that have been held across the country.

We are working with Hull City Council to make our members aware of this opportunity.    Residents and small businesses can register their details (with no obligation to switch) by 18 May.    Please note it is open to prepayment meter users as well as other consumers.

Find out more here:  www.hullcc.gov.uk/energyswitch

It's a great chance to save some of your hard earned cash - so what have you got to lose?

The General Election is fast approaching

Bearing in mind that in less than a week we'll be heading to the polling stations to choose our MPs and the next Government, I've been taking a peek at some of the party manifestos to see what, if anything, they have to say about Credit Unions.

Our trade association, ABCUL, has been working hard over the years to ensure that all the main political parties support the development of the credit union movement and has been very successful.   This work has borne fruit as the policy statements and commitments were unveiled recently.

Labour was first off the blocks with their manifesto, which reaffirmed their support in its section on small business:  "We will increase competition (between banks) on the high street.... we want a market share test and at least two new challenger banks.  And we will deal with the scourge of household debt by introducing a new levy on payday lenders, using the funds raised to boost low-cost alternatives like credit unions".

The Conservatives made the following commitment to our sector within their section on banking entitled "We will make the banks work for you":  "We capped payday lenders, made it easier for you to switch your bank account and will continue to support the credit union movement in making financial services more accessible."

We also featured in the Greens manifesto under their Finance section which boldly begins with "The UK finance industry is a disaster area.  Far from generating genuine wealth, its recklessness and greed created the greatest recession since the 1930s, which in turn contributed to the present regime of austerity and cuts to public services.   We would . . . invest £2 billion in a network of community banks, mutually owned and serving local areas or particular groups. "

The manifesto quotes an example of how the Green-led administration in Brighton invested £100,000 in a local credit union, partly to help it set up an online systems for residents to access loans, making the credit union as accessible as high-interest payday lenders. It also banned such lenders from advertising on Council billboards.

Blantyre Savvy Savers project

It was good to read about another credit union that believes, like we do, that children are the future and should be encouraged to catch the savings habit early.  The Blantyre and South Lanarkshire Credit Union, to the south-east of Glasgow, has a long history of running school collection points.  In 2011 it got on board with the Scottish Government's initiative to bring credit unions into schools with its Savvy Savers scheme, and now has over 5,000 active junior accounts holding £550,000 in savings, ranged over 70 schools.  They are currently promoting adult membership through schools with a Recommend a Friend scheme, which gives them free credit union membership.  

We are doing similar work with our schools in Driffield, Goole, Holderness and Haltemprice, with the support of East Riding of Yorkshire Council which is helping more families to discover our "fairer alternative".   Wouldn't it be great if our Government funded the development of a school bank in every English primary school?  Now, there's an idea for those party manifestos . . . 

First Saver Accounts

To give your children or grandchildren the best possible start in life - why not open them one of our First Saver accounts?

Tour de Yorkshire

As I write these notes, Hull City have just scored a magnificent win over Liverpool to take them one step futher on their journey to Premier League survival, after a topsy turvy season, so well done to them!   There’ll be more top sporting activity this Friday when the first ever Tour de Yorkshire cycle race makes its “grand depart” from beautiful Bridlington.   If you are going along to watch the action, do pop into our branch in Prospect Street and say hello to “our local team”.

Whatever you’re doing, have a great Bank Holiday weekend!