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!

Savings, Loans, Payroll Deduction, Rules, and more! (13th April)

Easter 2015

We hope everyone had an enjoyable Easter break, even if it did seem to be over all too quickly.

Perhaps the better weather encouraged you to get cracking on some home or garden improvements.  Or maybe you're planning a holiday.   If so, don't forget we offer some very competitive rates on Dream Loans and Saver Loans.  If you would qualify for a loan from your bank and normally go direct to them,  please think of us and give us a chance to offer you a better deal.  

Remember, with a Credit Union loan the rate you see is the rate you pay, whereas banks tend to quote headline rates as "from...." which sometimes means you get a higher rate than you expected.

Half way through - how are we doing?

On 31 March we reached the half way stage of our Credit Union's financial year.   So, our member-owners may be wondering, how’s it all going so far?

Here's a few facts and figures:

·        Membership – 11,329 – up 5.5% on a year ago ·        Junior Savers – 1,147 – up 10% on a year ago ·        Members' Savings and Deposits - £7,569,270 – up 12% on a year ago.

Our members are still trusting us with more and more of their savings, which is brilliant.  But, by contrast, our loan book has remained fairly flat, which is a little surprising considering our highly competitive rates, starting as low as 4% APR.   Unlike the big banks, credit unions can’t afford to spend mega bucks on advertising.  Instead, we need all our members to help us by spreading the word about our loans, and what a fantastic deal they are.  

On the income and expenditure front, we’re having a much better year.  Our income (which comes from loan interest, contract income, fees and charges and grants) has grown by 7% compared with the first half of last year; while our expenditure (running costs like pay, premises, banking charges and administration) is only up by 1.6%.    We therefore remain on track to return to profitability before year end, in line with our Business Plan.

Please support your Credit Union to the maximum extent as we work hard to put HEYCU on a sustainable path so that it can serve many generations to come.

Christmas Saver campaign 2015

This year’s Christmas Saver campaign was a great success, with nearly 300 new accounts opened to qualify for a £10 matched bonus.   188 of the new accounts were opened by Hull residents and 99 in the East Riding.   With savers from the 2014 campaign continuing this year, that means we now have over 1,200 Christmas Savers all planning ahead for a happy festive season!  Oh, and by the way, it’s not too late to start saving if you haven’t already.

Rule Amendments registered

Last week the regulators - the Financial Conduct Authority – informed us that the rule amendments members voted for at the AGM 2014 have been registered, and are therefore now in force.   You can find a complete set of the new rules on our website.

Just to remind you, the rule changes:

·        added Your Headrow Housing Group to our common bond;

·        established a new process for dealing with expulsion of members; and

·        replaced the Supervisory Committee with a new Audit Committee of the Board.

Our Audit Committee held its first meeting on 30 March to begin its new role of overseeing the internal and external audit of our credit union, to safeguard our assets and operations for you, our members, and strive to improve on the way things are done.

Hull College staff benefits 

On Tuesday 14 April, two of our staff members - Marlene and Zoe - will be attending a Staff Benefits Fair at Hull College in Queens Gardens, Hull.  

The College, with branches in Hull and Goole, has decided to offer its employees the opportunity to save with our Credit Union by payroll deduction.

Several other employers - such as Hull City Council, East Riding of Yorkshire Council and the HICA Group - offer this facility and it’s tremendously popular.   Members who use it say it is a really painless way to do some regular saving because the money is taken from their pay before they get it.  So they don't miss it!  It’s also great for “secret saving”.  Once the payroll deduction is set up, it just keeps on happening each time the member gets paid, until they decide to change or cancel it.   At HEYCU lots of members have built up thousands of pounds worth of savings over the 16 years that we've been around, by this very simple, handy method.  Many have told us that until we came along they'd never managed to save at all.

We look forward to serving lots of Hull College staff in the same way, and we will also be there for them if they need to borrow.

Watch out for a campaign to recruit more employers to our payroll partnership - perhaps the firm where you work would like to offer this - maybe you could ask them?

Easter Competition

Congratulations to Evan Sands, the winner of our First Saver competition to design a “smart card”.  Evan’s fine efforts earned him a giant Chocolate Easter Egg which we trust he enjoyed.  Watch out for the next Junior Saver competition – coming soon!

Start them young with our First Saver!

Want to offer the special children in your life a way to look after their money wisely.   Our First Saver account is an ideal choice.  Check it out on our website.

An out and about week! (w/e 27 March 2015)

An out and about week!

The work of a Chief Executive is by no means all done behind a desk these days, nor is it "wall to wall" meetings (though it can seem like it sometimes!).  To carry out the role successfully you have to get out and about, meeting colleagues and members of the community and finding out what makes our organisation, and the large region we serve, tick.

It's certainly been one of those weeks for me, but I must say I've enjoyed every minute of it.

Hessle opportunities

On Monday I was in Hessle, with Carmel (our School Project Officer for Haltemprice), meeting Councillor Paul Hogan, a local elected member, to look at opportunities for opening school banks and making our credit union more accessible to this quite large suburban community (the town where I grew up in fact).   Councillor Hogan was also interested in whether HEYCU could provide banking services for the local businesses.  When our new IT/Banking platform is in place this may be possible, including business loans.

Afterwards we popped into the Council's combined library and customer service centre (the Hessle Centre) and were pleased to find the staff well briefed about the Credit Union and keen to help local residents pay into their Credit Union accounts using the cash deposit facility.

Goole

On Tuesday morning it was over to Goole but unfortunately the railway line was blocked just south of the town so it was necessary to take a two and a half hour detour via Doncaster.    A good job I had lots of paperwork to catch up with while sitting on the train!  Apologies to any members who went along to our branch that morning only to find it shut.  Only the previous week there were problems with the river bridge, and it's amazing how incidents like that can cause a major snarl up in a town.

Holderness happenings

By contrast Wednesday morning found me heading east on a bus to Withernsea.  It was a lovely journey across rural Holderness, bathed in spring sunshine.  After greeting our volunteers, Mareth and Malcolm at the Credit Union Contact Point, Julie (our School Project Officer for Holderness) and I took part in a photo-call arranged by East Riding of Yorkshire Council with Councillor Jackie Cracknell, the Portfolio Holder for Community Involvement, to celebrate the extension of our Pennies2Pounds school banks.  Jayne Nendick, the ever-so-busy CEO of The Shores, who has "opened a few doors for us", was also able to join in.  We really appreciate the County helping to fund P2P, and I am sure that future generations who get the chance to save up from early childhood to gain financial resilience, will be glad too – one day!

                                

One of our members came up to me and said how much he liked his Credit Union account, and couldn't praise the service enough.  In these times when the big banks seem to make it difficult for their customers to contact them, with automated overseas call centres and reduced branch networks, he said it was so nice to pick up the phone and speak to a "human voice" who genuinely wanted to help.  That's part of the credit union difference, you see, our members are what we are all about. It was kind of him to tell me and I know our staff really appreciate the feedback.

Welcome to our new Bishop

This week it was announced that Rev Canon Alison White has been appointed the new Bishop of Hull.  Although Bishop Alison is only the second woman to be made a Church of England Bishop  she won’t want to be judged on that, but on her contribution to the life of our City and County.   We congratulate her and look forward to meeting her.

We got to know the previous Bishop, Richard Frith, quite well for he made a point of joining our Credit Union on International Credit Union Day 2013, just after being delegated to the Archbishop of Canterbury's Task Group on Responsible Credit and Savings (see the wenbsite ToyourCredit for more details).  So, a warm welcome to Bishop Alison, and the membership form is in the post!

Jam Jar Account planning

Thursday afternoon I was back at base chairing a planning meeting for the Jam Jar Account that we are launching in partnership with Hull City Council.  This product will be welcomed by people who’d like some help to budget, especially with Universal Credit on the way.

Easter Competition

Our junior savers will be wondering who’s going to win the magnificant Chocolate Easter Egg that is rather tantalisingly on display just outside my office.   All will be revealed next week (if it’s still there, that is!).

Christmas Saver

At the end of March our 2015 Christmas Saver Campaign comes to an end – so get a move on if you haven’t opened an account yet to claim your £10 bonus!

Hull Business Improvement District Awards 2015

Only a few days left to nominate city centre businesses for this year’s Hull BID awards – I am thrilled to find that we’ve had some nominations!   Thank you, kind members.

Our Dream Loan makes dreams come true!

Anyone need a loan for a spring garden ‘make over’?   Now is the time to apply.   Have a look at our Dream Loan - it's like a bank loan but at a lower interest rate.