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!

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…