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 – APRIL & MAY

There’s still a lot going on at HEYCU as we approach the warmer season, which brings the traditional upswing in our loans business as members get busy with their DIY and finalise their holiday plans...

National Champion Award from IMLT

We were very thrilled to be chosen as a National Winner of an Award from the Illegal Money Lending Team (IMLT) in recognition of the work we’ve been doing over the past year to raise the community’s awareness of the dangers posed by unauthorised lenders, or “loan sharks”.    Our award was presented by the IMLT mascot “Sid the Shark” at Boothferry Primary School in Goole, where much of the partnership activity has been co-ordinated by Jo Evans, our Development Officer.  Mike Sibley, the very supportive Head Teacher, and I were interviewed by Radio Humberside and the Goole Times were present to record the occasion.   You can read about the work we have done at Goole, and on the Greatfield Estate in Hull, on our website.

Tony Quigley, Head of Service for the England Illegal Money Lending Team said: “Well done to all our winners and ‘highly commended’ runners up in the National Champions Awards 2016. You have all contributed to making a difference and tackling this crime in your community. Loan sharks are a scourge on society and cause harm and misery to their victims. If you or someone you know has been a victim of a loan shark, we urge you to get in touch with IMLT on 0300 555 2222. You call will be handled by a trained officer and all information will be treated in the strictest confidence.”

Nationally, Illegal Money Lending Teams have secured more than 370 prosecutions for illegal money lending and related activity, leading to nearly 318 years’ worth of custodial sentences. They have written off £71.9 million worth of illegal debt and helped over 26,500 people.

DWP Payroll Membership

It is a pleasure to see our membership among the DWP staff community steadily growing and many of those members are already increasing their monthly savings and thinking of us when they require a loan.  At the time of writing we are about to sign up our 1,000^th DWP staff member, which is a tremendous achievement in just 9 months. 

During April I visited two sites in Scotland where we have lots of members – Falkirk and Dundee – and greatly enjoyed meeting many of them as well as signing up some new ones.  Everyone was so friendly and helpful and it was good to see how keen they were to support our credit union.  As it was a “working break” I found time to take a walk to see the impressive Falkirk Wheel, have a stroll through Callendar Park, and have a look at the waterfront regeneration taking place in the very friendly city of Dundee.   I am sure I will be back before long.

Winterton residents can earn £10 bonuses

We now have a weekly contact point in the North Lincolnshire town of Winterton.  It is open every Wednesday inside Winterton’s Co-op food store from 12 noon and is run by our staff colleague Patrick. 

Just like at our other contact points in places like Driffield and Withernsea, local residents can join our credit union there, make savings deposits into adult and children’s accounts and find out about our responsible loans.

As an opening offer, we are giving £10 bonuses to Winterton area residents who sign up to save with us.   The offer will close when the first 50 bonuses have been awarded.

We are meeting the local Residents Group and members of the Town Council this month to explain how the credit union helps everyone who joins to make the most of their money.

Fairbanking Foundation to survey our members

We are keen to gain some feedback from those of our members who have taken out a CU Loan, to help us to improve your experience in the future.  The Fairbanking Foundation and Ipsos MORI are working with us to conduct a survey over the next few weeks, so if you are contacted to take part, please be assured that it is a genuine approach and we would very much appreciate your voluntary participation.  No personal financial details will be requested from you as part of this survey. 

Our Region in the News

Good to see the City of Hull getting mentioned on the BBC regularly with updates on our City of Culture activities.  The Weeping Window display of poppies at the Maritime Museum has really drawn the crowds following the departure of The Blade, while the play The Hypocrite played to sell-out audiences at Hull Truck Theatre.  The range of events and activities never ceases to amaze and it is fantastic that so many new visitors are being attracted to Hull and the surrounding region.  This weekend the third Tour de Yorkshire Cycle Races departed from Bridlington once again, wending their way through our beautiful East Riding countryside en route to Scarborough, again witnessed by mass crowds all along the way.  Long may the popularity of our region continue!

Grosmont Co-operative Society

It’s always interesting to learn about other co-operatives and so my eye was drawn to an article in the Dalesman magazine marking the 150^th anniversary of one of the smallest co-ops – the village shop in Grosmont, which apparently is the oldest consumer co-operative in Britain still in existence.  If you have taken a trip on the North Yorkshire Moors Railway you will have seen or even popped in to their well-stocked shop facing Grosmont station. You may not have realised that it’s a member-owned business just like ours.  Congratulations to them, and here’s to their next 150 years!

General Election

The recent announcement of a General Election on 8^th June took many of us by surprise as did the news that Hull West & Hessle’s MP Alan Johnson had decided not to seek re-election.   As well as serving the country with distinction in the last Labour Government, for 20 years Alan was an outstanding and highly respected representative for our city.   The keynote speaker at our launch event in Hull Guildhall in 1999, Alan has been a loyal member and good friend to us here at HEYCU ever since.   We hope the region will continue to benefit from his wisdom and experience and wish him all the best for the future.

Five Steps to Stopping Financial Fraud

We all know that financial crime is on the increase, so it’s good to see the Co-operative Bank issuing some sensible advice to help people guard against the fraudsters who try to trick us out of our money.  The advice is headed “It pays to take time; take five to stop and think”:

1          Never disclose any security details, such as your PIN or banking passwords or share them with anyone.  Banks, credit unions and other trusted organisations will never ask you for these by email, phone, text or letter, so unless you are 100% sure of who you are talking to, don’t disclose.

2          Don’t assume an email or phone call is authentic.  Just because someone knows your basic details, or tries to convince you that you have been a victim of fraud, it doesn’t mean they are genuine.

3          Don’t be rushed or pressured into making a decision.  No bank or credit union would force you to make a financial transaction on the spot or ask you to transfer money to another account for fraud reasons.  Stop and take time to carefully consider your actions.

4          Listen to your instincts.  If something feels wrong, it is usually right to question it.

5          Stay in control – have the confidence to refuse unusual requests for personal or financial information.

If you think there has been fraud on your card or bank account, contact your bank immediately.

New Flexi Credit service for our payroll members

We have started a new service for those members who pay into the credit union regularly by payroll deduction.  It’s called Flexi Credit and it’s designed to help those members who have a sudden need for extra funds, for example to pay for unexpected car repairs or to fix a boiler.   Payroll members who have worked for their employer for at least 12 months can apply for pre-approved credit limit of up to £2,000 to be held on their account and accessed when they need it most.   Interest is only paid on the funds drawn down, not on the full credit limit.  The repayments – made direct from pay – remain fixed no matter how much is drawn, so you can stay in control of your outgoings.  What’s more, the members can continue to save with us, alongside their loan repayments, which is a very popular way to manage your money.   Full details of Flexi Credit may be found here.

Spring Forward with a CU Loan

At this time of year, there are lots of exciting projects to be cracking on with, whether it’s home or garden improvements, a new set of wheels, holiday plans or perhaps a special family celebration.  Here at HEYCU we hope our members will think of us first when looking for financial support.  We have some very competitive deals to offer members seeking a CU Loan this spring.   Please check out our website for more details.  

Remember, with a CU Loan:

·         No set up charges

·         No hidden costs

·         No early settlement fees

·         Interest is only charged on the reducing balance

·         You don’t have to bank with us to get a competitive CU Loan.