You will notice that this post is a bit of a departure from my attempt at providing unbiased information regarding financial matters. In fact, I am going to be downright biased… biased towards OUR credit union, Rogue Federal Credit Union. Many folks in Southern Oregon continue to struggle with financial difficulty and uncertainty. We are now certain that this crisis will have a profound affect on how we view financial security now and into the future. Yet, the first rays of hope are shining through the economic clouds.
OUR credit union has seen dramatic deposit growth, we have seen loan growth, and we have seen OUR income stabilize. OUR delinquency and charge-off ratios have declined and with the dedicated efforts of OUR staff, we have reduced expenses by well over a $1 million dollars from OUR budget. OUR staff has shown a tremendous dedication to OUR credit union and should be commended for their efforts. They have had to do more with less while making sure that OUR service levels remain very high. Also, please cut them a break if it seems to take a little longer to process a transaction or close a loan. We have not hired any new staff since January and OUR folks have taken up the slack of the existing business, the lengthy process of helping members figure out their financial situation, and welcoming the large number of new folks who are finding that OUR credit union is a friendly, local option for all of their financial service needs. We all owe a special thanks to OUR staff and their unselfish dedication to OUR members.
There are still clouds on the horizon that we are watching closely. The largest clouds are the continuing mortgage loan defaults that some of OUR members are facing. The difficult part for us is that these are good members who want to do the right thing, but after exhausting all options they are left with few choices. OUR credit union has worked hard to help members bridge the gap from their current situation to the hope of the future. Through Building Hope and Rogue Solutions, OUR credit union has endeavored to be part of the “solution” instead of part of the “problem.” This effort has resulted in OUR credit union gaining statewide interest in the Building Hope program.
The financial challenges America faces have resulted in a variety of new rules and regulations. Many financial institutions have seen decreased income and are looking for ways to make it up. This has resulted in a variety of new fees on everything from checking accounts to credit cards. For years, OUR credit union fought the “Free” checking offers from a variety of competitors. We knew all along that “Free” is never free and the costs have to be made up somewhere. OUR credit union has always offered a fair value for OUR products and services, but we chose not to package them in some slick marketing campaign that required you to read the legalese in the fine print. Today you are seeing many national competitors disclosing fees in a way that is driving folks to OUR credit union in numbers that even we are surprised by.
As I was preparing to write this post I realized that for many Southern Oregon folks Rogue Federal has become the “financial lighthouse” in this economic storm. We have been here for over 50 years, we are invested in this community both physically and emotionally, and we are investing in the future through a variety of long-term commitments in Southern Oregon. We have steadily served Southern Oregon through the economic ups and downs and have been a beacon of hope, value, and financial opportunity. Many of you know this which is why you have loyally supported OUR credit union for years. Now I call upon you to throw OUR “financial lifeline” out to your friends, family, and co-workers who need a good, honest value from a LOCAL option. OUR credit union is too valuable to keep OUR own little secret. Please share how Rogue Federal can be a “financial lighthouse” for OUR community.
Special Note: I used all caps for OUR throughout this post as a reminder to me and to you that as members we all own the same piece of OUR credit union. Rogue Federal is a not-for-profit financial cooperative owned by the members and governed by a volunteer Board of Directors. The Board’s sole purpose is to ensure that Rogue Federal is a safe and sound financial institution dedicated to providing a fair value with outstanding service. OUR Board dedicates countless hours to ensure this and all their efforts are done as unpaid volunteers. OUR staff members each own the same piece of the credit union as every one of OUR members. They have a vested interest in the success of OUR credit union and when we ask them to treat each of OUR members like they own the place, it is easy, because each one of OUR members do!!
Tuesday, June 30, 2009
Monday, June 8, 2009
Go Green and Save!
With the recent rise in gas prices I am reminded of how fortunate we are that gas prices are not $4 per gallon. The auto industry challenges, global warming, and the recent rise in fuel prices have started folks thinking about saving money and the planet again. A recent inquiry to the Ask Gene blog asked about rebates available on fuel-efficient cars. While I knew that we offered a special loan rate and that there were purchase incentives available, I had no idea to the extent of funds available to help purchase a hybrid vehicle.
Our staff here at Rogue Federal (thanks Jinger) helped me do some research on programs available for fuel efficient vehicles. There are a variety of programs available on both a state and federal level, and for individuals and businesses. However, you need to read the guidelines closely. Due to the way the programs were initially set up some very popular hybrid vehicles are no longer eligible for the incentive programs.
You can get an Oregon tax credit of up to $1,500 and a federal tax credit of up to $3,000 for select hybrid vehicles. While these numbers are considerable they vary by vehicle type. For example, the federal tax credit on a 2009 Chevy Malibu Hybrid is just $1,550 – but a 2009 Ford Escape Hybrid qualifies for a $3,000 credit. In addition, businesses could be eligible for an Oregon tax credit of up to 35% on select vehicles.
The rules and guidelines are quite detailed and well beyond the space that we have here. You can learn more about the federal rules by clicking here and for the state rules click here. Both of these sites are quite extensive and provide links to related information. For those of you that are thinking about “Going Green” with your vehicle, the Environmental Protection Agency’s Green Vehicle Guide is an extensive site that provides details on green vehicles.
Finally, I can’t close without mentioning that here at Rogue Federal we are working to support Green auto initiatives with our “Go Green” rate promotion. We offer members a rate discount of up to .25% for vehicles that get at least 28 miles per gallon. See our website for more information and qualification details
Our staff here at Rogue Federal (thanks Jinger) helped me do some research on programs available for fuel efficient vehicles. There are a variety of programs available on both a state and federal level, and for individuals and businesses. However, you need to read the guidelines closely. Due to the way the programs were initially set up some very popular hybrid vehicles are no longer eligible for the incentive programs.
You can get an Oregon tax credit of up to $1,500 and a federal tax credit of up to $3,000 for select hybrid vehicles. While these numbers are considerable they vary by vehicle type. For example, the federal tax credit on a 2009 Chevy Malibu Hybrid is just $1,550 – but a 2009 Ford Escape Hybrid qualifies for a $3,000 credit. In addition, businesses could be eligible for an Oregon tax credit of up to 35% on select vehicles.
The rules and guidelines are quite detailed and well beyond the space that we have here. You can learn more about the federal rules by clicking here and for the state rules click here. Both of these sites are quite extensive and provide links to related information. For those of you that are thinking about “Going Green” with your vehicle, the Environmental Protection Agency’s Green Vehicle Guide is an extensive site that provides details on green vehicles.
Finally, I can’t close without mentioning that here at Rogue Federal we are working to support Green auto initiatives with our “Go Green” rate promotion. We offer members a rate discount of up to .25% for vehicles that get at least 28 miles per gallon. See our website for more information and qualification details
Monday, June 1, 2009
What’s In Your Wallet?
That famous question from a credit card commercial is one that we should all be paying attention to today. Many of you are aware that President Obama recently signed into law new credit card regulations that are designed to protect consumers. This new law does exactly that with a variety of rules focused on leveling the playing field between the card issuer and the consumer.
I was reminded the other day that well intended regulations usually have unforeseen consequences. I received a notice from a national credit card provider that an “inactive” card I have with them was being cancelled. I didn’t use the card and will not miss it, but this would have never happened without the new credit card law. Credit card companies are looking very closely at their card portfolios and looking to offset the lost income from the new regulations.
Make sure that you pay close attention to any mail that you receive from your credit card provider. We often throw this legal mumbo jumbo away, but we no longer can afford this luxury. Take time to sit down and read any Notice of Change in Terms and see if you can live with the changes and when they take effect. This is critically important for cards that you use on a regular basis.
We all need to go back to the basics and understand the true cost of the card. Remember that the lowest rate is not always the best deal. Fees and charges usually account for a great deal of the profit made by credit card companies. Take the time to add up the total “cost” of the cards that you hold and then use the lowest “cost” card.
Finally, take another look at your local financial institution. With the recent changes the overall value from local providers should compare quite favorably with national providers. Best of all, if you have a problem or a question you can walk directly into your institution and get your question answered. If you have tried to get a simple question answered from a national credit card company you know how valuable local service can be! So, make sure you know “what is in your wallet” and “what it really costs!”
I was reminded the other day that well intended regulations usually have unforeseen consequences. I received a notice from a national credit card provider that an “inactive” card I have with them was being cancelled. I didn’t use the card and will not miss it, but this would have never happened without the new credit card law. Credit card companies are looking very closely at their card portfolios and looking to offset the lost income from the new regulations.
Make sure that you pay close attention to any mail that you receive from your credit card provider. We often throw this legal mumbo jumbo away, but we no longer can afford this luxury. Take time to sit down and read any Notice of Change in Terms and see if you can live with the changes and when they take effect. This is critically important for cards that you use on a regular basis.
We all need to go back to the basics and understand the true cost of the card. Remember that the lowest rate is not always the best deal. Fees and charges usually account for a great deal of the profit made by credit card companies. Take the time to add up the total “cost” of the cards that you hold and then use the lowest “cost” card.
Finally, take another look at your local financial institution. With the recent changes the overall value from local providers should compare quite favorably with national providers. Best of all, if you have a problem or a question you can walk directly into your institution and get your question answered. If you have tried to get a simple question answered from a national credit card company you know how valuable local service can be! So, make sure you know “what is in your wallet” and “what it really costs!”
Subscribe to:
Posts (Atom)