Presentation on theme: "A-1. Employer-Based and Location-Based Financial Services Through Credit Unions Serving your members outside the credit union walls Aziza Gary, MECU of."— Presentation transcript:
Employer-Based and Location-Based Financial Services Through Credit Unions Serving your members outside the credit union walls Aziza Gary, MECU of Baltimore A-1
MECU: Baltimores Credit Union Founded in 1936 during the Great Depression
MECU: Baltimores Credit Union Started with 15 members depositing $10 each Now $1.2 billion in assets, over100,000 members
MECU: Baltimores Credit Union Members served through 9 branches Fallstaff PJMHamilton Fayette remote branch Lochridge Westview Dundalk Redwood Commerce Centre
MECU: Baltimores Credit Union Member of Shared Branching Network Member of Co-Op Surcharge-Free ATM Network Offer free online banking and billpayer
MECU: Baltimores Credit Union Field of Membership: Anyone who lives, works, worships or attends school in Baltimore City and their family members. Select Employee Groups: Any business within 5 miles of a MECU branch
MECU and Its Commitment to our Community MECU is Baltimores Credit Union and has a strong commitment to serving the community Members Neighborhoods Youth Underserved
Working with our Partners at their Place of Business The Need: Financial problems can be among the leading causes of employee distraction and absenteeism The Team: MECU, local employers
The Process A major part of MECUs plan for growth is to increase SEGs After initial contact, meet potential SEGs at their place of business Explain MECU benefits to the employer Employer signs proclamation
Next Steps Set initial meeting with employees to provide information about MECU and CU benefits Explain tools that MECU members have access to Schedule regular visits with SEGs for financial education and to enroll new employees
2012 Offsites Reaching out to our current members Off sites conducted by MECU reps – 466 Off sites conducted by PFP – 280 Nation-wide information sessions for Laureate by Polycom – 2
2012 Offsite Results New SEGs – 54 New Potential Members – 6265 Saving Accounts opened through off sites– 1258 Checking Accounts opened through off sites– 644 Program reproducible for SEG-based CUs
MECUs SEG Base In all, MECU has over 500 SEGs in our data base. Baltimore City government & Agencies Baltimore City School System Bon Secours Hospital Mercy Hospital – acquired through merger North East Foods Laureate Educational System Car Dealerships
Other programs to serve members at non-branch locations Providing financial literacy and product awareness classes for seniors at: senior apartments recreation centers lunch and dinner facilities Open accounts for people without banking services at VITA sites
Meeting with Seniors at Senior Centers and Senior Apartments The Need: Informing seniors about the change in Social Security payments The Team: MECU, Baltimore City Office of Aging, Better Directions
Meeting with Seniors at Senior Centers and Senior Apartments Seniors are among the most vulnerable of our residents Baltimore Citys Office of Aging was concerned about seniors knowing about, and making appropriate decisions about, the change in Social Security payments As a CDCU, MECU was working with Better Directions on programs to help seniors
Meeting with Seniors at Senior Centers and Senior Apartments Better Direction Program Received grant to cover costs but used MECU funds 63 Presentations through out Baltimore City 43 New Accounts 28 existing accounts that now have direct deposit. Program developed for specific need but is easily implemented in other settings.
Lakeview Towers H.A.B.C.
Helping the Unbanked Open Accounts at VITA Sites The Need: People without bank accounts often pay high fees and high interest rates to commercial preparers The Team: Baltimore CASH, MECU, Baltimore VITA Sites
Helping the Unbanked Open Accounts at VITA Sites Baltimore CASH promoted use of VITA sites to people of modest means Looked for partners to encourage savings during the tax season MECU only financial institution still participating Trained VITA Site managers to open MECU accounts
Helping the Unbanked Open Accounts at VITA Sites New members had option to deposit refund into savings or Auto-Build CD Opened accounts for several hundred people without a PFI Most keep accounts open and have refunds deposited each year. Program can easily be replicated.