2019 hpal report booklet...to understand the difference between credit unions and other ﬁ nancial...

2019

OUTREACHREPORT

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HELPING PEOPLE AFFORD LIFE

GEORGIA CREDIT UNIONS AT A

GLANCE

THE CREDIT UNION

DIFFERENCE

CREDIT UNIONS SAVE GEORGIANS

MONEY

GEORGIA CREDIT UNION STORIES

GEORGIA CREDIT UNIONS IN THE

COMMUNITY

TABLE OF CONTENTS


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“Helping People Afford Life” doesn’t mean the same thing to everybody – but it holds a similar ring of truth among credit union members. It means funding life’s big milestone events. It means spending less on loan rates and fees, and more on the necessities. It means guidance to the fi nancial solution that fi ts the need, not the solution that works for everyone else. It means enjoying a level of service and respect diffi cult to fi nd at for-profi t fi nancial institutions.

Simply put, for credit union members, “helping people afford life” means getting more out of life, without having to pay more.

Credit unions support a range of members who are all in different stages of their lives. With a focus on serving the unique fi nancial needs of their members, rather than maximizing a profi t, credit unions are different. They provide an unmatched personalized service that extends far beyond simply delivering affordable fi nancial products. They get to know and understand what is happening in the lives of their members so they can help them improve their fi nancial footing, realize their dreams and afford the life they deserve. Credit unions work to understand what is happening in the members’ lives, so they can fi nd the right solution, not just a solution. Employees at credit unions give personal attention that positions them as trusted advisors and partners for all members, at every stage of life and every point on the wealth spectrum.

The story of credit unions – and how they help people afford life – is an ever-growing compilation of the many ways credit unions deliver unexpected value to the lives of their members.

Georgia credit union memberships continue to increase, now reaching the 2.2 million mark. This is a testament to the many benefi ts consumers enjoy as members, and all the ways Georgia credit unions help people afford life.

OUTREACH REPORT 2019

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GEORGIA CREDIT UNIONS

AT A GLANCE

$24

Billion in Assets

2.2

MillionMemberships

100

Credit Unions in Georgia


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To understand the difference between credit unions and other fi nancial institutions, it’s important to understand why credit unions exist. For-profi t fi nancial institutions exist to deliver profi ts to shareholders, but credit unions are designed to deliver benefi ts directly to members.

Credit unions exist solely to serve members. As cooperative member-owned and democratically run organizations, credit unions offer every member an equal voice in credit union operations. Credit unions answer to members – not to shareholders. Their services are tailored to the people who use them. For-profi t providers shape their policies around what will deliver the most profi t into shareholders’ pockets. Credit unions are driven by what will serve members best, rather than what will maximize profi t to the institution.

Because of the way credit unions are designed, members reap the direct benefi ts of reduced fees, higher returns on savings and lower interest rates on loans. Credit unions have created – and continue to be known for – a service-driven, rather than profi t-driven, culture.

THE CREDIT UNION DIFFERENCE


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Across the board, credit unions offer lower interest rates on loan products, a higher rate of return on

savings products and lower fees on checking accounts,

credit cards and loan closing costs.

n Lower interest rates and fees saved Georgia credit union members more than$226 million last year

n On average, interest rates on credit union credit cards are 3.17 percent lowerthan bank credit cards

n On a 5-year new auto loan for $25,000, the credit union advantage saves the Georgia consumer an average of $1,175 over the life of the loan

CREDIT UNIONS SAVE GEORGIANS

MONEY

Source: Credit Union National Association Economics and Statistics Department, Year-End 2018, Georgia Membership Benefi ts Report


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OF GEORGIA CREDIT UNIONS SURVEYED88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer or plan to offer fi nancial

literacy initiatives for

members

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer tiered loan pricing

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer savings accounts

specifi cally for young adults

aged 18-25 years

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer youth savings

accounts for children aged 11-13 years

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer or plan to offer free checking to members

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer youth saving accounts for teens aged

14-17 years

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer used vehicle loans

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer or plan to offer credit building loans

88% 64% 88%

97% 85% 58%

48% 85% 48%

91% 91% 82%

88% 46% 61%

offer or plan to offer checking or

debit specifi cally for young adults aged

18-25 years

Source: Georgia Credit Union Affi liates Helping People Afford Life Impact Survey, February 2019


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Georgia credit unions are known

for positively impacting their members, and

by extension, the communities they

serve. Among other initiatives, Georgia credit

unions contribute volunteer hours, raise funds for local charities and offer free

fi nancial wellness programs. Embracing the Helping

People Afford Life philosophy,

credit unions are positively

impacting Georgia’s

communities.

GEORGIA CREDIT UNION

STORIES


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ALTAMAHA FCU - JESUP, GADuring the recent government shutdown, Altamaha FCU offered members several options to help them weather the ordeal. One family accepted the credit union’s offer of payment extensions on both of their loans. In addition to the extensions, the credit union also gave the family a gift card to cover the cost of necessities. The family wrote Altamaha a letter expressing the gift card had been the “answer to a bigger prayer” and thanking the credit union for being “more than a bank.”

GEORGIA UNITED CU – DULUTH, GAAn elderly member visited her GUCU branch one day to make a large cash withdrawal. Knowing this was an unusual task for this member, a credit union team member began asking questions. She learned the member had been called by a man claiming to be an attorney representing her granddaughter in a car accident. The member indicated the man even put her “granddaughter” on the phone and the girl recounted personal details of her own life including a prior illness she’d suffered. The credit union encouraged the member contact the police. Once she did, she discovered the call was a scam. It appears through the granddaughter’s illness and accident, her friends had set up a Go Fund Me Page which included the recounted personal information. The member said she’s forever grateful the credit union asked those questions before she fell victim to the scam.

FAMILY FIRST CU – HAPEVILLE, GAA Family First member was having difficulty making a payment on a utility account and each time she called the company’s customer service department, she was transferred to someone’s voicemail because nobody had the patience to work with her. Eventually, the company began to charge her late fees she couldn’t afford. Learning of the issue, a credit union employee decided to help by calling the company with the member on the line. The employee stayed on the phone for hours with the company until the matter was finally settled. The member was so thankful, she drove miles out of her way to a different branch to meet the employee face-to-face. The employee told the member to call whenever she needed anything. The pair now chats regularly, about more than just credit union matters, because of the friendship that was formed.

COMBINED EMPLOYEES CU – WARNER ROBINS, GAOne day, when Combined member and Warner Robins Fire Captain Mike Thorn visited the branch to handle his financial affairs, he happened to mention to an employee that one of his fire chiefs had been diagnosed with liver and prostate cancer. As soon as news of the diagnosis spread through the branch, the credit union sprang into action to help. Within a month of learning the news, the team had organized a local golf tournament to benefit the fire chief. They also organized other in-branch activities to help raise money for his medical treatments. “It wasn’t something they’d planned for,” said Thorn. “They just wanted to help.”

GEORGIA CREDIT UNIONS IN THE COMMUNITY

OF GEORGIA CREDIT UNIONS SURVEYED…

Source: Georgia Credit Union Affi liates Helping People Afford Life Impact Measurement Survey, February 2019


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91% 64%

70% 55%

91% 64%

70% 55%

91% 64%

70% 55%

91% 64%

70% 55%

made monetary donations to charitable programs last year

had board or staff members participate in community non-profi t events

held a credit union-sponsored fundraising effort

were offi cial sponsors of community-based, non-profi t events

**Note: Data from Impact Survey multiplied by 1.22 to represent 2.2 million members at 100 credit unions**

EXTRAPOLATED FROM GEORGIA CREDIT UNIONS SURVEYED TO

REFLECT STATEWIDE AVERAGES:

2,386Educational events held by Georgia credit unions

39,296People attended/participated in a credit union event

17,782Volunteer hours from Georgia credit unions in 2018

$444,372.18Value of volunteer labor donated by credit unions in 2018

$3.4 million raised or donated by Georgia credit unions for charitable initiatives

Source: Georgia Credit Union Affi liates Helping People Afford Life Impact Measurement Survey, February 2019


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2019 hpal report booklet...to understand the difference between credit unions and other ﬁ nancial...

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