Project Differentiation
Jefferson County Employees Credit Union
Jefferson County Employees Credit Union promises: to offer honest, fair deals to every member, every time; to treat every member with respect and dignity; and to strive to be a trusted financial advisor that members can count on to assist them in achieving their financial dreams. The Credit Union will continually demonstrate the value of membership, and we will deliver a wide range of low cost products and services to the diverse economic and social make-up of our members. We will look for better ways to serve the needs of the underserved segment of our member base.
We will communicate our service to members in a meaningful way so that members, potential members, legislators, regulators, and the community at large will understand and appreciate the unique role that locally owned, not for profit, financial cooperatives play in their lives.
Jefferson County Employees Credit Union's business plan will emphasize programs that enable our members to become financially self-sufficient and successful. We will place high importance on consumer education and the teaching of financial thrift.
This Statement of Commitment to Members is consistent with our "not for profit, not for charity, but for service" principles and our "people helping people" philosophy. This statement represents sound business practices that ensure the financial strength of our credit union on behalf of our members.
Service to Members
The following programs are designed to improve the economic and social well-being of members and return financial value to our members.
Free Checking Accounts: This service was introduced to our members in 1978, and has become one of our most widely used services. The Credit Union charges no monthly service fee and no per-item fee for normal, consumer-type usage. Direct deposit, check cards, ATM cards and audio response augment this valuable service.
Prime Times Checking: When members reach age 50, the Credit Union provides free checks, free official checks, free traveler's checks, and waives the Credit Union-based ATM service fee.
Risk-based Loan Pricing: This program enables the Credit Union to offer loans to certain members who would be denied under standard underwriting guidelines. Interest rates vary according to risk, and, in most cases, the rate charged is lower than the rates charged by other lenders.
Financial Planning: This is a new service introduced in the year 2000. Through a business arrangement with a certified financial planner, members now have access to insurance and financial services such as long-term health care insurance, annuities, mutual funds and stocks.
Savings Accounts: The Credit Union offers a wide range of savings accounts, including share accounts, certificates of deposit, individual retirement accounts, holiday club accounts and interest-bearing checking accounts. Benefits and features of these accounts include payroll deduction, competitive rates and a combined statement of accounts for easy record keeping.
Building Certificates: This is a new service the Credit Union plans to offer in the year 2000. The program is for those members who only have a small amount of savings. Planned features include a small opening balance, the option to add to the certificate in small increments, and a short maturity. The program is part of the Credit Union's new Building Member Wealth program planned for the year 2000.
Loans: The Credit Union offers a wide range of loan products, including personal signature loans, automobile loans, home mortgages, and home equity lines of credit as well as loans to purchase furniture, boats, recreational equipment and computers. Members may choose to pay direct or through payroll deduction. Biweekly payments through payroll deduction eliminate the possibility of late payments and substantially reduce the interest expense when compared to monthly payments.
Convenience Services: For members' convenience, the Credit Union offers ATM cards, check cards, credit cards, money orders, official checks, audio response, direct deposit, payroll deduction, and a network of credit union services centers conveniently located throughout Jefferson County and the State of Alabama as well as nationally.
Internet Banking: The Board of Directors and management are presently evaluating Internet banking services.
Building Member Wealth Program: This is a new program planned for the year 2000 for members with low or moderate income. Features of the program include special savings plans, special checking account services, financial counseling, credit counseling, educational seminars and small loans for emergencies.
Member Education
Newsletter: The Credit Union Advisor is published quarterly, and contains valuable information related to credit union uniqueness and philosophy as well as other important issues and timely topics. The Credit Union frequently releases news bulletins to keep members apprised of new and revised services.
Brochures: The Credit Union provides informational brochures on a wide range of products and services.
Automobile Buyer's Guide: The Credit Union subscribes to NADA Used Car Guide and Black Book New Car Cost Guide. Information in these resources is free to members, and helps smart shoppers determine the best price to offer when shopping for automobiles.
Automobile Shopper's Services: Member Value Quote is a service designed to help members obtain the best price on a new or used vehicle. Loan officers will provide complete details about this service. This service is also available online at www.membervaluequote.com.
Consumer Credit Counseling Service: This non-profit agency was formed to provide remedial financial counseling, budgeting, and debt management services as alternatives to bankruptcy. The Credit Union supports the agency and recommends its services to members who find it difficult to meet their financial obligations.
Website: The Credit Union website will be released in October 2000. Initially, the website will include a directory of Credit Union services, loan and deposit rates, consumer buying information, and links to other valuable financial and consumer information. The site address will be www.jcecu.com.
Governance
Board of Directors: Board members are voted in at the annual membership meeting. In a typical year, two or three names are placed in nomination to serve on the board of directors. Directors normally serve a three-year term and are eligible for re-election upon completion of the term.
Vacancies on the Board of Directors: If a vacancy arises between annual meetings, a nominating committee appoints a member to fill the position until the next annual meeting, at which time the position is filled by a vote of the membership.
Committees: By virtue of the bylaws the Credit Union has a Credit Committee and a Supervisory Committee. Each of these committees consists of three members, and each committee is elected annually at the membership meeting.
Philosophy-in-Action Committee: This committee was formed in the year 2000 for the purpose of providing feedback to the Credit Union regarding member needs and concerns. The committee is comprised of the board chairperson, the Credit Union president and three members at large.
Commitment to the Credit Union Movement
Credit Union Associations: The Credit Union is a member of the Alabama Credit Union League and the Credit Union National Association. These are dues-supported organizations organized to provide important resources for credit unions and to perpetuate the credit union movement.
Governmental Affairs Liaison: The Board of Directors has appointed a liaison to monitor legislative issues that affect credit unions and coordinate legislative activity and grassroots efforts between Jefferson County Employees Credit Union and local, state and national credit union organizations.
CU-Vote: This program was formed by the Alabama Credit Union League to build relationships with potential candidates for public office that are favorably disposed to the credit union movement. Jefferson County Employees Credit Union actively supports this program.
Deduct-a-Buck: This is a national program designed to enable credit union members to donate money through share deduction for legislative action. Jefferson County Employees Credit Union offers this opportunity to its members.
Filene Research Institute: The Credit Union is a member of the Filene Research Institute. This is a dues-supported credit union organization that conducts comprehensive research on issues of importance to credit unions, and provides white papers and reports to its members.
Leadership Roles: The Credit Union's volunteers and senior management serve on boards and committees of credit union organizations.
Education for Staff: The Credit Union provides financial assistance for post-secondary education to enable employees to advance their careers in the credit union movement.
Corporate Citizenship
Jefferson County Employees Credit Union enhances the economic and social well being of the community by providing financial resources and support.
College Scholarships: The Board of Directors and management are evaluating the feasibility of providing college scholarships for Credit Union members.
Social Organizations: The Credit Union supports the March of Dimes, the United Way and various charity efforts that are sponsored or supported by various departments of the Jefferson County Commission.
