Project Differentiation

FIRST FINANCIAL CREDIT UNION OF MARYLAND

Introductory Statement

The mission of the First Financial Federal Credit Union is to provide our members with exceptional service and the highest quality and most competitive financial and consumer products.

As a member owned, not-for-profit financial cooperative, First Financial Federal Credit Union strives to be honest and fair in dealing with all members. While treating every member with dignity and respect we will continually strive to be a trusted financial advisor that our members can depend on to assist them in achieving their financial goals. We will continually seek to improve the efficient ways of serving our members.

This Statement of Commitment to Members is consistent with our Credit Union principles of "Not for Profit, Not for Charity, But for Service," and our philosophy of "People Helping People." This statement represents good business practices that ensure the financial strength of our Credit Union on behalf of our members.

Service to Members

First Financial Federal Credit Union of Maryland strives to offer services designed to improve the economy and social well being of all members from all socio-economic backgrounds representing low, moderate and high income levels, and return financial value to all those who participate in our member-owned financial cooperative.

The credit union spirit lives in our values and these values guide us in everything we do:

  • We improve the quality of members' lives

  • We provide quality service that exceeds our members' expectations

The Current Services That Help Improve the Economic and Social Well Being of Members:

  1. Featured Services


    • Checking Accounts - At First Financial FCU checking accounts are FREE. There is no minimum balance required and no charge per check. The account offers the convenience of a Visa® Check Card and interest is earned on all balances. With Direct Deposit, standard style checks are imprinted for FREE and members receive up to a $3 monthly ATM surcharge rebate. First Financial also offers overdraft protection to a line of credit.


    • Visa Check Card - Members can use their Check Cards instead of writing a check and the purchase amount is automatically deducted from their checking account. The Check Card is accepted anywhere the Visa logo is displayed. A Check Card is also a First Financial FCU ATM Card and can be used for cash access at any STAR® /HONOR® or CIRRU® ATM location.


    • Visa Credit Cards (Classic, Gold, Platinum and College Club) - A First Financial FCU Visa Credit Card offers competitive rates and terms; a ½% annual cash rebate; no annual fee; a 28-31 day interest free grace period; repayment through payroll deduction; a skipping summer payment option for 10 month employees; and a portion of the member purchases are directed to the KidsFirst Fund benefitting children in the communities served by First Financial Federal Credit Union.


    • Member Surveys - On a quarterly basis members are surveyed to measure their satisfaction, and these survey results are reviewed in conjunction with the surveys from the previous two years. This is part of our continuing effort to maintain and improve the effectiveness and efficiency of our services.


  2. Loan Services


    • Consumer Loans are available for everything First Financial FCU members need. The members of First Financial FCU get the most competitive rates and terms on:


      • New and Used Auto Loans
        (Credit Union financing is also available at select area dealerships)

      • Payment First Auto Program
        (A lease-like alternative to traditional auto financing)

      • Visa® Credit Cards

      • Fixed Rate Home Equity Loans

      • Personal Loans
        (In order to serve our members, we give loans as small as $300.00)

      • Lines of Credit


    • First Mortgages are available to First Financial FCU members and feature the following options:


      • 15, 20 & 30 year terms

      • Fixed and Adjustable rates

      • Loan amounts up to $203,150

      • Down payments as low as 5%


    • First Financial FCU members can take advantage of the following features on Home Equity Lines of Credit:


      • Variable rates

      • Tax deductibility

      • Reusable funds

      • Revolving line of credit


    • First Financial FCU members can apply for loans at their convenience by calling Loan Line, First Financial's 24 hour loans by phone service - the system guides the member step by step through the application process. A First Financial representative will contact the member on the next business day to review the application and provide the loan decision.


    • Refinance Debt - In an effort to reduce payments and interest rates for members, FFFCU offers assistance in debt refinancing.


    • Non Discrimination - FFFCU does not discriminate against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age.


    • Loans for all purposes - FFFCU provides loans available to members for provident and productive purposes.


  3. Convenience Services


    • Cash Plus ATM Card - to meet First Financial's members' needs for cash at home or on the road, First Financial belongs to the premier regional, national and international ATM networks, STAR®, HONOR® and CIRRUS®. Members can take advantage of ATMs at all of First Financial's locations and use their cards for POS (point of sale) purchases of gas, groceries and more. The Credit Union rebates up to $3.00 per month the surcharges of other financial institutions to our members.


    • Touch Tone Teller -First Financial FCU members can access their account day or night, 24 hours a day, 7 days a week, free of charge. Members use their account number and four digit access code to review their account. They can make balance inquiries, transfers (even transfer between accounts), verify if a check has cleared, pay their monthly loan payments, balance their checkbooks, check their ATM and POS transactions and even apply for a loan.


    • Web Site - www.firstfinancial.org - First Financial FCU's web site provides product information, savings and loan rates, the latest promotions at the Credit Union, OnLine Teller and much, much more.


    • OnLine Teller Internet Banking - First Financial FCU members can access their accounts from the convenience of their home or office with their personal computer and the Internet. OnLine Teller allows members to conduct virtually all of their banking transactions including funds transfers, checkbook balancing and account balance verification. OnLine Teller can be accessed through First Financial FCU's website at www.firstfinancial.org.


  4. Savings Accounts


    • Regular Savings - A $5.00 deposit and a completed membership application is all that is needed to begin membership at First Financial FCU. Members earn high interest while saving in a federally insured savings account without monthly fees.

    • Christmas Club Accounts - Members can save for Christmas and holiday shopping in an account earning interest all year.

    • Share & IRA Certificates - Members choose the maturity that fits their needs with a $500.00 or $2,000.00 minimum deposit. Share and IRA Certificates are a flexible guaranteed investment.

    • Money Manager Accounts - With a minimum balance of $20,000.00, members earn high interest with the benefit of guaranteed principle.

    • Individual Retirement Accounts - Members can take advantage of an individual retirement plan that gives them both immediate and future tax benefits.

    • Money Market Accounts - With a minimum balance of $5,000.00, members earn competitive interest while they enjoy the convenience of access through their personalized money market checkbook.


  5. Membership Benefits - First Financial FCU members enjoy the following benefits:


    • Seven convenient locations

    • Lifetime & Family/Household Member Accounts - Family members are defined as parent, spouse, child, sibling, grandparent and grandchild. Also included are stepparent, stepchild, stepsibling and adoptive relationships. Household members are defined as persons living in the same residence maintaining a single economic unit.

    • Silver Dollars Club - Members age 62 and older receive the following special benefits:

      • Free, continuous check orders

      • Six free check copies per year

      • Free money orders

      • Free, unlimited ATM and POS transactions at any ATM displaying the STAR® /HONOR® or CIRRUS® logos
    • Free Notary Service

    • American Express Travelers Cheques®, Gift Cheques®, and Cheques for Two®

    • Money Orders

    • Monthly & Quarterly Statements with newsletters

    • Safe Deposit Boxes

    • Automobile Invoice Service

    • Used Automobile Price & Value Information

    • Motor Vehicle Certification Program

    • Enterprise® Every Day Used Car Sales

    • United Buying Service®

    • Smart Move Program®

    • Theme Park discounts


  6. Special Services


    • Automatic Payroll Deduction - Members may sign up to have a pre-determined amount withheld from their salary and credited to their account at the time the funds are received.


    • Direct Deposit - Members can have their paycheck automatically deposited into their checking account, thus avoiding waiting in line. With Direct Deposit, First Financial FCU members receive standard check imprinting for free.


    • Summer Pay Plan - Since First Financial FCU serves many schools and school systems, 10-month educational employees can decide how much they will need during the summer and then schedule payroll deduction into their accounts throughout the school year. Twice in July and August, the funds are automatically transferred to the member's First Financial savings or checking account; or the member may choose to make withdrawals after July 1st by visiting any First Financial office or by using Touch Tone, PC or OnLine Teller.


    • Summer Skip Plan - Since First Financial FCU serves many schools and school systems, 10-month educational employees can make arrangements to skip the July and August loan payments without damaging their credit history.


  7. Financial Dimensions, Inc. - Financial Dimensions, Inc. is a wholly owned subsidiary of First Financial FCU offering financial services which go beyond the scope of traditional credit union services:

    • Tax Preparation and Planning

    • Financial Planning

    • Investment Advisory Services

    • No-Load Mutual Funds

    • Tax-Deferred Annuities

    • Auto, Homeowners, and Renters Insurance

The New Services Planned for the Coming Year:

  1. Establish a Loan Call Center


  2. OnLine Teller, an easy to use Internet Home Banking System


  3. A student newsletter will be developed to assist young adults in developing good financial skills and increasing the awareness of First Financial


  4. Attempt to make member statements more understandable


  5. Establish a Member Services Call Center

Member Education

First Financial Federal Credit Union is committed to its members and to consumer financial education; in addition we are committed to educating members and consumers, alike, about credit union uniqueness, philosophy and values.

The Current Programs That Support Member Education and Advocacy:

  1. Financial Planning Seminar - In addition to general information reviewed at seminars, First Financial members may receive personal financial planning through Financial Dimensions, First Financial's Credit Union Service Organization. The types of financial planning offered are budget, college, retirement, investment, insurance, tax and estate planning. All members receive an initial free ½ hour of financial planning.


  2. Long Term Care Insurance Seminars - As a follow up to such seminars, First Financial members may purchase long-term care insurance and/or receive long term care insurance planning, through the insurance program offered through Financial Dimensions, First Financial's Credit Union Service Organization.


  3. Home Buying Seminar - To assist prospective home buyers in their understanding of the financial questions involved and to increase their awareness of general concerns in the process of home buying.


  4. Budget Counseling and Debt Management Seminars - To assist members who are seeking direction in this regard.


  5. Membership Newsletter - Our monthly newsletter maintains a balance between educational information and specific marketing information.


  6. Web Site Information Links

The New Services Planned for the Coming Year:

  1. Student Newsletter - A Student Newsletter will be published periodically for students in Baltimore County Public Schools. It will emphasize basic financial knowledge and skills.

Involvement/Governance

First Financial Federal Credit Union continually endeavors to preserve and enhance credit union democratic principles, including demographic representation and unpaid volunteer participation in credit union programs and activities.

The Current Programs That Support Involvement/Governance:

  1. Annual Meeting - We strive to make our Annual Meetings more informative, more interesting, more appealing and more accessible to our members.


  2. Board and Committee Development


    • When seeking Committee volunteers special emphasis is placed upon our SEGs to include them to an optimum degree in our organization.


    • Board travel to national and regional conventions is encouraged, and upon returning from conventions individual Board members are required to give an oral report at the next Board meeting.


    • Candidates for Board election are required to serve for several years on a First Financial FCU Standing Committee, and preferably on two or more committees.

Diversity

First Financial Federal Credit Union recognizes the value of demographic diversity in the professional staff as well as in Volunteers, and strives to bring people of diverse backgrounds and experiences into leadership and other roles within our organizational structure.

The Current Efforts to Promote Diversity:

  1. Human Resources Department - Through our Department of Human Resources a continuing effort is made to treat everyone fairly and to be constantly cognizant of the importance of diversity in hiring and promotion practices.


  2. Marketing Department - Through our Marketing Department emphasis is placed upon encouraging active Committee participation from representatives of our SEGs, regardless of their size. Commitment to the Credit Union Movement and Other Cooperative Activities First Financial Federal Credit Union will continue to be active in strengthening the credit union movement by providing financial and other assistance to those within the credit union community, and by actively advocating the credit union difference at all levels of government, and in other appropriate forums. Also, FFFCU will participate in local, state and national cooperative activities as appropriate.

Commitment to the Credit Union Movement and Other Cooperative Activities

First Financial Federal Credit Union will continue to be active in strengthening the credit union movement by providing financial assistance to those within the credit union community, and by actively advocating the credit union difference at all levels of government, and in other appropriate forums. Also, FFCU will participate in local, state and national cooperative activities as appropriate.

The Current Activities That Support the Credit Union Movement:

  1. Cooperative Marketing - We advertise with local credit unions on local radio and TV for special programs and were actively involved in the Y2K Day program. Through the Maryland League we financially support billboards publicizing all credit unions.

  2. Mentoring - We assist several small credit unions with our expertise, investment dollars and equipment.

  3. Maryland Credit Union League - We support the League in its efforts to create an association of credit unions, and currently work with more than sixty SEGs as part of our membership.

  4. A greater awareness of the credit union movement among Maryland consumers, to foster statewide unity among credit unions, and to protect the interest of credit unions legislatively.


    • State and Federal Legislation - We actively participate in lobbying at both the state and national level on questions concerning the welfare of credit unions and their membership.


    • Human Resources - Our Human Resources Department is actively engaged at the Maryland Credit Union League level and with the Baltimore County Chamber of Commerce.


    • Deduct a Buck Program - We have received good support from our membership in backing this program which helps to provide needed finances for political action.


    • Merger - Over our years of operation we have effected mergers with Baltimore Federal Employees Credit Union, The Carroll County Classified Employees and the Carroll County Teacher's Credit Union.


    • Professional Organizations - In addition to the activities and organizations formerly indicated, First Financial FCU also maintains an active membership and participation in the following professional organizations:


      • Credit Union National Association

      • National Association of Federal Credit Unions

      • National Credit Union Chairman's Association

      • Credit Union Presidents Association

      • Credit Union Executive Society

      • Association of Credit Union Auditors

Public Service/Corporate Citizenship

Through direct financial support or other in-kind contributions to worthwhile local organizations and by participating in public service activities, First Financial Federal Credit Union of Maryland strives to be an active partner in our community. We recognize that practicing good corporate citizenship supports the credit union philosophy of people helping people; furthermore, it will help raise the overall level of social and economic well-being of those in our community, and better position us to reach out and serve - as only credit unions can - those people in greatest need of affordable financial services.

Community/FOM Groups Currently Receiving Financial or Other In-Kind Support (Including the Support Given) and Current Public Service Actions:

  1. Sponsored various member education seminars


  2. Donated $30,000 to the Baltimore County Public Schools Office of Health for the Dental Sealant Program


  3. Awarded $100,000 of $200,000 Technology Grant to Baltimore County Public Schools


  4. Awarded five, $5,000 College Scholarships


  5. Project Kid Care Photo ID Event


  6. Implemented Deduct a Buck program with 1,200 members participating and contributing a total of $1,500


  7. Sponsored chorus performers for secondary schools in Baltimore and Carroll Counties Schools and assisted schools in raising money


  8. Donated $2,500 to Johns Hopkins Children Center (Credit Union for Kids)


  9. A total of 94% of First Financial FCU employees participated in the United Way Campaign and contributed more than $10,000. There were also two "Leaders" on our staff (United Way of Central Maryland's Leadership Society).


  10. Co-sponsor the "Teacher Excellence" project and recognition dinner with the Baltimore County Chamber of Commerce.


  11. Many services to the school system and to community programs in general are given by individuals on the professional staff and by the volunteer members of First Financial FCU.

New Public Service Activities Planned for the Coming Year:

  1. Increase College Scholarships to six, $5,000 each


  2. Will donate $50,600 to Baltimore County Public Schools to buy personal computers


  3. Will donate $35,000 to Baltimore County Public Schools Office of Health for the Dental Sealant Program


  4. Continue Project Kid Care Photo ID events


  5. Form a Speakers Bureau to visit Baltimore County Public High Schools' Consumer Math classes to discuss topics covered in the Student Newsletter regarding responsible money management, and add these sessions to the Baltimore County Public Schools Consumer Math Curriculum
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