Project Differentiation
LAUREL FEDERAL CREDIT UNION
Laurel Federal Credit Union believes in the cooperative spirit of people joining together to help one another. We began in 1949 to serve the employees, members and patrons of the Laurel Cooperative Association and Farmers Union Central Exchange. Today, through a community charter we are committed to serving people who work, live or worship in Yellowstone, Carbon, Stillwater, Sweet Grass, Wheatland, Golden Valley and Musselshell counties.
As a member-owned not-for-profit financial cooperative, we operate for the benefit of our members. We strive to uphold our responsibility to each individual member to meet his/her financial needs with the highest quality of service. Every staff member strives for excellence in member service, which includes treating each member with respect and dignity and offering honest, fair deals at all times. We consistently seek better ways to educate members and potential members about the credit union philosophy and our products and services. This enables members to gain the knowledge needed to reach their financial goals.
We aim to demonstrate the value of membership at Laurel Federal Credit Union through ongoing communication and monitoring of member's needs. We offer a wide range of low cost products and value-added services to meet member needs and give value to their membership.
This Statement of Commitment to Members is consistent with the credit union principle 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.
Section I: Service to Members
Laurel Federal Credit Union strives to offer services designed to improve the economic and social well being of all members from all socio-economic backgrounds. We return financial value to all those who participate in our member-owned financial cooperative.
Services that Help Improve Members' Economic and Social Well Being
- Cubby Companion Club
Youth club targeted at children 0-11 that offers educational and fun newsletters and deposit incentives. A "Cubby Corner" in the Credit Union is filled with educational toys and games. - FYI (For Young Investors) Teen Club
Teen program targeted at youth age 12-18 (up to age 22 if attending school). Free checking accounts. - Cubby and FYI Share Certificates
Allows our Cubby and FYI members to invest with as little as $100.00. - Senior Checking
Free checking accounts and other services free to members age 60 or better. - Christmas Club Account
A special savings plan to help members save money for the holidays. - Montana Medical Savings Account
Account set up for the purpose of saving for medical expenses. Funds are free from Montana state taxes. - Montana First Time Homebuyer Savings Account
Account for the purpose of saving for a first time home purchase. Funds are free from Montana state taxes. - Electronic Transfer Account
Allows members to open an account specifically for the purpose of receiving their recurring federal benefits by Direct Deposit. - Tiered Savings Accounts and Share Certificates
Offers higher dividends for higher balances. - A Variety of Checking Accounts
Gives members options when choosing a checking account. - Members Financial Services
Additional financial and investment services offered to our members. - Payment Shaver Program
A lease look-alike program that gives members an alternative to a traditional vehicle lease. - Magic Cash Loans
Zero interest holiday loans for qualified members. Money can be used at local merchants. - Visa Card and Home Equity Holiday Skip-a-Payment
To ease holiday bills, a member can skip a payment on their Visa and/or Home Equity Loan. - Student Loans
Offers members a low cost option for educational loans. - Signature Loans
Low interest signature loans available to qualifying members. - Computer Loans
A lower interest rate loan to members to purchase a personal computer. - In-house Visa Card Program
Offers members a low-interest, no annual fee credit card with a true 25-day grace period. - GAP Insurance
Minimizes collateral risk for members who finance a large percentage of their auto purchase. - ATM Card
Allows access to funds from any ATM nationwide. - Debit Card
Free access to a checking account. Can be used instead of writing a check. - Overdraft Protection
Free to qualifying members who have a checking account. Safeguards against NSF fees. - 24-Hour Telephone Teller Audio Response
Free access to account information 24 hours a day, 7 days a week. - eAccess Internet Banking
Free access to account information 24 hours a day, 7 days a week. This service enables all members, especially those in the more rural areas to conduct a good portion of their financial transactions from anywhere, anytime. Internet banking also provides the member yet another way to communicate with us. - Branch Offices
LFCU is committed to serving all people within our field of membership. We currently have a branch office in Red Lodge, and construction will begin shortly on a branch in Columbus, to be completed the first half of 2001. All services offered by LFCU are available at our main office in Laurel and at each branch location.
New Services Planned for the Coming Year
- Members PrimeClub
An optional club for members age 50 and older that provides valuable discounts and coupons. - E-Statements
We will offer members the option of receiving/viewing their statements online rather than receiving a statement in the mail. Enables online members to view their statements more quickly. - Electronic Checking Accounts
We will look at offering an "electronic" checking account that could possibly be free if the member does all or most transactions electronically and receives their statement via online method rather than in the mail. - Risk-Based Home Equity Lending Program
Section II: Member and Staff Education
Laurel Federal Credit Union is committed to member and consumer financial education. In addition, we are committed to educating both members and consumers about credit union uniqueness, philosophy, and values. We are also committed to educating our staff so they can better communicate with and educate our members.
Current Programs that Support Member Education and Advocacy
- Educational Member Newsletters
A four page quarterly newsletter and many monthly newsletters keep our membership informed of current financial information as well as current promotions and offerings. - Special Youth Newsletters
We provide our youth with quarterly newsletters to encourage good savings habits. - Statement Inserts
Monthly inserts educate our members on current financial information. - Educational Lobby Materials
Provides members with a variety of information on investments, loans and financial planning. - LFCU Web Site Information Links
Valuable links to auto pricing and comparison guides, investment information, and financial calculators. - Home & Family Finance Online
Free online magazine offering a wide variety of monthly educational articles. - Googolplex
Online educational activities and articles for kids and teens available through our web site. - Annual Membership Meetings
Provides an open forum for questions and answers between members and the Board of Directors. - Financial Counseling Seminars through Members Financial Services
In conjunction with other Credit Unions, we provide financial counseling seminars to educate our members. - High School Workshops
Educates students about budgeting and money management. - Employee Orientation
Each new employee goes through an orientation program including "The Credit Union Difference" provided by our state league, emphasizing the unique philosophy of credit unions. - Staff Training - QWEST Program (Quality With Enhanced Staff Training)
A training tool to help educate the staff on Credit Union philosophy, policies, and products and services. - Staff Training - STAR and MERIT Programs
Laurel Federal Credit Union utilizes the STAR and MERIT programs offered by CUNA to educate our staff. Completion of these manuals is encouraged for career advancement. - Staff Training - Regulatory Compliance Training and Certification
Compliance training is provided for front-line staff members as needed to perform their duties. - Volunteer Training - VAP Program
Volunteers are encouraged to take advantage of the VAP program offered by CUNA to increase their knowledge about their role in the credit union.
New Programs Planned for the Coming Year
- National Financial Education Youth Program
Through league and chapter-level efforts, we will be involved in incorporating NEFE's national financial education program into our area schools. - Online Member Newsletter
An online newsletter will provide a library of educational articles to refer to. Members can also get up-to-the-minute financial information with the click of a mouse. - Enhanced Internet Educational Sites
Additional financial education links to add to our existing offerings on the web site.
Section III: Involvement/Governance
Laurel Federal Credit Union is served by a volunteer Board of Directors, a Supervisory Committee and a Credit Committee.
Current or Existing Programs
- Board of Directors
Seven (7) directors are elected from the membership for three (3)-year terms and oversee the direction of Laurel Federal Credit Union. They meet monthly to review financial statements and budget and evaluate our progress in achieving goals and objectives. - Board Elections
The Board of Directors meets immediately following the annual meeting to elect among themselves the Board officers: Chairman, First Vice President and Secretary/Treasurer. - Annual Meeting
An annual meeting with the membership is held each January. The Board of Directors reports the financial condition, achievements and future direction of LFCU and members elect their Board of Directors. - Board Nominations
The Board of Directors annually appoints a Nominating Committee to submit candidates for the election for Board positions. - Board Vacancies
When the situation arises where a board member resigns during his/her term, the Board of Directors will appoint a replacement from the membership to serve until the next annual meeting. - Supervisory Committee
The Supervisory Committee is appointed by the Board of Directors and is made up of three members, each serving a one (1)-year term. This committee maintains credit union records, supervises the Internal Auditor and reviews the action of the Board of Directors, officers and committees. - Credit Committee
The Credit Committee is elected by the membership and is made up of three members, each serving a three (3)- year term. They review loans referred by loan officers.
Section IV: Diversity
The cooperative nature of credit unions enables us to provide products and services at reasonable rates to people of all socioeconomic backgrounds. We promote the philosophy of "once a member, always a member".
Current or Existing Programs
- Equal Employment Opportunity
LFCU actively seeks to fill vacancies by hiring qualified candidates without discrimination because of race, color, religion, national origin, age, sex, physical or mental handicap, or marital status, as required by the Montana Human Rights Act and federal law. - Equal Credit Opportunity Act (Regulation B)
We do not discriminate in any aspect of credit based on age, race, color, religion, national origin, sex, marital status or the fact that the applicant receives part or all of their income from public assistance programs. - Equal Housing Lender
We do not discriminate in any credit transaction on the basis of race, color, national origin, religion, sex, marital status, or age; because income is from public assistance; or because a right was exercised under the Consumer Credit Protection Act.
Section V: Commitment to the Credit Union Movement
Laurel Federal Credit Union works to build and strengthen our unique credit union movement by providing financial and donated resources to others within the credit union community, and by actively advocating the credit union difference at all levels of government. In addition, LFCU will participate in local, state and national cooperative activities, and will strive to build relationships with others in the cooperative movement.
Current or Existing Programs
- Montana Credit Union Network
LFCU belongs to and actively participates in the state's credit union league. Currently, a staff member is on the network's Marketing Open Committee. - Midland Empire Chapter of Credit Unions
LFCU belongs to and actively participates in the Billings area credit union chapter. We currently have staff members on the following committees: Social Responsibility Committee, Car Sale Committee, Education and Training Committee, and Financial Education Committee. - Montana Council of Cooperatives
LFCU belongs to and actively participates in the state cooperative organization. We currently have a staff member on the board of directors of this organization. - Continuing Education for Staff
Laurel Federal Credit Union sends staff to seminars and classes to educate them about credit union issues, philosophy and other programs that help further their careers.
Section VI: Public Service/Corporate Citizenship
Through financial support and other contributions to worthwhile local and national organizations, and by participating in public service activities, LFCU strives to be an active partner in our community. We recognize that practicing good citizenship supports the philosophy of "people helping people". It will help raise the overall level of social and economic well being of those in our community, help to strengthen ties within the community, and better position us to reach out and serve those people in need of affordable financial services.
Current or Existing Programs
- Chambers of Commerce
LFCU is a member of our local chambers of commerce (Laurel and Red Lodge), and a staff member is on the board of the Laurel Chamber of Commerce. - The Billings Chapter for the Prevention of Elder Abuse
LFCU and our chapter are actively involved in the work of this organization. A staff member is a member of this organization. - YMCA Committee
Several staff members are on the committee for the local YMCA and a staff member is on the board. - Laurel Crime Stoppers
LFCU is actively involved in the work of the local Crime Stoppers organization. A staff member is on the group's committee. - Laurel Revitalization League
LFCU is actively involved in the work of this organization. This league is dedicated to revitalizing the downtown and residential areas of Laurel. A staff member is on the board of directors. - Donations & Sponsorships
Boys and Girls Youth Sports Teams Sponsor
American Legion Baseball Sponsor
Community Bowling Teams Sponsor
AARP/55 Alive Sponsor
Miss Montana CARE Program (Courtesy and Respect Empower)
Montana Cooperative Development Center
Beartooth Hospital Daycare
Ladies Golf Association
Laurel YMCA
Laurel Volunteer Fire Department
Laurel Lions Club
Laurel 4-H Club Sponsor
Community Hope Canned Food Drive and Christmas Star Program
Roberts Community Foundation
Red Lodge Senior Center
Bridger Youth Rodeo
Chief Joseph Run
Shrine Circus
Missoula Children's Theatre
Habitat for Humanity
American Cancer Society
Muscular Dystrophy Association
Laurel High School Homecoming Fireworks
Annual Laurel 4th of July Fireworks and Parade
Laurel Town Square Project and Paper
