Which Credit Union Is Right For Me – While the COVID-19 pandemic has taught management many lessons, the most important of these is the importance of effective communication.
To that end, Fairwinds Credit Union in Orlando, Fla., used its existing internal social platform in new ways to better connect with its 580 employees. It has established a COVID-19 information center on its intranet and used it to communicate any important business changes, guidance and resources. It was a way for people working from home to get this important information and stay connected.
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The intranet is accessible to employees both in the office and from home, and employees already know how to search for information there, so it was the most effective communication channel, said Lindsey LeWinter, vice president of HR.
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“Fairwinds has used the company intranet for all internal communications for many, many years, so it was a natural decision for us to use it for pandemic communications,” added LeWinter.
Businesses, including credit unions, have seen significant growth in determining best practices for virtual messaging for employees, St. Doug Wilber, CEO of Denim Social, a Louis-based social media company.
This included internal communication with staff who may now be working from home, as well as external platforms to reach out to members.
“We’ve seen a steady increase in social media marketing for credit unions over the past few years, but the pandemic has accelerated digital adoption,” Wilber said. “With social distancing, institutions must find new ways to serve people, connect and build relationships.”
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In response to COVID-19, Waterloo, Iowa-based Veridian Credit Union has engaged in several communications initiatives, said Andrea Hudnut, public affairs strategist for the $4.7 billion institution. Email was the primary form of communication, but it also used the intranet to provide updates, resources, and links to other sources such as B. Recommendations from the Centers for Disease Control and Prevention, he added.
In addition to its intranet, the $3.2 billion Fairwinds Credit Union also has an employees-only Facebook group, LeWinter said. The credit union has used the site to host Facebook Live sessions, post photos and videos, and encourage employees to “talk about lighter topics like Team Member of the Month and new employee announcements, health initiatives, fun polls and the ever-popular topics.” share pet photos,” LeWinter added.
Using an intranet and a closed Facebook page, LeWinter said administrators could set the number of views on each page to measure activity. The credit union also offered an “Ask a Question” option. It sends notification email to managers and senior managers who can respond to employee requests.
In addition, a Crewmember Connection site was developed on the credit union’s intranet where employees could post on a variety of topics for all of their colleagues to see. In addition, she conducted an employee survey at the end of April to assess the effectiveness of management communications. Based on that feedback, he made changes, such as turning learning and development courses into digital programs. This has allowed for greater attendance and less travel, LeWinter said.
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More than 90% of Fairwinds employees were working from home as of mid-May, and 44% of employees had returned to the office by mid-August. As Fairwinds Credit Union navigates a new normal, LeWinter said the organization will benefit from the lessons learned. This includes video functionality on all employee computers and laptops, as video has enhanced virtual meetings.
“Out of necessity, many team members have learned to do their jobs differently, resulting in efficiencies that will continue into the future,” said LeWinter.
The Best Credit Unions For Work Employee Engagement Employee Relationships Employee Engagement Employee Productivity Employee Benefits Employee Retention Work Culture Workforce Management We’ve found the current list of the largest credit unions by asset size to be harder to come by, so we decided to put it here for easy access. You don’t need to access the database. Here it is.
These numbers are from NCUA – April 2021. As in previous years, Navy Federal Credit Union, State Employees, PenFed, and BECU are the largest credit unions by assets.
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The 250 largest credit unions in the US are ranked below by asset size. For more data, check out these other lists of the best banks:
In 2021, the NCUA lists a total of 5,098 credit unions in the US, down 110 from this time last year.
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Understanding the Financial Challenges of Gaming Employees November 7, 2022 | 1 min read How can we achieve equal opportunities for non-traditional workers? Three experts discuss solutions at the Money Experience Summit 2022. Addressing gender roles in finance October 7, 2022 | Reading time: 2 min. Robin Hauser, director and producer of $avvy, discusses women’s issues in the context of negative societal messages surrounding money APIs – The Expanding Foundation for Digital Entrepreneurship September 2, 2022 | 1 min read Gartner research shows how reliable, secure, and new API products are critical to digital business trends. When deciding where to open your financial accounts, you may be wondering: should I go to a bank or credit union? Today there is less of a difference in convenience between the two, especially when the credit union you are considering has good online services and is a member union that offers access to branches and ATMs across the country. Both banks and credit unions offer equal protection for your money through insurance backed by the federal government.
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When researching banks and thrifts, keep in mind what matters most to you, such as: B. a large number of ATMs or the lowest current account fees.
Banks are owned by investors and operate as for-profit institutions, and banks are required to generate profits for their investors.
Anyone, including private individuals or companies, can open an account with the bank. Unlike credit unions, which are members, customers have no voice or say in the management of the bank. In the bank you are a customer. You are a member of the credit union.
Banks offer both personal and commercial banking products, including business credit cards and business loans. Banks may offer investment and savings vehicles such as individual retirement accounts (IRAs), certificates of deposit (CDs), and money market accounts.
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If you’re looking for any type of loan, it’s always best to check with both local banks and credit unions. Internet banks may offer lower interest rates than brick-and-mortar online institutions, but banks typically cannot compete with credit unions in this area.
Because banks need to make money for their investors, they tend to have more and higher fees than credit unions. Free bank checking accounts usually come with strings attached, such as minimum account balances or requirements for additional account types (like a mortgage or credit card).
The fees for mistakes, e.g. Bounced checks and overdrafts also tend to be higher at banks – especially if you don’t qualify for a premium account. Again, when researching bank fees, it’s important to compare online banks to brick-and-mortar businesses.
Big banks tend to have more money for technology; As a result, they add tech services much faster than credit unions. Mobile banking services are likely to be much more advanced in banks. If technology and online banking are key to your choice, make a list of your must-have services and ask to be introduced to them before opening an account with a bank or credit union.
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Credit unions are not-for-profit and owned by their members, and according to the National Association of Credit Unions, 130 million Americans belong to one. Banks need to make profits for their investors, and credit unions don’t need to make profits for their members. Instead, they aim to keep their fees low, interest on savings as high as possible, and interest on loans as low as possible. Credit unions must limit their customer base to the so-called member area. This can include the company people work for, a school or place of worship, a geographic area, or membership in an organization.
National credit unions are getting creative when it comes to increasing membership eligibility. For example, Connexus allows membership through its association, which people can join for $5. Credit union members also have the opportunity to vote on credit union policies and participate in decision-making; the customers of the bank do not have this possibility.
Credit unions typically offer fewer products than banks, especially in the commercial banking space. Credit unions — which tend to be much smaller than banks — also tend to offer fewer investment products, often limited to checking and savings accounts and credit cards.
In many cases, you’ll find that credit unions offer the lowest interest rates on loans like auto loans and mortgages. When it comes to interest rates on savings products, you’ll likely find that credit unions offer
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