3rd Quarter 2017 Message

October 1, 2017
Dear Member,

At the September 13th monthly Board meeting, Directors voted to pay quarterly dividends for the 3rd quarter at the prospective rate established the previous quarter, reflecting the increases that are being seen in the rising financial market rates.  Additionally, the Board set the prospective rate for the 4th quarter slightly higher than those just established for the 3rd quarter.  Hopefully, we’ll see dividend rates in the national markets continue to rise, and can expect UCU dividend rates in the range of what we have enjoyed in the not to distant past.

Lately, the Board has been reviewing the credit card program in light of the high profile data breaches seen recently in the news and a loss the credit union suffered by a rather sophisticated electronic card interception scheme.  For some time the trend has been for card issuers, like Citi Bank for example, to have card sponsors, like UCU, to bear all of the risk for losses in the program.  And, over the past few years UCU has seen losses that hurt the bottom line and ultimately you, the member.  As a result of the review, the Board has identified and is moving forward on a different version of credit card being offered by our current issuer.  This new card will have all the features of our current card but allows users to participate in a rewards program.  Until we can complete all the necessary paperwork for the new card issuance, we are temporarily suspending any new card issues of the current program, but the current card holders will see no immediate change using the card.  We are excited to complete this change and offer the membership a card with more features.

Finally, October 19th is International Credit Union Day.  Since 1948 it has been celebrated on the third Thursday of October as the one day each year the worldwide movement bands together to celebrate the spirit and philosophy of credit unions.  This year’s theme is “Dreams Thrive Here”.  It reflects how credit unions are not only the socially responsible choice for banking, but also that credit unions are its members’ best choice for personal success and satisfaction.

On behalf of the UCU staff and Board of Directors, I’d like to take the opportunity to express how much we appreciate you, the members and we encourage prospective members to join the more than 186 million people worldwide that belong to a credit union just like ours.  Because when you go to the credit union, you’re not just a customer-you’re a member.  It really is “your credit union.”  Banks belong to shareholders, hoping to profit from your transactions.  At a credit union, earnings are returned to you in the form of better rates on loans and savings.

John R. Ness

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