Credit Unions are a story about real people addressing real challenges with a cooperative spirit and enthusiasm.   Today’s financial markets have rebounded from the lows of recent years, but many consumers still struggle with employment challenges and we still see a slow road economically in 2013.

Are credit unions of today still positioned to help members the way they did in the 1930’s when many emerged in the US?  What do the members of today look for in their credit unions?  The story of credit unions is one of overcoming adversity.  The 1930’s were a time of panic and lack of trust in the banking industry.  Credit unions rose up as a way to help consumers when credit and savings needs were not being met in the traditional banking sector.  They assisted individuals of modest means then, today they still do.

Members today want financial services that all can afford.  This means credit unions need to have free account options that meet basic needs, plus they need to be able to deliver the products at a cost that is affordable as well.  Credit Unions are up to that challenge, when’s the last time you heard about credit unions experimenting with new monthly debit card fees?

In 2013, credit unions approach 1 trillion dollars in assets and 100 million members.  Imagine the financial landscape today had the 1930’s been different.  This European modeled financial coop concept may never have grabbed hold and blossomed into what we currently.  We thank those that paved the way forward for us.  We owe it to them to stay true to the coop model and help all that need affordable services.

Troy Diedrich - VP of Marketing and Development

For the past few months I’ve been trying to teach my son how to save money and I truly believe that in today’s day and age, this is one of the most confusing tasks of a parent. 20 years ago if a parent told their child that they didn’t have money, a child could demand to see the inside of their wallet. If there was green stuff folded up, they were lying and if not, well, that meant no candy bars or toys this week. Unfortunately, that is not the case anymore.

Three times in the past 2 months my son has asked me for a new game and when I try to explain that I don’t have enough money for games he gets upset that I won’t just use my ‘green card’. For a child trying to learn the value of a dollar, these ‘green cards’ are extremely deceiving. My kids have seen me go grocery shopping, fill up my cart and bring everything home, all without handing over one dollar bill. In fact, with the self-checkout lanes, sometimes I don’t even talk to a cashier! So, after 3 frustrating conversations and 40 gray hairs later, my husband and I sat back and thought about how different things are in today’s world. Technology and convenience has changed the way people receive and spend money on a daily basis and helping kids understand the process is completely different than years ago.

Since our last trip to the store, my husband and I came up with an ‘Understanding Money’ three step program. For the first leg of training, we’ve started using more cash when going to restaurants and stores. I give my son a certain dollar amount to buy his lunchbox treats and he has to decide what he wants to spend his money on without going over. This gives him some ownership and responsibility along with recognizing the value of a dollar. Step two is going to be explaining how checking accounts and debit cards work and last but not least, step three will be understanding credit cards. So far it seems to be working really good however I can’t stop wondering how many steps I’m going to have to add to our current plan in 3 years when my daughter hits this age.

Missy Haugen - Member Solutions Supervisor

SouthPoint Federal Credit Union is aware of the fact that many of our members shop online.  We, too, realize how convenient it is to shop from the comforts of our own homes, especially during the upcoming holiday season.  However, we all need to do as much as possible to prevent identify theft and/or fraud when shopping online.

Safety and security are at the top of our list when it comes to our members.  It is for this reason we highly recommend you participate in the free service of Verified by Visa.  This service is all about taking advantage of an additional layer of protection when shopping online.   Whether you use your SouthPoint debit or credit card, Verified by Visa protects your card number with a personal password.

Here’s all you need to do ~

Have your credit and/or debit card in hand, log onto www.verifiedbyvisa.com, and activate your card(s).  The registration process is very simple, quick, and FREE!  Once your card is activated, write down the password you chose, put it in a safe place at home, and start shopping.  Every time you enter your SouthPoint Visa card number to make a purchase at a participating online store, you’ll be asked to supply your chosen password before your transaction can be completed.

For more information regarding Verified by Visa and the participating merchants, please check out our website ~ click on Personal … Debit Cards or Credit Cards … Verified by Visa.

Renee Kral - Fraud Team Member

The 2012 Election is history and we all move forward with our lives trying to make the best of the various situations and decisions we face each and every day.  We continue to hear about the “Fiscal Cliff” – what exactly is this?  The term was coined by Federal Reserve Chairman, Ben Bernanke, to describe the combination of tax increases and spending cuts that will automatically take effect at the beginning of 2013.  The Congressional Budget Office estimates the effect of higher taxes and lower government expenditures will send the U.S. economy over the “cliff” into a recession.  The decisions our elected officials from both sides of the aisle make, will have long-term consequences (good and bad) for you and future generations.  Take a minute or two and contact your representative today.

Jeff Anderson - Investment Executive