2010 is off to an exciting start at the credit union! We ‘changed the scene’ of the Annual Meeting and met at the movies – and of course the meeting was followed by a movie complete with popcorn and drink.

What a fun night!

I wish I could show you really great pictures of our members eating popcorn, reading the Annual Report, chatting with one another, or watching the movie. But, I can’t. I forgot my camera.

And then I remembered it!

And then I got to the meeting and was way too busy to think about taking pictures.

So sorry about that.

All that to say – you’ll have to bear with my visual-less explanation of the 48th Annual Meeting.

The theme this year was ‘Unbelievable’ because we just rolled out our newest tagline ‘Un-banking. Unbelievable.’ (You can read more about the tagline here.)

Michelle and Robert started the meeting with an update from this past year at the credit union – all good things, I promise.

Then we moved on to everyone’s favorite part – the drawing! The drawing is always so exciting. “Who’s it gonna be? Could it be me? Am I the lucky winner?”

Then members grabbed their popcorn and drinks and settled in for a special viewing of the new movie “Tooth Fairy”.

It was a really cute movie and I heard lots of member compliments when it was over.

If you were there, leave a comment and let us know what you thought!

Big banks are so last season.

Why?

Dan Mica, President and CEO of the Credit Union National Association,  answers the ’why’ question in the Huffington Post today. Read it here.

Great article! But if you’re already a credit union member I’m sure you already know why.

[P.S. Judy is the big winner in our Thashers Giveaway! Congratulations Judy!]

 Have you seen these crazy new loan rates at the credit union?

Yowzah!

Apply Online

Or stop by and see us.

Tiffany and I have a fascination with these two personal finance radio personalities, Dave Ramsey and Clark Howard.

Tiff and Dave are like BFF…or maybe it’s just that she reads his books and listens to his radio show all the time.

Clark and I go way back…or maybe it’s just that I’ve listened to his radio show my entire life (thanks Dad!).

So, if you couldn’t tell already, we are big fans! Dave will tell you how to get out of debt and Clark will tell how to save a buck.

I was listening to Clark this afternoon when a caller called in about looking for a credit union. He was tired of the crazy fees that his bank was charging.  He heard Clark talking about how different credit unions are than banks and he wondered how to find a credit union that would work for him. Clark was more than happy to help.

Did I mention that Clark and Dave STRONGLY recommend credit unions to their listeners?

Oh, well then, I’ll tell you now. Clark and Dave STRONGLY recommend credit unions to their listeners. They are big fans of the credit union world because we are not-for-profit and NOT owned by stockholders.

Clark even mentioned that in the coming years the ‘giant monster mega banks’ (that’s his affectionate term for them) will have to find more and more ways to charge fees to their customers to make more and more money.

Credit unions have lower loan rates and fewer fees because we don’t have stockholders to please.  It’s just that simple.

So, I’m glad I got to hear that caller on the Clark Howard Show today. It reminded me that my money is safe in a place that isn’t trying to nickel and dime me to please their stockholders.

If you know of anyone that is tired of their bank, tell them about NWGACU. And if they live far away, tell them to check out www.findacreditunion.com.

If you are interested in tuning in to personal finance radio, you can hear Dave on WLAQ (1410 AM) from 3-5 every weekday, and you can hear Clark on WRGA (1470 AM) from 1-3 every weekday.

On July 9, the Wall Street Journal Blogs quoted Pope Benedict XVI as saying:

“If love is wise, it can find ways of working in accordance with provident and just expediency, as is illustrated in significant ways by much of the experience of credit unions.”

Man, what an endorsement!

The Pope is originally from Germany, and it just so happens that credit unions originated in Germany in 1849.  The mayor of a small German town formed a credit society so that citizens could help themselves, rather than rely on the local land barons. Three years later, this credit society became a credit union…and the rest is history.

And in case you need a dictionary.com refresher, by saying “provident” and “expediency”,  the Pope is referring to the economical, advantageous, and unselfish nature of credit unions.

I don’t think we’ll see the Pope endorsing banks anytime soon.

…want to know: What product or service do you wish that NWGACU offered?

(No, we’re not joking! We really want to know!)

Credit unions are 100 years old this year! I want to say ‘happy anniversary’ and give you a little history about credit unions as a whole and how we fit into the picture.

Here is a little history:

The credit union movement was founded by innovative leaders who strongly believed that the banking industry was not serving the people as it should. Financial services were too costly and the power to influence decisions was kept in the hands of the highest depositors. This spurred an international grassroots movement started by a handful of forward-thinking individuals. Here is a timeline of how credit unions came to be and some highlights of NWGACU when we moved onto the scene.

The result of this movement was credit unions: not-for-profit, member-owned financial cooperatives that are overseen by a volunteer Board of Directors. Because the members are the owners, there are no stockholders to pay, and each member elects the Board of Directors with an equal vote, regardless of the size of his or her account.

Thanks to the pioneering spirit of leaders before us, Northwest Georgia Credit Union is able to offer this fresh, “people helping people” approach to money, with emphasis placed on your financial health, not your potential profitability.

So, happy 100 years credit unions! We are thankful to be a part of such a movement.

And just for fun, here are some interesting things I learned in my research of  the history of NWGACU:

• The first Annual Meeting was held the Courthouse Annex in 1962 and the shares balance was $513.80, loans balance was $485.33, and membership was up to 29 people.
• This was our first logo:
• In 1967 the interest rate on a personal loan was 1% and on an automobile was 3/4 of 1% (their words, not mine).
• Between 1961 and 1971 share draft dividends were usually 5%.

Wow, times have changed!

Does a better rate on a loan really help lower monthly payments that much? Does it really matter where I get my loan? How much difference could there be in a few points?

Check this out:

It’s a fact. Loan interest rates are usually lower at a credit union than at a bank, which translates into smaller monthly payments for you and your family. Take a look at these national loan rate averages:

      Source: Datatrac, March 2008

 Using these same loan interest rate averages, check out how the credit union monthly payments compare to bank monthly payments:

These rates are just averages! If your interest rates are higher, you could potentially save even more by borrowing at Northwest Georgia Credit Union instead of a bank. In fact, between better loan and deposit rates and lower fees, credit union membership confers a real financial benefit to consumers, to the tune of about $240 a year per member household.*

 *Source: Credit Union National Association

A few points can make a big difference! Educate yourself before you go searching for a loan and save money by getting the best rate you can find!

Time for the third part in our series on what the big stinking deal is about credit unions. The last part of the series of will appear next week. Want to know the last big stinking deal? You’ll have to wait! In the meantime:

Lesson Three: Democratic Control

Lest you think this is going to turn into a conversation about politics, let me clear this up. Every member-owner of a credit union receives one vote when electing the Board of Directors. At a bank, you can only elect the Board of Directors if you are a stockholder, and even if you are a stockholder, the number of votes you receive depends on how large your shares are.

The Board of Directors is important. Really important. They oversee the credit union management and provide guidance on the overall strategic direction of the credit union. When necessary, they prevent credit union management from doing something unwise, thus protecting your interest in the credit union.  Electing the Board is kind of like a small scale election of the President; voting on the right candidate makes all the difference in how well things run. (Somehow, politics weaseled its way in.)

Even more important is that the Board of Directors at a credit union is made up of members who volunteer to serve. Banks have to pay their Boards, and their Directors may not even be customers. Unlike a bank, this means that a credit union Board not only has little possibility for ulterior motives in decision making, but they also make decisions that are wise for members because they are members themselves!

What’s the Big Stinking Deal?

You have a say in how a credit union operates. Banks can’t offer that.