Why aren’t more businesses like credit unions?

Can you imagine if more businesses were run like credit unions rather than for-profit entities?  That’s an interesting and loaded question.

First, you must understand how credit unions work and how we are different from most businesses.  Our philosophy of people helping people is the cornerstone upon which we were built.  We take great pride in our communities and serve our members by listening to their wants and catering to their needs.  We step up and help them with the most cost effective and affordable products we can offer and often times when no one else will help. 

Yes, credit unions are not-for-profit, which in essence means when a credit union turns a profit, it doesn’t go to out-of-town or even out-of-state shareholders. It goes to the members that own the credit union and stay within the community. 

We are run by a VOLUNTEER Board of Directors, elected by our membership.  They do not get paid for their time or travel.  Our CEO reports to them, not to shareholders.  Each member of Idadiv has the ability to cast their vote for our Board of Directors at our Annual Meeting, and they have the opportunity to serve their fellow members by running for a Board position.

Think about it!! A company that is member owned and does business for the sole purpose of serving its members. That’s quite the novel concept!  What would happen then if other companies did that?

I read just the other day that Exxon Mobile just turned a $10 BILLION profit in the first quarter!!!  That’s after expenses and company costs. A nice little check to shareholders I’m sure.  But, what would happen if even part of that cash went back to the community in which it did business?  Lower gas prices, some community reinvestment maybe?  I know I could use a little break at the pump, how about you?

Bottom line is, isn’t it nice to know there are still credit unions around that care about the community and give back every chance they get?

Where’s the cash?

Just last week, the media was quick to announce that our Stimulus Checks would begin showing up in the accounts of anyone who signed up for direct deposit. They were not, however, as diligent in reporting just how they would be distributed. 

Well, if you haven’t heard, there is a schedule for the distribution based on the last two digits of the primary filers’ SSN.  So, those of you with a low SSN might just have your cash in hand already while those at the upper end of the spectrum will have to wait patiently. 

Me, I happen to have a low last two digits of my SSN, but I wasn’t smart enough to fill in the direct deposit information when I filed (we were lucky enough to owe good ole’ Uncle Sam this year) so I’ll be waiting until at least May 16th to see my Stimulus check.

Once you know your distribution date you can find out more about the rebate status by using the IRS online tool Where’s My Stimulus Payment?. If you other have questions such as: you’ve moved, changed bank accounts, or owe back taxes then you should check out the Stimulus Payment FAQ.

Now that I understand the plan, I can watch my mailbox and look forward to figuring out what I want to do with the funds.  Right now, my plan is to do a small part to stimulate the economy and save the rest for later. Oh, and you can bet that the rest will go in my credit union savings or Holiday Club account!