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Remember to move your money to a credit union on Saturday

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I hesitate to give people financial advice, as I don’t want to come across like Glenn Beck when he asks his followers to consult with God and then invest everything they own in over-priced gold coins, but, as this Saturday is Move Your Money to a Credit Union Day, I thought that I should at least mention that we’ve got a great little credit union right here in Ypsi that’s anxious to take the money you’ve currently got earning interest for the likes of Bank of America and Chase. Following is a brief interview that I conducted with the head of the Washtenaw Federal Credit Union, Greg Gurka. (I still haven’t received an answer to my last question, but I wanted to go ahead and get this up on the site today, before people started making plans for Saturday.)

MARK: Are you aware that there’s an initiative afoot to get people to take their money out of America’s big banks and move it into locally owned credit unions on November 5th?

GREG: Yes, we’ve been following the movement since it hit the news.

MARK: Have you noticed an uptick in business since this summer? If so, to what extent to you attribute it to the growing resentment the public at large seems to have toward the big banks?

GREG: Yes, we have seen a definite increase in new members over the last four weeks and our survey shows an increase in those moving due to being dissatisfied with their banks.

MARK: Who is eligible to start at account at the Washtenaw Federal Credit Union?

GREG: Anyone that lives, works, worships or attends school in Washtenaw County, or an immediate relative of an existing member.

MARK: And, how onerous of an undertaking is it to switch over to the credit union?

GREG: Joining the credit union is no more work than opening a bank account. We need a state issued photo ID, SS# and a minimum $5 deposit. The initial $5 is actually a voting share, as the credit union is comprised of members, not customers. During the account opening, we try to pull from our conversation what services and products would be most beneficial to the individual. We offer a full range of financial services.

MARK: Are there other credit unions in Washtenaw County that are open to the general public?

GREG: Yes, but I believe we’ve been here the longest receiving our Charter in 1949.

MARK: Will you be putting extra staff on this November 5th? Have you engaged in any advertising in the community, in order to capitalize on the national attention that has come along with the Occupy Wall Street movement?

GREG: We began running a series of ads on the local radio stations right after B of A made their big announcement (about raising their rates $5 a month). We have signage in front of both offices. We will have extra staff at the Whittaker Rd. office, and, although the Mansfield office lobby is not normally open on Saturday, we will have staff on hand Nov. 5th to open accounts. We’ll have coffee and donuts as well.

MARK: So, you won’t be setting up tables outside the local Bank of America branches?

GREG: No, it’s November and we want everyone to be comfortable during the account opening process.

MARK: Is there anything else that you would like people to know about the Washtenaw Federal Credit Union, how it’s run, what its mission is, etc?

GREG: We try to stay with the old Credit Union Philosophy of “People helping People.” We are locally owned by our members, and governed by a democratically elected Volunteer Board of Directors. A CU Director might be your mechanic, the Chief of the local Fire Department, an existing or retired school teacher or anyone else that put their name on the ballot and was elected by the members at the annual meeting.

What’s really interesting it that because we’re all part of the local community, you can bend the ear of a Board Member, the CEO, Manager or a Member Service Representative where ever you see them. It could be at Church, Kroger, McDonalds or the gas station, and we’ll always share what we’ve been told with the proper parties.

On Friday, the CEO of the Michigan Credit Union League will be interviewed by Lucy Ann Lance and we encourage everyone to listen to what he has to say.

MARK: I’ve heard recently that there are two kinds of credit unions – ones that are Community Development Financial Institutions (CDFI), which, as I understand it, means that they’re obligated to invest in local community development projects, and those that are not. Can you tell me if the Washtenaw Federal Credit Union is CDFI, and, if so, why that’s important?

According to the information I was able to find online, the Washtenaw Federal Credit Union has a membership of over 6,672, with assets of more than $30,560,083. And, between its two branches, the WFCU has 12 full-time employees, and 3 part-time employees. It’s probably also worth nothing that, up until last year, when the bank decided to broaden its membership requirements, so that anyone with a tie to Washtenaw County could join, it was called the Ypsilanti Federal Credit Union.

Regardless of where you move your money on Saturday, I encourage you to move it away from the big guys. The ever-growing corporate banks of Wall Street do not appreciate your business, and they do not have your best interests at heart.

Wake up this Saturday morning, and remove their relentlessly jamming blood funnel once and for all.


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