who are "V"?

Congratulations, it's a blog!

noreply@blogger.com (Laurel) — Fri, 18 May 2007 22:08:00 +0000

We are pleased to introduce Verity's new blog. Check it out!

http://blog.veritycu.com

We hope you like it!

Farewell. V will miss you.

noreply@blogger.com (shari storm) — Fri, 11 May 2007 20:38:00 +0000

Soon, right above this post, will be a link to a new blog.

That’s right. We are sunsetting “Who Are V” and replacing it with our new, upgraded blog called “Our Voices”

We are also moving away from Blogger, which means there will be a new URL for you.

We have had such a great response to our blog that, after two and a half years, we have decided to invest a little money in it.

It will look different, but we think you will like it much better.

Have a great weekend.

Toastmaster or Milktoast

noreply@blogger.com (Anonymous) — Mon, 30 Apr 2007 18:57:00 +0000

Toastmasters. Many times that word alone strikes fear into the hearts of men and women alike.

Some believe Toastmasters is a mythical group of people bent on making up elaborate toasts for weddings, funerals, Bar Mitzvah’s, Bat Mitzvah’s and graduations. Some have heard that Toastmasters a place where people go to stand on a soapbox and speak about something, no one knows what, just something. Some think it’s a type of appliance, and sadly, some have never heard of Toastmasters at all. They just know that it’s scary!

Allow me to introduce you to Toastmasters: It’s a forum for professional, lay and business people in general to hone their public speaking skills….uhoooooo, that IS scary. Did you say: Public SPEAKING skills? Yes, I did.

Because I am often in the public arena promoting Verity Credit Union at a variety of community events and chamber functions, I wanted to improve my speaking ability when addressing the public. Toastmasters provide the ideal place to learn, grow and perfect one’s speaking capability. It’s fun, yes, I DID say FUN, informative, and for me, one of the highlights of my work week.

Each subject you choose to speak on is determined by you, at your own discretion in combination with particular speech objectives listed in your manual. In other words, for each of the ten speeches you give to earn your Competent Communicator Certificate, you have objectives to meet ranging from vocal tone and gestures to organizing your speech. Each lesson is designed to help the speaker become more comfortable with speaking in front of a group, and speaking well. All speeches are evaluated by a seasoned club member and positively reinforced with both compliments and pointers on how to improve.

I belong to a highly decorated club in Federal Way led by a very dynamic Life Coach, DeBorah, and numerous other professionals of varying backgrounds, from accountants to engineers and sales executives. This delightful group of business people is so enthusiastic, helpful and caring that I know my speaking has improved after only three months of participation. It’s due in great part to their support and constructive critiquing, not to mention the friendships I’ve established and the subjects I’ve learned about. Indeed, each speech that I’ve prepared has been more fun than the last, and I’ve earned the distinction of Best Speaker on more than one occasion. Who knew? And who knows what might be within you? I highly recommend the Toastmaster experience and encourage anyone and everyone to give it a try. We were all as nervous as you at the beginning. You’ll get over it and embrace it, and go from Milktoast to Toastmaster!

We Know Someone On Oprah!

noreply@blogger.com (shari storm) — Fri, 27 Apr 2007 13:28:00 +0000

A friend Verity’s, a photographer by the name of Bev Sparks, was on Oprah this week.

Bev has been taking our corporate “head shots” for the past few years. I don’t exactly remember how we were introduced to Bev, but I do know that even though she does not specialize in corporate photography, we always call on her because we like her so much.

Which makes it all the more exciting that she was on Oprah. On April 25, Oprah did a “Dog Lovers” segment. Bev’s photos were featured behind Oprah the whole show and Bev was introduced at the end. Bev looked FABULOUS.

IMHO, Oprah should have had more of Bev and less of Tori Spelling and whats-his-name. If you ever have a chance to check out the segment, you should. She had the world’s tallest dog and the world’s smallest dog. They appeared to hit off – surprisingly.

Also, if you are a dog lover and want a picture of your pooch, definitely call Bev. She’s good people (and very talented).

To Call or Not to Call—members, will you answer?

noreply@blogger.com (Laurel) — Fri, 20 Apr 2007 15:47:00 +0000

Recently, Ron Shevlin cited Joe’s post, The Dilemma of the Service Call. In his post, Mr. Shevlin commented that Verity’s approach (as described in Joe’s post) is wrong and “representative of what goes on in many banks and credit unions.” You can read the entire post here; the following is an excerpt of his commentary that supports his argument:

So what’s wrong with Verity’s approach?

1) It doesn’t know “the products advantageous for them.” Few consumers have all, let alone a majority of their financial products with one provider. So, in trying to determine what products to offer, a financial provider is at a serious disadvantage — it doesn’t have a complete picture of what any one customer owns and doesn’t own. YOU might think a credit card is “advantageous” for someone, but what you don’t know is that she already has five cards — and resents you calling to sell her something she doesn’t “need.”

2) The timing is all wrong. Yes, I’ve seen the BAI study that says 95% (or whatever) of all additional products are cross-sold in the first six months after a new account is opened. But nobody ever asks why that’s the case. I’ll tell you — because that’s the window in which the customer is still in the honeymoon period, and their bank (or credit union) hasn’t done enough to piss them off yet. But the reality of the matter is that it’s incredibly unlikely that someone’s financial situation has changed that much one month after opening a particular account (which is when Verity is making its second call). If you were to call me a month after I opened an account and tried to pitch another, I’d ask you why your firm was so incompetent as to NOT tell me about this a month ago.

We’d like to open this discussion up to our members and get your thoughts.

Do you like a follow-up call to make sure that you got your debit card, to answer any questions you might have, or just to make contact after the 1st 60 days after you first meet us?

Or, do you not like a follow-up call? Would you rather we hang up (pun intended) the idea of follow-up calls altogether? What do you expect from your relationship with your credit union?

Tell us—we really want to know.

Fraudulent NCUA email alert

noreply@blogger.com (Anonymous) — Mon, 16 Apr 2007 20:49:00 +0000

It's been brought to my attention that there is an email going around that looks like this:

From: NCUA
To: undisclosed-recipients:
Sent: Wednesday, April 11, 2007 8:44 PM
Subject: Official information for all Federal Credit Union

Dear Sir/Madam,

National Credit Union Administration always look forward for the high security of our clients. Some customers have been receiving an email claiming to be from NCUA advising them to follow a link to what appear to be a NCUA web site, where they are prompted to enter their personal Online Banking details. NCUA is in no way involved with this email and the web site does not belong to us.

Actually, we are performing security improvements of our banking community and enforce customers to register their sensitive information for an additionally created free security service to prevent any fraudulent activity against their assets and savings. We, hereby ask you to respond within few hours of current notification and Confirm Your Credit or Debit Card via our SSL protected website to apply for this service absolutely for free, otherwise your account(s) may not process posted transactions correctly and on time.

Please visit us to Confirm Your Credit or Debit Card.
_________________________________________________________________

Hopefully, most people know this is an obvious scam. NCUA would never contact you about accounts you have at your credit union as they have no access to your accounts. In fact, I have never received any kind of email from NCUA as a consumer, only as a credit union employee. As far as I know, unless you've gone to NCUA's website and have proactively signed up with them to receive emails, you shouldn't be getting emails from them.

That being said, I understand how confusing it is when you're getting multiple emails from multiple financial institutions. I'll confess that I was once almost duped by a phishing attempt that appeared to be from Bank of America. I have a credit card with them and I go online about once a month to check my statement since I've opted out of getting paper ones (a brilliant idea, by the way). Almost monthly I'll forget my log-in information and will have to go through the whole process of resetting my password. So when I received an email from BoA telling me there was suspicious activity on my online account and that if I didn't take appropriate action they were going to lock me out of my account for good, I thought it was because I'd recently typed in about 10 incorrect passwords. I quickly remembered that I'd successfully reset my password and that there's no way they'd close my account without trying to contact me via phone at least.

Here's the rule of thumb I follow when it comes to email: never respond to email from a financial institution or strangers; never click links in emails from financial instiutions or strangers; when in doubt, pick up the phone (but don't talk to strangers).

The Dilemma of the Service Call

noreply@blogger.com (Joe) — Sat, 14 Apr 2007 00:56:00 +0000

One of my job responsibilities as a ‘Relationship Associate’ at Verity is to make service calls to members who have recently opened an account at our Alderwood branch. The first call usually happens about 2 weeks after the account is opened. I ask the member if they have received their checks or debit card and answer any questions they may have about their new accounts. At this time I also take the opportunity, after having reviewed their accounts, to offer the member other products or services that may fit their needs. This call is always well received. The member realizes that we are following up on the new account and they’re appreciative that we want to make sure they’ve received their checks or debit card.
A second call is placed about a month later, without the guise of a check up, to offer others products. Again, having reviewed their accounts, I determine the products that are advantageous for each member and explain how they can profit from them. While these calls are solicitations, and beneficial for the credit union, we have the member’s best interest at heart. Many members don’t have their accounts structured to optimize their return; some because they don’t know, some just don’t care. Either way we want to educate our membership and contribute to a positive banking experience. However, in this day and age people, myself included, are conditioned to be suspicious of sales calls. These second calls aren’t as well received, and sometimes people are stand-offish, especially those who don’t understand our cooperative nature. Are these calls then giving members reason to see us as though we’re only out for profit? Are members equating us to banks? Are they more of an annoyance than a service? Such is the dilemma of the service call.
Nevertheless, I propose that while these calls might not be appreciated by all, we must continue in our endeavor to educate and provide superior service. Those that value our efforts will remain loyal and committed members and those that don’t yet regard these services as highly as others, will recognize their value in time.

Plumbers Have the Worst Pipes

noreply@blogger.com (shari storm) — Mon, 09 Apr 2007 12:37:00 +0000

I spend eight hours of my day communicating, educating and pontificating on credit union products, the wise use of credit, the importance of savings, the virtues of investing, and innovative tools to manage one’s financial fitness.

You’d think, that if you looked into my personal life, you’d find a perfectly balance checkbook, a smooth running family budget, pristinely organized files of important documents and fine tuned retirement plan.

You’d be wrong.

I’m embarrassed to admit it, but my personal financial house is pretty darn messy. I need more life insurance. I need to sit down with our investment advisor. I bounced a few checks this year and I neglected to pay a few parking tickets (until someone named Bruce called).

My 2007 New Years Resolution was to be more organized, more proactive in my finances.

That is what I have been working on this morning. It has probably been over a year since I checked in on our retirement savings (ack!). So I went to Home Banking to see how those accounts were doing.

There is a little known secret about our Home Banking system…. Did you know that you can aggregate all of your retirement accounts in one column so you can see all of them at a glance? It even adds them up for you so you can see the total of your savings at once.

It under our Bill Payer system (and we wonder why people don’t find it!). Go to Bill Payer, then MoneyHQ (again – another sooo intuitive name). It takes about 20 minutes to set all of your accounts up. You need to know the url, user name and password of the companies where you have fund. Once you put it all in, its there every time you want to look at it.

There was something strangely comforting to see all five of my investment accounts, right there in a row, where I left them last year, with little indicators such as “updated 42 minutes ago” and “updated 17 minutes ago”. I wanted to pat my computer on its smart little head and say, “thanks for keeping that safe while I was out of touch.” Yes, I felt a little better about life after seeing those accounts so neatly laid out for me, clearly updating for the past 12 months. (It didn’t hurt at all that the market was kind to me either!)

So if you are like me and your 2007 new years resolution is to be more organized, I recommend two things to you: 1. Check out our retirement savings aggregator on Home Banking. 2. Watch for a class we will be hosting on keeping your personal papers organized. It’s May 22 and more information will be on the front page of the website soon.

Life as a Tweenie

noreply@blogger.com (Randy) — Fri, 06 Apr 2007 17:03:00 +0000

For those of us with kids, the descriptor Tweenie is very familiar; it’s someone who is no longer a little kid, but not quite a big kid either. They are the kids who can see and understand what the big kids can do, and are trying like heck to do those things as well.

I would submit that Verity, and our peers in the $100 million to $750 million sized credit unions are Tweenies as well. We want to be full service like our larger brethren, but sometimes struggle to deliver as efficiently due to cost constraints, scale constraints and efficiency constraints.

A good example of this is business services. A great many of the big (read > $1 billion) credit unions offer this. They have the resources to build a department from scratch and absorb that cost until the business supports itself. Tweenie credit unions desperately want to offer business services. It’s good for the credit union and it’s good for the business community. The Tweenie credit union, however, has a shorter timeline for success because it may not have the resources to support a startup operation for too long.

That is where the beauty of our cooperative nature comes in. There are many areas where credit unions can (and do) share resources to create efficiency and provide better value to our membership. Some examples include core processing, mortgage lending, business services, ATM processing and the list goes on. I just read in CU Times that Telesis Credit Union in California has purchased a nationwide auto buying service and has created a credit union auto dealership with a national reach. Their plan is to offer equity ownership to interested credit unions so every credit union, regardless of size has an opportunity to participate. Kudos to them!

It’s cooperation like this that allows Tweenies like Verity to compete successfully with community and national banks who are many times our size. As credit unions, including Verity continue to grow, let us never forget the cooperative nature that got us here in the first place!

What makes a good career?

noreply@blogger.com (Anonymous) — Fri, 30 Mar 2007 23:17:00 +0000

I always find it interesting to read the rankings in US News and World Reports. Whether it is the best college, best city to live in, or best place to spend a vacation they seem to have a ranking for everything. In the March issue they rank the best careers for 2007 (click here for the link).

While reading the article I was struck by a sentence which gave the advice to pursue something you enjoy (it is hidden in the section that gives advice to recent graduates). Later that day I was announcing the winner of this month’s Extraordinary Feats Award, Melanie Mosshart, and it was evident that she enjoys her job and that has helped her make an impact. Just take a look at some of the things that were said about her:

· “Melanie has a tremendous amount of energy that she brings to work everyday.”
· “Whenever we have any idea that could possible impact our business Melanie runs with it and makes it a reality.”
· “Melanie shows enthusiasm, takes the time to think through what results we want to get and help us come up with a game plan.”
· “Her drive, determination and ability to open doors are truly extraordinary.”

When ranking the best careers US News looks at things such as median salary and job demand. Both of these things are valid but I believe the best careers for 2007, or any other year for that matter, depends on the individual. People like Melanie do not get comments like the ones above unless they enjoy their job.

Now I am a little biased as I am still waiting for Western Washington University to be ranked number one (I think we are all sick of seeing Harvard) in their college issue. Do you think that a magazine can rank the best careers or is that ranking always going to depend on the individual?

Sticky Situation

noreply@blogger.com (shari storm) — Fri, 30 Mar 2007 21:56:00 +0000

While my husband and I were recently on vacation, I accidentally signed a credit card receipt at a restaurant without filling in the tip portion. We were two blocks away when I remembered that I had done this so we tramped back to the restaurant.

I used to work food service and I would never knowingly cheat someone out of a tip.

It reminded me of an interesting email I got from Passport Unlimited. As you know, we offer a VISA card that has the Passport logo on it and you get your second entrée free when using your Verity VISA card (cool, eh?) At any rate, a participating restaurant called Passport and said that one of our members had used their card and not left a tip. They wanted us to track down the member so the restaurant could ask them why they didn’t leave a tip.

Well, for all sorts of reasons, we couldn’t do this.

While I’m sad that there is a waiter or waitress out there that didn’t get a fair night’s wage, I am happy that the restaurant wants to know why.

The reason I am happy is that soon we are going to have a restaurant review forum where members can go and rate their experience at Passport restaurants. Was the food good? Was the service good? Did they know what to do when you gave them your VISA – that sort of stuff. I think it will be a good. Stay tuned.

Working Together to Spread the Word

noreply@blogger.com (shari storm) — Sun, 25 Mar 2007 20:04:00 +0000

Did you see our television ad during the Academy Awards? If you missed it, you can check it out on www.discovercreditunions.com

I’m proud of the way Washington state credit unions are working together to spread the word about the benefits of belonging to a credit union. I think there are 20 of us across the state that are working on this campaign.

Check it out.

Something Crazy Happened in Credit Union Land This Week

noreply@blogger.com (Randy) — Tue, 13 Mar 2007 21:50:00 +0000

Earlier this week, a peer shared with me the news of a new and unprecedented happening in credit union land…a hostile takeover attempt. This type of takeover attempt is very common in publicly held companies, including banks, but has never happened in our corner of the business universe. News of this is spreading like wildfire and individuals, regulators, trade associations and vendors are weighing in. What follows is a part of a letter that one of Verity’s vendors sent that describes the situation and includes some very useful links:

Over the weekend Wings FCU based in Apple Valley MN(Total Assets about $1.7 Billion), made what can best be described as a HOSTILE takeover attempt of Continental FCU(CFCU). They had turned down several overtures made by Wings FCU to merge. Wings FCU solution has been to go the press and slam CFCU as not providing needed services etc. to its members. Go to www.continentalwings.com/ASP/home.asp Wings set up this site without CFCU knowledge. CFCU currently offers GREAT services to its members and is working everyday to do MORE for its members just like you are. Wings just wants the CAPITAL of CFCU. Wings FCU has been acting like this is a great deal for all the parties. The president of CFCU Tom Glatt heard about the "great deal" when CU times called him to ask his thoughts. CFCU response to this ambush can be found at http://www.continentalfcu.org/news/NoStrings.php Check out the CU times articles www.cutimes.com breaking news section.

The letter goes on to ask us to write our regulator to ask that this stop today.

I am a capitalist and firmly understand the need for mergers and acquisitions that are sometimes hostile. Credit Unions however are unique types of businesses, which are trying desperately to distinguish themselves from banks. While this act is not against the letter of credit union law, it certainly flies in the face of the spirit of the credit union movement and seems very bank-like to me. We don’t need to give bankers another reason to attack credit unions and our tax-exempt status. Wings FCU actually considered converting to a bank back in 2003 but ultimately decided to remain a credit union. Its CEO, Paul Parish had this to say, “We feel there is great value in remaining a credit union. Our board has and will focus on remaining a credit union.”

If Wings FCU wants to act like a bank, then for heaven’s sake, just become one. Please don’t do this kind of stuff that could have serious repercussions across our entire industry!

Another look in someone's wallet

noreply@blogger.com (Anonymous) — Sat, 03 Mar 2007 19:55:00 +0000

Remember in January when I shared the contents of my wallet? Well, the idea must be catching on. Trent, over at The Simple Dollar, posted something similar Thursday called What's In Your Wallet? How I Organize the Finances in My Pocket.

It's an interesting read. Mostly because he thinks in terms of security and thrift. For example, he doesn't keep an ATM card in his wallet because they have less fraud protection than credit cards and they allow him too easy access to cash he doesn't necessarily need.

There are so many people blogging about their personal financial situations these days. It's a good resource for those of us looking to help them gain solvency.

From Trent's bio page: The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds - we just want simple ways to manage our finances and save a little money.

Training - Nice to have or a Strategic Advantage?

noreply@blogger.com (Anonymous) — Thu, 01 Mar 2007 22:53:00 +0000

Training Magazine, a national publication devoted to the training industry, named Verity Credit Union as one of the Top 125 training organizations in the United States. Tina had mentioned this in her blog on January 2nd. However yesterday we found out our official ranking. Are your ready for it...

Verity’s official ranking was 101st, ahead of such companies as IKEA, MasterCard Worldwide, and MetLife. In fact, Verity was one of only three credit unions named to this coveted list. Two of them happen to be in Washington State, which I think is pretty cool.

In the most recent issue of Training Magazine Verity is featured in an article naming and briefly describing the Top 125 training organizations. A nice feeling when you are included with such companies as Starbucks and the Ritz-Carlton (who received first place). Check out the rankings of all the companies that made this coveted list.

One of our vision statements is to be considered one of the Top 10 places to work. Since I am involved in training I have an obvious bias in the importance of receiving this recognition. It truly excites me! However I am interested in what you think. Does receiving national recognition like this help propel us towards being a Top 10 organization to work for?

Go see Maxed Out -- a look at America's debt crisis

noreply@blogger.com (Anonymous) — Wed, 28 Feb 2007 00:31:00 +0000

First of all, I have not seen Maxed Out. I saw the trailer a couple weeks ago and was intrigued by its promise to show me how the “modern financial industry really works.” Watch it here, at the movie’s fansite: MaxedOutBuzz.com. Looks interesting, no?

Here are some blurbs from the movie’s website:

Maxed Out reveals the secrets of the new bank. John Ballew, a Midwestern banker whose neighborhood bank has been merged so many times he's lost count, tells us why suggestive selling is the primary qualification for working at a modern bank.

Maxed Out reveals that the financial industry's best customers are the broke and the bankrupt. The most profitable niche of the industry is called "alternative" or "sub-prime"—euphemisms for a business formerly known as loan-sharking.

Maxed Out delves into the heart of the information business. David Szwak, a prominent Shreveport attorney, reveals that 90 percent of credit reports—those forms that now determine whether we get a job, a home and insurance—have errors on them, yet the credit bureaus aren't doing anything to correct the situation.Obviously this movie is anti-bank. I don’t know if it mentions credit unions at all, or if it offers any solutions for people looking to get out of debt. After reading the cast of “characters”, including Suze Orman, Bud Hibbs, Alan Greenspan, Elizabeth Warren, I’m optimistic there will be some impressive and insightful commentary.

Maxed Out is playing in limited release. It will show at Seattle’s Varsity Theatre on March 9. Check here for show times in other cities.

Side note: the director was raised in Seattle and the movie showed at last summer’s SIFF.

Poised with Promise

noreply@blogger.com (Anonymous) — Fri, 23 Feb 2007 20:17:00 +0000

This year it was recommended to me, as the Relationship Manager in Auburn, that the Auburn Branch of Verity Credit Union support the Miss Auburn Pageant by sponsoring a young contestant in the pageant.

What does that mean? Well, it means that Verity would support our own candidate both with financial assistance and with moral support from the credit union staff throughout our candidate’s pageant journey. It was a great idea, (thank you Kathy) and it’s been a delight from day one.

The pageant is kicked off with a VIP Hour at Emerald Downs where the public, the sponsors and families are introduced to the young women embarking on this trek to self awareness, confidence and poise. Because Auburn boasts the largest amount in financial scholarships for a pageant in the entire country, we watched 23 young ladies come forward to win the coveted title and the scholarship that accompanies it.

Ashley T. was our candidate: a vibrant, well-traveled, determined young lady with her eye on business or perhaps photography in her professional future. Her eye was also, as were the other contestant’s eyes, on the prize: several scholarships to be awarded. Ashley, a member of DECCA, is an accomplished writer and an editor for her high school yearbook, not to mention that she looks stunning in her black and white evening gown.

What many people fail to recognize about pageants is that they are a golden opportunity to put one’s best foot into the future. A young lady in the pageant learns poise, grace, how to speak, how to gesture when speaking in public, and most importantly in this world of Victoria Secret models, self confidence. I applaud all the contestants for their courage, their vision, and their promise…a promise of a bright future for each one of them!

Verity Credit Union’s Blog Making Industry News

noreply@blogger.com (shari storm) — Thu, 22 Feb 2007 00:16:00 +0000

Recently, Verity Credit Union was featured in the well-regarded industry magazine, On-line Banking Report, as being one of the most innovative financial institutes of 2006.

Verity has also been asked to speak at the well-attended Net.Finance 2007 conference in April.

Lastly, Verity Credit Union was recently quoted through a podcast in the leading industry blog, Opensource CU.

I am proud to boast that we have a board of directors and management team who are willing to try new things, a staff that is dedicated and talented enough to keep a blog going for over two years and a membership base that appreciates and participates in this type of dialogue.

Who gets to say when paper checks go away?

noreply@blogger.com (Laurel) — Tue, 20 Feb 2007 20:58:00 +0000

Or maybe the question is, "Will they ever go away?"

Like many other financial institutions out there, we offer free Bill Payer and we used to have a checking account that rewarded members with a dividend if they consented to receive their statements and communications with us electronically. And yet we continue to have thousands of members that use paper checks, no matter what incentive we offer. I have yet to hear of a bank or credit union getting rid of paper checks altogether, but it appears that one particular mass retailer might be discouraging their customers from using paper checks. Or maybe it was a lapse in training?

A friend of mine experienced this and she blogged about it:

"I recently got back from a quick trip to the grocery store. I've been putting it off for over a week now. I find that now that I don't have my own income, I procrastinate doing things that involve payments. Grocery shopping is high on the list of things I would rather do with K... part because two kids, two parents... part because, then he can pay for the goods.

I'm used to using my debit card when I'm out. It's convenient and it takes the money directly out of my account. But, I only have a debit card for my account, not our joint account. That means that while I have been unemployed, I've had to write checks for groceries. UUUGH!

My dislike of the paper check is apparently shared by many. I've pulled out my check book numerous times these past several months and I hear moans and groans from those in line... as was the case tonight. It made me think about the time I went to Walmart when they just opened.

It had been opened for maybe a week. I had to get some necessities late at night (they are open 24 hours) and, of course, I had to write a check - I can't believe how much just one can of formula and one package of diapers cost! The cashier looked at me like I was insane. When I asked for a pen, her expression changed from obvious disbelief to sheer panic.

Cashier: "Are you going to write a check?"

Me (I hate obvious questions): "That was the plan."

Cashier: "Uhhh"

Me: "You do accept checks, right?"

Cashier: "Uhhh... I'm not sure. They didn't cover this in training"

She had to call a manager over. The manager had to consult with someone over the phone. They consulted other cashiers and eventually I was able to write my check.It made me wonder... am I really the last of a dying breed? I'm not a fan of the paper check... but at the same time, shouldn't stores be equipped to take all forms of payment... or if they aren't, have it posted on the doors and at the registers? The whole ordeal took nearly 10 minutes... but more annoying than that, I left feeling
alienated.
Of course, I still haven't gone in to get a debit card to that account because it requires both of us to be there... and when we have time together, we don't want to go to the CU (sorry Verity!). I'm not sure I really have a point... and I know it's taken me a long time to get to the end of a pointless blog. I guess I just felt like sharing my thoughts on the paper check and the experiences I've had surrounding them lately. Perhaps if anyone associated with Walmart is reading this... they could put in a request to include the acceptance of paper checks into their training."

What do you think? Will paper checks go the way of the dodo bird or are they here to stay?

BTW, I emailed my friend and told her she didn't need to go into a branch to get a debit card. She commented back on her blog-- thanks for the shout out, K!

"Kayce said...
Now that's customer service! Granted, I used to work at the Credit Union... but a staff member there read my blog and took it upon herself to email me and let me know that I can call to have a debit card issued on the joint account... no need to go into the branch!Take note Walmart! She wasn't sure what the proper procedure was... but instead of trying to talk me out of using the debit card, she asked around and got me some answers. I like that about this company. The employees take it upon themselves to take care of their members and make them feel important. If you are in need of a financial institution, I'm still a big fan of Verity Credit Union. "

Shameless plug, I know-- but seriously, will paper check usage ultimately be replaced by debit cards and online bill pay?

Aw yeah, share the love!

noreply@blogger.com (Daryl) — Wed, 14 Feb 2007 17:35:00 +0000

On this special Valentine’s Day posting I wanted to share the love. (Is someone’s HR Alert sounding?) In this case I’m talking about employee referrals. We have many employees who come to Verity through referral by another employee. Not only does this make my job easier, it also helps us foster a dynamic corporate culture. Kathleen Miller, one of our Member Service Reps at our Beacon Hill Branch, recounted her story:

"Last Fall I was pondering going to work for a former boss at a large financial institution when I ran into my neighbor, Melanie Mosshart, at our mailboxes. She is always fun to talk to and was really excited to tell me about her new job at Verity.

After hearing her rave about the company and discussing some of the products, my interest was definitely peaked. She gave me a promotional Passport card and said that she’d let me know if she found out of any openings. I got online and checked Verity out. It’s pretty rare to hear someone talk about their job and company in such positive light so I checked it out! I applied for a position at the Beacon Hill branch during the 10 for 10 promotion and anticipated waiting to hear anything when I got a friendly call from the HR department! The hiring and training process was an absolute breeze and having medical insurance available right away, (even for part time!), that’s amazing to me.

I am very happy here and have learned a lot already. As far as Verity University, the self study STAR books and online training is really helpful. Other companies that I have worked for seem more interested in production than encouraging their employees to further their education. I have met a lot of really fun and talented people here at Verity and it has all been a really positive experience for me!”

Call me a nerd, but it really excites me to hear stories like these. Kathleen – and don’t call her Kathy – has since transitioned into a fulltime role at the branch. She exhibits a lot of great attributes that we look for in Verity employees. I’m happy to say that this is just one example – I’d need another set of fingers to count all the referrals we currently have at Verity. Now that’s sharing the love…in an HR appropriate way, of course. :-)

Real Life Myths Exposed

noreply@blogger.com (Anonymous) — Fri, 09 Feb 2007 00:09:00 +0000

Last week a friend introduced me to a show called Mythbusters. The premise of this show is that these two guys go around trying to prove if myths are true or not. Important things like if a jawbreaker is heated in the microwave and then bitten into will it blow up (the answer is yes and it will burn you pretty bad). In the spirit of my new found knowledge I thought I would share the answers to two of the more interesting myths I have encountered.

Myth Number One: Pirates wore eye-patches to cover their glass/hollow eye.

This turned out to be false. The real reason (beside the obvious fashion statement) is that it allowed one eye to adjust to the dark more quickly. They were constantly going below deck where it was dark. By simply moving the eye patch to the other eye they were able to see their way around more quickly. It was simply a method to improve their night vision.

The weird thing is when I first heard this my reaction was not that I was surprised or even impressed. My reaction was how did I never, in all my years on this earth, wonder why the eye-patch. I just sort of accepted that was what pirates did, sort of like taxes and death. Random tangent but seriously have you ever questioned the whole purpose of an eye-patch for a pirate?

Myth Number Two: Nice guys finish last.

This one I became the myth buster on (but not with the same title as that would be a copyright infringement). Look at the two nominations that were submitted for this month’s winner of our Extraordinary Feats Award. It is people like Pete that make me glad that I work at Verity Credit Union (and it isn’t because of his endless candy supply...well maybe it is a little).

Nomination 1:
I would like to nominate Mr. Pete! Mr. Pete ALWAYS greets everyone with a smile, and is always ready to help with anything that he might be able to assist with. I think he goes above and beyond with his kindness towards all employees and members, and demonstrates what it means to be a great roll model. For those of us who have had the pleasure of attending the 7 habits classes, I think that Pete creates his own sunny happy weather- and shares it with all who come in contact!

Many times, I have been in the Branch, and at every opportunity to serve- he is there. This, I believe, goes a long, long ways in having the best Quality Service for our members. It is obvious that he takes great pride in what he does, and for this I believe he deserves to be recognized with an Extraordinary Feats Award.

Nomination 2:
Extraordinary can sometimes be found in the beauty of a very ordinary day. Take your typical day and you will find Pete offering to help most anyone that comes his way, whether this has to do with branching, staffing, or eating Reese’s Peanut Butter Cups. He is this beacon of light that shines on us and warms us with laughter, kindness and joy. He cares and now I will give my soap box speech about caring: you can’t pay people to care; they either do or they don’t. He does. This is good.

When I think of extraordinary I think of the kinds of things that we would want our ideal employees to do. Be a model of our corporate culture, promote servant leadership and strive to make things (no matter how big or small) better. Pete does that. I think it’s inspiring. If you need a specific story, here goes:

I was working on a Saturday and Pete noticed. He said, “what are you doing here?”
“Trying to crank things out but my computer is all frozen right now. That’s so frustrating because I can’t get it fixed” I replied.
He nodded in empathetic agreement and said, “but you look fabulous, just so you know.”
I laughed. Pete has a way with words.
Not five minutes later he sends Val over with an interoffice envelope. She said, “I am supposed to give this to you but not bother you in case your crank is turning.”
I open the envelope. It’s filled with candy.
My day is better, because of Pete.

Pete is both a nice guy and a winner. Clearly, with the help of Pete, I have proved this myth wrong. I think there could be a future career in this for me.

Reports of another credit card compromise put Verity on the offensive to protect its members

noreply@blogger.com (Laurel) — Thu, 25 Jan 2007 21:34:00 +0000

It looks like yet another compromise of credit and debit card information has reared its ugly head.

On Thursday, January 18, 2007, the Wall Street Journal reported that a “giant retailer” had a customer security breach. You can read about it here (not the WSJ article, but one on MSNBC as you have to pay to read the entire WSJ online version.) According to the article, millions of shoppers that shopped as far back as 2003 at T.J. Maxx, Marshalls and other TJX stores (their parent company) could be affected.

Verity is working aggressively with Visa USA to contact any members that may have been affected. In a nutshell, here is our game plan:

We normally receive daily reports from our credit card vendor (who receives this information from Visa). Credit cards listed on this report mean that there is a possibility that a compromise of information may have occurred. Verity staff checks every card listed to see if it is one of our member’s debit or credit cards.

In light of this incident, the reports are longer than usual, however, there has been no need to do a mass reissue of plastic cards.

The good news is that there have been no reports of fraud so far. However, we are taking the following steps to minimize risk and inconvenience to our members:

If a member’s debit or credit card has been reported, we will contact the member in writing.
A new debit or credit card will be reissued to the member immediately. We have determined a time frame that will allow the member to use their current card until the new card arrives which allows the credit union to close the account without denying the member access to their funds.

If you have any questions about your account or this incident, please call our Member Service Center at (800) 444-4589 or call (206) 440-9000. Any updates will be posted on this blog.

Good news if you have $ to deposit!

noreply@blogger.com (Randy) — Fri, 19 Jan 2007 23:01:00 +0000

Earlier this week, our COO shared with me a recent WSJ article titled "Banks' Cry, Give Us Your Cash". The gist of the story is that our national savings rate is at an all-time low, while loan demand remains high, which translates to Banks (and Credit Unions) scrambling for deposits to fund loan demand. This article definitely struck a nerve with me, as I spend much of my working day trying to figure out how Verity is going to continue to fund loans while maintaining an ample interest margin. Interest margin is the difference between the rate we charge for loans and the rates we pay on our deposits. This margin is the primary source of revenue for banks and credit unions and provides for us the resources to build branches, offer technology and maintain a skilled staff.

Verity, and most other financial institutions have seen margins erode during the past 12-18 months. This is due in large part to the flat/inverted yield curve, where short term rates are equal to or higher than longer term rates. Most financial institutions price their deposits off the short end of the curve, while loans are priced off the longer end of the curve. Another major factor, as I alluded to earlier, is the low/negative national savings rate. Increased competition, including sky-high rates and fantastic offers is a third major contributor to our margin squeeze. We did this ourselves with our recent "Pick Your Term" CD special where we offered 5.6% APY for a 6, 9 or 12 month CD. While the dollar results of that special were fantastic (it was our largest dollar-growth special ever), I am finding it difficult to find investment outlets for those dollars where Verity can make much of a spread.

"So what's your point", you might ask. I think 2007 is going to be a very interesting and challenging year for financial institutions. We at Verity are not forecasting much of a change in interest rates, at least for the first part of the year. That means, if we want to grow we will need to be aggressive with rates and innovative with products. That's ok, we've got some great things in the hopper and at the end of the day, it's great for consumers; especially those with dollars to deposit.

Yes Summit exercise: my life's an open wallet

noreply@blogger.com (Unknown) — Wed, 10 Jan 2007 18:22:00 +0000

If someone asked to see your wallet, would you show it to them? I did -- on the first day of the Yes Summit to a bunch of people I’d never met before. I like to share.

Actually, it was a group exercise. The youngest person at each table was asked to share the contents of his or her wallet and then answer questions from the group that might help them draw conclusions about how the 18-30 demographic spends money and what kind of products and services they use most. I’m 31, just slightly older than the target demo, but I was the youngest person at the table, and let’s face it, I still think I’m 21 most of the time.

Answer: I only write one check a month – my rent check. Occasionally I write checks for charitable giving or to small places, like my CSA, who do not accept plastic.

How do you pay your bills then? I use Bill Payer.

Do receive paper bills or do you prefer paperless? It’s a mix of both, really. If a company makes it really easy for me to switch to paperless, I usually will as long as they send me email reminders that my bill is due.

I usually take withdrawals for $40 from the cash machine, so that’s usually the most I ever have on me at one time. Unless I’m traveling and then I might have up to $100.

Debit card.

If the purchase is more than about $50, I’ll use my credit card.

It’s mostly psychological. I don’t want to see a big hit on my checking account. I’d rather have a large credit card bill and pay it off once a month. I know, it makes no sense.

I carry two in my wallet: a Bank of America card that earns rewards points that I use for cash back, and my Verity Platinum Passport card for dining out. I have two more cards at home that I only use at specific retailers.

I have this B of A card because when I moved to Boston in ‘99 I got a Bank of Boston credit card and eventually they became B of A. I’ve never had any reason to switch cards. I pay my balance off every month, so rates aren’t a big deal to me, and I’m not really that into rewards programs because I don’t charge a lot to my card. I’ve never charged more than $2k in one month. I’d say my average bill is $500. I’ve thought about switching cards to get one that gives money back to my alma mater, but it’s too much of a hassle and I like the fact that I’ve had this card for a long time.

I’ve got my health insurance card, my library card, 2 grocery store club cards, a Fred Meyer gift card and a Blockbuster card.

No. When I go out for dinner or drinks or just to hang out with friends, I try to only take my ID and either my debit or credit card. I hate having a wallet full of stuff.

No. B of A sends me those when my card renews and I shred them right away. It makes me nervous to have that on my keys. It’s just one more opportunity for theft.

My wallet. My cell phone can’t buy coffee.

The point of this exercise was to show how much you can learn from someone by asking them about their wallet. Why not have a promotion where you give your members $10 for letting you ask them questions about their wallet? Imagine what you might learn. You’ll get so much more information from them this way than by just asking them things like, “What kinds of financial products do you use? How happy are you with your current credit card?”

Everyone at my table agreed that the information I provided was valuable. Isn't this the kind of juicy stuff we try to get out of our members through focus groups and surveys? And I just gave it all up, for FREE.

New Year's resolution: make brain hurt

noreply@blogger.com (Unknown) — Mon, 08 Jan 2007 23:31:00 +0000

One of the most challenging aspects of my job is that I find it hard to take off my marketing hat when I’m not at work. For example, if I’m out with a group of people, I will not hesitate to check out what credit cards they use to pay their tab and then ask them why they use that particular card. Or, if someone I’m just meeting asks me what I do for a living, I will tell them I work for Verity Credit Union and then ask them if they’ve heard of us. If they haven’t, I usually start off by saying we’re a not-for-profit financial institution…blah, blah, blah. If I’m lucky, this will result in a response that sounds like this: “Not for profit? What do you mean?” Well, I’m so glad you asked.

It’s not that I love talking about work all the time, it’s just that I’ve had enough conversations to realize that credit unions have a real public relations issue on their hands. I rarely come across anyone outside our industry that even knows what a credit union is. The question I hear most often is: Don’t you have to belong to a union to join a credit union? I hear these comments a lot too: “I think my grandpa belongs to a credit union” and “I only use online banking, so a credit union wouldn’t work for me.” OUCH.

Not only do people not know what a credit union is or how it differs from a bank, they think as a whole we are old-fashioned and frumpy and don’t offer innovative or even modern products and services.

I recently attended the YES Summit in San Diego which focused on serving the 18-30 demographic.* We talked about how important it is to be innovative and not just copy what the competition is doing. We had young folks come in and talk to us about their financial needs and how they perceive credit unions. We did a lot of brainstorming and group activities to get our creative juices flowing. And while I learned a lot at YES and came back to work pumped and ready to go get these young whippersnappers, I realized that much of what we discussed can be applied to people of all generations. Being innovative isn’t only going to attract the under 30 crowd. Finding out what people actually need instead of just offering them what everyone else does is going to get us noticed.

I hope that the year 2007 will be one of innovation and fresh ideas and positive changes for us. One of my resolutions for this year is to make this happen, even if it makes my brain hurt.

*Stay tuned for future posts on the Summit.