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Mid-Year Update from Doug True, CEO.
The first five months of 2014 have been fast-paced here at your Credit Union, and that’s the way our FORUM team likes it. We’ve been busy serving our members with financial solutions that enable new home purchases, transportation upgrades, and more cash in their pockets. We’re excited to have helped 367 members with their new home and 3,408 members with their new wheels. You may have heard that we introduced a new credit card in January, and we are pleased with the response the new FORUM MasterCard™ has received. More than 2,240 members have switched to this simple rewards based card, and the Credit Union has rewarded more than $27,000 in cash back to members.
This participation with FORUM is appreciated and a big part of what makes the Credit Union thrive as a not-for-profit financial cooperative. We adhere to the seven cooperative principles, and principle number three is the economic participation in the cooperative by its members/owners. On the savings side of the Credit Union, we have seen growth in the number of open and active YOUR Checking accounts. YOUR Checking is rewards based, and through the end of May, the Credit Union has rewarded members with more than $373,000 in cash. Members have three options to receive their rewards: 1) dividends, 2) cash back, or 3) credits to pay for any fees they might encounter with any balance returned to them at the end of the year.
The following graph shows how members are being rewarded.
Your economic participation with FORUM also provides fiscal stability and thus opportunities to invest in the betterment of the Credit Union. FORUM has a number of member driven initiatives underway as part of the 2014 Business Plan. Two examples I want to highlight this quarter relate to improving our service to you. We are on the cusp of implementing new mortgage software that will make our mortgage process even more efficient for our members. We are also preparing to roll out a software upgrade for our branch offices that will improve the check deposit process and provide greater detailed member receipts for your record keeping. We are excited to be underway with these new developments.
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