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Posts Tagged ‘credit unions’

Credit Unions: The smarter choice

Wednesday, October 17th, 2012

CBS This Morning gave us (ok, all credit unions) a nice plug in their segment on why credit unions are a great choice. With the Fed keeping interest rates low, you’ll want every advantage you can get in managing your finances these days. What are the big advantages?

  1. It’s easy to join. For First Source Federal Credit Union, if you live, work, worship or attend school in Oneida or Herkimer counties, you can be a Member. That’s it. Visit or call us if you’re not sure if you qualify.
  2. As a non-profit, member-owned organization, our rates on your savings are generally higher than banks, and our rates on loans are generally lower. Loosely translated, more money in your pocket.
  3. We’re part of a network of more than 28,000 surcharge-free ATMs across the country (any Co-op Financial Services or Sharenet ATM).
  4. Although this segment presents it as something to be careful about, at First Source, we keep the details simple and clear. We don’t suddenly change terms on your accounts. Ask a Member. We let you know the terms, and we keep them consistent. No surprises.
  5. They also talk about a $20 entrance fee to join many credit unions, but not at First Source; here it’s only $5 which is your ownership in the company. Sweet.

They didn’t mention one big advantage you get: at First Source, we see you as a person with individual needs, from opening an account to applying for a loan. We get to know you, and we treat you like a friend. And you can take that to the…well, to the credit union.

An update from President/CEO Mike Parsons

Friday, June 29th, 2012

At First Source we believe we have an obligation to promote and protect the credit union industry. We continue to work with members of Congress on important issues to the credit union movement such as the federal income tax exemption that credit unions have due to their unique ownership structure, which allows us to continue offering our membership low cost financial services.

Recently Congressman Richard Hanna visited our new Rome Branch to recognize our investment in and commitment to the communities we serve. I’m pleased to report that Congressman Hanna has become a strong supporter of credit union friendly legislation. Thank you Congressman Hanna!

As President of your Credit Union I’m pleased to let you know that I’ve recently been elected to Board Chairman for the National Association of Federal Credit Unions where I am able to represent credit unions on the national level working with government-elected officials to ensure that the importance of credit unions is well understood and appreciated by all so that we may continue to serve you well and provide product and service enhancements.

Thank you for your continued business!

Mike Parsons

Fighting For You

Thursday, April 15th, 2010

New proposed legislation may not be in your best interest.

Along with First Source Board Member and President of JAY-K Lumber Dean Kelly, I had the opportunity to visit with U.S. Senator Charles Schumer when he visited JAY-K Lumber this past week. I had a brief chance to mention a letter I sent to him recently on behalf of First Source and other credit unions.

At First Source, we’re committed to promoting and protecting all credit unions, to make sure we can continue to provide excellent service to our Members. With that commitment comes an obligation to educate our elected officials in Washington and Albany about the difference between credit unions and banks, and to share our point of view on legislative issues that affect us.

During the past several years, we’ve seen a constant stream of news about problems in the financial services industry. Problems that have hurt millions of consumers across America.

How does this bring us to Senator Schumer? Congress has responded by introducing legislation that would create a new Consumer Financial Protection Bureau, with sweeping new regulations whose sole purpose is to protect consumers from unscrupulous lenders and others who take advantage of them.

While we generally support the new legislation, we don’t want credit unions, which did not cause the mortgage crisis or other problems that led the country into recession, to be subject to new regulations prompted by the actions of other, less-responsible financial services firms. Credit unions, by their very nature, work to protect consumers and only offer products and services that are in the best interests of their Members.

Senator Schumer has been a long-time supporter of credit unions. The Senior Senator from New York has even been working to raise the limit on the number of business loans credit unions can make so they can make more loans to small businesses. We’ve asked him to consider an amendment to the new bill that would exempt credit unions from the additional consequences and costs that banks have earned. This would reward credit unions for our responsible financial practices (before, during and after the bail-out), and allow us to keep fees low and save money for our Members.

Join me in thanking Senator Schumer for his continued support and consideration of this amendment!

Mike Parsons

Banks vs. Credit Unions

Tuesday, February 2nd, 2010

First Source President/CEO Mike Parsons explains what makes Credit Unions different from, and better than, banks. A full range of services with low or no fees, very competitive rates and personal service help set them apart. His brief overview makes it clear you have an easy choice for a new and better financial relationship.

Love Never Sleeps

Wednesday, January 20th, 2010

We’re often asked what sets a Credit Union apart from a bank, and there are many answers. A few are easy (we’re not-for-profit, our Members are also our owners, our Board is only made up of Members, and every Member has a vote), but our Members appreciate some of the “smaller” benefits the most. Here’s a great one that we’re sure you’ve wished for at some time: did you know that at First Source you can make immediate withdrawals from your electronic deposits? For example, you can make a deposit at an ATM or online, and be able to access some of those funds immediately. Sounds like something you deserve, doesn’t it? We agree.

ATMs: Not only can you make deposits 24/7 at select ATMs, but you can make an immediate withdrawal of up to $200 a day from your new deposits.

Online: You can also deposit checks (yes, checks) online from anywhere you have access to the web, and then withdraw up to fifteen hundred dollars of your deposit-without having to wait.

Why bank anywhere else? Find the details here or at your local branch.

Our love never sleeps—we’re always looking for ways to serve you better, so let us know what else you’ like to see at First Source, where we always put You First!

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