The Credit Union National Association has determined that ELGA Credit Union provided $5,910,443 in direct financial benefits to our 44,210 members in 2011. This equates to $254 per member household. Loyal member households using ELGA for all or most of their financial needs received an estimated $1,667 in direct benefits. This is based on lower loan rates, higher deposit rates, and lower fees charged compared to Michigan Banks.
Why would anyone chose to use a bank and lose out on the benefits of being an ELGA Credit Union member?
Value of Being an ELGA Credit Union Member
May 16th, 2012 
Karen Church The Value of Membership
May 16th, 2012 Karen Church The Credit Union National Associates have determined that ELGA Credit Union provided $5,910,443 in direct financial benefits to our 44,210 members in 2011!
This equates to $254 per member household. Loyal member households using ELGA for all or most of their financial needs received an estimated $1,667 in direct benefits. This is based on lower loan rates, higher deposit rates, and lower fees charged compared to Michigan Banks.
Why would anyone chose to use a bank and lose out on the benefits of being an ELGA Credit Union member?
Compromised Cards
April 24th, 2012 Karen Church I’m sorry to say that a number of ELGA Members had cards compromised in the past couple of months. We immediately blocked them to reduce the fraud that can take place once card numbers are compromised. This is a terrible inconvenience for our members and we appreciate your understanding.
Many have asked how this happens and in a nutshell. . .
- Merchants use a processor for sales paid by debit or credit card.
- If the processor for the merchant doesn’t have the proper security measures in place, a hacker can get into their system and steal the data.
This shouldn’t happen although it does. The quicker we can act on blocking the cards the better off we all are. It is so important that you safe guard your cards by knowing where they are at all times. It’s also a great idea to review your checking account transactions at least monthly.
If you aren’t signed up for Internet banking, do so right away for 24-7 access to your account information. As always, we value your membership and welcome your feedback.
Income, Income, Income
February 16th, 2012 Karen Church How do we make our income?
- Interest on loans.
- Fees for services.
- Interchange from debit and credit card usage.
- Commission from insurance & investment sales.
What do we do with our income?
- We pay for the expenses of running the business.
- We set aside the funds (reserves) necessary for down economies to guarantee that we will be able to hold our own through any unexpected hard times. (The past two years have tested the strength of our reserve.) We refer to our required reserves as our “safety net”.
- We pay dividends to our depositors.
What could we do with more income?
- Build our reserves quicker.
- Open new branches.
- Increase our associates’ earnings.
- Pay our members an annual rebate bonus based on the products used.
The Cost of Inactivity
December 27th, 2011 Karen Church The maintenance cost for each inactive member is at least $55 per year. We have approximately 12,000 inactive members, which cost us $660 thousand dollars per year.
We must learn what it would take to make these inactive members want to do their business with us. If we aren’t the right fit for their needs and they don’t use our products or services, we are forced to close their accounts with inactivity fees. This happens after one year of inactivity.
Relationships Require Trust
December 21st, 2011 Karen Church All good relationships have open communication and utilize great listening skills. Judgments aren’t made and understanding is key. There are no secrets!
ELGA Credit Union wants to have this kind of relationship with you, our member. We will provide you with information about the financials and explain how you benefit from the income we earn.
You must think of ELGA for all your borrowing and deposit needs. We will listen until we understand how you have determined that you will be able to pay back your loans. We will pay you the best return possible on your deposit accounts based on our earnings.
Bottom line is mutual trust will build a beautiful relationship that you and your credit union will thrive on.
What – You Want Me to Have a Relationship With You?
November 8th, 2011 Karen Church We all want meaningful relationships. We want that deeper connection with friends, spouses, children, and yes, even with our banking. Relationships require two or more people willing to build trust and loyalty.
Here at ELGA, we want to build lifelong relationships with you, our members. We want to be able to earn your deposit and loan business, to the point that you don’t think of any other financial institution when you need something. We want to provide you with WOW service every time we help you. We want you to let us know when we come up short on products or service. You know, all the things that happen in a good relationship.
We want you to use ELGA Credit Union for loans, VISA, checking, savings, direct deposit, investments, and anything else that has to do with banking. That’s the kind of relationship we want to build with you.
We want to love you and for you to love us!
ELGA Credit Union & Burton Eagles host the BURTON K-9 COMMUNITY FUNDRAISER BASH
October 14th, 2011 Staff Writer
ELGA Credit Union and the Burton Eagles will host a community dinner on October 21, 2011 to raise $10,000 to fund a K-9 officer.
Dinner will start at 5:00pm and will be served until 8:00pm.The $5.00 meal will include a sloppy joe, chips, coleslaw, dessert & cash bar. The evening will include a live band, 50/50 drawings and chances to enter the “CASH CUBE”. There will be a K-9 demonstration and local radio station B-95 will be doing a live remote.
This event will bring out local police forces, firefighters, elected officials, business owners, community leaders and residents for two reasons:
- The evening will honor one member of the Burton police force, K-9 Cade who died after he was accidentally struck by a vehicle during a training exercise
- To raise money to welcome another K-9 officer.
What – You Want Me to Have a Relationship With You?
August 26th, 2011 Karen Church We all want meaningful relationships (friends, spouses, children, and yes, banking). Relationships require two or more people willing to build trust and loyalty. We want to build lifelong relationships with you, our members. We want to be able to earn your deposit and loan business, to the point that you don’t think of any other financial institution when you need something. We want to provide you with WOW service every time we help you. We want you to let us know when we come up short on products or service. We want you to use ELGA Credit Union for loans, VISA, checking, savings, direct deposit, investments, and anything else that has to do with banking.
We want to love you and for you to love us!
Shopping for Charity
June 3rd, 2011 Allison McCarty Are you a bargain shopper? Shopping on a tight budget? Would you like to make a charity donation and take home some great loot in the process?
ELGA will be having our 2nd Annual Charity Rummage Tent Sale on June 9th-11th. The sale will be held at our Burton Office in the lot between our Administration building and Meijer. It will be open from 9:00am-6:00pm each day.
ELGA associates and their families have been donating gently used items of all sorts to make sure our sale is a success. We have clothes, purses, furniture, children’s items, housewares, and much, much, more. The items are in great condition, and some even still have the store tags on them! Believe me; I’ve seen our stash of goodies. We have some fantastic items already and we are getting more donations every day. I’ve already got my eye on some things.
Have too much stuff at home? Now is a great time to clean out that closet! We will accept donations of items that are in good condition to contribute to the sale.
Last year was our first sale. We had a lot of fun, sold a lot of stuff, and raised almost $7,000! Come out and see us this year and help us crush last year’s total. There’s something for everyone, and the prices are so good if you think you want to donate a little more we will be accepting direct donations as well.
All proceeds from the sale will benefit the American Cancer Society via the Relay for Life program and The Children’s Miracle Network. At the end of the sale, any unsold items will be donated to Goodwill.
