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New credit union promises a revolution in banking
Patrick Keller
Lakeside Leader
Common Wealth Credit Union’s Rennie Hall Plaza branch is getting set to open the doors on Slave Lake’s most modern addition to the old town centre, but it may not be soon enough for some anxious folks.
During the last days of construction, a man with cash in hand came into the building, desperate to get started banking.
So positive is the buzz surrounding the opening, that the old, temporary office on 4th Ave. NW has done over 100 loans and mortgages “out of the trunk of a car”.
The group is gunning for an opening date near the middle of April, and judging by the renewed pace of construction, finishing touches are nearly complete.
It’s a welcome addition to an area of town that might not be getting its due, now that business and construction on the south end of the strip seems to get most of the attention.
But that might change, The Leader learned during a walkabout with the bank’s Eric Dillon.
Dillon is the Senior Vice President of Member Services with Common Wealth Credit Union, and a potent ambassador for the credit union cause. By outward appearances, Dillon looks like a banker. Sharp suit, firm handshake, etc. But, he would like you to know, the similarities end there.
Looking out from the big glass walls, the small shops on central Main St. look a little depressed, lined up behind a wall of dirty, melting snow. The cracked paint of store fronts, the fading signs. They look like they could use a friend.
“We could have moved in to the south end of town,” says Dillon. “But these are our people.” He points to a sports store, restaurants; all of them small, family businesses. All of them, increasingly, on the run from the big box juggernaut happening in the south end of town.
Here too, there are similarities. Credit unions have had to fight hard to maintain a presence in communities over the years. Going up against the big banks has not been easy. It wasn’t that long ago that credit unions were thought to be on par with farmers co-op’s; a dying breed. And that suits Dillon’s bunch just fine.
“We’ve been called glorified piggy banks. I don’t mind what people call us, as long as we can continue to help them with their money,” says the zealous Dillon, who includes farmers along with local business and youth as a big part of their plan.
So, how does the CU experience differ from other financial institutions?
For starters, an open, bright design that is covered with local imagery and artwork. So far, there is none of the franchise feel of bigger outfits. No giant posters with current loan rates, no dull reading.
There’s a coffee bar. There’s a Nintendo Wii play station for kids (hello?). But here’s a really nice touch; there is no endless pony wall hiding tellers and your money from you!
In this bank of the near future, carousels with swiveling flat panel displays have you standing shoulder to shoulder with your ‘teller’ (or, member service representative, in CU speak). Looking together at a screen with all of your current account info, says Dillon, they can make suggestions and show you how to maximize your monies, on the fly.
Credit unions, it seems, have come of age. In this day and age, when banks are showing record profits, and charging record service fees, the homey and personalized credit union may have finally found its voice.
Dillon claims that the union puts their money where their mouth is.
“We put a lot of money and a lot of thought into this location. Keeping Rennie Hall Plaza in the branch name was an easy decision for us. We put $75,000 into the shelter out front and we encourage school bands, or anyone, to use it. We’ll even float the cost of events for them!”
In 20 years time, the union will have pumped $10 million bucks into the community, according to Dillon’s math. “Each of our branches has given nearly $500,000 a year back into the communities where we operate,” he says, qualifying the numbers like this: Assuming the branch grows to $100 million in assets, and earns about the same level of profit as it does today, if they continue to return 44 per cent of profits to members, that would result in profits of about $440,000 being shared between members in Slave Lake and the community (town and county) that the branch serves.
And just when did the homey little credit union go high tech? While big banks were trimming the fat of tellers and offering little in return for your savings, credit unions took advantage of the digital era to make what amounts to a quantum leap for them. They put together a merger that would allow clients to bank between the three big credit unions of Alberta, resulting in 92 interconnected branches offering full service banking for customers. Finally.
“Alberta’s workers are on the move,” Dillon explains. “A guy leaving work in Grimshaw might have to pay a bill urgently. He shouldn’t have to drive to High Prairie or Lac La Biche for that convenience. We finally hammered out an arrangement between us that would allow for that. It’s huge for us.”
Throughout all of this, it pays to remember that credit unions are owned by members.
Ultimately, the person in line next to you is making decisions about the future of the credit union, just as you would be. When they brought the idea of joining forces to members, the average votes between the three unions were 95 per cent favorable.
So, they have that going for them.
Heres another thing they think you will appreciate: Young and Free is a program “powered by Common Wealth Credit Union” that provides completely free banking for any member between 17 and 25 years old. Completely free. That includes cheques, payments, point-of sale transactions, you name it.
By now, you might be asking yourself, “where’s the catch?” You’d be forgiven for not trusting bankers entirely, but Dillon assures us that the ‘catch’ is really just sound business practice. Listening to members and giving back to the communities where companies operate is not a new business model.
Aside from some tech flash, there’s nothing really new here.
In fact, the idea is quite old, but it’s one that may have gotten lost in an expanse of big box stores and off shore call centers.
“Anyone can learn how to do a mortgage,” says Dillon. “But you can’t teach someone how to care.”
Dillon’s implication is that the credit union will add to the overall health and wealth of our community by blending unique banking services with corporate philanthropy. It sounds good on paper and we hope that’s true.
One thing that is certain is that a unique and modern structure is a welcome addition to the centre of town!
Prior to the official opening, Cindy Johnstone will be fielding inquiries at the old office. She can be reached at 849-9529.
The general call centre number is 1-877-606-6333.
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