WAITE'S WEB WORLD

Credit Union Page

established 1995

Credit Unions are rapidly developing new technology such as electronic banking, touch screen information terminals, audio response units, even Home Pages.

Thanks to Prodigy's Chuck Epstein - Prodigy Board Manager and Editor of Investing Online, from January to March 1995, I served as the first Credit Union Guest Expert on the Prodigy Online Service. During that period, I was asked a gazillion questions including my perspective of the advantages of credit unions. In a nutshell, included in my response was "value", "co-operative", and "convenience".
I think that we typically offer higher savings and lower loan interest rates. This is because credit unions can operate on smaller profit margins. Credit unions usually are convenient, such as located at or near your place of employment. And if they're not, most offer ATM access through major electronic networks such as The CO-OP, STAR, PLUS, or VISA.
Customers of credit unions, or "members" as we call them, are the actual owners of the credit union. As employees, we tend to remember this and in fact, the Board of Directors of credit unions are made up of volunteers from the membership. They set policy and hire the CEO and as such, have great influence as to how things operate.
How membership for a credit union is established is regulated. There must be a "common bond" to a group to qualify such as the same employer, county employees, etc.

I was also asked about my vision in designing the Money Talk BB: Credit Unions topic on Prodigy...
Over 1,000 interactive discussions took place and stored in the Money Talk - Credit Union Archives..
The concept of the new board was simple. I served as the credit union guest expert. From January until June, readers saw the "Scott Waite" topic and within it, numerous subjects.
In June 1995, due to my other time demands, I selected four other credit unions to permanently join me on the board. Readers then saw a "Credit Union" topic, and the name of several credit unions as subjects.

Others soon began to pick up the message...and the news spread rapidly.....such as Ric Manning' BOARDWATCH !
The story was even featured in the "AMERICAN BANKER" and "CREDIT UNION NEWS" publications.

The other credit union's involvement was to participate on the board within their subject, and others of course. They visited it as often as possible and responded to comments and questions regarding their credit unions.
They also encouraged their members to communicate with their credit union, electronically, in this area. They set up a forum where their members participated in discussions directly with credit union personnel.
They were all very instrumental in getting electronic interaction between credit unions and their members to become a reality. The names of the pioneering credit unions include..

Patelco Credit Union San Francisco CA

San Diego Teachers' CU San Diego CA

The Norton Credit Union San Bernardino CA

Sunfirst CU Syracuse NY

Superior Credit Union Collegeville PA