Stacks of coins
 

Financial Msg to Members

A Message from our Vice President of Finance

Hello everyone.  I hope each of you are doing well during these unprecedented times.  As the Vice President of Finance at your credit union, I want to take just a minute of your time to share with you how your credit union is situated to “weather” these times.  Over the years we have implemented technology which enable each of you to take full advantage of our services from the comfort of your home.  Who knew we would need them for a pandemic?  We have also built-up a solid foundation of net-worth on our balance sheet which is always beneficial for unforeseen circumstances.  We have structured our investments to provide ample liquidity and cash to meet your withdrawal and loan needs.  And we are doing everything possible to protect our employees while at the same time, providing world class service to you.  I encourage you to check out our financials.  You’ll find that your money is safe and secure.  If financials aren’t your thing, always remember that your deposits are fully insured up to $250,000 by the National Credit Union Administration.

 

Looking at the big picture, we fully anticipate the economy going into a recession.  Unemployment is going up, and interest rates are going down. However, unemployment is short-term for most people because once social distancing has been relaxed, consumers will be anxious to go back to their routines of sporting events, travel, dining, and family gatherings.  This will “jolt” the economy to get back on track because the unemployment was not due to lack of consumer confidence in the economy or an unwillingness to spend.  We have been pleasantly surprised to see that our members are still purchasing homes, vehicles, and motorcycles along with doing home improvements and remodeling. 

 

In closing, we have outstanding employees who are doing everything in their power to assist your needs and we appreciate your patience as you wait in line at our drive thru lanes or when you call us.  We encourage you to use our electronic services as much as possible for your safety as well as the safety of our staff.  Thanks for your time and stay safe.

 

Ron Rush
Vice President of Finance
Bayer Heritage Federal Credit Union