Credit union works with members, through pandemic and beyond
Putting members before profit is always standard procedure for Motor City Community Credit Union. The corona virus pandemic has only strengthened this guiding principle.
“Our members in need of help have definitely recognized that banking with motor city is a smooth, helpful experience, compared to their family and friends dealing with the big banks ,” notes matt se ne ch al, digital marketingmanager.
Stepping up to meet the banking requirements and comfort levels of all of its members, Motorcity takes great care that people have options. “Our credit union is in a transition period with people who want new tech and others who want things done in a more traditional way. It’s important to us to service each person the way they want to be serviced ,” says Senechal.
Before and especially since the pandemic hit, members have been utilizing the member assistance line, connecting with a live human who provides assistance with paying bills, transferring money, getting account balances and completing other transactions. Members enjoy the personal attention, without the need to leave their homes.
“We launched a new website in August 2020, after more than a year’s effort. It was designed to work on every device, with smooth functionality and easy-to-find product and personal account information,” Senechal says.
As early adopters in banking technology, Motor City is looking at leading-edge solutions to give members the same experience of being in a branch when they are in a virtual environment. This will provide greater access to members who have mobility issues, lack of transportation or are busy juggling work and family.
Encouraging struggling members impacted by COVID-19 to connect with their credit union, Senechal says, “Instead of a complicated process of figuring out mortgage payment deferral, we’ve left our members’ credit union mortgage alone and opened a line of credit at zero per cent interest for sixmonths. Thisway, the mortgage stays intact. That’s right, it was actually interest free!”
Some continued to see their employment reduced or eliminated and needed the full period. “Now we are turning those lines of credit into tailored solutions that don’t impact the member’s cash flow. In most cases, the lines of credit are rolled into the balance of the mortgage, with no penalty or hidden fees,” Senechal assures.
For members having difficulty managing their consumer and credit card debt, “in some cases, we’ re helping with more affordable consolidation loans. Our credit card partner had also implemented a good payment deferral program to assist members carrying balances ,” he says.
“We’re doing what we can to help protect members’ credit rating while getting them out of debt and back on track. We offer members our best solutions so they can make the right decision for their financial goals.”
Switching from a big bank to the credit union is a money-saving move. Members benefit from advantageous interest rates, free chequing accounts and free unlimited debit transactions-with zero minimum balance.
“One person recently became a member because their bank was charging $50 in monthly debit fees during the pandemic. As more retailers move toward contactless payments, people are going to see more of these charges on their bank accounts. It’s not fair,” Senechal says.
For Motor City, banking local means far more than supporting people who live and work in the community; it’s about the important decisions being made here that genuinely reflect members’ realities. As caring neighbours, the credit union team takes time to listen, empathizing with people’s challenging experiences and celebrating their successes.
Credit union profits are re invested in practical, grassroots ways, including supporting charitable and community organizations. “When you join us, you own piece of the credit union,” says Senechal.
“Members have the option to buy investment shares, which earn dividends every year at a rate declared by our board of directors. Right now, those shares are the best bang for your buck because the rate is better than you’d get on a regular GIC.”
Membership application can begin online or in a Motor City branch, where all COVID-19 safety protocols are in place to keep everyone safe.
“If you are frustrated with your big bank and feel you are not receiving the support you need ,” Senechal says, “I encourage you to make the switch to our credit union.”
For more information, call 519944-7333 or visit www.mcccu.com.