Current Category: SOSAC

Good morning, Having just returned from a hectic week in Washington DC visiting with Kentucky legislators and listening to speeches, I want you to know that our legislators support credit unions. They understand that regulations intended to curtail harmful practices of large banks caused unintended consequences for us. They applauded our continued focus on members and appreciated that Kentucky credit unions did not pull back on member lending. Hopefully they will act on their words and keep credit unions out of the financial regulatory reform act.

Service One has some exciting plans for 2010 and the first begins March 15 with a credit card transfer offer that everyone should take advantage of and appreciate. Many credit card issuers are raising rates, adding annual fees, and eliminating rewards; however, Service One's Visa credit card will save our members hundreds of dollars in interest and fees. The old adage of "shopping at your own store" applies to your credit card as well as other loans.

The second initiative introduces "green" checking, a product bundling that helps eliminate paper useage and mailing costs associated with statements. This will be introduced April 1. The "Concept Green E-Counts" will reward members with great loan discounts if they adopt a prescribed bundle of convenient electronic methods for handling their financial transactions. Look for upcoming announcements!

I look forward to seeing you at the Annual Shareholder's Meeting on Thursday evening, March 18. Please let me know if you have any suggestions to improve our product offerings, and thanks for your loyalty to your credit union.

Email Brown on this subject

This past Wednesday, the Service One Student Advisory Council (SOSAC) traveled to Nashville, TN to spend time with Dave Ramsey at the Financial Peace Plaza. Their reaction included two descriptors - "Incredible" and "Amazing!"

SOSAC members, Daniel Casas, Destiny Smith, and Alex Wurth, talked with Dave Ramsey for nearly 30 minutes before joining him in the radio studio for the 15th anniversary of The Dave Ramsey Radio Show. Governor Phil Bredesen called in during the show to pass on his best wishes for Ramsey's work in financial education. Ramsey, in turn, complimented Governor Bredesen on the improvements he has implemented for the betterment of Tennessee's financial status.

SOSAC toured the Financial Peace Plaza and visited with their publishing company employees, the telephone hotline staff, and marketing deparment. They were especially impressed in Ramsey's Art Department where a poster with a fist holding money was displayed - the same logo idea that SOSAC had picked for their tee-shirts.

At monthly meetings, SOSAC members participate in the Financial Peace for the Next Generation series. They will share their knowledge with others on campus at a Picnic-On-the-Lawn event at the WKU campus in September.

I encourage any student who wants to participate in this valuable organization to contact me through the Brown Knows Blog. Service One is happy to sponsor this exciting opportunity to learn and interact with others who are concerned about financial education.

On Wednesday afternoon, April 18, six WKU students met in the board room at Service One's campus branch to discuss ways to get the message out to students about the importance of financial fitness. They talked about personal financial education, the advantages of an account at Service One Credit Union and how SOCU could assist students in making good financial decisions. So began the first meeting of SOSAC.

These young people were fantastic - enthusiastic, bright, willing to share ideas! They expressed interest in presenting financial programs for student organizations on campus. These students volunteered to make the presentations themselves in a non-intimidating students-working-with-students setting. Several commented that students are in college because they want a better life and the ability to make a higher income; therefore, they need to find out how to make smart financial decisions and be better educated regarding finances to built their future.

One of the top ideas was to hold a 'Picnic on the Lawn' in late summer and have students bring a sack lunch. SOCAC members would then share personal financial strategies and discuss how saving the money not spent by bringing a sack lunch vs. eating out could grow over time. WOW, what a difference that one idea could make in someone's financial future.

This group will be able to "Take a Seat" with credit union employees - branch managers, asset protection, lending, information systems, and auditing managers -- even with the Chief Financial and Operating Officers. Service One plans to sponsor their attendance at a Dave Ramsey Financial Peace seminar and other credit union youth programs and conferences of interest. The students will direct their own SOSAC and have already decided not to elect officers, but to work as a team. GO TEAM!

If you are a WKU student and wish to join, please contact Michele LeNoir at 796-8500, ex 3003. The next meeting will be held Wednesday, May 16, 3:00-4:00, and snacks will be served! The rest of us can be elated because of the quality of our student membership.