By Lauren Saslow
When opening a new checking or savings account, how do you decide which bank to choose? Many individuals gravitate towards the large, corporate banks with their high-profile advertising, special offers or simply their family or spouse’s choice of bank.
For many individuals, however, a nonprofit credit union — such as the University of South Florida Federal Credit Union (USF FCU) with a branch in New Tampa, serving the needs of USF students, employees and others (see below) — may offer a better option for the whole family rather than the for-profit banks.
Just ask Deborah I. Clark, Vice-President of Marketing and Business Development/Chief Marketing Officer (CMO) for USF FCU. Clark explains that, “When a member enters a bank, they usually have to walk up to a teller counter or sign-in and wait until an employee is available to meet with them. In our lobby, we have teller pods with Member Service Representatives (MSRs) who are cross-trained to assist members [or potential members] with handling transactions, applying for loans or even assisting them on the touch-screen kiosk.”
She adds that the kiosks can be used as an educational tool to learn to use mobile check deposit services or online bill pay, among other services. Clark — who earned a B.S. in Business Management degree from Gardner Webb University in Boiling Springs, NC, and an M.S. in Administration degree from Central Michigan University in Mt. Pleasant — explains how members benefit from credit unions.
“The profits from the credit union go back to members in the form of low to no fees, higher yields on savings and certificates and low interest rates on consumer loans, mortgage rates and credit cards,” says Clark. “We also give back to the USF and Tampa community, including the 2014 Cruise for Kids benefiting local children’s charities.”
Birth Of The Credit Union
The National Credit Union Administration (NCUA)’s website explains that the Federal Credit Union Act (FCUA) of 1934 (with the most recent revision occurring in April 2013) defines the American credit union movement as, “A cooperative effort to serve the productive and provident credit needs of individuals of modest means.” Furthermore, credit unions are, “member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and…have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.”
The USF FCU was chartered in 1959 to serve the financial needs of the staff and faculty at USF and became an FCU that was fully regulated and insured by the NCUA in 1985. Now, all USF students on any USF Campus; employees of organizations housed on a USF Campus (including Moffitt Cancer Center, Shriner’s Hospital for Children, the Sun Dome, Embassy Suites hotel and more!), current members of the USF Alumni Association, immediate family members or members of the same household, retired persons receiving a pension or annuity from USF and surviving spouses of USF faculty or staff are all eligible to open an account. The general public, however, is not eligible to join. The USF FCU now maintains more than 36,000 members with assets of more than $430 million.
Joining is easy, too, at one of the credit union’s five branches (two on the USF Tampa Campus, one inside the Marshall Student Center and one in a free-standing building on Palm Dr.; one on the USF St. Petersburg campus; one on Oakfield Dr. in Brandon; and the New Tampa branch, located on the southwest corner of County Line Rd. and Bruce B. Downs {BBD} Blvd., next to Winn-Dixie).
One of the friendly MSRs will make opening an account an easy and pleasant experience. You will need to bring proof of a permanent address and proof of school or local address if applicable, cash or check for at least $5 to open the required share savings account, and an additional $25 to serve as an initial deposit if you also want to open a checking account. You also can join online at USFFCU.org. And, once you are a member of the credit union, you’re a member for life, no strings attached. Even if you graduate from USF or leave a job at Moffitt, you retain your membership in the USF FCU.
USF marketing & business development strategist Chris Fredricks, elaborates on other ways in which the credit union is better equipped to assist the USF population over other banks or credit unions.
“We know our members best,” Fredricks explains. “We handle the needs of USF students and faculty and determine what will be the best way to support them.”
Fredricks, who earned his B.A. degree in Communications/Journalism degree and his B.A. in Economics degree from Saint John Fisher College in Rochester, NY, is responsible for going out into the community and growing membership by educating individuals on the benefits and services of USF FCU, as well as working as a data analyst.
Services For The Whole Family
The USF FCU offers a wide variety of services beyond simple checking and savings accounts. From credit cards and student loans to mortgages and financial planning, the optional financial services available will appeal to each member of the family — even the kids!
The credit union’s Youth Accounts, aimed at teaching children about responsible savings habits, include a “Kid’s Club” (for children up to age 12) and the “Good ¢ents Club” (for teens, ages 13-17) who have immediate family members already in good standing with the credit union. Other conveniences include: access to a network of nationwide Automated Teller Machines (ATMs), coin counters in branch lobbies, direct deposit options, Internet account and bill pay access, a VISA debit card and business solutions. For individuals who have reduced income during the summer months (such as teachers, professors and students), there is a Summer Savings Program designed to help them budget their expenses for the whole calendar year.
New Tampa branch manager Karen Kiple leads a team of three MSRs and an auto advisor representative, Rick Bolen, who assists members in finding a car as well as on-the-spot financing for those vehicles. Pebble Creek resident Dan Van Hoose says that the credit union has helped him with car loans, home loans and savings programs.
“The staff is always very helpful,” he says. “They have a positive attitude when helping members accomplish their financial goals. While I was employed at USF, I used the Marshall Center branch (on campus) frequently and the staff there was outstanding, too. They have been especially helpful to me in organizing my financial retirement goals.”
He adds that he recently started using the New Tampa branch for routine transactions, because it is more conveniently located near his home. He adds, “Over the years, I have really appreciated that the USF FCU has kept their fees low for their members while providing high-quality service.”
New Branch Building
Coming Soon!
USF FCU president and chief executive officer (CEO) Richard Skaggs had a vision to expand the credit union into the New Tampa area. He saw the demand and sought to serve those members who already lived further north of the USF campus. While the New Tampa branch originally opened up in a shared space with what is now the MidFlorida Credit Union on BBD, and is currently in a larger (yet temporary) leased space, the USF FCU has big plans to expand in the same shopping plaza on the land the credit union purchased this year to the north of the Burger King on BBD. The timeline to break ground was not definitively set at the time this article went to press, but according to Clark, will likely begin within the next 18 months. The one- or two-story, free-standing building will have drive-through banking services and increased space, plus more MSRs to better serve its members.
The University of South Florida Federal Credit Union (USF FCU)’s New Tampa branch is located at 6417 County Line Rd., Suite 100.
For additional information, call 569-2000 or visit their user-friendly website at USFFCU.org. The branch is open Monday and Friday 9 a.m.-6 p.m.; Tuesday and Thursday, 9 a.m.–5 p.m.; 10:30 a.m.–5 p.m. on Wednesday; and 9 a.m.–1 p.m. on Saturday.
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