Message from the Manager
Looking back on 2017, we have a lot to be thankful for. Being able to pay a 35% rebate again is probably top of the list, and I credit this success directly to our loyal members. Members who turn to the Credit Union when they need to borrow money and in turn, pay that money back. Lending money is how the Credit Union supports all other areas. Without the money we make on loans, we couldn’t offer other services or pay dividends.
Unfortunately, not all our members are loyal. In 2017 alone, AFCU charged off $344,000 in uncollectible debts. That’s $344,000 that could’ve been invested in improving services, updating equipment, or increased member rebates. We understand some situations can’t be avoided. Sadly though, most of our losses were due to members who chose to file bankruptcy without attempting to make alternate arrangements with the Credit Union.
If you find yourself in a financial hardship, please contact the Credit Union before the situation is out of control. We’re willing to work with our members to the full extent possible to help them avoid bankruptcy. We also offer a full line of financial education products at no charge, to help you make decisions that can prevent financial burdens.
So, as we embark on another year, we hope you’ll consider AFCU for all our financial needs. We’re here to help make 2018 a happy and prosperous year for you. Thank you for your continued support.
Jo Alvis, CEO/Manager