Trying to save your way to profitability? Consider these 4 options instead

first_img 19SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jayni Sech Jayni founded Marketing Solutions Unlimited, a credit union marketing company, in 2001 to offer creative solutions to marketing challenges in the credit union industry. Her vision was to build a … Web: www.marketingsolutionsunltd.com Details As credit union professionals are entering the fourth quarter, we’re all rolling our eyes at what a year it’s been. As much as we want 2020 to end, everyone is trying to figure out the best way to close a fiscal year that has been abysmal.Credit unions are realizing record lows in loan growth, member growth, ROA, etc. Deposits have increased throwing everyone’s ratios into turmoil. Credit unions are scrambling to end the year as strongly as possible. I’ve observed a particular strategy over the years, and it’s rearing its predominately ineffective head right now. Some credit unions are jumping on this bandwagon as they desperately try to salvage their 5300. What do they think is the answer?Save your way to profitability!Cut expenses wherever you can. Anything. Everything. Save money to show income. Cut office supplies. Cut staffing. Cut marketing. (Gasp!) Cut technology upgrades. Cut food at the board meetings. Cut that new product launch. All of these actions will save money to make you profitable so you can end the year in the black, right? Wrong. Sadly, saving your way to profitability is not a strategy that will have a significant long-term impact. In today’s financial climate, loan rates are at an all-time low. The pandemic has impacted the economy, and credit unions will need to consider alternative non-interest income resources to maintain stability. Long gone are the days when loan interest was the majority of the bottom line. The harsh reality is that interest income most likely will not carry you through this unprecedented storm.I want to share some income-generating ideas for any credit union to consider. These suggestions can work for credit unions of any size. Some are quick and easy fixes, while others may require a business partner and more time. But they all can give a boost to the bottom line. If you need resources for any of these ideas, call me. I know people.1. Evaluate Your Courtesy Pay Program.By now, most credit unions have some sort of Courtesy Pay/Overdraft Privilege program. Many implemented it on their own through their Core Processor, while others partnered with a third-party vendor. Some credit unions evaluate their program regularly, however, most Courtesy Pay programs were established years ago and haven’t been analyzed since. This could be the fastest way to generate a significant amount of income to a credit union’s bottom line, while also providing an essential service to the members. Consider partnering with an expert who will evaluate your program to recommend improvements resulting in additional income. You think your program is successful? Maybe there’s something you haven’t considered. Are you compliant? Is your advertising legal? Are you managing the opt-in process appropriately? Find a company that can help you fine-tune your Courtesy Pay, ensure its compliance, and provide marketing support and collateral materials. Courtesy Pay companies typically earn a percentage of the income generated above your current totals. They make money when you make more money.2. Build a Rapport with a Credit Union Specific Law Firm.Most credit unions have legal counsel, and it’s often a local attorney. But do you have a relationship with a law firm that specializes in credit union issues? (They do exist.) Credit unions often think they are knowledgeable of laws regarding bankruptcy, judgments, statute of limitations on collecting charge-offs, and the legalities of a vehicle repossession. A misunderstanding or lack of knowledge could result in significant losses or missed opportunities. Many credit unions view legal counsel as an expense. But what if that legal advice could prevent losses in the future or identify an asset to collect on a judgment? Are you actively trying to recover your charge-offs? How are you managing judgments? These actions will incur an expense, however, expenses can be investments, so look at the big picture. That lawyer may uncover “found money” for you, and that helps the bottom line.3. Revisit Your Business Partners that Offer Incentives.Many vendors offer incentives (to your employees and/or to the credit union) to promote certain products and services. This could be a great way to generate additional income for the credit union. For example, GAP (Guaranteed Auto Protection) vendors often allow credit unions to mark up the product they sell to members. The credit union’s GAP is usually considerably less expensive than when a member buys it at a dealership. Warranty coverages sometimes work the same way with a markup, and the credit union recognizes income on the markup. Other credit union partners offer member discounts on various consumer services while offering the credit union a monetary incentive to advertise those products and services.4. Review Your Fee Schedule.I’ve always encouraged credit unions to review their Fee Schedule annually and adjust accordingly. Credit unions can strategically update fees that will help the bottom line. I’m not suggesting you gouge the members on fees. But credit unions should have abuse fees for those members who cost the credit union time and resources. Like cost of living expenses, those fees should be reviewed and adjusted annually. Review your refunded fees. Are your staff members constantly waiving fees? I recently talked to a CEO who discovered that one particular teller was excessively waiving and reversing fees. This caused a significant loss in YTD fee income. Also, audit your core processor. Is your core charging fees correctly? If you updated a fee last year, did someone actually update it on the system? It may sound trivial but updating (or implementing) fees can add significant income to your bottom line.This has been a rough year for everyone. In countless ways. But as we wind down 2020, we’re all trying to finish strong. The amount of money you can SAVE is only as much as you spend. It’s a fixed amount. But the amount of money you can EARN has unlimited potential. Once you implement certain practices or business partnerships, you could fatten up your bottom line significantly. If there’s one takeaway from this article, it’s this…Don’t spend so much energy counting the pennies going out, that you neglect seeing the opportunity of dollars coming in. And if you need help, call me. I know people.last_img read more

Inauguration of Indonesian Medical Council members sparks protests from associations

first_imgAs many as seven leaders of healthcare professional associations signed the protest letter to Jokowi on Tuesday, namely IDI chair Daeng M. Faqih, Academy of Medicine of Indonesia (MKKI) chair David S. Perdanakusuma, PDGI chair Sri Hananto Seno, Indonesian Dental Health Faculty Association (AFDOKGI) chair Nina Djustiana, AIPKI chair Budu, ARSPI chair Andi Wahyuningsih Attas and Indonesian Dental Collegiate Council (MKKGI) chair Chiquita Prahasti.In the letter, the associations said they had submitted the names through the Health Ministry in accordance with Article 14 of Law No. 29/2004 on medical practice, which stipulates that the President assigns KKI members based on the Health Minister’s proposal, which is the proposal from professional associations.“With all due respect, the names listed in the presidential decree are not names proposed by the professional associations,” the letter said. The associations also demanded that Jokowi reconsider and postpone the inauguration of KKI members.In response to the criticisms, Health Ministry spokesperson Widyawati said the ministry had asked professional associations to submit the names of the new KKI members in February 2019.Read also: Airlangga University boasts of world’s ‘first COVID-19 cure’, but experts urge cautionHowever, the proposed names did not meet the requirements as stipulated by law.Among the unmet requirements was the absence of a statement letter to renounce one’s post when appointed as a KKI member and a statement of temporary dismissal from civil servant status if the proposed name is a civil servant. Besides, one candidate should be proposed by only one element or association, while the already proposed names came from two elements.Health Minister Terawan Agus Putranto then decided to immediately inaugurate the new members this year considering the important roles of the KKI, such as registering doctors and dentists and establishing standards for health education.“If postponed any longer, it would impact the quality of education and health services, including doctors and dentists’ welfare,” Widyawati said in a statement on Wednesday.Therefore, Terawan changed Article 6 of Health Ministerial Regulation No.81/2019 on the changes in the procedure for proposing members of the KKI. The article stipulates that if the proposed KKI member does not meet the requirements, the minister can propose candidates to the President while still considering the representation of each element of the professional associations.Topics : President Joko “Jokowi” Widodo inaugurated on Wednesday 17 new members of the Indonesian Medical Council (KKI), albeit to the dismay of medical workers associations who claimed that none of the chosen names had been among candidates proposed by the groups.Jokowi inaugurated the new KKI members for the 2020-2025 period in a limited ceremony at the State Palace as he announced the 17 names appointed to the membership in accordance with Presidential Decree No.55/M 2020 on the termination and appointment of KKI members.The 17 figures are Putu Moda Arsana and Dollar, representatives of the Indonesian Medical Association (IDI); Nurdjamil Sayuti and Nadhyanto of the Indonesian Dentists Association (PDGI); Pattiselanno Robert Johan and Achmad Syukrul A of the Association of Indonesian Medical Education Institutions (AIPKI); Vonny Naouva Tubagus and Ni Nyoman Mahartini of the Indonesian Educational Hospitals Association (ARSPI); Bachtiar Murtala of the Medicinal Collegiate and Andriani of the Dental Collegiate. The public representatives in the state institution — tasked as regulators of the medical profession — are Mohammad Agus Samsudin, Intan Ahmad Musmeinan and Hisyam Said. Four others are Taruna Ikrar and Sri Rahayu Mustikowati, representatives of the Health Ministry; and Melanie Hendriaty Sadono and Mariatul Fadilah of the Education and Culture Ministry.Prior to Wednesday’s ceremony, however, medical workers associations wrote to Jokowi in protest against the chosen names on the list and called on him to cancel the inauguration.Read also: Indonesia mulls over plan to develop medical tourism at home“Among the 17 newly appointed members, none are the names proposed by the seven associations,” IDI chairman Daeng M. Faqih told The Jakarta Post on Wednesday.last_img read more

Former New Zealand cricket captain Martin Crowe diagnosed with cancer of immune system

first_imgOne of the most elegant batsmen of his era, Martin Crowe now has the toughest battle on his hands after the former New Zealand captain was diagnosed with lymphoma, an invasive cancer of the immune system.The 50-year-old Kiwi received the news only recently, his manager Louise Henderson said, adding Crowe and his family had requested privacy in dealing with the news.”The family has a number of issues to confront over the next couple of weeks. The diagnosis is very new, the family is still in shock and obviously dealing with the understanding that life as they know it for the unforeseeable future is different.”Crowe, famous for his cover-drive and flicks off his pads, gave immense joy to cricket lovers in 77 Tests and 143 One-Day Internationals between 1982 and 1995.He, along with legendary all-rounder Richard Hadlee, presided over a successful period for New Zealand cricket in the 1980s. As captain, his great achievement guided his team to the semi-finals of the 1992 World Cup, which New Zealand co-hosted with Australia. The Kiwis won seven of their eight roundrobin matches, before bowing to eventual champions Pakistan in the last four.During his pomp, Crowe had been admired for having a great deal of time to play the fastest bowlers in the world. Former Pakistan speedster Wasim Akram was candid enough to admit that Crowe was the best in handling the reverse swing unleashed by him and Waqar Younis.Crowe was named as one of Wisden’s Cricketers of the Year in 1985, and his 299 against Sri Lanka in 1991 still remains the highest Test score by a New Zealand player. He also had a stint with English county Somerset between 1984 and 1988.He could have played much more at the highest level, but his body did not always cooperate. His broken shin, back trouble, torn hamstrings and serious knee injuries did not allow him to get on the park as much as he would have liked.Crowe, whose brother Jeff also played Test cricket for New Zealand, did not have an auspicious start to his Test career. He even wondered whether he had what it took to succeed at the highest level. It only shows his mental strength that he went on to achieve what he did. After retirement, he has been an outspoken voice in the media, and was even involved with Indian Premier League side Royal Challengers Bangalore for a while.advertisementlast_img read more

2017 Trans Tasman Test Series Results

first_imgAustralia has taken out all three divisions, and all nine games at the 2017 Trans Tasman Test Series.This is the second-time Australia has completed a clean sweep of the whole series in Trans Tasman history.Stay tuned to the website and our social media channels for highlights from the 2017 Trans Tasman series.Congratulations to team Australia on the clean sweep.Mixed OpenGame One: Australia (9) defeated New Zealand (6)Australia 9 (Opie-Lukins 2, Benbow 2, Blackwood, Costello, Nicholas, Mortimer, Pryde touchdowns) defeated New Zealand 6 (Morgan-Puterangi 2, Rauwhero, Ashworth, Drummond, Haugh touchdowns)Game Two: Australia (14) defeated New Zealand (7)Australia 14 (Mortimer 2, Pryde 2, Nicholas 2, Lang 2, Blackwood, Costello, Townson, Benbow,  Parker, Singh touchdowns) defeated New Zealand 7 (Hodson 2, Takerei 2, Drummond, Rauwhero, Morgan-Puterangi touchdowns)Game Three: Australia (11) defeated New Zealand (10)Australia 11 (Glazebrook 2,  Singh 2, Nicholas, Mortimer, Costello, Opie-Lukins, Pryde, Lang, Percy touchdowns) defeated New Zealand 10 (Parsons 3, Gardiner, Stephens, Rollinson, Waudby, Morgan-Puterangi, Jones, Takerei touchdowns)Women’s OpenGame One: Australia (10) defeated New Zealand (3)Australia 10 (Upton 3, D. Davis 2, Peattie 2, R. Davis, Kearney, Rodgers touchdowns) defeated New Zealand 3 (Engler, Day, Paul touchdowns)Game Two: Australia (9) defeated New Zealand (6)Australia 9 (Watego 2, Peattie 2, Rodgers 2, Kearney, Upton, Dyball touchdowns) defeated New Zealand 6 (Tainui-McIntyre 2, Hopcroft, Mohi, Mahar, Engler touchdowns)Game Three: Australia (14) defeated New Zealand (3)Australia 14 (Watego 2, Peattie 2, Rodgers 2, Michaelopolous 2, McCall, Sargent, Maddick, R. Davis, Upton, Crowe touchdowns) defeated New Zealand 3 (Hotham, Mahar, Evison touchdowns) Men’s OpenGame One: Australia (9) defeated New Zealand (4)Australia 9 (Marshall King 2, Prowse 2, Buckley 2, Norman, Brisby, Springfield touchdowns) defeated New Zealand 4 (Loloselo, Soutar-Finch, Law, Pamatatau touchdowns)Game Two: Australia (7) defeated New Zealand (6)Australia 7 (Prowse, Norman, Good, Brierty, Toner, Francis, Green touchdowns) defeated New Zealand 6 (Cavanagh, Soutar-Finch, Stone, Robinson, Rhind-Rogers, Kake touchdowns)Game Three: Australia (7) defeated New Zealand (3)Australia 7 (Green 2, Hoch, Prowse, Good, Norman, Francis touchdowns) defeated New Zealand 3 (Soutar-Finch 2, Quinn 2, Robinson, Graham touchdowns)Related LinksTT Resultslast_img read more

Texas Fan Pens ‘Thank You’ Letter To Notre Dame Fans For Their “Remarkable Hospitality”

first_imgFans cheer on the Texas Longhorns against the Louisiana Monroe Warhawks.AUSTIN, TX – SEPTEMBER 5: Fans cheer on the Texas Longhorns against the Louisiana Monroe Warhawks on September 5, 2009 at Darrell K Royal-Texas Memorial Stadium in Austin, Texas. (Photo by Brian Bahr/Getty Images)Texas Longhorns fans who made the trek up to Notre Dame, Indiana, weren’t thrilled with the result from the game this past Saturday. But at least one UT supporter still had great things to say about the Fighting Irish and their fan base. A Texas fan named Terry Bader penned a cool ‘thank you’ letter to Notre Dame and its fans for their “remarkable hospitality” this past weekend. It was published by The Observer Thursday morning. The school tweeted out a photo of the letter – check it out:A Texas Longhorn fan wrote a thank you letter to The Observer. Well done, Irish fans READ: http://t.co/ppS4VslodZ pic.twitter.com/OxKfDSphqQ— The Fighting Irish (@FightingIrish) September 10, 2015It’s a refreshing story – especially considering we typically only hear tales on the other end of the spectrum. Well-done to all involved here.last_img read more

3-Star OT Cordavien Suggs Drops Top 10 Via Twitter

first_imgCordavien Suggs' top 10 list.cordavien suggs top 10Three-star offensive tackle Cordavien Suggs, a 6-foot-6, 260-product of Neptune Beach, Florida, has announced his top 10 schools. Suggs, who is a class of 2017 player, has four SEC programs on his list – along with three ACC schools. He has an interesting mix of programs – from Florida to FAU.Suggs’ list is not in order – and he joked after that he should have presented it in alphabetical order. Check it out:My current Top 10 #Hailstate #Swamp17 #VolNation #Gamecocks #TarHeels #OwlsUp #Wazzu #StripeEmUp #GoCardinals #GT pic.twitter.com/1JpkakxukP— Cordavien Suggs (@_73era) May 18, 2016I really should’ve did that list in alphabetical order— Cordavien Suggs (@_73era) May 18, 2016Suggs is crystal-balled to Mississippi State, according to 247 Sports.last_img read more

ETF Urges Sicilian Ports to Tackle Attempts of SelfHandling

first_imgzoomImage Courtesy: Offshore and Home Trade Seamen’s Welfare Trust Undisclosed shipping lines have attempted to conduct self-handling in a number of Italian ports, according to the European Transport Workers’ Federation (ETF).Self-handling, which represents the use of seafaring onboard staff to load or lash cargo, rather than local dockers, was reported at the Italian ports of Palermo, Termini Imerese, Trapani and Porto Empedocle.The ETF has addressed a letter to the Port Authority for the Western Sicilian Sea urging that the law is properly enforced.“Italian law is very clear on the circumstances where shipowners can be allowed to ask their crew to perform cargo-handling tasks such as lashing and unlashing,” Terje Samuelsen, ETF Dockers’ Chair, said.“In the case of the Sicilian ports, the required conditions, such as the non-availability of dockers, are not met. These are not isolated attempts, as we have been informed by our members, and we are taking them very seriously,” Samuelsen added.Reclaiming lashing is one of the priority fights for ETF and ITF Dockers’ unions, also in the framework of the Fair Transport Europe Campaign 2.0.In a context of growing automation and decreasing cargo volumes, lashing by dockers is an important way to retain port jobs. Moreover, lashing operations are very dangerous and should only be performed by qualified dockers, ETF informed.Seafarers should not do lashing, because they are not properly trained for such operations and because they are often required to do lashing during their rest time.In the framework of the International Bargaining Forum (IBF) negotiations, the ITF and the JNG have agreed on a new text of the so-called dockers’ clause which is expected to deter self-handling on board Flag of Convenience (FOC) vessels. However, ETF reported that self-handling attempts were reported not only on FOC vessels, but also on those flying national flags.“Our Italian members estimate that in the case of the Sicilian ports, allowing an exemption to the law would cost up to 500 dockers’ jobs,” declared ETF Dockers’ Vice-Chair Torben Seebold.last_img read more