Space Coast Credit Union - www.sccu.com - 321-752-2222
Perspectives January 2013
Space Coast Credit Union enjoyed strong financial performance in 2012 thanks to our loyal members and dedicated staff.
We helped many members realize their dream of home ownership and refinanced existing mortgages to the lowest interest rates we have ever seen, saving our members money. Particularly noteworthy is the more than 300 mortgages SCCU refinanced through the Home Affordable Refinance Program (HARP), which assisted members who were previously unable to qualify for a refinance because the value of their home had declined. All of our efforts to help members with their home loans led to a combined total of over $200 million in mortgage production for the year. Members also turned to SCCU for their auto needs, generating more than $430 million in vehicle loans.
These results are impressive, not because of the impact to the credit union’s bottom-line, but rather due to the positive impact on the wallets of our members. We saved members money and time by returning profits to them in the form of competitive rates and new convenient services, such as SCCU Mobile Banking.
We also leveraged the collective voice of our 225,000 members and their combined purchasing power, expanding SCCU’s Watchdog influence. The SCCU Members’ Watchdog is a symbol of trust, based on ownership. The cooperative advantage protects individual members from lies, rip-offs, and wasted time.
To date, SCCU has received a total of 92,288 Watchdog surveys, with an average rating of 4.6 out of 5. To protect the integrity of the ratings, only members who have used a particular service or product are able to submit reviews. Auto dealer reviews alone have been read by more than 35,000 SCCU.com visitors this year, and the business community is taking notice.
184 dealers have earned Watchdog status by receiving a 4.50 rating or better; and soon we’ll be introducing a Watchdog rating for Realtors. We are here to help our members get the best service from the best providers.
Also, SCCU lived up to its Watchdog promise by not engaging in the common practice of rate buy-ups, saving our members more than $3 million in annual interest on auto loans. A rate buy-up is when a bank requires a dealer to finance a vehicle at a higher rate, usually 1-2% above their qualified rate. The bank then splits the additional revenue with the dealer.
SCCU members also benefited from our promise to save them time. We continue to place great value on our members’ time, and we believe, by streamlining our processes and empowering our employees, we can provide simple, painless, and extremely fast service.
2013 holds tremendous potential, as we continue work towards providing value and excellence for our members. We look forward to helping you and your fellow members prosper in the New Year.
Douglas R. Samuels
Copyright © 2014 Space Coast Credit Union.