since 1935 | #justbeyourself

Volume 7 | Issue 1 | January 2024
Our Mission: Providing financial solutions for every stage of life.

Dear Valued Member,

By many measures big and small, the December holiday season was a success for family gift-giving and the economy overall. News of an averted recession and easing inflation seemed to lift the spirits of consumers who enjoyed an active season of gift buying.

On behalf of Community First, I want to thank you for the wonderful gift you gave to all of us — another increase in our member satisfaction scores! Yes, that may sound like a gift only a credit union president could love, but it really did mean a lot to us. It validated the hard work and effort we put into improving throughout the year to serve you better.

I’ll come back to that in a moment, but first I’d like to recognize that this is the time of year when many people are experiencing a holiday “spending hangover” and could benefit from a review of their financial situation. If you would like to start off the new year with a plan to improve your financial picture, I encourage you to review your spending and saving priorities and reinforce sound financial practices. The Community First website has many suggestions for creating a plan that meets your needs, and I invite you take advantage of this great resource. In addition, here are a few suggestions that can help you start the new year with confidence:

Pay down debt and increase savings. Industry data indicate that credit card debt is increasing across the country, and we’ve been seeing the trend reflected in Community First’s numbers as well. Rising interest rates are great for savers but make it harder for borrowers to fit higher interest payments into a monthly budget. The best strategy is to pay down credit card balances and put more into savings where the higher rates work for you.

Review and adjust your budget. Finding the resources to pay down debt and increase savings can be a challenge, but it all starts with a sharp pencil. As the new year begins, think about where you can trim costs and maybe talk with companies about getting better deals on products and services. If you have a balance on multiple credit cards, merging them into a single loan could lower your monthly payments. Our specialists would be happy to discuss a debt-consolidation loan with you. Just give us a call.

Ask us for help if you need it. In addition to the impact of credit card debt, other factors like the increasing cost of insurance and housing are putting financial pressure on many families in our area. If you find you’re having trouble making payments on an existing loan, let us know. We can discuss options, such as Skip a Pay and loan extensions. And remember, the sooner you reach out, the better. Our top priority is taking care of our members and doing whatever we can to help ease the burden.

Improving member satisfaction

Helping you manage your finances with less stress and better results is a big part of empowering members to live their best life. It’s the purpose of our credit union, and it’s reflected in our member satisfaction scores that have been improving steadily over the past three years. I’m proud to report that we achieved our 2023 goal for member satisfaction scores, which have increased 4 percent since 2021. In the world of member satisfaction measurement, that’s a big deal, and it validates our efforts to listen to your comments and respond with changes that address them.

One of the changes we made in 2023 was how we handle debit and credit card disputes. If a a member questions a debit card charge, for example, we used to depend heavily on our card processor to research the disputed item and issue provisional credit. Members told us the process was taking too long, so now we’re handling much more of the research in-house, which has dramatically reduced the time it takes to restore the funds to our members’ accounts.

Other drivers of our improving member satisfaction scores have been the opening of new branches and ATM locations, our redesigned website, and our vastly improved staff training and onboarding processes, which have resulted in a near-record high 85% employee retention, leading to a more experienced workforce to answer your questions and meet your needs.

Our ‘thank you’ to you

You’ve shown your appreciation for Community First, and we also want to show our appreciation for you. One of the exciting ways we’re currently doing that is through our sponsorship of the breathtaking Asian lanterns event at the Jacksonville Zoo and Gardens. As a Community First member, you can take advantage of discount pricing every Thursday until the exhibit closes in mid February. (Details below.)

If you haven’t yet visited the spectacular Colors of the Wild display, I highly recommend it for young and old alike. It’s one of the largest Asian lantern events in the country, with more than 70 scenes throughout the zoo. The “lanterns” are actually brilliantly colored and highly detailed lighted sculptures of animals, plants and other features that are guaranteed to be a feast for the eyes.

A visit to Colors of the Wild will be a nice break from your start-of-the year financial planning and a great way to set the tone for a delightful 2024. ■