6/21/11
Ohio Catholic Federal Credit Union is named one of the best places to work in Cleveland!

Ohio Catholic employees are committed to the credit union movement, the Catholic values our credit union is founded on, and the members we serve.  The Ohio Catholic employees dedication to our members, the community, and each other has earned Ohio Catholic Federal Credit Union the honor of being recognized as one of the Plain Dealer’s Top Workplaces in Northeast Ohio!

With over 18,000 members strong, Ohio Catholic continues to provide quality financial solutions to our members and Catholic partners while also giving support to the Catholic community.  As the largest faith-based credit union in the State of Ohio, Ohio Catholic FCU employees embraces their leadership responsibility by donating their time and talent to the community.  Over the past two years, Ohio Catholic has given over $300,000 directly back to the Catholic community and our employees have donated 2,000 volunteer hours annually for Catholic charities and initiatives.

Ohio Catholic looks forward to continuing to carry out our mission of serving our members.  Thank you to all the Ohio Catholic employees for their continued support, involvement, enthusiasm and commitment to the mission and financial goals for Ohio Catholic Federal Credit Union members!

10/4/10
Credit union membership rising in Ohio and nation; anti-bank sentiment cited.  click here
Teresa Dixon Murray, Plain Dealer

9/3/10
Catholic Credit Unions are Financially and Faith Focused

In this time of financial uncertainty and government bailouts, many people are choosing credit unions as their primary financial institution.  The pace of bank failures in 2010 is more than double that of 2009, which was already a brisk year for shutdowns.  In the first 29 weeks of 2010 alone, 102 banks nationwide have closed their doors.  In comparison, only ten credit unions closed.

A credit union is formed by a group of people with a common bond who pool their money for the benefit of the membership group.  Credit union members have the power to elect the decision makers of their financial institution to serve on the Board of Directors.  Because there are no shareholders to keep happy, individual members are better served with less fees and better rates.  Credit unions pass any “profits” they make directly back to their members.  While the concept sounds simple, don’t be fooled.  There are many sophisticated credit unions led by industry experts.

The results from a national survey conducted by Kelton Research in 2009 were not surprising.  The percentage of respondents who trusted credit unions more than banks was 88%, and 72% of respondents said that being a credit union member has more advantages than being a bank customer. “When it comes to personal attention, high-quality service and low fees, credit unions continue to knock the socks off other providers in the financial services marketplace,” says Daniel A. Mica, President and CEO of Credit Union National Association.

Services at credit unions vary from simple savings products to full-service financial institution offerings; including but not limited to money market accounts, checking accounts, automobile loans, mortgages, home equity lines of credit, credit cards, and IRAs.  Monies saved at federally insured credit unions are safe and secure and insured to $250,000 per account by the National Credit Union Share Insurance Fund.  Because credit unions are non-profit, they are typically able to offer higher rates on savings products and lower rates on loans than other financial institutions. 

Catholic credit unions are unique because they are formed and nurtured by people who have the same values and who practice the teachings of the Catholic faith.  During Pope Benedict’s XVI Third Encyclical, Charity in Truth, he said, “Financiers must rediscover the genuinely ethical foundation of their activity, so as not to abuse the sophisticated instruments which can serve to betray the interests of savers.  Right intention, transparency, and the search for positive results are mutually compatible and must never be detached from one another.  If love is wise, it can find ways of working in accordance with provident and just expediency, as is illustrated in a significant way by much of the experience of credit union”.  You can expect Catholic credit union personnel not only to be financially focused but also to be faith focused in serving their members.  Many Catholic credit unions give back to the Catholic community by donating talent, time and treasure to support Catholic parishes, schools and charities.    

Ohio Catholic Federal Credit Union in Cleveland, Ohio has developed financial products that directly support the Catholic community.  One of the many products offered by Ohio Catholic is the Tuition Saver Account.  The Tuition Saver Account pays a higher interest rate than a standard savings account and matches deposits for special Catholic Milestone Events.  The Tuition Loan Payment Program was developed in response to the need of a financial institution that would support Catholic education by providing the funds to the schools at the beginning of the school year as well as providing the parents of students with a manageable monthly payment program.  Sponsorship Savings Accounts offer Catholic parishes, schools, and organizations a higher dividend rate and more liberal liquidity options.  The Automated Giving ACH Program provides a means for parishes to electronically and automatically collect Sunday offerings while increasing efficiency, saving time, and reducing the expenses of the Catholic parishes.  Ohio Catholic has also designated funds to finance capital improvement projects for Catholic parishes, schools and organizations with better rates and more flexible terms than most other financial institutions.    

Credit unions must be good stewards of your money.  By choosing a Catholic credit union, you can be confidence that they will conduct themselves in a manner consistent with the teachings of the Catholic faith.  Being good stewards not only means proper management of credit union funds, but also lending in a responsible manner and assisting those who are having financial difficulties.  One example of how Catholic credit unions can assist members who are experiencing financial difficulties is the creation and utilization of a Loan Modification Program.  Ohio Catholic Federal Credit Union’s policy to grant loan modifications for members in need not only helps the members but also makes the credit union a stronger financial institution by reducing the delinquency rate.  One member Ohio Catholic assisted stated, “the banks would never help us like this.”  Credit unions also have the flexibility to help members who do not qualify for traditional financing by offering lease-to-own qualification programs on repossessed property.  Upon successful completion of the program, credit unions can convert the short-term lease into a traditional mortgage loan. 

Catholic credit unions also support the Catholic community by donating resources, assisting with fundraising efforts, developing Catholic Scholarship Funds, and providing financial literacy educational programs.  The continuing support and generosity of Catholic credit unions contribute to the good works of the Catholic Church.

Catholic credit unions have a vested interest in supporting fellow Catholic institutions that promote the values and teachings of the Catholic faith.  When members of the Catholic faith are financially strong, the Catholic community prospers.  The more a Catholic credit union grows the more people they are able to help.  By making a Catholic credit union your primary financial institution, you can expect prudent management in accordance with the teachings of the Catholic faith.

There are many Catholic credit unions in The Cleveland Catholic Diocese. 

Visit www.findacreditunion.com to find a Catholic credit union near you.  Or see list below.

9/3/10
The Dollars and Sense of a Catholic Education

A Catholic education is certainly an investment in your child’s future that will last a lifetime, but how you will pay for it is a question in which most parents struggle.  Ideally, you started setting aside money while the baby was still in the crib but if you have not, there are some options that will help you pay for a Catholic education.

Ohio Catholic Federal Credit Union’s goal is to promote Catholic education by providing a variety of programs and services that will directly support the choice of a Catholic education.  Earlier this year, Ohio Catholic introduced the Tuition Saver Account.  This special savings account pays a higher interest rate than a standard savings account and matches deposits for special Catholic Milestone Events.  Visit the Ohio Catholic website at www.ohiocatholicfcu.com for full details. 

Parents whose Catholic faith is central to their lives and identities want their children and their grandchildren to experience that same faith.  The financial sacrifices associated with the cost of Catholic education are thus an expression of the love.  Remind relatives for Christmas, Birthdays, and Special Catholic Milestone Events, they can help provide a quality Catholic education to the child they love by contributing to the child’s Tuition Saver Account at any Ohio Catholic branch.

Ohio Catholic Federal Credit Union’s commitment to a Catholic education extends to their tuition payment program.  Most financial institutions do not offer tuition loans for high school and grade school education.  The interest rate on tuition loans is the same for all credit union members and it is not based on their credit worthiness.  With a loan from Ohio Catholic, the money stays within the Diocese of Cleveland, schools benefit from having tuition monies at the beginning of the school year, and parents of students benefit from having manageable monthly payments at a low rate.  To learn more about Ohio Catholic’s tuition programs visit www.ohiocatholicfcu.com. 

Scholarships are another means to provide a Catholic education.  There are Catholic organizations within the Cleveland Catholic Diocese that offer scholarships for grade school and high school Catholic education.  The Catholic Business Connection in addition to collecting donations, takes ten percent of every advertisement in their directories and places it into the C.B.C. (Catholic Business Connection) Scholarship Fund.  The scholarship drawing is lottery style and is drawn each May.  The number and the amount of the scholarship(s) are determined by the amount accumulated within the year (May-May).  One hundred percent of the money collected each year is awarded in the form of Catholic school scholarships.  Visit www.catholicbc.com for complete details and application process. 

Another great source for Catholic grade school and high school scholarships are credit unions.  Ohio Catholic Federal Credit Union’s tuition forgiveness and scholarship programs provide over $10,000 to families in the Cleveland Catholic Diocesan School Community to pay for a Catholic education each year.  This October they are giving away up to $2,500 in Catholic education scholarship funds.  Visit the Ohio Catholic website at www.ohiocatholicfcu.com for full details and application process.  There are 21 Catholic credit unions in the Cleveland Diocese; contact your local Catholic credit union for educational savings accounts, tuition payment programs and scholarships.

Catholic schools are a great choice for your child or grandchild because the recipe is simple: a challenging curriculum, infused with character, guided by the Catholic faith, knowledge, discipline, and morals.  Parents are willing to make great sacrifices to pay for a Catholic education and in the long-run, a Catholic education could be the best investment you ever made in your kids.