NEENAH, Wis. — For credit unions, the cost of $4.00-plus gas last week turned into both a loan opportunity and an internal dilemma.
First, there was the Pennsylvania Credit Union Association which said it was formally surveying its members online to check how CUs were coping with gas prices maybe cutting staff travel to outlying branches, or extending aid or incentives to hard-pressed employees to help with transportation expenses.
And then there were at least two CUs, one here and the other in Vermont, pedaling scooter loans.
Recommended For You
Calling its campaign "very timely by coincidence," the $23 million Evergreen CU of Neenah said since its debut in April, its scooter loan campaign has already brought in 75 loans, "and that's pretty good for us," said Debbie Burley, vice president of operations.
The loans, which have a limited-time 3.99% rate, were offered as part of a scooter giveaway in line with the 50th birthday celebration of the CU. Evergreen has 3,000 members and holds a community charter, but a large paper mill here was its prime sponsor.
And, in Vermont the $19 million Green Mountain CU of S. Burlington began offering scooter loans this month as part of a green promotion.
"We're trying to demonstrate energy efficiency and encourage alternate types of transportation," explained Ginny Fleischman, president/CEO.
As for the Pennsylvania Credit Union Association, it announced its "gas pain" survey on its Life Is a Highway electronic newsletter, noting that it was gathering CU comments and would provide a report in a future issue on what it finds.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
