Blog - 1st Cooperative Federal Credit Union

September 15, 2020

Members with large amounts of money to invest will earn more interest on their 1st Cooperative Savings Certificates.

“These jumbo savings certificates are best suited for members who want to invest larger amounts that they won’t need immediately,” said Karen Keisler, the credit union’s member service representative.

Members depositing $50,000 or more, for example, could earn as much as 2.02% annual percentage yield (APY) on savings certificates, also known as certificates of deposit.

“Sometimes, members want to park some money in a safe place for a specific period of time—say 12 or 24 months—but they don’t want to take a chance on the stock market. A savings certificate fits that need,” Keisler said.

Savings certificates of 12 months now have a 1.91% APY, and 24-month certificates earn 2.02% APY.

Why the odd interest rate numbers?

“That’s the magic of compounding that is shown in the annual percentage yield rather than the simple rate,” Keisler said. “You earn interest the first quarter, then you earn interest on that interest and your principle amount the next quarter. Compounding is a wonderful benefit of long-term savings.”

More information on savings accounts is available here or by calling 803-796-0234.

Credit union membership is open to electric cooperative employees and trustees and their spouses, parents, grandparents, children, grandchildren, siblings and in-laws.

August 27, 2020

Checking, saving and borrowing will be easier for members who visit 1st Cooperative Federal Credit Union’s new website that was launched today at www.1stCooperative.com. It also features photos and stories of credit union members on almost every page.

The site brings together all of the credit union’s services on one accessible and functional platform. More online forms have been added to enable members to conduct business 24 hours a day.

“I think a paragraph on the site’s Our Story page says it best,” said Keith Avery, the credit union board’s chairman and CEO of Newberry Electric Cooperative. “Here is how it describes all of us who are members of 1st Cooperative:

‘We work hard and play hard, and when it comes to financial services, we have high expectations. We want our banking easy and our bankers friendly. We want easy access to our money and knowledgeable help with using those funds wisely. When borrowing money, we want friendly service from a human being, not a robotic answering machine.’”

Credit union COO Jo Ann Burnside says the staff receives “a lot of compliments” on their customer service. “This website will help us keep those compliments coming,” she said.

The newest service is a network of thousands of surcharge-free ATMs across the state and nation. More than 700 ATMs in South Carolina are part of 30,000 across the U.S. in the CO-OP ATM Network, making it convenient for members to access their money fee-free at any time. ATM locations are easily searchable at www.CO-OPatm.org. There’s a CO-OP ATM app available, too.

Apple and Google Play app stores also have the free 1st Cooperative Federal Credit Union app, which allows members to deposit a check by simply taking its photo, to view account balances and to transfer funds between accounts.

Credit union membership is open to electric cooperative employees, trustees and their families, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws.

August 26, 2020

Members re-elected two incumbent members of the board of directors Tuesday at the annual membership meeting of 1st Cooperative Federal Credit Union, the first ever held by video conferencing (rather than in person) due to the coronavirus outbreak.

Tony Fogg, chief financial officer for Santee Electric Cooperative, and Lou Green, executive vice president at The Electric Cooperatives of S.C. Inc., will serve another three-year term on the board.

In other news, the credit union’s assets increased by $3 million in 2019 to a total of $18 million, according to a report given by board Chairman Keith Avery. (July 2020 numbers put total assets at more than $20,000,000, a new record.) More than $1 million in loans was added to the credit union’s balance sheet, totaling to $14 million.

Avery, who is also CEO of Newberry Electric Cooperative, reported that the credit union had the largest increase in members ever recorded in one year. More than 40% were family members of co-op employees and trustees.

“We appreciate you passing on your exceptional credit union experience to your family members,” Avery said.

Credit union membership is open to electric cooperative employees, trustees and their families, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws. More information is available here.

August 24, 2020

Members with checking accounts gained easier access to their money today as 1st Cooperative Federal Credit Union joined the CO-OP ATM Network, a nationwide group of automatic teller machines.

Members will pay no surcharge when they withdraw their cash from more than 700 ATMs in South Carolina and 30,000 across the United States in the CO-OP Network.

“Frankly, there aren’t many large national banks that have this many ATMs,” said Jo Ann Burnside, chief operating officer of 1st Cooperative. “It’s a huge benefit for members who have checking accounts with our credit union—and another reason to open a checking account with us.”

The new ATM network includes machines at retailers such as Publix grocery stores, Circle K and 7-Eleven convenience stores, and Costco Wholesale locations. The walk-up or drive-up ATMs at most credit unions are also surcharge-free.

“That easy access really makes our checking accounts very attractive,” Burnside said. “Our Visa debit card not only makes purchases simple, but it doubles as an ATM card, too.”

Members can find nearby ATMs with the “CO-OP ATM Shared Branch” locator app, which is free in the Apple and Google Play app stores or by going directly to www.CO-OPatm.org.

The app stores also have the free 1st Cooperative Federal Credit Union app, which allows members to deposit a check by taking its photo, view account balances and transfer funds between accounts.

Credit union membership is open to electric cooperative employees, trustees and their families, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws.

July 6, 2020

A broad range of banking services is attracting a growing number of electric cooperative employee family members to 1st Cooperative Federal Credit Union. Almost 36% of credit union members are non-employees—either family members or retirees—as of May 2020.

Officials attribute the growth to an expansion of digital banking capabilities.

“Members increasingly use our online banking system or our mobile app to deposit or transfer funds and to pay bills without writing checks,” said Jo Ann Burnside, chief operating officer of the credit union.

Quick turnaround on loan applications may be another reason for membership growth among employees and their families.

“It just blows people away that we can often complete a loan application and approval in one day,” said Burnside. “We don’t guarantee it, but the fact is, that’s often the case.”

“Apparently, word gets around,” she said, in reference to growth in family memberships, which are open to electric cooperative employees, trustees, and their families, including spouses, children, grandchildren, parents, grandparents, siblings and in-laws.

More information is available at www.1stCooperative.com or by calling 803-796-0234.

May 1, 2020

The second decade of the 21st century brought another security consideration for users of paper checks and other dated paper documents.

Online (digital) banking is easy and convenient, but many of us still pay with paper drafts—that’s what a check is, one way to draft money from your account. And, security is important either way.

Consider this: If you write a date on a check in this format — 5/1/20 — and a mischievous person obtains the check, you’ve provided an easy path to a scam. The “20” in the date is not only the year but also the current century. That means a scammer could add “19” to the “20” you wrote and have a check ready for cashing. Or they could add “21” to make “2021” and have a check ready to cash next year.

So, 5/1/2020 is the way to go … or better yet May 1, 2020.

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