OXFORD FEDERAL CREDIT UNION STATEMENT OF COMMITMENT
At Oxford Federal Credit Union, a member-owned, not-for-profit financial cooperative, members come first. We will uphold our fundamental responsibility to actively serve people within our field of membership, and as appropriate, the communities they live in. We will treat all members with respect and dignity and we will offer honest and fair treatment to all members at all times. We promise to strive to be a trusted financial advisor that our members can count on in achieving their financial dreams. To this end, we promise to deliver a range of low cost products and services to the diverse economic and social makeup of our members and potential members. We will continually demonstrate the value of membership in Oxford Federal Credit Union.
We will monitor and communicate, in a meaningful way, our service to members using a multitude of media, so that members, potential members, legislators, regulators, and the community at large will understand and appreciate the unique role that member-owned financial cooperatives play in their lives.
Through Oxford Federal Credit Union’s strategic planning, we will put forth every effort to enable our members to become financially self-sufficient and successful. We will place high importance on consumer education and teaching of financial thrift.
This Statement of Commitment to Members is consistent with our credit union principles of “Not For Profit, Not For Charity, But For Service” and our philosophy of “People Helping People.” This statement represents good business practices that ensure the financial strength of our credit union on behalf of our members.
SECTION 1: Service to Members
Oxford Federal Credit Union strives to offer services designed to improve the economic and social well being of all members from all socio-economic backgrounds, and return financial value to all those who participate in our member-owned financial cooperative.
Current Services that Help Improve the Economic and Social Well-Being of Members:
1. Monty Moose Youth Saver’s Club – Youth membership club targeted at children ages 0 – 12. Promotes savings and good money management for youth, offers special educational fun activities.
2. Gen S Teen Saver’s Plan – For ages 12 – 17 this program offers share certificates of deposit with a minimum balance of $100 and the ability to add funds to it at any time in increments of at least $50. All terms are offered at same rates as our other Share certificates.
3. Share Savings – Oxford Federal Credit Union’s basic savings account. A $5 minimum balance is required to maintain a savings account. There are no monthly or annual fees, and it pays a dividend that is compounded monthly.
4. Share Draft - Free Checking is offered membership wide and free checks to members over 60 years old. There are no monthly service charges, no minimum balance and no per check fees.
5. CU24CARD – The CU24CARD is Oxford Federal Credit Union’s ATM card. Members can use their card at Oxford Federal Credit Union’s three ATM machines, or at thousands of locations throughout the United States. With this card, you can also check your balance, make deposits, or withdraw funds at In-Store Banking ATM locations at major supermarkets in Maine, surcharge free.
6. VISA Debit and Credit Card Program – OFCU offers its members a Visa Credit Card with one fixed annual percentage rate. Members have access to our on-site VISA specialist. If our members prefer, instead of writing a check they can use our Visa Debit Card and the funds are electronically deducted from their share draft (checking) account. Our members use their convenient debit card to withdraw funds at the ATM, make transfers between accounts and all surcharge free!
7. SURF Alliance Network – Oxford Federal Credit Union is part of the SURF Alliance that Maine Credit Unions have formed to help members access funds surcharge-free at ATMs across the state.
8. IRAs – Oxford Federal Credit Union offers Traditional, Educational, Roth, and SEP IRA options that earn attractive dividends and have tax advantages.
9. SHARE Certificates of Deposit – Oxford Federal Credit Union offers Share Certificates with terms from 3 months to 5 years at attractive, competitive rates.
10. Excess Share Insurance –Members funds are additionally insured, above and beyond the federally insured $100,000 insurance provided by the National Credit Union Administration, in the amount of $250,000 for a total of $350,000, through Excess Share Insurance (free to members).
11. Government Insured Student Loans – Oxford Federal Credit Union offers these loans to provide financial assistance to college bound members.
12. Affordable Housing Programs – Oxford Federal Credit Union offers members a variety of mortgage programs designed to serve the needs of first time home buyers, families with moderate income, any member seeking to refinance or buy a home.
13. Interactive Web Site – Oxford Federal Credit Union’s web site contains valuable consumer buying information, provides links to auto pricing guides and other financial tools, current rate information on financial products, and provides up to the minute information on events occurring at the credit union.
14. Financial Planning Service – OFCU has partnered with Northeast Planning Associates, Inc. to offer our members expert and professional financial planning advice. Whether our members are retiring, making decision about 401(k) allocation, managing debt, or need advice on medicare planning, members have access to two financial planners, at either the main office or the branch.
15. On-line Home Banking/Bill Payer, CU Anywhere – When members sign up for on-line banking and bill payer, they’ll be able to access their accounts, check balances, make transfers and even set up their own payment plans for all their bills.
16. Audio Response Phone System, Tellerphone - Many of our members access our audio response phone system to access accounts, check balances and make transfers. Between Teller-phone and CU Anywhere, members can access their accounts 24/7 without stepping a foot into the credit union!
17. Free Electronic Statements – For our member’s convenience, they may sign up to receive their monthly statements electronically through a secure server.
18. Surveys – On a regular basis,members are surveyed by Oxford Federal Credit Union’s Marketing Department or a professional survey company, to ensure products and services are meeting the members’ needs.
19. Blue Book Values – Book prices are provided over the phone to aid members with their new and used car purchases.
20. Pre-approved Loan Drafts – Member can be pre-approved for an auto loan. A “blank check” is given to a member which enables the member to negotiate a car purchase while staying within their afforded price range.
SECTION II: Member Education: Oxford Federal Credit Union is committed to member education and social responsibility, including providing financial education to members and potential members to enhance their lives as well as promote credit union uniqueness, philosophy, and values.
Current Programs:
1. Financial Aid Seminar – Each year OFCU sponsors a seminar for students (Juniors and Seniors) and their parents to educate them on the financial aid process. Speakers include the Registrars from various colleges, guidance counselors from local high schools, and a representative from the FISC.
2. College Admissions Night – Each year Oxford Federal Credit Union sponsors a college admissions night, where students, parents, guidance counselors, and college admission directors come together to talk about expectations for college bound students.
3. High School Workshops – Several times during the year, Oxford Federal Credit Union is invited into the local high schools to conduct classroom sessions on how to establish credit, apply for loans, and manage personal finances.
4. Oxford Federal Credit Union Educational Sessions – Various seminars are held throughout the year, providing valuable financial information to the membership, through our partnership with our Financial Planners and Northeast Planning Associates, such as:
· Medicaid Planning Seminars
· 401(k) and Retirement Seminars
5. Quarterly Newsletter – Each quarter Oxford Federal Credit Union’s newsletter,
“You’ve Got Connections,” contains valuable educational articles for members relating to credit union uniqueness and philosophy, important consumer concerns, and other timely topics. We are committed to more newsletter education and less advertising of products and services.
6. Member Appreciation @ OFCU – Each year OFCU sets aside some time to appreciate our members with special activities and events for adults and children. This opportunity is also used to educate the members about the credit union difference.
7. Employee Orientation – Oxford Federal Credit Union provides an orientation program for new employees, which includes emphasis on the credit union difference. In turn, employees convey this information to members.
8. Financial Literacy for High School Students: – OFCU hosts an interactive financial experience with high school juniors and seniors, called “C U’r Financial Future”. The students spend a morning getting a taste of life in the “real world” as they visit various booths manned by Credit Union employees, acting as car salespeople, furniture salespeople, loan officers, mortgage lenders, etc. The students have been assigned a profile, with a career designation and a yearly salary to work within. The session also stresses the importance of saving and educates the students on the value of a credit report.
9. GEAR-UP Grant Participation – Gear Up is a collaborative program which encourages Maine students towards the pursuit of post-secondary education. This is a federally funded “matching funds” program where OFCU donates “in-kind” support in the education of youth in the SAD #21 and #43 system. OFCU has committed to a six year program and will represent nearly $70,000 in in-kind contributions.
SECTION III: Involvement/Governance: Oxford Federal Credit Union endeavors to preserve credit union democratic principles including demographic representation and volunteer participation in credit union activities.
Current Programs:
1. Annual Meeting - Oxford Federal Credit Union invites the entire membership to their annual meeting where elections are held for available positions on the Board of Directors.
2. Board Nominations – Each year at Oxford Federal Credit Union the nomination process is followed to encourage members to run for any of the vacant positions on the Board of Directors, using local newspaper advertisements and quarterly newsletter.
3. Supervisory Committee – Oxford Federal Credit Union recruits members to serve on our Supervisory Committee, a committee that attends all Board meetings and takes an active role in credit union management.
4. Project Zip Code - CUNA's Project Zip Code program can calculate the number of each credit union's members in every state and federal legislative district. This emphasizes the importance of credit unions to our lawmakers.
5. Campaign for Consumer Choice – Oxford Federal Credit Union actively participated and monetarily supported the Credit Union Campaign for Consumer Choice. A credit union-wide congressional letter writing campaign was initiated in 1996 and 1998. Many Oxford Federal Credit Union members and employees asked their congressional representatives to support the Credit Union Membership Access Act, H.R. 1151.
6. Political Involvement – Oxford Federal Credit Union has representatives on staff who are the designated Legislative Liaisons, serving on both the Norm Nolette Chapter Legislative Action Committee as well as the Maine Credit Union League’s Political Action Committee. Each year we actively participate in our League’s Credit Union Day at the State Capitol, the Hike the Hill annual visits by Maine’s Credit Unions to meet with all four of Maine’s delegates in Washington, DC. OFCU supports CULAC, (Credit Union Legislative Action Committee).
SECTION IV: Diversity: Oxford Federal Credit Union will continue to operate as a democratically controlled member owned co-operative by focusing management, staff, and volunteers on diversity in the leadership of the credit union.
Current Programs:
1. Board Representation – Oxford Federal Credit Union continues to promote a concerted effort to bring in more Committee Members and Board Members from the various segments of the membership to ensure all have a voice on credit union issues.
2. Equal Employment Opportunity – Oxford Federal Credit Union actively seeks to fill vacancies by hiring qualified candidates without regard to race, creed, religion, or socio-economic status.
Section V: Commitment to the Credit Union Movement: Oxford Federal Credit Union will work to build and strengthen a unique credit union movement by providing financial and in-kind resources throughout the credit union community, and by actively advocating the credit union differences at all levels of government and in other appropriate public forums.
Current Programs:
1. Leadership Roles – Oxford Federal Credit Union’s employees have served on boards and committees of various credit union related organizations such as: Maine Marketing Council, Maine HR Council, Maine Financial Literacy Council, the Norm Nolette Chapter, and various Maine Credit Union League Committees, such as Legislative Action Committee and Education Committee.
2. Cooperative Advertising – Oxford Federal Credit Union actively participates in statewide Credit Union advertising programs.
3. Development Educator – Oxford Federal Credit Union’s Marketing Department, Member Education Team, Management Team Members, Supervisors, and various staff members educate select employee groups on the philosophy and uniqueness of credit unions.
4. Continuing Education for Staff – Oxford Federal Credit Union supports post-high school education, through a reimbursement plan, encouraging employees to further their career in the credit union movement. The credit union has introduced an innovative educational institution, BVS Training Plus, which offers a comprehensive curriculum, keeping employees current, capable and confident with job related courses such as Bank Secrecy Act, Sexual Harassment Training, Robbery and Security training, Cross Selling, lending, leadership, and other related professional skills.
Section VI: Public Service/Corporate Citizenship: Oxford Federal Credit Union will strive to be an active partner in the community, to enhance its economic and social well being. Each year the credit union supports many organizations in our community, including, but not limited to:
Current Programs:
1. Relay for Life – This is an eighteen-hour walk around the clock to raise money and awareness in the battle to fight cancer. Each year Oxford Federal Credit Union has raised money for this annual event and/or has a team of walkers.
2. March of Dimes Walk America – This is a walk to raise money and awareness in fighting birth defects. Each year Oxford Federal Credit Union raises money for this cause, and /or has a team of walkers.
3. Employee “Helping Hands” Fund - Voluntary weekly contributions from the employees of Oxford Federal Credit Union provide assistance to community projects.
4. United Way Day of Caring – The staff of Oxford Federal Credit Union donates a day of assisting deserving community citizens with help around their home such as yard work, garden clean up, painting, etc.
5. Ending Hunger in Maine – Through sales of candles, car fresheners, baskets, lobby raffles, and gifts of food to local food pantries, OFCU is a partner in this MECUL project.
6. Santa’s Helpers – Each year Oxford Federal Credit Union staff and Board donates $500 to community charities during the holiday season.
7. Big Brother/Big Sister/ Bowl for Kid’s Sake – Each year Oxford Federal Credit Union donates to this charity. We also have had a team of bowlers who raise money and bowl for this program.
8. Sponsorship Little League – Each year Oxford Federal Credit Union sponsors a Little League Team providing them with uniforms.
9. S.C.O.R.E. (Service Corps of Retired Executives) – Oxford Federal Credit Union supports SCORE by providing meeting space for this non-profit organization which offers business counseling to entrepreneurs and current business owners.
10. Aspire Higher – Each year OFCU supports the Oxford Hills “Aspire Higher” program which encourages the youth of the area to study hard in school and aspire to go to a college or prep school after graduation from high school. OFCU sponsors a US Series EE savings bond to support high education, and also participates in the fall Aspire Higher Parade.
11. Volunteerism by Staff and Board – Some employees and board members of OFCU serve on various boards within the community such as: River Valley Chamber of Commerce, River Valley Growth Council, Rotary Club, Chisholm Ski Club, Rumford Hospital Board, Make a Wish Foundation, and Relay for Life Committee. For the years 2003 and 2004, OFCU staff and volunteers have had the distinction of having the most number of volunteer hours from all the Maine Credit Unions participating in the tracking of volunteer hours.
Oxford Federal Credit Union also practices good corporate citizenship by:
1. Providing use of our Training Room to community and civic groups needing a place to meet.
Over the past years, many organizations and business have taken advantages of our facilities for their function. Some of these are as follows:
S.C.O.R.E. – (Senior Corp of Retired Executives) –Monthly Meetings
SAD#21 – Curriculum Study – Workshops
Rumford Elementary School Mentoring Program
SAD#43 – Computer Studies for Teachers
Boy Scouts of America – Eagle Badge Training
Brownie and Girl Scouts – Savings Education
River Valley Growth Council
Androscoggin Home Care and Hospice
Med-Care Ambulance CPR Training
