Conference 7.286::dcu

>	Do you read Network?	
		Yes
>	Do you find the newsletter informative? 
		Sometimes
>	What topics or issues would you like to know more about?
		Status of Mangone stuff, other stuff we talk about here.
>	What new subjects do you feel should be in Network?
>	Anything other thoughts, questions, or suggestions welcome.
		Suggest that Network be used to communicate the info
		promised by BoD Candidates. Some has been published
		here, but you have a commitment to all members.

Oh, that's the glossy thing I got last night?

Well, it's useful for information on new features and services.  It's useful to
see pictures of the new board, all in one place.

Other than that, it's a bit too much "Happy News" for me.  It leaves me with
the distinct impression that I've just been coddled.  I'd personally like more
straightforward communication, even if it isn't as happy.

Recent BoD postings to this conference would be a good example of material, as 
would any updates on the Mangone litigation.

Note 584.0 by PLOUGH::KINZELMAN 


	Do you read Network?

Sort of...

	Do you find the newsletter informative?

rates about 3 on a 1-10 scale.

	What topics or issues would you like to know more about?

More 'HARD CORE' information.  More information about changes
planned or current.  Like a previous person said, less 'Happy news'.

	What new subjects do you feel should be in Network?

Mangone.  Are we done with him yet?  Where do we stand?  I always
get a kick out of the survey information and how only positive points
are mentioned - not that we are low on a few and know about them - and
last but not least are working on them.

I do not trust the reporting of stats in the newsletter.

	Is the Network a good way for you to keep up with:
		- DCU financial status

If there was such information that could be provided, I would rate
this as a high worthiness.

		- New and/or changed product offerings

Another high.

		- DCU management and direction

medium.

    
    Speaking for myself...
    
    I have always viewed Network as a marketing vehicle and not a true
    communications vehicle.  A true communications vehicle would cover a
    broad spectrum of CU issues and topics as well as personal finance type
    topics.  As has already been stated, the bad as well as the good is
    also printed.  And it isn't presented as industry is 1.9, we are 1.5
    and thus we are .4 below the industry.  It is reported in a fashion
    that is meaningful to the average reader who isn't an expert in market
    rating systems.
    
    IMO, too much marketing type material (what others have called 'happy news')
    and the vehicle is perceived as propaganda instead of something
    informative.  Hence it is much more lucky to end up in the trash,
    unread.
    

    
    	Do I read it?  Yeah, I guess so.  Am I captivated by the
    information contained in it?  No.  Would I miss it if it was cancelled?
    Not at all.
    
    	That said, I do think it is important to "get the word out" on new
    programs or lowered loan interest rates.  But why include a glossy to
    do this?  There is plenty of space on my statement sheet for a 2 or 3
    inch section on new products.  Granted, some percentage of the
    statements shipped would spill over to another sheet if a 2 or 3 inch
    section was added.  Fine.  I think the added costs of those occasional
    sheets is by far lower than a glossy insert for everyone.
    
    							-craig

    
    
    If I never received it again, I doubt that I would notice.
    
    Steve
    

    What is the cost of using the glossy paper?
    
    Why can't this be a simple document on standard 8.5 x 11 paper? This
    seems like a way to cut costs and still provide information.
    
    

I think the information in there is watered down and incomplete.
As someone else aptly put it, there is too much Happy News.  Maybe
it's just me, but I can't help but feel that the entire thing is
written by the same person...the writing style is all the same,
bland stuff.  Also, I constantly feel like Network is "talking
down to me."  Again, maybe it's just me...

I feel the membership wants, and deserves, a complete accounting
of the actions under way against Mangone, as well as other legal
actions DCU is engaged in to recover assets lost in the fraud.
The information should be updated regularly, and be as complete
and factual as possible without compromising DCU's legal position.

I'd like to see hard data regularly.  Earnings statements, balance
sheet, change in financial condition, statement of condition, etc.
These types of numbers speak volumes to me - much more so than 
reassuring words that the credit union is strong and in good shape.

That DCU uses glossy paper and colourful advertising, which appear
at least to me to be expensive seems counter to the notion of
saving money.  I'd much rather have a dividend than expensive junk
mail.  Also, if you're going to spend money on this stuff, I'd
prefer to see it printed on recyclable paper, or on recycled paper.

./chris

I read most of every issue of Network News.  I have often found the 
announcements of loan programs, member services etc. to be useful.
Prior to last year, that's all I recall from it.  Over the past year
I found Network News rather frustrating, because it purported to
discuss credit union issues but I wasn't sure I could trust it.
This latest one impressed me as being more open and straightforward.

I'd like to see it keep it's function of advertizing DCU programs,
but also evolve toward a real communication document, rather than
just a marketing document.  The idea of publishing comments from
various Board & Supervisory Ctty members sounds good.  I hope that
we see some frank comments on problems and potentials in the DCU.
Comments that are mailed out to 83,000 people have to be reviewed 
very carefully, but it is still possible to get a lot of honest info
out.  The positives that are stated about the DCU in Network News
will be more credible if people feel that the negatives are also
being clearly stated -- with comments on what can be done to fix
them in the long run.  

I think the Network News can be used to make people feel more involved 
in the DCU as *their* CU, rather than just a financial institution that
happens to be convenient to use.  I'm sure the loyalty resulting from
giving the members more involvement and sense of ownership will pay off
financially, e.g. with a larger loan-to-deposit ratio.

	Enjoy,
	Larry

As a result of reading the last issue of Network, I am going to apply to 
refinance my auto loan through DEFCU.

-stephen

How about a section in Network that is in the same place every issue,
in the same format, which contains all of the interest rates for share
accounts, CD's, loans, etc?  And put an "as of" date on it, so people
can see whether or not it's likely the rate has changed.

Some of us can get that info at the branch, all of us could call the
nifty automated number to get it, but I bet that you'd reach tens of
thousands more people with the info in Network.  And it will help you
get positive feedback (like .10) and negative ("hey, I can get my loan
at the bank a lot cheaper...") from people who otherwise might not
react.

I also vote for something recyclable.  Glossy paper is not.  

K.

    The glossy paper is consistent with what I receive as a member of 3
    other credit unions.  I don't really care what it is printed on, as
    long as it is legible.
    
    I have a built-in bias against the content because of the way we were
    lied to in the past.  I want a chance to get over that before I make a
    judgement of the content.
    
    Bob

    Well, I do have a problem with the glossy paper if it represents a
    higher expense than standard paper. Every penny we spend on expenses
    represents LOWER profits for the DEFCU, higher rates on loans and lower
    rates on savings.
    
    Another question is: How many people actually use that check balancer
    paper enclosed with each and every statement? 

    Never could figure out how that check balancer worked.  I do it my own
    way and get good results.

re:  check balancer

That's something that consistently winds up in my recycle pile
every month.  I don't think I've ever used it...

On the other hand, I don't think I've ever had a checking account
anywhere in the world that doesn't include something in the monthly
statement entitled "How to Balance you Checkbook."  Even a brokerage
outfit I use occassionally sends out a "How To Reconcile your Account"
with their monthly/quarterly statements.  

./chris

    I do read it, but (in it's current form) wouldn't miss it much if it
    disappeared.  I believe that it could be made into a useful vehicle
    for communication.
    
    In particular:
      - get rid of the 'happy news'
      - print more 'real news'
        - print the current rates, fees, etc for (at least) all the major
          programs (accounts, loans, whatever) in every issue
        - print all the details of any new or changed program, and
          periodically print all the details of each program
        - summarize BoD meeting minutes
        - summarize any other issues of interest to members
        - periodically print information such as how to get copies of BoD
          meeting minutes, annual reports, etc.
        - its especially important to print all relevant news, even if it's
          bad news (for members, or for the BoD or DCU management) -- the
          only way that members will come to trust this channel is if it is
          obviously not biased.
    
    If the useful information to print is ever short enough, just print it
    in a box on the statement.
    
    I generally use the check-reconciling sheet, but could manage just fine
    with a blank sheet of paper.
    
    In general provide 'all useful information' to members, but do it at
    the lowest reasonable cost.  We don't need glossy flyers and fancy
    graphics.
    
    	Dave

I don't have a DCU checking account, so I have no idea what the statement
looks like.  My S&L prints a checkbook-balancing form on the back of each
statement page, so there is no need for a separate 'how-to' page to be
stuffed into the envelope.

Bob

�My S&L prints a checkbook-balancing form on the back of each
�statement page, so there is no need for a separate 'how-to' page to be
�stuffed into the envelope.
    
    The DCU statements are printed on both sides already.  The 'how-to
    page' is a slip of paper about the size of a check.

Current interest information isn't current by the time Network is 
printed and distributed.  However, it is better than nothing for 
those who don't use VTX or the 800 number.

What I would like to see is a field on the statement that shows 
the current interest rate being paid on my sharedraft, savings, 
club, etc. accounts.

Wes

    Re .-1
    
    I agree. This is actually my number one request for an operational type
    change at DCU. My Baybanks statement provides me with this information.
    I've always wanted DCU to do this to, it has always annoyed me it not
    being there.
    
    Dave

    Just a couple of comments.  People have complained about it being on
    glossy paper.  However, if it is more effective that way (i.e. it
    results in more money coming in than the difference of the  costs of
    printing over that of plain paper) then keep it that way.  Yes, most of
    it is happy news, but its goal is to bring money in.  If that's what's
    necessary then that's what it should be.
    
    Other people want more discussion of Mangone.  Unfortunately, that's
    one subject which cannot be seen in print in such a publication, nor
    for that matter should you expect to see it in the minutes of the Board
    of Directors meeting.  As long as there is litigation going on, the
    less said the better.  Unfortunately the best sources of information on
    the Mangone affair are now members of the Board of Directors, which
    means that they are privy to confidential information.  That means that
    in order to avoid leaking any information, they can't say anything at
    all, even if it is public knowledge.
    
    			Danny

>    Just a couple of comments.  People have complained about it being on
>    glossy paper.  However, if it is more effective that way (i.e. it
>    results in more money coming in than the difference of the  costs of
>    printing over that of plain paper) then keep it that way.  Yes, most of
>    it is happy news, but its goal is to bring money in.  If that's what's
>    necessary then that's what it should be.
    
I believe it is the contention of some of us that "glossiness" does not
increase the effectiveness of the document.  I believe CONTENT is far
more significant.  

IMHO, the glossy paper is just another symptom of the previous regime
trying to act like a bank.  Personally, I'll be glad to have a credit 
union...

K.

    
    I use the Checkbook Balancing Form included in my monthly statement,
    although I could balance it without it.  I find the form convenient
    and, if it were no longer included, I'd make a copy of it so I could
    continue to use it.
    
    Lou
    

I know of times where glossy costs LESS than the other various types
of paper.  Use what costs less.  Keep it simple and do not waste
a lot of time chasing some screwed ball type of paper that costs
$.01 less.

	- mark

Full color (or even 1 or 2 color separations) glossies cost big bucks.  
For "external advertising" when the goal is to attract somebody, and hold
their attention long enough to convince them to buy something, this type
of advertising makes sense.  But in the case of DCU, where the field of
membership is well-defined (and growing smaller :-( ), there is no need
to attract somebody and hold their attention.  There is, instead, a need
to provide information about a service in a way which allows the member
to make an informed decision.  

A plain sheet of paper, with a simple black ink printing job (from something
easy to read like a postscript printer) that has something to the effect 
of:

	DCU OFFERS NEW LOW RATES & SPECIAL AUTOMOBILE REFINANCE DEALS

		blah blah blah

would certinaly suffice, IMHO.

I'm also curious about the criteria DCU used to "target" members for this
special mailing (don't read that wrong...no implication being made about
wrong doing, just curious).

./chris

    
    
      FWIW,  the Navy Credit Union  includes a multi-color 
    glossy brochure with every statement  with a content similar 
    to "NETWORK",  except that it also lists all the current rates 
    and phone numbers on the back page.   
    
      I think that discussion here of the "glossy vs. Non-glossy"  
    issue  is micro-management - what we really should be providing
    feedback on is the content of the mailing.
    
      In that regard,  I'd rather see  more emphasis on _real_  news,
    along with perhapse a "feature story"  on some aspect of Credit
    union management (Like how the rates get set,  how loans are
    processed,  why a DCU personal  loan carries a higher rate than
    a "personal advantage credit line"   and why the DCU Visa card
    is cheaper than both of these  etc...   
    
      If somebody from the BOD wants to see what the Navy CU sends
    out,  I think I have one I can send along.
    
      Most of all,  thanks for asking for our opinion!
    
    
    						-al
    
    
    
    
     

    RE: .26
    
>      If somebody from the BOD wants to see what the Navy CU sends
>    out,  I think I have one I can send along.
   
    Please do Al.  You can send it to either Paul or myself.  Thanks.
    

Helpful hints on how to manage your money.  

How loans are approved.  What is the criteria and how much of a loan can you
qualify for on homes and cars.

What income is considered or not considered 
Alimony, Overtime, Standby pay, bonus, spouse pay etc.

These should not be secrets and would help people set their expectations on 
what they can afford before they select the house/car only to find out that 
can't get a loan.

I have always felt that one of the duties of a Credit Union was to educate and
help people to manage their $ so that they did not get in over their heads. 
Several that I have belonged to have offered this in several forms.  By 
including it in mailers like this,  by offering literature on specific 
subjects like home buying and loans, car loans and purchases, and having some
things like which cars are the safest etc.

    re .28
    
    Excellent suggestion on the money management hints.
    
    I was just recently made aware of the fact that in order to shorten a
    30 year mortgage to 15 years, all you need to do is pay your current
    principal and interest amount plus next payment's principal.  It makes
    sense, but I was under the impression that you had to double up the
    payments (both principal and interest).  I found out quickly that I was
    not the only one that had this misconception.  Little things like this
    sure help!
    
    Don

In the beginning, 95+% of a mortgage payment is interest and the balance
is principal - so doubling the principal is easy.

Toward the end, 95+% of a mortgage payment is prinicipal and the
balance is interest - so doubling the principal is almost doubling
the entire payment.

Gim