Happy New Year! Here at UCU, we are celebrating the fact that we made it through a truly unbelievable year. We know our beloved University Community endured significant challenges in the last 10 months. Though we are still dealing with the impacts of the pandemic, we want to applaud you for your strength in the face of adversity. We also want to acknowledge the strides we made as an organization, and look ahead to the promise of a better year in 2021.
University Credit Union didn’t just survive 2020 - we thrived. And we have you, our members, to thank for it. Because of your continued membership and participation in our products and services, we were able to offer the university community an even greater financial edge. Our members benefited from some of the lowest borrowing rates in the nation, which contributed to record loan growth. And by banking with UCU, our members saved over $14 million in 2020 - an average of $363 per member. I would be remiss if I didn’t acknowledge the contributions of our expert champions – our committed team. They were relentless in their pursuits to add value for each of our members; persevering through extraordinary events. I could not be more proud of the way they came together in service to our members.
In addition to offering competitive savings and loan rates, we introduced exciting innovations to make our members’ banking lives more accessible, more efficient, and more secure than ever. Our new online virtual assistant Royce provides answers to your most-asked account questions with the click of a mouse. And in keeping with the shift to virtual interactions, we introduced UCU Live! Video Banking. This service allows members to complete many everyday banking transactions from the comfort and safety of their homes with the support of a live UCU team member.
Finally, we were proud to offer solutions for our members who faced significant financial hardships as a result of the pandemic. We lowered rates and waived fees to ease the stress, so your focus could remain on your family’s health and well-being. And we helped our members obtain Payroll Protection Program loans to keep their businesses afloat during the prolonged shut down. We continue to look for opportunities to support you and ease the stress of these unprecedented times.
As we embark on a fresh year, there is much to be hopeful about. Our credit union has a solid financial foundation from which to serve you. We will continue seeking ways to meet you where you are and lift you up any way we can. We realize we are not yet through the pandemic, and there are still challenges to come, but if last year proved anything, it’s that we are stronger together. You can count on UCU to be there for you.
Here’s to a healthy, prosperous 2021 and beyond. Thank you for your valued membership.