The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

St. Louis Community Credit Union Is COOL

On July 20th, 2009, posted in: Uncategorized by

The Center for Economic and Entrepreneurial Literacy (CEEL) reminds the general public that financial forethought can help you be a smarter consumer as it relates to avoiding fees and the like. I couldn’t agree more. Having a plan and thinking ahead is essential to avoiding the pitfalls of allowing emotion to overcome rationale. In other words, don’t make the mistake of managing your money to meet the whims and wants of the moment. That’s where you pay fees and penalties.

While I had never heard of CEEL prior to this weekend, I like their style. It aligns with another organization of which I have intimate knowledge – COOL. The Center for the Opportunity of a Lifetime (COOL) is more commonly known as St. Louis Community Credit Union. Yeah, that’s right…if you want to align with the words of wisdom brought to us by CEEL, then you should seek out COOL. It’s what we do…we give you and your fellow members an opportunity to manage your money, as opposed to your money managing you.

James Bowers, managing director of CEEL, stated that “economic illiteracy is at the heart of our current economic crisis.” To paraphrase some of the additional comments of Mr. Bowers, he goes on to encourage consumers to have family budgets, to read the fine print, to learn the facts related to borrowing money, and to understand the basic facts of economics and how they affect you and your family. Bravo, Mr. Bowers, bravo!

COOL is where you should be. At COOL, there isn’t much fine print and certainly none that is designed to penalize you for not paying attention. Go to the COOL web site to gain financial education (it’s free). COOL has great loan rates and loan products that help you avoid the traps of payday lenders. COOL has a means by which you can re-build your credit score. COOL helps you with an understanding of basic economics by providing you with low cost loans and fees coupled with some of the best deposit rates in the region.

CEEL refers to the fact that, according to a 2008 study from Bankrate.com, a bounced check fee is now close to $30. At COOL, the fee is $15. CEEL tells us that $27.50 is the average overdraft fee (up from $25 last year). At COOL, the overdraft fee is $15 – not up from last year or the year before, or the year before that, or the one before that, or ever. That’s right…COOL has never raised the overdraft fee. It’s the same as the day we introduced the program.

Follow the advice of CEEL and find your way to COOL. Just like CEEL, we want you to be a smart consumer as well. St. Louis Community Credit Union is COOL. Opportunity is what we give.

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