2024Q1 Highlights from the CEO

Posted: March 29, 2024

2024 Q1 – ICYMI!

It’s hard to believe it, but we are already one (1) quarter of the way through 2024! Seems like just a few short weeks ago that I was writing to you with a recap of 2023, and yet, here we are at the end of March bringing to you updates on how the year is unfolding. Over the past few months, we have added a lot of value to our cooperative, so I will jump right in with what might be best described as an ICYMI (in case you missed it) episode…

Labor Community Foundation Each quarter, I highlight the Labor Community Foundation, which is the 501(C)3 non-profit organization that your credit union established in 2023 to make an impact on the labor movement and support our communities by helping to advance career endeavors. I will continue to feature the work of this Foundation, as I believe firmly that we can utilize this platform to lift up our communities and empower our neighbors to achieve financial well-being. Over the last few months, we have held a number of fundraising efforts, including two 50/50 Cash Raffle drawings. We will continue these 50/50 cash raffles as fundraisers, and what’s also important for you to know is that you can help support the Foundation’s fundraising efforts simply by using your Labor Credit Union Debit card to make purchases. Each time you use this card, your credit union earns income, known as Interchange income, which is paid by retailers and card networks. The credit union utilizes a portion of this income to help fund and support the Foundation! In May 2024, the Foundation will be awarding scholarships to graduating students of Woodson H.S. (located in Washington, DC) who are pursuing careers in Finance, Information Technology, and Engineering. These scholarships are through the Kevin Jackson Memorial Scholarship Program, which was created by the Foundation in memory of Dr. Kevin Jackson, PhD, who served as our credit union Board Chair since 2021 and passed away in October 2023. Cash-Back on Debit Card Transactions! You asked for this, and we delivered! In our 2023 All Member Survey on our products and services, the overwhelming majority of respondents stated that you wanted to have a cash-back feature on your debit card transactions. In March, we rolled this feature out, and it is now available to you! You can enroll in this option by contacting our Financial Wellness Team and start earning up to 1% cash-back on all your debit card transactions (up to $50 cash back each month)! Artificial Intelligence (AI) Integration In today’s high-tech world, it is nearly impossible to avoid AI, and we are determined to embrace this emerging technology to create a better experience for you. We have recently added AI technology to our website to better assist you with your questions when visiting our website. You may have seen the “Let’s Talk” chat bubble that now sits on the lower right-hand side of our website, and this tool can be used to quickly get the help you need in responding to inquiries or issues you might be having with your account. In the coming months, we will continue to expand the help that this tool can provide to help you in a faster, more efficient, and enjoyable experience. Elimination of Non-Sufficient Funds (NSF) Fees This past month, we eliminated the fee that is charged when a transaction is returned unpaid due to insufficient funds in your account. This change does not impact your Overdraft Protection service, or the fee that is charged for utilizing Overdraft Protection. One of the core values of Labor Credit Union is Inclusivity, and it is our Mission to be a foundation of financial success for our membership. We cannot achieve this core value or our Mission if we ignore the negative impact that fees have on the financial well-being of our members. We made the decision to eliminate this fee because there is no value added to your financial well-being or the credit union’s success when an item is returned unpaid, and you are charged a fee for that transaction. Our ultimate goal is to eliminate all fees from the financial services we provide to our members. We need your help to do this. You can help put us in a position to eliminate all fees simply by utilizing your credit union. Every time you utilize your Labor Credit Union debit (or credit) card, every time you need to borrow funds and do so from your credit union, and every time you deposit your hard-earned paycheck or savings into your credit union account, this helps us move one step closer to eliminating fees. We utilize these types of interactions to earn income that we can utilize to expand services and products for you, while also reducing (and eventually) eliminating fees that you incur. The more you use your credit union, the closer we get to becoming fee-free for you. And, spread the word! Your co-workers, your family, your friends, and your neighbors can join Labor Credit Union, and we are eager to help them achieve financial success just as we are eager to continue helping you. Refer your community to Labor Credit Union, and you both could earn an additional $50! Together, we are currently 8,200 members strong, and we are growing stronger everyday thanks to you, our members, who trust us to provide you with such a critical service and to meet your ongoing financial needs. Sincerely, Thomas Domingue President/CEO Labor Credit Union