Insurance Trust’s David Baird Honored at Retirement Party

Posted by on Dec 12, 2017 in News |

On November 15, 2017, Insurance Trust held a retirement party in honor of our President/CEO, David Baird, at the DoubleTree Hotel in South Portland, ME.  Family, friends and colleagues gathered to honor David and show appreciation for his 11 years of hard work, dedication and leadership with Insurance Trust. The evening was filled with heartfelt stories and laughter as guests remembered the many great moments throughout David’s tenure with Insurance Trust and amazing career of over 40 years in the insurance industry.  The most touching, perhaps, were the proud words from David’s mother, Kay, pictured above (center) along with David’s sister, Anne (left). The employees and board of directors at Insurance Trust would like to express our utmost gratitude and appreciation to David for his caring leadership, fairness, positivity, empowerment and for helping our organization to continue to be a successful pillar of service within the Maine credit union...

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Does Your Credit Union Need More Vehicle Loans?

Posted by on Dec 6, 2017 in News, Trust Tips |

OK, who doesn’t?  With relentless competition from the auto dealers and other competitors, it’s harder than ever to gain vehicle loans.  But here’s a tip that could help you and your front line team build a member relationship that will endear you to them while at the same time, help capture more loans.   Work from the savings side: That’s right, work from the savings side.  It starts with a DREAM.  When your MSR or lender open a new account, or when closing a loan for a member, strike up a conversation with the member about savings goals.  “Is there anything at all that you would love to save for?  A family vacation that you’ve always wanted?  Christmas without the debt and the guilt?  Down payment on a home or a loved one’s education?  Or even just some emergency money for peace of mind?” Spend time talking about it with the member and learn their dream.   Then ask some simple questions: “How much would you need for that, realistically?”  or  “How much did you spend on Christmas last year?” “By when would you like to have that set-aside?”  Get the exact year and month.  Narrow it down.  That’s the term. “How often are you or your spouse paid?”  Look for bi-weekly or weekly if possible.  You want to figure out the total number of pay periods until the end of their term. “OK.  Let’s do the math together.”   Now it’s just a simple math problem: For example, suppose Mary wants to have $1,000 for Christmas by December 15th next year.  That’s 26 pay periods in the year. If she is paid bi-weekly, then it’s $1,000 / 26 pay periods of $38.46  per payroll.   Ask her how realistic that is, and if she says it’s not, then find out how much WOULD be each pay period, and multiply it back by the TERM to get the amount she would save or divide that lower amount into the total Dream goal to figure out how much longer she would have to wait.   Now for the LOAN part: “Want me to help you find some free money toward that goal?”  I have asked this question many times to the wonderment of the member who typically asks “What’s the catch?”  To which I reply, “Tell me about the loans you have elsewhere.  Like car loans, a mortgage, or credit card debt that you want to get rid of.  Maybe we can refinance them for you and add to your savings goal!  Do you have any of them?  Let’s see if you qualify!”  And direct deposit makes both the savings effort and the LOAN payment automatic.   If your new accounts...

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