The Vanderbilt Employees’ Credit Union has grown up.
During the next year the employee-owned financial organization celebrates the
50th anniversary of receiving its charter, and Michael Bittle, the credit union’s director, can’t contain his enthusiasm for the changes under way.
“After 50 years, it’s like a whole new world,” he said.
The credit union has since its beginning offered savings accounts and consumer
loans for staff and faculty, but in the past few months the new services have
been coming quickly, including:
• Interest-bearing checking accounts, with no monthly fee, no minimum balance,
unlimited check writing, and the ability to see images of cleared checks online
• Visa check cards
• Online bill paying
• ATM access, including a dedicated Vanderbilt Credit Union ATM at One Hundred
Oaks, and free use of the Presto! Network of ATMs at Publix stores all over the
Southeast. The credit union does not charge a fee for ATM use, although
networks other than Presto! likely will.
• Online and telephone account access
• Electronic statement option
• Home equity lines of credit, which can lend up to 90 percent of equity at 3 percent or prime minus 1.50 percent, whichever is greater. There are also no
closing costs or appraisal fee.
• Credit Union representatives are available at One Hundred Oaks in the
Vanderbilt Valet office every other Friday, to coincide with Vanderbilt Medical
Center’s biweekly payday for hourly employees.
When these services are combined with the still-available credit union staples
such as savings accounts, personal pre-approved lines of credit, and loans for
cars, boats, computers and even plastic surgery, Bittle says that many staff
and faculty can get full financial services without leaving campus.
“The credit union is one the benefits of working at Vanderbilt. We can now be
your primary financial institution,” Bittle said. “We can and we want to be. We offer personal services, lower fees and better
interest rates. And we still want to know your name—you are a member and an owner of the credit union.”
He said that he believes that the services of the credit union increase employee
satisfaction and productivity, and may be one of the reasons that Vanderbilt
was named one of Fortune magazine’s “100 Best Places to Work.”
“Money and finance are the biggest stress in anyone’s life,” he said. “We have multiple ways to help alleviate that stress—and by doing that, we make Vanderbilt a better employer. And by not being
stressed, people are better employees.”
Membership in the credit union is open to all full-time and regular part-time
staff and faculty and their immediate family members, with a one-time
membership fee of 25 cents. The credit union office is on the first floor of
the Oxford House. Its phone number is 936-0300, and its Web site is www.vanderbiltcu.org.
