October 13, 2024 • 23 mins
In this episode, we explore the differences between credit unions and traditional financial institutions. Our guest, Joseph Luque, Central Operations Supervisor at Patelco, shares his extensive experience in the financial services industry. Learn about the unique benefits of credit unions, how they support community financial wellness, and why they might be a better choice for your financial needs. Tune in for practical insights and expert advice on navigating the financial landscape.
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Episode Transcript
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(00:00):
One. Thank you for joiningus for a small talks for big change
where we help simplify financial topicsto help with your financial wellness.
Greetings, everyone out thereand thanks for tuning into the show.
October is an awesome time of the year,especially here in the Bay
Area, California.
We've got some of the most
(00:21):
beautiful fall landscapesand the last of the summer sunshine.
October marks the start of the holidaysfor us and for credit unions.
We celebrate international CreditUnion Day mid-month,
which is meant to raise awarenessabout the amazing work that credit unions
are doing around the world.
And we've donelots of episodes about what Patelco does
(00:42):
for the communityand for members financial wellness.
But today we want to comparethe differences of credit
unionscompared to other financial institutions.
And to bring some perspectiveto the conversation, we're joined today
by Joseph Luke,who's our central operations supervisor
and former regional teamlead in our retail division.
(01:03):
Welcome to the studio, Joseph.
Thank you. Thank you.Thank you so much for having me.
I hope we have a sensorbelly button ready.
no, it's not going to me.
No, not at all.
This is a family program.It really is, Joseph.
I recently found outabout your background.
That includes music and deejaying,but also that you used to work
for a check cashing business,which I thought was really interesting.
(01:26):
So we had to get you in here to haveyou share your experience
with providing financial servicesto the community.
But before you introduce yourselfin your career background,
I just want to clarifythat we're talking vinyl and turntables.
Absolutely.
Vinyl and turntables.
Yes, that. That unfortunately.
No. Dig at anyone out there.
(01:47):
That's that's the realthat's the right deejaying. Right?
It is very much so.
But I'm actually pleasantly surprised.
I, I do audio on the side,so I get all these audio magazines being
sent to me and I'm actually seeing vinyland turntables are making a comeback.
that's good to hear.
And in people's homes,which I think is really cool.
But I also think we might be showingour age by posing that a little bit.
(02:09):
Yeah, because there was definitelysome listeners that were like, What?
Yeah, Yeah.
Just on Apple Music, you know?
So tell us about your background.
So I have a pretty diverse background,
so depending how far back we go.
But just mentioning deejaying.
So that was somethingI did at a very young age.
I used to actually set up and sell deejay
(02:31):
equipmentand customized systems for people.
And I think, again, I canI can tie this in to very early age.
I was used to dealing with the public.
And so the public can come in.
Everyone has different needs, right?
Everyone has different goals.And so they're coming for certain things.
And I would make surethat we can kind of tailor
what we had in this case, equipment
(02:51):
that would really dowhat they needed to do.
Some people would come in, have no ideawhat they were looking for.
They just knew they wanted to, you know,do someone's wedding or party or whatnot.
Right.
And it was like really taking a step backto make sure it's like, okay, what
can we get this personthat's going to really just fit the need?
And I think, you know,all kind of make sense.
When I look back on it now, right?
That was when I was very young. And
(03:13):
again,it was me really just I just enjoyed it.
I enjoyed every aspect of it.
I enjoyed seeing those people come backand hearing about their successful event,
you know, and that the things
that we got them really fitwhat they were looking for.
And yeah, and so kind of started there
from there.
I was always kind of in that environmentor was definitely always a, you know,
(03:34):
a service and always actuallyalways a service environment.
And I did that for some years.
I did a lot of
I actually worked in multiple differentmusic stores and things like that.
And then going forward,I actually found myself
quite literally, it wasit was a fluke, like totally random.
I was talking to this personthat ended up being a manager for,
(03:55):
for lack of a better way of putting it,a private owner that had a bunch of check
cashing locationsand they literally just like, Hey,
would you ever consider comingand working with us?
And yeah, it was quite literallyjust like that and was like,
yeah, let's give it a shot.
You've got away with people.
You could be good at this.
Our, my shop.
Yeah. Yeah, I guess so.
Right.
So that's, that's,that's pretty much what happened and then
(04:18):
I went there, started off and
just built up from there, really startedat an entry level position with them.
I'm happy to say, acceleratedpretty quickly, went into management
with them and then into even fastforwarding to being a trainer for them.
And I ended up actuallybeing one of their head trainers
that trained quite literallyevery person up and down.
(04:41):
This this individual had many locationsall the way down to San Diego.
I trained there and then also would head uptheir, community events and such.
And that's I think really in all honesty,what kept me there
as long as I was there was because theythey really did, surprisingly enough,
I'm sure for many people, they had athey had a strong community presence.
(05:02):
And it was something like, for example,they did an annual backpack giveaway.
That was a huge, huge eventand a lot of really
under-banked communitiesthat was that was really powerful.
Like I really loved really that aspect
of running into the kids even later.
And they were pointing like, thank you.
And like,it was such an awesome thing, you know?
And that is in all honesty, probably that.
(05:26):
And I'd probably say the,
the training development aspect waswhat kept me there as long as I was there.
Yeah, for sure.
And we don't have to name names,
but we are talking like a checkcashing type of place.
But you guys did more than that.
Yes. So they didthey did a wide variety of things from,
you know, loans, all of that. Yes.
(05:46):
We definitely won't name names.
They're a rather big institution.
It was owned by one individual.
For some reason, he'd only domeetings at night and he wore a cape.
But I don't know,maybe that's something for later.
But it really I was
there really when I thought back about it,you know,
when we first had a great conversation,it even got brought up.
(06:08):
You know, I kind of asked myself
when I walked away that day, like,why was I And I think it was those core
those two core things that was thatI could do those community involvement.
I can have that involvementwith our local community,
which is is a very important thingfor myself.
I'm a kid born and raisedhere in the Bay Area and the development
aspect, like I had a lot of,I loved bringing in and giving opportunity
(06:30):
even in such environment wherewe can really develop people as myself.
Like I had a lot of people come throughthat ended up going into management
and then doing the same,leaving to other financial institutions,
leaving to other venturesand venues in their life.
And it was just really awesome to seeand just be a part of that development.
Yeah.
So inin addition to check cashing and loans,
(06:53):
was that just me, the basic servicesthat you guys were offering?
Primarily? Yes.
And they did a lot of that filler stuff,
but pretty much everythingyou can think of there.
Yeah, just all that stuff there, really.
They did get people set up on
creating direct deposit avenuesand things like that.
But again,not always the best low cost options.
(07:15):
Right? And that's always the thing. Right?
And it's like and that was always,you know, the part was like,
I think, you know,we can still do a little better. Yeah.
And how long were you there?
I was therefor a considerable amount of time.
Like again, probably longerthan I really would have been
if it weren't for the positionthat I got to where I was able to kind of.
(07:36):
Then it was more, again,about the people development
and really that side of thingand training.
Even the managersand going to these classes,
I was able to go and, you know,build on my own skills in other ways,
but I was there for a while.
And then honestly, at some timeI kind of asked myself the same question,
like I was kind of, you know,I still I wanted to expand for myself.
(07:58):
And so that is is literally what happened.
I came home, I was noticing I was kind of,
you know, getting in this routineand I wasn't, you know,
entirely to
I just knew I wanted to do more.
Yeah, for sure.
But I wanted to take what I've built onand again, back to the core of who I am
and how I needed to be somethingthat's, that's,
(08:20):
you know, highly community involved. Yeah.
Highly in the,you know, into the development,
you know, how do we give back,
you know, and honestly, justhow do we give the best service possible.
And I started just checkingand I always really,
really had a high affectionfor credit unions.
And I just startedlooking into the different credit unions
in our area and in particularreally just stood out to me.
(08:42):
And I would say thatlike I remember going on the website
and justseeing a ton of the community involvement
and everything was just members,members, members, you know.
And then I also had a friend of mine,there was a long time Patel
co member and I remembereven just mentioning it to him
and he was like,and that would be awesome.
You should,you should definitely go there,
you know, and, and a total coincidence,I think I was mentioning it to a,
(09:05):
another friendI at a family at their house
and his mom comes walking into the roomlike I love for telco, you know
and it was just like, this is like reallyjust kind of reinforce it for you.
It really, really did. Like,like big time. Yeah.
And then again, yeah.
So I was like,yeah, this is this is the place. Yeah.
And there's a lot of stigmaaround these check cashing
type places, but the reality is they,they serve a purpose for the community.
(09:27):
There's this sort of need in the communityin terms of financial services.
And I think I'm hearingfrom your perspective,
you were part of the communityproviding a service.
You work for a placethat also did do some community outreach
which filled your bucket,just found out about credit unions
and thought you might make the leap,that it might inspire you more.
(09:48):
Yeah, absolutely.
And create a bigger bucket in general,you know?
Exactly. And that is a thing, too.
And I think that also is what
when I came here, I think that also helped
fuel my, you know, my passion for service,which is really always been there
as I was.
We were talking off off camera, you know,and just a little bit of everything I do
(10:09):
because I did recognizethat there are such a huge again,
underbanked out therethat a lot of the times
when we have conversations,it's just the knowledge isn't there.
Sometimes it's not aware of the productsthat are out there
you know, especially and I'll speak for,you know, with the Patelco,
you know, is a large majorityof what we wanted.
I mean we have products for everybody.Yeah. And that's what's great.
(10:29):
Yeah.
And it sounds like you had an momentlike some of our community members do.
They just are not aware of,of what we offer.
They think that might betheir only option. Absolutely.
I think that's so cool.
(10:49):
Our community team teachesyoung people in high schools and colleges,
as you know, about financial institutions,and we make sure
that the first part of our curriculumis really an introduction
to financial institutions before budgetingand saving before anything else,
and just making everyone awareof all of the options out there,
because not all financial institutionsare created equal.
(11:10):
And this is not a
a bashing episode where, you know,we talk about we're better than another.
Every financial institutionserves a purpose in the community,
and they all kind ofhave the same goal of taking care
of the community members,whatever their needs happen to be,
what they all have incommon is providing these banking
(11:30):
services, right, no matter whatyour preferences happen to be.
But you know that those intentionsand missions for
in which they dobusiness are very different.
You've you've seen thatnow that you've been here at Patelco.
So our mission here,as you know, is to provide or to improve
financial well-being in comparisonto working at another institution.
(11:50):
How do you see credit unionsor have you seen credit unions applying
that mission in action?
I've seen them
really I might be getting ahead of usjust just in so many ways.
So like, for example,providing financial well-being,
there's something that comes to mind.
It was actually I almost want to sayit might even have been my first year
(12:13):
here with the telco and actually I'llshare a story because this pops in my head
when it's really about providingfinancial well-being, because this one
obviously was near and dear to myself.
So we would get this feedback right.
I'll stay away from technical terms,but I'd say a member, you know,
it was an experience.
Maybe certain things didn't go possiblythe way that it could have gone.
(12:35):
So they'll submit feedback andget another one shout out to the telco.
You know, that stuff gets reviewed.
It's not just going down
a void with theselook looked at by individuals like myself.
And we take that and we say, you know,what can we do for for these individuals,
for our members?
And I remember specificallyI was working with these this
the member feedback that we werereceiving one day and it was individual
(12:59):
I came across and the feedbackwas basically that he was very frustrated.
You know, he had
you have to excuse me
again, I'm going all off from memory here.
He had applied for,
I want to say, a vehicle loan
and maybe didn't work out for him.
And I think then like a positivecredit card again, you have to,
(13:20):
you know, excuse me totally from memoryhere, but I came across it.
And overall what I seen was the tone wasthe individual was frustrated.
Yeah, right. And it seemed like he washe was trying to get into something.
Some things weren't working out for him.
So I called him and just of course,just we just started talking.
And then what really came to mindis I'm sitting right.
And then, you know,I seen him is jumping ahead.
I kind of needed to do this.I needed to do that. But then
(13:43):
I was well, you
know, we do have like, have you ever heardof a secured card product?
You know,we just sort of to most people don't know.
No. And I
and I kind of had to take a step backfrom myself as well,
because at first it came into more like,you know, how how can I
you know, this here, this individual,I'll see what we can do for him.
But then it just kind of popped inand of course, was not.
And this is one thing again about Patelcothat I've always, always loved is it
(14:03):
wasn't we've never it's never been like a
nothing pops in my headto do it for a pressured type environment.
You know, it's like,what can we do to help?
And that's what's been great.
And so we get in this conversationand he again, never had heard of that
secured card, You know, what is that?
And we start talkingand the next thing you know, he's like,
and I'm like, so, you know, we can get youwhat is the goal?
(14:25):
He's like, Well, I needed to get this car
and X amount of months, you know,And so we just start talking.
And then the conversationcompletely turned around.
The individual ended up comingin, got approved for the secure car
and started building their credit andthen just just totally went from there.
And it was really a proud momentfor myself and being at Patelco and
(14:46):
even more
so, some some of my leadership at the timeheard the story, shared the story,
and that story ended up getting celebratedon one of our organizational calls.
And it just it was just great.
It was just all the way aroundgreat that I knew, you know, I felt good,
as I always want to do, you know? Yeah.
For our service,for our members, for our community.
And it paid off and, and the personwas just totally turned their whole
(15:08):
perspective around and probably moreso I could find the individual's name.
I'd be so happy to see howwell they're doing today. Yeah.
And they're probably shockedthey got that call. Back to your point.
Absolutely.
And we talk all the timeabout the fact that
when you are a member of a credit union,you're a member owner,
so you actually have a stakein the credit union.
And part of that is having a voiceand getting feedback back
(15:31):
from the credit union. So that's so coolthat you're a part of that.
I actually loved doing that.
Yeah, it was great.
That's a shareI have really quickly inside,
but I always had one where I was callingand this woman I was helping
and I just have to share this becauseit was it was hilarious and I loved it.
But she's like,and then I was calling on behalf of this
branch and and she's like,Do you enjoy doing it?
(15:53):
I was like, I do.I really, really believe that.
Just do it.
And she goes and she goes,Is there something wrong with you?
I, I sit by youand I hear you on the phone and I'm
always curious about who you're talking toand what you guys are talking.
So I enjoy it.
Yeah. I enjoy every interaction, you know?
Well, and I'm sure that our membersappreciate just having a soundboard,
being able to talk throughwhatever their financial goals
(16:14):
or their frustrations or whateverit happens to be.
Absolutely.
Again, that's the beauty of creditunion membership.
That's the beauty of the creditunion spirit, would you say?
Yeah, definitely.
Absolutely, definitely.
And very differentthan what you were used to.
a 100,000% different, that's for sure.
What would you say about the differencein types of products
that we have in comparisonto like say, that of a check catcher?
(16:39):
Elma Really
sorry, we're not the not really noncomparable, you know,
again you know
speaking on your again on educational sideyou know
thinking of that that keeping that memberfresh in mind and things like that.
I mean I have two family membersnow that I've personally been able
(17:01):
to assist in that exact same fashionthat was like, hey,
you know, we'veyou want to go, okay, what's your goal?
We want to go to credit.
Okay.
Hey, we have these awesome products,you know, a secured secured card,
the score of loan, which I think againis it's an amazing, amazing product.
It's like quite literally,you know, you pretty much, you know,
building a savings goalor setting a goal for yourself.
(17:22):
At the same time,
you're you know, the credit unions isis building on your credit score.
You know, I'm in
what says more than that, you know, reallyit's it's just it's amazing.
And again, because we're mentioning
that other industry, you know,and instant backup
is another one that we have thatI feel like really
(17:45):
that's I mean, honestly,if there's anyone listening out there,
I mean, that really fills the void.
Yeah.
Can you talk a little bit moreabout instant backup and how that works?
Yeah, because I would lovebecause in all actuality,
it was really kind of a light bulb momentfor me.
I had a conversationwith one of our leadership again right
when I joinedand we were talking about the other
industry and suchand what we could do to help a lot of
(18:06):
because we have mutual membersand you know,
and that would be one of their customersin some in some instances.
And really instant backupI think is is an amazing, amazing product
that quite literally fillsthat void. Right?
It's like sometimes, yeah,I totally get I've been there.
And so some people,you know, find themselves with a
what a what do they call it?
A little too much monthat the end of the money.
(18:27):
Right. Right.
And it's like sometimes you just needthat little bit to get you by.
And and that's why, you know, someof those those companies exist, right.
It's it's you have your optionsand sometimes you know, we out
we we have to go with what's availableand I think in sent backup we didn't need
at the time of that conversationwe didn't yet have that product.
(18:48):
But I, I absolutely love that
we do now because I think thatthat was mostly part of our conversation.
Like, you know, it was a really just openconversation like, well,
I wonder what we could do to helpa lot of our community in this way.
And I think we've solved that.
I think that is the product.
I mean, it's quite literally, you know,same same ballpark of dollar amount.
Nowhere in herein terms of like a fee that you would pay
(19:11):
like again,light years away from from that.
And it quite, quite literally fillsthe void for a lot of our members.
Scorpion and sit back up are probablythe coolest products that we have.
Yeah they're awesome and best keptsecrets, right?
Well, they really are. I think again,I think those are good right?
Yeah, definitely best kept secrets.
Again, it's all in just what's out there,
the knowledge that's out thereand I'm sure there could be a huge,
(19:35):
you know, majorityof our local communities
that don't even know those products exist.Yeah.
And we're talkingcredit builder products, folks
that you can take advantage ofand find more information on our website.
Joseph, what would you sayabout the difference with credit unions
in the way of fees and interest rates,both for loans and for savings?
(19:55):
Again, I, I
can keep it short here because it's
it's funnyit's the same kind of conversation I have
when I'm speaking to friendsand family members.
You know, I'm like, go back to you know,the proof is in the pudding, if you will.
You know, it's there.
I'm like, just compare,
you know, I love thatwe get to take that as that that approach.
Same approach I used to take inBranch was that, you know,
(20:16):
we just have great, great qualityconversations with our members and this is
this is what we have to offer.This is what we have to it to help.
And if if you found something better,hey, let's go for that.
You're still our member.
We just want you to get the best value.
And whatever is going to do that,you know that's going to best attribute
to your financial wellness and well-being.
(20:36):
Amazing.
So we're talking about score upand instant back up that are really credit
building products that help our memberswith financial wellness.
We're talking easy access and no barriersto entry when we're talking free checking
accounts and low cost savings accountsthat earn
great rates on interest rate.
(20:56):
We're talking products that have no fees,
like our checking accountin our savings account.
What else comes to mindthat really stands out in comparison
to other financial institutions?
I think, again, thatand sometimes I think this might
and I don't want to speak for others,but might get understated to that.
It's just it'swe we have everything that's
(21:18):
completely comparableand if anything, a better value
than most financial institution of course,I'm going to sound a little biased,
but I really mean it, you know,
And it's again, the same conversationsI have with with friends and family.
It's it's always those fireside chatsor it's like, guys,
you don't have to take my wordfor it, right?
I think honestly, when I first startedworking here, they not they told me
(21:42):
I think my brother got sick of hearingabout our money market like he really did.
It is such a good product, right?
But he's just like, we get it.
Joe, you know, was Well,plus they get the benefit of coming
to see somebody like you in the branch,Maybe not in the branch anymore, but,
you know, maybe they come across you andhave a conversation with you on the phone.
But we're herefor that personalized service
(22:03):
and to help you meet your financial goals,too, right?
Absolutely.
And funny thing, fast forward, though,from those conversations.
All of my brothersare members of the telco. Now.
You got them all in a little shamelessplug here.
Yeah, exactly.
Because again, I didn't have to, you know,
do anything
but show them, you know,hey, check it out for yourself.
Yeah.
And I love that approachbecause again, if anyone comes in
(22:25):
and they're not a member,I feel that it strongly does the same.
Yeah, the value is there.
The real core valuesof we're here for our members,
financial, health and well-being.It's there.
I mean, it's it's in just what we do here
and I don't think it needs to be soldwhatsoever.
Yeah, I think the productsand the people do it for us.
Well, thank you so much, Joseph, forsharing your story is your perspective.
(22:47):
You're our ambassadorextraordinaire out there.
If you have questions from today's show,want to find out more about these products
that we're talking about, score upinstant backups, secure credit card
free checking savings account,You can find more information.
Apatow co dawg Josephthank you again for joining us
(23:08):
for this special International CreditUnion Month episode.
Absolutely.Thank you so much for having me.
That concludes today'sepisode of Small Talks for Big Change,
where we help simplify financial topicsto help with your financial wellness.
We'll see you next time.
But Telco Credit Union is insured by NCUA.
One. Thank you for joiningus for a small talks for big change
where we help simplify financial topicsto help with your financial wellness.
Greetings, everyone out thereand thanks for tuning into the show.
October is an awesome time of the year,especially here in the Bay
Area, California.
We've got some of the most
(00:21):
beautiful fall landscapesand the last of the summer sunshine.
October marks the start of the holidaysfor us and for credit unions.
We celebrate international CreditUnion Day mid-month,
which is meant to raise awarenessabout the amazing work that credit unions
are doing around the world.
And we've donelots of episodes about what Patelco does
(00:42):
for the communityand for members financial wellness.
But today we want to comparethe differences of credit
unionscompared to other financial institutions.
And to bring some perspectiveto the conversation, we're joined today
by Joseph Luke,who's our central operations supervisor
and former regional teamlead in our retail division.
(01:03):
Welcome to the studio, Joseph.
Thank you. Thank you.Thank you so much for having me.
I hope we have a sensorbelly button ready.
no, it's not going to me.
No, not at all.
This is a family program.It really is, Joseph.
I recently found outabout your background.
That includes music and deejaying,but also that you used to work
for a check cashing business,which I thought was really interesting.
(01:26):
So we had to get you in here to haveyou share your experience
with providing financial servicesto the community.
But before you introduce yourselfin your career background,
I just want to clarifythat we're talking vinyl and turntables.
Absolutely.
Vinyl and turntables.
Yes, that. That unfortunately.
No. Dig at anyone out there.
(01:47):
That's that's the realthat's the right deejaying. Right?
It is very much so.
But I'm actually pleasantly surprised.
I, I do audio on the side,so I get all these audio magazines being
sent to me and I'm actually seeing vinyland turntables are making a comeback.
that's good to hear.
And in people's homes,which I think is really cool.
But I also think we might be showingour age by posing that a little bit.
(02:09):
Yeah, because there was definitelysome listeners that were like, What?
Yeah, Yeah.
Just on Apple Music, you know?
So tell us about your background.
So I have a pretty diverse background,
so depending how far back we go.
But just mentioning deejaying.
So that was somethingI did at a very young age.
I used to actually set up and sell deejay
(02:31):
equipmentand customized systems for people.
And I think, again, I canI can tie this in to very early age.
I was used to dealing with the public.
And so the public can come in.
Everyone has different needs, right?
Everyone has different goals.And so they're coming for certain things.
And I would make surethat we can kind of tailor
what we had in this case, equipment
(02:51):
that would really dowhat they needed to do.
Some people would come in, have no ideawhat they were looking for.
They just knew they wanted to, you know,do someone's wedding or party or whatnot.
Right.
And it was like really taking a step backto make sure it's like, okay, what
can we get this personthat's going to really just fit the need?
And I think, you know,all kind of make sense.
When I look back on it now, right?
That was when I was very young. And
(03:13):
again,it was me really just I just enjoyed it.
I enjoyed every aspect of it.
I enjoyed seeing those people come backand hearing about their successful event,
you know, and that the things
that we got them really fitwhat they were looking for.
And yeah, and so kind of started there
from there.
I was always kind of in that environmentor was definitely always a, you know,
(03:34):
a service and always actuallyalways a service environment.
And I did that for some years.
I did a lot of
I actually worked in multiple differentmusic stores and things like that.
And then going forward,I actually found myself
quite literally, it wasit was a fluke, like totally random.
I was talking to this personthat ended up being a manager for,
(03:55):
for lack of a better way of putting it,a private owner that had a bunch of check
cashing locationsand they literally just like, Hey,
would you ever consider comingand working with us?
And yeah, it was quite literallyjust like that and was like,
yeah, let's give it a shot.
You've got away with people.
You could be good at this.
Our, my shop.
Yeah. Yeah, I guess so.
Right.
So that's, that's,that's pretty much what happened and then
(04:18):
I went there, started off and
just built up from there, really startedat an entry level position with them.
I'm happy to say, acceleratedpretty quickly, went into management
with them and then into even fastforwarding to being a trainer for them.
And I ended up actuallybeing one of their head trainers
that trained quite literallyevery person up and down.
(04:41):
This this individual had many locationsall the way down to San Diego.
I trained there and then also would head uptheir, community events and such.
And that's I think really in all honesty,what kept me there
as long as I was there was because theythey really did, surprisingly enough,
I'm sure for many people, they had athey had a strong community presence.
(05:02):
And it was something like, for example,they did an annual backpack giveaway.
That was a huge, huge eventand a lot of really
under-banked communitiesthat was that was really powerful.
Like I really loved really that aspect
of running into the kids even later.
And they were pointing like, thank you.
And like,it was such an awesome thing, you know?
And that is in all honesty, probably that.
(05:26):
And I'd probably say the,
the training development aspect waswhat kept me there as long as I was there.
Yeah, for sure.
And we don't have to name names,
but we are talking like a checkcashing type of place.
But you guys did more than that.
Yes. So they didthey did a wide variety of things from,
you know, loans, all of that. Yes.
(05:46):
We definitely won't name names.
They're a rather big institution.
It was owned by one individual.
For some reason, he'd only domeetings at night and he wore a cape.
But I don't know,maybe that's something for later.
But it really I was
there really when I thought back about it,you know,
when we first had a great conversation,it even got brought up.
(06:08):
You know, I kind of asked myself
when I walked away that day, like,why was I And I think it was those core
those two core things that was thatI could do those community involvement.
I can have that involvementwith our local community,
which is is a very important thingfor myself.
I'm a kid born and raisedhere in the Bay Area and the development
aspect, like I had a lot of,I loved bringing in and giving opportunity
(06:30):
even in such environment wherewe can really develop people as myself.
Like I had a lot of people come throughthat ended up going into management
and then doing the same,leaving to other financial institutions,
leaving to other venturesand venues in their life.
And it was just really awesome to seeand just be a part of that development.
Yeah.
So inin addition to check cashing and loans,
(06:53):
was that just me, the basic servicesthat you guys were offering?
Primarily? Yes.
And they did a lot of that filler stuff,
but pretty much everythingyou can think of there.
Yeah, just all that stuff there, really.
They did get people set up on
creating direct deposit avenuesand things like that.
But again,not always the best low cost options.
(07:15):
Right? And that's always the thing. Right?
And it's like and that was always,you know, the part was like,
I think, you know,we can still do a little better. Yeah.
And how long were you there?
I was therefor a considerable amount of time.
Like again, probably longerthan I really would have been
if it weren't for the positionthat I got to where I was able to kind of.
(07:36):
Then it was more, again,about the people development
and really that side of thingand training.
Even the managersand going to these classes,
I was able to go and, you know,build on my own skills in other ways,
but I was there for a while.
And then honestly, at some timeI kind of asked myself the same question,
like I was kind of, you know,I still I wanted to expand for myself.
(07:58):
And so that is is literally what happened.
I came home, I was noticing I was kind of,
you know, getting in this routineand I wasn't, you know,
entirely to
I just knew I wanted to do more.
Yeah, for sure.
But I wanted to take what I've built onand again, back to the core of who I am
and how I needed to be somethingthat's, that's,
(08:20):
you know, highly community involved. Yeah.
Highly in the,you know, into the development,
you know, how do we give back,
you know, and honestly, justhow do we give the best service possible.
And I started just checkingand I always really,
really had a high affectionfor credit unions.
And I just startedlooking into the different credit unions
in our area and in particularreally just stood out to me.
(08:42):
And I would say thatlike I remember going on the website
and justseeing a ton of the community involvement
and everything was just members,members, members, you know.
And then I also had a friend of mine,there was a long time Patel
co member and I remembereven just mentioning it to him
and he was like,and that would be awesome.
You should,you should definitely go there,
you know, and, and a total coincidence,I think I was mentioning it to a,
(09:05):
another friendI at a family at their house
and his mom comes walking into the roomlike I love for telco, you know
and it was just like, this is like reallyjust kind of reinforce it for you.
It really, really did. Like,like big time. Yeah.
And then again, yeah.
So I was like,yeah, this is this is the place. Yeah.
And there's a lot of stigmaaround these check cashing
type places, but the reality is they,they serve a purpose for the community.
(09:27):
There's this sort of need in the communityin terms of financial services.
And I think I'm hearingfrom your perspective,
you were part of the communityproviding a service.
You work for a placethat also did do some community outreach
which filled your bucket,just found out about credit unions
and thought you might make the leap,that it might inspire you more.
(09:48):
Yeah, absolutely.
And create a bigger bucket in general,you know?
Exactly. And that is a thing, too.
And I think that also is what
when I came here, I think that also helped
fuel my, you know, my passion for service,which is really always been there
as I was.
We were talking off off camera, you know,and just a little bit of everything I do
(10:09):
because I did recognizethat there are such a huge again,
underbanked out therethat a lot of the times
when we have conversations,it's just the knowledge isn't there.
Sometimes it's not aware of the productsthat are out there
you know, especially and I'll speak for,you know, with the Patelco,
you know, is a large majorityof what we wanted.
I mean we have products for everybody.Yeah. And that's what's great.
(10:29):
Yeah.
And it sounds like you had an momentlike some of our community members do.
They just are not aware of,of what we offer.
They think that might betheir only option. Absolutely.
I think that's so cool.
(10:49):
Our community team teachesyoung people in high schools and colleges,
as you know, about financial institutions,and we make sure
that the first part of our curriculumis really an introduction
to financial institutions before budgetingand saving before anything else,
and just making everyone awareof all of the options out there,
because not all financial institutionsare created equal.
(11:10):
And this is not a
a bashing episode where, you know,we talk about we're better than another.
Every financial institutionserves a purpose in the community,
and they all kind ofhave the same goal of taking care
of the community members,whatever their needs happen to be,
what they all have incommon is providing these banking
(11:30):
services, right, no matter whatyour preferences happen to be.
But you know that those intentionsand missions for
in which they dobusiness are very different.
You've you've seen thatnow that you've been here at Patelco.
So our mission here,as you know, is to provide or to improve
financial well-being in comparisonto working at another institution.
(11:50):
How do you see credit unionsor have you seen credit unions applying
that mission in action?
I've seen them
really I might be getting ahead of usjust just in so many ways.
So like, for example,providing financial well-being,
there's something that comes to mind.
It was actually I almost want to sayit might even have been my first year
(12:13):
here with the telco and actually I'llshare a story because this pops in my head
when it's really about providingfinancial well-being, because this one
obviously was near and dear to myself.
So we would get this feedback right.
I'll stay away from technical terms,but I'd say a member, you know,
it was an experience.
Maybe certain things didn't go possiblythe way that it could have gone.
(12:35):
So they'll submit feedback andget another one shout out to the telco.
You know, that stuff gets reviewed.
It's not just going down
a void with theselook looked at by individuals like myself.
And we take that and we say, you know,what can we do for for these individuals,
for our members?
And I remember specificallyI was working with these this
the member feedback that we werereceiving one day and it was individual
(12:59):
I came across and the feedbackwas basically that he was very frustrated.
You know, he had
you have to excuse me
again, I'm going all off from memory here.
He had applied for,
I want to say, a vehicle loan
and maybe didn't work out for him.
And I think then like a positivecredit card again, you have to,
(13:20):
you know, excuse me totally from memoryhere, but I came across it.
And overall what I seen was the tone wasthe individual was frustrated.
Yeah, right. And it seemed like he washe was trying to get into something.
Some things weren't working out for him.
So I called him and just of course,just we just started talking.
And then what really came to mindis I'm sitting right.
And then, you know,I seen him is jumping ahead.
I kind of needed to do this.I needed to do that. But then
(13:43):
I was well, you
know, we do have like, have you ever heardof a secured card product?
You know,we just sort of to most people don't know.
No. And I
and I kind of had to take a step backfrom myself as well,
because at first it came into more like,you know, how how can I
you know, this here, this individual,I'll see what we can do for him.
But then it just kind of popped inand of course, was not.
And this is one thing again about Patelcothat I've always, always loved is it
(14:03):
wasn't we've never it's never been like a
nothing pops in my headto do it for a pressured type environment.
You know, it's like,what can we do to help?
And that's what's been great.
And so we get in this conversationand he again, never had heard of that
secured card, You know, what is that?
And we start talkingand the next thing you know, he's like,
and I'm like, so, you know, we can get youwhat is the goal?
(14:25):
He's like, Well, I needed to get this car
and X amount of months, you know,And so we just start talking.
And then the conversationcompletely turned around.
The individual ended up comingin, got approved for the secure car
and started building their credit andthen just just totally went from there.
And it was really a proud momentfor myself and being at Patelco and
(14:46):
even more
so, some some of my leadership at the timeheard the story, shared the story,
and that story ended up getting celebratedon one of our organizational calls.
And it just it was just great.
It was just all the way aroundgreat that I knew, you know, I felt good,
as I always want to do, you know? Yeah.
For our service,for our members, for our community.
And it paid off and, and the personwas just totally turned their whole
(15:08):
perspective around and probably moreso I could find the individual's name.
I'd be so happy to see howwell they're doing today. Yeah.
And they're probably shockedthey got that call. Back to your point.
Absolutely.
And we talk all the timeabout the fact that
when you are a member of a credit union,you're a member owner,
so you actually have a stakein the credit union.
And part of that is having a voiceand getting feedback back
(15:31):
from the credit union. So that's so coolthat you're a part of that.
I actually loved doing that.
Yeah, it was great.
That's a shareI have really quickly inside,
but I always had one where I was callingand this woman I was helping
and I just have to share this becauseit was it was hilarious and I loved it.
But she's like,and then I was calling on behalf of this
branch and and she's like,Do you enjoy doing it?
(15:53):
I was like, I do.I really, really believe that.
Just do it.
And she goes and she goes,Is there something wrong with you?
I, I sit by youand I hear you on the phone and I'm
always curious about who you're talking toand what you guys are talking.
So I enjoy it.
Yeah. I enjoy every interaction, you know?
Well, and I'm sure that our membersappreciate just having a soundboard,
being able to talk throughwhatever their financial goals
(16:14):
or their frustrations or whateverit happens to be.
Absolutely.
Again, that's the beauty of creditunion membership.
That's the beauty of the creditunion spirit, would you say?
Yeah, definitely.
Absolutely, definitely.
And very differentthan what you were used to.
a 100,000% different, that's for sure.
What would you say about the differencein types of products
that we have in comparisonto like say, that of a check catcher?
(16:39):
Elma Really
sorry, we're not the not really noncomparable, you know,
again you know
speaking on your again on educational sideyou know
thinking of that that keeping that memberfresh in mind and things like that.
I mean I have two family membersnow that I've personally been able
(17:01):
to assist in that exact same fashionthat was like, hey,
you know, we'veyou want to go, okay, what's your goal?
We want to go to credit.
Okay.
Hey, we have these awesome products,you know, a secured secured card,
the score of loan, which I think againis it's an amazing, amazing product.
It's like quite literally,you know, you pretty much, you know,
building a savings goalor setting a goal for yourself.
(17:22):
At the same time,
you're you know, the credit unions isis building on your credit score.
You know, I'm in
what says more than that, you know, reallyit's it's just it's amazing.
And again, because we're mentioning
that other industry, you know,and instant backup
is another one that we have thatI feel like really
(17:45):
that's I mean, honestly,if there's anyone listening out there,
I mean, that really fills the void.
Yeah.
Can you talk a little bit moreabout instant backup and how that works?
Yeah, because I would lovebecause in all actuality,
it was really kind of a light bulb momentfor me.
I had a conversationwith one of our leadership again right
when I joinedand we were talking about the other
industry and suchand what we could do to help a lot of
(18:06):
because we have mutual membersand you know,
and that would be one of their customersin some in some instances.
And really instant backupI think is is an amazing, amazing product
that quite literally fillsthat void. Right?
It's like sometimes, yeah,I totally get I've been there.
And so some people,you know, find themselves with a
what a what do they call it?
A little too much monthat the end of the money.
(18:27):
Right. Right.
And it's like sometimes you just needthat little bit to get you by.
And and that's why, you know, someof those those companies exist, right.
It's it's you have your optionsand sometimes you know, we out
we we have to go with what's availableand I think in sent backup we didn't need
at the time of that conversationwe didn't yet have that product.
(18:48):
But I, I absolutely love that
we do now because I think thatthat was mostly part of our conversation.
Like, you know, it was a really just openconversation like, well,
I wonder what we could do to helpa lot of our community in this way.
And I think we've solved that.
I think that is the product.
I mean, it's quite literally, you know,same same ballpark of dollar amount.
Nowhere in herein terms of like a fee that you would pay
(19:11):
like again,light years away from from that.
And it quite, quite literally fillsthe void for a lot of our members.
Scorpion and sit back up are probablythe coolest products that we have.
Yeah they're awesome and best keptsecrets, right?
Well, they really are. I think again,I think those are good right?
Yeah, definitely best kept secrets.
Again, it's all in just what's out there,
the knowledge that's out thereand I'm sure there could be a huge,
(19:35):
you know, majorityof our local communities
that don't even know those products exist.Yeah.
And we're talkingcredit builder products, folks
that you can take advantage ofand find more information on our website.
Joseph, what would you sayabout the difference with credit unions
in the way of fees and interest rates,both for loans and for savings?
(19:55):
Again, I, I
can keep it short here because it's
it's funnyit's the same kind of conversation I have
when I'm speaking to friendsand family members.
You know, I'm like, go back to you know,the proof is in the pudding, if you will.
You know, it's there.
I'm like, just compare,
you know, I love thatwe get to take that as that that approach.
Same approach I used to take inBranch was that, you know,
(20:16):
we just have great, great qualityconversations with our members and this is
this is what we have to offer.This is what we have to it to help.
And if if you found something better,hey, let's go for that.
You're still our member.
We just want you to get the best value.
And whatever is going to do that,you know that's going to best attribute
to your financial wellness and well-being.
(20:36):
Amazing.
So we're talking about score upand instant back up that are really credit
building products that help our memberswith financial wellness.
We're talking easy access and no barriersto entry when we're talking free checking
accounts and low cost savings accountsthat earn
great rates on interest rate.
(20:56):
We're talking products that have no fees,
like our checking accountin our savings account.
What else comes to mindthat really stands out in comparison
to other financial institutions?
I think, again, thatand sometimes I think this might
and I don't want to speak for others,but might get understated to that.
It's just it'swe we have everything that's
(21:18):
completely comparableand if anything, a better value
than most financial institution of course,I'm going to sound a little biased,
but I really mean it, you know,
And it's again, the same conversationsI have with with friends and family.
It's it's always those fireside chatsor it's like, guys,
you don't have to take my wordfor it, right?
I think honestly, when I first startedworking here, they not they told me
(21:42):
I think my brother got sick of hearingabout our money market like he really did.
It is such a good product, right?
But he's just like, we get it.
Joe, you know, was Well,plus they get the benefit of coming
to see somebody like you in the branch,Maybe not in the branch anymore, but,
you know, maybe they come across you andhave a conversation with you on the phone.
But we're herefor that personalized service
(22:03):
and to help you meet your financial goals,too, right?
Absolutely.
And funny thing, fast forward, though,from those conversations.
All of my brothersare members of the telco. Now.
You got them all in a little shamelessplug here.
Yeah, exactly.
Because again, I didn't have to, you know,
do anything
but show them, you know,hey, check it out for yourself.
Yeah.
And I love that approachbecause again, if anyone comes in
(22:25):
and they're not a member,I feel that it strongly does the same.
Yeah, the value is there.
The real core valuesof we're here for our members,
financial, health and well-being.It's there.
I mean, it's it's in just what we do here
and I don't think it needs to be soldwhatsoever.
Yeah, I think the productsand the people do it for us.
Well, thank you so much, Joseph, forsharing your story is your perspective.
(22:47):
You're our ambassadorextraordinaire out there.
If you have questions from today's show,want to find out more about these products
that we're talking about, score upinstant backups, secure credit card
free checking savings account,You can find more information.
Apatow co dawg Josephthank you again for joining us
(23:08):
for this special International CreditUnion Month episode.
Absolutely.Thank you so much for having me.
That concludes today'sepisode of Small Talks for Big Change,
where we help simplify financial topicsto help with your financial wellness.
We'll see you next time.
But Telco Credit Union is insured by NCUA.
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