Episode Transcript
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Speaker 1 (00:07):
This is News Radio seventy ten WNTM. Uncle Henry here
with you once again on Ask the Expert. And in
this episode of Ask the Expert, we're going to talk
to Jessica Petway, the manager of the spring Hill Avenue
branch of Golf Coast Federal Credit Union. Now, at any
(00:27):
time in this program or after the program, you can
find out more about Golf Coast Federal Credit Union by
going to their website Golf Coast FCU dot org. That's
Golf Coast FCU dot org. And you can also call
Golf Coast Federal Credit Union at two five to one
four three eight seventy four sixty four. That's two five
(00:48):
one four three eight seventy four sixty four to call
Golf Coast Federal Credit Union. Now, before we begin our
conversation with Jessica Petway, the manager of the spring Hill
Avenue branch of Golf Coast Coast Federal Credit Union, there
are a few opportunities I want to tell you about
being offered by Golf Coast Federal Credit Union. Now, if
you are struggling with debt and you're looking to consolidate bills,
(01:11):
maybe get a better rate on that debt. Or maybe
you'd like to do some home renovations. Golf Coast Federal
Credit Union does offer heelocks home equity lines of credit. Now,
let me remind you that as a credit union, they
are not for profit, so Golf Coast Federal Credit Union
is always doing their best to offer competitive rates, low fees,
(01:34):
and excellent customer service. Again, their number. If you'd like
to find out more about helocks and home equity lines
of credit, contact Golf Coast Federal Credit Union at two
five one four three eight seventy four sixty four, or
you can contact them on their website golf COASTFCU dot org.
Now I have to tell you that loans are subject
to approval. They're an equal housing lender. Their NMLS number
(01:56):
is forty four zero five seven to one. Also, so
if you are looking to get your first home, Golf
Coast Federal Credit Union has a one plus home loan. Now,
the one plus home loan lets you buy a home
with just one percent down. So if you're a first
time buyer, you may be able to put down just
(02:17):
one percent on a home and Golf Coast Federal Credit
Union will match it with an additional two percent for
a total of three percent down. Now that is immediate equity,
and you also enjoy having a fixed rate loan for
monthly payments that you can count on. Now, this loan
I'm telling you about does have some specific requirements, so
(02:38):
you need to once again get in touch with Golf
Coast Federal Credit Union again in the numbers two, five, one, four, three, eight,
seventy four sixty four or visit their website and they
can quickly help you determine if you qualify for that loan.
And again as a toad you before loans are subject
to approval Equal Housing Lender in MLS number forty four zero, five, seven,
(02:59):
one and one more thing before we get to our
conversation with Jessica Petway, I want to talk to you
about refining your car loan. If you love your vehicle
but you don't like the loan that came with that
vehicle from the dealer, a bank wherever you got that loan,
you can keep that car and swamp the loan. Check
(03:21):
with Golf Coast Federal Credit Union for a refine of
that vehicle loan. Tell them your current rate. Golf Coast
Federal Credit Union will try to lower that rate by
two percent, and if they can do that for you,
that can save you a lot of money. So again
that's another thing to talk to them about again. Their
website Golf COASTFCU dot org. Now let's get to our
(03:42):
conversation with Jessica Petway. She is the branch manager of
the spring Hill Avenue branch of Golf Coast Federal Credit Union.
And Jessica Petway, thank you for having me in today.
Speaker 2 (03:54):
Thank you for being here.
Speaker 1 (03:55):
Now, how long have you been with Golf Coast Federal
Credit Union?
Speaker 2 (03:58):
Fifteen years?
Speaker 1 (04:00):
Now, how long have you been managing this branch, the
spring Hill Avenue branch.
Speaker 3 (04:05):
I have been the branch manager for three years.
Speaker 2 (04:10):
Now, three years.
Speaker 1 (04:13):
Were you here before then?
Speaker 2 (04:14):
Yes?
Speaker 1 (04:14):
I was.
Speaker 3 (04:15):
I was always kind of like the branch manager, like
in some type of role of leadership. But I officially
got my branch manager title three years ago.
Speaker 1 (04:24):
Well, congratulations, You've got to be proud of this branch. Now,
no offense to the other branches, but this is a
very pretty branch here on spring Hill Avenue. Thank you. Now,
is this your busiest branch? It is? Yes, Well, we
do have listeners to this show that have heard of
credit unions. Of course through the years, but they've done
traditional banking and may not understand the differences between credit
(04:46):
unions and banks and other financial institutions. Can you explain
to people listening what credit unions are and how they're
different from a bank.
Speaker 3 (04:55):
Well, credit unions and banks does pretty much things. The
difference with the credit union. It is said that we're
not for profit, we'll nonprofit cooperative, and traditionally our rates
our lower, our savings rates, our loan rates are lower,
our saving rates are higher, and we have no fees
(05:18):
or low fees for most of our services that we offer.
Speaker 1 (05:21):
See this is and of course this is why so
many of us love credit unions. And I don't want
to take shots at banks. But before I got I
got involved with credit unions about twenty years ago, I guess.
And before then, the fees from banks were just you'd
go to a bank and then hand you a sheet
of paper and it was nothing but fees. Yeah, so
love that about credit unions. Now, how does a person
(05:43):
listening to this show become a member of Golf Coast
Federal Credit Union.
Speaker 3 (05:48):
Okay, so you can become a member of Golf Coast
Federal Credit Union if you live as long as you live, work, worship,
or attend school in Mobile County. You can also become
a member if you have in a relative that's our
a member of the credit union as well.
Speaker 1 (06:02):
Okay, yes, So do you have some members that live
out of the county but work here and just like
coming here?
Speaker 2 (06:08):
Yes?
Speaker 1 (06:10):
Okay? Are there any other eligibility requirements other than that
connection to Mobile County?
Speaker 2 (06:17):
No, that's it.
Speaker 1 (06:19):
Can you tell people listening how Gulf Coast Federal Credit
Union started?
Speaker 3 (06:25):
We started a group of city employees started the credit union,
so it grew from a group of city employees to
open to city and county employees.
Speaker 2 (06:37):
So that's how we got started.
Speaker 1 (06:38):
Regularly. Do you still have a lot of Mobile City
and County employees as members?
Speaker 2 (06:45):
Yes, we do. That's still our largest set group that
we have, really yes.
Speaker 1 (06:49):
So I guess you hear everything that's going on in
Mobile City and County pretty much. Okay, and probably don't
tell either. But now anybody of or can be a member?
Speaker 2 (07:01):
Correct?
Speaker 1 (07:03):
Is there are there benefits? Are there any other benefits
to being a member other than the great low rates?
Speaker 3 (07:11):
Credit unions are more personal, boy as well, we really
like to get to know and understand our members and
needs that they and service it that they need.
Speaker 1 (07:19):
So, okay, does Gulf Coast Federal Credit Union or are
you involved in any community projects or charities anything like that?
Speaker 2 (07:29):
Yes, we are.
Speaker 3 (07:30):
We actually have a one of our we sponsor mop
Town Burger Week that's actually coming up in October.
Speaker 1 (07:37):
Now there's some fun to sponsor.
Speaker 3 (07:38):
Yes, so that's coming up in October. We're super excited
about that. Mobtown Burger Week is an event organized by
Restore Mobile. Restore Mobile is a nonprofit so uh that
supports historic preservations and vacant home and vacant homes here.
A portion of their proceeds from Eastburgh and sale goes
(07:59):
to store Mobile.
Speaker 1 (08:01):
Okay, so you do get involved from time to time
and all those different community events we do.
Speaker 2 (08:06):
Yes.
Speaker 1 (08:07):
Well, let's let's talk about the different types of checking
and saving accounts that you would offer. Is it going
to be the same if I have a checking account
with you? Is it going to be the same as
a checking account of the bank.
Speaker 2 (08:22):
Not I doubt that.
Speaker 1 (08:24):
Okay.
Speaker 3 (08:25):
With us, our checking accounts are one hundred percent free.
Speaker 1 (08:28):
Yah.
Speaker 3 (08:28):
There are no minimum balances required, no minimum balance throughout
the month or by the end of the money anything
like that.
Speaker 2 (08:35):
So there are one hundred percent.
Speaker 1 (08:36):
Free Okay, love that word. Yes, love that word. So
those checking accounts, but other than that, they work like
any other checking.
Speaker 2 (08:43):
Account, right, the checking account.
Speaker 1 (08:45):
Yes, do you have different different elements built in, like
overdraft protection things like that? Can people get things like that?
Speaker 3 (08:53):
Yes, we do offer ODP overdraft protection on our checking
accounts as well.
Speaker 1 (08:58):
Okay, what about sayavings accounts. I know, over the in
the years of low interest rates, maybe people weren't as
interested as they used to be in savings accounts, but
you still offer them.
Speaker 2 (09:09):
Yes, we do. We still offer savings accounts.
Speaker 3 (09:10):
It's actually how you become a member is you establish
your we refer to them as prime shares.
Speaker 2 (09:16):
Okay, that you establish your prime share and then you
build the rest of your shares from out there.
Speaker 1 (09:22):
Okay, So you get the savings account and then you
can also get the checking account. And you mentioned that
often the rates are better. That does that hold for
the savings account? Can I earn a little bit more
on my money here?
Speaker 2 (09:36):
Traditionally yes, yep, but of course.
Speaker 1 (09:39):
The market decides that. What about online banking or through apps?
Do you offer that the way that banks did.
Speaker 2 (09:47):
Yes, we do.
Speaker 3 (09:48):
We have online banking and we also have our mobile
app as well.
Speaker 1 (09:53):
Okay, so that's going to be very similar. If I'm
using a banking app at a bank and I come
over to Golf Coase feder Credit Union, I'm going to
have the same type of online ability to check my account.
See much in there that type of thing.
Speaker 3 (10:07):
Ye make transfers, We do peer to peer transfers, external transfers.
We have remote deposit capabilities as well in our dry app.
Speaker 1 (10:18):
If I were to get a car or a boat,
or a motorcycle or something through Golf Coast Federal Credit Union,
could I go online and pay through the app? Could
I pay my Okay, so you can do that kind
of thing, Yes, you can't. Oh well, let's talk about
loans here. What kind of loans do you provide for people?
Speaker 2 (10:39):
Oh, we have a variety of loans.
Speaker 3 (10:41):
We have unsecured loans, lines of credit, We offer vehicle loans,
boat loans, RV loans, ATVs, heelock loans, express mortgages, and
different type of of mortgage products as well.
Speaker 1 (11:01):
Oh really, okay, So we'll talk some more specifically about
some of these things in a moment. How does the
loan approval process work here?
Speaker 3 (11:10):
The loan approval process is I want to say, it's
almost instant. We can do an approval based on what
the member has provided us. Of course, you go in,
you have to do you verify, you know, the information
that's provided to us. But once the member comes in
and apply, we can give them a decision based on
what they gave us at that time.
Speaker 1 (11:29):
Okay, yeah, do you if somebody is struggling to be approved?
Do you offer tips? Can you help people improve their
credit to get approved?
Speaker 3 (11:41):
Yeah, we would give our professional opinion on what we
think that a member needs to work on, like maybe
a trouble area that they're having. It could be like
a late fees, late payments, and different things like that.
We can advise them. You know, hey, let's get you
back on track on this. Try to make these payments
for three months straight and let's see where you are
at that time to help you know, improve your credit score.
Speaker 1 (12:05):
Let's you mentioned that you have several mortgage products. Let's
talk about mortgages because that is such such a big
deal for all of us, a big step for so
many people in their lives. What what types of mortgage
services do you offer?
Speaker 2 (12:21):
Uh, we offer in house.
Speaker 3 (12:24):
We offer home eque, lines of credit, refinances, express mortgages,
which is also like a second mortgage.
Speaker 1 (12:32):
Okay.
Speaker 2 (12:33):
We also do land loans in house.
Speaker 1 (12:37):
Okay.
Speaker 3 (12:37):
Now, we also have different partners that we partner with
to provide other mortgage services that we don't offer in house,
such as first mortgages for primary residents and first time
home buyer programs.
Speaker 1 (12:51):
We have talked before on this radio station about Gulf
Coast Federal Credit Union and if you just tuned in
your thing to Jessica Petway, who is the manager of
the spring Hill Avenue branch of Gulf Coast Federal Credit
Union and mobile. We've talked before on this radio station
about a first time home buyer's plan that you have
(13:14):
that really helps the first time home buyer. Can you
give some more details on how you can help somebody
with that first home.
Speaker 3 (13:21):
Well, that is provided directly through our partners, so I
don't have as much information means into that, but we
I'm always open to provide that. You know, if asked
about it, I can direct that question.
Speaker 1 (13:34):
Okay, but do you do you have a lot of
that or do you have people coming in looking for
that first home loan. Yes, yes, okay, talk a little
bit about home equity home equity lines of credit. What
is the typical goal of somebody that wants a home
equity line of credit? Are there a lot of different
(13:56):
things people are trying to accomplish with that?
Speaker 3 (13:58):
Yes, So what we primarily see, or what I primarily
see with homemaker lines of credits or helock loans our
debt consolidations, and home renovations, like large home renovations. That's
primarily what we see people utilize that for if.
Speaker 1 (14:15):
I understand correctly, some people come in and get the
helock because they've got a bunch of credit card debt
and they need a lower interest rate to pay it off. Yes,
but you also mentioned renovations, so if I wanted to
add on, if I wanted to add stuff to my house,
I could come and get the helock for.
Speaker 2 (14:30):
That, Yes, you can.
Speaker 1 (14:32):
Is are helocks? Is that a different process than actually
getting a mortgage?
Speaker 2 (14:39):
Yes, it is.
Speaker 3 (14:41):
With the helock loans, well, of course you already have
your first one established, so then that'sk would be considered
like your second mortgage, and you just using equity out
of there to utilize for whatever it is that you
may need.
Speaker 1 (14:54):
Now, I'm going to sound very ignorant to the listener
right now, but I've never gotten a helock. I'm not,
but I'm going to be. I'm going to be getting
ones in the next couple of years because I want
to do the renovations that you talked about. How do
helocks work? I mean that is that almost like you
do you tell Do I tell you the amount I want?
(15:16):
Or is it an open line of credit that I
can use up to a certain amount. How does a
helock work in that way?
Speaker 3 (15:23):
So you would tell us the amount that you're requesting, God,
what you need, we get your approved for that amount,
the funds have become available to you. You have a
ten year drop periot on those, so you only pay
back what you use. So if you get fifty thousand
and you only use twenty five, you pay back on the.
Speaker 1 (15:41):
Twelve cup thousand. Do some people get helocks and not
use them immediately?
Speaker 2 (15:49):
Yeah, I've seen We've seen that before.
Speaker 1 (15:51):
Yeah, because I can remember years ago when we were
having a lot of hurricanes, people talked about getting a
helock just to have it in case they needed it
to pay their their deductibles for their insurance if they
got by her.
Speaker 3 (16:04):
Game right right, some people will use it as what
you would refer to as a cushion.
Speaker 1 (16:09):
Okay, okay, absolutely.
Speaker 2 (16:11):
It's good to use for that as well.
Speaker 1 (16:13):
Okay. How big are he locks? I mean, do you
do a lot of those? People coming in for those
all the time?
Speaker 2 (16:20):
Yes, we are he locked. That is growing.
Speaker 3 (16:23):
Yes, we're glad to see the uptick on those, and
people are learning more about them and understanding how valuable
that they can be to you know, the current economic.
Speaker 2 (16:33):
You know that we're living in tyomy that we're living
in now.
Speaker 1 (16:36):
When it comes to refines of houses, I guess you're
not doing as many as you're used to because the
race or maybe you are.
Speaker 3 (16:44):
Tell me, I hadn't seen as many refis as seen
with helock long okay, so I hadn't seen as many.
Speaker 1 (16:53):
Talk to me about vehicle loans. Do you do cars, boats, motors,
things like that?
Speaker 3 (17:01):
Yes, we do, and currently with our auto vehicle loans,
if you refinance with us from another institution, we will
you can save two percent on the We can save
you two percent, take two percent off of your current rate.
Speaker 1 (17:17):
Yes, okay, So then so this is an offer to
refine a vehicle?
Speaker 2 (17:23):
Yes?
Speaker 1 (17:23):
Now? Is that? Is that a? Have people always been
doing this and I've never heard about it? Or is
this kind of a new trend where people rEFInd their
car loans.
Speaker 2 (17:32):
It's not a new trend.
Speaker 3 (17:33):
It's been something that's been that's been It's not abnormal
to see.
Speaker 1 (17:38):
Well, guys, I don't hear a lot of people talking
about it, and I think a lot of people would
probably love to get that reduction in the interest rate
on their car loans. Yes, and you're you're your current
deal right now as you're you're doing your very best
to try and drop it by two right. That's a
that's some big savings for something it.
Speaker 3 (17:56):
Is and it's been working, wonders. So it's been working
really will Now?
Speaker 1 (18:02):
What about other ways to save money? You talked about
savings accounts? Do you offer any other products, any other
financial products for people like CDs, iras, things like that.
Speaker 2 (18:13):
We do.
Speaker 3 (18:14):
We offer CDs, that's one of the primary products that
we see with members are wanting to save. We also
offer money market amount accounts and we also have for
our race, we have the traditional ira and the roth Ira.
Speaker 1 (18:30):
Okay, Now, a lot of people that would want those
type of accounts may not understand how they work. So
when somebody comes in to talk about that kind of thing,
do you kind of coach them through it?
Speaker 2 (18:43):
Yes, we do.
Speaker 1 (18:45):
Do you offer I don't know if coaching is the
right word. Do you have resources for people that want
to learn about these things or just want to improve
their credit generally?
Speaker 2 (18:56):
Yeah?
Speaker 3 (18:56):
Well, like I said, we'll always give our professional opinion
on what we think or what we've seen or what
we've seen hell other members.
Speaker 1 (19:05):
So yeah, answer you is, we're we're getting close to
being at the end of the interview here for people
listening that want to find out more perhaps become members
of Gulf Coast Federal Credit Union. Tell us where your
branches are now? The branch we're on here is spring
Hill Avenue, not too far from Broad Street. Where are
your other branches?
Speaker 2 (19:26):
We have a branch.
Speaker 3 (19:28):
One of our branch locations is that forty three thirteen
downtown and loop south off of near Airport Boulevard. Now,
other branch location is at fifty eight O eight Highway
ninety in Theatre, Alabama.
Speaker 1 (19:40):
Okay, so you've got locations that are convenient for a
lot of people. Yes, in Mobile County. If somebody listening
wants to become a member of Gulf Coast Federal Credit Union,
what is the easiest way for them to become a
member and what would they need to bring with them
to the branch to get started.
Speaker 2 (19:59):
The easiest way would be through our ownline.
Speaker 3 (20:02):
You go to our website www dot gov COASTFCU dot
org and hit join and you can join that way,
which has been the most convenient for most members, or
you can visit one of the three branches that we have.
When you come in, you just bring to forms of
identification with you and we start the account process.
Speaker 1 (20:23):
Okay. Do you get new members every week?
Speaker 2 (20:27):
Just about?
Speaker 1 (20:28):
And I bet a lot of it is referrals right
relatives and friends of people that are already in.
Speaker 2 (20:35):
Us one way or another.
Speaker 1 (20:36):
So yes, okay, okay, one more quick question. What if
I wanted to bring in a child or a grandchild
and get them interested in having an account and learning
about all this. Do you have anything anything like that
for younger people that want to have an account.
Speaker 3 (20:55):
We don't have anything specifically. They basically the same as
our other members. You just it'll be uh, we'll have
a guardian that'll be basically over the account. Okay, it'll
be the primary, but that guardian will be over that account.
Speaker 1 (21:10):
Okay. So I could bring in a child and have
them added to the account and let them learn that way. Yes,
all right, well, Jessica Petway, thank you for having me
here at Golf Coast Federal Credit Union.
Speaker 2 (21:21):
Thank you for being here.
Speaker 1 (21:23):
You've been listening to Jessica Petway, the manager of the
spring Hill Avenue branch of Golf Coast Federal Credit Union.
If you have any questions about anything you heard discussed
on this episode of Asked the Expert, you can visit
the website Golf Coast FCU dot org. That's Golf Coast
FCU dot org. Or you can call two five to
(21:45):
one four three eight seventy four sixty four. That's two
five to one four three eight seventy four sixty four
to reach Golf Coast Federal Credit Union
This is News Radio seventy ten WNTM. Uncle Henry here
with you once again on Ask the Expert. And in
this episode of Ask the Expert, we're going to talk
to Jessica Petway, the manager of the spring Hill Avenue
branch of Golf Coast Federal Credit Union. Now, at any
(00:27):
time in this program or after the program, you can
find out more about Golf Coast Federal Credit Union by
going to their website Golf Coast FCU dot org. That's
Golf Coast FCU dot org. And you can also call
Golf Coast Federal Credit Union at two five to one
four three eight seventy four sixty four. That's two five
(00:48):
one four three eight seventy four sixty four to call
Golf Coast Federal Credit Union. Now, before we begin our
conversation with Jessica Petway, the manager of the spring Hill
Avenue branch of Golf Coast Coast Federal Credit Union, there
are a few opportunities I want to tell you about
being offered by Golf Coast Federal Credit Union. Now, if
you are struggling with debt and you're looking to consolidate bills,
(01:11):
maybe get a better rate on that debt. Or maybe
you'd like to do some home renovations. Golf Coast Federal
Credit Union does offer heelocks home equity lines of credit. Now,
let me remind you that as a credit union, they
are not for profit, so Golf Coast Federal Credit Union
is always doing their best to offer competitive rates, low fees,
(01:34):
and excellent customer service. Again, their number. If you'd like
to find out more about helocks and home equity lines
of credit, contact Golf Coast Federal Credit Union at two
five one four three eight seventy four sixty four, or
you can contact them on their website golf COASTFCU dot org.
Now I have to tell you that loans are subject
to approval. They're an equal housing lender. Their NMLS number
(01:56):
is forty four zero five seven to one. Also, so
if you are looking to get your first home, Golf
Coast Federal Credit Union has a one plus home loan. Now,
the one plus home loan lets you buy a home
with just one percent down. So if you're a first
time buyer, you may be able to put down just
(02:17):
one percent on a home and Golf Coast Federal Credit
Union will match it with an additional two percent for
a total of three percent down. Now that is immediate equity,
and you also enjoy having a fixed rate loan for
monthly payments that you can count on. Now, this loan
I'm telling you about does have some specific requirements, so
(02:38):
you need to once again get in touch with Golf
Coast Federal Credit Union again in the numbers two, five, one, four, three, eight,
seventy four sixty four or visit their website and they
can quickly help you determine if you qualify for that loan.
And again as a toad you before loans are subject
to approval Equal Housing Lender in MLS number forty four zero, five, seven,
(02:59):
one and one more thing before we get to our
conversation with Jessica Petway, I want to talk to you
about refining your car loan. If you love your vehicle
but you don't like the loan that came with that
vehicle from the dealer, a bank wherever you got that loan,
you can keep that car and swamp the loan. Check
(03:21):
with Golf Coast Federal Credit Union for a refine of
that vehicle loan. Tell them your current rate. Golf Coast
Federal Credit Union will try to lower that rate by
two percent, and if they can do that for you,
that can save you a lot of money. So again
that's another thing to talk to them about again. Their
website Golf COASTFCU dot org. Now let's get to our
(03:42):
conversation with Jessica Petway. She is the branch manager of
the spring Hill Avenue branch of Golf Coast Federal Credit Union.
And Jessica Petway, thank you for having me in today.
Speaker 2 (03:54):
Thank you for being here.
Speaker 1 (03:55):
Now, how long have you been with Golf Coast Federal
Credit Union?
Speaker 2 (03:58):
Fifteen years?
Speaker 1 (04:00):
Now, how long have you been managing this branch, the
spring Hill Avenue branch.
Speaker 3 (04:05):
I have been the branch manager for three years.
Speaker 2 (04:10):
Now, three years.
Speaker 1 (04:13):
Were you here before then?
Speaker 2 (04:14):
Yes?
Speaker 1 (04:14):
I was.
Speaker 3 (04:15):
I was always kind of like the branch manager, like
in some type of role of leadership. But I officially
got my branch manager title three years ago.
Speaker 1 (04:24):
Well, congratulations, You've got to be proud of this branch. Now,
no offense to the other branches, but this is a
very pretty branch here on spring Hill Avenue. Thank you. Now,
is this your busiest branch? It is? Yes, Well, we
do have listeners to this show that have heard of
credit unions. Of course through the years, but they've done
traditional banking and may not understand the differences between credit
(04:46):
unions and banks and other financial institutions. Can you explain
to people listening what credit unions are and how they're
different from a bank.
Speaker 3 (04:55):
Well, credit unions and banks does pretty much things. The
difference with the credit union. It is said that we're
not for profit, we'll nonprofit cooperative, and traditionally our rates
our lower, our savings rates, our loan rates are lower,
our saving rates are higher, and we have no fees
(05:18):
or low fees for most of our services that we offer.
Speaker 1 (05:21):
See this is and of course this is why so
many of us love credit unions. And I don't want
to take shots at banks. But before I got I
got involved with credit unions about twenty years ago, I guess.
And before then, the fees from banks were just you'd
go to a bank and then hand you a sheet
of paper and it was nothing but fees. Yeah, so
love that about credit unions. Now, how does a person
(05:43):
listening to this show become a member of Golf Coast
Federal Credit Union.
Speaker 3 (05:48):
Okay, so you can become a member of Golf Coast
Federal Credit Union if you live as long as you live, work, worship,
or attend school in Mobile County. You can also become
a member if you have in a relative that's our
a member of the credit union as well.
Speaker 1 (06:02):
Okay, yes, So do you have some members that live
out of the county but work here and just like
coming here?
Speaker 2 (06:08):
Yes?
Speaker 1 (06:10):
Okay? Are there any other eligibility requirements other than that
connection to Mobile County?
Speaker 2 (06:17):
No, that's it.
Speaker 1 (06:19):
Can you tell people listening how Gulf Coast Federal Credit
Union started?
Speaker 3 (06:25):
We started a group of city employees started the credit union,
so it grew from a group of city employees to
open to city and county employees.
Speaker 2 (06:37):
So that's how we got started.
Speaker 1 (06:38):
Regularly. Do you still have a lot of Mobile City
and County employees as members?
Speaker 2 (06:45):
Yes, we do. That's still our largest set group that
we have, really yes.
Speaker 1 (06:49):
So I guess you hear everything that's going on in
Mobile City and County pretty much. Okay, and probably don't
tell either. But now anybody of or can be a member?
Speaker 2 (07:01):
Correct?
Speaker 1 (07:03):
Is there are there benefits? Are there any other benefits
to being a member other than the great low rates?
Speaker 3 (07:11):
Credit unions are more personal, boy as well, we really
like to get to know and understand our members and
needs that they and service it that they need.
Speaker 1 (07:19):
So, okay, does Gulf Coast Federal Credit Union or are
you involved in any community projects or charities anything like that?
Speaker 2 (07:29):
Yes, we are.
Speaker 3 (07:30):
We actually have a one of our we sponsor mop
Town Burger Week that's actually coming up in October.
Speaker 1 (07:37):
Now there's some fun to sponsor.
Speaker 3 (07:38):
Yes, so that's coming up in October. We're super excited
about that. Mobtown Burger Week is an event organized by
Restore Mobile. Restore Mobile is a nonprofit so uh that
supports historic preservations and vacant home and vacant homes here.
A portion of their proceeds from Eastburgh and sale goes
(07:59):
to store Mobile.
Speaker 1 (08:01):
Okay, so you do get involved from time to time
and all those different community events we do.
Speaker 2 (08:06):
Yes.
Speaker 1 (08:07):
Well, let's let's talk about the different types of checking
and saving accounts that you would offer. Is it going
to be the same if I have a checking account
with you? Is it going to be the same as
a checking account of the bank.
Speaker 2 (08:22):
Not I doubt that.
Speaker 1 (08:24):
Okay.
Speaker 3 (08:25):
With us, our checking accounts are one hundred percent free.
Speaker 1 (08:28):
Yah.
Speaker 3 (08:28):
There are no minimum balances required, no minimum balance throughout
the month or by the end of the money anything
like that.
Speaker 2 (08:35):
So there are one hundred percent.
Speaker 1 (08:36):
Free Okay, love that word. Yes, love that word. So
those checking accounts, but other than that, they work like
any other checking.
Speaker 2 (08:43):
Account, right, the checking account.
Speaker 1 (08:45):
Yes, do you have different different elements built in, like
overdraft protection things like that? Can people get things like that?
Speaker 3 (08:53):
Yes, we do offer ODP overdraft protection on our checking
accounts as well.
Speaker 1 (08:58):
Okay, what about sayavings accounts. I know, over the in
the years of low interest rates, maybe people weren't as
interested as they used to be in savings accounts, but
you still offer them.
Speaker 2 (09:09):
Yes, we do. We still offer savings accounts.
Speaker 3 (09:10):
It's actually how you become a member is you establish
your we refer to them as prime shares.
Speaker 2 (09:16):
Okay, that you establish your prime share and then you
build the rest of your shares from out there.
Speaker 1 (09:22):
Okay, So you get the savings account and then you
can also get the checking account. And you mentioned that
often the rates are better. That does that hold for
the savings account? Can I earn a little bit more
on my money here?
Speaker 2 (09:36):
Traditionally yes, yep, but of course.
Speaker 1 (09:39):
The market decides that. What about online banking or through apps?
Do you offer that the way that banks did.
Speaker 2 (09:47):
Yes, we do.
Speaker 3 (09:48):
We have online banking and we also have our mobile
app as well.
Speaker 1 (09:53):
Okay, so that's going to be very similar. If I'm
using a banking app at a bank and I come
over to Golf Coase feder Credit Union, I'm going to
have the same type of online ability to check my account.
See much in there that type of thing.
Speaker 3 (10:07):
Ye make transfers, We do peer to peer transfers, external transfers.
We have remote deposit capabilities as well in our dry app.
Speaker 1 (10:18):
If I were to get a car or a boat,
or a motorcycle or something through Golf Coast Federal Credit Union,
could I go online and pay through the app? Could
I pay my Okay, so you can do that kind
of thing, Yes, you can't. Oh well, let's talk about
loans here. What kind of loans do you provide for people?
Speaker 2 (10:39):
Oh, we have a variety of loans.
Speaker 3 (10:41):
We have unsecured loans, lines of credit, We offer vehicle loans,
boat loans, RV loans, ATVs, heelock loans, express mortgages, and
different type of of mortgage products as well.
Speaker 1 (11:01):
Oh really, okay, So we'll talk some more specifically about
some of these things in a moment. How does the
loan approval process work here?
Speaker 3 (11:10):
The loan approval process is I want to say, it's
almost instant. We can do an approval based on what
the member has provided us. Of course, you go in,
you have to do you verify, you know, the information
that's provided to us. But once the member comes in
and apply, we can give them a decision based on
what they gave us at that time.
Speaker 1 (11:29):
Okay, yeah, do you if somebody is struggling to be approved?
Do you offer tips? Can you help people improve their
credit to get approved?
Speaker 3 (11:41):
Yeah, we would give our professional opinion on what we
think that a member needs to work on, like maybe
a trouble area that they're having. It could be like
a late fees, late payments, and different things like that.
We can advise them. You know, hey, let's get you
back on track on this. Try to make these payments
for three months straight and let's see where you are
at that time to help you know, improve your credit score.
Speaker 1 (12:05):
Let's you mentioned that you have several mortgage products. Let's
talk about mortgages because that is such such a big
deal for all of us, a big step for so
many people in their lives. What what types of mortgage
services do you offer?
Speaker 2 (12:21):
Uh, we offer in house.
Speaker 3 (12:24):
We offer home eque, lines of credit, refinances, express mortgages,
which is also like a second mortgage.
Speaker 1 (12:32):
Okay.
Speaker 2 (12:33):
We also do land loans in house.
Speaker 1 (12:37):
Okay.
Speaker 3 (12:37):
Now, we also have different partners that we partner with
to provide other mortgage services that we don't offer in house,
such as first mortgages for primary residents and first time
home buyer programs.
Speaker 1 (12:51):
We have talked before on this radio station about Gulf
Coast Federal Credit Union and if you just tuned in
your thing to Jessica Petway, who is the manager of
the spring Hill Avenue branch of Gulf Coast Federal Credit
Union and mobile. We've talked before on this radio station
about a first time home buyer's plan that you have
(13:14):
that really helps the first time home buyer. Can you
give some more details on how you can help somebody
with that first home.
Speaker 3 (13:21):
Well, that is provided directly through our partners, so I
don't have as much information means into that, but we
I'm always open to provide that. You know, if asked
about it, I can direct that question.
Speaker 1 (13:34):
Okay, but do you do you have a lot of
that or do you have people coming in looking for
that first home loan. Yes, yes, okay, talk a little
bit about home equity home equity lines of credit. What
is the typical goal of somebody that wants a home
equity line of credit? Are there a lot of different
(13:56):
things people are trying to accomplish with that?
Speaker 3 (13:58):
Yes, So what we primarily see, or what I primarily
see with homemaker lines of credits or helock loans our
debt consolidations, and home renovations, like large home renovations. That's
primarily what we see people utilize that for if.
Speaker 1 (14:15):
I understand correctly, some people come in and get the
helock because they've got a bunch of credit card debt
and they need a lower interest rate to pay it off. Yes,
but you also mentioned renovations, so if I wanted to
add on, if I wanted to add stuff to my house,
I could come and get the helock for.
Speaker 2 (14:30):
That, Yes, you can.
Speaker 1 (14:32):
Is are helocks? Is that a different process than actually
getting a mortgage?
Speaker 2 (14:39):
Yes, it is.
Speaker 3 (14:41):
With the helock loans, well, of course you already have
your first one established, so then that'sk would be considered
like your second mortgage, and you just using equity out
of there to utilize for whatever it is that you
may need.
Speaker 1 (14:54):
Now, I'm going to sound very ignorant to the listener
right now, but I've never gotten a helock. I'm not,
but I'm going to be. I'm going to be getting
ones in the next couple of years because I want
to do the renovations that you talked about. How do
helocks work? I mean that is that almost like you
do you tell Do I tell you the amount I want?
(15:16):
Or is it an open line of credit that I
can use up to a certain amount. How does a
helock work in that way?
Speaker 3 (15:23):
So you would tell us the amount that you're requesting, God,
what you need, we get your approved for that amount,
the funds have become available to you. You have a
ten year drop periot on those, so you only pay
back what you use. So if you get fifty thousand
and you only use twenty five, you pay back on the.
Speaker 1 (15:41):
Twelve cup thousand. Do some people get helocks and not
use them immediately?
Speaker 2 (15:49):
Yeah, I've seen We've seen that before.
Speaker 1 (15:51):
Yeah, because I can remember years ago when we were
having a lot of hurricanes, people talked about getting a
helock just to have it in case they needed it
to pay their their deductibles for their insurance if they
got by her.
Speaker 3 (16:04):
Game right right, some people will use it as what
you would refer to as a cushion.
Speaker 1 (16:09):
Okay, okay, absolutely.
Speaker 2 (16:11):
It's good to use for that as well.
Speaker 1 (16:13):
Okay. How big are he locks? I mean, do you
do a lot of those? People coming in for those
all the time?
Speaker 2 (16:20):
Yes, we are he locked. That is growing.
Speaker 3 (16:23):
Yes, we're glad to see the uptick on those, and
people are learning more about them and understanding how valuable
that they can be to you know, the current economic.
Speaker 2 (16:33):
You know that we're living in tyomy that we're living
in now.
Speaker 1 (16:36):
When it comes to refines of houses, I guess you're
not doing as many as you're used to because the
race or maybe you are.
Speaker 3 (16:44):
Tell me, I hadn't seen as many refis as seen
with helock long okay, so I hadn't seen as many.
Speaker 1 (16:53):
Talk to me about vehicle loans. Do you do cars, boats, motors,
things like that?
Speaker 3 (17:01):
Yes, we do, and currently with our auto vehicle loans,
if you refinance with us from another institution, we will
you can save two percent on the We can save
you two percent, take two percent off of your current rate.
Speaker 1 (17:17):
Yes, okay, So then so this is an offer to
refine a vehicle?
Speaker 2 (17:23):
Yes?
Speaker 1 (17:23):
Now? Is that? Is that a? Have people always been
doing this and I've never heard about it? Or is
this kind of a new trend where people rEFInd their
car loans.
Speaker 2 (17:32):
It's not a new trend.
Speaker 3 (17:33):
It's been something that's been that's been It's not abnormal
to see.
Speaker 1 (17:38):
Well, guys, I don't hear a lot of people talking
about it, and I think a lot of people would
probably love to get that reduction in the interest rate
on their car loans. Yes, and you're you're your current
deal right now as you're you're doing your very best
to try and drop it by two right. That's a
that's some big savings for something it.
Speaker 3 (17:56):
Is and it's been working, wonders. So it's been working
really will Now?
Speaker 1 (18:02):
What about other ways to save money? You talked about
savings accounts? Do you offer any other products, any other
financial products for people like CDs, iras, things like that.
Speaker 2 (18:13):
We do.
Speaker 3 (18:14):
We offer CDs, that's one of the primary products that
we see with members are wanting to save. We also
offer money market amount accounts and we also have for
our race, we have the traditional ira and the roth Ira.
Speaker 1 (18:30):
Okay, Now, a lot of people that would want those
type of accounts may not understand how they work. So
when somebody comes in to talk about that kind of thing,
do you kind of coach them through it?
Speaker 2 (18:43):
Yes, we do.
Speaker 1 (18:45):
Do you offer I don't know if coaching is the
right word. Do you have resources for people that want
to learn about these things or just want to improve
their credit generally?
Speaker 2 (18:56):
Yeah?
Speaker 3 (18:56):
Well, like I said, we'll always give our professional opinion
on what we think or what we've seen or what
we've seen hell other members.
Speaker 1 (19:05):
So yeah, answer you is, we're we're getting close to
being at the end of the interview here for people
listening that want to find out more perhaps become members
of Gulf Coast Federal Credit Union. Tell us where your
branches are now? The branch we're on here is spring
Hill Avenue, not too far from Broad Street. Where are
your other branches?
Speaker 2 (19:26):
We have a branch.
Speaker 3 (19:28):
One of our branch locations is that forty three thirteen
downtown and loop south off of near Airport Boulevard. Now,
other branch location is at fifty eight O eight Highway
ninety in Theatre, Alabama.
Speaker 1 (19:40):
Okay, so you've got locations that are convenient for a
lot of people. Yes, in Mobile County. If somebody listening
wants to become a member of Gulf Coast Federal Credit Union,
what is the easiest way for them to become a
member and what would they need to bring with them
to the branch to get started.
Speaker 2 (19:59):
The easiest way would be through our ownline.
Speaker 3 (20:02):
You go to our website www dot gov COASTFCU dot
org and hit join and you can join that way,
which has been the most convenient for most members, or
you can visit one of the three branches that we have.
When you come in, you just bring to forms of
identification with you and we start the account process.
Speaker 1 (20:23):
Okay. Do you get new members every week?
Speaker 2 (20:27):
Just about?
Speaker 1 (20:28):
And I bet a lot of it is referrals right
relatives and friends of people that are already in.
Speaker 2 (20:35):
Us one way or another.
Speaker 1 (20:36):
So yes, okay, okay, one more quick question. What if
I wanted to bring in a child or a grandchild
and get them interested in having an account and learning
about all this. Do you have anything anything like that
for younger people that want to have an account.
Speaker 3 (20:55):
We don't have anything specifically. They basically the same as
our other members. You just it'll be uh, we'll have
a guardian that'll be basically over the account. Okay, it'll
be the primary, but that guardian will be over that account.
Speaker 1 (21:10):
Okay. So I could bring in a child and have
them added to the account and let them learn that way. Yes,
all right, well, Jessica Petway, thank you for having me
here at Golf Coast Federal Credit Union.
Speaker 2 (21:21):
Thank you for being here.
Speaker 1 (21:23):
You've been listening to Jessica Petway, the manager of the
spring Hill Avenue branch of Golf Coast Federal Credit Union.
If you have any questions about anything you heard discussed
on this episode of Asked the Expert, you can visit
the website Golf Coast FCU dot org. That's Golf Coast
FCU dot org. Or you can call two five to
(21:45):
one four three eight seventy four sixty four. That's two
five to one four three eight seventy four sixty four
to reach Golf Coast Federal Credit Union
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