TCT Federal Credit Union

4 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 6 to some of our suburban members who use our online technology,” he says. TCT’s Rapid Refi program has achieved “phenomenal” success, Folensbee says. It has helped members simplify the often-overwhelming mortgage process. It allows members to reduce their monthly payments, lock in a lower interest rate, switch from an adjustable rate to a fixed rate for more stability or vice versa, and realize the advantages of an adjustable rate. One of the many benefits is that members who took out a mortgage through the credit union and held it for at least three years would have their closing costs paid by TCT. Dealing with the labor shortage and educating members TCT CEO Curt Cecala says that it is difficult to pinpoint exactly how this happened, but the pandemic changed how the U.S. collectively worked – perhaps forever. Specifically, he feels that it has shrunk the labor pool, with many Baby Boomers and even Generation Xers deciding to retire, in some cases years earlier than previously anticipated. TCT FCU executives took a proactive approach to reduce fees and increase convenience for members. For a nominal cost of $5 monthly, TCT offers ID and phone theft monitoring services along with comprehensive overdraft protection. This service has saved members considerable money in overdraft fees while supporting important monitor services for the cost of a cup of premium coffee. Additionally, TCT recognizes the increased online presence that many members demand. E-signatures are now possible for loan contracts, expanding convenience for members who prefer to conduct business in their personal time. Says Chief Operating Officer Charles Folensbee, “that convenience and having various options to conduct business goes a long way toward (helping improve customer service).” The COVID pandemic sped up the process of providing members with more convenient online services that go beyond business transactions, as TCT made important investments to meet member demand, Folensbee says. “There’s a mix of members we have, from those who may not have high-speed Internet access and who come to our (branches) Curt Cecala CEO ofTCTFCU Charlie Folensbee COO of TCTFCU