The Harvard University Employees Credit Union has reached a significant milestone -- its assets have grown to more than $100 million.

This asset ranking places the Credit Union within the top 5 percent of the country's 12,000 credit unions.

Membership Growth

Credit Union President and CEO Gene Foley said this substantial growth was "easy" to achieve because "our members are sophisticated consumers who recognize value when they see it. Unlike other financial service providers, the Credit Union's primary goal is to provide a significant benefit to all of our members, rather than just making a profit for a handful of stockholders. We are owned by our members and run by a volunteer board, elected from that membership. By pooling resources, the Credit Union creates value by keeping loan rates below market, deposit rates above market, and by providing most services for free."

Credit Union membership has grown to almost 22,000 employees and family members of Harvard University and affiliated organizations. A large percentage of that membership includes doctors, nurses, and staff from affiliated Harvard organizations, including Massachusetts General Hospital, Dana-Farber Cancer Institute, Massachusetts Eye and Ear Infirmary, Spaulding Rehabilitation Hospital, and the Shriners Burns Institute.

A History of Service

Chartered in 1939, the Credit Union has been serving the personal banking needs of the Harvard community for almost 60 years. Over this time, the development and delivery of products and services has increased and changed dramatically. "There was a time, not too long ago, when payroll deductions were posted into the accounts only once a month and getting a loan could take up to five days," said Foley. "Today, we are committed to providing our members immediate access to their accounts, 24 hours a day, 365 days a year. Now, in addition to being a great place to borrow and save, the Credit Union offers a full range of banking services."

Commitment to Technology

In providing access, the Credit Union has managed to incorporate "high tech" with its traditional "high touch" operating philosophy. Members can now make withdrawals or obtain rate and product information by phone, 24 hours a day. Loan applications can be faxed directly, anywhere in the world at any time, with the Credit Union's Dial-A-Fax product. In addition to the more than 300,000 ATMs available to members worldwide, the Credit Union installed its first ATM last year, in the lobby of the School of Public Health. "Our commitment to technology has just begun," explained Foley. "Initiatives we are currently working on include debit cards, PC home banking, bank by phone, and the placement of more Credit Union-owned ATMs. Also, look for our Web site at www.HUECU.org coming in October."

At a time when banks are earning up to 60 percent of their income by charging customers fees and growing increasingly larger through mergers and acquisitions, the value of Credit Union membership has never been more pronounced. "We see a lot of new employees joining the Credit Union because they are tired of being nickeled and dimed to death by their banks," said Foley. "The advent of new monolithic banks has meant that many people are being treated like accounts rather than customers. That doesn't and can't happen at the Credit Union, because of our not-for-profit structure. No matter how high tech we become or how large we grow, our primary operating philosophy will remain 'people helping people.' "

For information on the Credit Union, call 495-4460.