Hi everyone and welcome to Roswell and CSEA.

Id first like to thank Tom for allowing

me to speak tonight. Im here to speak about the Official Credit Union of Roswell, Morton Lane
and all of the benefits that come with joining a credit union. My name is Jade Costello, and I am
the outreach and event coordinator at Morton Lane, so my job is to come to our segs and teach
employees about their benefit in joining our credit union.
So, a lot of people arent aware of what a credit union is versus a bank, how they differ,
and which one may be better for you. All of you have a financial institution that you use. Think
about why you go to them. Say you are a member of M&T, Key Bank, First Niagara, or even
another credit union. Why do you go there? Is it because of location? Or maybe products and
services that they offer, or maybe your parents were customers of that bank so you just go there
because they have for years. Keep these reasons in mind when you listen to our focus and
compare them with what we have to offer. This way you can see which fits you best.
With that being said, now we can talk about what a credit union is. A credit union is a
not-for-profit financial institution dedicated to serving its members. Credit Unions are owned by
their members. So, they get the benefit after joining of low rates on loans, credit cards, and
great customer service. This basic philosophy is the main difference between banks and credit
unions. If you become a member, your interests are what gets put first because you own a part of
the credit union. At credit unions membership is offered as a benefit and opportunity because of
the field of membership being specific. Banks are for-profit, which means they are owned by
investors. So, interests are in favor of what makes the investors more money. Anyone can join a
bank and become a customer and wouldnt hold any ownership of the institution unless they own
stock. This is why banks become so big, they use their customers money to earn profit for
shareholders and expand the institution. While credit unions return investments to their members
in forms of low interest loans and great savings rates.
This is also why credit unions are typically local to one or few institutions. There are
community credit, but most credit unions have distinct fields of membership. Theyre listed as
such because they provide great rates that simply cannot be met by a big bank. Our field of
membership includes employees, faculty, staff and students of Buffalo State, University at
Buffalo, and Roswell Park Cancer Institute. Right now everyone in this room is included, and
all of your immediate family too. Once youre a member, youre always a member, even if you
move out of state you can enjoy our rates and benefits.

Now ,for a bit of history. Credit Unions have NEVER been bailed out by taxpayers. And as
you have heard in the past and in recent history, banks are often bailed out by taxpayer dollars.
Morton Lane specifically has been extremely stable. Our mission is to meet members' financial
needs through quality service at the best value while maintaining financial stability. Weve grown
exponentially in the past 20 years. Our money is insured just like big banks are. Your savings
account is insured for $250,000 or more by NCUA or the National Credit Union Association.
Banks are insured by FDIC for the same amount.
Another big difference between the two institutions lies within members or customers
rights and directors . Banks are owned and controlled by stockholders. The number of votes
depends on number of shares owned. Customers have no voting rights, cannot be elected to the
board, and have no say in how their bank is operated. Directors are selected by current directors
or by large block stock acquisition. Members of a credit union however, get a say in who is
elected on the board of directors. Members can also run for election and are invited to annual
meetings. It doesnt matter how much they have in their account.
Our credit union gives out a variety of loans, and we currently offer; home loans and
equity, personal or any reason loans, new and used auto, boat, motorcycle, RV, and Scooter
loans. Our rates are as advertised, which you may know isnt always the case with financial
institutes. Often banks advertise the lowest rate they possibly can, which isnt representative of
the rate youll actually receive. Our rates are not teaser rates. And were able to give them
because of our not-for-profit structure. We give our funds back to our members in the forms of
low interest rates.
We also have a wide selection of products that we offer to our members. We have VISA
Debit and Credit Cards, Savings (Share) and no fee Checking (Draft) accounts, payroll
deduction, Bill Pay, Courtesy Pay, Notary services, Holiday Loans, Direct Deposit, CDs, IRA
Accounts, Child Savings accounts and 24/7 online secure access to your account. All of our
forms are online too, so you can apply for any account or loan whenever you want. And you
dont need to worry about not finding an ATM. We use Allpoint ATMs, the united states has
about 55,000 Allpoint ATMs at major retail stores like Target, pharmacies like Walgreens and
CVS, and gas stations and easy stops like 7-11. We have our own ATMs at our satellite
branches which are surcharge free, any Allpoint ATM has a $1 fee for withdrawal.
So- Where are we located?

We currently have five branches, we have satellites right at Roswell in the parking garage, two ar
UB and one at Buff State and our main branch is on Englewood Avenue right over by UB South.
Our hours at Roswell are Monday and Wednesday 12:30-4, and Tuesday, Thursday and Friday
from 7:30am-1:00 pm. Our main branch on Englewood is open daily from 8-5.
Creating an account is extremely easy. You can either come by any of our satellite branches, or
main location and fill out an application by hand. Or, you can fill out our form online. All we
need is a copy of your license and a 5 dollar minimum deposit is required to open up a savings
account and youre on your way.

We also are on social media- we post branch closings, news, updates, and information about the
credit union on our Facebook and Twitter.