Getting your Trinity Audio player ready...

LAPLACE — Louisiana Federal Credit Union President and CEO Rhonda Hotard said two enduring myths have contributed to credit unions having only seven percent of the total financial market share.

Hotard shared the findings of a study by the National Credit Union Association last week during an annual business partner luncheon at Belle Terre Country Club in LaPlace. The results have sparked an “Open Your Eyes” awareness campaign to give the community “2020 vision” to the services credit unions offer.

“People know what credit unions are,” Hotard said. “There are two big myths that people believe. One is that they can’t join. Many Americans believe they are ineligible. The second big myth is access. People do not believe they can access their money across the country like a national bank when they need to.”

Neither myth rings true, according to Hotard. Anyone can join, and funds are accessible through worldwide ATMs and partner credit union locations.

Located at 350 Belle Terre Boulevard in LaPlace, Louisiana Federal Credit Union offers checking and savings accounts, mobile banking, low interest loans, credit cards and financial resources to the community. The organization was founded in 1935, and other branch locations are available to the public in Norco, Gramercy, Gonzales and Hammond.

Since its earliest days, Louisiana Federal Credit Union has been driven by the motto “People helping People.” In 2019, LCFU developed a new Why Statement: “Help people so they can live their life first.”

“We’ve actually done away with our mission statement, our vision statement and all of these things, and we just live our Why,” Hotard said. “It’s a very empowering statement. We are a financial institution, but what we do is beyond that. We’re capturing stories.”

Kim Bourgeois, business development director for Louisiana Federal Credit Union, shared some of the greatest stories from 2019.

Over the last year, LFCU has volunteered more than 800 hours at 75 community events, in addition to donating more than $39,000 to local charities, schools and community organizations.

Employees helped members save a combined $6,769,175 in 2019 with lower rates on loans. LFCU helped 609 members purchase a new set of wheels. Another 41 members purchased new boats, and 24 families moved into their first home with help from the credit union.

“A young man I helped recently went to a Ford dealership and bought an F-150,” Bourgeois said. “He financed through the dealership to get lots of rebates that they were offering. He refinanced through the credit union to save $50 a month and $3,000 over the remainder of the loan. That’s one of many stories.”

Louisiana Credit Union League representative Lacey Weaver came to town for the business partner luncheon. She represents 165 credit unions across the state, and she said LFCU is one to be proud of.

“This credit union is special because Louisiana Federal is doing phenomenal things, not just for their members as far as services go, but for the community,” Weaver said. “They’re everywhere, and they’re setting a new standard for credit unions in Louisiana and on a national level.”

More information on the Open Your Eyes Campaign is available at yourmoneyfurther.com.

The Louisiana Federal Credit Union LaPlace Branch can be reached at 985-652-4990.