Financial Service Officer

businessman

Financial Service Officer

Position Details

Looking for a career where you can make a positive impact on your community, be a part of an extraordinary team while being rewarded for your individual talents, and grow with an organization who is growing rapidly every year? Great Meadow FCU is looking for talented new teammates who are looking to add value to our organization and are as driven as we are about our community.

Here is what we are looking for in our Financial Service Officer (FSO) position:

Financial Service Officer’s serve as the GMFCU’s vital front-line task group responsible for constructing a welcoming atmosphere and establishing an exceptional environment for all our members. Key job functions include, but are not limited to, providing loan products that best help our members financial lives and help build lasting relationships with our members. FSO’s are problem solvers and solution experts. They will demonstrate active listening and use effective questioning skills to gather member’s needs. They will inform members of about products and services other than those requested by members based on each members’ financial information learned through each interaction. FSO’s will be able to build long lasting relationships and be a main point of contact for members and their lending needs. These team members will generate and close all consumer loans, as well as our Home Equity products. They will also help lead and grow GMFCU through the addition of new members and the deepening of existing member relationships using open-ended questions and relationship building. Focusing on the growth of the Credit Union’s share and loan portfolios. Attaining sales goals. Efficiently and competently responding to consumer’s inquiries. The ability to thoroughly and accurately conducted transactional and operational responsibilities by learning all aspects of branch operations. Become proficient in credit union regulations, policies, and procedures.

MINIMUM QUALIFICATIONS & EDUCATION

The ideal candidate for this position will have the following:

  • An Associate Degree from an accredited college/university or higher is preferred, with a focus on Business Management, Business Administration, or Finance, or experience equivalent to the degree.
  • Prior experience working in a customer service, a minimum of 1 – 2 years
  • Prior sales experience with individual and team sales goals, minimum 1 – 2 years
  • Effective communication skill (oral, written and listening)
  • Knowledge of consumer loan products and credit reports.
  • 1 year lending experience.
  • Experience with Microsoft Office applications (Word, Excel, Outlook, Access).
  • Be adaptable and learns on the fly as well as relentless, versatile and active learner.
  • Uses logic and protocol to solve problems with effective and innovative solutions. Will be resilient and will own the solution and the problem.
  • Provide excellent and honest analysis. As well as understand that it is okay to fail forward.

If you feel you can bring value to our community, members and our team, please forward a resume and cover letter to careers@greatmeadowfcu.com.

Also, please learn more about who we are at www.greatmeadowfcu.com.

Questions?We're here to help.

Medical Expenses Have Gone Crazy. You Don’t Have to Do the Same

In the United States, healthcare has grown into a $3 trillion industry. That’s $3,000,000,000,000. That’s a lot of zeros—so many that for most of us, the number doesn’t even seem real. But if we break it down to a personal level, that means the average American spends more than $11,000 per year on healthcare costs. If that doesn’t sound troublesome, consider the fact that the annual cost of healthcare for a family of four tops $28,000 opens in a new window. With the median household income coming in at $63,000 per year, that means the average US family can wind up spending more than 40% of their annual income on medical-related expenses. That’s steep. Even with employer-provided health insurance, which covers roughly 56% of the US population opens in a new window, the employee contribution and out-of-pocket deductibles can leave families buried under an avalanche of medical debt. It’s hard to understand how an industry responsible for personal care can seem so unconcerned when it comes to the financial state of its patients. But with a growing number of hospitals being operated as investor-owned, for-profit businesses opens in a new window, return on investment often seems more important than compassionate patient care.

Difficult Times Call for Creative Approaches

As medical bills continue to climb, the corresponding rise in medical collection agencies only perpetuates the healthcare industry’s callous reputation. In a conversation about the cold, impersonal nature of medical collections, Elizabeth Rosenthal opens in a new window, author of An American Sickness, observed, “…to them [collection agencies], a bill is a bill is a bill. They don’t care if it’s for somebody’s heart transplant…or if someone spent a lot more money on a Rolex watch that they couldn’t afford.” Over the last few years, medical bills have become the number one cause of bankruptcy opens in a new window in the United States. With that in mind, it should come as no surprise that GoFundMe campaigns have become one of the most popular ways for consumers to cover their medical costs. According to GoFundMe statistics, approximately 250,000 fundraising campaigns are established on the platform every year just to pay for medical expenses. The $650,000 generated by those campaigns points to a significant problem in the healthcare system. If you’re one of the thousands of Americans struggling to keep your head above water as medical bills flood in, you might feel helpless. And while there are no magic solutions that can make legitimate medical debt disappear, there are a few steps you can take to stay afloat. If you haven’t run into medical debt yet, these steps might be able to help you avoid the frustrations so many others have experienced.

3 Ways to Keep Your Medical Expenses in Check

  1. Review Your Bill When hospital or doctor bills show up, it’s natural to skip right to the “Total Due.” It’s natural, but it’s not necessarily the best way to approach the statement. Glancing at the amount due could leave you feeling helpless, confused, and overwhelmed. Before you send any money, take time to review every line item listed. Due to complex medical billing codes, it’s not uncommon for incorrect or duplicate charges to wind up on the bill. If you notice discrepancies or questionable entries, it is your right as a consumer to ask your insurance company or medical provider for an explanation. The dispute process may be lengthy, but it’s better than paying for medical services you never received.
  2. Consider a High-Deductible HSA If you and your family are in relatively good health, a Health Savings Account (HSA) can be an excellent way to secure medical coverage while keeping your insurance premium under control. Traditionally available through employers, insurance companies, banks, or credit unions, HSAs allow you to set aside money from your paycheck to be used specifically for medical expenses. These accounts feature higher deductibles than traditional insurance plans, but they make up for that by allowing account holders to deposit funds on a pre-tax basis, which can provide some savings and stress relief.
  3. Create an Emergency Fund Setting aside $1,000 in a savings account is a smart way to protect yourself against life’s unpredictable twists and turns. Minor illness and occasional doctor’s visits certainly qualify as unexpected expenses, so an emergency fund can help you address sudden medical needs without derailing your budget. If you decide to follow the previous suggestion and secure a high-deductible Health Savings Account, you may want to boost your emergency fund to a level that would cover your deductible. While this adjustment will likely take more work to establish, knowing you’re able to cover your entire deductible in the event of a medical emergency provides enough peace of mind to make it worth the effort.
Current medical expenses are astronomical; that’s a fact. And while it will probably take an industry shake-up to make any lasting changes, it doesn’t make sense to worry about things you can’t control. The steps we’ve outlined may not solve all your problems or eliminate all your medical debt, but they can go a long way toward helping you feel like you have a little more control. That’s a step in the right direction.

Credit Card Regret: It’s More Common Than You Think

“Regrets, I’ve had a few. But then again, too few to mention.”

– Frank Sinatra

If you’re the kind of person who prefers to play it safe, there’s a good chance that, like Ol’ Blue Eyes, your list of regrets is mercifully short. But if you’re the adventurous type who’s more likely to yell “YOLO!” than take the time to consider pros and cons, you may have made more unfortunate decisions than you care to admit. Either way, it’s safe to say we all have regrets. And if we’re being honest, some of them are probably related to finances.

Going into credit card debt is one of the most common financial regrets. According to a recent NerdWallet survey, “About 6 in 7 Americans (86%) who have or had credit card debt say they regret it.” With numbers that high, it’s safe to assume most of us would make different credit decisions if given a chance. Have you ever signed up for a new credit card and immediately wished you hadn’t? If so, the following reasons will probably ring a bell. If not, pay close attention. You can learn a lot from others’ mistakes.

Common Reasons for Credit Card Regret

If you’ve ever opened a new credit card account and felt that distinctive twinge that tells you it was a bad decision, there’s a pretty good chance you filled out that credit application for the wrong reason. Bad reasons come in a variety of forms. Here are a few of the most common:

  • You wanted that sign-up swag. – T-shirts. Koozies. Collapsible drink coolers. It doesn’t matter what it is; we love free stuff. Credit card companies know this, which is why they set up promotional tables on college campuses and inside sports arenas. Sure, free t-shirts are cool, but are they really worth opening a credit card that will charge you 26% interest on your purchases?
  • You can’t resist that one-time discount. “Would you like to save 25% on today’s purchase by applying for store credit?” If you’ve ever shopped at a retail store, there’s a good chance you’ve heard this sales pitch at the check-out register. If you took advantage of the offer and suddenly wished you hadn’t, you’re not alone. According to a recent survey opens in a new window, almost 75% of Americans have at least one store credit card. Not surprisingly, nearly half of them regret it.
  • You’re in a financial pinch. When your checking account is running low, it can be incredibly tempting to sign up for a credit card just to get some temporary relief. However, credit cards don’t remedy poor financial habits; they tend to make them worse. If you’ve ever signed up for a new credit card “just to cover things until payday,” this regret may feel all too familiar.

OK, you signed up for a credit card and regretted it. Now what?

Before we go any further, it’s important to remember one thing: Just because you have a credit card doesn’t mean you have to use it. Even if your regrettable card carries a 26% interest rate, 26% of $0.00 is still $0.00. However, if you’re worried you won’t be able to resist using your card, you might be tempted to close your account immediately. This could certainly help you avoid charges you can’t afford to repay, but there may be a better approach.

Available credit and length of credit history are two of the main components of your credit score. Having an open, active account you don’t use could actually help you. If you were given a $1,000 credit line with your new card and you don’t make any purchases, you have $1,000 of available credit. If you close the account, you have no available credit. In this case, maintaining the credit line may be beneficial for your credit rating.

As for the length of credit history, that part’s fairly self-explanatory. The longer you maintain a satisfactory account, the more favorably it reflects in your credit score. With this in mind, you might be better off just removing the card from your wallet (and your smartphone’s digital wallet too) instead of closing the account altogether.

Good credit is one of the building blocks of your overall financial health. If you’re trying to find financing options that are right for you, contact your credit union and ask to speak with one of their trained representatives. They’ll be able to help you review your financial situation and recommend the best products and programs for your needs. With their guidance and expertise, you stand a much better chance of managing your credit—and finances in general—with no regrets!