Tyco Electronics Federal Credit Union

Christine Brown, CEO of Tyco Electronics Federal Credit Union, Redwood City, Calif., wanted to show her board some of the intangible things the credit union does that couldn’t be conveyed through numbers. So she solicited personal stories from Tyco’s employees, asking them to focus on member service.
  
Brown was inundated with stories of how Tyco Electronics FCU employees have helped their 6,100 members obtain loans, avoid high rates and work through financial difficulties.
 
The examples below provide insight into Tyco's unique member relationships, but Brown was able to offer many more examples to her board of how her staff helps members get ahead financially, the mission of Tyco Electronics FCU. These stories are what make Tyco different, says Brown. The underlying philosophy of credit unions in general is very different from banks, she says. "Only a credit union would do these things."

• "A member with an alcoholic spouse and struggling to make ends meet lost her home through fire. Their insurance adjuster was not being cooperative and they were forced to sleep in their van. I worked with the adjuster and got them an advance so they could stay at a hotel. During that time, the spouse became deathly ill and passed away. After the home insurance was settled, the remaining spouse was still left with a balance at the credit union and a second loan elsewhere for over $30,000. I contacted the finance company and found out there was life insurance that had recently been cancelled for non-payment. I helped the member complete the necessary forms to have the life insurance pay off the debt. Then she brought it to me along with all of her debts, some of which were very old. I paid off all her debts and placed the rest in a credit union Money Market account. Then I helped her get approved for a $40,000 mortgage to buy a small home. She is now living in that home debt-free. She would never have been able to get out of that situation if someone like the credit union had not stepped in and helped her."
  - June, Branch Manager
  
  
• "A member of the credit union for the past 10 years desperately wanted to have a child but had trouble conceiving because she had donated one of her kidneys to her brother when she was younger. We agreed to help this member obtain adoption approval. We completed a detailed document and a letter of recommendation explaining what a great parent this member would be for a child. The process was successful, and the member and her husband were able to bring home a new baby girl. But during the adoption process, her husband was laid off and was unemployed for a lengthy period. We were able to modify their mortgage to help lower their rate and monthly payment so the husband could stay home the first few months with the newly adopted baby. We also financed a larger vehicle to accommodate the larger family. The baby girl is now almost two years old, and the parents are in the process of a second adoption. We have already completed the second letter of recommendation. Not only are we here to help members get ahead financially, but we’re also here to help members by improving their quality of life. Because we had such a strong relationship with this member, we were able to play a role that any other financial institution could not."
  – Debbie, Financial Services Representative
  
  
• "One of the things I enjoy the most about working at a credit union is that we offer personalized service you don’t get from a bank. When I went from a bank to a credit union several years ago, I was surprised at how the members knew us and we knew them. Case in point: one of our janitorial employees was diagnosed with terminal cancer. He had little or no health insurance. The plant receptionist set up an account under her account to help pay for his medications. People called or came in to put some money in this account to help. The receptionist comes in periodically to get a check and she goes to pick up his medication for him. The people who make up our credit union are great!"
  – Krissy, Financial Services Representative
  
  
• "We’re here to help our members get ahead financially, and, as IT Manager, my interaction with members is usually related to technical problems. One Saturday morning, while I was logged into the system, I found a message from a member that had a family emergency and needed to fly out of town ASAP. The problem was that her Visa was at its limit. She transferred a big chunk of money, but was still unable to use her card as Visa’s system isn’t updated on weekends. I called our Visa processor, got her record updated, called the member back and advised her as such. She was extremely happy with the outcome as she was able to make her necessary purchase and fly home."
  – Steve, IT Manager
  
  
• "We’re here for the simple purpose of 'people helping people.' We’re especially helping people who would have to go to other sources: finance companies where much higher rates prevail and the compassion is low. If members had to go elsewhere to obtain loans and ran into financial difficulties, some specific members that I’ve worked with would have had their vehicles repossessed. One member I recently worked with told me when I called she didn’t avoid picking up the call because over the years dealing with her, I treated her with respect and not like a ‘low life like other creditors.’ It is our goal to help members that need help. The group that formed the credit union saw employees needed a credit union for better savings and loan rates and the other benefits that credit unions offer. Having their own credit union is a definite employee benefit."
  - Carl, Financial Assistance Manager
  
  
• "A member’s mother, near retirement age, joined. We refinanced her 1988 mobile home to consolidate all her debts. Her credit score was not good due to a divorce. We were able to finance a small, plain car for her so she could get to work and back. She finally was able to retire last year and pay off her mobile home and car loans. She just cried and thanked us for helping her become debt free so her kids would not have to take care of her. Her needs were simple to many of us, but it would have been hard for a single, older woman with her level of education and income to go to a bank and ask for the help she needed, much less to get it. She had more self-respect because of her experience with the credit union. This is caring that goes far beyond the call of duty. We made a difference in her life and that’s why we’re here."
  – Jeanene, Financial Services Representative