SVP of Business Banking Named to Department of Social Services Advisory Board

Bel Air, MD –Freedom Federal Credit Union is pleased to recognize Bob Wehland, Senior Vice President of Business Banking, on his recent executive appointment to the Department of Social Services (DSS) Advisory Board in Harford County. Wehland received commendations on his appointment by County Executive Barry Glassman and County Council President Patrick Vincenti.

The Department of Social Services Advisory Board is involved in every phase of DSS planning, operations, and funding. The agency itself works under the mission to aggressively pursue opportunities to assist people in economic need, provide prevention services, and protect vulnerable children and adults.

Wehland comes to the board with over twenty years of banking management experience, and a long history of community involvement. Wehland is currently the Vice President for the Mason-Dixon Business Association, for which he has also served as both President and Treasurer since his initial involvement in 1999. Around the same time, Wehland also joined the board of Mason-Dixon Community Services, for which he has been the Treasurer for the last eight years.

Wehland is also the current chair of the Veterans Committee for Abingdon Elks Lodge # 2354, where he recently coordinated and assisted in delivering 115 boxed lunches and 105 hot dinners to Veterans at Perry Point.

In addition to his role at Freedom Federal Credit Union, Wehland has coordinated employee volunteers to participate in over twenty different non-profit causes and over 1,500 hours of volunteer time as Chairperson of Freedom’s Community Outreach Committee, a role he has held since 2015.

When asked to join the DSS Advisory Board, Wehland expressed that he was both “humbled and honored to be considered for such an opportunity”. “I have always believed it is important to give back to the community,” Wehland stated. “Fortunately, Freedom Federal Credit Union shares this philosophy of giving back and people helping people.”

“Offering a hand up, especially in a time of crisis, makes our world and our community a better place,” Wehland continued. “I hope to bring my knowledge, experience, and wisdom, along with my compassion and commitment to the DSS Advisory Board. I am very grateful for this opportunity and look forward to serving the citizens of Harford County in this new role.”

“Bob Wehland is as dedicated to his community as he is to the Freedom Federal Credit Union Team, and we could not be prouder” stated Mike MacPherson, Freedom’s President and CEO. “Over the years, it has been incredible to see our community being served in meaningful ways by our Freedom employees, board directors, committee volunteers, and members.”

The Credit Union encourages employees to volunteer their time and skills to better serve the Harford and Baltimore County communities, including serving on local non-profit boards and county government boards and commissions.

New Benefits for Educators

Freedom Federal Credit Union Introduces New Financial Program Exclusively for Educators

Freedom Federal Credit Union is pleased to introduce a new financial program exclusively for educators in Harford and Baltimore Counties. The Golden Apple Program was created to provide financial products and services to employees working within public and private schools in the two counties.

Among the benefits of the Golden Apple Program, Freedom offers the new Educator Visa® credit card, which provides teachers and school support staff a way to organize and save on school supply purchases. Once approved for the credit card, educators will have access to a $1,000 credit line at an annual percentage rate (APR) equal to the rate of prime, currently 8.50%, as of December 19, 2023.

According to the Harford County Education Foundation, 99.5% of teachers purchase basic school supplies for their students out of their own pockets. Additionally, teachers spend approximately $500-$1,000 each year on school supplies from their personal funds. The Educator Visa credit card is intended to lessen the burden of these purchases by providing educators with a way to organize all their school-related purchases on one card, and avoid paying an APR on those expenses that is double or triple the rate of prime, if not higher.

In conjunction with the new Educator Visa, Freedom is also updating their Educator Savings Program, which now offers school employees a much higher annual percentage yield (APY) on their savings. At 2.50% APY*, educators can earn interest well above the national average for savings accounts, which the FDIC is currently reporting to be just 0.058% as of December 2023. Freedom requires no minimum balance or fees for the account, just initial proof of employment with a school.

“Those who know us well, know that our support for educators extends well beyond our community-based sponsorships. Our real involvement comes from being there on a personal level for each and every educator and support employee that we can assist,” states Mike MacPherson, President and CEO of Freedom Federal Credit Union. “As we look ahead to the rest of the school year, we know that our school employees are under immense pressure, and we can’t think of a better time to reach out to help in our own way – to ease financial stress and assist in securing their future financial well-being.”

Also included in the Golden Apple Program, new Freedom members can receive a $100 bonus with direct deposit and eStatement enrollment, a high yield checking account, 2 free Skip-A-Pays on certain loans, auto refinancing specials, a mortgage bonus, matches on new youth accounts, and eligibility to apply for Freedom’s annual classroom grant awards program. Additionally, Harford County Public School employees are able to access their pay a full day in advance of their standard payday. For full Golden Apple Program details and requirements, please visit freedomfcu.org/golden-apple/.

LEARN ABOUT THE EXCLUSIVE BENEFITS OFFERED TO HARFORD COUNTY EDUCATORS- EXPLORE THE REST OF THE GOLDEN APPLE PROGRAM!

* Qualifying applicants will earn 2.50% APY on balances up to $10,000 and 0.35% APY on balances of $10,000.01 and higher. No minimum balance requirements. No minimum to open account. Membership eligibility applies. Federally insured by the NCUA.

WMAR-2 News Covers the #FreedomToHelpChallenge in a special segment

WMAR-2 News Segment and Article on Freedom’s #FreedomToHelpChallenge
WMAR-2 News recently interviewed Freedom Federal Credit Union Marketing Communications Coordinator, Ashira Quabili, on their 3rd annual #FreedomToHelpChallenge.

“The best part about the #FreedomToHelpChallenge is any charity any non-profit big or small can be involved and get something great out of it, you can enter a photo and reach thousands of people in a week that may never have heard of your cause,” said Ashira Quabili, the Marketing Communications Coordinator for Freedom Federal Credit Union. She added, “all of these charities are doing amazing things in our communities and this is a great opportunity for them to get their name out there and get their missions out there.”

Learn More about the Freedom To Help Challenge

Read more:
WMAR-2 News Segment and Article on Freedom’s #FreedomToHelpChallenge
About Freedom Federal Credit Union

Freedom serves and is open to anyone who lives, works, worships, attends school, volunteers, or has family in Harford or Baltimore County, MD. As a credit union, we are committed to putting you first, not shareholders, and helping you achieve your financial goals. Learn more at freedomfcu.org or call us 800-440-4120 to see how we can help.

Your Turn: Submit a photo for the #FreedomToHelpChallenge. Post a picture on Facebook, Twitter, or Instagram. Don’t forget to include the hashtag: #FreedomToHelpChallenge and tag us @FreedomFCU on Facebook and @FreedomFedCU on Twitter or Instagram.

Banking Reimagined My Foot

December 4, 2020

You know what annoys me? Commercials. One in particular gets under my skin. It’s the commercial for Capital One. It’s bad enough they talk about having no fees or minimums on checking accounts like they just thought of it or that you can bank on the go with a mobile app like no one else offers that. No, it was the phrase “banking reimagined”. You know what banking reimagined is? A CREDIT UNION!!!

All you need to do is look at our history to know that banks are still banks no matter what kind of pretty package you put it in or spin you put on it. You still get your best deal, have your best experience, at a credit union and with people like you.

Mike

The Ultimate Guide to Applying for a Business Loan

If your business has reached a point where it needs an infusion of funds in order to grow, you may be in the market for a business loan. A business loan can help a struggling small business establish itself better, or help a thriving company expand its line of products, open an additional location, move to a larger site, hire new team members or purchase expensive equipment.

Here’s all you need to know about applying for a business loan:

Make sure your credit is in order

Before applying for a business loan, check your personal and business credit health.

A personal credit score is measured in the hundreds, with scores ranging from 300-850. A score that falls from 580-669 is considered fair, 670-739 is good, 740-799 is very good, and 800-850 is considered exceptional. You can check your personal credit report once a year at no cost from AnnualCreditReport.com. Review your score for any inaccuracies or fraudulent charges and be sure to dispute these immediately through any of the credit bureau websites: Experian, Equifax or TransUnion.

Business credit scores are measured differently.

Experian uses Intelliscore Plus as its credit scoring model, with scores ranging between 1 and 100.

Equifax assigns each business three different scores: a payment index score, which assesses the company’s payment history with the score ranging between 0 and 100; a credit-risk score evaluating how likely it is the business will not meet on-time payments with the score ranging between 100 and 992; and a business failure score measuring how likely a business will fail, with the score ranging between 1,000 and 1,880.

Business credit scores are also measured by the Dun & Bradstreet Corporation. The D&B score range is 0 to 100 and the key factor it considers is the timeliness of payments made to previous creditors. In order to receive a D&B score, a business must file for a free DUNS number and information about the company’s borrowing habits must be provided by a minimum of four lenders or suppliers.

Finally, the FICO Small Business Scoring Service (SBSS) score ranges from 0 to 300 and considers variables, such as the business owner’s personal credit score, the company’s payment history, number of employees and the age of the business.

If your personal and/or business credit scores are low, work on improving your credit before applying for a loan by meeting your monthly payments on time and keeping credit utilization low.

Update your business plan

Be sure to have a fully crafted business plan to show a prospective lender before applying for a loan. The plan should include details about how the company intends to use the funds from the loan, the anticipated increase in revenue and plans for repaying the loan.

Consider arranging supplemental collateral

Lenders generally prefer to reduce the risk of a borrower defaulting on a loan by securing collateral for the loan. For business loans, this usually takes the form of the company’s accounts receivable, equipment or other valuable assets. The lender can seize the collateral if the business fails and the borrower cannot repay the loan.

When applying for a business loan, you can offer additional collateral to the lender, such as personal assets, like real estate or other valuables. This will make you more likely to qualify for the loan and may bring down the interest rate on your loan as well.

Organize your personal and business documents

You’ll need the following documents and identifying paperwork to apply for a business loan:

Photo ID
Accurate monthly financial statements from the past two years
Business license
Any commercial leases
Business insurance plans
Payroll records
Incorporation documents
Current financial obligations
3 months of bank statements
Personal and business tax returns
Collateral, if required

Research potential lenders

It’s best to take some time researching potential lenders before applying for a loan. Learn about each lender’s eligibility criteria so you can anticipate whether or not you will qualify for a loan. Look up average loan interest rates for each lender, as well.

As you complete this step, choose a general source for your loan.

Startups may not qualify for a large loan and can be better off pursuing a microloan, or a small, short-term loan offered by a nonprofit lender. These loans can often be applied for online.

If you need a larger loan, consider applying for a business loan through a credit union. A credit union will offer you personalized service, looser qualifying criteria and a competitive interest rate that will help you keep more money in your business throughout the life of the loan.

Freedom FCU’s business loans offer generous terms and competitive rates. Call, click, or stop by today to apply.

Submit your application

Once you’ve gotten all of your paperwork in order and you’ve chosen a lender, you’re ready to apply for a loan. Depending on your lender, you may be able to begin and/or complete the application process online. Be patient; loans can take anywhere from one day to several months from application to funding. With luck, you’ll soon have the funds you need to take your business to the next level.

About Freedom Federal Credit Union

Your Turn: What are your best tips for taking out a business loan? Tell us about it on Facebook, Twitter, or Instagram. @FreedomFedCU

BadCredit.Org Profiles Freedom’s Services for Families Struggling With Debt

BadCredit.org’s Article: Freedom Federal Credit Union Offers Products and Services Aimed at Families Struggling with Debt

BadCredit.org recently interviewed Freedom Federal Credit Union CEO, Mike MacPherson, on all the ways Freedom helps indebted families overcome obstacles to achieve financial stability.

Credit unions are known for their efforts to go above and beyond to serve both their members and their communities. And Freedom Federal Credit Union in Maryland is no different. The long-running financial institution strives to provide products and services that will benefit people struggling with debt, including its innovative Anything Loan.

The credit union also sponsors numerous events and activities in its communities as well as promotes volunteerism among its staff by paying them for their volunteer work. Freedom Federal Credit Union also provides financial literacy resources for its members and the community at large through a number of initiatives, including its online Financial Education Center and school programs.

BadCredit.org’s Article: Freedom Federal Credit Union Offers Products and Services Aimed at Families Struggling with Debt

About Freedom Federal Credit Union

Your Turn: Are you struggling with debt? Do you have advice to share? Tell us about it on Facebook, Twitter, or Instagram. @FreedomFedCU

Overcoming 2020 Challenges Together

November 5, 2020

Dear Freedom Members,

Over the years, we promised to uphold our core value of people helping people by focusing on creating a memorable experience for members, employees and the community we serve. Year after year we stayed true to this philosophy as it drove achievements and stability. Now as we near the end of the year, that strategic focus has proven vital in successfully navigating in 2020.

In recent years, we worked on our infrastructure and improving various processes, products, delivery channels, etc. We put greater effort into expanding and enhancing call center capabilities and online services and refined every avenue to allow you to conduct business virtually to provide the options and convenience that would create a better experience. As it turned out, these efforts were also the key in adapting to the “contactless” world thrust upon us by an unexpected pandemic. Before times had changed, we were already preparing for you to have the ability to conduct business without leaving your home.

As a result, and despite the situation, we never shut down, we never stopped serving. Yes, we had to keep our distance, we had to modify some operational aspects for everyone’s safety, but, like always, we were here, we heard you and we responded. We responded not just to the normal business of the day, but to those of you who needed extra help created by the impact of the virus on our lives and economy.

We helped 95 businesses by providing more than $2 million in Paycheck Protection Program loans. We processed over 1,400 payment deferral requests on loans and mortgages. We provided lunches and PPE supplies to first responders and over 25 Harford County organizations and, even though some plans and events were cancelled, Freedom maintained our financial support of each organization as originally committed.

Of course, you, our members, were also key to our ability to successfully adapt to this crisis. Every step of the way you have been resilient, understanding, supportive and more. You demonstrated the most important part of a cooperative; that we achieve more together when we work towards a common purpose. We are grateful for you and we appreciate you.

Finally, I cannot be more proud and appreciative of all the employees of Freedom, especially those who are on the front lines, who come in every day, and work tirelessly to ensure they provide the hands-on service you have come to expect.

Freedom will continue to earn your trust by holding to the values we established over 67 years. Our name is built by living up to our vision and mission. Our name is synonymous with respect, compassion, service, integrity, trust, and safety. Our name reflects all of the good and dedicated people that help and serve. Our name is Freedom and Freedom will continue to care for our community, one member at a time.

Sincerely,

Michael MacPherson
President and CEO
Freedom Federal Credit Union

#FreedomToHelpChallenge 2020

Win $1,000 for your favorite local charity!

Freedom Federal Credit Union believes in people helping people and we are challenging Harford and Baltimore County volunteers, companies, and non-profits to participate in the award-winning 3rd annual #FreedomToHelpChallenge photo contest this holiday season. Showcase volunteerism in Harford or Baltimore County for the chance to win a $1,000 charitable donation for your local non-profit of choice and other weekly prizes.

HOW TO ENTER:

1. Like or Follow Freedom Federal Credit Union on Social Media (Facebook, Twitter, Instagram)

2. Post public photos showcasing volunteerism in Harford or Baltimore County from November 2^nd through December 10^th, 2020

3. Include a description of the volunteer effort along with the searchable hashtag, #FreedomToHelpChallenge on every post

4. Visit us on Facebook every Friday to participate in public voting to increase your chances to win! (Every like equals a vote!)

On Instagram? Tag Freedom @FreedomFedCU or DM us to follow you if your account is private.

The #FreedomToHelpChallenge was recognized by CUNA in 2019 with The Dora Maxwell Social Responsibility Community Service Award

Read Full Contest Rules and Details Here.

Grand Prize Info: The Final Showdown

Public Voting for finalists will be available on Freedom’s Facebook page on Tuesday, December 15, 2020 at 10:00 am for 24 hours from the start of the voting period. Every like equals a vote. Share with your friends to increase your votes. The Grand Prize Winner will be announced via Freedom’s Facebook, Twitter, and Instagram page on or before December 16^th, 2020.

*Selected charity must be a registered 501(C)3 with a proven focus in Harford or Baltimore County.