The assistant secretary of the Air Force, financial management, has recognized Hanscom Federal Credit Union as the nation’s best U.S. Air Force credit union in 2001.

“Hanscom’s got a long history of providing quality service to their members,” said Massachusetts Credit Union League Senior Vice President for Public Relations and Marketing Robert B. Kimmett. The award didn’t surprise the league.

It was a pleasant surprise to Hanscom, however, according to Patricia Warden, a marketing analyst with the credit union.

“We were called by the assistant secretary of the Air Force, financial management,” she said, but hadn’t expected such recognition.

The award is presented to a credit union by the secretary at the annual meeting of the Defense Credit Union Council. The organization’s membership is taken from 281 defense-related credit unions. Out of those, 75 are Air Force credit unions.

“As far as this particular award, they were looking for institutions that supported the financial well-being of their people – particularly the younger people in the service,” Warden said.

“One of the interesting things about credit unions in the military is understanding the peculiar needs and varied needs of service people,” said Kimmett. “Some of the younger airmen that have small salaries have to learn how to manage their finances and make ends meet. I think it’s a great thing for them to have an institution that understands what they’re all about,” he said.

‘Called Into Service’
Warden said Hanscom has many programs focused on the needs of people just getting a start in life. The services offered cover traditional products such as mortgages and free checking but also include fuel assistance loans to help families that live off-base.

“One of the things that’s different about the Hanscom Federal Credit Union is our membership is spread out quite a bit. A place like Greylock [Federal Credit Union], they would be serving their community and occasionally they would have someone who moved away but kept their account,” said Warden. For Hanscom, that’s the norm.

“We constantly have people who are transferred by the military or are called into service, maybe overseas. They may be going to other Air Force bases. So our membership is scattered across the world. It’s concentrated here in Massachusetts but we have quite a few members, say, in Virginia, California and Texas,” she said.

As a result, Hanscom has focused on providing solutions through technology. “One of the very interesting things about Hanscom is they’ve been involved with technology for years and years. They’ve had automated telephone tellers for as much as 15 years,” said Kimmett. According to Warden, the X-TEL automated teller, introduced at Hanscom in October 1986, handles more than 20 different functions, including fund transfers and loan advances for overdraft protection. The credit union also introduced debit cards early. In April 1985, well before they were in vogue, Hanscom already had 500 members regularly using the cards, although they initially were called share draft cards.

“They really looked for ways to facilitate the arrangement when the member couldn’t get to the base. That’s something that’s made them successful even among people who aren’t military,” said Kimmett.

Additionally, Warden said Hanscom recently expanded its call center and refurbished its Internet connections.

“They [members] can access their accounts and do just about anything they need to do over the Internet or by telephone, so they don’t actually have to be present,” she said.

The credit union recently joined the NYCE deposit-taking program to further expand its reach.

Currently, Hanscom has its freestanding headquarters at the Air Force base. The original credit union was opened in 1953 and was located within another base building. The credit union also serves federal employees such as Federal Aviation Administration and Environmental Protection Agency personnel, who can access the branches in Boston at the Thomas P. O’Neil Federal building on Causeway Street and the Barnes Building on Summer Street.

“Our focus has always been on member service … Really a lot of credit unions have been at the forefront of that adding of conveniences for members,” said Warden.

Hanscom Federal Credit Union is gearing up for another expansion, but a planned groundbreaking has been postponed due to heightened security at the base. The $4 million expansion will add 9,000 square feet to the 13,000-square-foot facility at the air base. It’s scheduled to take about 18 months to complete.

With the recent terrorist attacks in New York and Washington, D.C., military bases are on a higher degree of alert. Therefore, no one without a military ID is allowed on the base. In response to this, Hanscom has opened a temporary branch at the Sheraton hotel in Lexington.

“Most things you need to do at the credit union you can do through the phone or the Internet, but [the temporary branch is there] if you need to sign something – and some people just feel more comfortable being face-to-face. We do have a staff member who’s been here for about 12 years working there,” Warden said.

Hanscom Federal Credit Union Soars Above Its Air Force Peers

by Banker & Tradesman time to read: 3 min
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