Financial Education

Successful Succession Planning

Oct 01
2019
Two professionals shaking hands in a meeting.

One of the questions we get asked the most is what we do about succession planning. With great businesses come great responsibilities and risks. In order to protect you, your family, your employees, and your business, a business succession plan is an important piece to help you prepare and transition.

One of the questions we get asked the most is what we do about succession planning. With great businesses come great responsibilities and risks. In order to protect you, your family, your employees, and your business, a business succession plan is an important piece to help you prepare and transition.

Ben Davidson, Vice President of Human Resources and Training at Idaho Central Credit Union said that “CEOs across the world agree that a lack of succession planning can stop a company’s growth faster than almost anything.”

So what are the benefits of having a business succession plan?

The greatest benefit of a business succession plan would be that it helps reduce the stress of co-owner(s) and the owner’s family. A business succession plan also assures a great transition for company culture, and minimizes the negative impact on employees. It can also help avoid contention when it comes to the money that is involved in the transition.

Here are some helpful tips in creating a succession plan.

Designate An Interim CEO
An Interim CEO is a person appointed by a company’s board of directors to assume the role of the CEO during a time of transition or as the result of the sudden departure of a company’s previous CEO. It’s important to have an interim CEO to be able to hold down the fort during the transition time, and ease the stress of the board of directors, employees, and company as a whole.

Business Estate Planning
Business estate planning is great for most family-owned businesses, and anyone that is planning to sell their business. It can help the business transition to the next generation or sell to someone outside the family. This can take years to prepare. Contact an attorney today to start your business estate planning.

Build Great First-Level Leadership
Davidson said, “Most companies focus their succession planning efforts on executive level positions. I think this is a mistake. Good first level supervisors can make or break a company’s culture.” Building great first-level leadership helps strengthen the foundation of the company because first-level leadership are those that work closest with most employees. It’s important to have a good system to recruit and retain talented leaders, where the great culture of a company can go beyond just one great CEO.

Identify HiPOs (High Potential Employees)
Research shows that HiPOs can produce about 90% more work and will give about 20 percent more effort than non-HiPOs. HiPOs are high potential employees that have the qualities and abilities to take on leadership roles and challenges. By identifying HiPOs, it makes a good pool of candidates that are advance-ready to step into leadership roles. Having a good pool of candidates that are advance-ready also makes the absence time shorter between leadership, and creates a more effective approach.

Contact one of our Business Relationship Officers today to learn more about our business services and how we can help you achieve financial success!

Financial Education

Why You Should Start Saving for the Holidays Now

Sep 18
2019
Jar of change with Christmas lights in the distance behind it.

Each year, the Christmas season comes to many of us as a surprise. (Didn’t we just take down those lights?) When it does, the excitement of the holidays can quickly become overshadowed by financial burden. This year, take a little time to plan ahead and save yourself from some of that stress by starting to save for the holidays today!

As the seasons change from high temperatures all day long to chilly mornings, it may still seem too early to talk about the holidays. But is it?

We just finished up back to school shopping, we’re breaking out the hoodies, the sun is setting earlier and earlier… and before you know it, you’ll be shopping for Halloween costumes, sending out the invites for your Thanksgiving dinner, and all of a sudden, you’re decking the halls for Christmas! Are you ready?

Each year, the Christmas season comes to many of us as a surprise. (Didn’t we just take down those lights?) When it does, the excitement of the holidays can quickly become overshadowed by financial burden. This year, take a little time to plan ahead and save yourself from some of that stress by following one or more of these tips:

  1. Open up a Central Cents account.

At Idaho Central, our Central Cents Savings account rounds up what you are already spending on your debit card, and deposits the difference into your savings, allowing you to save money without it feeling like a huge task! For example, if you swipe your debit card for a transaction of $15.10, this account will round up the transaction to make it an even $16, and that extra $0.90 is deposited right into your Central Cents account. A few transactions a day over the next few months, and by the end of the year you will have a decent start to some serious savings, without even changing your habits!

  1. Make it automatic.

Set up a scheduled transfer of a fixed amount to your savings account to go through on pay day, or on any day of your choice. Even if all you can spare is $10 every pay day through the end of the year, this small amount will add up, and can definitely help when the holidays arrive! Making it automatic takes the thought out of it, and makes it quick, easy, and practically painless.

  1. Hide your savings account.

Have you ever heard the saying, “Out of sight, out of mind”? Well, it’s definitely true when it comes to savings! After you’ve set up a Central Cents account or an automatic transfer into a savings account, hide the account from appearing in your eBranch and let the money collect. If you see it every time you log in, you might be tempted to use it before you need to. Hiding these funds can take away that temptation, and allow you to save more than you would expect. Unhide it when you decide to start holiday shopping, and see how much you have saved!

  1. Buy earlier.

Some people buy gifts all year long, and other don’t start until a week before the holidays. Which one are you? If you lean towards being the last-minute shopper, challenge yourself to start a little earlier this year. Make a list of things you may need to buy, and start watching out for sales and coupons now. Being more intentional about what you are buying can set you up for success in finding the best price, and it won’t have to all happen at once! Having all of your holiday shopping come out of one paycheck can make the amount seem high, but spreading it out over a few months can lessen the impact.

The holidays can often come along with many different stresses, ranging from family obligations to colder weather, and everything in between. This year, take a little extra time to plan out now how you can lessen the financial strain, and let yourself enjoy your holiday season even more!

Financial Education

Helping Businesses Thrive Through Excellent Services

Sep 03
2019
Businessman working on a laptop.

At Idaho Central Credit Union, we help Idaho businesses thrive by providing excellent banking services that help you focus on your business. Today, we want to introduce you to some of these online services.

At Idaho Central Credit Union, we help Idaho businesses thrive by providing excellent banking services that help you focus on your business. Today, we want to introduce you to some of these online services.

Online Account Access
ICCU’s Business Online Banking lets you check your account balances 24/7. Whether you are in the office, or on the go, you can check your accounts online or on the ICCU mobile app. Check your accounts anytime, anywhere, as often as you wish.

Online Transfers
Say no more! Idaho Central lets you make transfers online. You can even add external accounts. You don’t have to call or go into a branch to transfer funds. You can transfer funds online between your internal and external accounts.

Mobile Deposit
Idaho Central’s Mobile Deposit Service allows businesses to deposit a check right from their office without going to a branch. Open Idaho Central’s mobile app and start depositing by taking a picture of the front and back of your check.

Remote Deposit Capture
Remote Deposit Capture is a service that lets you scan and deposit checks from your computer in your office. Using a Remote Deposit Capture scanner, you can batch your deposits as often as you’d like. It’s an excellent service for businesses that process a larger amount of checks each day, or that simply want the convenience of depositing checks at their office. Idaho Central offers same day credit to businesses if checks are deposited before 5:30pm Mountain Time.

Business Bill Payment
Business Bill Payment is very similar to making a business online transfer. We offer business bill pay where businesses can pay multiple invoices with one bill payment. Or, simply enjoy the convenience of making payments online.

Preferred Pay
Preferred Pay allows businesses to do payroll direct deposits, recurring disbursements, or collection of accounts receivable. Many small businesses enjoy the freedom to be able to make direct deposits online, and save on using external Human Resources services.

Online Wire Transfer
Idaho Central’s Business Online Banking offers domestic wire transfers. Businesses can access their money and wire them anywhere within the United States. This gives you the convenience of not needing to go to a branch just for a simple wire.

Idaho Central Credit Union offers some of the best products to provide businesses with financial security and convenience. Contact one of our Business Relationship Officers today to learn more!

Financial Education

All About ATMs

Aug 05
2019
Woman taking money out of an ATM.

Since that first ATM in 1967, the number has grown to around 3 million ATMs throughout the world. This means there is approximately 1 ATM per 3000 people.

Did you know that ATM stands for “Automated Teller Machine”? Back in 1967, the first ATM came on the scene in north London, before ATM cards were even invented. Instead, people used paper vouchers printed with radioactive ink that the machine could read, entered in an identification code, and took a max of £10 out at a time.

We’ve come a long way since then!

Since that first ATM in 1967, the number has grown to around 3 million ATMs throughout the world. This means there is approximately 1 ATM per 3000 people.

ATMs come with a lot of convenience. They can be used 24/7, are often more accessible than a physical institution, and can be quicker since they don’t require any personal interaction. This convenience, however, does come at a cost. To allow ATMs to continue to operate correctly, they require regular maintenance, compliance inspections, cash reloads, and are still subject to any typical transaction fees.

This means that every time you swipe your card at an ATM, the institution that owns and operates that ATM is incurring costs for that use, and this cost may be compensated for by charging a small convenience fee. For example, if you use your Idaho Central card at an out-of-network ATM, you would receive $1.50 processing fee from us, as well as a potential fee from that institution.

In 1981, however, 20 credit unions in California got together and united their 32 ATMs, creating what we now know as the CO-OP ATM Network. Now the largest credit union-owned interbank network in the US, there are 30,000 ATMs available on this network.

So what does this mean for you, an Idaho Central Credit Union member?

Many institutions will only waive these convenience fees for their members at their own ATMs, which helps them drive their members to use their own ATMs, rather than going to another institution. Idaho Central Credit Union is part of that CO-OP ATM Network, however. This means that though ATM usage comes at a cost, you are still not limited to only using ICCU ATMs, since that cost is waived to you at any of these 30,000 ATMs on the CO-OP ATM Network.

Though Idaho-based, we love to continue to serve our members anywhere they are. This means providing as many options as possible when you are not able to come into a branch. Making deposits, withdrawals, and having access to your accounts wherever you are is important to you, and is important to us!

You can find a CO-OP ATM near you at this link: http://co-opcreditunions.org/locator/.

Financial Education

How do businesses get involved with their communities?

Jul 15
2019
ICCU Business Team Volunteering at a Food Bank

Getting involved with your local communities is a way to support one another. It’s “a rising tide lifts all boats” concept. When businesses get involved in their communities, businesses and individuals all help each other rise.

Many businesses are eager to be involved with their communities. Not only can they share more about the services and products they offer, but they also get to serve their communities as businesses.

Getting involved with your local communities is a way to support one another. It’s “a rising tide lifts all boats” concept. When businesses get involved in their communities, businesses and individuals all help each other rise.

There are many ways businesses can get involved with their communities:

Start in your own community
Many of us are involved within our own neighborhood, church community, and even some personal volunteer opportunities. Businesses can start their involvement by serving their own community. For example, Portneuf Valley Paintfest is an event where businesses and individuals spend volunteer hours painting the homes of seniors who need to have the exterior of their homes painted. Businesses can get involved in their communities by serving one another.

Just throw a party
Sometimes all you need to do is throw a party and invite the people in your community to come party with you. Who doesn’t like a fun time? Throwing a party is also a time where it’s not all business, so people can see business owners as normal human beings and build true relationships as individuals before talking business. For example, Idaho Central Credit Union’s branches offer block parties, where people can come have fun, get some yummy free food, and just enjoy our excellent services. We love to have fun! When parties are thrown, ICCU wants to be there and show our support!

Give back
Giving back is a way to show gratitude towards those that invest in you and the businesses in your communities. This year, businesses and individuals came together to support Idaho-based nonprofit organizations and raised over $1.9 million dollars with Idaho Gives. Businesses can also offer sponsorships for local events and schools. We believe in giving back and investing in our communities and future generations.

These are only a few of many ways businesses can get involved in their communities. Transfer your banking to Idaho Central today, and be a part of our Idaho community.