Hawaii Central Federal Credit Union Presents HUGS with a Check

Aug 8, 2023 | Ohana, Keiki, Press Room

Hawaii Central Federal Credit Union Presents HUGS with a Check

August 1, 2023

Honolulu, Hawaii – HUGS Executive Director Amy Morton-Sogi and Development Director Alex Wereszczynskyj stopped by the Hawaii Central Federal Credit Union (FCU) Main branch on King Street where they were presented with a check in the amount of $1,052.00. Last week, a team of ten staff volunteers cooked up some local favorites for co-workers in exchange for a fifteen-dollar donation. The team sold 51 plate lunches, and presented 100% of the proceeds to HUGS, yesterday afternoon.
Morton-Sogi said, “We support families with seriously ill children to provide both emotional and financial support to local families.” Monthly programs include mom’s and dad’s nights, family events and respite activities for HUGS kids and their siblings.
Quite surprised by the outpouring of love, Wereszczynskyj asked how Hawaii Central FCU chose HUGS. Employee group member Kien Bayawa explained it was a group decision. After selecting five non-profit organizations, each member of the group reviewed their missions and a general overview of their activities, and the “majority of the team voted for HUGS.”

Hawaii Central Federal Credit Union Volunteers Raise Funds to Support HUGS

July 26, 2023

Honolulu, Hawaii – In an effort to raise money for the non-profit HUGS, a group of 10 volunteers with Hawaii Central Federal Credit Union (FCU) took to the kitchen to cook up some local favorites for co-workers in exchange for a $15 donation. One Hundred percent of the proceeds will support the HUGS of Hawaii mission to help families with children diagnosed with life-threatening conditions like cancer, respiratory illnesses, diabetes, and stroke.
“Donations will help children and parents with respite,” said group member Kien Bayawa. “The money will also be put towards programs to help families facing an unforeseen crisis or challenge.”
The team sold 51 plates to their coworkers who chowed down on a plate lunch that included Morcon (Filipino-style Meat Loaf), BBQ Chicken, Taegu, Spring Rolls, Rice, Pancit, Mac Salad, Banana Lumpia and a drink. With only 39 employees working at Hawaii Central FCU, the team more than reached their goal of 100% participation.

Working to Fight Low College Enrollment with the Student Choice Student Loan Program

Jul 6, 2023 | Advisory, Ohana, Keiki, Press Room, Education

College student with purple backpack and book walking to campus

Working to Fight Low College Enrollment
with the Student Choice Student Loan Program

Having passed the June 30th deadline to complete the Free Application for Federal Student Aid (FAFSA), late applicants for federal financial aid should be receiving their award letters from colleges and universities and will know whether they will need additional funding through a private student loan program like the Hawaii Central Federal Credit Union (FCU) Student Choice Student Loan Program.

The Student Choice Student Loan Program can help fill funding gaps left after students apply for federal student aid to fund their 4-year undergraduate degree. Before Hawaii Central FCU can help, however, students must have filled out the FAFSA for the year in which they are applying to determine whether there is a gap. Once that process is complete, we are here to help when federal student aid is not enough to make the dream of higher education and lifelong career goals a reality.

The application process is easy; and once approved, the funding renews yearly over the 4-year term through a revolving line of credit for students who continue to meet loan requirements. Loan requirements include meeting academic requirements with their 4-year educational institution.

“Although we are recovering from the pandemic, it had a huge impact on college enrollment, and we want to be a part of the solution,” says Hawaii Central FCU President Drake Tanabe. “Our keiki are our future, and we need to set them up for success.”

According to the 2021-2022 year-end report by P-20, college enrollment remains below pre-pandemic levels. The report states, “Public-school graduates who enrolled in college was down from a pre-pandemic level of 55% to 51%”.

P-20 is a statewide partnership led by the Executive Office on Early Learning, the Hawai`i State Department of Education, and the University of Hawai`i System that works to strengthen the education pipeline from early childhood through postsecondary education and training with data-informed decision making, advocacy, policy coordination and shared action.

College Bundle

College students away from home and their families may want to consider our College Bundle as well. The College Bundle is a host of products and services designed to keep students connected with mom and dad, making it easy for parents to ensure their child is prepared, financially, to meet day-to-day expenses as well as address emergencies as they arise. Video Banking Specialists are available to get families started with the College Bundle, which includes:

Central Savings
Central Checking with Debit Card (Apply to see if you qualify)
VISA Share Secured Credit Card (Apply to see if you qualify)
Shared Branching (5,000+ locations nationwide)
NO SURCHARGE FEE – ATM Access (30,000+ATMs nationwide)
Online & Mobile Banking with Mobile Check Deposit

Those interested in the College Bundle may also come into one of our branches for more information and to get started in person.

View Recent Press Release

Hawaii Central Federal Credit Union Ranked Among the Top Credit Unions in the State by Forbes

Jul 6, 2023 | Press Room, Advisory

Forbes Ranks Hawaii Central Federal Credit Union
Among Hawaii’s Top Three Credit Unions

“Learning that Forbes ranked Hawaii Central Federal Credit Union among the top credit unions in the State was confirmation that we continue to accomplish what we set out to do as an organization, in service to our community, more than 85 years ago,” said Board Chairman Neil Shimogawa. “First and foremost, I want to thank our members who make our mission of service possible, and I want to recognize the staff and management who continue to live a motto of People Helping People.”

The ranking was a combination of Google reviews between March 2020 and April 2023, accounting for 20% of scoring, and a nationwide Best-in-State survey, accounting for 80% of scoring. In the survey, members were asked to rank credit unions on criteria to include customer service, quality of financial advice offered by representatives, transparency and reasonability of fees, website navigation, in- branch services and level of trust, overall.

Hawaii Central Federal Credit Union is the smallest in terms of staff size. With only thirty-nine employees, Hawaii Central Federal Credit Union was ranked above two credit unions in the top five with considerably larger staff – a credit union with more than quadruple the staff and another just under triple the staff.

View Press Release

FILIPINO COMMUNITY RELATIONS TEAM

Jun 2, 2023 | Ohana, Press Room, Filipino Community Relations Team

CELEBRATING DIVERSITY: COUNCILMAN AUGIE TULBA AND US REPRESENTATIVE ED CASE VISIT WITH THE HAWAII CENTRAL FCU FILIPINO COMMUNITY RELATIONS TEAM AT FLORES DE MAYO

View Press Release

With Filipino Americans representing a significant segment of the Hawaii Central Federal Credit Union (Hawaii Central) membership and as a part of an organizational commitment to diversity, the Credit Union recently established its premier Filipino Community Relations Team to help meet needs within the Filipino community. In addition to being highly skilled and having an in-depth knowledge of Hawaii Central’s products, services and benefits, members of the Hawaii Central Filipino Community Relations Team speak Tagalog, Ilocano and Visayan.

The team recently participated in the Flores de Mayo Filipino Fiesta, held at the Filipino Community Center in Waipahu on May 6, 2023. The Hawaii Central tent was frequented by visitors throughout the day, including Councilman Augie Tulba and US Representative Ed Case. Visitors to the tent received valuable information on our low rates and had a chance to try their luck at winning various prize giveaways.

“We are honored and pleased to be here, celebrating the traditions, culture and heritage of the Filipino community,” said Filipino Community Relations Officer Engie Pagaduan. Actively involved with the United Filipino Council of Hawaii, Pagaduan has attended the celebration since its advent in Hawaii. Pagaduan said the Filipino Community Relations Team “was formed to help the Filipino community realize their financial goals”. Matda Bautista-Cadiz and Janet Viray work closely with Pagaduan in the branch and said they are happy to be on the team to support her efforts in the Filipino Community on behalf of Hawaii Central.

Under the leadership of Pagaduan, along with other volunteers, the team of ten was passionate about engaging the Filipino community on Oahu. Together, they were available on Saturday to help attendees open new accounts and explain Hawaii Central’s various benefits, products, and services.

As the first financial institution in the State of Hawaii to offer video banking services, Digital Banking Specialist Riza Reyes was on hand to explain how this service helps members keep connected with Hawaii Central in real time while they are globetrotting, maybe even while visiting the Philippines. “With video banking, we can help members, and potential members, open an account, apply for a loan, e-sign certain documents, and of course we are available to answer questions.”

Mortgage Loan Processor Reyna Dallago and Real Estate Loans Administrative Assistant Kimberly Mondejar spent the day connecting with attendees. “The most rewarding thing [about] working at Hawaii Central Federal Credit Union is that helping people is the most important,” said Mondejar. “In our Real Estate Department, we offer the First-time Homebuyer Program.”

Unlike a conventional home loan that requires 20% down, through Hawaii Central FCU’s First-time Homebuyer’s program, dreams of homeownership become a reality with just 10% down. As an added benefit, there is no mortgage insurance required through this program.

Hilda Reyes-Almodova, Kryzel Valdez and Donna Badua worked to help attendees, interested in taking advantage of the benefits and services offered by Hawaii Central FCU, open new accounts on the spot.

Among the services that interested attendees was Hawaii Central’s ACH (Automated Clearing House) on demand service. “ACH on demand service allows our members to actually access pending funds, pending credit funds, that otherwise would have taken 1-2 business days to post. It’s not just payroll credits, but its for any type of credit,” said KJ Bayawa, Accountant, and accredited ACH professional.

There were lots of giveaways at the Hawaii Central booth, and visitors who spun the wheel were qualified to enter a raffle in one of four drawings for a $50 VISA gift card.

“We recognize our community is diverse in culture and needs and we are intent on providing innovative products and services,” said President Drake Tanabe. “In addition to Tagalog, Ilocano, and Visayan, we have staff who speak Samoan, Spanish, and Palauan.”

HAWAII CENTRAL FEDERAL CREDIT UNION SPONSORS NURSING SCHOLARSHIP AT CHAMINADE UNIVERSITY

May 5, 2023 | COMMUNITY, Press Room

HAWAII CENTRAL FEDERAL CREDIT UNION SPONSORS NURSING SCHOLARSHIP AT CHAMINADE UNIVERSITY

Hawaii Central FCU will sponsor a nursing scholarship at Chaminade University in the 2023-2024 school year.

On May 3^rd, 2023, Hawaii Central FCU Board of Directors Chairman Neil Shimogawa, alongside fellow board members and the executive management team, visited the Chaminade University Campus to present a $5,000 check to Chaminade University President Lynn Babington. The Board also had an opportunity to take a tour of the campus with a focus on the nursing program.

“With our Harkness branch at the Queen’s Medical Center, we have become intimately and acutely aware of increasing needs in the healthcare professions,” said Hawaii Central FCU President Drake Tanabe. “The COVID-19 Pandemic was rough for our members at Queen’s, and the recent report by the Healthcare Association of Hawaii (HAH) confirms what we have witnessed, firsthand.”

According to the HAH report released last November, “The state’s need for healthcare professionals has grown 76 percent – from 2,200 job openings in 2019 to 3,873 openings.” Patient-facing care services are among Hawaii’s most in‐demand healthcare jobs, to include:

Registered Specialty Nurses: 999 job openings. This represents a 116 percent increase (or 536 new positions) since 2019.
Certified Nursing Assistants (CNAs) and Clinical Assistants/Nurse Aides: 744 openings. Openings increased by 78 percent (or 327 new job openings) since 2019.

Entry‐Level Positions: 320 total openings:
- Personal Care Assistants: 181 openings
- Phlebotomists: 128 openings
- Patient Service Representatives: 11 openings
Medical Assistants: 278 openings. Job vacancies for this position increased by 162 percent (or 172 positions) since 2019.
Licensed Practical Nurses (LPNs). 211 openings, creating a statewide LPN job vacancy rate of 30 percent. Job openings increased by 47 percent (or 67 positions) since 2019.
Social Workers: 126 openings. This represents an increase of 110 percent (66 positions) since 2019.

HAH is the nonprofit trade organization serving Hawaii’s hospitals, skilled nursing facilities, assisted living facilities, Type II adult residential care homes, home care companies, and hospices. It is the state affiliate for national organizations that include the American Hospital Association (AHA), the American Health Care Association/National Center for Assisted Living, and the National Association for Home Care and Hospice.

Reflecting upon the impacts of the Pandemic, Babington said, “We have embraced our kuleana–our obligation–to redouble our efforts to live our social service mission, seeking out ways to expand our reach in order to meet new needs.”

“Helping to support our community is a huge priority for Hawaii Central,” said Shimogawa. “Hawaii Central is always looking for ways to give back to our community, and working with Chaminade came naturally.”

Market Opportunities for First-time Home Buyers

May 31, 2023 | Advisory, Home Loans, Press Room

Market Opportunities for First-time Home Buyers

Current interest rates offer a unique opportunity for first-time home buyers, and home buyers in general, to possibly negotiate a lower asking price. According to the April report by the Honolulu Board of Realtors, the number of homes receiving full asking price or more fell 34% when compared to April of last year. The median sales price for single-family homes was down 9.5% and the median price for condos was down 2.0% when compared to April 2022. In a live broadcast with KITV 4, President of the Honolulu Board of Realtors, Fran Villarmia-Kahawai, confirmed we are now in a buyer’s market.

Mortgage Loan Officer Irene Ayling said, “Our First-time Home Buyer Program has no private mortgage insurance requirement with just 10% down, allowing us to make the dream of homeownership a reality for more people in the O`ahu Community.”

In fact, none of Hawaii Central FCU’s mortgage loan programs require private mortgage insurance. “Improving people’s lives is our goal as a credit union,” said President Drake Tanabe. “Private mortgage insuranc e can cost hundreds, and eliminating this payment was an important step to increasing a potential home-buyer’s borrowing power.”

“While most people will opt for a 30-year fixed rate loan like that offered by the First-time Home Buyer Program, we have a 7-year ARM (adjustable rate mortgage) with a fixed 15/30 year option that also offers lower monthly payments to borrowers interested in purchasing a home now while waiting for the rates to drop in the future,” said Ayling. “The first step is to sit down with a loan officer and get pre-qualified. That way, you’ll have an affordable price range in mind before shopping for a new home.”

“It’s important to remember that O`ahu real estate varies from neighborhood to neighborhood,” said Villarmia-Kahawai.

Lore Woodley, a Real Estate Broker with Locations Hawaii confirmed she is seeing opportunities for negotiation in certain neighborhoods. “While a first home oftentimes is not a buyer’s dream home, it is an opportunity to break into the market and is a steppingstone towards that dream home.”

For member Marshall D. who recently came into the branch to sign paperwork on his new pet-friendly home in Metro Honolulu, a highly desirable neighborhood, homeownership was a dream come true, made possible through the First-Time Home Buyer Program. “I never imagined I would be buying a home in Hawaii,” said Marshall.

Our offices will close in observance of Christmas on December 25th. Wishing you peace, joy and happiness around friends & family!