Since Sept. 11 five years ago, Phyllis Welch has noticed people are generally much more cautious with their money and spending.
‘The economy in this area has affected borrowing habits,? says Welch. ‘People are more cautious about taking on anything new.?
Fiscal conservatism is one of many changes she has seen after 29 years of working for the Clarkston Brandon Community Credit Union. Welch, 62, retired as the financial institution’s president last week.
Welch began working for the credit union in the spring of 1977. At that time, there were only 1,200 members, all Clarkston Schools employees. She did teller work, loans, bookkeeping and whatever needed to be done as one of only two employees for the first four or five years she worked at the credit union.
Clarkston Brandon Community Credit Union was originally founded in 1951 as a non-profit. Earnings go back to members in the form of dividends and lower rates. Membership since 1977 has increased to 9,900 members, with two branches? the Clarkston office, 8055 Ortonville Road; and the Brandon office, 4 South St. in downtown Ortonville. Anyone living or working in Clarkston or Brandon Township can join.
‘Members come in and you get to know them and their families,? says Welch. ‘I won’t miss the work, but I will miss the people.?
Welch became president and chief executive officer of CBCCU in 1986. It has been her responsibility to make sure everything runs well and is in compliance with National Credit Union Association standards. She praises the staff as very good and says she likes numbers.
‘It’s always a challenge to make sure everything is balanced,? said Welch. ‘One of the first things you learn is to keep a good track record. Triple count money.?
Technology has changed over the years. When Welch began, she says everything was done by hand, where it is all done by computers now and many people do transactions online, using direct deposit and atm/debit cards.
When asked for her best financial advice, Welch suggests being realistic and educating kids in financial matters. She says too many young people don’t know how to handle money and get in trouble.
‘It’s so easy to spend without thinking of the consequences and then get into debt,? said Welch. ‘Credit card companies are awful, sending pre-approved offers. (Young adults) spend, have to pay it back and then don’t have a way because they’re still in school.?
Welch has been married to Raymond for 44 years, is the mother of two children and has four grandchildren, including two granddaughters she is raising. In her retirement, she plans to spend more time with her family.
Donna Bullard, a CBCCU employee for 11 years, will take over as president.
Welch says working at the credit union has been rewarding.
‘I’ve enjoyed the years and what I’ve done,? she said. ‘I can never forget the members.?