Stimulus Check 2022: Credit unions giving out their own payment to combat inflation

As he watched prices rising on everyday essentials, including food, gas, and rent, Tim Mislansky, president and CEO of Wright-Patt Credit Union, decided he needed to do something to help his employees.

“I had been thinking about how inflation is impacting our members and partner-employees,” said Mislansky, who took the helm of the $7.2 billion asset credit union late last year. “For members, we have been able to take some actions to help fight inflation, but I had struggled with how to help our partner-employees.”

A thank-you card employees sent

So the Beavercreek, Ohio-based institution decided on a one-time stimulus check of $500 for each 1,200 people on its staff.

All but one of Wright-Patt’s employees received the check regardless of position or service time. “As CEO, I did not pay myself a stimulus check,” Mislansky said.

Wright-Patt’s financial performance was a factor, Mislansky said. According to call report data from the National Credit Union Administration, the credit union earned $55.5 million in the first six months of 2022.

And Wright-Patt had already done several things to take better care of members, such as reducing its nonsufficient-fund fees and raising deposit rates.

The $500 figure was a balance of choosing an amount that would make a meaningful impact in the financial lives of its employees while keeping the needs of the credit union and its members in mind.

The original idea for the stimulus came from a conversation Mislansky had with his friend, Jeff Carpenter, the CEO of $1.4 billion-asset Weokie Federal Credit Union in Oklahoma City.

“He did something similar for his employees, so he deserves a lot of the credit,” Mislansky said.

Weokie FCU handed out $600 stimulus checks to its 214 employees this summer for a total of $128,400, Carpenter said. All employees below the vice-president level of the organization were awarded the stimulus check, he said.

In a letter to employees notifying them of the bonus, Carpenter said: “If you’ve filled your gas tank or bought groceries lately you know inflation is real right now. The Weokie management team is hearing from many of you about the added pressure and stress on your personal budgets.”

The feedback has been positive for both credit unions.

Mislansky said he has received emails and direct comments from employees speaking to the impact. And Weokie employee Bella Hurst responded to Carpenter’s initial email by saying she could not believe what she was reading.

“If you were to watch the cameras at Memorial [branch] you would see us all jumping for joy,” she wrote. “This is such an unexpected blessing to receive. We’ve each bought each other lunch, gas, or groceries when funds are running low before payday, and this email helped lift a heavy weight off of our shoulders in the branch.”

It’s unlikely that the credit unions will repeat this gesture, however.

“This was a one-time extraordinary event due to challenging economic times. I know everyone is hoping the economy will stabilize soon,” he said.

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