By Ray Birch
DES MOINES, Iowa—More than 10 years ago Affinity Credit Union member James Reasoner found himself in deep financial trouble, with many more bills at the end of the month than money. He was facing struggles and needed to turn his life around. So, Reasoner reached out to Affinity for help.
The $142-million credit union responded with detailed financial counseling, and today Reasoner is a member in good standing, has sound net worth and a financial advisor to manage the solid sum of money he has saved. And perhaps in what is the biggest step of all in his journey with Affinity, Reasoner is now a member of the credit union’s board of directors.
“We're located right behind the local Firestone plant. Our original field of membership was the union workers through that plant. Now we are community based,” explained Affinity CEO Jeremy Smith. “James was an employee, and he still works there today. He was struggling with finances and other issues. He needed help and Misty Haley, our collections manager—who was still our collections manager today—sat down with him.”
An Old School Approach
The two used the old-school savings approach of using putting cash inside paper envelopes each month for each type of expense, such as groceries or a car payment. As CUToday.info has reported, that financial management strategy remains every bit as effective today, although some credit unions such as BECU have introduced digital “envelopes” for various expenses.
“Reasoner pulled out the cash he needed to set aside for the bills. He had one envelope just for discretionary spending. It’s a budget he still follows today,” said Smith.
In a video testimonial Affinity produced with Reasoner in 2023, he talked about his difficult situation many years ago.
“I didn't always make the best decisions, and when I got a letter in the mail from Affinity Credit Union and it said collections on it I felt very alone. I was full of fear and I didn't know what to do or who to talk to or where to go,” Reasoner says during the video. “I was worried that I was going to lose my car because I was struggling to make payments, because of decisions I was making at the time.”
James Reasoner
An ‘Invite’ to Meet With Collections
Reasoner explained he was “invited” to visit with Affinity CU’s collections manager.
“So, I came in and I visited with Misty and she right away made me feel comfortable about my situation,” Reasoner shares. “She showed me that my situation wasn't as dire as I thought it was.”
Smith explained that Reasoner not only had financial problems, but some difficult life issues he was facing at the time.
“He's been able to conquer a lot of that. But when Reasoner talks about what Affinity did for him, he gets emotional because of how his life changed, with the help of Affinity, is something that really resonates with him—what Misty and our team were able to do for him years ago,” Smith said.
Set Up for Retirement
All that effort set Reasoner up to be successful, Smith said.
“I met with him the other day and he told me that back then he didn't even think retirement was going to be a possibility, that he would work the rest of his life,” Smith continued. “Today, he has a financial planner and he’s able to do all the things the credit union talked to him about doing years ago.”
Since that time Reasoner has advanced in his positions at Firestone and is now a maintenance supervisor. But just as big a sign of how he has benefitted from Affinity CU’s support is that he is now a member of the credit union’s board, after winning a seat a year ago during board elections.
Smith explained that role came about when the credit union was shooting video testimonials from its members on the value of the credit union.
“After hearing this story when he came in and talked to us about what Affinity did for him, it just seemed like a no-brainer to ask him if he wanted to join our eight-member board,” Jerey said. “The timing worked out well.”
‘Genuine in his Passion’
Reasoner is 56 years old. He opened his account at Affinity in 2009. Smith said having Reasoner on the board provides a perspective that many CU boards don’t often have—the common man who has had life struggles.
“He is genuine in his passion for credit unions and his passion for Affinity,” Smith said. “I think he really, deep down, understands the fundamental credit union ideologies. This is a gentleman who has actually heavily utilized our services and seen through his own eyes what this credit union can do for people. If you can find somebody like that, who is willing to be your advocate and is willing to be engaged from a board perspective, I don't know what more you could ask for in a board member.”
A Needed Perspective
Smith said Reasoner’s board contributions provide a needed perspective.
“It's just his life experiences,” Smith said. “For a lot of us in the boardroom we didn't have those types of experiences. We haven't gone through some of those struggles and those tribulations that he has. So, for some of us—and probably a lot of us—it's hard to truly connect with the things some of our members are going through. We know many of our members today are going through the same struggles Reasoner did way back when. I think, most of all, that keeps us grounded.”