BUSINESS
THREE WAYS TO
BUY A CAR
Covenant Credit Union:
A 'Best Kept Secret'
AL HARRIS
ARNIE WEISS
MIKE GERMANSKY
KIMBERLY LIFTON
Staff Writer
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ALL CARS SUBJECT TO PRIOR SALE PRICES
ARE PLUS TAX AND TITLE .
embers of B'nai
B'rith Covenant
Credit Union want
to change the status of the
place they bank.
They say nobody really
knows much about the
Covenant Credit Union, one
of a few non-profit financial
institutions in the United
States serving the Jewish
community.
"It is the best kept secret
in the world from our Jewish
community," said President
Nate Pollack.
Chartered in 1956 as a
service for members of B'nai
B'rith, credit union organi-
zers hoped to boost member-
ship in the parent organiza-
tion. By broadening its base
and providing additional
banking services, B'nai
B'rith was successful in the
endeavor.
Though still somewhat
unknown to the community,
the credit union boasts 6,500
members, and its assets are
$6.4 million. In addition, its
board is not giving up ex-
pansion.
In 1985, B'nai B'rith
decided to reach out again to
the community, expanding
the credit union mission to
provide a complete range of
financial services at
favorable rates to member
owners affiliated with the
Jewish Community Council
in Michigan.
Also in 1988, the Covenant
Credit Union joined hands
with the Neighborhood Pro-
ject, which offers interest-
free loans for Jewish people
who purchase homes in
selected areas of Oak Park
and Southfield.
The Covenant Credit
Union ever since has ad-
ministered its own loan pro-
gram, providing loans for
home improvement at the
prime interest rate (up to
$ 5 , 000 ) for Jewish
homeowners in the Neigh-
borhood Project vicinity.
To date, the credit union
has loaned $47,000 for 37
home improvement projects
in the Neighborhood Project
areas. To qualify for the
Neighborhood Project loan
through the credit union,
applicants must be Jewish
and must already live in the
targeted area.
"This is an easier place to
get loans," Mr. Pollack said.
"The earnings of the credit
union float back to members
so they get their own profits.
When you pay interest to a
credit union, you earn the
profit yourself because you
are a member of it."
To join is simple: members
must be a member of any
Jewish organization, or they
must be employed by one.
Membership is free, but
users must open a savings
account.
As a member, services are
the same as a full-service
bank, ranging from savings,
checking, higher interest
deposit and individual
retirement accounts, money
market funds, loan services,
credit card program and
vehicle leasing.
Credit union service
charges are generally less
than a bank, and interest
earned is greater. According
to B'nai B'rith Credit Union
Supervisor Linda Blan-
chard, its main selling point
is the non-profit status
which "makes them able to
pay higher interest rates
and provide lower interest
loans."
In addition, she said, the
credit union stresses its per-
sonalized banking services,
and it provides a notary ser-
vice, budget counseling, an
auto appraisal book service
and direct deposit services.
Board members now are
looking for a new home for
the credit union, located on
Southfield Road between 10
Mile and 11 Mile roads.
They anticipate a move in
the coming months to Farm-
ington Hills or West Bloom-
field.
❑
I FOR SENIORS I
Senior Events
At Maple Drake
JPM Seniors
Plan Events
The Senior Adult Depart-
ment of the Maple-Drake
Jewish Community Center,
will present Liz Hurwitz
reviewing the book Chutzpa
by Alan Dershowitz 1 p.m.
March 4 in the Allen Lounge.
There will be a charge for
non-members.
Senior Adults will take a "A
Gallery Walk" down the
streets of upscale Royal Oak
and lunch at the Les Auteurs
restaurant March 25.
Included will be docent
tours of the Sybaris and Carol
James Galleries, with op-
tional stops at Swidler's
Gallery or Gayle's Chocolates,
and an opportunity to browse
through antique and other
unique shops. Maps of
downtown will be provided.
Buses will depart from
Maple-Drake at 9:20 a.m.,
and JPM at 9:50 a.m. There
is a charge.
For information, call Senior
Adults, 661-1000, ext. 345.
The Jewish Community
Center's Yiddish Film Series
will feature the 1937 musical
comedy Jolly Paupers 2 p.m.
March 1. The film includes
English sub-titles. There is a
charge.
Students from the sixth
grade of Hillel Day School
will visit members of the
Senior Adult Choir at JPM
12:30 p.m. March 2. The visit
is part of the Dor L'Dor project
being sponsored by the JCC,
Hillel Day School, the Na-
tional Council of Jewish
Women and the Jewish Home
for Aged.
The Senior Adult Depart-
ment is offering a theater-trip
package for the March 7 per-
formance of Ellis Island at
the Maple-Drake building.
Tickets and transportation
from the Jimmy Prentis Mor-
ris building are available at a
reduced rate to Yiddish
Culture Club members.
The Senior Adult Depart-
ment will hold a hearing sup-
port group 10 a.m.-noon each
second and fourth Friday of
the month, beginning March
13.
The group, an educational,
recreational and social net-
work affiliated with the na-
tional organization of Self
Help for Hard of Hearing Peo-
ple (SHHH), is patterned
after a similar group de-
veloped at Maple-Drake.
Speech reading techniques
will be a part of each session.
Call Margo Weitzer,
661-1000, ext. 314.
Temple Beth El
Hosts Program
The Children's Suzuki
Ensemble and Choir will
entertain the Middle Years
Group of Temple Beth El 1
p.m. March 8. The youngsters
have been trained at the
Center for Creative Studies in
Detroit.
The program, preceded by
cake and coffee 12:30 p.m. in
the temple's Alpert Room, is
open to seniors 55 years old
and older at no charge.