McGarvey's Words: Journalist…Podcaster..Speaker

Listen at https://www.buzzsprout.com/268738/1831198-cu-2-0-podcast-episode-56-ben-morales-qcash-and-the-hunt-for-financial-wellness

Listening to “CU 2.0 Podcast Episode 53 West Community Credit Union Meets a Fintech and Magic Happens” at https://www.buzzsprout.com/268738/1756564-cu-2-0-podcast-episode-53-west-community-credit-union-meets-a-fintech-and-magic-happens

by Robert McGarvey

Hoteliers know they have a problem in their little used lobby spaces and their similarly unused business centers but now they believe they have a solution and it involves a bet that we are dumber than they are. Here’s the Travel Weekly story. The subhead lays it out: “Hotel companies, recognizing that their public areas are often used as coworking venues anyway, have followed the example of WeWork and its temporary office spaces by renting out portions of their facilities as communal workplaces. But will guests pay to use space that has been free until now?”

It’s that last sentence that boils my blood.

Understand, I do not dispute that hotels might – perhaps even should – seek to impose charges on non guests that use their public spaces as offices. It is one thing to stop into a hotel lobby and have a coffee or a cocktail and do a little business. It’s another thing to park in the space for six hours and do a full day of work. A hotelier has every right to seek to monetize that occupancy. But charging guests?

I applaud the hotelier quest to monetize otherwise under-used spaces – but not at the expense of paying room guests.

Fine by me, too, if hoteliers want to open their fitness centers to the public. Most aren’t much used anyway and if the public can be lured in, why not?

But charging guests for what has been free is where a line needs to be drawn.

Personally I prefer working in my room, I also do not much use hotel wifi and instead create a hotspot on my phone – it’s much more secure internet access. So I’m not exactly the target market for this use of public spaces.

Indeed, I have never parked myself for a workday in a Starbucks – although I know many who do and who enjoy it.

At least one hotel group seems to be doing this right: Crowne Plaza. The chain’s Plaza Workspace program offers – free – access to spiffy work pods. But for those who need more privacy there’s The Studio which is available for booking by the hour (and there’s a dandy online tool for that). Cost where I looked was $50/hour – but, remember, there’s no need to incur those costs unless you need that privacy. The free workspaces look quite inviting and comfy.

Why do some hoteliers believe they can gouge guests for use of what amounts to public meeting spaces? Don’t ask me, ask them. All I can guess is that they think we are dumb enough that we will pay for spaces that had been free (and largely underutilized in recent years – despite the outlier and outsized successes such as enjoyed by Ace Hotels). And to pay when there almost certainly is a Starbucks, or other coffee shop, a block away from the hotel and with free work space in the bargain.

Travel Weekly did quote one skeptic about our willingness to pay, Filipa Pajevic, a grad student at McGill’s School of Urban Planning: “Coworking has already been happening at hotels, in the sense that they’ve already been providing people a place to work while they’re away from their official workplace or home. So for hotels to say, ‘Look, we’re also going to offer coworking spaces,’ I don’t know if that’s going to necessarily go well. You’re asking me to now pay extra for something that I’ve already been doing in your hotel for free.”

And that just may apply to non guests as well. Why indeed would a person who has been using a nearby hotel for business meetings in the lobby – something done for many years by Manhattan dwellers, also San Franciscans – now suddenly dip into his/her pocket for lobby access? I don’t begrudge hoteliers their desire to nick those non guests for $20 or $50 – it’s just that I don’t see people doing this when there are those other nearby, free work spaces (Starbucks).

The bottomline here, however, is that when you are a guest don’t even think about paying to use hitherto free public spaces. Just say no. And walk outside and into a coffee shop (and, yeah, the java probably is better than the hotels’ too).

I went to the September DN Intersect conference in Las Vegas – hosted by ATM company Diebold Nixdorf – expecting to hear a lot about ATMs but I did not expect to have my mind changed about Facebook’s cryptocurrency Libra and that is exactly what happened.

I had written off Libra – you probably had too. Too much immediate pushback from regulators and politicians, both in the US and also Europe.  But think again.

Continue reading:

http://bit.ly/2nR9xPH

by Robert McGarvey

Just when it seems United had resolved to being crowned the most despised airline – it’s lowest ranked in the recent J D Power survey – the carrier may be making a break in the direction of kindness. Will we be persuaded?

Two recent events have me pondering whether it’s time for me to give United another chance. Hear me out before deciding I am nuts. And, yes, I remember JoeSentMe columnist Ralph Raffio’s apocalyptic pronouncement: “United is a bad airline run by bad people and it’s dead to me forevermore.”

But, still, hear me out.

Exhibit A: yesterday’s email brought me this tantalizing subject line: “We’re upgrading you to Economy Plus for your Chicago flight.” Say what? I am flying to ORD imminently, I am booked in economy, and that subject line on a United email got my attention.

The email continued: “To thank you for flying with us, we invite you to enjoy the comfort of an Economy Plus® seat free of charge on your upcoming trip.”

I do not recall the last time I flew United. In days past I frequently flew Continental and I know my frequency plummeted after the merger and then hit bottom when I moved to Phoenix a few years back. However, when Chicago popped up on my travel schedule I checked the United schedule out of PHX and it worked well for me, and the prices worked for the client. So I booked the ticket. Why? I can’t say I have been especially pleased with any recent economy flight, United has ORD covered well, and why not roll the dice and see what I get? Call it a journalist’s duty to investigate.

Odder is that I won’t take the free economy plus seat – which, as far as I can tell, genuinely is free. I have an aisle seat a few rows back and mainly I saw free middle seats in economy plus so I passed. A quirk of mine is that an aisle seat is non negotiable, or as close to that as we can get in today’s aviation world.

But the United offer intrigued me. I had not earned it based upon recent behavior. Why me? Is this just a random act of kindness? It can’t be, it’s an airline. So why?

Call this a riddle I don’t know the answer too.

Which bring us to Exhibit B, detailed in a Skift story headlined, “United Airlines Simplifies Seat Upgrades With Points Incentives.” The story’s gist: “Many flyers stick with an airline not because they want miles, but because they hope they can upgrade to a flatbed to Europe or Asia for free, saving thousands of dollars per trip.

“United Airlines knows this, and on Tuesday, it outlined a new program executives claim will make it easier for the carrier’s best customers to sit in premium seats. Starting Dec. 4, United no longer will award frequent flyers chits they can use for upgrades, replacing them with a new proprietary currency, called PlusPoints.”

I agree that the perk of frequent flying with one airline is that, when enough miles are logged, the upgrades are the reward – until, in recent years, they slowed significantly as carriers decided they would rather monetize front of the cabin seats. Better to sell a seat for $100 than give it to a frequent flyer has become the carrier philosophy. As Scott McCartney observed in a 2017 Wall Street Journal column, “the most important loyalty benefit—an upgrade—has gotten much rarer because airlines are selling more first- and business-class seats, auctioning them off, and in some cases shrinking those cabins and reducing legroom there as well.”

Just maybe United is giving a little back to frequent flyers with this new policy. According to the press release, “On December 4, United will replace Regional Premier Upgrades and Global Premier Upgrades with PlusPoints. Each RPU will be worth 20 PlusPoints and each GPU will be worth 40 PlusPoints. Members using one RPU today to upgrade from Economy to United First on domestic U.S. and North American flights will use 20 PlusPoints from their banks. A member using one GPU today to upgrade from Economy to United Polaris business class on international long-haul flights will use 40 PlusPoints.”

How to earn points? Skift explained: “Customers will start earning points when they fly 75,000 miles in one year, with United giving them 40. But they won’t start racking up a lot of them until they reach 100,000 miles. Then, they’ll get another 280 points.”

A bottomline: the United promise is that the new plan will give elites much more flexibility about how they spend their elite status and, to my mind, that is a very good thing.

United also stressed that you can still try to depend upon the luck of the draw – that is not spend your new points and pray for upgrades. Per the carrier, “PlusPoints does not replace or change United’s Complimentary Premier Upgrades benefit. In recognition of their loyalty, all Premier members will continue to be placed on upgrade waitlists for flights operated by United and United Express when available.”

Right. But for those who have given up on the quest for free upgrades, the option to spend earned points just might be a tempting offer. It isn’t a magic bullet. But it just might be a better deal for many. As Gary Leff observed in View from the Wing, “This is basically the same program (with a few tweaks) but a new currency that allows members to spend fewer points for less valuable upgrades, more points for more valuable upgrades.”

Stay tuned. I may be giving a United another chance. At least I am flying it next week and, you know, I hope it works out.

Podcast: Play in new window | Download (Duration: 49:25 — 67.9MB)

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by Robert McGarvey

There are maybe 400 worker owned co-ops in the US today.  How many will there be 10 years from now?

Ask Michael Peck, a founder of 1worker1vote, and he says there will be four million.

That’s no typo.  He added, “I really believe we are at a tipping point.”

Worker co-ops now are burning brightest in the constellation of cooperative initiatives.  There is vastly more enthusiasm and energy around worker co-ops than any other kind.  This year perhaps two or three new credit unions will be chartered.  There will be hundreds of times more new worker co-ops.

Peck however is no newcomer to worker co-operatives. He has been promoting them for at least a quarter century and he has long had a tie to Mondragon, the immensely successful Basque co-op that in fact is a global business.

Peck accordingly sees immense potential for Mondragon-style co-ops to sprout in the US.

A key, in his mind, is a cooperative ecosystem.  A stand alone co-op has tough going.  When a new co-op is surrounded by like mined people and businesses it’s just much more likely to prosper, says Peck.

He works to create that ecosystem.  For instance: he is very optimistic about the role labor unions can play in helping to develop new worker co-ops and that could be a win-win for unions which of course have suffered dramatic drops in membership and clout in the past quarter-century.  But just maybe a focus on starting worker co-ops may produce a brighter outlook for unions.

By Peck’s count maybe 10% of US workers have an ownership stake in where they work.

But when workers are also owners they work harder and smarter.

“Workplace democracy is possible for everybody,” says Peck.

Listen in to hear the past, present and possible future of worker co-ops.

Fyi: The Cooperators Podcast has often focused on worker co-ops. Past episode include Esteban Kelly,  Melissa Hoover, Frank Shipper, and Alex Stone.

Peck in the podcast mentioned the Cincinnati Union Co-op Initiative. Click the link to learn more.

Also mentioned is a Barron’s piece on the good immigrants do for the US. Read it here.

Listen to the Peck podcast here.

Podcast: Play in new window | Download (Duration: 28:58 — 39.8MB)

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This podcast initially appeared the CU 2.0 Podcast series. It appears here as a for instance of a community coming together and creating a cooperative to meet local needs.

Quick now, what country has the highest participation in credit unions? Say the US and you are wong. According to Mike Edwards, senior vice president for advocacy at the World Council of Credit Unions, it’s Ireland, north and south, where 70% belong.

In this podcast he tells why that participation is so high.

He also tells why many regulatory matters in the US in fact originate overseas – risk based capital, Bank Secrecy Act requirements, AML, and more got their start overseas and that is why Edwards spends much of his time monitoring and attempting to influence regulations overseas.

What happens in Basel does not stay in Basel.  It may and probably will wind up in the US.

Listen in to this informative podcast.

by Robert McGarvey

The Skift headline got me smiling: “Wellness for Business Travel Is An Uphill Slog.” You betcha.

From my perspective of perhaps 45 years of business travel, I’d say the industry can measure its wellness progress in centimeters. No more. We drink less booze – certainly I do – and eat fewer steaks and for that we can congratulate ourselves (and maybe mourn the passing of the “good times”). But as for a real wellness commitment, who is kidding whom?

Hoteliers and event planners talk a good wellness game. Just about every chain now has a “major” wellness initiative. But talk is still cheap. It’s the doing that matters.

Or the non doing in this case. Both on the part of the hoteliers and – truth be acknowledged – us.

I am just back from three nights in Las Vegas – a conference hosted by a financial technology company – and I returned a pound or two lighter than when I left home. But I skipped dinner every night, I also skipped the event cocktail hours, and every day I logged about 10,000 steps, just walking around a huge Strip resort.

But was my trip healthy? A role model for wellness?

Don’t be silly. I swilled maybe six large cups of coffee daily – at least double my norm – to keep me fueled up for long meeting days; I ate more scrambled eggs, bacon and sausage in three mornings than I had in the three prior months; and I also ate close to zero fresh and raw vegetables and fruit.

The breakfast buffet stands as an exemplar of progress not made. Sure, there was a platter of beautiful melon slices, an artistic palette of green, orange, yellow. It remained largely intact throughout service. I am not pointing fingers. I too admired its looks but otherwise ignored it. I dove into the scrambled eggs, the crispy bacon, the sausage links and, shudder, also grabbed a croissant one morning. The bread wasn’t good so I skipped it the other mornings.

Don’t tell my cardiologist about that morning feast. He would double my statin dosage.

Lunch – another buffet line. Fresh salads to start, also largely ignored. Visually appealing but shunned. Onto the chicken, the steak, and – of course – a small heap of cooked veg, just for appearances sake, no need to actually eat them.

The good news about lunch: desserts were at a separate table which I never visited and, by all means, give me applause for my discipline.

Or, more to the facts of this matter, question what happened to my culinary sanity as you review my daily intake of cholesterol, fats, and stuff that we know isn’t good for us.

Note: this was at a lovely, upscale Strip hotel. No faulting execution. It’s the underlying concepts that I question. The concepts are ours, by the way. Hoteliers are giving us what we want.

Here’s the reality: we all are talking a dandy game of enhanced wellness on the road but it is a mirage. Very little has changed in a half century. Perhaps a few more of us use the hotel or resort gym (although I am skeptical about that as are Cornell researchers). But we are a heckuva lot more obese than we were a half century ago. Maybe 10% of men were obese in 1960. Now it’s nearing 40%. Around 15% of women were obese in 1960. Now it is over 40%.

If it had been available, would I have eaten a bowl of oatmeal with almond milk and a handful of berries for breakfast? A feast at home. But on the road?

For lunch would I have eaten a veggie burger on a whole grain bun with an arugula, tomato salad on the side? Well, yes, actually. That’s become a personal favorite meal.

But count me as a no on the oatmeal. What about you?

We – most of us – are wellness laggards.

“The business travel industry is taking baby steps to incorporate more wellness, but there is a ton of room left for growth,” Sahara Rose De Vore, founder of the Travel Coach Network,told SKIFT. Indeed.

It’s not their fault, however. It’s ours. They are giving us what we want.

by Robert McGarvey

The United States Travel Insurance Association (USTiA) just issued a report that says only 6% of us buy travel medical insurance. Are we all fools?

Uh, no. Answer a few questions to start.

Question: how old are you?

Another question: where do you work?

A third – crucial – question: Do you travel out of the US?

The last question sets the table. If you don’t, or rarely, travel out of the US, you probably have little to worry about especially as regards emergency care. Even if you are in Medicare Advantage – a managed care approach – you are covered for emergencies in the US even if your network has no presence. Ditto for holders of other managed care policies: you probably are covered for emergencies in the US.

So this story tosses a match on fears but there may be nothing to fear here but fear itself.

But probably, like me, you travel outside the US occasionally. Maybe once a year. Maybe a bit more often.

Listen up: that foreign travel could wreck your bank account if a medical emergency hits. Few policies cover foreign care. Not even emergencies.

Even some domestic medical treatment may ding your wallet if it happens away from home. Read that again. If you live in the Bronx the care you get in Bayonne may not be covered. Ouch.

First the good news. Most of us in fact are covered for emergencies in the US. Then there’s the fine print. The word to notice is “emergency.” If you break your arm, it’s an emergency. It’s probably covered. What if you sprain it? What if you really only pulled a muscle? Hang tight because you may be getting billed personally if you are out of network.

Be very cautious about seeking care when you are away from home and out of network, even if you are in the next state. Many plans will deny coverage for what they deem routine care that’s delivered out of network. Said Consumer Reports: “if you have a relatively minor problem—say, you sprained your ankle or suspect your child has strep throat—how much of your bill is covered can depend on where you seek care and the type of insurance you have, says Cathryn Donaldson, director of communications at America’s Health Insurance Plans, a trade association for insurance companies.

“Your insurer may treat your out-of-town healthcare as an out-of-network claim. As a result, you could be on the hook for a larger portion of the cost or the whole bill.”

If in doubt – and you often should be – contact the insurer for advice before seeking out of network care.

The bigger problem is with foreign travel and, yes, we hear stories of travelers with significant medical issues, a broken limb for instance, getting dinged for several thousand dollars in US cash before a hospital will admit the patient. These stories aren’t in Europe or Canada but traveler beware in a lot of the world.

Which brings us back to the money question: are you covered abroad? The first step: if you are an employee, ask your HR department. Also ask if you are covered when traveling for work and how about on vacation. The answers may differ.

Don’t be surprised if a rider covers business travel incidents – but not personal travel. For that you may need special coverage (see below).

You have a personal, Obamacare type policy? Check the fine print but the odds are high it offers no coverage outside the US. You too need special coverage.

What about Medicare recipients? A very, very few Advantage plans offer international coverage. So do a few traditional plans. But the vast majority provide bupkis. If you are on Medicare and you travel outside the country – and that means exactly what it says: you ordinarily aren’t covered in Canada or Mexico either – get travel medical insurance unless you know your plan specifically says otherwise.

Can you count on the kindness of strangers, that is, hope you will get gratis emergency care? Stories of same were numerous a generation ago, especially among travelers to European Union countries where the hospitals generally do not bill patients and many simply winked when a US patient came in. Do not count on that nowadays as many national health programs are straining under use and lack deep pockets. Ireland for instance says forget about it.

Bottomline: most of us need to take special steps to be sure we are covered when we travel abroad. That usually means buying a policy.

Want coverage? JoeSentMe subscribers get a deal on MedJetAssist Global Evacuation. That’s a $35 discount on a personal policy, $50 on a family deal.

Many others offer one-off policies for specific trips. Shop carefully, buy only from names you know and trust. This is a space with a lot of hucksters and you don’t want to find out you got fleeced when you are on the operating table in Rome.

Personally, for years, I have had a medical protection policy via American Express that provides up to $50,000 in expenses per incident and, no, in today’s medicine that isn’t a lot. But the policy costs me just a notch above $100 annually. Alas, that policy may not be available to new customers, but other outlets offer similar.

Just don’t go out of country without knowing you are covered. And don’t go out of network domestically without knowing similar.

Podcast: Play in new window | Download (Duration: 28:37 — 39.3MB)

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Update: Maine Harvest now officially a new credit union. Hard work makes miracles happen.

This podcast initially appeared the CU 2.0 Podcast series. It appears here as a for instance of a community coming together and creating a cooperative to meet local needs.

***

It has taken some years but finally Maine Harvest may be in the final lap before gaining an official credit union charter.  That’s because it’s met its fundraising goal, $2.4 million, with last monies ponied up by the Maine Credit Union League and what’s remarkable is that just about the whole credit union movement in the state has supported formation of this novel credit union.

So, too, do the states two U.S. Senators and two House members.

Maybe 30 credit unions have been chartered by NCUA in the past decade. So this is a big deal.

We first covered the Maine Harvest story in 2015.

We picked it up again in 2017.

And in 2019 we may be covering the official opening.

What’s special about Maine Harvest is that it intends to follow a  specific, narrow business plan where it makes loans to small farmers – for land purchase, equipment purchase, and similar.

No checking. In fact no cash in the till.

No other institutions crave that loan business. But small farming is seen as very important to Maine’s future.

Also essential to the business plan is that essentially all the back office will be provided by Synergent, a subsidiary of the Maine League.

That lets the start up focus on finding borrowers and making sound loans.

Why do many credit unions fail? They don’t serve a clear need.

This one knows its need and has a plan for filling it.

Other states would do well to look into similar efforts.