Board Vice Chairman
Local Government FCU
Raleigh, N.C.Local government employees is our field of membership, and government employees, at least on the local level, don't make a lot of money. The best thing probably about our credit union is they are able to access, I don't want to say easy money, but based on their salary and the jobs they perform, like public works, trash collector, police officers, that kind of thing…we offer them the same services, probably more service than other financial institutions, at better rates. No matter whether you're a CEO or the guy that's pushing the broom, the rates are the same.
WASHINGTON (2/25/13)--"What is the best thing you do for your members? What is the best reason for someone to belong to your credit union?" The questions were posed by News Now to credit union representatives as they registered Sunday for the Credit Union National Association's 2013 Governmental Affairs Conference. Their answers gave a clear picture of the credit union difference, and the difference credit unions make in people's lives. (Click through the slideshow to read what people say about the credit union they represent.)
Consumers point out in survey after survey that credit unions are the most trustworthy of financial institutions. In 2012 alone, more than half a dozen surveys about customer satisfaction and trustworthiness all gave credit unions higher marks for both than they did banks, especially big ones. The surveys include those conducted by Prudential, ath Power Consulting, the American Customer Satisfaction Index, Prime Performance's reputation study, Temkin Group's customer service ratings, CUNA's National Voter Survey and others.
Also, credit unions have the best savings account interest rates in the nation. In 2012, according to a study of savings accounts at more than 4,000 credit unions and banks, eight of the top 10 U.S. savings account rates were held by credit unions. As Mike Schenk, CUNA vice president of economics and statistics, said of these results: "Credit unions are owned by their member-depositors so credit union profits go directly back to those members in the form of higher deposit yields, lower loan interest rates, and fewer and lower fees."
And as National Credit Union Administration Chairman Debbie Matz said earlier this year in a LEADERS magazine interview, Americans are becoming more aware of how critical credit unions are, and this increased interest "explains why credit unions have added nearly three million members since 2010."
"Members know that they can usually get a better deal at a credit union," Matz said. She noted with the average business loan only $220,000, credit unions often make loans that banks turn away. In fact, while other institutions cut back lending during the financial crisis, credit unions gained further recognition as the only insured institutions to increase lending, she said.