Credit unions: Time to reveal those best kept secrets

Credit unions versus banks. An age-old topic of discussion. But which one is truly better? And who’s opinion really matters when it comes to this subject? As someone with experience in both the banking world and credit union world, I’d like to consider myself an expert on the topic. Prior to my career shift to a CUSO in 2022, I was previously employed at a bank. With my six-year tenure at the bank, and my two-year experience working for and with credit unions, I have a vast knowledge of the differences between the two. I even switched my personal accounts from a bank to a credit union because it better suited my financial needs.

However, I noticed that people tend to be less familiar with credit unions than they are with banks. Is that because credit unions are keeping their best traits a secret? And if so, why? Are they so busy trying to compete with banks that they forget to market what makes them different?

As someone making the leap from banks to credit unions, here are a few of the things that make credit unions stand out from banks that credit unions may not be marketing.

Interest rate transparency

A common conversation I had with customers while working at the bank was about loan rates. One of the most memorable days I had at the bank was when I quoted twelve loans and in turn, took in that many applications. While writing this article, I really wanted to dig into why I had to frequently quote loan rates.

 

continue reading »