Here at EPL, Inc., we love many things about Fall—the beauty of watching the seasons change, the cooler temperatures, rivalrous college football games, a chance to dress up in fun costumes for Halloween and the opportunity to express our gratitude for these gifts and more at Thanksgiving. This year, our team has been particularly fortunate.
2015 brought with it some incredible changes for EPL,
ranging from a major investment from Dedagroup NA, to the return of a former
client, the North Alabama Educators Credit Union (NAECU), to an exciting
partnership with the Federation of Community Development Credit Unions to
create a shared banking platform for credit unions operating in underserved
communities.
However, none of this would have been possible if not for
the institutions that drive us to be better; to always reach higher. I’m
talking, of course, about our credit union customers. We realize that sometimes
it can be easy to get lost in a big project or stuck down in the weeds on any
given day, but when it comes to the big picture, we wouldn’t be here without
you. More importantly, many communities would be left behind without access to
the financial tools and services that credit unions are able to provide. In our
minds, credit unions are the embodiment and modern realization of the idyllic “by
the people, for the people” institution.
For that and so much more, everyone at EPL is grateful to
you, our credit union customers. In honor of the upcoming Thanksgiving holiday,
we’ve compiled our top five reasons everyone should give thanks for their local
credit union:
- Credit unions have the lowest fees and best rates. MyCreditUnion.gov defines credit unions as “not-for-profit organizations that exist to serve their members rather than to maximize corporate profits.” The truly wonderful thing about this is that credit unions are able to offer many of the same services as big banks (e.g. loans, deposits, etc.) without operating from a profit-driven position. That translates to lower interest rates and fees motivated by a desire to provide what’s best for the member, as opposed to the bottom line. We like that. A lot.
-
Credit unions are member-owned and operated. As soon as you make a deposit, you become a card-carrying member and are granted voting rights along with surplus income returned in the form of dividends. This cooperative structure keeps the power in the hands of the credit union members, rather than with those most affected by a stock ticker’s fluxuations.
-
Credit unions put service first. The allure for many to credit unions is the first-rate service the industry is best known for. What does first-rate service look like? First of all, you get to connect with a real human being! Second, any problems will be resolved. Quickly. By a real person. Third, you will be provided with information that best serves you, not an employee’s monthly quota. Lastly, you’ll be met with a smile and a friendly face because most credit union employees are as happy to be there as you are.
-
Credit unions support community development. No, we don’t mean they’ll sponsor a timeout for your city’s favorite sports team. What we mean is that they’ll go out of their way to offer financial literacy training and resources to those who would otherwise not have access. Credit unions will also work to promote social and economic justice by reaching out to low-income, rural and at-risk populations. Additionally, as nonprofit entities, credit unions will often give their profits back to students or other nonprofit organizations through various grants and scholarships.
-
Credit unions don’t actively discriminate against borrowers with poor or nonexistent credit history. There are exceptions, but credit unions are much more likely to work with consumers or companies experiencing credit issues than other financial institutions. For example, if you have bad credit or need to build credit, it’s extremely hard to get a credit card with reasonable terms from the big banks. Credit unions are often able to provide credit cards with lower APRs and fees to this borrower base, and will also be more likely to issue them auto or small business loans.
Happy Thanksgiving from all of us at EPL! We are grateful to
our customers and partners for the opportunity to work together.
Robin Kolvek
Senior VP of Business Development
EPL, Inc.
