Is it time to break up with your bank?

With Valentine’s Day on the horizon, people around the world are realizing just how in love they are – or, just how in love they are not. Such powerful emotions can sway individuals to make serious life decisions; decisions that may alter their future in a very real way. Of course, we’re talking about folks’ relationships with their bank.

In today’s analogy, your bank is your significant other (SO). Do you really trust your SO? Does your SO have your best interests at heart? Does your SO make you feel like you’re the most important thing in the world to them?

Perhaps instead, you’re feeling jaded; betrayed, even. Ready to stray. Abandon ship. If that’s true, then maybe it’s finally time to break up with your bank. The good news is that cupid’s arrow happens to be pointing straight toward your local credit union.

Here are just a few reasons why it might be time to call it quits with your bank and move on to a happier, healthier and more meaningful relationship with a credit union.

• Money, money, money – No one wants to spend their life paying for an absurdly expensive date, costing you more of your hard-earned money on as time goes on. Banks are notorious for hidden charges and fees, ranging from debit card usage fees to obscene overdraft charges to nonsensical ATM fees. On the other hand, credit unions will often pay you to use your card and, in some instances, even reimburse your ATM fees or forgive occasional overdraft mistakes. You want to spend your life with someone who truly cares about saving you money and invests in YOU, right?
•   Making big purchases is (slightly) easier – Buying a house or car can be overwhelming, so you want to partner with someone who is going to make it easier and help you make the right financial decisions for you. Mortgage APRs at credit unions and banks are very similar, but oftentimes credit unions will waive the origination fee, saving you thousands of dollars. Additionally, when it comes to car loans, banks’interest rates are usually slightly higher. 
• Credit unions care about others – Financial institutions in the credit union industry have a track record for going the extra mile and investing in their local or under-served communities. For example, in 2015 EPL partnered with the National Federation of Community Development Credit Unions to develop CU Impact, a core banking platform designed to scale the delivery of innovative products and services offered by credit unions operating in low-income and underserved communities.  
• You’ll be treated the right way – Credit unions have a reputation for providing exceptional customer service to their members, as they are owned and operated by the members themselves. Your experience matters. Because of this, credit unions recognize the value of spectacular customer service and creating a positive customer experience. Unlike banks, you  won’t be helped by a robot – you’ll be assisted by a real human being from start to finish. In fact, a recent survey showed that credit union customers rated their overall satisfaction at 87 percent – 13 percent higher than the highest rated bank.

These few reasons are just the tip of the iceberg. If you’re ready to break up with your bank and enter a new, satisfactory relationship, look no further than your local credit union – you won’t be let down.

Robin Kolvek

 

Senior VP of Business Development

 

EPL, Inc.