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.

Five reasons to give thanks for credit unions

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:

1.  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.
2. 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.  
3. 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.
4. 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.
5. 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.