By Sharon Sweda
There are but a few differences that exist between “banking” at a traditional bank or savings and loan as compared to doing business with a credit union. Few, but vast.
It is fact that the member-owned model fiercely aims to offer low borrowing rates and/or the issuance of dividends. Banks may soften rates and offer products geared to keep them competitive, but not at the risk of dampening stockholder returns. Customer satisfaction is never attained at the expense of profit.
Of course this is basic credit union, 101, but at People’s Trust in Houston, Texas, they have launched an initiative to remind members and staff that when it comes to “banking,” consumers have a choice. And while many credit unions may never have put their thumb on it, People’s Trust has identified this choice as the act of “Un-Banking.”