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There is an overwhelming about of studies that show community banks are cheaper for individuals to do business with than regional and national banks; there is even more information that states using a credit union is even cheaper. All the products are the same, some would say they are commoditized. Service is similar and the smaller institutions like community banks and credit unions will remember your name or ask about your family.....because they are most likely one of your neighbors. With all this, you still see these skyscrapers towering downtowns across the United States with HUGE bank names on them such as Bank of America, Wells Fargo, and Suntrust. With the aforementioned financial attractiveness of partnering with a credit union or community bank, why do so many people do business with regional and national banks? As always, I will ask for comments from my fellow bloggers and blog readers. In today's tough economic times, why not save money (in some studies as much as $300) by moving your account to a credit union today? This is my gift to blog readers, move your accounts and loans to a credit union near you (there are over 8,000 today) and save as much as $300 versus paying for those skyscrapers and corporate jets by overpaying for a service you can attain locally from your local credit union (typically in today's world there is a credit union near you that you can use, they are called community charters and have names like First Florida Credit Union or Community First Credit Union).
Good luck and welcome to becoming a member saving money versus being a bank customer with high corporate expenses.
Signed a happy money saving credit union member!
2 comments:
I live in south Florida and hear adds on the radio from Eastern Financial Credit Union and City County Credit Union. Do you think my money would be safe with them?
You bring up a great point, there are several credit unions in South Florida and are a great place to handle all of your financial needs. Other credit unions to take a look at besides those would be IBM Southeast and First Florida. Remember that your accounts at a credit union are insured by a government agency and you should feel safe that the government examiners keep your credit union a safe place to do business. Your posting intitials remind me of the movie "Old School" and The GodFather (TGF). Great movie where people take a chance to team up and form a group who takes care of each other. This is the foundation of credit unions. A group of people with a common bond come together with their savings to help each other by providing credit as they need it. The interest flows back into the group to have a bigger pool of funds to ultimately help more people. I hope this helps, but if you want to do more research on any financial institution, the first place to start would be the organizations financial statements and industry analysis.
Signed--A GodFather in training
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