Why Should You Do Business With a Credit Union?
Today's post comes from guest blogger Sheila S.
Recently our new CEO Bob McKay posed the question to us, “Why should anyone do business with our Credit Union?” No hesitation from me when this email popped up on my computer screen! I had just hung up the phone from scheduling a food truck visit for our new St. Louis Hills branch grand opening. Cherish Patterson and Army Major Patrick Woolsey are co-owners of the food truck “2 Girls 4 Wheels.” Living and running the 4 ½ year old business throughout the St. Louis area, was a dream come true for Cherish. Patrick is a silent partner while Cherish and her sister in law, Katie Keller are the “2 Girls.”
When “2 Girls 4 Wheels” opened for business, Cherish and Patrick had no idea how quickly the business would take off! (Personally, I have heard it was all due to their stellar grilled cheese sandwiches!) As any business person would do, Cherish took at look at all the fees connected to her business accounts. This prompted her to look at her personal checking account as well. One thing Cherish did not expect, was the enormous bank fees associated with her personal checking account and she was very frustrated her current bank. “I have never gotten the sense of community or familiarity from any bank in my life. My mom told me once that back in the day banks were welcoming and knew you by name. I get stern black & white responses from every teller I encounter. I don't feel like those banks ever have my back."
What Cherish is looking for can be found at a credit union: a sense of community. I explained to Cherish that credit unions are an entirely different breed of financial institution. Our Credit Union offers that sense of familiarity and our tellers know most members by name. At our Credit Union, you are a member, not a customer. Here, you will get that sense of belonging that is lacking at the big banks.
During our conversation, Cherish revealed the name of her bank, which happens to be a large nationwide chain. Looking at its website, I noticed its basic checking account’s monthly fee started at $8.95 and continued as high as $19.95. (A customer could avoid this charge by meeting minimum balance requirement of $25,000 but hey, don’t we all have $25,000 lying around?) There was also a fee of $6.95 for online statements and $8.95 for paper statements! I suppose I have been with a credit union for so long, that I could not grasp the notion of charging for statements!
At our Credit Union, you’ll find FREE checking! We won’t charge you for statements, or for online access or Mobile Access. We even offer e-capture that deposits your check with a picture taken of the check with your smart phone! Needless to say, I told Cherish to come to one of our American Eagle Credit Union branches and we would open her FREE CHECKING account! Cherish responded, “What have I been thinking all these years!”
So next time you see the food truck “2 Girls 4 Wheels” remember to wave at Cherish and Katie (and don’t forget to try their stellar grilled cheese sandwich)! And if you belong to a bank, ask yourself, “What have I been thinking all these years!” At ABECU & AECU, “we’ve got your back!”
