The financial industry is once again in the news. This time large credit unions are coming under fire. It seems employees are admitting to selling products to members that those members may not actually need. They say there is more pressure to up sell and bring in those profits. This is a sad thing for us to hear. We know how tricky this topic can be. Why? Because we want profits. We want those profits for you!
Profits for us means profits for you. When we make profits, you get dividends.When we make profits, you get free online banking. Free ATM/POS transactions. Subsidized golf days. Subsidized bus trips. All possible due to profits. Yes. You heard it here. We want profits. When we work efficiently and increase our profits, they go right back into the pockets of our shareholders. We also have a lot of shareholders we need to answer to, just over 4500 of them, in fact. The real difference between us and the banks is that our shareholders are very special. They are our members, they are our owners. That new hire who needs a great mortgage rate trying desperately to break into the housing market. That retiree who looks forward to our annual general meeting to have their voice heard, while catching up with old friends and co-workers. That student who just got his first part-time job and has been saving up for that car. That busy mom on the midnight shift who wants to pay her bills on her break from her smartphone. That’s who our profits are for.
Our members have different wants and different needs. We try to anticipate all those needs. Some of our members are busy and on the go. They follow transactions on their account with our direct alerts, they rarely need to look at their statement. We know those members will appreciate a phone call to let them know about a new opportunity that they may have missed. Some members wait for their paper statement every month. It’s for them that we put important information in our paper statements. Some members use Facebook, some members follow our blog. We try to be convenient for our members and for each member that convenience comes in a different form. In the end It all comes back to profits. Profits for our members So we can give our members what they want and need.
Our CU principles have allowed us to serve our members each and every time with their best interests at heart. Advancing debt members don’t need in order to increase profits is a very short term gain. If our members are struggling, the community struggles. Increasing the financial literacy of our members means that they can start saving for that vacation or retirement much sooner then they thought they could. We show our members how to use their finances to make the best possible situation for themselves. Sometimes that means consolidating high interest debt to free up some of that hard earned cash for savings. Sometimes it means getting a top notch interest rate on their TFSA when those big guys are only offering a fraction of what we can in terms of interest. Let’s be honest, those big guys can’t match our rate because they also have to keep their shareholders happy too. Are you reaping shareholder benefits at the bank like you are here with us?
We try to keep our costs low, so our members can reap the benefits.While keeping overhead low we also reinvest in our products and services. We understand that technology is important and we beat the a lot of the big guys out of the gate when it comes to many of our products and services. Remember, the big guys have their shareholders to pay before they can invest in new products.
Our profits go to the members in a fair and equitable way. Your loyalty is rewarded. We aim for profits, but not at all costs. The member’s best interests always come first at our credit union. You don’t stay around for nearly 80 years by putting your members financial well being in jeopardy. You stay around for nearly 80 years by putting the best interests of your members first.
Thank you for your loyalty and we look forward to many more years of trust, loyalty and compassion with you!
