From the Teller Line: Why Banking at a Credit Union is Better in Times of Crisis
Friday, April 3, 2020
Our country, along with the entire planet is currently amidst one of the largest crisis in history. The COVID-19 pandemic already has more than 1 million confirmed cases worldwide, with hundreds of thousands confirmed in the United States.
The global death toll, sadly, is rising along with unemployment and market volatility. Given the unprecedented health and financial crisis that we’re currently facing, financial worries are at an all-time high.
Having one’s finances in order for the unexpected is now a priority more than ever, and having a responsive financial institution like Signal Financial during uncertain times is crucial.
Signal Financial is a credit union that works diligently to service the needs of the members. Here are three reasons why banking with a credit union is better in a times of crisis.
While big banks may offer more products than credit unions, credit unions like Signal have a wide array of products and services that comes with a more individualized approach by a staff who is 100 percent made up of people from the community.
One of the main focuses of Signal is cultivating and maintaining strong relationships with its members. We call it relationship banking. During an unprecedented time like this, one would want to be able to speak with another person who knows their city and the unique challenges their community is facing, rather than having to leave a voice mail, or go through numerous prompts with an automated voice response system, only to speak to someone thousands of miles away when you finally get a live person on the line—which is what most big banks customers are forced to go through. At Signal, we don’t have customers, we have members. At Signal, we are a not-for-profit organization, whereas banks are for profit institutions. Naturally, the results are tighter bonds with our members, which is essential for surviving trying times like were currently faced with.
Invested in the Community
To sum things up, what I have learned from working on the teller line is this: having a financial institution that is responsive and communicative is essential during emergencies and moments of crisis. Credit unions like Signal are fundamentally based around looking out for the best interest of their members, so it makes a lot of sense to have Signal as one’s primary financial institution.
Emergencies come when we’re least expecting them, but the fact that a person can rely on a credit union to handle any issues with care and a personalized touch, is comforting and provides some sort of relief when those times come.
– Written By James Fleet, Member Relationship Specialist, Signal Financial FCU