The tough economic climate and ongoing banking debacle has prompted many families to look closely at their financial service provider(s). As people incur new and higher fees, experience unfair business practices and less personalized service, record numbers are discovering the credit union difference and switching their accounts to local credit unions. Many of your employees know first-hand the Founders difference: better rates on loans and savings, lower (or no) fees, and a bonus dividend this year - just in time for Christmas!
So why the surge in popularity for credit unions? As not-for-profit financial cooperatives, credit unions are in business to serve their member/owners with excellent financial services at an affordable cost. They have no stockholders or bank holding companies to enrich and are guided by a volunteer board of directors elected from the membership to serve the common good.
It seems history has repeated itself! Founders was established in 1950 when Colonel Elliott White Springs, President of Springs Mills realized the banks were not providing the textile workers affordable loans and systematic savings. The concept of offering a credit union as a benefit for the employees was so successful that credit union offices were opened in the other cities where Springs operated. Instead of being rejected by banks, employees were embraced by the credit unions that operated for their financial well –being.
Today, Founders maintains that same philosophy: doing what is in the best interest of the member. We still have no fees to join and require only a $5.00 deposit to be a member. Our broad range of services gives people more choices - from mortgages with quick turn-around, Online Banking and Bill Pay, e-lending and e-statements. Yet we’re still known for our personalized service, affordability and uncomplicated way of doing business.
Moreover, Founders gave back $10 million to our borrowers and savers in the form of a bonus dividend. Did the banks’ customers receive a bonus dividend? Well, probably not unless they were stockholders!
The good news is that many companies, both large and small, have partnered with Founders so their employees can save money and have greater peace of mind knowing their money is safe and sound. The employees quickly recognize the credit union difference but also value their company who makes the benefit possible and cares for their financial well-being.
This article was published in the Founders FCU's CU Connect Newsletter (January 2012).