Like many people, I am an avid golfer. There’s nothing like driving the ball down the middle of the fairway, and having a great second shot with a perfect birdie opportunity. But I think what I like most about golf is the friendly (and sometimes fierce) competition.
Banks and credit unions are similar to golfers. Credit unions are overall pretty friendly with each other, and even willing to share information and best practices. In fact, some of my favorite golfing buddies are local credit union CEOs.
Having worked for a bank, I discovered to my dismay that they are completely motivated by profit! This is the total opposite of credit unions—we are motivated to serve our member/owners. A credit union’s idea of a hole-in-one is being able to improve our members’ financial lives. A bank’s idea of a hole-in-one is paying high dividends to its stockholders—usually at the expense of its customers!
There is a myth that credit unions have an unfair competitive advantage over banks because we don’t pay taxes. Credit unions actually do pay most taxes; like property, local and employer taxes. Since we’re not-for-profit, we do not pay federal income taxes, because all “profits” are returned back to our member/owners in the form of better rates, lower fees, and improved service.
KeyPoint recently implemented a member satisfaction survey to help us measure how well we serve your needs, and to gather feedback on how we can improve. Having unhappy owners would be worse for me than getting stuck in a sand trap. It’s been wonderful seeing the positive comments and suggestions for improvement from all of you (I read every single one!). I hope that if you receive an emailed survey, you’ll take the time to give us your feedback.
Of course, I especially enjoy reading the positive member comments, like Patrick who said, “The Credit Union is convenient and a lot more friendly than going to the bank.” Yes! Another hole-in-one for KeyPoint!