A member recently contacted me regarding why our loan rates weren’t the very best in town. That’s a fair question – and a great one, too. I love it when members express their opinions. That’s what a cooperative financial structure is all about. Members have a voice in their Credit Union. And at St. Louis Community Credit Union, we love to hear their thoughts.
Quite frankly, we choose not to participate in the crazy rate wars that exist in today’s marketplace. There are times we have the best rates…other times we just miss. But most of the time we’re going to be in the top 10 to 15 percent in the region. The same holds true with our savings and investment products. You’ll always find that we offer great rates, but we will not have the very best rates every single time.
We rely on our total product offering(s) as the primary reason people are attracted to the Credit Union. Lower fees; higher savings and CD rates; more free services; less small print; minimal account restrictions; excellent service and greater convenience are just some of the benefits provided to our 30,000-plus members. We would rather have an array of really good offerings than to be the best at one rate and adversely affect so many other benefits. Overall value is what we want our members to realize.
Sure enough, when rate is the only determinant, we may lose. We aren’t happy about the loss of business, but we remain focused on serving the larger good of all members. That’s the cooperative spirit of credit unions. We love all of our members.