The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

Questions To Ask When Switching To A New Financial Institution

On June 20th, 2011, posted in: Uncategorized by

There are thousands of consumers in our region who are getting ready to change financial institutions.  The reason is fairly simple: the value of their current banking relationship is like the Cubs.  That is to say – not worth much in exceeding expectations.

As you set out to find a new financial institution, ask each and every bank and/or credit union that’s on your list the following questions.  To save you time and effort in navigating the Internet, making phone calls, or stopping by one of our branch offices, I’ve provided you with St. Louis Community Credit Union’s answers.  The answers are in redbold red.      

Do you have free checking with “no small print” requirements to be free?  YES.

Are home banking, bill pay and electronic statements free?  YES.

Do any of your checking accounts pay competitive interest rates? YES.

Can I use the ATM without limits or a maximum number per month?  YES.

If I’ve had problems in the past, can I still get a checking account with you?  YES.

If I “blew up” my second chance checking account, can I still use you? YES.

My employer requires direct deposit, but I’ve been bad.  Can I get an account with you? YES.

Do you have a reloadable debit card that is as good as Wal-Mart’s? YES.

Can I direct deposit my paycheck to my reloadable debit card? YES.

My credit sucks.  Is it possible to start over with a loan from you? YES.

Can I just cash a check without having a relationship with you? YES.

I have no credit.  Is it possible to get started with you? YES.

I have payday loans all over town.  Is there a chance to consolidate them with you? YES.

Can I buy a cheap money order? YES.

Can I pay my bills in, at least, some of your offices? YES.

Do I have the possibility of getting a loan on a really old car? YES.

Can I get a 30-yr fixed rate mortgage with only 10% down on a cheap house? YES.

Do you have 24-hour phone service? YES.

Am I more important to you than are your stockholders? YES.

If I accidentally bounce a check, is your charge the lowest in town? YES.

If I only have one dollar in my savings account, will I earn interest? YES.

Can I open a Certificate of Deposit with as little as $300?  YES.

Can my sister open an account with you (she’s got more problems than anyone I know)? YES.

Are the rates you pay on Certificates of Deposit always in the Top 10 in the region? YES.

Do you have free debt counseling services via the phone and on-line?  YES.

Are your debit cards free of charge? YES.

Can I get a small “payday” type loan with you?  YES.

Can I get a payday loan without you running a credit report? YES.

I have a ton of money.  Are your rates some of the best in town? YES.

Loan rates, too.  Are they some of the best in town?  Always?  YES.

If my credit is bad, are your rates fair? YES.

Do you pretty much love me no matter what I’ve done in past banking relationships?  YES!

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