The P.A.

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

Trading Down Is A Smart Move

On August 18th, 2008, posted in: Uncategorized by 2 Comments

By the sheer nature of our “not-for-profit financial cooperative” status, St. Louis Community Credit Union has a laser-like focus on our members and what is right for them.  Not much time is spent on discussing whether or not our next branch office should have marble floors, granite tops or pillars in front.  We tend to leave that grandiose display of insatiable abundance to our friends in the banking industry.  The Credit Union, on the other hand, focuses on transferring our earnings to you – not to fancy floors.

Who’s popular in the retail world today?  McDonald’s over Starbucks.  Wal-Mart over Nordstroms.  TJ Maxx and Marshalls over JC Penney.  See a pattern here?  Folks are looking for value.  Gas and groceries have placed an inordinate amount of pressure on our discretionary spending, and large groups of consumers are “trading down” for increased value.  “Trading down?”  It almost sounds like a bad thing.  We happen to think it’s pretty smart. 

We represent the best in value as it relates to financial services.  We take what we like to call a “utilitarian” approach to providing you with retail banking services.  It’s about utility with us – “function over form” is another way of saying it.  We’d much rather charge you less on your box of checks…ATM fees…loan rates…and money orders instead of having the finest in furniture in the middle of a rotund lobby surrounded by stained glass windows.

With no immediate end in sight to our current tough economic times, seeking St. Louis Community Credit Union’s value is a good play.  While it’s called “trading down” on Wall Street, we prefer to think of it as being a prudent consumer on Main Street. 

2 Responses to “Trading Down Is A Smart Move”

  • Will Stokes says:

    Appearance over value is the approach that most of america takes when it comes to marketing. Think back to the many times you’ve seen a car for sale. At first site you notice the sparkling paint, wet tires, and all the bells and whistles included. The car salesman mentions how fast the car goes before he mentions its durability. Appearance means everything to most people. I like to think that first impressions are not based solely on appearance, instead they are based on character. I think it’s great that STLCCU puts its money towards its members. After all members are the ones who really count.

  • Andrew E. says:

    If you’re that desperate to get extra funds for Christmas shopping, don’t go on a robbing spree; make use of payday loans. Although some may not want to go this route, thinking that they might create something they will regret down the road, it’s nothing compared to being caught doing something as outrageous as stealing. One of the world’s largest jewel heists took place on Thursday, December 4th, as four thieves entered Harry Winston boutique in Paris and took off with diamond rings, gem-studded bracelets and other jewelry worth $180 million. The thieves, who were dressed in women’s clothing and wigs, busted in close to closing time and rummaged through the store in record time. Paris’ Harry Winston boutique was also robbed last year where three thieves, who were never caught, took off with $28.4 million worth of jewels. The December 4th robbery is currently under investigation. French authorities say it isn’t likely the thieves will be able to sell the gems taken through traditional outlets because of the high profile of the heist. This further proves that during any severe economic commotion, there’s an increase of crimes like robberies because people become desperate to obtain even the smallest amount of extra cash. If you‘re in desperate need of extra money, don’t do something horrific. Instead, be heroic when it comes to your finances and make a better move; get a payday loan. You won’t end up in jail for this one.

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