I’m the first to say I may be just a bit biased. Let’s get that out of the way right from the start. With that being said, I still think GECU is the best credit union in the area, and one of the best in the entire country. The issue is that consumers have many different opinions on what makes an institution great, and different reasons for where they bank. This month, I’d like to make the case for GECU.
First of all, most of us are ambivalent about our banking relationships. No matter where you bank, we all offer checking accounts, debit cards, online and mobile access, and loans of all sorts (well, most of us anyway). As long as your direct deposit hits your account on payday, and your debit card works, you’re good. I get that. But is your institution truly working for YOU? And how do you measure that? I would argue you need to look beyond those basics. Yes, we all offer checking accounts – but are you earning interest on that account? Are you paying a monthly fee, or required to maintain a minimum balance? If you incur an overdraft, what is the fee? Do they charge you for NOT using their ATMs?
At GECU, you are our owners, and therefore everything we do is to improve your financial well being. That’s why none of our checking accounts have a minimum balance or monthly maintenance fee. We offer a rewards checking account that pays you up to 4.50% APY on balances up to $15,000 (with no penalty if you don’t meet the requirements). Our overdraft fees are lower than almost anyone in the area. You can use outside ATMs up to 10 times per month for FREE. And the list goes on.
What about loans? First, we constantly check our competitors’ loan rates, and know that our auto loan rates are the best in the area, whether comparing to financing at the dealer or at other institutions. But rates aren’t the only measure of value. Finance at the dealer and you’ll pay $700 or $800 or more for GAP coverage. We charge just $495. Extended warranties? We offer them, and will often beat the dealer there also. We offer mortgages and home equity loans, with low closing costs. And how much is your rate on your credit card? Our highest rate is 15.9%, with most members qualifying for a much lower rate – 8.99% or 11.75%. How much are you paying with a big bank card – it’s often well over 20%, and with some store cards, even over 30%! Yikes!
And finally, service. If everything works, personal service may not seem like a big deal. But if your debit or credit card is declined, or direct deposit is screwed up, then service really matters. When you have a problem, do you get a live person right away to help you? Do you wait on hold forever? Do you want to be transferred to 5 different departments? Here at GECU, you will always get a live person immediately, and the front-line rep can usually resolve your issue right away, or get you to the person who can. No call center, no computers, real people who can help. Perhaps that’s our defining difference.
Put it all together, and you realize why GECU is special. It’s our philosophy of member service, more than our rates and fees, that define us. While you may be ambivalent about your financial institution, YOU DON’T HAVE TO BE! So next time your coworker or family member complains about their bank, refer them to GECU. Help us grow, and improve the lives of more members!
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