Flight to Value is No Marketing Hype
I know there will be plenty of you out there who will think I’m writing about this again because I work at a credit union. Well, yes, I do work here. But I do whole-heartedly believe that our driving motivation is to help people’s financial well-being, even when it means the credit union will potentially make little or no income.
On a previous blog I mentioned how consumers have started realizing that credit unions in general are safe havens compared to the turmoil many bigger banks have experienced. Now, the focus is shifting to how credit unions (along with some community banks) really do provide better value compared to big banks. This is nothing new, but it’s finally getting the press we deserve. For example, just this week, USA Today personal finance writer Sandra Block highlighted this point in her Your Money column.
Long story short, credit unions are a good alternative for consumers fed up with excessive bank fees. The article also provides an Easy-as-1-2-3 approach to switching your accounts. Here’s our version of how to switch.
Seriously, if you’re paying fees on your checking account and other related services at a bank, have you ever tallied up what that adds up to in a year’s time? I promise, I’m asking because I’m really wondering why you’d stay there and keep paying when you have other options. Use your credit union and keep more of your money!
VantageCU Twitter Feed
- Are discounts coming for paying cash? Are card rewards the better deal? It depends... http://ow.ly/2xTX3 — 1 day 6 hours ago
- New vcu.com post: The ABCs of Building Credit - A good credit history is important not only for getting good interes... http://ht.ly/18N0Vn — 3 days 2 hours ago
- Looking for something fun and free to do this weekend? It's Bluesweek in St. Louis. http://ow.ly/2vLvo — 6 days 5 hours ago
- New vcu.com post: The Good, The Bad, The Credit Card - A credit card is a double-edged sword. One edge offers conven... http://ht.ly/18JZ1g — 6 days 23 hours ago
- Job seekers: are you shooting too low in your job search? Check out tips on how to improve your chances of being hired. http://ow.ly/2uBkN — 1 week 1 day ago
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Comments
I have a concern with Vantage charging $0.25 for using a debit card as a debit card. There are businesses (Costco, for example) that do not allow credit card transactions, so along with sales taxes, I end up forking over 25 more cents. Friends that use banks think this is rediculous! Me too! Any way to change this?
Anonymous: I understand your reluctance to pay fees. I try to avoid them myself where ever possible. That's why I choose to sign (rather than use my PIN) when shopping with my debit card. Several years ago, there was an effort by some retailers to not allow consumers to use their debit cards through the credit card channel (sign) - but rather to force them to use the cards through the ATM channel (PIN). It all comes down to who is going to bear the cost of the transaction. At Vantage, we try to match our fees to our costs when possible - keeping them as reasonable as we can. Items coming through the ATM channel have a cost associated with them - thus Vantage chose to implement what we feel is a very reasonable cost to these transactions. I am aware of some financial institutions that charge as much as a $1.00 for this activity. To my knowledge, Costco is the main retailer that still does not take these cards through the credit card channel. Even Sam's will now let you use credit and sign. Personally, when I shop at a retailer that won't let me sign - I go old-fashioned and just write a check - avoiding the 25 cent fee. Sorry - I don't have any options on how to avoid the sales tax! Thanks for the comment. Jim
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