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
- Vantage members can now get special discounts from Sprint Nextel. Good for new AND existing customers. Check it out! http://ow.ly/1ice3 — 44 min 28 sec ago
- New vcu.com post: What To Do With That Tax Refund - So your electronic fairy godmother (or if you still prefer snai... http://ow.ly/16Ksil — 3 days 22 hours ago
- @sunshine1056 We are working on a mobile friendly version of the website. Stay tuned. — 4 days 34 min ago
- @knittaprince Great. Mary Kelly should be able to help you tomorrow or you can ask for Marty. She's also great to work with. Thanks. — 1 week 20 hours ago
- @knittaprince Glad to hear it. I'll be sure to let the manager there know to expect you. Thanks and welcome aboard! — 1 week 20 hours ago
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This credit union is federally insured by the National Credit Union Administration.
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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