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Small Credit Unions and why we MATTER.
We fill a niche serving people and communities that are often overlooked by big banks. Some people don't want to be a number at a big impersonal place, they want familiar faces who know their names. Others simply won't qualify for needed loans at big banks, where nobody knows them personally, and they may not "fit the box."
Naturally - small credit unions are just more likely to provide better friendly personalized service, as a function of the small size. In addition, small credit unions often offer specialized products and services targeted to their "micro-communities." Small credit unions consistently provide significant savings over big banks, and sometimes even big credit unions. How? They aren't spending their profits to aggressively expand new branches in distant communities.... instead they are keeping the money in their small local communities, for the people who need it. After all, that is the reason our not-for-profit cooperatives exist!
What kind of impacts do small credit unions offer? Consider some of these examples from my own credit union, the *only* small credit union in the Tri-Cities (there were 6 other small credit unions back in the 1980s, now we are the only one left).
Check out some of our research results (Note: These statistics were gathered and assembled by myself):
Homes for Underserved Populations:
The SMALLEST credit union wins!
Pulling HMDA public data from 2023, we looked at the number of mortgages that banks and Credit Unions approved in Eastern Washington, and what percentage of those were for Hispanic (minority/underbanked) borrowers? You will notice below that Big Banks approve the lowest ratio for Hispanic Communities, Community Banks are okay, while credit unions radically outperform with mortgages to Hispanic Communities Who is the best? Tri-CU, the smallest credit union!
Small Credit Unions answer the phone!
As far as “call wait time” (waiting on hold), again it is evident that big banks provide the worst service, with smaller community banks and credit unions providing the fastest response times. The smallest credit unions comes out as the best, again.
Smallest Credit Union
has the lowest fees?
What about checking “Non Sufficient Fund” fees, as well as overdraft fees and overdraft “transfer” fees? This one is unusual, because the biggest banks stopped charging many of these fees in 2022 (pressure from CFPB and lawsuits), so they outperform many community banks and credit unions (although the big banks radically benefit from economies of scale, making their relative operating expenses much lower). Regardless, my “Tri-CU” stopped charging any NSF or overdraft transfer fees during COVID, and never brought it back (even though we are the only small credit union in the Tri-Cities).
Smallest Credit Union:
Best Google Reviews?
What about general customer (member) satisfaction, based on the online Google Reviews? With multi-branch bigger institutions this is tricky, but the trend is still apparent. (The bigger the bank, the worse the service).
What about specific examples of community impact in the lives of real people?
Tri-CU Giving Back
Tri-CU Giving Back
Tri-CU partnered with Campbell and Company, to give an HVAC system to a needy local couple. Tri-CU finances many HVAC systems in the Tri-Cities area, but sometimes there are those who can't afford it, who really need a break. Thanks to Apple Valley News Now! https://www.applevalleynewsnow.com/news/kennewick-couple-receives-free-hvac-after-old-unit-breaks-down/article_b5ce0220-522a-4cff-b636-e3aaa0a329da.html
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