Don’t keep the credit union secret

For years, many of us have been calling credit unions the best-kept secret in the country. Are you getting as tired of saying that as I am? We all should be. Credit unions have the opportunity to be a life-changing resource to the people in America who need us the most. But how can we help a new generation if they don’t know who we are? Because the fact is, they don’t and we are responsible.

Recently, The New York Times published an article about $188 million Marriott Employees’ Federal Credit Union, Bethesda, Md. It was one of the few times that credit unions have been featured in a national publication. Unfortunately, it did not tell our collective story of impact. Individual credit unions, including Marriott Employees’ FCU, make a difference for people every single day. Today, more than 115 million Americans experience this difference. That means they are paying less interest on loans, paying lower fees and learning ways to build a stronger financial future. Imagine what an impact we could make if more people were not only aware of credit unions but driven to act.

In fact, many credit unions are highlighting their membership impact. They are telling their story to help people to see why action matters. In fact, at least two credit unions are using their website landing page for this purpose. As I write this, in 2018 alone, $4.1 billion Michigan State University Federal Credit Union, E. Lansing, has already been able to save its members more than $11.3 million and counting from refinancing members’ high-interest loans from outside institutions. $3 billion Coastal Credit Union, Raleigh, North Carolina, showcases the $23.5 million that’s been given back to its membership through various efforts, such as identity theft services and video banking. That’s impact.

 

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