On CBS News The Early Show, “Banks vs. Credit Unions” (video) http://www.cbsnews.com/video/watch/?id=5989790n

Also on CBS News The Early Show, “Credit Unions Better than Banks for You?” (article)
http://www.cbsnews.com/stories/2009/12/17/earlyshow/living/money/main5989449.shtml?tag=cbsnewsTwoColUpperPromoArea

There are other articles out there, which I will add to the list as I find them. Have you seen any Credit Union love articles or mentions? Let me know, and I’ll add them to the list.

Happy Holidays, everyone!

Chase just announced they aren’t going to continue sponsoring the Family Fourth Fireworks at GasWorks Park. This event has been a Seattle tradition for 21 years and was created by a local company—Fratellis Ice Cream—as a gift to the city. Unless One Reel, the company that produces the event, can find another sponsor, our gift will be taken away. Really, Seattle, a world class city, without an Independence Day celebration? Not right!

WaMu spent millions of dollars supporting the community both in Seattle, their headquarters, and the many other states in which they did business. It was part of their mission. In fact, when I worked there, WaMu Family Fourth was one of the sponsorships I managed. I was so proud to be able to continue the tradition of bringing this great event to the city as a gift. I’m deeply saddened it may go away.

When I left WaMu to come to GHCU, I was thrilled to learn that the philosophy of supporting our communities is integral to credit unions. We come together to help our neighbors, each other and the businesses in our areas. We sponsor Credit Unions for Kids, financial literacy programs for high school students, conduct food, clothing and other drives for area non-profits. And we support local events and causes. Just today, we learned GHCU is the Top Fundraising Corporate Team with fewer than 500 employees for the Susan G. Komen Race for the Cure. Our little company of 106 employees raised $11,249.79 and had 90 people on our team! That makes me proud.

I invite you to feel proud too as a member of a credit union. Chase away the banking blues.

Even though I work for a wonderful credit union, I’m very sad WaMu bit the bullet and has been usurped by Chase. I am a former WaMu employee, and for 9 years I had the honor of helping to build its iconic brand. The loss of WaMu as the last large national bank headquartered in Seattle is a loss for all of us.

Even more sad is seeing Chase move in and wipe out what was left of WaMu – the School Savings program, major sponsorships and community grants that helped so many in this region, and the unique Occasio “stores,” as many of the branches were called. Instead Chase has brought us their East Coast style of banking with billboards that say things like “Let’s start banking better Washington.”

What Chase hopes you don’t find out is credit unions have been doing banking better for decades. When I left WaMu 3 ½ years ago to come to GHCU, it was because I liked what credit unions stand for – created by their members to serve their members, not-for-profit and owned by their members, not shareholders. They are local and care, I mean truly care, about their members.

I also was happily surprised to learn that credit unions work with each other to better serve their members. Credit unions created a Shared Branching network that allows our members to use other participating credit unions to do their banking business. This means we offer our members a network of over 5,500 branches across the country and internationally. Chase has 5,000 branches nationwide.

While I’m very sad WaMu and all the good they did for the community is gone, I love that I get to experience banking like it should be, like it was in the early WaMu friend-of-the-family days right here at GHCU.

Let me give you some reasons to take the trouble:

First, it’s not really complicated at all. GHCU has a “switch kit” that outlines every step and provides documents for you to fill out that will really streamline the process.

Second, switching to a credit union can save you money–now more than ever.

You know those fees and assorted costs that the new credit card legislation may help minimize or eliminate? According to Kathy Chu of USA Today, some financial institutions are switching their focus to other products to make up for the lost revenue.

You could end up spending a lot more for your checking account, for example: just the act of having a checking account may soon cost you more at Bank of America (from $5.95 to $8.95/mo). Fees for overdrafts and transfers to cover insufficient funds are going up: in some cases, way up.

You can protect yourself, even if you decide to stay with your current financial institution:

• Online banking can really help you keep track of the money in your account, which greatly reduces the risk of accidental overdrafts. There may be a charge for online banking (which is free with GHCU), so be sure to ask your financial institution.
• It is possible to put alerts on your accounts. When your balance drops below the alert level you set, you’ll receive an email. Again, there may be a charge (not at GHCU), so do the research.
• Consider opting out of automatic “overdraft protection.” These programs can be very costly.
• Do your research and be prepared to either argue your case if you feel you’ve been treated poorly or take your business elsewhere.

Yes, things are getting a bit harsher out there, and credit may be a little harder to find than in previous years, but there are still good, fair sources for all your financial product and service needs.

If you’re already a member, keep an eye on our website for information on our Friends and Family promotion. It’s just our way of saying “Thank You” for spreading the good word about GHCU membership!

Read the full USA Today article: “Banks find ways to boost fees; checking accounts latest target.”

Every now and again, I get a stark reminder that credit unions simply do things differently. This morning, I had reason to call a local branch of one of the Big Banks. Even though it was past opening time, I couldn’t reach a person, no matter what buttons I pressed. I swung around their phone tree like Tarzan (with nearly as much yelling, I admit), but every button pushed only got me another recorded voice. Time to real person: 19 minutes.

Just for the sake of comparison, I called our own Virtual Branch. Our welcome message includes the language, “If you want to speak with a real person, push…”. I wanted; I pushed. Time to real person: 25 seconds. I timed it.

Member service is just different than customer service. I don’t doubt that the people at the Big Bank were busy, and I know I get upset when available staff anywhere treat the phone as more urgent than the person in front of them. My objection was that there was simply no way to skip monkeying around in the phone tree except for hanging up and starting the whole process over again later.

This is not to say that our members will never be asked to wait on hold or in line at one of our branches. However, on our call line, you can immediately press “0″ to be connected to a human being, and if no human being is available, you’re invited to leave a message and a number, and you WILL be called back.

It’s a small courtesy, in the grand scheme of things, but it does indicate a crucial difference in attitude: “customer service” happens at the convenience of the business; “member service” is for the convenience of the member.

I have a feeling he said that to a lot of people. Fortunately, I had access to friends and family who had been through the process before and who told me that 30-year fixed mortgages were a little less unnerving. While I believe that ARMs have their place (and not just on either side of your torso), I knew I would have difficulty with the uncertainty. I decided that the 30-year fixed was the right product for me, and I’ve never regretted that decision. I found another lender who listened to me, heard my concerns and directed me to the mortgage product that worked best for me, not for the lender. Guess who got my business?

Things have changed since the fall of 2004. The economy has changed–the mortgage market is spoken of more with fear than wonder. One thing, however, has not changed, and that’s the importance of a lender who listens.

I am nearly at the conclusion of refinancing my wee little condo. Not surprisingly, since I work for Group Health Credit Union, I did my refi through them (us?). Every step of the way, my needs were heard and my questions were answered. And I know they do the same for everyone who applies for a loan here–it’s the benefit of being a member rather than a customer.

We bang the not-for-profit drum a lot, but the difference between getting my initial mortgage from a for-profit agency and conducting my refi at a not-for-profit credit union was really striking. At the credit union, the motive is to get the best possible products for members, since members own the credit union. At a for-profit lender, the motive is to reap the highest possible profits which are turned into dividends that keep shareholders happy and investing.

Regardless of the lender you choose when applying for a mortgage or a refi, be sure to put them through their paces. Ask questions. Lots of questions. If you are brushed off, if answers seem lacking, if your question doesn’t get the attention you deserve, keep looking. Even if rates go up, you may still save money by having the right mortgage product.

If you’ll excuse me, I have to go do some more happy dancing at my desk.