Credit Unions = Good Service

We have all heard recently that “  dealing with a bank is very difficult and not like it used to be.” Commercial banks in our country have suffered during the last few years due to the sub prime fiasco.  As a result auditors and bank directors have created policies that seem unfriendly at best.  Ask your friends with a loan or credit card with one of the large, national banks how they feel about doing business with them today and you will receive extremely negative comments.

My recent experiences with Credit Unions in Santa Fe, has led me to believe that they are a banking alternative that seems like banks of the 1980’s. One of the main reasons for this is credit unions have not experienced the losses on real estate loans that are still plaguing commercial banks.
Can Credit Unions provide the same services that banks can?  Absolutely.  Checking savings, credit cards, wire transfers, paying bills on line.  You will find everything at a local credit union that you hope to enjoy in banking.

Credit unions have federal insurance for deposits through NCUA, a U. S. government agency which is identical to the insurance carried by banks..

One client on mine says”  The Credit Union treats me in a friendly manner like banks did 30 years ago”. 

In my search to uncover the differences in credit unions and banks, I spoke with 2 officers at the State Employees C.U. in Santa Fe.  Pete Martinez, officer at SECU said “ some people do not realize that you do not need to be a state employee to use the credit union. “  Just like you don’t have to be an educator to be a member of the State Educator’s Credit Union.

Credit unions “make loans that make sense for their members”  said Dwayne Herrera, Vice President.  And there is possibly a meaningful difference.  Banks have customers and Credit unions have members.  In fact, credit unions have unpaid directors who are members.  Banks directors are paid and elected by the shareholders.

Santa Fe is rich with credit unions.  Their services seem to cost less and their staff seem  friendly and welcoming.  SECU has a program where you can get 2.5% earnings on your checking acct.  That is a better return, by far, then banks or a even a U.S.Treasury bond.

Look to credit unions for a possible checking and savings account.  And personal friendliness.  Of course , if you need a home loan I am your man. 

Also, in Santa Fe, you will find , Del Norte C.U.,  Land of Enchantment Federal C.U., Guadalupe Credit Union  and others. 

Published in the March 2012 issue of Santa Fe Real Estate Guide Home Magazine