This is a very exciting time for me during the standard Earth year – we have officially made it through an intense and dry summer and landed softly into the season of fall. The calendar was not my clue that the seasons have changed – my key indicator was that the local coffee shops are now serving Pumpkin Spice Lattes, of which I was thrilled to partake in last week!
Why do I love fall so much? The aforementioned pumpkin spice is a primary reason – who knew you could flavor or scent ANYTHING to emulate the essence of an orange gourd? There are, of course, several other reasons why I adore fall, including various seasonal sports, the colorful foliage and some (yes, just some) of the spooky stuff. Plus, I’d be remiss if I failed to mention that it’s also the time of year for our Annual Partner Conference. It’s scheduled for Oct. 14-16, and there’s still time to register if you haven’t already.
Fall is also an ideal time to provide some astronomy education! With the start of the new season, we experienced the autumnal equinox. No, this is not an orange-colored brand of a certain model of Chevrolet automobile. Rather, it’s one of the two times of the year when the Earth’s axis is tilted neither toward nor away from the sun, resulting in a “nearly” equal amount of daylight and darkness at all latitudes. Thank you, National Weather Service, for that explanation – be sure to dazzle friends and relatives with that nugget of insight!
The start of autumn is also when things start to wind down and prepare for the dormant months of winter. The days gradually get shorter with less daylight, plant and tree life starts to wither and animals either migrate to warmer climates or start preparing for hibernation. However, do you know what DOESN’T wind down? The need for individuals to purchase homes.
Contrary to popular belief, homebuying season isn’t just the spring and summer – it’s all year long! While the level of activity may differ from season to season, the need is still there. As I thought about my favorite fall things, homeownership entered my cranium because of a story that I’d like to share.
A colleague of mine recently came to a meeting a little more excited than normal, so I asked what was up. He said that his daughter just put in a successful bid for her first home! I said that was great and jokingly told him, “I know some great people who can help you with a mortgage!” He said, “Funny you should say that…”
Apparently, his daughter approached a non-credit union financial institution (i.e., a big bank) and received a pre-approval for a certain amount prior to shopping for a home. Once she found that home, she came to her father with information on the loan that the bank provided. He immediately and curiously inquired why she went where she did for the pre-approval when she knew he worked at a credit union that offers mortgages.
Her response was honest: It was purely out of convenience. But then she inquired, “Does it matter where I get my mortgage? Besides potentially better rates, what would be the difference if I went with a credit union?” He said he immediately got a smile on his face and delved into the benefits of a credit union mortgage versus one from a big bank. He specifically noted the following:
People vs. Profits: Big banks are for-profit businesses. Credit unions use the stakeholder model where each defined group benefits from the credit union’s performance. myCUmortgage has four stakeholders where each is as equally important as the other—our partner credit unions; the credit unions’ members; the myCUmortgage team; and our parent organization, Wright-Patt Credit Union.
Transparency: I think of this as the “fine print.” Big banks provide you with that fine print but leave it up to you to decipher. Credit unions care about their members and take the time to go through those details to make sure the member is aware of everything they need to know.
Products and Services: Big banks have a “menu” of products and services to share, kind of like a menu you find at a business dinner or event—you can see everything available, but you can’t add or change anything. Credit unions have a similar menu to use as a starting point—from there, they can work with the member and customize many of the products and services for the member’s unique needs, much like a nice restaurant can do.
Communication: Big banks look at their customers as numbers—remember, they are for-profit. Credit unions have MEMBERS and communicate with them as if they are part of the family, because after all, they are.
Relationships: Big banks don’t want relationships; they want customers and profits. On the other hand, credit unions are deeply committed to establishing solid, lifelong relationships with their members. If you were to visit any credit union branch or listen in on a phone call, it wouldn’t take long for you to see staff and members interacting on a first-name familial basis.
Beyond the Products: Once they have you at a big bank, you’re just a number (a recurring theme, if you hadn’t noticed). At a credit union, you’re a customer for life or, rather, a permanent part of the family and an equal stakeholder.
Following this convincing analysis of credit union versus big bank, my friend’s daughter went to the credit union the following day and is now set to close on her new home in a matter of a couple weeks! The Credit Union Way prevails again!
What are your favorite things about your credit union, including what you offer your members? Please share below AND with your members, because we all know they are human and like to shop around. This is your chance to truly be your members’ trusted financial partner. Together, we can get more members into homes and assist them the “credit union way” through the life of their loans!