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Trust As A Competitive Advantage

Due to the cooperative nature of credit unions, they have an innate member focus. This focus is most prominently seen in the service given to the member. In the past few months credit union members were more likely to experience an (virtual) open door at the credit union to discuss their current finances and build a financial re-structuring plan than at a bank.

Dan Berger, NAFCU CEO, wrote that the current state of member trust is "A key advantage" over traditional banking. Berger stated, "American consumers are increasingly turning to institutions with altruistic missions and to those that actively put the interests of their customers over corporate greed and profit maximization… This trust is a result of our industry's mission of strengthening communities and providing safe, affordable financial services; it is ingrained in our industry's creed as not-for-profit, member-owned cooperatives.

This is the credit union difference: deeper, more personal member relationships, better rates, and lower fees, and always putting members first. Without question, credit unions' not-for-profit status and consumer-centric business model will continue to attract American consumers."


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