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Why More Montanans Trust Their Money to Credit Unions

Why More Montanans Trust Their Money to Credit Unions

By KFBB News Team

Story Created: Feb 25, 2010 at 5:52 PM MST

Story Updated: Feb 25, 2010 at 5:53 PM MST

During these uncertain economic times, there is one word that can strike fear into the heart of American taxpayers, no matter what the context: bailout. And we wanted to know if that federal decision--made more than a year ago to keep the financial industry's ship from sinking--has more and more Montanans are thinking small when it comes to their money.

In the fall of 2008, big banks received hundreds of billions of dollars from taxpayers to prevent a predicted financial crisis.

"And I think people realize that money is going to benefit the owner of the banks, not the customers of the banks,” said Kathy Briggs, manager of Family First Credit Union in Great Falls. “So they turn to a credit union where the members are the owners, and we're not trying to generate an artificially high profit for someone who will never walk through the doors."

That is why representatives from local credit unions we spoke to say more and more people are turning to these smaller, not for profit institutions.

"Credit unions in general kind of epitomize the Main Street versus Wall Street dichotomy,” Briggs added.

Any funds they generate benefit their members, through better interest rates, products and services. And those we spoke tell us that generates trust.

Bill Garcia recently switched from a larger chain bank to Great Falls Teacher’s Federal Credit Union. "I walked in the door this morning and Julie at the desk said, 'Hi, Bill,’” he told us. “It's just something you don't typically see."

"Often times you can get lost in the numbers and in the crowd at a large financial institution,” explained Julie McCamley of the Teacher’s Credit Union. “We like to get to know our members; we don't want them to be just another number. We want them to feel comfortable."

So, when Bill made a snap decision to get a motorcycle loan from a credit union instead of his larger, chain bank--he was pleasantly surprised.

"You know, whenever you ask for money, you feel a little uncomfortable,” he said. “And within minutes--she just asked me a few basic questions-- I walked out of here with a check to buy my motorcycle."

And his other accounts followed, along with a few of his friends, because of the personal service he received at the credit union.

"It's actually uplifting,” he explained. “If you're having a bad day, just come in and check your balance and you'll feel better.”

But managers tell us the keys to keeping members happy are knowledge of the local community and trust--especially during the current economic climate.

"People are losing jobs, unfortunately,” noted McCamley. “People are struggling with finances and different issues and making ends meet. And if people don't fee comfortable talking to their financial institution--they're not going to do it."

"We try to be there for our members at every stage and provide the kind of services a solid, Montana individual wants and needs from their financial institution,” said Briggs.

Though many credit unions serve specific employee groups, most just require that you live or work in the area to join. However, they typically offer fewer branches than a large bank, which may be inconvenient for some customers.

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