By: Sandra Spence
SOUTH FLORIDA – Many people in America have never heard of credit unions. This, despite the fact that they have been here since the 1850’s. Most Caribbean people on the other hand, were probably credit union members in their original homelands or are at least familiar with these financial institutions. Regardless of how much you know however, here’s why Caribbean (and all people in fact) should look into, and ultimately try the services of a credit union.
Credit Unions are like banks – but very different
Walk into a credit union and a bank branch and it’s hard to tell the difference. Both are likely to have drive thru windows, teller counters, vaults and a teller counter with polite employees. Both provide financial services to the public. They both have deposit insurance so your money is safe and both industries are government regulated.
But this where the similarity ends. While both entities provide financial services for the public, there are fundamental differences in philosophy and more importantly, in the way they affect your pocket. Here are some of the more outstanding ones:
- Credit Unions are not-for-profit and can give their customers (called members) lower rates on loans, higher rates on deposits and lower fees.
- Members are the owners and have an equal say in the credit union regardless of how much money they have on deposit. Respect for all members is paramount with credit unions.
- At credit unions, service is outstanding and members are familiar to the staff.
- One hand washes the other. Credit unions give back to the community that supports them.
One local Broward based credit union, We Florida Financial County Credit, established in 1952, continues to display all these characteristics. The seventh largest credit union in the area, We Florida Financial was named Credit Union of the Year by the South Florida Business Journal. The Institution was praised for its outstanding financial products and its work locally. Our community has especially benefited. We Florida Financial runs numerous free educational library seminars, continually sponsors Unifest, partners with a Jamaican credit union, and supports local artists and youth groups. Visit: https://www.wefloridafinancial.com/
For the Caribbean consumer who wants to get the full financial benefits of a banking institution, outstanding service from a company that respects and values their business and who wants to feel good about an organization that supports the community, credit unions are the way to go.
Learn more about We Florida Financial, watch now:
Sandra Spence is the VP of Advertising and Public Relations at We Florida Financial Credit Union in Broward County Florida. A lifelong credit union member, she is a staunch advocate of consumer education and self help. Sandra can be heard bi-weekly on local station WAVS AM.
