Did you know that credit unions offer the same products and services as banks, with unparalleled service, convenience and costs?Or that, as not-for-profit, member-owned financial institutions, their top priority is helping members achieve financial success?
“A lot of people are unaware of the many advantages of joining a credit union,” says Michael Abraham, CEO of First Financial Credit Union (FFCU). The 83-year-old institution is open to anyone who lives or works in the northern part of the city of Chicago or its near northern suburbs.
“Unlike banks, which have customers and shareholders and have to make money from their customers to pay dividends to their stockholders, we have no outside interests to influence our decision making. Instead, our earnings directly benefit our members in the form of lower rates on loans, higher rates on deposit accounts, fewer fees and investment in services.”
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For those concerned with security and stability, much like banks, credit union members’ savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States government through the National Credit Union Association’s Share Insurance Fund.
Local Focus and Commitment
While banks’ shareholders may be located in other parts of the United States or even other countries, FFCU’s focus is exclusively local. “At FFCU, we take local deposits and lend them back to other members of our community,” Abraham says. “We call this organic banking.”
He says more than a few members have benefited from FFCU’s flexible lending policy. “Our ability to make exceptions to our loan policy, as appropriate, and to provide loans to certain individuals who might not qualify at a larger institution, has really helped some people who have had some bumps along the way in their credit history. At that point, we’ve gained a member for life.”
Abraham explains that credit unions are democratically controlled cooperatives collectively owned by everyone who has an account. “At FFCU, we listen to everyone’s opinion. Each member has one vote – for board of directors – and one voice.”
Trusted Financial Partner for 83 Years
FFCU first opened its doors in 1936 as the Teletype Employees’ Federal Credit Union, started by a group of employees seeking to safeguard their money during the Great Depression. In 2000, the credit union saw an opportunity to extend its services to the northern Chicagoland community and adopted the name First Financial. The new name signified its commitment to current and prospective members, who FFCU has, and will always, put first.
The past few years have been a time of significant change and growth. Innovations such as a fully functional mobile app – “you can blink to log in,” Abraham says – make it easier than ever to bank at FFCU.
What’s more, “You can now join without going to a physical office. Members can communicate with our staff over video. We continue to invest in forward-looking technologies in order to better serve our members.”
According to Abraham, FFCU has grown by nearly 40 percent in the past three years alone, thanks largely to word-of-mouth referrals and new marketing strategies.
“Market research has found that the biggest obstacle to joining a credit union is people don’t understand they’re eligible. We’re working to change that.”
Though much has changed since FFCU’s early days, much remains the same. Its dedication to the financial well-being of every member is as strong as ever, Abraham says.
“Our No. 1 goal has always been to help our members thrive by offering honest and fair accounts and services. We strive to be a trusted financial partner and to give our members tools and advice to help them succeed at every stage of life. And we try to live up to that commitment every day.”
“I’ve been a member for 25 years, and it’s been a far better experience than when I was at a traditional bank.” – Sidney
“Due to the opportunity FFCU gave me, it has helped me build a positive and higher credit score.” – Elines
This content was provided by Financial Service Directory. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.
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