Banks or Credit Unions: Five bank transfer tips for consumers This article was written several years ago, but changing banks happens everyday....This is a reprint.... As a former financial services executive, my professional experience did include exposure to both commercial banks and credit unions. The diverse exposure to both industries does provide insight to the internal differences of technology and organizational structure when transferring a banking relationship. Consumers are exposed to many opinions about the best choice of institution to house a banking relationship, and opinion is irrelevant(i.e. my opinion) when information is a better tool to insure "a change will do you good". However,the following five tips should be explored in a comparison analysis of your current bank and a potential new bank or credit union. 1) Deposit Access to Funds Direct Deposit-Teller deposits, ATM deposits, Incoming Wire Transfers. Review current deposit activity for … [Read more...]
DC Community Banks must strategize to survive
DC Community Banks cover a large coveted footprint of DC proper, Northern Virginia, and Maryland as an aggregate unit, but individually are fragmented in market presence and penetration. The individual community bank is a weakness in the current economic environment, and this weakness is a vice on the bank's ability to be competitive, hamper revenue and market growth, and vulnerable to any minor flux in the market or portfolio. DC Community Banks are missing a market opportunity in wake of the historical demise of Chevy Chase Bank, and the vacuum of a regional player in the market leaves a marketplace of small community banks and banking giants with headquarters elsewhere. The Washington Post details the challenges of the community banking industry in the DC marketplace. Recent events in the implementation of the financial reform bill and loan demand in a flat economy. Strategize to survive is a way for community banks to collaborate, coordinate, and innovate to capitalize on … [Read more...]
Credit Unions revise results downward from Bank Transfer Day
The credit union industry has been the one's laughing all the way to the bank as the industry's commercial banking competition flounders in one mishap, one bad news story, and one more upset consumer after another. The tables were reversed in Washington,DC after the National Credit Union Association (NCUA) made a blunder in the recent success of new customers in November's Bank Transfer Day. The banking industry did gloat in some rejoicing as the credit union threat to commercial banks and the industry's monopoly. Why this revision states the reality of the credit union myth of being the moral and selfless banking bank alternative may just be a half truth in reality. The reality is the credit union employees and representatives are the primary vocal supporters, and the media has given a blank check of blessing the credit unions as good guys and the alternative to banks. Member experience is more credible to the reality of credit unions being the good guys in banking. "They are … [Read more...]
