by Tim McAlpine, Founder & CEO Currency Marketing North America's first credit union, Caisse Populaire de Lévis in Quebec, Canada, started its journey on December 6, 1900, when about 100 people signed a social pact and approved the co-operative's rules and by-laws. Founder Alphonse Desjardins, a reporter in the Canadian Parliament, embarked on this mission in 1897 after hearing about a Montrealer who had to pay nearly $5,000 in interest on a $150 loan from a moneylender. Desjardins not only turned a consumer problem into a business opportunity but also initiated an act of financial wellness that later became a defining characteristic of credit unions. Fast forward to today, there are more than 4,800 credit unions operating in U.S. and Canada, each catering to specific regions and focusing on their members' unique needs. Together, these credit unions manage assets exceeding $2.8 trillion. Getting listed In line with the multitude of lists that seem to permeate various aspects of life and business, credit unions have their own rankings. These lists traditionally factor in variables like assets, location, member satisfaction and more. However, what sets the lists we're about to explore apart is their focus on the 10 best credit unions in the U.S. and Canada. These institutions aren't in the limelight solely due to their size; it's their attributes like product selection, APY offerings, account fees and mobile features that have earned them a place on these distinctive rankings. 10 Best U.S. Credit Unions as rated by Bankrate.com
10 Best Canadian Credit Unions as rated by Wealthawesome.com*
*Wealthawesome includes 15 credit unions from 5 provinces on their list. To be consistent with the U.S. list, I've included their 10 best. What's common among these top credit unions is the key to their success: they make it easy for members to join with minimal restrictions. They offer fee-free products, with free checking and savings being the most common. They maintain low deposit minimums, provide high-yield accounts, boast extensive ATM networks, offer ATM fee rebates, ensure easy access to physical branches and provide mobile banking apps. Interestingly, this ease of joining is less of an issue in Canada, where closed bond or limited field of membership credit unions are much less prevalent. Securing a spot in any list can be a formidable task, especially when you're competing against close to 5,000 rivals. However, when we explore the shared characteristics of these high ranking credit unions, it becomes clear that their features are far from unique or exclusive to billion-dollar credit unions. Features like free checking (or chequing in Canada), competitive rates, and comprehensive access to remote, physical and online banking services are not only readily available but also highly popular on both sides of the border. Wellness for all What's often overlooked, even by those who rank these institutions, is the presence of a financial wellness program. Defined by Meridian Credit Union, financial wellness encompasses the ability to meet financial needs, a sense of security about one's financial future, and the freedom to make choices that enhance life. However, what matters here is the presence of such a program. It serves as an indicator of a well-thought-out strategy to engage with members and improve their financial situation and outlook. This approach holds significant importance for several reasons.
The synergy of these factors equates to good business in a way that aligns with the principles Alphonse Desjardin would have endorsed.
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1/17/2024 04:34:40 am
What strategies can individuals employ to become top performers, even if they are not currently ranked highly?
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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