Message From The President
Dear Member:
It’s been said that the trouble with using experience as a guide is that the final exam often comes first, and then the lesson. The Great Recession was most certainly a tough test. But as the economy bounces back — in fits and starts — what lessons will we have learned?
As federal lawmakers look to enact tougher financial regulation to limit some of the practices that brought the economy to its knees, many consumers are part of a "Move Your Money" wave. Many are discovering that a credit union can do more for them than a large financial institution. They're finding out what you probably already know: the credit union is not just about interest rates, although rates are almost always competitive. The credit union is about an interest in the financial well being of its members.
Even the names tell the story. The word "credit" originates from the Latin: "credo," meaning "trust" or "I trust you." According to www.etymonline.com, the Online Etymology Dictionary, the first known written use of "bank" to mean a financial institution occurred in 1474 coming from either the Old Italian banca or the Middle French banque (itself from the Old Italian term), both meaning "table," likely in reference to the moneylender's exchange table. In Old High German, bank meant "bench."
Your credit union was organized and chartered in 1936, in the depths of the Great Depression, and we've been in the business of "trust" ever since. We are on the same side of the "table" as you, our member/owners. As a financial cooperative, we're on your side.
So as the economy rebounds, please remember to think of us first for your financial needs, especially when you need a loan. Loan rates are great, and it’s an ideal time to pursue those home improvements, consolidate those high interest credit card bills, or trade in your vehicle. By obtaining your financing at Allsteel Credit Union you will also be helping us pay higher dividend rates on savings. Loans are our best investment. If we are unable to make loans, any surplus funds must be invested in the outside market, and as everyone knows, rates on safe investments are low. Clearly, we can’t pay higher dividends to members than what we can earn. So, when you borrow from Allsteel Credit Union, you are enabling us to pay higher dividend rates.
Thank you for your support of Allsteel Credit Union. In good times and bad, we’re here for you.
Sincerely,
Robin Lamb President More News ›
