Last week Donnie Peaks wrote a post highlighting various acronyms in an effort to help you understand what they mean. In his post he said,
“At Truliant, we’ve put forth great effort to not use financial jargon or acronyms that may be confusing.”
Shortly after his blog was posted we received an email in our Success Story Inbox that highlights the above statement and we wanted to share it with you. Try not to let your jaw drop when you read how high this new member’s loan interest rate was at another financial institution.
Here’s the story as reported from Teresa, a Member Service Specialist at our Wytheville Member Financial Center.
“Last week, a young man came into the Wytheville Member Financial Center and asked about the credit union. We talked for almost an hour and I discovered a lot about him during the conversation – including the fact that his current financial institution had caused him some problems and that he was tired of all the fees they charge. It’s also worth pointing out that he’d been to five other financial institutions prior to coming to Truliant.
After we talked he left the office to think about what I had told him and returned later that day. I asked him what it was that made him choose Truliant over all the other places he had been that day; to my delight he told me it was because I explained things in a way that he could understand.
He opened a new membership, which allowed me to look at his credit report. While doing so I noticed he had some debt from a jewelry store and another financial institution (loan) that could be consolidated and he gladly took advantage of the savings.
When I paid off the loan from the other financial institution, I noticed something that shocked me. He was being charged an interest rate of 49.2%! I was floored and told him there was no need to ever pay that kind of rate again and that if he ever needed money to come to me first.
Before leaving, he assured me that all of his financial needs would now be handled here at the credit union. He felt good about all of the things that we had done, which was much different than the unsure feeling he’d felt about past financial decisions.
By taking the time to explain things terms the member could understand we helped him take a leap towards building a strong financial future.”
Thanks to Teresa for sharing this story and illustrating the Truliant difference. When you need us, we’ll be here.
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