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What’s going on with these mega bonuses?

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CEO’s are getting paid mega bucks these days at many of the large regional and national banks.  I’m sure they have a difficult job that is demanding and filled with pressure.  That being said, how much money does a bank have to make to award their upper end employees six and sometimes seven figures compensation increases in the past year?

And you know where that massive amount of money comes from – from all the interest repaid by customers on their loans, from fees charged for the bank’s services, and other money making activities.

It’s unbelievable how their bumps in salary and compensation based upon their measured achievement level goes up with the same remarkable speed as their pensions, which are also skyrocketing – the rare double bonus.

Piggy Bank

All the while average folks – and I consider myself average – seem to find themselves living check to check.  We reevaluate how our money is being spent regularly.  If the cable provider wants to go up on their already high prices because our “promotional rate” has expired, that’s OK, because I’ll look for another service provider who can provide the same service for a lot less each year. 

We helped my mother-in-law look for a new car.  We shopped several dealerships, knowing that the price would probably be similar at each dealership – and boy, were we wrong.  Her ultimate purchase price was $2,000+ less than a competitor, and an even greater divide from a third.  We had no problem with them making money on the sale – but we thought making a windfall was too much.

We do the same thing in banking and credit cards.  First, we want a bank that is hometown enough that we can walk in and someone knows us, yet large enough to handle any financial issue with ease.  We want a bank that plows its profits back into the institution for the good of the owner members, not the top management and top stockholders.   We do want to reward the great work of our staff, but we want a bank where the top leaders are paid a reasonable salary for their knowledge and knowhow – not an outrageous salary.

We were able to find all of these attributes at Truiliant Federal Credit Union.

Remember the mission of Truliant Federal Credit Union is to ‘enhance the quality of life of our members and to become their preferred financial institution’.

They are successful in achieving this because they are community friendly – providing grants for non-profit agencies and they work one on one with their members, providing a true personal relationship. Truliant’s benefits are outstanding and there is an option for just about everyone. Check them out at TruliantFCU.org – you’ll be glad you did.

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