This quarterly message was originally published in our third quarter newsletter. It was written by Todd Hall, Chief Operating Officer of Truliant Federal Credit Union.
We often share the financial success stories of our members internally at Truliant. It’s a way to champion the life-improving values we embrace with our employees.
There’s a common thread to these stories; most stem from actively listening to our members about how we can best meet their individual needs. At Truliant, we know that listening closely is paramount to helping you achieve your aspirations or to finding solutions for a financial obstacle.
For example, one manager recalled that while working on an auto loan a few years back, the member casually mentioned his dream to own a home. This spurred regular meetings to help the member align his finances with his plans for the future.
By simple active listening, the manager helped the member set up a systematic savings plan and provided guidance on a debt payment plan to strengthen his credit score. A few years later, this resulted in the member receiving a low interest rate mortgage loan for the home of his dreams. Our manager expressed how personally rewarding it was to play a major role in assisting this member in realizing his goal.
Actively listening to our members also has more immediate impacts. One member recently came into Truliant to use our free notary service for a Department of Motor Vehicles document. She mentioned she was planning to refinance her auto loan with an online company – who would drop her interest rate from 23% to 12%. With two years of good payment history under her belt, we knew we could do better. She was in disbelief when we came back with a 5.9% interest rate – saving her $200 a month over the life of the loan.
We differentiate ourselves from major banks by placing a high value on listening. Unlike banks, there’s no hidden incentive for us to meet your needs by pushing exotic new add-on products instead of finding the solution that has your best interest at heart.
Our approach is not just nodding our heads and waiting for our turn to sell you something you don’t need. You became an owner of Truliant when you became a member. Our responsibility as a not-for-profit financial cooperative is to serve you.
The fatigue of daily headlines pointing to a relentless sales culture at major banks fosters a distrusting attitude toward financial institutions. Bank account holders are rightfully wary they’ll need to continue keeping on guard against hidden fees to pay for the $250 billion in fines and settlements banks have accumulated since 2009.
Financial analysts predict this era of bumper fines – which, to put it in perspective, would take Ford Motor Company 29 very good years to earn in profits – isn’t over.
As a credit union driven by its mission to improve lives, Truliant offers a much better alternative. We have all the convenient services that most big banks have, but unlike these banks, we put you, our member, first over profits. At Truliant, our passion is doing what’s right for you to help you guide your future and achieve your goals.
We’re ready to listen to how we can help improve your life by helping you build something worth having.