Credit Union Research Paper

Which of the two banks or credit unions that you researched would you be most likely to choose to open an account with? Why? (2-4 sentences. 2.5 points)

The organization selected for analysis and evaluation is American Lake Credit Union. This organization is composed of two main branches, both located in Tacoma, Washington. In contrast to banks, Credit Unions are smaller organizations and are directed by members who are selected via a vote to serve in an all-volunteer board of directors for the organization (Scott, and Johnston, p.2, 2011). Specifically, this credit union was founded in 1948 and has grown since then. (C. Fitzer, personal communication April 7, 2014). For instance, although the organization is small in size through a partnership with a credit union network, it is able to provide general financial services at diverse locations

You agree not to reproduce content found on this Web site. You also agree not to interfere with the operations of this site. Intentional interference with Credit Union's Web site or brute force attacks will be reported to your Internet Service Provider and/or the appropriate law enforcement authorities.

The Credit Union maintains a system for cashing checks that provides Members with fast, friendly, and efficient service, while minimizing Credit Union losses. Tellers are expected to use good judgment in cashing any check presented. Tellers have the responsibility of giving good service to Members while weighing the risk to the Credit Union.

Navy Federal Credit Union headquarters is located in Vienna, Virginia. NFCU is the Largest Credit Union in the World, but when it was formed in 1933 it only consisted of 7 members. Now it has 7 million members with an outstanding workforce of over 15,000. It’s largest facility is in Pensacola, Florida. Navy Federal is currently on the “top 100” employer in America.

Navy Federal Credit Union is the world’s largest credit union that serves the military and their families. Navy Federal Credit Union is non-profit organization that offer competitive packages to their employees and customers. Navy Federal has a peer 2 peer recognition programs that encourages employees to tell their co-workers how great they are by giving them a virtual “first bump (Fortune, 2016). Navy federal dedicate their services to members, and families that serve in the military. They offer a variety of variety of packages and incentives to satisfy their employees. They promote innovation by providing onsite health benefits, family care programs, compensation programs, and community involvement.

b. List three differences you found between the accounts and features this bank or credit union offers and the bank from question 1 above. (1-3 sentences. 1.0 points)

In conclusion, the credit union of the future will best serve its members by offering low interest rates, friendly service, and a chance to have a say in decisions. Credit unions are superior to banks in most aspects, and they are nonprofit, which is beneficial to the

Alaska Credit Union at 101 Auburn Way S. Jeremy said that he was member of the

It is owned by these constituent unions, and they are the ones that operate it. Servus Credit Union Ltd was designated as one of Canada's 50 best managed companies and this gives it a mark of excellence. It is a member of the CBA (Canadian Bankers Association). It is also a registered member of the CUDGC (Credit Union Deposit Guarantee Corporation) which acts as a credit union regulator and insures 100% of their deposits.

e. Would you be likely to choose this as your bank or credit union? Why or why not? List at least two reasons for or against choosing this bank or credit union. (3-6 sentences. 2.0 points)

GCU’s Membership isn’t confined to a particular industry or community. GCU competes against all financial institutions including mutuals, “Big four” and the second tier banks for loan and deposit accounts. Still it has a loyal following amongst older CBA staff.

Unions do provide a lot of good services to its members, such as higher wages, better hours, more benefits, and safer working conditions. There is a price to pay for these services, though. Every union requires its members to pay dues, whether they are in the form of a percentage of each paycheck, or a flat rate. The money form dues goes towards lobbying politicians to pass union-friendly legislation, or better labor laws. The money also finances officers in the union organization, who are the ones calling the shots, as far as labor negotiations are concerned.

The second organizational weakness is the lack of personalized service. It’s impossible to give personal attention to as many members as USAA has like it is for a smaller community bank and insurance provider. Since the organization is so large, it is easy to feel lost in the mix and just another number. Smaller community banks and insurance providers have the benefit of getting to know their clients personally, may be better able to serve their specific concerns and clients tend to be more comfortable doing business with someone from their own community with whom they deal with consistently. Also, it can be frustrating that you are unable to speak to the same representative twice when calling a large business such as USAA. USAA can minimize this weakness by creating “teams” of representatives for their members. Each member can be assigned to a team of 5-7 USAA representatives, one of which will be answering that members concern. Teams would be comprised of representatives from each specialty (IRA planning, mortgage help, banking etc.) and be available only to their customers. This strategy would provide comfort to the members who like to deal with the same individuals when doing business.

Following the sale of U.S. Trust to Bank of America in November of 2006, for $3.3 billion in cash, the new management team at U.S. Trust began to reevaluate its’ presence in so many local markets. Over the course of six to seven years, U.S. Trust closed or significantly reduced many of its local offices sending those accounts that had been serviced locally to new “Regional” service centers located in Dallas, Texas, Providence, Rhode Island, and Atlanta, Georgia.