Is your local bank really local?

This article was written for our sponsor, RTP Federal Credit Union

Choosing the right financial institution is an important decision that impacts your finances now and into the future. When you choose a local financial institution, oftentimes, your choice not only impacts you in a positive way, but has ripple effects for the whole community. To make sure you are truly investing and choosing local, here are four questions to ask yourself.

Is it possible you’ll recognize the voice from the call center?

Many banks and credit unions offer call center services. They are vital to answer quick questions about membership, online issues and account information. But, when you call your customer service call center, who is going to answer the phone?

"Our call center is also local, so if a member calls and speaks with someone on the phone, there is a chance that they could see them the next time they stop into a branch," said Kristin Lombardi, Member Services and Loan Manager at RTP Federal Credit Union.

All RTP Federal Credit Union employees are part of their community. So whether you are calling, or walking in the branch, you will speak with someone who cares about your community, because it’s their community too.

Do they support the local economy?

RTP Federal Union began in 1968 to assist the local community and its goal has not changed. The first office was a small space on Alston Avenue in Research Triangle Park and its original charter listed only seven people.

In opening the credit union, members wanted to build something that would not only benefit members, but would benefit the entire community. One of the first steps was ensuring that local money stays local.

"As a credit union, we are a not-for-profit, so anything we earn is returned to our members in the form of lower fees, lower loan interest rates, and higher dividends on savings accounts," said Lombardi.

"Fees and loan rates are a huge difference," said Jill Beck, Marketing and Member Services Director for RTP Federal Credit Union. "We are not trying to penalize our members and fee them for everything. We also offer more competitive loan rates than big name banks. Normally, our savings rates are better as well."

All of these factors help the local economy thrive.

Also, directly, RTP Federal Credit Union prides itself on providing small business loans to individuals who are striving to build something local.

Do they support the local community?

Local businesses tend to support the area in many ways. For example, RTP Federal Credit Union has made a point of investing in the community.

"We have been an active supporter over the years of the Food Bank, Make a Wish, the CROP Walk, and others," said Beck.

With employees and members all living and working in a close geographical setting, it is easier to make meaningful connections and to meet needs as they arise in the community.

"We live here and want the best for our areas," said Beck. "People often get tired of the big institutions that look out for their stockholders to make more money. Credit unions have a history of fighting for the little guy."

Do they seem to care about you?

Credit unions are staffed by members of the community, who build relationships with members.

"Our members like knowing that, when they call us, the person they are speaking with is either in Morrisville, Raleigh, or Cary," said Beck. "If they need to speak to that person, in person, all they have to do is drive to us and we are there."

"We are a local presence," said Lombardi. "However, that allows us to know our members and provide personalized service to meet their needs. Our branches typically know a majority of our members by name, and it is our mission to provide superior personalized service."

A financial institution should provide the services you need, whether for long-term accounts, loan needs over time, or any other financial needs you have. While banks may have a large geographical presence, that doesn’t mean the products are better — in fact, the opposite may be true.

"We offer all the same services as the banks, except we have lower fees, lower loan interest rates, and often higher dividends on savings accounts," said Lombardi. "Most people are attracted to us for loans due to our superior member service and low loan rates. Then, from there, they open a checking account and start direct deposit."

In addition to basic accounts and loans, RTP Federal Credit Union provides bill pay, mobile banking, mobile deposit, identity theft protection, financial planning services, and member discounts for local venues and events, said Beck.

This article was written for our sponsor, RTP Federal Credit Union