by Mark S. Brantley, Esq. – CUEvangelist

In 1967, the McDonalds corporation introduced its classic Bic Mac hamburger consisting of two all-beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun.  Forty years later, 560 million Big Macs were sold each year at an average of 17 sold every second.  The one ingredient that distinguished the sandwich from all the others was the Thousand Island -type dressing called special sauce. This secret sauce remained a mystery until 2012 when the recipe was finally revealed to the public.

In a world where financial institutions like restaurants are also in abundance, credit unions stand out, not just for their financial products but for something far more unique and appealing – the secret sauce called service. This special recipe is what makes credit unions a preferred choice for many, especially those who value a more personalized banking experience.

Credit unions are not for profit, member-owned financial cooperatives. Unlike banks, which are profit-driven and owned by shareholders, credit unions’ primary purpose is to serve their members. This fundamental difference is key to understanding why service plays such an integral role in the ethos of credit unions.

Here are some key aspects of what makes service the secret sauce of credit unions:

Member-Centric Approach: Credit unions are founded on the philosophy of ‘people helping people’. This approach translates into a high level of personalized service. Employees often know members by name and understand their financial histories and needs.

Community Engagement: Credit unions are deeply rooted and are active in their local communities. They support local events, sponsor school activities, and invest in community projects. These investments foster a sense of belonging and show their commitment to not just their members but also the communities where they live.

Financial Education: Credit unions promote financial literacy. They often offer workshops on budgeting, homeownership, and saving for college. This service is especially valuable to younger members, like high school students, who are just beginning to navigate the financial world.

Flexibility and Support: Credit unions are known for their flexibility in terms of loan requirements and support during financial hardships. They often provide more favorable terms and are willing to work with members who may not qualify for loans at traditional banks.

In conclusion, while credit unions offer many of the same services as banks, it’s their exceptional service that truly sets them apart. This service, deeply rooted in community and member welfare, is not just the secret sauce but the very essence of what makes credit unions special. For those who value a more personal touch in their financial dealings, credit unions are undoubtedly the better choice.

Mark S. Brantley, Esq. is currently known as the CUEvangelist – “Spreading the Good News About CUs!” Mark is also an Asst. Director of Operations at Arizona State University and was the former vice-chairman of the AACUC, former board member of CUNA, and former Chairman of the Municipal Credit Union. He has written numerous articles and white papers on credit union advocacy, legislative, and regulatory matters.