A Love Letter to my Checking account!

My deep appreciation and love for the Checking account product started early in my career. . My first job in the Credit Union industry almost 30 years ago was as the "Closed Account Specialist" in the Retail Support Department. I was a Back-office Clerk handling all closed account requests that came by mail. Back then, when members needed to close their accounts or entire membership, they were required to write a letter and mail it to the Credit Union headquarters for processing. Or they could visit one of our branches to do this in person. Unfortunately, there was no online banking, and our automated phone services or Phone Contact Center did not support these requests.

While performing this repetitive task, opening and reading letter after letter, you may think I was bored out of my mind reviewing and studying countless letters about the many reasons for members wanting to close their accounts; but, on the contrary, I LOVED IT; I found this fascinating. In these letters, members explained why they had to close their accounts. Some were brief and to the point, but others were long and very detailed. Most letters expressed a deep appreciation for what the Credit Union meant to them and the excellent benefits their Checking account provided.

For many of our members, the Credit Union was their first banking experience. And, as they were saying goodbye, they described the journey from when they opened their first checking account and wrote or cashed the first check and how these mundane yet necessary tasks felt like a "rite of passage." "The Credit Union and their Checking account were part of their lives, woven into every critical financial decision they had made up to that point.

In these letters, they also described the excitement of being approved for their first Credit Card, Auto Loan, or financing their first home; others recounted painful stories about a difficult time in their life: having to start over after a challenging divorce or losing a loved one, moving away, or losing a job. These letters were deeply personal, and through these letters, these members were saying "Thank you" and "So Long" to a good and loyal friend, the Credit Union, and their beloved Checking account. Of course, we had letters from unhappy members dissatisfied because of a lapse in service or a fee charged; these disgruntled letters were also insightful and important.

As a "Closed Account Specialist," this was my initiation into the banking industry and where I first learned the critical role, the Credit Union and a Checking account had in the members' lives. I became captivated by the impact of this routine financial vehicle; it had such an influence on improving people's lives. I realized that this account meant having access to additional services and benefits, not only in the Credit Union but out in the world.

"A Checking is a checking, is a checking!" Well… "Not necessarily"

When you open a Checking account at any financial institution, you have some basic expectations from this indispensable account. But a Checking account at a Credit Union has additional benefits you will not receive from other financial institutions, so not all checking accounts are created equal. Some of these added benefits are tangible, such as getting a true "Free" Checking account without a monthly maintenance fee or minimum balance requirement; you don't have to "jump through hoops" to get these benefits. Other benefits, such as the personal relationship members build with the local Branch Representative, are intangible and hard to measure. Having a direct phone number for your local Branch Manager and knowing the name of everyone in your local branch is a thing of beauty. When you call the Credit Union or visit one of our branches, you understand why everyone needs a Credit Union membership, a feeling of ease and support you rarely get at other financial institutions.

I am completely biased in favor of Credit Union because it is where I could blossom and grow in my professional career. I could give you a more extended dissertation on why everyone should have a Credit Union Checking account. But I will summarize it by saying this: When you open a Checking account at a Credit Union, you are part of something special! You become part of a not-for-profit members-owned cooperative where your hard-earned money earns higher dividends and pays lower service fees and interest rates on consumer loans.

The Future of Checking Accounts and Credit Unions!

The future is bright for Credit Unions and the Checking Account product. It is an exciting time for those involved in the innovation and development of additional ways to access your funds from anywhere in the world using your checking account via your debit card, Online Banking, or Money Transfer apps. The Financial landscape is ever-evolving, and Credit Unions are hard at work dreaming up and creating new digital engagement solutions and exciting ways to serve members while keeping a keen eye on providing outstanding service. I must mention that Big Banking Institutions have two clear advantages over most Credit Unions; they have more advanced technology and more extensive ATM networks nationwide, but this comes at a high cost for their customers.

I have been passionate about the Credit Union Checking account and what the Credit Union philosophy stands for; your Credit Union will be with you every step of your journey, from your first checking account to buying your first home. Then, one day, you will walk into your local Credit Union with your kids, sit with your trusted Credit Union Representative or call in to open a new Student Checking Account for them; the cycle will come full circle, and this gratifying and necessary financial milestone will be passed to a new generation.

You will teach your kids a similar lesson you learned many years ago, that your Credit Union Checking account is the fertile soil where you plant your valuable monetary seeds. And, when you find this suitable ground, your seeds bloom with ease and beauty; your kids, too, will fall in love with their Checking and Credit Union. They will develop a relationship of trust and loyalty with this vital financial vehicle and their Credit Union. A "truly" Free Checking account coupled with outstanding and caring service is an unbeatable and deeply personal combination.

I am still very much in love with my Checking account and Credit Union!