Daniel Caldwell Promotes Benefits of Credit Union Membership
What’s all the buzz about credit unions? Why are more people walking away from banks and turning to credit unions? Maybe it’s because of the many benefits. Credit unions usually offer lower fees for services, better interest rates on loans, and more attractive savings rates than banks. Why is that?
“One of the main benefits of being a member of a credit union is it means you own a share of the credit union,” explains Daniel Caldwell, President and CEO of 1st Choice Credit Union.
Credit unions are non-profit financial cooperatives that return profits to their members in the form of lower interest rates on loans and dividends on savings. In other words, credit unions are owned and operated by members and exist solely for the purpose of serving their members’ best interests. It’s understandable why credit unions are becoming more popular.
In fact, 91 million American consumers are member-owners of a credit union and receive all or part of their financial services from the nation’s 7,794 credit unions, according to the Credit Union National Association. Surveys consistently rank credit unions first among financial institutions in consumer satisfaction.
Daniel Caldwell has over 10 years experience in the financial services industry and became interested in credit unions soon after leaving college. He held positions as a third party credit union auditor, accountant, and chief financial officer. In March of 2011, he was named the Interim President/CEO of 1st Choice Credit Union and brings a fresh perspective on providing their products and services through technology.
When asked what he likes best about his job, Daniel responds, “I like the aspect of helping our members,” adding that there are several ways this is accomplished.
“For example, when you receive financing, we just don’t look at your credit score, we look at your financial picture as a whole,” he explains. “And if you’re denied, we have financial counselors available to provide steps to get you in a better financial situation – so maybe you’ll be able to get financing in a couple of months or a year. We don’t just deny you and leave you.”
Like the Federal Deposit Insurance Fund coverage, (FDIC) 1st Choice Credit Union protects member deposits up to $250,000 through the National Credit Union Administration, backed by the United States Government.
It’s no surprise that when Daniel finished college and was auditing credit unions, he became hooked. “Learning about the industry sparked my interest and made me want to stay with credit unions,” he says.
Once you join a credit union, Daniel thinks you’ll be hooked too.