Saturday, March 24, 2007

Playing favorites?

I've been reading the written comments that have been coming in from our recent Member Survey we sent a couple weeks ago. Many of the comments are regarding our deposit specials. We offer a special, higher rate for new money to attract new members to the credit union. This often upsets our current members. Why shouldn't they get the special rate, they often ask. We appreciate the business that our members bring us. We maintain all our rates to be as fair and competitive as possible and provide the best return we possibly can to all members. Actually, existing members can get the same special, higher rates, by bringing us new money from another financial institution.

But we also are in an extremely competitive market. Chicago is one of the most competitive banking markets in the country. To grow the credit union, we must offer special rates to attract new deposits. I realize it seems unfair to existing members.

I think we offer more reasons to keep your business at Hawthorne than just a competitive rate. If we do, let us know. If we don't, we'd like to know what you're looking for in a financial institution, other than the best rate in town. Post me a comment and let me know.

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