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How to Serve Humans

It has been interesting to listen to what little feedback there has been from the banks regarding Bank Transfer Day and the estimated 650,000 accounts that switched to credit unions in October alone. I have heard a couple of times that the banker’s response was that they are really not that concerned as, “Those accounts that left were really the less profitable ones, and we didn’t want them anyway.”

PLEASE… Let me translate for the rest of you that have NOT left your bank, yet. YOU are in that underappreciated elite group that pays the most in fees or have a high loan interest rate. I trust they send a birthday card.

For some reason this made me remember the Twilight Zone episode with the aliens that come to Earth and say they’re here to “serve humans”.  They have a book they share but unfortunately it’s in Martian or whatever. So as the people are filing onto the spaceship for their trip in space, the door is closing and they hear a panicked scream from outside, “Wait, don’t go, it’s a COOKBOOK…”




2 Responses to How to Serve Humans

  1. I find this post to be utterly ridiculous. You bash big banks, yet GBFCU offers nothing for incentives except average home/ auto loans. And below average rate returns on accounts. Perhaps you could explain the benefits of being a member of GBFCU? .1% return on savings accounts?? .2% return on money market accounts?? ZERO return on checking accounts?

    I’m really at a loss as to how GBFCU is better than any other bank…

    I’ll give you a great example of a financial institution giving back to it’s members. LMCU of Michigan (donate $5 to a Michigan charity to satisfy membership requirements) offers a 3% return on CHECKING accounts for balances up to 15k dollars. CCU of IL offer 4.09% return on CHECKING accounts for balances up to 10k.

    So please explain to me how and why GBFCU is better than any other bank out there.

    I’ve been with GBFCU over 25 years and see little reason to continue being a “member”.

  2. Dear Ryon,

    I appreciate your being frustrated with the low interest rates that are prevalent in the Northern Nevada area. If you would have asked me several years ago to believe we would be in a situation that we’d be paying these embarrassingly low rates, I would have said you’re crazy. Obviously, not all regions of the U.S. have been subject to the environment of Nevada. As you know Nevada has led the nation in foreclosures, bankruptcies and unemployment for several years. The Nevada unemployment rate is still over 12% while unemployment in Michigan is at 8.5%. Another comparison is that Detroit; with all their problems has an unemployment rate of 2% less than Reno.

    With the loss of jobs here, a lot of folks lost cars and homes. The Nevada loan loss ratio for 2011 was DOWN to 3.18% and in Michigan it was .96%. Lake Michigan CU is $2.5 billion in size and their loss ratio was even lower.

    Many in Northern Nevada continue to put off buying new cars, and candidly there simply aren’t enough car loans out there to pay higher rates. Every loan loss is a hit to the bottom line and though Great Basin has been able to weather the storm better than most and has been profitable for the last two years, we are still experiencing higher than normal loan losses. The situation of all Northern Nevada financial institutions is pretty similar. They still have to pay the operating expenses and dividends are low all around as people are simply saving more and not buying.

    When people start buying and borrowing more, deposit rates will come back up to compete for the money to make more loans. The areas that Great Basin has continued to emphasize through all this on behalf of its members are to maintain low account fees and provide some great loan rates, as low as 2.99% currently. We have just updated our Online Banking system and added our new Mobile Banking application for smart phones and iPads.

    Great Basin FCU is a local financial institution; cooperatively owned and managed by local people. We look forward to serving Northern Nevada for a long time to come.

    Thanks for sharing your thoughts, Ryon.

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