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What Has Your Bank Done for You Lately?

What Has Your Bank Done for You Lately? By Gina Ragusa
Published February 13, 2013
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Michigan Credit Union League & Affiliates’ “Invest in America” supports community businesses with exclusive member discounts through credit unions nationwide.

When was the last time your big bank gave you special discounts at local retailers? Or went out of its way to assist you with uncovering the best deal on a new car?

Historically the view of banking was pretty simple. You trusted your local banker to not only protect your funds and provide loans, but also act as a loyal financial advisor who had your best interest in mind.

Perhaps this impression permeated American society 40 years ago but today many consumers have discovered that big banks don’t have their backs. From news of bailouts to hidden fees, consumers feel a certain level of distrust with the industry, which is why many are leaving and heading to a credit union.

Consumers crave financial guidance but also value within their banking relationship. Beyond the membership role, lower fees and better rates; credit union members are also offered additional benefits that are typically only provided to big bank customers who carry a six figure relationship.

Invest In America Nationwide Enhancement Program

Provided by the Michigan Credit Union League & Affiliates (MCUL & Affiliates), Invest in America is a membership enhancement program aimed at providing stimulus to American-based businesses by offering special discounts to all participating credit unions and members.

Credit unions nationwide can participate in the program, which offers discounts at companies like GM, Sprint, TurboTax, Dell, DirecTV and more.

For Genisys Credit Union ($1.3 billion, Auburn Hills, MI) offering vehicle discounts solidifies its commitment to member-based value added benefits.

“Genisys Credit Union is a proud participant in Invest in America because we know it benefits our members and the credit union movement as a whole,” Genisys President and CEO Jackie Buchanan said during a December credit union/General Motors press conference. “Through this program, we have yet another opportunity to highlight the credit union difference and offer our members superior service and great value. Combining the credit union member discount from GM with credit unions’ historically low interest rates means that our members save even more.”

Individual members have also voiced their appreciation not only about being a credit union member, but the direct savings they receive through programs like Invest in America.

Pat, both a member and an employee of Baton Rouge City Parish Employees’ Federal Credit Union ($43 million, Baton Rogue, LA), told lovemycreditunion.org about why being a member and Invest in America has been valuable.

I've been working at my credit union since 1986. As a loan officer, I am able to help make dreams come true by helping people understand and clean up their credit (something a bank doesn't have time to do). I have made several life long friends. I saw the information about saving on your Sprint bill and I made the call. It was so easy, and now I am saving 10% on my bill. Credit unions truly go out of their way to help their members. If you do not belong to a credit union, you need to join one today.”

Approximately 3,500 credit unions throughout the country, representing over 80% of credit union members are part of Invest in America.

During the Genisys/General Motors press conference in December, MCUL & Affiliates CEO David Adams said, “Invest in America reflects what it truly means to support American products, American workers and the American economy. As our nation emerges from tough times, credit unions continue to do everything they can to support the American economy. We applaud our credit union members for buying American. We applaud General Motors for its willingness to be part of this innovative program. This 500,000th vehicle is proof positive of the combined strength of the credit union and the domestic auto industries.”

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