Schools: Credit unions are 'friends' on financial journey

Chartway Credit Union President/CEO Brian Schools, who will chair the America's Credit Unions Transition Board, wrote that credit unions are the best friend a consumer can have when it comes to securing a financial future. Writing in The Virginian-Pilot, Schools said credit unions exist to make member dreams and goals a reality. 

"Your credit union is the best friend you can have when it comes to creating the secure financial future you deserve because we’re different in several crucial ways," he wrote. "First and foremost, we’re member owned. We’re a best friend who puts you first because we are you — a group of like-minded individuals who share the same concerns and challenges. Your elected volunteer Board of Directors represents you, and they work to ensure that we all thrive together.

"Another distinguishing feature is that we’re not-for-profit. Just like best friends return your calls, credit unions return profits to members through lower loan rates, higher savings dividends and complimentary or low-cost services," he added. "Through good times and darker periods, your credit union is a best friend who makes your life easier. Mobile apps, collaborative ATM and branch networks, and partnerships with FinTechs mean your experience is more convenient and personal than ever."

Schools also added credit unions care about the communities they serve, credit unions in Virginia made a $20.7 billion positive impact on the state economy.

"Credit unions are growing as more people realize the benefits of belonging, and our sustained growth illustrates the value that comes from welcoming people from all demographics and income levels," he wrote. "We do advertise — that’s true — because telling the credit union story matters, and it’s important for people to know there is a credit union friend waiting to help them thrive financially."