This article was provided by LGE Community Credit Union.
The success of a business depends on three major factors – managing money, planning for the future, and employee wellbeing. That is why choosing a financial institution is one of the most critical decisions a business owner can make. However, there are other options besides big banks. From opening a business checking account to providing employee benefits, credit unions offer meaningful solutions that some of the big banks can’t compete with.
Local to Roswell with branches throughout metro Atlanta, LGE Community Credit Union is one of those alternatives to big banking. Since 1951, LGE has been delivering personalized service with a dedication to the health and advancement of members’ financial lives and its communities.
What Are the Benefits to Businesses Working with a Credit Union?
In a Raddon Research study, business owners were surveyed about their preferred features when deciding on a primary financial institution. The most popular answers included customer service, convenient locations and hours, and user-friendly technology for online banking. Also noteworthy were the mentions of attractive rates, business checking options, and a wide selection of products and services.
- Variety of Financial Services – While some credit unions have long faced the misconception that they only offer a small selection of services, local credit unions like LGE can provide businesses banking services ranging from checking to lending and credit cards to merchant services. What the big banks can’t offer that credit unions can are options that best fit the organization’s specific needs, no matter the size. Whether a business is two years old or fifty years old, LGE can provide a variety of solutions tailored to them.
- Investment in the Community – Local credit unions invest in their community through small business loans, sponsorships, scholarships, and donations. Since 2010, LGE has invested over $1.45 million and over 2,600 hours into the area. With connections to more than 118,000 members and support from branches located within the city, decision-making at LGE is by a team member who knows the community and what the neighborhood needs.
- Digital Banking – Some business owners may feel as though major banks have the best online technology; however, credit unions have the ability to provide the same, if not better, easy digital account access. In addition to access to real-time account activity and easy fund transfers, LGE enables users to make instant deposits and pay bills online, has nationwide access to over 48,000 ATMs, 24/7 Smart ATMs at each LGE location, and offers instant issue debit and credit cards.
- Employee Offerings – Outside of just business banking services, LGE also works with employers to connect employees with the credit union’s products and services.
What Are Credit Union Benefits for Employers and their Employees?
Talent is hard to come by and sometimes even harder to retain. Turnover is not only a nuisance to productivity but costly as well. The Society for Human Resource Management (SHRM) estimates that the average cost of finding and replacing a salaried employee is six to nine months’ salary. It is no wonder that employers are often trying to find ways to keep employees happy with competitive pay and fulfilling work environments. However, benefits also play a significant role in keeping morale high in the workplace.
- Competitive Benefits – Employers working with credit unions is one such way to boost an employer’s benefits package successfully. First, credit unions offer employees the value of convenient access to services, like personal checking and savings accounts, competitive loans, and access to investment services.
- Individual Attention – Credit unions foster trust. In addition to the straightforward value of services, credit unions promote a relationship and partnership between employers and employees. This is why LGE has onboarding for all new members and takes the time to work with members individually to meet their specific financial needs.
- Dedicated Teamwork – The relationship between employers and the credit union is a true collaboration. They will come to the office to provide credit union services in-person to employees, promote the benefits that they may offer, and deliver promotional materials. For example, LGE provides company-specific web pages containing information for the contact at the nearest branch. As members are the shareholders, business owners have confidence that their employees are in good hands as everyone is working for the same team.
- Financial Wellness – One thing that many employers perhaps overlook, is the impact of providing employees with access to financial education resources. Provided by the credit union, financial calculators, educational materials, and other resources give employees access to the tools and information they need to feel more in control of their financial wellness journey. LGE goes a step further and hosts workshops for employees on specific financial topics, either face-to-face or virtually.
How to Find the Right Credit Union?
Overall, happy employees make better employees. When financial stress is reduced, team members become more productive and enjoy their jobs more. Working with a trusted credit union can positively impact both the employee’s and employer’s bottom line.
To find the best credit union for your business, owners should first research those in their area. The more local, the better, as geography will improve the experience for everyone. Next, define your needs and determine if the services offered match your requirements. Everything from customer service options to products, financial education resources to mobile apps, are factors that need to be considered.
Financial Center Manager
About LGE Community Credit Union
LGE Community Credit Union is a comprehensive banking solution for any size business. We are guided by a solid commitment to deliver a better financial future for our members. Visit lgeccu.org for more information. Federally insured by NCUA. Membership eligibility required. LGE Community Credit Union reserves the right to modify or cease products or services offered at any time.