Soothe Members’ Economic Jitters

There’s never a bad time to remind the consumers why credit unions are the best choice.

It seems like everywhere I look these days, people are trying to convince me that the economy is headed for destruction. AARP recently reported a surprisingly high number of people over 50 with mortgage debt a typically stable age group and Dow Jones MarketWatch painted an incredibly bleak picture of the economic future, blaming most of the woes to come on the Federal Reserve Board Chairman Ben Bernanke. As I read articles and opinions like these, I can’t help but have the warning from the beginning of the Harry Potter and the Deathly Hallows Part 1trailer ringing in my head: These are dark times there’s no denying.

If it is in fact true that the economy is headed for another rough patch, the last thing people want is to be scared into a frenzy. Remember the scene in It’s a Wonderful Life? When everyone literally runs to their financial institutions in order to withdraw their entire life savings? And remember how that turned out ? Not well. Sometimes it’s best to put consumers minds at ease which is exactly what credit unions can do.

It’s never a bad time to remind your members why credit unions are a destination in the flight to safety. Especially with the boom in credit union membership in the past year or so, it’s more than likely that your newer members are unaware of just how safe their money is in the credit union. Other than a few very special exceptions, credit unions can’t and don’t invest in the Stock Market or any other kind of risky investments. In fact, most funds not secured in loans are invested in the government, which so far has been considered to be one of the safest investments in the world. Also, credit unions are not-for-profit cooperatives, meaning the members are in charge.

This being said members are most likely not engrossed in the financial world, so the warning and signs of bad things to come can create doubt and panic. Especially with this year’s Presidential election slated to be one of the most contentious yet, we should expect to see the economy’s potential downfall highlighted frequently in the coming months. Don’t be afraid to remind your members there’s nothing to fear, credit unions are here! And there’s no better place to weather whatever financial storm could be ahead.

January 17, 2014

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