Who Am I?

• I am one of 43 million Americans (US Census)
• I have experienced recessions, booms, bubbles, crisis and maybe even a depression
• I am capable of interacting on social media but prefer face to face communication
• I like programs and products designed specifically for my needs
• I am highly skilled, experienced and valuable in the work force
• I prefer to do business in buildings rather than online
• I don’t like the negative stereotypes and generalities assigned to my demographic

You got it right.  I am an “over 65”, productive, member of our society.  I will work longer than predicted, contribute more than expected and am prepared to work with companies and organizations that understand me, my needs and the things that make me “tick”.  But beware, I am not patient.  If you blow me off, make me feel “stupid”, “old” or simply lose your focus on me, I will go elsewhere with my business. If you do not believe that 43 million people is a large enough market for your attention, that is fine with us.  Here is one industry that has their eye on the prize!

This is why people over 65 love credit unions.

Credit Unions Have Local Branches (information provided by www.bankrate.com)

Each of the 7,300 credit unions in the United States has, on average, merely 3 branches.  That means that each credit union serves the local community well.   They understand the membership makeup as well as the local economy.  Credit union personnel work with their neighbors every day.

Credit Unions Provide Real People To Talk To When There is an Issue To Resolve

With a focus on membership services and service in general, credit unions specialize in individualized experiences.  If you can on the phone, you will get to a person.  When you go to a branch, you will have personalized attention.

Credit Unions Have Products And Programs Designed Specifically For Seniors

Credit unions specialize in providing specific insurance plans for seniors such as medical plans, final expense insurance and senior dental coverage.  In addition, most credit unions have customized banking perks designed for this market.  The following is an example of a complete program (Texoma Educators FCU):

No service charge on a Traditional Checking account
Unlimited check writing privileges
One free box of checks per year
Free photocopies
Photocopies of paid checks at no charge (limit 3 per month)
Overdraft Protection
50% off wire service in the USA
Free notary service
Free fax service in the USA
50% off the price of one safe deposit box
.25% discount on auto loans

Credit Unions Are Conservative Financial Institutions Owned By Members

When times were tough for financial institutions, as in 2009, 1/10 of the number of credit unions failed compared to banks (12 credit union failures vs. 120 bank failures). www.fins.com Typically, credit unions provide higher interests for savings accounts and lower rates for lending products.  Credit Unions stay away from predatory lending such as sub-prime loans and payday loans.  Their conservative investment strategies keep them safe when others are enticed by short terms, aggressive strategies.

So when it comes to selecting a primary financial institution to trust throughout our lives, look no further than your local credit union.  You will find many of us there, 43 million strong.  Here is a message to all of the other generations, x, y or millennial; “follow the leaders!”  lol 😉

PFP | The Family Security Plan® has been working in the credit union movement since 1973 and remains committed today to unite the nationwide community by bringing valuable information about the lives of over 400,000 credit union members who know us, like us and trust us to provide them and their families the foundation for a secure future.

For more information, email PFP | The Family Security Plan® at: theuplift@familysecurityplan.com

Written By: David J. Sussman Esq. CLU