South Floridians Increasingly Find Credit Unions Offer More than Traditional Banks

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Quietly, a major shift is taking place in the financial services industry. Over the past ten years, credit unions have emerged as a better alternative to traditional banks for people and businesses.

“Of the 103 million consumers who belong to a credit union in the U.S. roughly 28 million use a credit union as their primary bank.i The introduction of new technologies has leveled the playing field, so we are able to compete toe-to-toe with the large, impersonal banks,” says Richard Helber, President/CEO of Tropical Financial Credit Union. “Because we are not profit-motivated, we’re able to offer services and products at lower costs and deliver the highly personalized experience credit unions are known for.”

Tropical Financial CU’s technology meets or beats industry standards. Members can complete any transaction on its mobile platform, securely and accurately. They can make deposits, transfer funds, submit a loan application, check balances, turn on and off debit cards, digitally sign documents, pay third parties directly, and more from any device.

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A driver of southern Florida’s vibrant economic engine, Tropical Financial CU has assets that exceed $750M, so it has the financial strength necessary to meet the needs of the area. In addition to traditional consumer banking and lending, it is a reliable source of funding for major purchases, including estates and classic cars. On the commercial side, it has the lending power to provide businesses with commercial real estate and property loans, business lines of credit, and loans for company vehicles and equipment. Because Tropical Financial CU is locally governed,lending decisions can be made quickly.

Tropical Financial CU is a trusted source of objective financial advice and investment services to businesses and families. “We are well positioned to serve the specialized needs of high net worth investors, but we also have a passion for guiding people who are beginning to amass wealth,” says Helber. “From savings plans for college, to estate plans for wealth transfer, we are dedicated to work with our clients for their entire financial lives.”

Value - The Credit Union Difference

What makes Tropical Financial CU a better option is its value proposition. Credit unions are not-for-profit and governed by a volunteer Board of Directors who live and work in southern Florida. With no stockholders to pay, more earnings are available to put back into the pockets of members in the form better interest rates, lower fees, and state-of-the-art technology.

Its mission to meet the needs of the community compels Tropical Financial CU to help members become wise consumers of financial services and better managers of their assets. At more than 500 partnering companies and through online videos, it teaches and coaches on topics such as budgeting, saving, cybersecurity, and more.

“We don’t pay lip service to our mission. We look for ways we can improve the lives of our members,” concludes Helber. “Recently, one of our branch managers reached out to a member with poor credit who had been sold a lemon from an unscrupulous car dealer. The dealer had also arranged a loan at an exorbitant rate. The branch manager stepped in, negotiated the return of the car, and then used our auto buying service to get her into a safe, certified used car ata much lower interest rate. That’s a level of service difficult for a traditional national bank to offer.


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