Back to Basics: The Local Credit Union

I've always felt this way and now I have the facts and figures to back it up.

I've been banking with a Credit Union for eons. I opened my first checking account at 16 when I started a part-time job as a Pinkie at Maryland General Hospital.

Now, those were the days. Was I was rolling in the dough, or what? Making $6.25/hour and not a care in the world (read; bills!), I bought all the AVON I could fit into my room; Sweet Honesty was my signature fragrance back in the day. I was queen of the designer jeans, jordache, sergio valente, sassoon....but, I digress.

And yes, I do know I'm dating myself, because I don't think you can open a checking account today if you're under 18, right?

Anyways, my point is that I've always been partial to Credit Unions and because of that, I've kept my same account active since I first opened it more than 20 years ago.

My primary reason has been that I like banking there. They're a friendlier bunch and I don't feel like just an account number there. Although I still need to present ID w/each and every transaction (cause it's the CU law, and I'm O.K. w/that), they know me there. They know me and they know my girls -- the girls who are always hanging out of my SUV like Pavlovian dogs waiting for those lollipops to miraculously (still!) emmerge from that little glass enclosure thingee...oops, fodder for another post.

I also love my Credit Union because it costs me less to bank there than at a bank.

Case in point, when I lost my mind for a minute and opened a secondary account at a bank some years ago, I had the misfortune of bouncing a check (or two, or three...). Man, was I in for one heck of a ride! The fees were (for lack of a more descriptive word) hilarious. I paid them and closed that bank account quick, fast, and in a hurry.

Additionally, Credit Union rates on car loans, CDs, mortgages are generally more competitive than other lenders.

In other words, Credit Unions are looking mighty good right about now, don't you think?

Well, I do, and here's why:

• Credit Unions are member-owned and not-for-profit institutions. They exist to serve their membership, not to make a quick buck from shoving "creatively-structured" loans down their members' throats. Whoa, Nellie!

• Credit Unions are (and continued to be during the mortgage/housing heyday) more conservative than other lenders (huh? I need a job to get a mortgage?!) and keep a greater percentage of their loans in-house vs. selling them on the secondary market to Fannie and Freddie. We're talking upwards of 70%!

And so, what have we seen in the first couple months of this year?

Mortgages at Credit Unions grew faster than all other loans -- at a time when mortgage losses have forced other lenders to significantly scale back or close their doors entirely.

Hmmm...I knew it all along and I'm loving my Credit Union right about now.

Looking to buy or sell in Bel Air or surrounds? Visit your local Credit Union for a pre-approval, then contact me so we can get started.

Lanette Branch, Realtor with RE/MAX 1st Advantage Bel Air

It's a pleasure to be of service.