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9 comments:
Anonymous
said...
Nothing funny about the proliferation of Payday Lending across the nation. The credit union industry needs to get honest about what part of this problem they own.
Any honest appraisal of the current status of credit union industry would lead to a conclusion that many modern day credit unions should include Elite in their name.
When I drive down the road and see a credit union branch surrounded by Payday Lender, Check Cashing Operations,and Buy Here, Pay Here Lots, I can only conclude with so much need, something is wrong and credit unions may not be responding properly.
In defense of the banking and credit union industry, the Federal government has effectively nationalized the traditional financial services industry. In credit union defense many of their Elitist policies are a result of the regulator's harsh response to taking risks, and this defense could also be made for banks.
The shadow financial service industry is developing because capital sees an opportunity, and they are moving in on those that are the most vulnerable amongst us.
Lombard Street lenders are now on Main Street and becoming anchor tenants in many half vacant shopping centers.
The lack of an effective response is part of what they own of the problem.
First lesson is, you cannot be all things to all people. Check cashing operations have been around for three quarters of a century. They serve a clientele that prefers to do their financial transactions with cash. They do not want a bank or credit union checking account. No matter how hard you may try, that customer will forever use a check cashing business.
Second, the birth of payday lenders happened for a reason. Existing financial institutions were not providing a product hundreds of thousands of people wanted. How long does it take to get a short term loan at a bank or credit union? And how much information do you need to give them? Who likes being asked why do you need the money? Go to a payday loan store and in 10, 15 minutes you have the cash you need and you did not have to be embarrassed by a million questions.
Third, learn to be the best at what you are and do not try to be something you are not. Banks and credit unions do not want to cash check for non-customers. That involves risks. Check cashers take those risks. That is part of their business. Same with payday stores. Seriously, if you have a member or customer that needs some quick cash, do you really believe that they want the financial institution where they have a mortgage or car loan to know that they are struggling?
There are all types of financial institutions and each has a niche clientele. Serve them and you will be successful. Worry about what the other guy is doing or criticizing how they are doing their job means you are spending time not doing yours.
Sounds logical but as they say "the bad drives out the good"... and finance gets dumbed down from a profession of high trust to a carnival barker's shell game.
So at the cocktail party: Q: "What do you do for a living?" A: "I'm a financial shyster - but a rich one which fully lubricates any quilty conscience!"
9 comments:
Nothing funny about the proliferation of Payday Lending across the nation. The credit union industry needs to get honest about what part of this problem they own.
Any honest appraisal of the current status of credit union industry would lead to a conclusion that many modern day credit unions should include Elite in their name.
Interesting comment! Would like to know "what part of the payday loan program credit unions own"?
Guess second question is what credit unions should do with "the part we own"?
When I drive down the road and see a credit union branch surrounded by Payday Lender, Check Cashing Operations,and Buy Here, Pay Here Lots, I can only conclude with so much need, something is wrong and credit unions may not be responding properly.
In defense of the banking and credit union industry, the Federal government has effectively nationalized the traditional financial services industry. In credit union defense many of their Elitist policies are a result of the regulator's harsh response to taking risks, and this defense could also be made for banks.
The shadow financial service industry is developing because capital sees an opportunity, and they are moving in on those that are the most vulnerable amongst us.
Lombard Street lenders are now on Main Street and becoming anchor tenants in many half vacant shopping centers.
The lack of an effective response is part of what they own of the problem.
I take it you like what the CFPB is doing in terms of fixing the payday loan problem?
If you mean by fixing the problem the CFPB is increasing the number of Payday Lenders, than they are dong a great job!
Last time I checked, CFPB is a part of the Federal Government and by extension is a part of the problem.
Thought the reference to the CFPB might bring our commenter to the "Choke Point"....
Anyone like to like to weigh in on courtesy overdraft, bounce protection, or $40 NSF fees?
First lesson is, you cannot be all things to all people. Check cashing operations have been around for three quarters of a century. They serve a clientele that prefers to do their financial transactions with cash. They do not want a bank or credit union checking account. No matter how hard you may try, that customer will forever use a check cashing business.
Second, the birth of payday lenders happened for a reason. Existing financial institutions were not providing a product hundreds of thousands of people wanted. How long does it take to get a short term loan at a bank or credit union? And how much information do you need to give them? Who likes being asked why do you need the money? Go to a payday loan store and in 10, 15 minutes you have the cash you need and you did not have to be embarrassed by a million questions.
Third, learn to be the best at what you are and do not try to be something you are not. Banks and credit unions do not want to cash check for non-customers. That involves risks. Check cashers take those risks. That is part of their business. Same with payday stores. Seriously, if you have a member or customer that needs some quick cash, do you really believe that they want the financial institution where they have a mortgage or car loan to know that they are struggling?
There are all types of financial institutions and each has a niche clientele. Serve them and you will be successful. Worry about what the other guy is doing or criticizing how they are doing their job means you are spending time not doing yours.
Sounds logical but as they say "the bad drives out the good"... and finance gets dumbed down from a profession of high trust to a carnival barker's shell game.
So at the cocktail party: Q: "What do you do for a living?"
A: "I'm a financial shyster - but a rich one which fully lubricates any quilty conscience!"
Whaddayathink?
But we all know Jim there are some credit union managers who line up everyday for an oil change.
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