Editor's note: The following letter to the editor is in response to Executive Editor Heather Anderson's Credit Union Times March 23 column, "Credit Union Principles Matter."
Oh how you over simplify for those of us who are financially illiterate. Consider these possibilities for your scenario:
1. The east coast credit union did not know you were a 25-year financially literate consumer;
2. The east coast credit union did not know you were a John Tippets disciple;
3. The east coast credit union did not know you had a great deal from your existing credit union;
4. If you were the average, financially illiterate consumer, their offer might have both lowered your monthly payment and save you money in the long run; and,
5. Even if the rate weren't better, if you were a single parent with rent, food and clothing expenses for your family, could $100/month help with your situation.
I am not sure all association affiliations are despicable. We generally do not use them in this credit union, but it is very helpful to car dealers who want to help us reach out to current nonmembers who can get a better deal from us than a captive or a bank. This gives us a chance to give them a better choice and we often get between 6-10% of them to respond to other services.
So maybe not all the details are bad. Just kind of depends how fortunate you may or may not be in your current situation.
Just another perspective.
James D (Jim) Holt
President/CEO
Mid American Credit Union
Wichita, Kan.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
