We all have places where we’ve established long lasting business relationships over time, whether it’s with our hair stylist, the local nail salon, or our neighborhood coffee shop. These are places where we’re recognized, they may even know your name, and probably know exactly what you’re looking for the moment you stop in. You’re comfortable being there and conversation flows easy from you as well as from them. You’re one of the regulars they talk to when a new product is being launched, or a new service is being offered. So you know a little bit more about them than their average customer and that makes your business relationship special . . . one based on respect and loyalty.
Now think about the type of relationship you have with your financial institution. Do they greet you by name when you arrive? Are they keenly aware of your financial goals? When they launch a new product, or have a limited time promotion, are you one of the first to know about it? If your answer is “No” to questions like these, then it may be time for you and your financial institution to take the next step in your working relationship.
The best relationships are the ones that benefit each of the parties involved, so establishing a robust relationship with your financial institution will not only quickly improve your short- and long-term financial goals, but also help the institution guide you in choosing the best building blocks to help you get there.
- Make your presence known at your local branch. While online banking has become convenient and popular, physically visiting your financial institution will bring benefits to you. It will help you establish first-name relationships with the managers, the loan officers, and each of the member service representatives. Credit unions are the best because as a member you are actually an owner of the institution, not just another account holder.
- Clearly articulate your personal and business financial goals. Make sure your credit union understands your plans and concerns. Let them know of any changes so they can help you in making the best decisions for ever improving financial health. The better the branch knows you, the stronger your link to your financial objectives.
- Create an environment of teamwork with your credit union and build a solid financial history. This effort is a two-way street. You will rely on the support and backing of your branch, while they also rely on you to make deposits and timely loan payments. Together with your own financial vision along with your banker’s expertise, you’ll be well down the path to accomplishing your goals before you know it.
- Relationships are built on trust, which means you and your banker both need to be as open and honest as possible, even when the news isn’t all good. Your credit union is there and positioned to help you both in good times as well as not such good times. Let them know when irregular issues arise and be perfectly candid when articulating your circumstances.
Autumn, a season of change, is an ideal time to upgrade your mind set about how you view your financial institution. For most people, this is not a relationship they may have thought of cultivating. They look at banks and credit unions as a place where on payday they deposit their money, incrementally take it out, and occasionally apply for a loan. But financial institutions are so much more than simply deposits and withdrawals. They are there to breathe life into your dreams and to build your framework of true financial freedom. When it comes to money and its management, they are the skilled professionals; they are there to educate and support you, so take full advantage of their offer of expertise.
Paradise Valley Federal Credit Union is here to assist you with your financial ambitions, a few whims, and seriously detailed goal setting. Remember the saying, “closed mouths don’t get fed,” as we recommend setting up regular meetings to discuss your challenges, explore various financial opportunities, and to voice any of your concerns. This will assure that you stay in the driver’s seat as you continue to hit each of your milestones along your road to financial independence.