This is the first article in our series, Money Matters.
Nearly everyone interacts with a financial institution in some way 鈥� a checking or savings account, a mortgage or other loan, maybe some investments. But a lot of people could still use a little help navigating the crowded field of financial accounts, products and services.
Making financial information accessible and relatable has become a passion of sorts for Jeff Bentley. Bentley, president and CEO of , started his career working for several large regional banks, which he credits with giving him a deep appreciation for the differences and similarities between banks and credit unions.
Bentley describes his years in banking primarily as being focused on profit.
鈥淲e had shareholders to please. And frankly, you were incented to keep your job to make money,鈥� he said. 鈥淎nd so you found ways to enhance profits, whether it be prepayment penalties or fees 鈥� kind of 鈥榞otcha fees.鈥� 鈥�
Building a community among members
But after more than half his career, Bentley made a career shift in 2008, when he took his first job at a credit union. And right away he became aware of a critical difference. 鈥淲e鈥檙e focused on serving our members versus serving shareholders,鈥� he said.
鈥淲e鈥檙e not for profit, but we鈥檙e not against it,鈥� Bentley added. 鈥淵ou need money. You need resources to stay up to date with technology, and obviously to pay people and hire the right talent.鈥�
But the emphasis is not exclusively on profit at a credit union. Today, Bentley tells his employees that their chief goal is to build trust with Northwest Federal members, not drive profit for the credit union.
鈥淚f we can get the members to trust us, then even if we don鈥檛 get the product that day and we have to send them somewhere else where there鈥檚 a better opportunity for them, that鈥檚 fine,鈥� he said. 鈥淏ecause at that point, we鈥檝e built that trust. They鈥檙e going to tell their friends, their family, and at some point along the way, there鈥檚 going to be a product that fits them.鈥�
Credit unions aren鈥檛 the Wild West
Recent high-profile bank failures highlighted the importance of having accounts insured with the Federal Deposit Insurance Corp. to a maximum of $250,000. Credit unions have similar insurance through the National Credit Union Association, Bentley said. NCUA also provides coverage to a $250,000 maximum.
鈥淵ou鈥檒l find that across the board for the most part 鈥� between the FDIC and the NCUA 鈥� we鈥檙e regulated very similarly,鈥� he said.
Northwest Federal is 鈥渟uper, super conservative because we鈥檙e not trying to maximize profits. We鈥檙e not out there chasing a bunch of yields and risk,鈥� he said, calling the credit union rock solid financially because of how conservative it is about its deposits and investments.
鈥淚f you鈥檙e searching for a financial institution that will solve your financial problems or challenges, stop searching,鈥� Bentley advised. 鈥淕o Northwest.鈥�
To read more articles and listen to the full discussions in the 草莓传媒 Money Matters series, click here.
Northwest Federal Credit Union is insured by NCUA and an Equal Housing Lender. For more information regarding NCUA share insurance, visit . Visit for current rates and more information about products and services.
