Marketing

There has been a big move for consumers to move their money from big banks to credit unions. It’s important to understand the difference in which type of financial institution works best for you. Credit unions are similar to traditional banks in the sense that both institutions offer financial products to customers. The credit union members, like bank customers have access to checking and savingsaccounts, CDs, loan products and credit cards. A credit union does have two distinct differences from larger banking institutions. The first key difference is that a credit union is a not- for- profit organization. Since credit unions operate as nonprofits, they can offer higher interest rates of savings account and CDs, and lower interest rates on loan products and credit cards. The second keydifference, credit unions are member-focused. A credit union is a cooperative, which means it’s owned and operated by its members, as opposed to being owned by its stockholders like a bank. Your initial membership deposit makes you part owner of the credit union and gives you a say in the credit unions decision.

A major reason people started moving money from the larger banks tocredit union were the fees. VyStar Credit Union fees are much lower compared to Wells Fargo. One major fee that sets us apart is the overdraft protection fee. VyStar has overdraft protection programs that enable you to transfer funds from savings accounts or lines of credit automatically into your checking account should the account have less money in it than is necessary for all your checks, debitcard purchases, automatic withdrawals, and ATM transactions to clear. With the savings account and lines of credit it will transfer the exact amount you are short in the checking account free of charge in addition toavoiding an insufficient funds fee. Wells Fargo enrollment in overdraft protection is free. If you use overdraft protection, the fee to transfer funds to cover the overdraft depends onthe type of account linked to the checking account for overdraft protection. The fee is charged to the checking account that incurred the overdraft, uncles the overdraft protection is from a credit card, in which case the fee is charged to the credit card account. Per advance from savings, line of credit will be a $12.50 fee. The amount transferred from savings account is a minimum of $25.00 orthe exact amount of the overdraft if over $25.00. If the available balance in the savings is less than $25.00 or not sufficient to cover the overdraft, the available balance is transferred. Below is a comparison list of other fees each financial institution charges.


VyStar Credit Union Wells Fargo
|Cashier Checks |$2.00 and free for any over $500.00 |$10.00|
|ATM transfer fee |Free |$2.00 each |
|Temporary Checks |Free for 4 sheets of four checks |$3 for a sheet of three checks |
|Safe Deposit Drilling Fee |$85.00 (this is split between members if |$125.00|
| |appoints are schedule same day and time) | |
|Phone Bank Request |Free |$5.00 per item |



Having a clear understanding of the differences between credit union and banks thepaper will continue to explain the specific business issues in the workplace amongst Wells Fargo and VyStar Credit Union. The first issue is motivating employees; Wells Fargo uses a daily huddle in order to motivate the employees to get done what they need to get done. This is where all employees in the office for the day get together and speak about how they plan to meet their goal for the day....