“They sponsor school events, provide loans to budding local entrepreneurs and offer financial literacy programs for the underprivileged,” he says. “It comes down to a blend of personalized service, local community investment and good old-fashioned human connection.”įor example, says Knowles, the tellers at his credit union know his name, remember his favorite cinnamon swirls at the bakery next door and treat him as more than “just another account number.” He also appreciates that his credit union gives to the local community. digital banking at TopMobileBanks, a platform offering information about digital banking. “When I started frequenting a local credit union for my personal banking needs, I discovered a whole new side to the banking experience,” says Branson Knowles, head of U.S. In other words, credit union members invest in each other. And as nonprofits, credit unions return the money they make to its members by offering reduced fees, higher savings rates and lower loan rates, says the NCUA. Depending on the credit union, members may be part of the same group of employers, affiliated with the same organizations or live in the same geographic region. People who bank with a credit union (which is insured by the NCUA) are more than “customers”-they’re known as “members” or “owners,” and they all tend to share a commonality. The rising appeal of the credit union makes sense. According to the National Credit Union Administration (NCUA), the credit union system’s net worth increased in 2022 by more than $21 billion (or about 10%) to about $233 billion. But an increasingly popular banking choice is a credit union, a nonprofit financial institution owned and controlled by the people who use its services. SFCPD is asking anyone with information in regards to this incident to please contact the Spanish Fork City Police Department at 80.Or many people seeking a savings and checking account or hoping to secure a loan, a bank is their first stop. It is unknown if the individual responsible for both robberies is the same person. The first robbery occurred on and the physical characteristics of both suspects are very similar, authorities said. Police said this is the second armed robbery to have occurred at the credit union. Police are still searching for the suspect. Officers from the Spanish Fork Police Department and neighboring agencies arrived at the scene within seconds and searched the area, with assistance of canine units. The male left the area westbound on foot. The suspect is described as a Caucasian male, approximately six feet tall and weighs approximately 180 pounds with a slender build. The suspect was wearing a black ski mask, black sunglasses, black gloves, tan pants, a gray hat with a white front and a long sleeve blue shirt, police said. The suspect did display a handgun, according to police. and instructed the teller to place cash into a black and tan handbag he was carrying. SPANISH FORK, Utah - The Spanish Fork City Police Department responded to a report of a bank robbery Tuesday morning after the suspect allegedly displayed a gun and demanded cash.Īuthorities said a male individual entered the Pacific Horizon Credit Union at 375 E 300 S in Spanish Fork just before 11 a.m.
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