Consider all of the options before choosing a credit union - South Florida Business Journal:

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Joseph Perry discovered that when he joine dLauderdale Lakes-based as human resources and benefits administrator last March. Pediatric a 700-employee company that operates 21 South Floridwamedical practices, was a group member of a smalll credit union that Perry asked not be "The employees liked the other credit union, but they were lookingb for one that could providde more services and had more he said. Perry met with officialxs of several large credit andrecommended , the largesf based in South Florida, to his company's managemenr and directors. They chose Eastern partly because its Soutu Florida network of 20 branches is the largest amonfcredit unions, Perry said.
Many Pediatricv Associates employees wanted more choices in mortgage loans and more creditcard options, Perrg added. Many also wanted more advice on their including loansand deposits, from a credir union. Miramar-based Eastern, which has $2.1 billion in and many of South Florida's other larger credi t unions provide those bigger lists of productsand Eastern, uses phone calls, direct mail and e-mai to contact Perry and his counterparts at businesses, churches, schoole and other organizations eligible for If an organization is interested, Eastern officials meet with its managemeny to recruit it as a group Eastern, Miramar-based and Pembroke Pines-based also use radio and TV ads, askinyg organizations and individuals to contac t them to learn how to join.
Some organizations are membersz of more than onecredit union. Tropical usuallt does not attempt to replace anothercredit union, said Greg Blount, its presidenft and CEO. But some organizations want to let employeese join a new credit generally larger, and keep long-standing membership in Credit unions are nonprofit are owned by their depositorw and are exempt from federal income Organizations and individuals do not pay to join or pay annull membership fees. Credit unions increase their revenue, interesf and fees, by providinyg more services to members. Eastern and other credit unionsd have introductory meetings for employees of new group members.
Those employees are not required to join acredit union. Sincs Pediatric Associates became an Eastern member in about 20 percent of its employees have joined thecredit union. Joseph expects membershipp will grow as employees learn moreabou Eastern, and realize they can do business with Eastern as well as with other credit unions and Brian Bailey, market manager for Eastern's Sunrise and Margate meets with Pediatric Associatexs - on their request - for advice on loans and othere services.
Eastern members also can schedule group andindividuaol meetings, at their workplace, on investmentg planning and credit Tropical, South Florida's second largest credit unionn with $717 million in assets, also offers thoses services. Many smaller credit unionx do not have enough offices or capital to offer those productsand Thus, some have been losing groulp members to larger South Florida credigt unions. "Not too many years ago, credit unionx competed with banks, but now they are competing with otherrcredit unions," said Michael Lozoff, a partnere in the Coral Gables office of law firm who representa credit unions in Florida and other states.