Good Neighbors Credit Union is opening another urban branch on the West Side. After a successful opening in the Horsefeathers Building back in August of 2017, the credit union is now setting its sights further west, on Grant Street. The next branch will open at 286 Grant Street, in the former New To You building. The building, and small parking lot were sold in November of 2018 for $240K.
Being a client/member of Good Neighbors Credit Union, I’m of the belief that this is another solid win for Grant Street. It’s important for West Siders, the refugee communities in particular, to have as many banking options as possible.
This city was once a hotbed for cooperatives, credit unions, etc. But over the years, the big business and banking institutions reigned supreme as people got away from their smaller, neighborhood sized commerce. But these days, customers are once again banking on community institutions that are highly competitive in offerings, pricing, services, protection, etc. In fact, my own dealings with Good Neighbors Credit Union have been better than I could have ever expected. When I switched over the balance of a car loan, it was not just the easiest transaction I’ve ever made, I also got a better financial rate.
According to a friend who is in the credit union business in Buffalo, one of the biggest problems that credit unions face is finding customers looking to take out loans. That’s why their rates tend to be lower – they don’t have the brand name appeal of the larger banking institutions, so they need to be as competitive as possible when it comes to their lending practices. Plus, credit unions are local, so your investments tend to circulate further in the community. It’s all about supporting small, local businesses – a philosophy that also pertains to credit unions, cooperatives, and the like.