Bob Underwood, MD (Host): Welcome to Talking Cents with Heritage, the podcast where we make sense of your finances. I'm your host, Dr. Bob Underwood. And today, we have a special guest, Ben Griffin, Senior Relationship Banker at Heritage Federal Credit Union. Join us as we delve into the world of banking, discuss the differences between credit unions and banks, explore membership eligibility, and uncover what sets Heritage apart from the rest? Get ready to level up your financial game with Talking Cents with Heritage. Ben, thanks for being on today.

Ben Griffin: Absolutely. Thank you guys for having me.

Host: So, recently, I actually talked to Kendall Hurt, Strategic Engagement Advisor at Heritage, and she talked about community involvement. And then, I noticed that you on social media were helping sponsor the Ronald McDonald House, so it was really great to see Heritage making a difference in the community, just like she said.

Ben Griffin: Yeah, absolutely. We stay really involved in the community, and we like to help out when we can.

Host: Yeah, that's awesome. Now, let's get into some discussions about credit unions. I think one of the big questions that's on a lot of people's mind is what's the difference between a credit union and a bank?

Ben Griffin: Of course. It's a really good question. Banks are for-profit institutions that will typically have investors while credit unions are not-for-profit institutions. A credit union is owned by its members rather than by shareholders and typically has more affordable financial solutions. Credit unions return profit to members in the form of excellent rates or savings and loans and low or no service fees.

The FDIC provides government-backed insurance for banks, that's private banks. And deposits at a credit union are insured by the NCUA, so you can feel secure in your decision to choose a credit union.

Host: So, can anyone join a credit union? Is it difficult to become a member?

Ben Griffin: No, it's not difficult at all to be a member here at Heritage or just a credit union in general. You can visit heritagefederal.org/membership to make sure you are eligible to join by checking to make sure you live, work, worship, or attend school within one of our counties that we serve in Indiana, Kentucky, or Illinois. And then, if you're eligible, you can just join online right from your phone. It's really easy.

Host: Yeah. So, I travel a lot. Does banking at a credit union mean that I won't be able to access my account while I'm traveling?

Ben Griffin: No, that's incorrect. So, with new technologies and our digital banking, you can have access to your accounts anytime, anywhere at Heritage. Some of our checking accounts offer actually free ATM reimbursement. So, even if you need to visit an ATM while you're traveling, you can avoid the fee. Heritage's digital banking app is like a virtual branch. That's kind of how we like to market it to our members. You can conveniently access your accounts from wherever you are. And with new features, you can chat with our employees to help you with any of your needs.

Host: Does that include international travel?

Ben Griffin: It sure does.

Host: Okay. So, some people might assume that a local credit union might have less advanced technology compared to a larger bank. So, how does the technology at Heritage Federal Credit Union compare? And is it up-to-date when you consider modern banking standards?

Ben Griffin: Yes. That's a wonderful question as well. It really is a common misconception that credit unions have outdated technology. However, Heritage has made it their mission to improve lives and simplify banking. And we do this through updated technology, increased security, all while maintaining close relationships in the community.

Here at Heritage, we can print debit cards in our branches within minutes, so you don't have to wait for a card to come in the mail or wait 10 days for them. We also utilize express teller stations, and this is a step into the future of banking. It allows us to free our staff up in the branch and focus more on your advanced needs right then and there.

Host: So, what really sets heritage apart from other financial institutions?

Ben Griffin: Our new branch model has transitioned away from the traditional teller lines you have seen in banking for decades and creating an open, welcoming space that connects us even more with our members. This new modern design has allowed us to have better face-to-face interactions and decrease wait times with express teller stations.

As we discussed earlier in the podcast, Heritage is also known for being active in the community. We strive to volunteer and serve the community we are established in. Through our efforts, we have created a membership base that continues to choose us for generations.

Host: Absolutely. It's great to bank at an institution that really is part of the community. As we close, is there anything else you'd like to add about Heritage?

Ben Griffin: No I just really advocate for Heritage, and it's a great place to do your banking.

Host: Absolutely. So Ben, thanks for being on, and thank you for letting us know the benefits of credit unions and help us to understand what sets Heritage apart. And to our audience, thanks for joining us on Talking Cents with Heritage. It's been a pleasure having Ben Griffin, Senior Relationship Banker at Heritage Federal Credit Union, share his insights with us today.

And for more information, you can visit heritagefederal.org/about-us. That's heritagefederal.org/about-us. If you found this podcast helpful, please be sure to share it on your social channels, and be sure to check out the entire Talking Cents with Heritage podcast library.

Remember, knowledge is power when it comes to your finances. So, stay informed and empowered with Talking Cents with Heritage. I'm your host, Dr. Bob Underwood.

Disclaimer: Loans may be subject to credit review and approval, and property insurance may be required. Membership restrictions may apply. The views and opinions expressed in this podcast are those of the speakers, and do not necessarily reflect the views or positions of Heritage Federal Credit Union.