Financial Plus Credit Union, with its long-standing history and commitment to serving its members, has established itself as a trusted financial institution. Originating nearly a century ago, this credit union has evolved over the years to adapt to the changing needs of its members while staying true to its mission of providing exceptional financial products and services. Its focus on member satisfaction and community involvement has positioned it as a go-to financial partner for many. In this review, we delve into the various aspects of Financial Plus Credit Union, exploring its products, services, customer feedback, and more, to provide a comprehensive overview for potential members.
Financial Plus Credit Union Pros and Cons
Financial Plus Credit Union offers a variety of benefits that cater to the diverse needs of its members, yet, like any financial institution, it has areas where it could improve. Below are some pros and cons based on customer feedback and industry standards.
Pros:
- Community Focus: Financial Plus is highly regarded for its commitment to the communities it serves. This dedication is reflected in their personalized customer service and involvement in local initiatives, making members feel valued and supported.
- Wide Range of Products: Offering everything from checking and savings accounts to loans and investment services, Financial Plus caters to a broad spectrum of financial needs, making it a one-stop-shop for many members.
- Convenient Online Banking: With a robust online platform, Financial Plus allows members to easily manage their accounts, make payments, and access services from anywhere, enhancing the banking experience for tech-savvy customers.
Cons:
- Limited Geographic Reach: As a credit union, its physical branches are limited to certain regions, which can be a drawback for members who travel frequently or relocate outside of these areas.
- Complaint Resolution: While Financial Plus generally receives positive reviews, there have been instances where customers expressed dissatisfaction with the resolution of their complaints. This aspect could impact potential members’ perceptions of the credit union’s customer service quality.
- Fees and Rates: Some reviews have pointed out concerns regarding fees and the competitiveness of interest rates offered on loans and savings. Members looking for the best financial returns might find this to be a significant consideration.
In sum, Financial Plus Credit Union presents a compelling option for those seeking a community-oriented financial institution with a comprehensive range of services. However, potential members should weigh these advantages against the limitations, especially if they require access to physical branches nationwide or are seeking the most competitive rates in the market.
Financial Plus Credit Union Products and Services
Financial Plus Credit Union stands out for its wide array of financial products and services tailored to meet the diverse needs of its membership base. From everyday banking needs to long-term financial planning, Financial Plus offers solutions designed to support the financial well-being of its members. Here’s an overview of their core offerings:
- Savings and Checking Accounts: Members have access to a variety of savings options, including regular savings accounts, money market accounts, and certificates of deposit, all designed to cater to different savings goals and preferences. Their checking accounts are known for being user-friendly, offering features like online banking and mobile app access for convenient account management.
- Loans and Credit Solutions: Financial Plus provides a comprehensive suite of lending products, including personal loans, auto loans, mortgages, and home equity loans. Their competitive rates and personalized service make them a preferred choice for members seeking financial assistance for major purchases or personal needs.
- Online and Mobile Banking: Emphasizing convenience and accessibility, Financial Plus has invested in a robust online banking platform and mobile app. These tools allow members to manage their accounts, pay bills, transfer funds, and more, all from the comfort of their home or on the go.
- Investment and Retirement Planning: For those looking to plan for the future, Financial Plus offers investment services and retirement planning assistance. Whether it’s setting up an IRA, exploring investment options, or seeking advice on retirement planning, members have access to resources and expertise to guide them.
These products and services highlight Financial Plus Credit Union’s commitment to serving as a comprehensive financial partner for its members. By offering a mix of traditional banking services and innovative financial solutions, Financial Plus aims to meet the evolving needs of its community.
Customer Reviews
When evaluating Financial Plus Credit Union, customer reviews offer invaluable insights into the institution’s operations, service quality, and overall satisfaction levels. Reviews from various platforms present a mixed bag of experiences, reflecting both the strengths and areas for improvement of Financial Plus.
Positive Aspects Highlighted by Customers:
- Excellent Customer Service: Many reviewers praise Financial Plus for its outstanding customer service. Employees are often described as friendly, helpful, and willing to go the extra mile to assist members with their banking needs.
- Community Involvement: Financial Plus is commended for its active role in the community. Customers appreciate the credit union’s participation in local events and initiatives, reinforcing its commitment to the community’s well-being.
- User-Friendly Online Banking: The convenience and ease of use of Financial Plus’s online banking and mobile app are frequently cited as positives. Members enjoy seamless account management, bill payments, and fund transfers, highlighting the efficiency of digital services.
Areas for Improvement Noted by Customers:
- Resolution of Complaints: Some customers have expressed concerns over the handling and resolution of complaints. Instances where issues were not resolved to the customer’s satisfaction suggest room for improvement in the complaint management process.
- Fees and Rates: A segment of feedback points to dissatisfaction with certain fees and the competitiveness of interest rates on savings and loans. This feedback indicates a desire for more favorable financial terms.
- Limited Branch Availability: For some members, the limited number of physical branches poses an inconvenience, particularly for those who prefer in-person banking services outside the main service areas.
Despite these concerns, the overall sentiment towards Financial Plus Credit Union is positive, with many customers highlighting their long-term satisfaction with the institution’s services. The credit union’s dedication to its members and community, coupled with a comprehensive suite of financial products, underscores its reputation as a reliable financial partner. However, like any institution, there is always room for growth and improvement, particularly in areas directly impacting customer satisfaction and financial well-being.
BBB Profile and Customer Feedback
Financial Plus Credit Union’s profile on the Better Business Bureau (BBB) provides a snapshot of its reputation from a regulatory and customer satisfaction perspective. Despite a few hiccups, the overall picture is favorable, underscoring the credit union’s commitment to maintaining high standards of business practices and customer service.
Key Points from the BBB Profile:
- BBB Rating: Financial Plus Credit Union boasts an A+ rating from the BBB, the highest rating possible. This rating reflects the BBB’s confidence in the credit union’s ability to interact and resolve customer issues effectively.
- Customer Complaints: Over the past three years, there have been a total of 2 complaints closed, with both being resolved in the last 12 months. This low number of complaints, relative to the size and scope of the credit union’s operations, suggests that significant issues are relatively rare and generally managed effectively.
- Years in Business: With 94 years of operation, Financial Plus has a long history that contributes to its stability and reputation. This longevity is indicative of the credit union’s ability to adapt and grow alongside its members’ evolving needs.
- Customer Feedback: Although the BBB profile does not showcase customer reviews, the absence of negative reviews in this context may suggest that members do not have significant grievances. However, the credit union’s responsiveness to complaints filed through the BBB demonstrates a willingness to engage with and address member concerns.
This BBB profile underscores Financial Plus Credit Union’s commitment to upholding high standards of customer service and business ethics. While the number of formal complaints is minimal, the institution’s proactive approach to resolution is commendable. As with any financial institution, prospective and current members should consider this information alongside other reviews and personal experiences to form a comprehensive view of Financial Plus Credit Union.
Trustpilot and Other Review Sites
When assessing Financial Plus Credit Union’s performance on Trustpilot and other review sites, consider the following approach to gain a balanced perspective:
- Overall Rating and Volume of Reviews: Start by noting the overall rating and the number of reviews. A high rating from a substantial number of reviews generally indicates positive customer satisfaction.
- Recent Reviews Trend: Pay attention to the trend in recent reviews. This can give you an idea of whether the credit union’s service quality is improving, declining, or remaining consistent over time.
- Common Themes in Positive Feedback: Identify common points of praise. Customers might frequently commend aspects such as customer service, ease of banking, loan options, or online banking functionality.
- Recurring Issues in Negative Reviews: Look for recurring problems or complaints. These might relate to fees, customer service experiences, difficulties with loan processing, or issues with account management.
- Response to Reviews: Observe how Financial Plus Credit Union responds to both positive and negative reviews. A proactive and thoughtful response strategy can indicate a commitment to customer satisfaction and a willingness to address concerns.
- Comparison with Competitors: Compare the credit union’s ratings and reviews with those of similar financial institutions. This can provide context on how Financial Plus stacks up against its competitors in terms of customer satisfaction and services offered.
Gathering this information will provide a comprehensive overview of Financial Plus Credit Union’s reputation among its members and the general public. It’s important to read through a variety of reviews to capture a full spectrum of experiences, as this can offer a more balanced view of the institution’s strengths and areas for improvement.
Cost and Fees
Understanding the cost and fees associated with banking services is crucial for members and prospective customers of Financial Plus Credit Union. While the specific details about fees and rates are not provided in this review, it’s important to consider common financial charges when evaluating any credit union or bank. These can include:
- Account Maintenance Fees: Some financial institutions charge monthly or annual fees for the maintenance of checking or savings accounts. It’s worth checking if Financial Plus has such fees and if there are ways to waive them, such as maintaining a minimum balance or setting up direct deposit.
- Loan Interest Rates: The interest rates on loans (auto, personal, or mortgage) can significantly affect the total cost over time. Compare Financial Plus’s rates with those of other credit unions and banks to ensure you’re getting a competitive deal.
- ATM and Overdraft Fees: Fees for using ATMs outside of the institution’s network and charges for overdrafts can add up. Understanding Financial Plus’s policies on these fees can help manage and minimize costs.
- Early Withdrawal Penalties: For products like certificates of deposit (CDs), there may be penalties for withdrawing funds before the term ends. Knowing these details can influence your investment decisions.
- Credit Card Fees: If Financial Plus offers credit card services, review the fees for late payments, foreign transactions, and annual charges, as these can impact the overall value of the credit card offerings.
It’s recommended to review Financial Plus Credit Union’s official website or contact their customer service for the most accurate and up-to-date information regarding their fees. Comparing these details with your financial habits and needs can help determine if Financial Plus is the right fit for your banking needs.
Conclusion
In evaluating Financial Plus Credit Union, we’ve navigated through its range of products and services, scrutinized customer reviews and complaints, and considered its standing on platforms like the Better Business Bureau. Financial Plus Credit Union manifests as a robust, community-oriented financial institution that prioritizes its members’ needs and strives to offer a comprehensive suite of financial solutions. With a high BBB rating and a history of resolving customer complaints effectively, it illustrates its commitment to maintaining high service standards.
While there are areas for improvement, such as addressing customer concerns more promptly and expanding its physical presence, the positives—like exceptional customer service, a strong community focus, and a versatile array of financial products—tend to outweigh the negatives for most members. Potential fees and the competitiveness of loan rates are important considerations for anyone thinking about banking with Financial Plus Credit Union.
Ultimately, whether Financial Plus Credit Union is the right choice for you will depend on your individual financial needs, preferences for in-person versus online banking, and the value you place on being part of a community-focused credit union. Like any financial decision, it’s prudent to weigh these factors carefully against your personal financial goals and needs.
Frequently Asked Questions
What are the benefits of banking with a credit union like Financial Plus?
Credit unions often offer lower fees, competitive loan rates, and a strong community focus compared to traditional banks. Members of credit unions like Financial Plus typically enjoy personalized service and a stake in the institution’s success.
How do credit union loan rates compare to those of traditional banks?
Credit unions generally provide more favorable loan rates for their members due to their not-for-profit status. This means that any profits are returned to members in the form of lower loan rates, higher savings rates, and reduced fees.
Can I join Financial Plus Credit Union if I live outside their service area?
Credit union membership is usually based on certain criteria, like geographic location, employer, or association affiliations. It’s best to check Financial Plus’s specific membership requirements to see if you’re eligible.
What types of loans does Financial Plus Credit Union offer?
Financial Plus Credit Union offers a variety of loans, including personal loans, auto loans, home mortgages, and home equity loans. Each loan type is designed to meet the different financial needs and goals of its members.
Is online banking available at Financial Plus Credit Union, and is it secure?
Yes, Financial Plus Credit Union offers online banking services to its members, allowing them to manage accounts, pay bills, and transfer funds securely online. They employ advanced security measures to protect members’ information and ensure a safe banking experience.
What does Financial Plus Credit Union’s BBB profile say about their customer service and complaint resolution?
Financial Plus Credit Union’s Better Business Bureau (BBB) profile highlights their commitment to resolving customer complaints, as evidenced by an A+ rating despite a small number of complaints. This rating reflects the credit union’s efforts to address and resolve issues brought forth by members in a timely and satisfactory manner. The profile also notes the institution’s long history, indicating decades of service to its community. While the BBB rating is an important indicator of customer service quality, potential and current members are encouraged to review the details of complaints and resolutions to understand how Financial Plus Credit Union handles specific issues.