…that Oak Trust Credit Union is a not-for-profit?
Yeah, seems funny that an institution aimed at making money is an NFP, but… it’s a critical difference in approach between credit unions and banks. While the goal is to make money, Oak Trust wants to make money for its members—not profits for disconnected shareholders.
…why Oak Trust’s interest rates are better and fees are lower than banks? We offer higher interest rates on savings accounts and CDs and lower rates on loans and credit cards because we are a not-for-profit. We get that our members are actually people, and we’re not looking to gouge you in order to score the highest profit. Also, as a smaller operation, we have lower overhead—which results in lower fees for you.
…that Oak Trust’s Board of Directors is all volunteer?
That’s right. Our entire Board of Directors is comprised of volunteers. Volunteers. As in “we do not get paid anything for the work that we do.” Their decisions do not create money for themselves—their sole focus is to make the right decisions for the members of Oak Trust. The goal is financial health for all… not financial wealth for a few.
…the CEO’s direct extension is on our website?
Seriously? Yup. In fact, it’s not only on the website, but right here: Jim Dean, President and CEO of Oak Trust, can be reached at 800.232.6728 x2924. Go ahead—give him a call. He’ll be happy to answer whatever questions you may have about Oak Trust. (But please no “Is your refrigerator running?” calls…Remember that Jim is working hard to serve you best.)