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In today’s increasingly competitive financial market, it’s more important than ever for credit unions to remain relevant and differentiated. There’s no question that over the last several years, credit unions have been at a crossroads, looking to keep stable market share and future-proof their business model for a younger generation. And while there are many strategies to enhance a credit union’s competitive edge, one important (yet often overlooked) strategy is private deposit insurance.
Simply put, ALEC Credit Union would not exist without private deposit insurance. Our credit union started as an idea, one without sufficient capital to make our vision a reality. All along we hoped we could find a better way to support the financial well-being of our sponsor company – but that wouldn’t have been possible without private deposit insurance, which is the route we chose in 1989 to help get our credit union off the ground.
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