Q&A With a Local Lakeland Credit Union: Railroad & Industrial FCU

Lakeland is home to plenty of local financial institutions, but what exactly makes them so great? Lakeland Banking Rates recently interviewed a local Lakeland credit union to find out. Below is our Q&A with Railroad & Industrial Federal Credit Union.

In your opinion, what sets Railroad and Industrial FCU apart from other local financial institutions?

The biggest differentiation between us and other financial institutions is our personal service.

We pledge to be the best in the area, and overwhelmingly, our surveys indicate that we deliver what the member expects. Our credit union always has competitive market rates for both loans and deposits. In fact, our certificate rates consistently outperform the market average.

We have been in continuous business since 1935 and service the central Florida market area, specifically Hillsborough and Polk counties. Our checking account is free with direct deposit, unless the company itself does not offer direct deposit, then it is also free. Our savings accounts are fee free until age 25.

Do you offer your members online banking or online support?

We offer free online banking, online bill payer, free account eAlerts, mobile banking access and eStatements. We offer our online services free with either a checking or savings account (except bill pay). Our debit and credit cards have no monthly or annual maintenance fees.

What kind of community program does Railroad and Industrial FCU in and in what capacity?

We volunteer our time and talents with local National Cancer Society Relay for Life events, and credit union charitable events. We participate in NEFE high school financial education, National Teach-in and JA High School financial educational events.

Why should someone choose a small local financial institution over a well-known national chain?

When you bank with a credit union, you get all the services that you’d expect from a big national bank but you get a hometown feel. We are local and when you call you speak to a local person, not a large call center located elsewhere.

We belong to many national ATM networks that allow our ATM and debit cardholders to access their funds with no surcharge fees. At Railroad & Industrial Federal Credit Union we are focused on the financial well being of our members, customers and their families, as well as the company groups we serve.

How does the web impact customers’ finances? Have you experienced a shift in walk-in vs. online members?

Online activity and service has impacted our members and how they conduct their banking transactions. Although we have seen a decrease in lobby traffic, just as many members have just expanded their service levels by utilizing all available sources.

Does Railroad and Industrial FCU offer any financial education?

On an as needed and requested basis, we offer seminars on mortgages, first time home buying, car buying and getting out of debt.

What is your most popular deposit product and what are the requirements for opening this account?

Our most popular deposit product, other than checking, is our 12-month or 1 year Certificate of Deposit (CD). The 12-month certificate can be opened with as little as $500. This product continually outperforms market average for dividends/interest and members use them to ladder their funds so that they have cash available if needed.

The National Credit Union Administration (NCUA), which is the insurance fund for credit unions much like the FDIC (Federal Deposit Insurance Corporation), is for banking insures certificates up to $250,000.

Do you offer Free Mortgage or Auto Loan quotes? If so, what are the steps for a consumer would take to obtain a no obligation quote?

Yes we offer free mortgage and auto, motorcycle, boat and recreational vehicle rate quotes. All you need to do is call or go online and request the information. If you call one of our member service representatives will have a financial representative quote your rate depending on LTV, term, amount borrowed and year make and model of vehicle. Our Mortgage Specialist will quote the rate within 5 minutes of the call. We also are certified for FHA Loans. We are an equal housing lender.

What are typical turnaround times for a mortgage loan and auto application to be processed and funded?

Mortgages can take from 30 to 45 days. Other personal loans (auto, boat, recreational vehicle and motorcycle) are generally approved and funded within one business day.

How have the recent changes in service fees with banks positively or negatively affected your institution?

Recent news about service fees from banks has definitely benefited us. We have seen an uptick in membership and in new checking accounts.