The GTE Financial Difference

Why choose GTE Financial, a local credit union?

Today, financial service options have expanded beyond credit unions and banks to include fintechs and digital startups. As you shop benefits and incentives, it’s important to remember not all options are created equal or have your best interests in mind. Today, when human service, affordability, and security are paramount, credit unions often stand out as the best choice for many individuals, families and businesses. While you may have heard credit unions are less innovative, offer less services, less products, and less immediate access to your funds, make sure to research and compare! Credit unions have come a long way.

At GTE Financial, we strive to be the only financial partner you need!

Opened in 1935, GTE Financial is not a venture start-up or a publicly traded institution that may prioritize profit over people. Most alternative institutions have strong profit-focused goals or growth numbers that direct their decisions. We are a local not-for-profit, community-centric credit union that truly focuses on providing advantageous products with service you can count on.

Protecting your savings

Federally insured deposits. While some fintechs may say your deposits are insured, there may be unexpected loopholes that make your funds vulnerable.

Member-owned

Your interests direct our products and services. We are not owned by shareholders overly focused on the bottom line. Instead, our Board of Directors is made up of volunteer members of the credit union.

Not-for-profit

Community-focused

We are locally owned and operated. We give back locally, volunteer locally and you can talk to a real human locally, with extended hours. We love Tampa Bay and have a mutual interest in seeing our beloved community grow and thrive!

What is a credit union?

Credit unions are member-owned, not-for-profit financial institutions that prioritize your financial well-being over shareholder profits. With the “people helping people” philosophy, our decisions are made with member needs in mind every step of the way.

Is it hard to become a member of a credit union?

Absolutely not! While not everyone can join every credit union, many credit unions have expanded their fields of membership for a wide range of people and businesses to join.

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What’s the difference between GTE Financial, a fintech, digital startup or bank?

GTE Financial

You are a member-owner.
GTE Financial is a not-for-profit credit union.
When you join, you own a $5 share of the credit union and can vote on the unpaid Board of Directors that help guide the organization.

Banks

You are a customer.
Banks are for-profit institutions.
At some banks, the bottom line is often the top priority, answering to shareholders. Bank customers have no ownership in their institution.

Fintechs

You are a customer.
Fintechs are revenue-driven and acquisition focused.
If they are a startup, they will require fast growth to recoup costs and sustain vital capital, sometimes relying on numerous investors.

Stability and longevity

GTE Financial has been operating since 1935, proving long-term sustainability and safety in advantageous and challenging economies.

Most banks have also endured the test of time, being too large to fail. While bank failures have occurred, it is uncommon.

Many fintechs are startup companies, meaning they are relatively new businesses, with a higher risk of failure and less financial stability.

Credit unions are not-for-profit

Unlike a bank or fintech, we are a not-for-profit financial institution focused on returning value back to our members with lower rates, better yields, less fees, innovative products & personal service.

While banks may have a location on every corner, as well as large marketing budgets for advertising and incentives, higher operating expenses can get passed down to customers, making services more expensive.

Fintechs tend to focus on limited banking services, touting less fees and lower costs. Customers are often able to open an account quickly with little restrictions but may also experience less service and support options.

Supporting the local community

GTE Financial is locally owned and operated and therefore is wholeheartedly invested in the local community. We hire locally, and we support local economic growth. At GTE, giving back is fundamental to why we exist. See our story!

Unlike credit unions, banks are typically not as immersed in local communities. Banks are often national and have a broader focus, while credit unions look to support the local households and businesses they operate in.

While some fintechs make philanthropy a part of their mission, fintechs may focus more on business-to-business initiatives and may not be as visible or engaged in local communities, especially if they are virtual companies.

Service and accessibility

When it comes to service and accessibility, GTE Financial does not rely on AI-driven bots or self-serve-only options. You can talk to a real person 7am to 8pm, 7 days a week or visit a location. No matter how much you have in deposits or what services you use, we are here to help!

Banks can have more complex structures, bureaucratic processes and outsourcing, which might make it harder to get in touch with the right person, resolve issues or find solutions quickly. Some banks may also limit service options based on the extent of your customer relationship.

Because fintechs are often leaner on purpose and reliant on technology, they can lack some of the more traditional service channels such as call centers or retail branches to assist customers, which can mean little to no personal interaction and support with real people.

Technology and innovation

GTE Financial is not a sleepy credit union! We offer the latest technology and big banking innovations, including an award-winning, top-rated Mobile App built by GTE, only available at GTE. Due to our development roadmap, members can complete almost every banking need online, with live chat or by calling in, ensuring 24/7 access and convenience.
Accessibility:
Brick & Mortar Locations
Virtual Banking & App
Call Center & Live Chat
30,000+ Free ATMs

The perception is that big banks provide the best and most cutting-edge technology. While some banks have trillions in assets to reinvest in banking R&D, new rollouts must scale, which means they can take longer to go to market. At GTE, we can be nimble and adjust products and services based on member feedback, with new updates multiple times a year.
Banking accessibility is very similar to credit unions, but banks may offer a larger network of physical locations and ATMs.

Fintechs are known for being technology-driven innovators. They are often created to solve common banking pain points or to partner with larger institutions that utilize third parties to augment services.
Because fintechs typically do not have brick & mortar locations, or robust call centers, access is less diversified. While any financial institution can have a system outage or an issue that disrupts service, if a company is digital only, accessing your accounts and money can be further restricted.

Available products and services

There’s no product you need that we don’t have a solution for – seriously! We are a trusted leader in affordable lending, business banking, credit, savings, insurance, investment and title.

While banks have a broad lineup of products and services, including financial planning and insurance, many credit unions now offer like options and are just as technologically advanced.

Because fintechs often focus on doing one thing really well, it can mean you must use multiple businesses to get the holistic banking services you would find at a traditional banking institution.

Here to help - in good and bad times

As a not-for-profit, people-focused credit union, GTE Financial works directly with members who experience a financial hardship. If you have a loan with us, our We Can Help team created in 2010 is available to assist.

Not all banks have resources that enable loan deferment or modifications to help customers who may be struggling. Banks also may not promote services like Payment Protection or GAP to safeguard assets like GTE does.

Most fintechs will not offer customized options to assist customers who are unable to make payments. Instead, they may direct customers to other partners. Support is typically a one-size-fits all with a focus on automated solutions.

Keeping you and your money safe

Regulated and federally insured by the National Credit Union Association.
GTE Financial guarantees up to $250,000 per person, per institution, per ownership category. Check out the Share Insurance Estimator for more information.
Keeping members informed is a priority. Privacy policies are regulated and provided to members as well as published on our virtual channels for transparency.

Regulated and federally insured by the Federal Deposit Insurance Corporation.
Banks are federally insured and often have a long-standing operating history, so they tend to be very stable. As banks begin partnering more with startups and fintechs, this can add additional complexity and layers for the customer to navigate.
Privacy regulations are essentially the same as credit unions.

Not all fintechs are insured. While some fintechs may contract or broker with a financial institution who is insured, coverage be less comprehensive and may leave your money more vulnerable in certain circumstances.
Some fintechs also fall into the shadow bank category, operating outside traditional banking frameworks, so they are not subject to the same regulations and oversight. Privacy is an example where sensitive data could be more exposed without regulation.

Thank you for learning more about the Credit Union Difference and how GTE Financial is ‘going beyond money’ for our members and the community!