GTE Financial Difference for Members

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. 
  • Non-for-profit: Unlike for-profit banks, the more we earn, the more we look to return with lower rates, higher yields, less fees and new products. 
  • 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.  
  • Unlike a bank or fintech, we are a not-for-profit financial institution focused on returning earnings back to our members with lower rates, yields, less fees, and innovative products & services. 
  • Our board of directors are unpaid volunteers that are also GTE members, elected by our member-owners. The credit union structure helps ensure we make decisions with members’ interests in mind. 
  • We are locally owned and operated and are wholeheartedly invested in our local community. 
  • Giving back is also fundamental to why we exist. See our story!
  • We are not a sleepy credit union. We offer the latest technology and banking innovations, including an award-winning, top-rated Mobile App, only available at GTE Financial. 
  • We have convenient locations where you can bank in-person. Or, members can also complete almost every type of banking need online, with live chat or by calling in! 
  • Our member service teams are local and top-rated – unlike some fintechs, we don’t just rely on bots or online assistance. Real humans are here to assist and provide advice.     
  • We are federally insured by the NCUA, a federal agency that regulates and insures credit unions, guaranteeing up to $250,000 per person, per institution, per ownership category. Check out the Share Insurance Estimator for more information.
  • If a financial hardship occurs, perhaps a medical emergency, storm or a job loss, our We Can Help team is ready to assist. Don’t go to a debt settlement company. Come to us for help!
  • There’s no product you need that we don’t have a solution for – seriously! We are a trusted leader in affordable lending, building credit, youth accounts, student scholarships, savings accounts, rewards, insurance, investments, title and more. 
  • Own a small business? We are local relationship bankers that are responsive, available and fast to get back. Big banks can leave small companies behind. We want to lock arms and help you grow. 
  • We also offer free financial literacy, whether you are member or not! Checkout the ‘Education’ button in our main menu, available to anyone and everyone.
Banks
  • Banks are for-profit institutions. Their bottom line is often the top priority, answering to paid executives and shareholders, not necessarily their customers. 
  • Credit unions have members. And banks have customers – there is a difference. When you join a credit union, you become a member-owner, able to elect the board of directors. Bank customers have no ownership in their institution. 
  • While banks may have a location on every corner as well as large marketing budgets for advertising and incentives, operating expenses can get passed down to customers in the form of higher fees, fewer free services and higher loan rates, making it more expensive for borrowers and less advantageous for savers. 
  • 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. 
  • Unlike credit unions, banks are typically not as immersed in their local communities. Banks are often national and have a broader focus, while credit union’s look to support the smaller communities they serve.   
  • 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.
  • 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.  
Fintechs
  • Fintechs often focus on limited banking services, touting less fees and lower costs. Customers are often able to open an account quickly with little restrictions. 
  • However, not all fintechs are insured. While they may have a contract or may broker with a financial institution who is NCUA or FDIC insured, coverage may not be as comprehensive and may leave your money more vulnerable in certain circumstances. 
  • Many fintechs are startup companies, meaning they are relatively new businesses, with a higher risk of failure and less financial stability. 
  • Fintechs also rely heavily on technology. Any financial institution can have a system outage, or a bug in their software that disrupts service, but when a company is digital only, accessing your accounts and money could be further restricted.
  • Reliance on technology and the digital nature of fintechs also can mean little to no personal interaction and support with real people. Many fintechs rely on chat, bots and AI to address customer service needs, without the ability to talk to a person. 
  • Some fintechs may fall into the shadow bank category, a financial institution that operates outside the traditional banking framework. They may perform functions similar to a bank or credit union but are not subject to the same regulations and oversight.
  • Privacy concerns. Ensuring the protection of consumer data is a major regulatory focus in the financial industry. When fintechs can operate outside of that regulatory focus, your personal and financial data could be more exposed.

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