Behind every great business is a trusted financial relationship. In today’s economic environment, whether the company has two or 100,000 employees, the backbone to its success starts with a great partnership built upon believing in a business dream for growth and stability and making it come to life. At Suffolk Federal, a business’s banking needs have and always will come first.
As not-for-profit financial institutions, credit unions are vastly different from traditional big banks, with the exception of similar business offerings. It’s often said that walking into a credit union is like walking into a familiar place, where everyone knows your name. Customers are known as ‘members’ and have an economic interest within. Money is kept in the community, supporting “Main Street” entities, and ultimately, allowing lenders to be more flexible when it comes to business loans, financial options and support.
“At Suffolk Federal, we pride ourselves on loyalty to our members, who are also our neighbors and friends. This is why we make sure business relationships are front and center through proactive and personalized service,” said Thomas Perri, Suffolk Federal Assistant Vice President of Commercial Lending. “We are at an advantage because we have the option to consider factors which may not traditionally be used in a credit decision by larger financial institutions,” he continued.
Doing business with a credit union also means supporting the local community. Suffolk Federal has been a part of the Suffolk County community for over 50 years. In addition to continuous partnerships with area charitable organizations and nonprofits, the credit union recently awarded scholarships to Suffolk County Community College students. In addition, the credit union has become an official partner of the college in an effort to support Long Island’s younger generation and future business members. Efforts throughout 2019 resulted in nearly $100,000 in local donations. Most recently, with the Coronavirus (COVID-19) continuing to impact local communities,
Suffolk Federal supported healthcare workers and staff on the front lines of the pandemic as well as local businesses supporting their efforts by presenting a check of $7,500 to the Greater Port Jefferson Chamber of Commerce to benefit local “Healthcare Heroes” at both St. Charles and Mather Hospitals. The donation provided them with delicious and nutritious meals while lending a much-needed economic boost to local restaurants in the community of Suffolk Federal’s Port Jefferson branch.
While supporting the community as effective local financial leaders, at the same time, credit unions are also global. For banking “on-the-go,” Suffolk Federal members can complete basic transactions such as check deposits and obtaining cash withdrawals through over 71,000 surcharge-free ATMs in Nassau and Suffolk available through the Allpoint® Network, 24 hours a day, seven days a week. “There is often a misconception that since we are locally-driven, credit unions are not focused on technology and digital advances in the same way that big banks are, however, the complete opposite is true; because we have such a strong focus on members’ needs, we do in fact offer state-of-the-art tools, resources and accessibility because we know that’s what they deserve and expect,” said Perri.
Technology is a primary focus for many credit unions. Suffolk Federal provides its more than 60,000 members with a comprehensive web platform with streamlined design and efficient functionality and a mobile responsive, user-friendly experience. The credit union has also seen significant growth with usage of their latest digital-based technological mobile banking platform and electronic budget tools which enable business owners to have convenient access to banking services and accounts around the clock. Along that line, safety has and always will be a top priority; federally insured credit unions are backed by the National Credit Union Administration (NCUA), protecting up to $250,000 per account.
“Across the nation, credit union membership has reached a historic high with business owners recognizing their preference for personalized service experiences, custom tailored to specific needs,” said Perri. “In today’s environment, a joint focus on business member loyalty and vision for financial success is absolutely invaluable and could define success and growth for a business,” he added.