"Credit Unions are a great place to do business” says Joe Arnold, President & CEO of Carter Credit Union.
Credit Unions were founded on the principal of “People Helping People” and this principal is embraced at Carter and the rest of the credit union industry. Serving local communities since 1954, one of Carter’s top priorities is to always provide the products, services, and technology that best fit your personal and/or business needs.
Credit unions are often a misunderstood entity with many believing that they only serve your auto loan and savings account needs, or that you have to work or live in a specific area. “This is often not true of many credit unions, and it’s certainly not true of Carter. We can serve people from coast-to-coast, and we offer every product and service that your local bank offers. That also includes business lending and commercial deposit services. We’ve really made significant investments in our systems and people in the commercial space so that we can bring the value proposition that people are used to on the consumer side to the business side.
I don’t think any of the mega-banks that have been used to paying nothing on deposits while charging considerable fees will like the way we operate, but I bet local business will.” Because of the credit union’s not-for-profit status, credit unions offer financial products on the most favorable terms it can afford to offer. “The average credit union has better rates and fees than the average bank, and that is a fact. I believe folks in our community would be better off doing more business with a local credit union, and there are several great credit unions to choose from.”
Arnold is passionate about advancing the credit union difference and brings more than 18 years of financial experience to the leadership position. When asked how things have changed in the financial industry over the years and how things may change going forward, Arnold had this to say: “Technology is having huge impacts on all industries. It’s now possible to do virtually all of your banking with most banks and credit unions on your phone. The advances in technology are not just impacting how consumers do business with banks, but it’s also changing how banks serve their customers. For example, lending decisions at most banks are now completely automated. For those with excellent credit, this is great as you’ll get a response in as little as two seconds. But what about the 50% of Americans that have less than excellent credit? I believe these ‘advances’ in technology are really playing into Carter’s favor because we see value in keeping the lending decision-making local and by humans. Some may see our process as old-fashioned, but for those people whose lending profile doesn’t fit perfectly into a bank’s computer model, we’re there to help.
Arnold leads 7 locations, with the newest in Bossier City at 2901 Meadow Creek. “Many of our long-time members that have moved to Bossier over the years have been asking when we would open an office closer to them, so we are excited to finally have an office in Bossier City and look forward to growing with the community for many years to come.”
As some of the mega-banks have decided to slowly reduce their presence in Northwest Louisiana, Carter is more than happy to help fill the void. Plans for a south Shreveport location are already underway and expected for a 2019 opening. Arnold joked, “It took Carter 29 years to open it’s second location, but progress seems to be moving along a little faster these days.” For those residents looking to upgrade their banking provider, the progress can’t happen soon enough.