first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr After being in the credit union industry for 28 years, I am amazed at how many credit unions of all sizes default to a “that’s too expensive” mantra. This could relate to anything from audit services, data processing, credit card vendors, cleaning services, compliance assistance, bank reconciliation, new member service programs, home banking, or practically anything on which the credit unions spend money. Have you ever thought of rephrasing it to just say, “I’m too cheap to spend the money.” Are you of the mindset that you always want the cheapest or least expensive option?  Be careful what you choose, as with many things in life, the cheapest option is not always the most cost effective way for the long term.As I called around recently to car repair places, including the dealership, to repair an issue on my vehicle, I was amazed the car repair place charged $139.99 an HOUR!!!! That is more than many professionals charge for an hour of service, except lawyers (but that is for another day). Of course I thought, “Where can I get it less expensive because I don’t want to pay that hourly rate?” However, after the initial emotional reaction, most people settle in to the idea of what is a reasonable cost to get it fixed, provide me a peace of mind and can I trust the mechanic.   That is the same in business with vendors. Where can I obtain a service, widget, or consultant that will provide the peace of mind with the service or product? Can they be trusted to have the credit union’s best interest at heart or are they driven for themselves. continue reading »last_img

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