The following is an excerpt from an article that ran in the June 14 – June 20 Atlanta Business Chronicle Financial Quarterly special section on credit unions, featuring interviews with leaders from credit unions around Georgia. Georgia Credit Union Affiliates, the trade organization for credit unions in the state, coordinates this section each year.
As a resurgent economy has fueled lending for everything from homes to autos and businesses, credit unions are working to attract more deposits to maintain high standards for liquidity.
Many credit unions are enticing members to keep their money on deposit longer with products such as higher-rate CDs, reverse tier money market accounts, savings accounts that pay higher rates and reward for checking accounts.
‘Everybody increased their rates and their was basically phenomenal loan growth last year and we started seeing the liquidity crunch in the market was great,’ said Kabir Laiwalla, CEO of Platinum Federal Credit Union.