Separating the apple from the oranges. The Tower Difference

The Tower Difference

From time to time, Tower will bring you articles about the Tower difference—how we stand apart from other financial institutions. We strive to always act in your best interests. We remain committed to creating value for all members and delivering it through service, honesty, low rates and fees. We believe that sound financial practices are best in the long run for you and for us.

Playing for Keeps

Unlike most lenders, Tower retains service of your mortgage throughout the lifetime of the loan. That means you know you are dealing with the same lending professionals at your credit union—not a revolving door of mortgage companies and call centers. Our entire lending staff is dedicated to providing the best member service possible, whether you have had a loan with us for one year or 20 years.

Because we keep the service of your loan, there are no disruptions in your payments. You always make your payments to Tower, and we offer convenient options like automatic payroll deductions and account transfers. You can also make payments at your local branch or by mail.

Not all lenders provide monthly statements. At Tower, your mortgage and escrow balances and other loan details are on your account statements, whether you receive paper copies or eStatements.

Come to Tower first for your mortgage lending needs. We have money to lend. See for yourself how our historically low rates, low closing costs, dedicated staff, and lifetime servicing of your mortgage loan make all the difference—the Tower difference.

We Continue to Lend

An article in the Wall Street Journal reported that in 2009, U.S. banks experienced their sharpest decline in lending since 1942. This is a source of concern, because declines in lending can impede the recovery of our nation's economy.

Unlike most financial institutions, Tower bucked the trend and continued to lend. In fact, over the past five years, we have extended $3.5 billion in new loans to Tower members. Of this total, $2.3 billion were new mortgages. Our commitment to the financial well being of our 125,000 members and the communities we serve has not wavered, despite the nation's financial woes and the decrease in lending by banks.

Simply put, we have money to lend and we are happy to serve the borrowing and other financial needs of our members with competitive rates and low fees to help make their financial dreams a reality. That's the Tower difference.

A Clear and Honest Credit Card

mastercardThe Credit Card Accountability, Responsibility and Disclosure (CARD) Act, enacted February 2010,was a sweeping new law that protects consumers against unscrupulous practices and overblown fees charged by credit card companies. The law sent some financial institutions scrambling to figure out how to comply with the new rules. Many said they would need to raise rates significantly to make up for lost fees.

Tower has never engaged in abusive credit card practices. We continue to strive to explain our services honestly and directly so members can understand them. The Tower MasterCard® delivers genuine value to members through a favorable rate, a generous grace period for payments, and low fees.

Unlike other credit card companies, the new law had little impact on Tower. It simply prohibited practices that Tower never engaged in anyway.

We Have Money to Lend

While many financial institutions have pulled in the reins on lending, Tower continues to provide mortgage and home equity loans, auto loans and credit cards for our members. Our responsible lending standards have remained steady, allowing us to avoid the subprime mortgage woes. Simply put, we have money to lend.

Our lending guidelines are based on sound business practices, and have remained firm year after year. Despite the economic downturn, we have not needed nor asked for a single dollar of government financial assistance. We continue to offer a wide variety of loans with competitive rates and low fees to help make our members' financial dreams a reality.

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