Tower FCU is one of only five Maryland credit unions included in the list honoring the top 3.5% of credit unions nationwide.
Forbes Magazine has released its list of America’s Best-in-State Credit Unions for 2020, honoring the top 3.5% of credit unions nationwide. Tower Federal Credit Union, Maryland’s largest federal credit union, was recognized as one of only five Best-in-State credit unions for the state of Maryland.
“We were thrilled to learn that we made the Forbes Best-in-State list,” said Richard Stafford, Tower’s President and CEO. Stafford says he credits Tower’s outstanding team of employees and their commitment to providing superior member service, along with the credit union’s full offering of low or no fee products and services, top-of-the-line online and digital channels, and focus on financial education and member give-back as the reason for its high survey scores.
Of the nation’s over 5,200 credit unions, only 182 were included by Forbes as Best-In-State Credit Unions for 2020. To create the list, Forbes and partner Statista surveyed more than 25,000 U.S. consumers about their banking relationships. The independent survey asked participants to rate credit unions at which they have or previously have had checking accounts.
Financial institutions were scored on overall recommendations and satisfaction, as well as five subdimensions (trust, terms and conditions, branch services, digital services and financial advice). Tower received a strong overall score of 88.
According to the Forbes website, “Members-only credit unions typically have lower fees and offer better interest rates than traditional banks, and the nonprofit model also puts the customer first, resulting in higher levels of satisfaction. But to get to the bottom of whose customers have the highest opinion of them, Forbes partnered with market research firm Statista to produce our third annual look at the Best Credit Unions In Each State.”
The final list ranks up to ten credit unions in each state. Only five Maryland credit unions received top honors.
“We are especially proud of this recognition, given the turbulence over the past few months brought about by the COVID-19 pandemic,” says Al Smith, Tower’s SVP of Member Services. “Assisting and serving our members during these difficult times has been a privilege, and our commitment to meeting the financial needs of our members has never wavered.”