Tower FCU was ranked Maryland’s #1 Best-in-State Credit Union for 2021 by Forbes Magazine, and was one of only five credit unions statewide to make the list honoring the top 3.6% of credit unions nationwide.
Forbes Magazine has released its list of America’s Best-in-State Credit Unions for 2021, honoring the top credit unions nationwide. Tower Federal Credit Union, Maryland’s largest federal credit union, received top honors and ranked number one on the 2021 list of Best-in-State Credit Unions for the state of Maryland.
“We were excited to learn that Tower is at the top of this year’s Forbes Best-in-State list,” said Richard Stafford, Tower’s President and CEO. Stafford says he credits the first-place recognition to Tower’s outstanding team of employees and their commitment to providing superior member service, especially during a global pandemic, along with the credit union’s full offering of low or no fee products and services, top-notch online and digital channels, and focus on financial education and member give-back.
Of the nation’s 5,068 credit unions, only 3.6% made the Forbes list of Best-In-State Credit Unions for 2021. 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).
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 fourth annual look at the Best Credit Unions in each state.”
“We are especially proud of the Forbes recognition, given the unprecedented events brought about by the global COVID-19 health crisis,” says Alvin Smith, Tower’s SVP of Member Services and Chief Experience Officer. “For over sixty years, serving our members during good times and bad has been a privilege, and our commitment to meeting the financial needs of our members has never been stronger.”