Local Business Spotlight: Five Star Credit Union
It’s your money, and Five Star Credit Union feels you deserve to have access to it anytime you need it.
From a small branch to meet the needs of the Cedar Spring Paper Mill employees in 1964, to 15 branches in Alabama and Georgia today; Five Star has you covered.
Matthew Scott, Branch Relationship Officer for the Eufaula and Georgetown, Ga. offices, says Five Star is on the forefront of innovation to make sure their members are taken care of.
Five Star has mobile banking apps that allow one to conduct a large amount of financial business from the comfort of one’s cell phone, and is also in the beginning stages of implementing “electronic branches.”
The electronic branch will not have traditional tellers, but will use devices like tablets and iPads to conduct banking business. A Member Services Representatives will be present at each electronic branch to assist members with opening new accounts and other matters.
Electronic branches are set to open in Dothan soon, and if all goes according to plan, they could expand to other municipalities.
“We want to make it where members have access to their money at any time, even when we are not open,” said Scott. “We do not want to limit anyone to have to come stand in line at a branch. Our mobile app and electronic branches are a step towards that.”
Credit unions differ from traditional banks in several ways, but Scott said the biggest and most noticeable difference is cost.
Credit unions, like Five Star, just do it cheaper.
“Credit Unions are non-profit institutions; we don’t make money off of you,” said Scott. “We can do all the same things a bank does, but we can do it cheaper. We don’t have fees for checking accounts or minimum deposit amounts. We also pay dividends to our members, so you make money just by being a member.”
Five Star initially began as Cedar Springs Federal Credit Union in more than 50 years ago. Back then, they had one goal in mind: meet the needs of the employees of the Great Southern Paper Company. Now with 15 branches covering 18 counties across Georgia and Alabama, the goal remains the same: meet the needs of their 38,000 members.
“Our members are our shareholders,” Scott said. “Everything we do is centered around our members. They come first. Without the members, we don’t exist. We make things as easy as possible for them to do business.
To contact the Eufaula branch of Five State Credit Union, call 888-619-1711.