We’re Not Giving Back and We’re Proud of It.

Whether you’re an avid follower of financial news or a casual observer of money matters, you may have seen some recent stories about credit unions refunding millions of dollars to their members. If you never get beyond the headlines, that seems pretty impressive. It may sound strange, but here at Caro, we’re happy to report that we haven’t refunded a dime.

But wait—refunds are a good thing, aren’t they? Sure. It’s always nice to get money back if you paid too much in the first place. That’s exactly why we’re not offering refunds. We didn’t overcharge you to begin with. While we’re dedicated to providing solutions that secure your financial future, we provide those services at the lowest possible cost.

When it comes to banking philosophies, individual credit unions can decide to operate however they want. Some choose to charge higher interest rates on loans and offer lower rates on share accounts. This allows them to leverage account holders’ money throughout the year, and when the credit union’s investments perform well and turn a profit, it results in a surplus. Since credit unions are not-for-profit financial cooperatives, this surplus is distributed to members in the form of dividends. When this happens, it allows them to spin stories about giving back. Kind of takes the “fun” out of “refund,” doesn’t it?

When you choose to do your banking with Caro, we trust you to make good decisions with your money. That’s why we help you keep more of your money by offering lower rates on loans and paying higher rates on your checking and savings accounts. Since you’re paying less for your loans and gaining more interest on your accounts throughout the year, we don’t wind up with a surplus. And we’re proud of that!

Caro – Smart Financial Solutions is dedicated to helping you find the best solutions for your financial needs, and we believe allowing you to manage more of your own money is one of the most solid solutions available. And while that means we don’t get to write fancy press releases bragging about million-dollar refunds, we’re pretty sure you’d rather hang onto your money from the beginning instead of reading about how nice we were to give it back.