Northwest Federal Credit Union puts its people first
Learn how credit unions like Northwest Federal are able to prioritize people at every level, including members, employees and the wider community.
By WP Creative Group
june 1, 2023
When Sonya Royster decided to launch a consulting business, she quickly realized that her traditional bank wasn’t designed with her best interests in mind.
“They really didn’t service small business clients,” Royster explained. “They had several policies that just wouldn’t work for me at the time. For instance, you have to have a high minimum balance in your accounts, and if you fall below that balance, you incur a substantial monthly fee.”
Banks are often focused on making a profit for shareholders rather than specifically centering the needs of the account holders. It’s why most traditional banks have a minimum balance requirement, as well as high interest rates on loans.
Credit unions, however, are not-for-profit organizations founded on the principle of people helping people. A colleague referred Royster to Northwest Federal Credit Union, a financial institution that has embodied this principle since 1947.
“I’ve been banking with them now for over two years, and I have never incurred any fees in regards to a minimum balance in my account,” said Royster. “I know that as my business grows, they will still be there to support me, no matter my revenue size.”
The reason credit unions can offer benefits such as competitive loan rates and fewer fees is because they’re owned by their members.
“Northwest is a true cooperative in the sense that everything we do is for our members,” said Jeff Bentley, the CEO of Northwest Federal Credit Union. “Understanding what our members want and need is vital to our success. It allows us to develop strategies for members in various phases of their financial journey.”
According to Bentley, Northwest Federal conducts regular surveys, allowing the credit union to understand what their members need, then create products and services based on that feedback. As Royster’s financial journey reaches new heights, Northwest Federal continues to fit her business’ needs.
“I recently secured a small business government contract that’s going to require me to actually have employees for about three to six months,” said Royster. “Northwest Federal Credit Union has agreed to give me a line of credit, so I can make my payroll.”
Juliana Carter is another member who left bigger banks for Northwest Federal Credit Union. After an unfortunate situation with a previous bank, Carter was looking for a financial institution with better customer service.
“There was suspected fraud on our account while we were with a bigger bank,” said Carter. “It came down to needing to review a bunch of bank records and I just remember feeling like a number to them. The process wasn’t very smooth and I had no real relationship with the banker.”
Carter and her husband decided to move their business to a smaller bank, where they felt better cared for as clients. However, even at a smaller bank, they struggled to get the credit to continue to grow their business. That’s when the couple met Bentley and learned about the benefits of membership at Northwest Federal Credit Union.
“We started to notice how Jeff connects with his employees and what the credit union was doing in the community,” said Carter. “We connected with Angela Ruiz, a business manager at the credit union, and she helped us develop our business plan and expand in a smart way. Now we’re with an organization that values and believes in us, and has the numbers to back it up.”
Bentley says that when it comes to lines of credit, Northwest Federal evaluates a member’s overall creditworthiness – not just a credit score – which allows for more freedom in loan amount approvals. During the pandemic, Northwest Federal continued to focus on what was best for its members.
“The credit union participated in the Paycheck Protection Program during the pandemic,” Bentley said. “We issued significantly more small-dollar loans than banks, funding approximately 3,300 loans totaling nearly $179 million to help members keep their businesses up and running.”
A common misconception about banking with a credit union is that there are restrictions on how and when members can access their money. But at Northwest Federal, that’s not a concern.
“Thankfully, Northwest Federal Credit Union has several affiliates,” said Royster. “I do a lot of traveling, and so I really appreciate having access to my money without incurring any of those ATM fees. Those little fees add up.”
Carter was so pleased with how Northwest Federal handled her business accounts, that she and her family have opened personal accounts with the credit union as well.
“We’ve had great experiences with the employees at Northwest Federal,” she said. “They even worked with our youngest son to set up his bank account and first debit cards.”
Northwest Federal’s commitment to putting people first goes beyond their members. Denise Adams, branch manager at the Ballston Branch, says working at Northwest Federal Credit Union is like being part of a big family.
“There are no hierarchies in how we treat each other,” said Adams. “This was the first institution that I worked at where the executive team meets every new employee that joins their institution. We’re on the ground floor and they still wanted to get to know us personally.”
Creating a culture of respect, inclusion and authenticity is a goal that Northwest has worked diligently to achieve. A generous benefits package, commitment to helping employees maintain a healthy work-life balance and frequent on-site engagement activities are a few of the ways this unique culture has grown and been sustained.
“We want to take care of our employees so they, in turn, take extraordinary care of our members,” said Jean Cain, Chief Human Resources Officer at Northwest. “Our benefits package is designed to address our employees’ physical and emotional health, financial health, and help maintain a healthy work-life balance. But we also offer a lot more than just an attractive benefits package. We’re committed to creating a workplace that embraces respect and is a place where all employees feel empowered to be their full, authentic selves.”
Northwest has a strong and diverse employee base, Cain added, stating that Northwest has taken direct steps to instill this culture by forming the Inclusion Champions Committee.
“The Inclusion Champions are employees who are passionate about diversity, equity, inclusion and accessibility in the workplace,” said Cain. “The Committee plays an important role to deepen our understanding of differing perspectives and experiences.”
The credit union’s employee benefits also encourage employees to be active in their local communities.
“We encourage volunteerism as a mindset for every employee with 24 paid volunteer hours,” said Bentley. “This allows every Northwest employee to select their charity or community organization of choice and volunteer their time during regular work hours.”
Employees are able to use these 24 hours of paid leave to volunteer at any charitable organization, including any of Northwest’s official community partners such as Children’s Science Center, Sprout Therapeutic Riding and Education Center and LINK Inc., an organization that provides emergency food assistance.
Bentley says he’s especially proud of the credit union’s and employees’ mindset to be champions for children and families.
“We distributed over 500 coats to Herndon Middle School this year and we also provide scholarships for high school students in our community through our Northwest Federal Credit Union Foundation,” says Bentley. “To date, we have awarded $1.79 million to scholarship recipients, enabling those students to attend college and earn their degrees.”
Northwest Federal Credit Union is an institution that puts people over profit, a rare find in the world of banking. Adams says it all goes back to the credit union’s “why.”
“I came to Northwest Federal Union because I loved the why statement: ‘Together, we serve and inspire to transform lives.’” said Adams. “That ‘why’ statement is something that we truly live, not just say.”
Learn more about the benefits of banking with Northwest Federal Credit Union.
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