What's the real difference between a bank and a credit union? After 30 years in the financial industry, Stephanie Riffle pulls back the curtain on how credit unions fundamentally change the banking relationship by putting people before profits.
From her humble beginnings as a teller to surviving five bank robberies (including a terrifying takeover on Y2K eve), Stephanie shares how the banking industry has transformed since her early days when smoking inside branches was common and rigid dress codes were the norm. Now at United Federal Credit Union, she explains how the not-for-profit model creates a dramatically different approach to serving members.
The conversation reveals surprising insights about fraud prevention, with Stephanie describing sophisticated schemes like the "felony lane gang" and romance scams that contribute to an estimated $90 billion in industry-wide fraud losses annually. She explains why those seemingly annoying ID checks are actually critical protections for your financial security.
Most powerfully, Stephanie articulates how credit unions empower staff to make decisions based on real-world circumstances rather than rigid criteria. "Bad things happen to good people," she explains, highlighting how United Federal's lending approach considers the person behind the application.