Dade County Federal Credit Union (DCFCU) believes this should be the year for fairness.
Granting depository choice would allow credit unions the ability to receive public deposits, and would give municipalities and public offices a choice when it comes to their banking needs.
In Florida, credit unions are a not-for-profit financial cooperative that makes personal loans and offers other consumer banking services to persons sharing a common bond, including employees of a company, a labor union, a religious group or geographic area.
Currently in Florida, only for-profit banks are allowed to accept deposits from local government entities. This means that credit unions are forced to turn down those deposits.
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Recently, DCFCU received a request for proposal from a local university for a commercial banking opportunity.
Unfortunately, one of the mandatory requirements was that the selected bank must be a qualified public depository, which meant that, although DCFCU may have been able to offer the most competitive rates, we were unable to submit a proposal and bid for the project.
With such a competitive economy, one would think that the more accessible and qualified institutions to compete in this market, the more competitive rates would be, which works in favor of such public offices.
Depository choice would ultimately lead to these entities receiving a better rate of return on their tax dollars and the ability to keep their funds within their communities.
Moreover, credit unions, including this one, are 100 percent member-owned.
We return all of our profits to our members and, in turn, back into our South Florida community.
We are not asking for preferential treatment.
Our credit union, like many others in Florida, simply believes we should be granted the opportunity to receive public deposits.
president and CEO,
Dade County Federal
Credit Union, Miami