Is Your Bank Unbiblical, Pt. 2 With Aaron Caid
FaithFi: Faith & Finance | Sep 22, 2023
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Show Notes
Aaron Caid is Chief Marketing Officer at Christian Community Credit Union, an underwriter of this program.
Again, this is part two of our discussion. Please give us a brief recap of what your survey revealed and how folks feel about banks that don't share their values.
- Over 30% of Christians surveyed in a recent study considered switching banks in the last year.
- One of the top three reasons for switching was misalignment with Christian values.
- More than 60% of respondents care deeply about managing their finances biblically.
- Over 50% believe it's crucial for their bank to align with and support their Christian values.
What would you encourage Christians Aaron to consider when they're thinking about where they bank?
- Christians should consider how their bank uses the money they deposit.
- They should ask whether the bank maximizes profits for shareholders or supports Christian causes.
- Christians can assess if their bank helps advance the gospel or attempts to silence it.
- They should inquire about how the bank uses its profits, whether for moral causes or ministries.
Switching banks may feel like a lot of effort. So what would you tell that person?
- Switching banks is a small time investment, similar to adopting a new spiritual practice.
- Aligning finances with faith is worth the effort.
- Christian Community Credit Union (CCCU) provides an alternative aligned with Christian values.
What are the primary differences between CCCU and big banks?
- CCCU offers quality financial products and robust digital tools.
- Members enjoy competitive rates and low fees.
- Financial activities support building churches, expanding ministries, and aiding Christian charities.
- CCCU operates with Scripture as its primary authority, in contrast to secular banks.
What are some of the compelling offerings you all have at CCCU today?
- Recently introduced the "Harvest High Yield Checking Account" with a 4% APY on the first $5,000 in deposits.
- They offer a "Welcome CD" with a 5% APY, fully insured up to $250,000 per account.
- CCCU provides a "Cash Rewards Card" that offers 1.5% cashback and contributes to Christian charities with each use.
On today’s program, Rob also answers listener questions:
- When moving money between brokers, what should I know about the different types of accounts and fees involved?
- Is it a good idea to sell my wife's car, which is worth around $5,000, and get a cheaper one?
- Should I sell my properties and put the money into an annuity to protect against potential Medicaid eligibility issues in the future?
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.
