Get ready to rethink the way you bank. On this episode of Paychex THRIVE, Gene sits down with Kendall Garrison, president and CEO of Amplify Credit Union, to unpack how credit unions hold the key to a more equitable, customer-first approach to finance. From offering no-fee accounts to supporting small businesses with innovative services, Amplify is challenging the norms of the financial world. Wondering how this compares to traditional banks? Or how it could benefit your business? Kendall breaks it all down. Plus, he shares strategies for navigating today’s high-interest rate environment.
Topics include:
00:00 – Episode preview and welcome
01:07 – Introduction of guest Kendall Garrison
01:58 – Overview of Amplify Credit Union
02:42 – Definition and comparison of credit unions vs banks
04:05 – Credit union services for businesses
04:52 – Advantages of choosing a credit union
06:03 – Risk and liability in credit unions
07:32 – Additional services for employees of member businesses
08:13 – Financing options at credit unions
09:10 – Suitability of different business types for credit unions
10:30 – Amplify’s no-fee structure
13:12 – Revenue generation at Amplify
17:38 – Federal Reserve interest rate reductions and implications
20:27 – Current loan challenges for small businesses
22:40 – Discussion on current mortgage interest rates and housing market trends
25:35 – Wrap up and thank you
DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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