Exploring Alternatives After Recent News On TD Bank: Why Small Businesses Should Consider Community-Focused Credit Unions

Ridley Park, Pennsylvania (October 11, 2024) -  In the latest financial shake-up, TD Bank Group faces significant penalties and restrictions, with federal regulators expected to impose a $3 billion fine and an asset cap due to violations of anti-money-laundering laws. This development could affect businesses banking with TD, as the bank’s U.S. operations are expected to slow down, impacting branch availability and potentially increasing costs. With 53 U.S. branch closures planned this year, and more cuts expected, small businesses relying on accessible banking services could capped.

If you’re a business owner, now is a critical moment to assess whether your bank still prioritizes your needs. When a bank is forced to focus on mitigating internal issues, it might become less responsive to the needs of local businesses that are already navigating a tough economic environment.

Why Consider a Community-Focused Credit Union Like Propell?

1. Your Business Comes First .  At Propell, we prioritize your success, not just profit margins. Our focus is on you, not on squeezing profits through excessive fees or complicated loan processes.  When was the last time a big bank took the time to truly understand your challenges? At larger institutions, decision-making tends to get tied up in bureaucracy, and businesses can feel like just another number in the system. We believe banking should be simple, accessible, and transparent.
2. Local Focus, Real Relationships.  Unlike big banks, Propell is dedicated to serving the communities we’re a part of. As a community-based credit union, we know the pulse of suburban businesses. We aren’t spread thin by global priorities, which allows us to invest in what really matters: fostering relationships and providing the financial tools that help businesses grow.
3. Avoid the Headache of Big Bank Bureaucracy.  Perhaps certain big banks will be spending the next few years cleaning up their mess.  As they struggle to meet compliance obligations, businesses could face higher fees and restricted access to services. At Propell, we cut through the red tape, offering easy-to-understand products that help you focus on what matters—growing your business. No confusing fine print, no hoops to jump through.
4. Accessible Financing.  One of the biggest hurdles for businesses is securing the capital they need. Big banks often tighten their lending practices when they’re under regulatory pressure. Propell, however, is committed to supporting local business owners by offering flexible financing options tailored to your specific needs. We believe that local businesses deserve access to capital, whether you’re launching a new venture or scaling your operations.

Don’t Bank, Belong

In times like these, it’s essential to partner with a financial institution that puts your needs first. You have an opportunity to explore alternatives that could better serve your business. Propell Credit Union is here to offer personalized service, practical solutions, and a commitment to helping you succeed.  Join us at Propell—where banking is made simple, and you belong.

 

For more information, visit www.PropellCU.org 

 

 

 

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