Due to the economic downturn, Sno Falls Credit Union recently made the difficult decision to close the Fall City branch office in the Hauglie Financial Building in Fall City on December 31, 2012.
Sno Falls continues to have full service offices in downtown Snoqualmie, Snoqualmie Ridge and North Bend. The Fall City staff members will continue to work from both the downtown Snoqualmie office and the Snoqualmie Ridge office, which are less than seven miles from Fall City.
Sno Falls Credit Union has served Valley residents financial needs for over 50 years. They are looking forward to a favorable economic environment where more members qualify for our competitive loans while reducing the loan losses. As the credit union's profits improve they hope to once again be in a place to take actions in reducing fees and increasing services.
According to a media statement, the credit union has not been immune to the effects of local and national economic conditions.
One of the primary economic stimuli that has aided in putting the recession behind us is very low interest rates being offered on loans, yet this has had significant impact on the Credit Union’s earnings. Financial regulations have reduced the amount of income financial institutions earn on debit and credit card transactions and increased the amount of notifications required to be sent out.
All these factors contribute to overall lower earnings for the credit union.
Sno Falls Credit Union has always prided itself in offering the community the most competitive rates. In addition, the Credit Union has historically used any profits to invest in more and better services, such as a network of 50,000 surcharge-free ATMs, checking services, free home banking, free bill pay, free notary and more for its members. The Credit Union also offers the Mount Si High School student branch program, plus participation in local festivals and sponsoring Shred Day events.