Credit Unions Have Seen an Influx of Members. Now, Can They Retain Them?

Industry wide, credit unions last year enjoyed over a 35% increase in annual membership growth over 2008, according to data from CUNA. For the short-term at least, that should be good news. But what are the prospects for turning those "refugees" into full-fledged credit union citizens?

Survey of Inactive Account-Holders Part of Strategy to Engage Members Long-Term

OSHTEMO, Mich.-Consumers CU is focusing on ways to retain members long-term, and has started to survey inactive account-holders as part of that strategy.

Before Focusing on Retention, Examine Cost Structure, Analysts Advise

LAKE BLUFF, Ill.-Before rushing to sign up more members and then working to retain them, credit unions should first make sure costs are in line, recommends one industry analyst.

The Value of Keeping It Simple

CORPUS CHRISTI, Texas-Wayne Vann says it's doesn't require rocket science to figure out how a credit union can effectively retain members - great service.

Now Playing in Peoria

PEORIA, Ill.-A $7-million bonus dividend can go a long way toward retaining members, attests CEFCU, which plans to emphasize its year-end payout in promotions to potential and existing members.

DVD, Other Steps Aim to Help Members with Finances

GAINESVILLE, Fla.-In a sand state economy, cross selling services to drive deeper relationships takes on a much different flavor, according to Florida Credit Union.

Kellogg Community Stresses Its Role as Partner

BATTLE CREEK, Mich.-Kellogg Community FCU plans to work even harder to maintain its image of a financial partner that delivers fast decisions and helps members make the right choices with their money.

Selling the CU Difference

WYOMISSING, Penn.-Discovery FCU has experience handling new members who simply park hot money, having run a 10% six-month CD a few years ago that still has the credit union weeding out dormant accounts today.

Checking as Differentiator

CINCINNATI-A new, high-rate checking account is helping Kemba CU sign up new members and retain them.

Tripling Marketing Budget

MASSILLON, Ohio-Massillon Area CU is keeping its foot on the gas, tripling its marketing budget, to retain members after a year in which the credit union grew net new members by 28%.

'Very Different' Growth

END, Ore.-Include MidOregon CU among those that believe 2010 is the year to add services to keep members.

Rapidly Expanding FOMs Matched by Shrinking Penetration

WASHINGTON-It's no secret that over the past decade many credit unions have rapidly expanded their fields of membership, and continue to look to do so.

River Valley Leads with High-Yield Checking Effort

MIAMISBURG, Ohio-To cross sell and retain members, a credit union must first have an offer that gets attention.

Directly Targeting Indirect

WICHITA, Kans.-Thanks to its strategy of not chasing hot money, Meritrust Credit Union expects much of its member-retention efforts this year will focus on those who have joined via indirect lending.

Changing Incentives

WICHITA, Kan.-After catching its breath following an onslaught of new deposits and members last year, Mid American CU has changed its staff incentive structure to drive deeper relationships.

The Mass Appeal of the CU Personal Touch

LIMA, Ohio-Retaining members comes down to showing them that the credit union is different than any other financial in the market, according to Superior FCU here.

'Not One of the Rest'

SOUTHBRIDGE, Mass.-The same strategy that helped put an end to a three-year growth skid at Southbridge Credit Union is now being relied upon to retain new members.

Making a Federal Case of It

HARRISBURG, Penn.-It doesn't take an act of Congress for Pennsylvania State Employees CU to treat its members fairly - and PSECU will be emphasizing that point to its membership this year.

A Look at the Membership, Deposit Growth Trends

Competitors Doing Their Part to Help CU

HADLEY, Mass.-It's not that UMassFive College FCU doesn't care to do much about member retention; it's just that it believes it has many things already working in its favor.