Credit Union Journal | Monday, November 21, 2011
As angry bank customers consider moving their accounts, credit unions' "switch kits" are getting a workout. This week, CU Journal explores the nuts and bolts of implementing a successful switch kit with tips, strategy and advice from credit union executives, consultants and other experts.
WEST JORDAN, Utah-Despite Bank of America's attempt to wave the white flag by rescinding its $5-per-month debit card fee, consumers poured into Mountain America CU here.
MANHATTAN BEACH, Calif.-The $3.3-billion Kinecta FCU saw a lot of activity on Bank Transfer Day, much of it from one determined member.
RANCHO CUCAMONGA, Calif.-Henry Kertman, a spokesman for the California and Nevada CU Leagues, noted CUNA estimated California has had the largest number of new members for any state since Sept. 29: 90,000 and $624 million in new deposits. He said the leagues estimate credit unions have been seeing 2.5 times the average number of new member sign-ups per week.
SACRAMENTO, Calif.-The Golden 1 Credit Union is reporting "tremendous" growth in membership and new checking accounts since the beginning of October following the BofA debit fee announcement. Scott Ingram, SVP of marketing for the $7.4-billion CU, said, "We had a great Bank Transfer Day."
VENTURA, Calif.-The $542-million Ventura County CU opened 315 new accounts on Bank Transfer Day. The credit union is usually closed on Saturdays, but increased its hours in response to consumer demand.
SAN DIEGO-San Diego County Credit Union combined Bank Transfer Day with a "Shred Your Big Bank Debit Card" promotion.
RENO, Nev.-Dennis Flannigan, president and CEO of $103-million Great Basin CU in Reno, Nev., said on normal Saturday it might get five or six new accounts, but on Nov. 5 it had 18 new accounts plus six current members added checking accounts.
WINSTON-SALEM, N.C.-Break-ups aren't always a bad thing. That's what Members CU here learned during October when its "Break Up With Your Bank" campaign increased membership by 83% over the previous month.
LAS VEGAS-Just two days after Bank Transfer Day, Credit Union Journal asked attendees of the Credit Union Executives Society's CEO/Executive Team Network conference how much activity their credit unions saw?
SAN LUIS OBISPO, Calif.-Bank Transfer Day was a mixed bag for small credit unions in the Golden State, as most did not have the resources to launch marketing campaigns.
MANHATTAN, Kan.-Many credit unions are seeing a rush of new members joining because of fees from the big banks, but not all.
MADISON, Wis.-Bank of America may have backed off its planned $5 per month debit card fee, but one analyst is cautioning credit unions to recognize that other pricing changes are still likely at major banks.
PHOENIX-Arizona Central Credit Union expects to see new members join because of fees from the big banks, but one person said that influx is still months away.
HARRISBURG, Penn.-One CU believes Bank Transfer Day is going to be such a big deal it's paying staff overtime to come in on Nov. 5.
LAKE MARY, Fla.-A number of analysts are concerned that credit unions in their rush to embrace Bank Transfer Day may end up having "transferred" numerous unprofitable new members.
PLYMOUTH, Minn.-A small group of members has a much better understanding of their credit union's inner workings after attending a "Behind the Scenes" day at TruStone Financial FCU here.
TOTOWA, N.J.-North Jersey FCU here has grown its share of business accounts after holding its first-ever small business summit, with at least one sizeable loan in the pipeline as a result.
BOULDER, Colo.-Not every credit union sees the need to have a formal "switch kit." Dennis Paul, AVP with the $966-million Elevations Credit Union, here, noted that what ECU lacks in such a kit, it makes up for with a well-established procedure when a bank customer comes in and wants to join.
SAN DIEGO-San Diego County Credit Union has two switch kits-one online and one featuring a concierge service-as it attempts to quickly build solid relationships.
PARCHMENT, Mich.-First Community FCU said it will return an estimated $200,000 to members as part of a three-month debit card campaign called "Skip the Fee, Swipe for FREE."
SAN JOSE, Calif.-San Jose Credit Union plans to open its branches on Saturday, Nov. 5 to take advantage of "Bank Transfer Day."
RALEIGH, N.C.-As switch kits evolve away from paper packets and become more automated, one credit union is cautioning that if too much of the human touch is lost, the tool becomes ineffective.
TUMWATER, Wash.-O Bee Credit Union is tapping into consumer discontent with banks by making them laugh, and then having a switch kit at the ready.
BATTLE CREEK, Mich.-OMNI Community CU is giving away $3,000 to drive new checking accounts, incent debit usage, and promote use of its switch service that's deepening relationships.
CHATSWORTH, Calif.-Matadors Community CU views its switch kit as a marketing tool, especially in light of the fees big banks are levying on their customers.
SLEEPY EYE, Minn.-SouthPoint FCU here may have won a Crystal Performance Award from Raddon and been recognized for its sales and service by CUNA's OpSS Council, but one area the CU could improve is its switch kit for new members.
TACOMA, Wash.-Add Sound Credit Union to the list of CUs that are benefitting from the fallout raining down on banks.
HOOVER, Ala.-Four years into its switch kit and Alabama Telco still holds the same opinion about what makes the tool work-handling as much of the process as possible for the member.
SAN DIEGO-Credit unions across the country last week were busy rolling out marketing messages to take advantage of Bank Transfer Day on Nov. 5.
TEMPE, Ariz.-TruWest Credit Union says members appreciate its old school approach and its paper switch kits, but it also is working on electronic forms and mobile access.
JW Marriott Desert Ridge
Las Vegas, NV