BARTLESVILLE, Okla.–After doing “a pretty big blitz” on Bank Transfer Day the first time around, 66 FCU here is hoping for a repeat performance this November.
“We had such a tremendous success from last year when we did it and the idea is that it still has some media play,” said Rick Loyd, SVP and chief marketing officer at the $625-million, 60,000-member CU. “You still hear people talking about it. Not as much over the last six months, but we felt like it was something that did resonate with people, at least in our membership base. So if they didn’t have an opportunity to do it during that big push last year, maybe they’ll consider doing it again this year.”
Using Social Media
66 is promoting the event via social media and its website, and Loyd says the credit union hopes to see about 350 new checking accounts during November. A normal month is about 180, and last year in November the CU opened 600 new checking accounts, with another 300 in both December and January before volume dropped off.
“We’re at 52% checking penetration, so we have a lot of people who do business with us that are not checking account holders, and we saw a lot of that last year,” said Loyd. “We did get a fair share that were brand new members as well, but probably anybody can attest that if you can penetrate your existing membership deeper, they’ve probably got some existing level of trust. So that’s what we’re banking on this year.”
The big banks don’t have much of a presence in 66’s market, but Loyd said the big regional banks continue to adjust their pricing. While some have said that Bank Transfer Day could not have caught on this year because the election occupies so much space, Loyd took a different approach.
‘Are You Better Off Now?’
“A lot of what’s been talked about throughout the campaigns has been ‘Are you better off now than you were?’ and the cost of doing business,” he said. “People are going to be thinking about those kinds of things on Election Day, and we’re going to be doing this the whole month. November 5 may not be a big huge blip for us, but we’ll push it through the whole month.”
Loyd said no decision has been made as to whether to make Bank Transfer Day an event every November 5. “We have to determine, based on the results of this, whether it’s worth it coming out as an annual thing,” said Loyd. He said he did not know of any other CUs in the area that were pushing Bank Transfer Day again, but said that in a small community, the message can have a big impact.
“Our market that we’re in, there’s 35,000 people in this community,” said Loyd. “One hundred and eighty employees who are out and about talking about it can make an impact.”