VIENNA, Va.-Navy FCU says it's Bank Transfer Season, and that the consumer focus on credit unions is in no way waning.
The $50-billion CU has seen a 60% increase in membership year-over-year, with 305,000 new members rolling in so far in 2012, compared with 230,000 all last year. "This is much more than Bank Transfer Day, said Nancy DeDona VP of membership. "We, and so many other credit unions, are capitalizing on the spotlight on credit unions now."
What's helping drive the strong membership increase is Navy focusing earlier this year on its field of membership and increasing advertising to let enlisted men and women know the special deals they can get at the CU that they likely can't get anywhere else, said DeDona. Navy Federal has also been advertising nationally during broadcasts of Monday Night Football.
"We have products and services geared to our membership," said DeDona. "We have a complete active duty checking account that is free to the enlisted person if they are on active duty or retired. They get ATM rebates. We have special loans for active duty first-time homebuyers. It's tough for anyone to beat these offers and our job this year has been to make more members aware of what we offer."
The members coming in are engaged, said DeDona, saying that the CU has seen its average services per member number increase this year. She would not, however, share what the figure is. Another sign that the new members are profitable, noted DeDona-Navy's loan-to-share ratio is now 90%.