CHATSWORTH, Calif.–Matadors Community CU has seen a slight uptick in membership and deposits this year, but is attributing that growth to savvier consumers.
“It’s not as much that consumers are changing due to dissatisfaction with banks or because of Bank Transfer Day,” observed CEO Dale Verderano. “Consumers are seeking out the best financial institution that suits their needs–especially the best bargain on fees, loans, and deposits.”
Front-line staff who talk with members who open new accounts are finding that some switches are being made as a result of other CUs charging fees. “We really have no evidence that Bank Transfer Day has had any effect on our membership growth,” said Verderano.
To address growing deposits, the $140-million Matadors is increasing lending promotion.
“We are marketing to our new members, the general public, and our established membership explaining our benefits and what action they need to take to realize a great auto loan rate or free checking,” said Verderano. “We also have a new mobile banking application that many of our members use to help manage their account wherever they may be.”