Now may be a particularly good time to be a credit union, with all the hype surrounding Bank Transfer Day.
In New Jersey, Financial Resources FCU is behind billboards stating IditchedmyBankforaCreditUnion.com. The microsite, created by the $398 million Bridgewater credit union, mixes articles and videos to educate consumers about the credit union difference.
At The Golden 1, its message that consumers deserve more from their banking apparently has resonated, the $7.4 billion Sacramento, Calif., CU said. In the first half of October, twice as many new members have signed up online than during an average month.
Despite the awareness opportunity big banks and new debit fees have essentially gift wrapped for credit unions, some do question a Saturday as Bank Transfer Day. The originator, a Los Angeles art dealer, chose Nov. 5 because it coincides with Guy Fawkes Day in England.
Jeffry Pilcher of The Financial Brand tweeted earlier Wednesday, “It isn't convenient to ask prospective customers/members to switch on a specific day.” He pointed out that all the credit unions in his town of 100,000 people are closed on Saturdays.
Supporters of the buildup to the event noted that consumers could still open their accounts before the Nov. 5 deadline or do it online.
As for James Robert Lay, PTP New Media grower of relationships, he said credit unions should start to view Bank Transfer Day as a beginning not an end.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.