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CUNA is expanding its advertising campaign to five more states this month as it tries to encourage young adults to "Open Your Eyes to a Credit Union."
CUNA announced Thursday that credit unions in Kansas, Missouri, North Dakota, South Dakota and Indiana have gathered enough contributions to launch the campaign in their states this month.
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The campaign launched in January had raised $37 million in pledges from more than 525 organizations as of mid-June, and was running in Minnesota, North Carolina, South Carolina and Michigan. CUNA said last summer its goal was to raise $100 million to sustain the program for three years.
The ads concentrate on young adults between 25 and 34 years old and more selectively target those between the ages of 35 and 54 who have indicated they are in the market for financial services.
So far the ads seem to be reaching their marks. To date, the campaign has reached more than 10 million people:
- 5.1 million people through programmatic advertising on commercial websites
- 4 million through Facebook and Instagram
- 1.3 million on YouTube
- The campaign's website YourMoneyFurther.com has drawn 75.3% of its visits from mobile devices, and more than 60% has come through Facebook.
- More than half of the website's visitors are female, and the majority of visitors are between the ages of 25 and 44.
Altogether its placements add up to 94 million impressions, and 9.2 million video views from start to finish. Because most of its views are from Facebook, CUNA has learned to make videos shorter. Most are 9 to 15 seconds, said Zan McKelway, CUNA's vice president, consumer engagement awareness.
"This is an opportunity to present credit unions in a positive light to consumers who traditionally have not thought about us for financial services," McKelway said.
The expansion to Kansas and Missouri, which begins July 22, is bolstered by support of the Heartland Credit Union Association, which represents institutions in those states.
"We're thrilled to more than double the number of states running Open Your Eyes to a Credit Union, CUNA President/CEO Jim Nussle said. "Heartland Credit Union Association and all the Kansas and Missouri credit unions that have contributed to this campaign are helping to strengthen our movement through this important initiative."
Nussle first announced plans for the campaign in June 2018 based on intensive research by CUNA that showed many consumers lack of knowledge about credit unions kept them from considering them for loans and checking accounts. The initiative is dedicated to helping consumers understand that they qualify to join a credit union and that their money would be easily accessible nationwide.
The campaign expects to add another group of states in September, McKelway said.
The campaign also comes amid a continuing barrage of attacks on the credit union movement by bankers. Last month the American Bankers Association used results of a study it funded to call on the NCUA and its Inspector General to review e credit unions for allegedly having abandoned their mission.
ABA President/CEO Rob Nichols said credit unions were under "substandard" regulation and had become indistinguishable from banks. He accused credit unions of using their tax status and a lax regulatory climate to expand membership to higher-income people, make risky loans and even purchase banks.
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