Bank of America fallout fuels credit union awareness, Bank Transfer Day

Now is the time for credit unions to gain market share

Bank transfer day logo Given the current consumer angst with big banks, credit unions have an unprecedented opportunity before them to gain market share. The fallout from Bank of America’s recent announcement that it will charge most debit card users a monthly $5 fee, seems to be the proverbial “straw that broke the camel’s back,” and has turned the attention of analysts and consumers alike to the benefits of credit unions, generating significant awareness on our industry’s behalf.

Bank Transfer Day is Nov. 5

Dubbed as the day disgruntled consumers say “no” to high banking fees and “yes” to credit unions, the idea came from Kristen Christian, a Los Angeles art gallery owner, who had both personal and business accounts with a big bank, and had enough of high fees and poor customer service. She created a Bank Transfer Day Facebook Event inviting 500 of her friends to participate. The event has gone viral and attracted nearly 70,000 followers from across the nation.

While general consumer discontent will get a certain segment of the population to seek out their local credit union, it’s important that credit unions quickly take advantage of the current momentum by proactively recruiting new members. Leverage your credit union’s marketing mix of public relations, events, advertising, marketing and social media to raise and/or maintain awareness about your credit union. As we know, there is a common misunderstanding among the general population about credit unions, the services offered and who can be a member. Now is the time to not only dispel those myths but to evidence the credit union difference:

Superior member service on a full offering of solutions
Lower fees
Fewer account restrictions
Local community roots
Not for profit, but for people

Consider the following tactics:

Targeted messages for your Web site and social media pages, including information on how easy it is to become a member
New member campaigns, like “Free Checking” or cash incentives
Credit union or branch events that make new members feel welcome and attract local media attention
Generating earned media. This is a hot topic. News outlets will be looking for stories, especially on Bank Transfer Day. Pitch your event, campaign and/or credit union success in attracting new members to your local media for an additional boost to your efforts.