Credit unions mulling how to better attract younger members might take note of the $275 million Neighborhood Credit Union's most recent SEG addition.
The Dallas-based credit union announced on March 25 that it added the employees of Six Flags Over Texas, a well-known local entertainment company, as a select employee group.
According to the credit union and the company, the partnership will give the CU access to between 4,500 and 5,000 employees, many of whom have never had bank accounts before, from the company's Six Flags amusement park and Hurricane Harbor Water Park.
Mark Arnold, senior vice president with Neighborhood said the state-chartered CU, the oldest in Dallas, had been approached by the company for the partnership.
"They had just gone through a major transition to requiring all of their employees to use direct deposit for their pay and were looking for a banking partnership," explained Arnold. "And of course we liked that too."
Arnold explained that the credit union considered the new SEG a strong opportunity to start out with a young person at the beginning of their financial career and perhaps to have a chance to form a longstanding relationship with them.
Even though the stereotype for jobs in amusement parks tends to suggest they have a high turnover rate, Arnold said the credit union had been impressed with the company's relatively stable work force.