Bank Transfer Day: A Good Time to Be a CU
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.