Bank Transfer Day Buzz Builds as CUs Join the Parade: Print Preview
- The viral Bank Transfer Day movement has been an opportunity to educate consumers on why credit unions are a better choice.
- To get consumers to act, let consumers know switching is easy, not a chore.
- Credit unions should find ways to leverage and extend Bank Transfer Day beyond Nov. 5
Credit unions hope the growing consumer anthem of “We’re not gonna take it,” over the latest debit card bank fees, has those consumers primed to make a switch.
Equally proactive in its messaging, The Golden 1 Credit Union has taken advantage of the rising consumer discontent to reinforce its commitment to free checking and no debit card fees while positioning itself as the local, full-service convenient alternative to mega-banks.
Within a day of Bank of America’s announcement of the $5 monthly fee for debit cards, the Sacramento, Calif.-based credit union launched an awareness campaign on billboards, newspapers and radio advising consumers to “Stop paying for something that’s supposed to be free. Drop your Bank America.” According to Scott Ingram, senior vice president of marketing at Golden 1, feedback from focus groups revealed that despite hating their bank, many consumers stay for convenience and because they don’t think they have another choice. In addition, the $7.7 billion credit union has been making the media rounds as local newspapers and television news stations continue to ask Golden 1 to weigh in on what consumers can do.
A new booklet tied to the “Divorce Your Bank” theme will outline the steps to make the change and will be branded with a female imprimatur in marketing materials.
“We’re going to use the wording ‘perfect match’ and ‘breaking up is not hard to do,’” in the messaging, Waskevich said.