Transfer Day Parade Led by CUs
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.
Bank Transfer Day, the brainchild of a Los Angeles art dealer, has delivered what credit unions have long sought, said Brent Dixon, youth adviser for Filene Research Institute and Crash Network founder.
“We’re focusing on the value proposition that Golden 1 offers members and why we’re the better choice. The message in this campaign is not just the free checking or debit cards, but that we are in many ways more convenient than their bank options,” said Donna Bland, president/CEO of The Golden 1. “We’re trying to let consumers know that they deserve better from their bank.”
It’s a message that has resonated. In the first half of October, the number of new members who have joined online has more than doubled representing a 110% increase over its normal monthly average of new online members. In addition, there has been a 34% increase in free checking.
The Tobyhanna “Divorce Your Bank” promotion has already begun with teaser billboards launched during the week of International Credit Union Day, pointing out that the credit union doesn’t charge a $5 monthly fee for debit cards, like Bank of America.
Waskevich said the campaign also will use radio ads, Facebook and a special “Divorce Your Bank” website.