Credit unions aside, community banks look forward to Bank Transfer Day as a time consumers will go local, a top executive for the Independent Community Bankers of America said Thursday.
Switching financial institutions is a serious business but consumers will and should realize the benefit of product diversity as well as the key lending role community banks play in local reinvestment, maintained Terry Jorde, senior executive vice president and chief of staff for the Washington trade group.
The 5,000-member ICBA reminded the public in a news release that community banks have a “litany of benefits” including “superior customer service and pride” that makes them the place to go if consumers plan to switch.
Jorde said the process of changing financial institutions can be a risky and complicated one for consumers. “It’s like picking your doctor or dentist as something that requires you have a close family-type relationship,” Jorde told Credit Union Times.
Meanwhile, CUNA and the state leagues were reminding consumers and CUs that the switching process ought to start now to avoid a Nov. 5 crush.
The Northwest Credit Union Association in its member bulletin this week said “to avoid potentially long waits, credit unions are encouraging people to make the switch before Nov. 5–to join as soon as they can.”
And the Texas Credit Union League asked its CUs to compile videos of new members who make the transfer. Or “if you are a credit union executive who previously worked in the banking industry, share your story” on YouTube and send the link to the league.