Bank Transfer Day a Year Later, New Relationships Blossom
- Credit union execs tout litany of opportunities to build long-term relationships.
- Auto loans, online banking, credit cards, checking accounts among highest usage.
- Bank Transfer Day’s impact may further move economy into recovery.
For many credit unions, the first 90 days after a new member signs on can be a critical gauge on whether a relationship can be nurtured and sustained for the long term.
Since Transfer Day, Bethpage’s membership added 16,000 new members to its more than 201,000 membership, Kordeleski said. New checking accounts grew 30% on top of what the credit union would normally do going from 1,600 to 2,200 each month.
These new members are also going into the branches to make more connections and at the same time, building a primary financial institution alliance for the long term, he added.