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There is clearly quite a bit of ardent courting going on these days as mega banks and investment houses from around the globe are in hot pursuit of deposits. These colossal international conglomerates appear to have set their sights on American consumers at large and they are actively wooing many credit union members with offers that seem too good to be true. Consumers appear to be willing to go to the altar with virtual strangers in their hopes of finding the modern day “24Karat Relationship.” Today, the average Joe and Jane are being pursued for their hard earned retirement funds and core deposits that had previously been all but snubbed by the current crowd of overly amorous financial institutions. Truly there is a growing infatuation as the “Megas” are frantically in search of deposits.

Where does the modern day credit union fit into this battle for the hearts of the American consumer? Possibly it is in the counseling and educational stage of the interaction between the member and the credit union. While I am not certain Dr. Phil would agree with the analogy I believe he would encourage us to protect that which we value. So the questions to consider are, “Do you value your relationship with your members? Do you believe those relationships are being threatened by the current wave of suitors?” I believe a regimen of proactive communication with members is indicated when the member relationship is at risk.

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