CHARLOTTE, N.C. — Carolina Postal Credit Union is shining a spotlight on the latest bankers' illusion. The credit union is on a mission to show members that bankers' new spend and save debit card accounts can't measure up to good old fashioned payroll deduction saving.
To spread the savings word, CPCU is using direct mail, e-mail, banners, Web banners and a new one-stop blog for savings hints and advice at www.BrighterthanaBank.blogspot.com. In addition, recognizing the best marketing starts with employees CPCU has worked with staffers on how to approach, engage and educate members on the importance of payroll deduction.
According to CPCU Vice President of Marketing /Business Development Deb McLean, bankers' spend and save accounts "only add up to pennies a day and consumers don't get any substantial savings built up from it." For example, based on several members' accounts that CPCU compared at the end of one year's time, members on average would have saved only $180.77 with Bank of America's Keep the Change account and $452 with Wachovia's Way2Save account.
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