DENVER — The $1.5 billion Bellco Credit Union, which launched a media campaign this month to solicit new business from the defunct New Horizons Community Credit Union, Thursday defended its ad tactics against a Texas competitor as a legitimate awareness ploy.
The ad series contained on a special Bellco Web site, bus benches and on a rolling truck warns members of the failed New Horizons CU their funds are "headed to Texas" in light of the NCUA-ordered June takeover by the $4 billion Security Service Federal Credit Union of San Antonio.
On the Web site, banklocalatbellco.org, and in letters targeting members of the $152 million defunct Denver CU, Bellco offers to deposit $100 to New Horizons members in checking accounts and $25 for savings.
Failure to switch CUs, warned the Bellco ad, could mean their funds "leave Denver" plus "it will almost be as if you're with a big out-of-state bank instead of a friendly local credit union."
Security Service has expressed dismay at the ads citing its 27-year presence in the Denver market while Bellco in a statement said it has 70 years, adding it "believes locally-based credit unions offer the best value and services to members."
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