Posted by Christopher Stevenson
It's no secret that many consumers don't understand the difference between banks and credit unions. Folks just don't get it. Unfortunately, credit union marketers and associations can talk until they're blue in the face about the benefits of credit unions' not-for-profit status, member ownership, and better rates, but the facts still don't register with some consumers. How can the credit union industry effectively communicate the CU difference?
Bring in Liz Pulliam Weston, a popular columnist for MSN Money. In her recent column, "Ditch Your Bank for a Credit Union," Pulliam Weston lays out in simple terms why credit unions are better for the consumer than most banks: they offer better rates, charge lower fees, and don't treat consumers like profit centers. But the article is also balanced; Pulliam Weston doesn't try to paint credit unions as financial institutions where all tellers have halos and deposit receipts are printed on gold leaf. She points out that some credit unions have embraced "silly" fees or opt for "bounce protection" instead of overdraft protection, but that most people who switch to CUs are thrilled with their decision. This is great press!
So what do we do with it? Tell everyone we can. Send the link to your members, especially those that are only members because of indirect lending. Show it to everyone who comes into the branch to open an account. Link to it from your Web site or blog. Talk it up.
Read more about Pulliam Weston's article and what CUs can learn from it at CU Communicator; it offers some great insight.
