Posted by Lisa Hochgraf
During the holidays, I found my wireless laptop displaying the Web site of a credit union I hadn't pulled up. (Imagine that!) My brother-in-law was visiting so I asked him if he belonged to this credit union, of which his large-company employer appears to be the single sponsor.
Yup. He belongs--and largely because of the convenience of having a branch on site where he works. "It's practically down the hall," he noted.
Credit unions have long enjoyed the benefits of having a tight relationship with a large employer. But now banks are starting to get in on the action.
Check it out. Straight from the Wachovia Web site, under the heading "Attract and Retain Employees":
Want to compete with big business for big talent? We can help you with a variety of solutions for creating an attractive and competitive benefits package—a critical factor in recruiting, as well as retaining and motivating, high quality employees.
In addition to affordable retirement plans, we also provide direct deposit of payroll, payroll processing, insurance programs, and even financial services that could save your employees time and money.
Does that not sound like credit union SEG marketing? Here's a link to more details on Wachovia's at-work offerings.
"Managing Mindshare," a story in the January issue of Credit Union Management magazine on this topic, suggests that these banks can be in a great position to negotiate at-work offerings by talking with commercial loan customers they already have.
I'm a big believer in the credit union difference, so I'll keep supporting my brother-in-law in his love of his member status and "just-down-the-hall" convenience. And, with a little luck, I won't find a big bank Web site live on my laptop next holiday.
