Posted by Christopher Stevenson
There were some unusual exchanges on Twitter this morning. I noticed that BenJoe Markland, sales manager for Goldenwest Credit Union in Ogden, Utah, was addressing his tweets to customers of a recently failed local bank, Barnes Bank. Not surprisingly, the failure of the 119-year-old, $800 million bank brings with it significant challenges for its customers, and Goldenwest is working overtime to help smooth the transition.
BenJoe has been tweeting about the process. Since Barnes Bank failed, Goldenwest CU has:
- Instituted specials for Barnes Bank customers--$75 for all new checking accounts opened, $100 for all new business accounts opened, and special loan rates.
- Decided to remain open on Martin Luther King day--typically a credit union holiday--to help Barnes Bank customers.
- Gone door-to-door to inform people about the benefits of a Goldenwest account. (They also shoveled a person's driveway in the process.)
- Passed out flyers in the Barnes Bank parking lot.
- Rented temporary office space across the street from Barnes Bank to make it easy for customers to open CU accounts.
I commend the aggressive way Goldenwest is addressing a market need. Instead of sitting quietly and waiting for Barnes Bank customers to find their way to the credit union, the credit union has gone out and actively sought out those folks most affected by the failure.
Good for you Goldenwest (and good for former Barnes Bank customers too)!
