Posted by Christopher Stevenson
I've spoken with a number of credit union folks recently who think the economic turmoil is going to result in a boon for CUs, that the flee to safety will yield increased accounts at the credit union. I'm not convinced. When I hear analysts say, "Investors are fleeing to safety," they don't typically follow it up with "... and rushing to their neighborhood credit union branch."
Don't get me wrong, I think credit unions could be well positioned to receive the fleeing masses, but I don't think they'll play that role very successfully unless they get the word out that they are a safe option, and different from banks. How? Television, radio, newspapers, blogs, podcasts, community events, billboards, shouting from rooftops. Education, baby. Fortunately, some of the media has already started the process for you--most notably, CNN--but more needs to be done.
A word of warning: As one CU found out, referring to your credit union as a safe alternative to banks gets the FDIC riled up. Proceed with caution. Regulators may get concerned if it appears you are not just touting the safety of the credit union, but also emphasizing the unsoundness of banks. It's a fine line.
Get more tips on how to approach this PR work from Selling CUs to the Masses.
