By Christopher Stevenson
In his session at Execu/Net this week, Steve Williams, principal, Cornerstone Advisors, Inc., Scottsdale, Ariz., mentioned that the median percentage of single-service members in credit unions is upwards of 23 percent, and a large part of that 23 percent is made up of people who may not even know they have an account with you. Think about it. What percent of your membership is made up of members gained through indirect lending? How many of those members have since paid off their loan but never closed their account?
Those members are costing your credit union money and contributing nothing. What do you do? Fee them out? Let them be?
Today's competitive environment requires that we improve our efficiency and trim our deadwood. Non-member members may be a good place to start.
Christopher Stevens is CUES' professional development manager.
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