by Ron DalyNot too long ago we were all high-fiving over the passage of the Credit Card Act of 2009 and the screws it was going to put to the banking vultures taking advantage of our members & potential members (Click here for a summary of the bill). We were standing behind the fan as the credit card mess hit it and got all over the bankers. Guess what, folks? It was an oscillating fan, and has swung back around and gotten all over our beloved Credit Union Industry.
July 30, 2009
July 21, 2009
by Ron Daly
Yes, it's that same old elephant that's been sitting in our room for ages now - the bank/CU confusion.
What was really stunning to me was the reason this woman (her blogger name is Jess D. Facts) loved her CU. As related by CUNA NewsNow:
In 2004, the blogger was laid off and couldn't pay her car loan, which was almost paid off. She didn't call and explain the situation "because I didn't have any money." During the period, she lost her house, but "I kept driving that car. The bank [credit union] never tried to contact me about that loan." Two years later, when she was rehired to her old position, she went to the credit union, embarrassed that it had been so long since she had made a car payment. "The woman in charge of loans listened to my apology and smiled. 'We knew you'd be back,' she said. She helped me set up the payments to come out of my check like it had been before." The blogger noted the car loan problem never made it into her credit report. "I love my bank," she said.
Wow. Quite the story. Some things that strike me as strange about it -
1) Where were we in 2004 that we could let a loan payment slide for a year and a half? Maybe she was just very consistent in previous payments other than that, and they were happy to work with her? It just seems strange, but hey, it's admirable.
2) "Technically it's a credit union but I don’t hold that against them." and "I had to pay a tiny fee to be a member, but I'm cool with that too"
These sentences are mindblowing. You don't hold that against them? IT'S THE ONLY REASON THEY WORKED WITH YOU! Take that song and dance to one of the country's larger banks and see how long you'd get to keep your car...OR how quickly you'd get your money back when you pay your bills twice on accident.
And for what might be as little as $5, you get that kind of service? Five bucks at a fast-food place barely gets you lunch.
3) Some of the choice quotes:
"I think you should have a baby just so you can name it after that bank! Everyone would just go crazy for a little [CU Name Omitted] Credit Union Facts :) " Which means that someone actually called it a bank AND a credit union in the same sentence.
"I practiced Lamaze breathing as the page downloaded."hehehe. I do that when I'm about to blow a gasket too! What a great story. I suggest that Wall Street get your banks business model and follow it lead. What we need is more compassion in the financial world, but it aint gonna happen."
Again, it's not a bank's business model. And Wall Street's got no interest in loan forgiveness - unless it's their own.
I was glad to see Christopher Morris come to the rescue to talk about the "CU Difference". If only there were a Christopher in every situation where banks get confused with CUs, there to gently remind the speaker that there IS a difference...a BIG difference.
So, how are you making the difference more apparent?
July 16, 2009
Most think that the opportunity for credit unions to grow market share and deepen member relationships has never been better. After all, banks and other financial entities (i.e., CIT) have been falling down for over a year now.
Shari Storm - Chief Marketing Officer for Verity Credit Union, blogger and author of the book Motherhood is the New MBA - is a fan of making the message simple, clear, and focused. We were very excited to have her as this week's guest author, and we think her advice is very sound.
You fill your direct mail pieces with every offer available. You mail them twice a month. Your numbers barely shift. What gives? Maybe there is such a thing as "too much to choose from".
Throughout my 15 year marketing career, I have had some sort of variation on this conversation at least one million times.
Me (or my team): "Our plan is to tell our checking account holders about our VISA card."
Someone else: "Why don’t we tell them about our car loans and mortgages too?"
Someone else: "We should send them a menu of products we offer so they can choose from all 64. Who knows what they need right now?"You can swap out the target and swap out the product, but the suggestion is always same – send as much information as possible. The more words, the better.
Most marketers know that the opposite is true. There is an old adage, "If you tell them three things, you’ve told them nothing". Or, like Currency Marketing said when we were producing a radio commercial with them, "One spot, one thought".
July 09, 2009
by Ron Daly
"More than two dozen credit unions, including SchoolsFirst FCU, The Golden 1 CU, Travis CU, Yolo FCU, San Francisco FCU, Community First CU, Provident CY, SRI FCU, Kaiperm Diablo FCU, Contra Costa FCU and Chabot FCU, have announced they will accept the IOUs, some them indefinitely."
"However, I believe it would be great for credit unions if the banks did not accept the Registered Warrants because that service shortfall and strategic misstep should then cause many bank customers to rethink their banking relationship," Halleck said.
July 07, 2009
by Ron Daly
July 03, 2009
by Ron Daly
1) He works for the government and hacks their websites
2) He goes to jail for compromising government information
3) When he gets out of jail, the GOVERNMENT HIRES HIM AGAIN
4) HE STEALS MORE INFORMATION AND GOES BACK TO JAIL