SAINT JOSEPH, Mich.–The sixth anniversary of Bank Transfer Day took place over the weekend, with three credit unions here among those that tied in related promotions.
In this northern Indiana/Southern Michigan market, Teachers Credit Union, Notre Dame Federal Credit Union and Honor Credit Union collaborated on a month-long promotion designed to highlight the credit union difference. But for credit unions around the country, it’s really been something of a Bank Transfer Year.
In what’s known as the Michiana region, the digital campaign was focused on driving residents to choose credit unions over banks using a landing page that enticed consumers to “Experience the Credit Union Difference!” The page provides educational information on the benefits a credit union offers over a bank.
“Collaboration in our industry is crucial to the continued growth and success of credit unions,” said Paul Marsh, president and CEO of TCU, in a statement. “This campaign is the perfect example of how, together, we can amplify our message and help educate consumers about the benefits of joining a credit union and that we offer all the same, convenient benefits as larger banks.”
The main credit union differences highlighted included low fees and lower interest rates associated with credit union membership, how credit unions offer all of the same, convenient benefits as larger banks, as well as the personalized services members experience from being part of a member-owned financial cooperative.
“Unlike banks, credit unions work together for the benefit their members,” said Tom Gryp, president and CEO of Notre Dame FCU. “How many banks would allow their customers to go to a competitor’s branch, just for the added convenience this provides? With nationwide shared branches, credit union members can do this across the country.”
Scott McFarland, CEO of Honor Credit Union, added, “We’re fortunate enough to work in an industry where each organization shares the same vision and values. We believe in giving back to our members and communities, while helping each other along the way. This collaboration is a perfect example of this shared purpose in action.”
Meanwhile, Bank Transfer Day has really been every day in 2016 as credit union memberships rose a record 526,000 in August, or 0.49%, much better than the 340,000 new members, or 0.33%, added in August 2015, according to the latest CUNA Mutual Trends Report. During the last year, credit unions added 4.2 million new members – the fastest in credit union history – which translates into a 4.2% seasonally adjusted, annualized growth rate, CUNA Mutual reported.
Bank Transfer Day first took place on Nov. 5, 2011 as part of a broader consumer activism movement. It began with a Facebook posting by Kristen Christian, a small business owner in Los Angeles who was unhappy with Bank of America and who called on people to move their business to a credit union. The posting went viral and continues to receive attention each year.