Asbury Park Press: N.J. Community Banks and CUs Positioning Themselves as Big Bank Alternatives

Posted by Marissa Anema Monday, October 31, 2011 11:15:00 AM

ASBURY PARK, N.J. - With Bank Transfer Day quickly approaching, the Asbury Park Press this weekend highlighted some New Jersey credit unions and community banks that are positioning themselves as the alternative to big banks and the place for consumers to go when they transfer their funds on and around November 5th.

United Teletech Financial FCU launched a campaign to attract customers, complete with signs around its headquarters in Tinton Falls labeling it "Bank Transfer Headquarters" and a blinking road sign out on Hance Avenue, according to the article.

Leo Ardine, President and CEO of United Teletech Financial, talks about the upcoming Bank Transfer Day outside the Tinton Falls location. Photo courtesy of Asbury Park Press.

"It's pretty bold," Leo Ardine, President and CEO of United Teletech told the Press. "What we feel that people are reacting to in the marketplace is this lack of local control. People are tired of being a profit opportunity for others."

The article also recognizes First Financial FCU and its uptick in new accounts. "We are seeing people coming to our credit union as a result of all of these fees," First Financial FCU President and CEO Issa Stephan told the Press.

"There is a lot of value that a small institution like First Financial provides," Stephan said. "Some people want that. Some people want 20,000 ATMs all over the world, even though they never travel."

Even smaller community banks are jumping on the Bank Transfer Day bandwagon, says the article. Two River Community Bank, the article points out, has also launched a marketing campaign highlighting its free checking account and debit card.

The article can be found in its entirety here.


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