An article appearing in the Bergen Record today titled "New Jersey Credit Unions Gearing Up for Bank Transfer Day" highlights N.J. credit unions' efforts to rev up their marketing and consumer awareness leading up to Bank Transfer Day (Saturday, Nov. 5th). Credit unions across the state were not scared off by big banks' decision this week to renege on their debit fee plans, states the article, and plans are still underway to take advantage of the Bank Transfer Day opportunity.
The article spotlights two credit unions in particular, Greater Alliance FCU, which is extending its hours on Saturday to accommodate the potential surge in new members, and North Jersey FCU, which plans to offer special Bank Transfer Day loan incentives and credit counseling on Saturday for potential new members.
"We are not sure what's going to happen, but we will be prepared just in case," Patrick McGrath, President/CEO of Greater Alliance FCU told the Record. In addition to extended Saturday hours, the credit union is displaying "make the switch today" banners at its Paramus and Hackensack offices, McGrath said.
James Giffin, head of marketing at North Jersey FCU, expects no impact from the banks' fee retreat. "We are getting phone calls today from people wanting to know what they need to bring in to open up an account on Saturday," he told the Record. "The damage has been done."
N.J. credit unions are already seeing results from the movement, NJCUL President/CEO Paul Gentile told the newspaper. Searches for New Jersey credit unions on aSmarterChoice.org rose to 104,000 in October from 16,000 in September as the movement gained steam, Gentile said. "In the first two days of November we had 7,000 hits for New Jersey credit unions," he said.
Linda McFadden, CEO of XCEL FCU, said she has had "an influx of new members already," and "a lot of phone calls and inquiries from our current members asking about our checking programs."
To read the article in its entirety, click here.