What Bank Transfer Day Means for Credit Unions

Wednesday, October 19, 2011 11:56:00 AM

On November 5th, 2011, thousands of Americans plan to send banks a very strong message by taking part in the viral Bank Transfer Day movement. The event's participants take issue with big banks' recent hikes in fees in response to the Durbin Amendment that caps the debit interchange fees banks can charge merchants.

The group's mission is explicitly stated on the event's Facebook page, which acts as the event's Web site and headquarters: "If the 99% remove our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices."

The page also goes on to point consumers in the direction of credit unions, citing findacreditunion.com as a place for U.S. consumers to find a local credit union.

This movement poses a very substantial and unique opportunity for credit unions. As fed-up consumers look to switch, credit unions can use Bank Transfer Day, or the message of the movement itself, to drive consumers to their door.

Credit unions can tailor their consumer awareness campaigns and up their exposure to be the answer to consumers' frustrations. Credit unions across the country are taking their "ditch your bank" messages to billboards, airwaves, and newspapers.

Credit unions can use a message in their marketing leading up to and around the Nov. 5th date such as the one available through NJCUL's "Banking You Can Trust" Toolkit that states "I Love My Bank Because it's Not a Bank". To access the toolkit visit www.njcul.org/banking-you-can-trust-toolkit-.aspx. A login and password is required to access the page. If you do not have a login and password, visit www.njcul.org/Secure/Register.aspx. One N.J. credit union, Financial Resources FCU, is using billboards that simply state "IditchedmyBankforaCreditUnion.com" and lead consumers to a microsite with information on the credit union movement as a whole.

For more information on Transfer Day, visit the event page on Facebook. Credit Union Times has also been running stories about what credit unions around the nation are doing to help promote this viral movement. Check them out at www.cutimes.com.
 

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