Posts Tagged ‘BofA’

Thank you, Bank of America

October 28, 2011

Thank you, Bank of America, for implementing new and uncomfortable fees for your members. That is the impetus behind Bank Transfer Day, which has garnered national media attention for credit unions. This in turn has led to a large surge in inquiries about EverythingCU’s pioneering Online Switch Kit, which helps new members transfer their accounts from a bank to a credit union.

Happy credit unioning!

The Online Switch Kit continues to garner inquiries

October 17, 2011

This morning, I saw several credit unions share on Facebook this video clip of CUNA President Bill Cheney appearing on CNBC:

CNBC Video Clip

I can’t help but notice that Mr. Cheney states that many credit unions have Switch Kits… my only question is: Does your credit union have a Switch Kit, and is it an automated Online Switch Kit, or an old-school static PDF? :)

With a grass-roots Bank Transfer Day approaching on November 5, now is a great time to implement an Online Switch Kit to make it easier for potential new members to make the switch to YOUR credit union!

It doesn’t take an Act of Congress…

October 11, 2011

We here at EverythingCU are thrilled that there is renewed, extra interest in helping more and more people leave their megaBanks (like BofA), and join their local credit union. I just ran across this article on the Bold Progressives web site, where they are calling for signatures to help pass legislation:

Bold Progressives: Petition Congress to make it easier to switch

Of course, if you already have EverythingCU.com’s online switch kit, you know that it doesn’t take an Act of Congress to make it easier to switch.

If you don’t already have it, find out what 111 other credit unions have discovered– you can make it easier to gain new members by making it easier for them to make the switch….. without waiting for the gridlock of Washington to untangle. (That might be a very long wait… don’t hold your breath!)

Your members are talking. Are you listening?

July 1, 2008

I’ve had the pleasure of delivering World 2.0 workshops to both the New York State Credit Union League, and the Georgia Marketing Council. In both of these workshops, one of the things we covered is the new communication service called Twitter. I’m sure that attendees never dreamed when coming to the workshop that they would sign up and learn about something called “Twitter”. Right now, there are between 350,000 and 700,000 people using it (accurate figures are difficult to get). Many of these people are artists, solopreneurs, bloggers, social media gurus, and Gen Yers, but more and more people are discovering this service every day. If you’re not yet familiar with twitter, it’s like an open instant messaging service. It’s a quick and convenient way to connect with old and new friends online. It’s easy to make new friends, and now, using Twellow, to find other people all over the world who share a common interest with you.

What does this have to do with credit unions and marketing, you may ask? Twitter is akin to an always-on, free focus group. If you follow your members on Twitter, you can get an open look at the issues that are relevant to them. This morning, I read my twitter stream as someone I followed, “Pistachio,” expressed her extreme dissatisfaction with Bank of America. Here are her tweets:

Pistachio 6/30 11:18 pm Bank of America’s check-clearing policies are predatory and should be investigated by congress. They get your money right away and sit on it

A friend replied 7/1 8:32 am: How long do they hold the check?

Pistachio 7/1 10:25 am BOA routinely holds checks 5-10 days w/very shaky “reasons,” often not telling you @deposit. they collect hundreds in “overdraft”

a different friend replied 7/1 10:49 am: i think you’ll be hard-pressed to find a bank that doesn’t. try calling your mgr to get the hold removed; they usually will.

Pistachio 7/1 11:22 am Citizens’ holds are a fraction of BOAs. Thanks for tip, will call. Think I’m SOL once hold is on, from past exp. I should’ve asked

Pistachio 7/1 11:39 am You know, I’m actually not kidding that Bank of America should be investigated. They’ve crossed a line from crap customer service to abusive

Pistachio 7/1 11:39 And YES, I’m well on my way to moving all my accounts away from them.

These “tweets” elicited at least a couple of responses from her friends. More importantly, Pistachio is highly connected, and has 4,375 followers. Yes, you read that correctly, she has four thousand, three hundred seventy-five people who are reading what she types.

Now I’m guessing that there are currently no credit union marketing professionals “following” Pistachio. Fortunately I am, and am also friends with several credit union marketing professionals in the Greater Boston area. I tweeted a response to her, with the name of a credit union where a friend of mine works, and I also tweeted that that credit union offers EverythingCU.com’s Online Switch Kit, a product which makes it easy for new members to switch their account from their previous financial institution to the credit union.

Impact: If this frustrated Bank of America customer has a good experience joining a credit union, and “twitters” her relief from the outrageous fees and outlandish check hold policies, the marketing/new business impact is LARGE. Four thousand of her friends and colleagues will know about it. This is more valuable than sending postcards to 4000 people for three main reasons: She is a trusted friend to her followers, and anything she tweets on the subject is not coming from someone who is trying to sell something. Also, the pass-along value is much greater since it’s easier to “re-tweet” a message to others than it is to share a postcard with your neighbor. Also, the cost to tweet with your members is only your time, whereas the cost to supervise, design, print and mail 4000 postcards would be around $5000 or more.

Take Action: Monitor your credit union’s name using Google Alerts, and search in Summize, but also monitor your competition’s name (and the word ‘bank’), watching for those disgruntled bank customers who are just begging for the fresh alternative that your credit union provides.

Mainstream yet? Mobile banking and mobile payments

June 30, 2008

Mobile banking and mobile payments are continuing on their path to becoming mainstream. The latest news: Bank of America buys stake in mFoundry (hat tip: @PaymentNews), and a blogger claims that Twitter will be worth $1.5 billion in six months (hat tip: @HankWilliams).

Americans furious about overdraft handling

June 4, 2008

Hat tip: Bruen/Bensley blog:

An article about three phantom overdraft fees on the Consumerist has generated a firestorm of discussion. As of today, June 4, this May 28th, 2008 posting has generated 156 comments, and has been viewed 19,773 times. Here is the beginning of the story:

Bank of America charged Jason three overdraft fees for the hell of it, even though his account balance never approached $0. Jason called the bank for an explanation, and was told that due to some mathematical wormhole controlled exclusively by Bank of America, he now owed $105. Tired of the bank’s nonsensical jibber-jabber, Jason printed out his statement and headed to the local branch…

The offending bank, Bank of America, is blasted repeatedly. Surprisingly, credit unions don’t appear to be the saviors, as certain CUs are accused of doing the same type of thing. Other banks do get heat, as is the consumer in this case, for running his account so close to zero.

The emotional outpouring over how the bank is trying to screw over the consumer is truly amazing. It’s well worth the read. About half way through the first hundred comments, a reader points out 5/3 Bank’s new overdraft scheme reported on the Consumerist on May 2, 2008. Here’s the beginning of that story, which generated 49 comments and 9,756 views:

5/3 Bank decided to rape customers for more fees by changing their policy for handling transactions.

They’re now counting pending debit card transactions against the ledger balance. Following up on a reader complaint, here’s what Doug Grieme, 5/3 customer service rep, told us how the new “system” works:

“Start with the Account balance from the previous day. Minus Pending debit card transactions made before 7pm. Minus the posted transactions from the Statement activity from the day of overdraft.”

What conclusions do you draw from this article and its ensuing response?


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