Posts Tagged ‘savings’

Marketing your CU’s Credit Cards

December 16, 2010

Right now, it’s a little bit more than a month away, but I’m nevertheless already excited for EverythingCU’s next webinar, How to Determine Your Credit Card Portfolio’s Marketing Needs which will be presented by Ondine Irving, creator of the nationally recognized Credit Card Connection program.

Ondine is an expert in credit union credit cards and her consulting branch is Card Analysis Solutions. Because of her deep knowledge of this arena of CU business, she routinely saves her clients tens of thousands of dollars by eliminating unnecessary and redundant charges coming from the card processor.

In this webinar, Ondine will show you how to analyze YOUR current card portfolio to determine what course of marketing action will maximize your ROI. Sometimes your card processor wants to sell you something that will benefit your credit union, but sometimes they are trying to sell you something which is in their best interests, which is not necessarily yours. Attend this webinar to gain the knowledge to put yourself in the driver’s seat of your card portfolio. You might even end up being able to save your CU some money on the expense side as well.

In the meantime, make sure your credit union is listed in the national database of the Credit Card Connection by registering here (which is FREE). Suze Orman continually promotes this site through her latest book and tv appearances, and credit unions that are featured get a steady flow of new card applications.

To learn more about the webinar including pricing, or to sign up for it, register yourself on EverythingCU.com (which is quick, free and easy) if you haven’t already, and check out this webinar’s detail page here.

Tags:, , , , , , , , , , , , , , , , , , , , , ,
Posted in Events, Strategy | Leave a Comment »

Let’s give the kids a boost

June 15, 2010

Watching an 8-minute video created by St. Mary’s Bank Credit Union, the first CU in the United States, about its history (thank you again Andrea!), I learned that from the very early days, the credit union had a kids savings program. Children walking home from school could stop at the credit union and deposit their pennies into a tin cup, and the savings were carefully recorded.

Here’s an idea: How about if in your credit union kid’s club, you paid a FANTASTIC rate of return for these tiny balances…. say they got a quarter back in one month for two dollars deposited as a term deposit. Yes, that’s a sky-high rate of return, but the credit union would cap this great rate on a maximum of $10 or $20, and limit it to only kids 14 years old or younger. Kids would be incredibly eager to save their money, and probably track the date of maturity like a hawk. What a boost, and good life lesson.

You could give this term deposit a fun name like the Lollypop Certificate, and explain to the kids they can use their quarter earnings on anything like, or of course, to reinvest it in more savings.

We know that kids have a very short attention span, and one week seems like a year to them. One month feels like a decade. And psychology 101 tells us that the sooner the reward comes after the desired behavior, the more connection there is between the two.

Let’s help our kids develop better savings habits by rewarding them big, and relatively swiftly. They will be thrilled with their earnings of a quarter, and the credit union will be paying out a relatively tiny amount.

Tags:, , , , , , ,
Posted in Strategy | Leave a Comment »

Follow

Get every new post delivered to your Inbox.

Join 2,887 other followers