Comments on: There’s a difference? http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/ A credit union blog Sat, 12 Jul 2008 01:11:02 +0000 http://wordpress.com/ hourly 1 By: James http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-35 James Sun, 16 Mar 2008 22:53:53 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-35 [I should initially add the disclaimer that I am from Australia, although after reading through many posts on different CU blogs (I'm a first timer here), the themes I'm mentioning should be familiar to you] I think that in the end, the difference between CU's and banks is becoming smaller and smaller. Sure, we trumpet 'good service', 'better rates', 'lower fees', and 'more personal banking'... etc etc But honestly, quite honestly, most CU's are not sticking to the rhetoric. My CU included. Fees are getting more expensive. Internal Beuracracy gets more political. Execs are further and further away from the frontline. If we want people to notice and be aware of a difference between credit unions and banks, we have to create some tangible and meaningful difference AS WELL AS marketing it well. [I should initially add the disclaimer that I am from Australia, although after reading through many posts on different CU blogs (I'm a first timer here), the themes I'm mentioning should be familiar to you]

I think that in the end, the difference between CU’s and banks is becoming smaller and smaller. Sure, we trumpet ‘good service’, ‘better rates’, ‘lower fees’, and ‘more personal banking’… etc etc

But honestly, quite honestly, most CU’s are not sticking to the rhetoric. My CU included. Fees are getting more expensive. Internal Beuracracy gets more political. Execs are further and further away from the frontline.

If we want people to notice and be aware of a difference between credit unions and banks, we have to create some tangible and meaningful difference AS WELL AS marketing it well.

]]> By: Information Hippyism and Bank Fear « The CU Skeptic http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-34 Information Hippyism and Bank Fear « The CU Skeptic Sat, 15 Mar 2008 01:41:06 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-34 [...] this week, I posted a comment on the JayRay blog. (The article itself was titled “There’s a Difference?”, how could I not [...] [...] this week, I posted a comment on the JayRay blog. (The article itself was titled “There’s a Difference?”, how could I not [...]

]]> By: Jamie Chase http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-29 Jamie Chase Tue, 11 Mar 2008 23:35:05 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-29 CU Skeptic, Haven't you heard? Credit unions saved consumers $11 billion last year. That's a pretty big difference to the end user and to the communities where those people reinvested that money. That's why people volunteer for credit unions. The issue here is just bridging the gap to help the next generation understand it. CU Skeptic,

Haven’t you heard?

Credit unions saved consumers $11 billion last year.

That’s a pretty big difference to the end user and to the communities where those people reinvested that money. That’s why people volunteer for credit unions. The issue here is just bridging the gap to help the next generation understand it.

]]> By: CU Skeptic http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-27 CU Skeptic Tue, 11 Mar 2008 12:03:19 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-27 I think you've nailed the most basic problem in credit unions today, there is no difference to the end user. I think you’ve nailed the most basic problem in credit unions today, there is no difference to the end user.

]]> By: Jamie Chase http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-22 Jamie Chase Fri, 29 Feb 2008 17:43:04 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-22 Melina, Sounds like you and Mike should join the financial literacy coalition Jump$tart! Stacy Augustine from the Washington Credit Union League got me involved a few years ago. Check into joining www.wajumpstart.org and the national is www.jumpstart.org. Melina,
Sounds like you and Mike should join the financial literacy coalition Jump$tart! Stacy Augustine from the Washington Credit Union League got me involved a few years ago.

Check into joining http://www.wajumpstart.org and the national is http://www.jumpstart.org.

]]> By: Melina http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-21 Melina Fri, 29 Feb 2008 17:22:44 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-21 Great thoughts! Mike, I agree that parents are a key link to financial education in today's youth, but perhaps the easier way to reach the kids is by incorporating these important life lessons into the school curriculum. This has already started through programs like <a href="http://www.ja.org/" rel="nofollow">Junior Achievement</a> and <a href="http://www.youtube.com/watch?v=M3P5C07YnAc" rel="nofollow">Credit University</a>, but is this enough? To really reach all kids and prepare them for the future, is it necessary to make financial literacy a required course in our public schools? Great thoughts! Mike, I agree that parents are a key link to financial education in today’s youth, but perhaps the easier way to reach the kids is by incorporating these important life lessons into the school curriculum. This has already started through programs like Junior Achievement and Credit University, but is this enough? To really reach all kids and prepare them for the future, is it necessary to make financial literacy a required course in our public schools?

]]> By: Mike http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-20 Mike Fri, 29 Feb 2008 01:07:05 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-20 To really know and understand a credit union is to love a credit union. I once had an idea for a campaign called, "Why are credit union people so crazy?" It's true, even if you're not a member you probably know someone who is, and typically that person loves her credit union. Look at Jamie. But that's getting off topic. I'm still convinced the way to the kids is through their parents. Financial education is not part of school curriculum, and kids certainly aren't talking about it amongst themselves, so what else is there? Parents. To really know and understand a credit union is to love a credit union. I once had an idea for a campaign called, “Why are credit union people so crazy?” It’s true, even if you’re not a member you probably know someone who is, and typically that person loves her credit union. Look at Jamie. But that’s getting off topic. I’m still convinced the way to the kids is through their parents. Financial education is not part of school curriculum, and kids certainly aren’t talking about it amongst themselves, so what else is there? Parents.

]]> By: Jason http://whatsthedifference.wordpress.com/2008/02/28/there%e2%80%99s-a-difference/#comment-19 Jason Thu, 28 Feb 2008 20:15:05 +0000 http://whatsthedifference.wordpress.com/?p=32#comment-19 I am one of those rare people I guess that do know the difference (or at least one of the main differences) between the banks and credit unions. Credit unions are "member owned." But what does that exactly mean...or better yet...translate too. Your friend was somewhat correct in they deal with "loans" and alot of that is word of mouth referrals that its better to go get your loan through a credit union because you get a better rate. But the education on why you get the better rate is a point that is always overlooked...or not taught. For the most part, marketing of credit unions has not focused on credit union benefits. Other than the occasional "you now can be a member" tagline... there are very few recollections I have of any credit union marketing outreach to the public. I think a focus on educating all the benefits of the credit union experience would help the credit unions immensly...and since the credit unions are member owned...it will help the people that are, or want to be members. I am one of those rare people I guess that do know the difference (or at least one of the main differences) between the banks and credit unions. Credit unions are “member owned.” But what does that exactly mean…or better yet…translate too. Your friend was somewhat correct in they deal with “loans” and alot of that is word of mouth referrals that its better to go get your loan through a credit union because you get a better rate. But the education on why you get the better rate is a point that is always overlooked…or not taught. For the most part, marketing of credit unions has not focused on credit union benefits. Other than the occasional “you now can be a member” tagline… there are very few recollections I have of any credit union marketing outreach to the public. I think a focus on educating all the benefits of the credit union experience would help the credit unions immensly…and since the credit unions are member owned…it will help the people that are, or want to be members.

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