Today one of my friends was posting online about how busy she had been at work this week. I thought nothing of it until someone asked what she did for a living and she replied "I'm a new account specialist at a credit union." I decided to email her and get an on-the-ground report from her about what she is seeing in her credit union. As she said, business is booming.
Jump under the squiggle.
I got her permission to repost this.
Things have been extremely busy the last two weeks, but this past week has been hectic. One a typical week, I may assist 10-20 new customers with opening and transferring accounts to the credit union. At 5 PM today, I just finished working with my 103 brand new customer this week! My manager has had to take people from operations and put them on the front line to help me. It is amazing.
The biggest reason people are coming to the cu is because of their mega bank charging new fees. Most people are coming from Bank of America or Wells Fargo. Boy are this people mad too. They were courteous with me, but I always ask my customers why they are making the switch. Hell hath no fury like an over-fee'd bank customer. People are amazed when they realize we pay 1% on checking and savings accounts. Someone from Bank of America told me they were being paid .05% on their savings account! Pity!
My main job is not only helping people open their accounts, but also to help them transfer their existing banking relationship to the cu. I usually sit down with them and go over their bank statements to make sure we change direct deposits and automatic billing. In some cases, I will even sit with them and help them establish bill payments through our bill pay system. People do not get this type of service with their big bank.
One thing that also sets us apart is if someone is under financial difficulty, we work with them. We have specialists that will assess their situation and we will even lower monthly payments on loans or mortgages for them until they get back on their feet. No bank does that. We have foreclosed on very very few homes and those are typically people who walk away completely and choose not to pay even though they have the means.
This week I have listened to people tell me their big bank horror stories. One man has been paying $20 a month to have a checking account in addition to another $8.95 to speak with a teller. Our accounts are free and teller transactions are free. Why would anyone go to a bank with deals like these?
Another big trend we are noticing in my local cu is that existing customers are trying to get rid of their debt with the big banks by transferring it to the cu. We've had so many balance transfers from big bank credit cards to a cu card. Our mortgage and auto-refinancing area are slammed with new business.
To put it simply, business is booming. I couldn't be happier. I love meeting our new customers and being the welcoming face that helps them get established. One gentleman asked me today if I was paid per new account that I opened and I told him that I had no incentive whatsoever to open accounts. That's something you won't find at a bank either! Remember that!
Our credit union has even discussed going down to the local protest and handing out fliers. If they do, I will volunteer to go down there. As you may remember, I worked at a mega-bank in my past and I am treated so much better at the cu.
Thank you so much for asking me and yes, share this all you want!
Have you moved your money yet?