Credit Union Marketing

Credit Unions in Michigan and across the United States are starting to feel the money crunch that is evidence of our country’s current economic downfall. As a result of this, it is important for Credit Unions to take their business to the online market. More and more people are turning to the Internet these days for their banking needs, and in order to compete with larger banking institutions, smaller Michigan Credit Unions need to take advantage of the free traffic on the Internet.

Why is it Important to Market Your Business?

With the economy failing, competition amongst banking institutions is fierce. Larger banks are shutting out smaller ones and Credit Unions every day. To avoid this happening to your institution, you can begin to market your services online, or improve upon the online methods that you already have in place. Almost all consumers are interested in banking with an institution that has an online presence. If your Credit Union does not have a quality, user-friendly online website then you can be assured that you’re missing out on thousands of potential members each year.

One key is to ensure that your Credit Union is considering the younger generation. In this technological age everyone, especially the younger generation, are reaching out to businesses that are operating online. Because they tend to spend so much time online already, they are looking for the convenience of checking their balances, transferring money, and making payments on the internet. If you cannot provide this to your potential members, they will look elsewhere.

Having an online website for your institution also allows you to stay in touch and in constant communication with current clients as well. This is important for client retention, and so they do not go and look elsewhere to the competition that can provide more convenient services.

How Can You Market Your Credit Union?

As a larger business, you do not have to market your Michigan Credit Union by yourself. There is a wide variety of Internet marketing companies that can provide you with detailed services that will help your business grow online. Whether you are in need of an optimized website that has all of the banking features of the larger institutions, or if you just need to increase traffic to your website, these marketing service companies can work for you. The cost is moderate compared to what you’ll gain from the services that these marketing companies can provide. A well tailored website is one of the best things that a Credit Union can create in order to compete against larger banks. In this tightening economy you cannot afford to not market your services online. You will be surprised how many new members can be gained by simply tweaking a few things, and launching a standard Internet campaign.

Having a website is certainly a step in the right direction, but it’s also important to market that website online, to build online awareness, and improve search engine rankings.

Another factor to consider is the addition of an opt-in form on your new or current website. This will allow you to capture traffic that is being driven to your site, and gain visitors contact information. This is another method that can keep you in a close relationship with your current members, while helping you to reach others that you know are already interested in your services. This is one of the simplest things that an Internet marketing company can do to increase the amount of members you gain each year.

A faltering economy does not have to mean the end for small Michigan Credit Unions. There is a way to compete online with other large banking institutions. With the help of an Internet marketing company, you can create an online marketing game plan for your business, and can help it thrive even under the worst conditions.

Credit Union Benefits: Give Employees a Raise at No Cost to You

In times of economic uncertainty, it is important to be creative with the benefits offered to employees. One of the best benefits that a company can offer to its employees is a credit union membership. Many credit unions will agree to give memberships to the employees of a certain company. For a company, this is just like offering a raise, but at no cost to the company. It is a valuable employee benefit that is effective on more than one level, as it not only provides financial advantages, but also offers an emotional connection to the company.

On one level, the credit union membership as an employee benefit provides direct monetary advantages. Most credit unions offer lower interest rates on loans and higher returns on savings accounts. In this way, it is very like offering a raise to employees. Lower interest rates on mortgages and auto loans means more money in the pocket. Higher annual percentage yields on savings accounts and CDs also puts more money in the employees’ pockets. By providing a way for employees to better put their money to work, companies can offer a way for employees to keep more money, and it really is much like getting a raise.

There is also an emotional side to using a credit union membership employee benefit. When a company takes the time to find and recommend a financial institution that give premium rates and special services at lower cost, it sends a message that the company cares about the financial wellbeing of its workers. This translates into a more positive working culture, and one in which high quality is important, as employees who feel valued are more likely to work well.

Some of the other benefits that come with credit union membership and that can be seen as benefits to employees are things like special auto financing, low rate institutional credit cards, and free checking (often with no minimum balance). Additionally, many credit unions offer special deals to their members on things like amusement park entrance and hotel discounts. Also, many credit unions offer one-on-one personal service for loans, and make fast loan decisions.

Credit union membership is a low-cost benefit that anyone in your company can take advantage of, and it does not cost your business anything. Show your employees that you care by offering them a benefit that provides tangible financial advantages, as well as fun and convenient perks.

How To Buy a Credit Union Repo

Anywhere that there are Lenders making auto loans there will be Lenders managing repossessions. When loans are made, the loan approval process determines the exposure risk involved. Even the strictest underwriting standards cushion for some loss. When one of these loans defaults, the collateral securing the loan is repossessed.

In an economic condition where unemployment levels are high, lost jobs and reduced wages result in higher instances of repossession. Credit Unions are member owned and typically all options are exhausted before collateral is seized. Payments may be restructured through loan modifications, refinancing, principle reductions, etc., but if the circumstances are dire, repossession may be the only solution. Stories of sly repo men dragging cars out of driveways make for great TV, but the reality is that more often then not vehicles are voluntarily surrendered to the Credit Union by the members.

Lenders don’t want these cars. They make their money from interest on the loans, and the thought of repossession perhaps upsets them the most. Once they have these orphaned cars the only choice is to sell them to cover their losses. Larger Banks will ship bulk volumes of cars to “Dealer-Only” auctions where they are purchased and remarketed on used car dealer lots. Credit Unions on the other hand, tend to deal in smaller volumes and get better results from reselling these vehicles on their own. Rather than paying a dealer commission, Credit Unions will reduce the price to compensate, and in turn sell the vehicles quickly. Credit Unions will reserve a section of their websites to list available inventory.

If a consumer finds a vehicle they want to buy they can then deal directly with the Credit Union. Even though the prices are already low, Credit Unions will typically entertain all reasonable offers. If you think the price is too high, tell them why and they may work with you. Another benefit to buying directly from a C.U. is the financing. This is what C.U.’s do best. Ask about any special financing they may offer. If they can’t budge on price they may be able to reduce the interest rate.

C.U.’s do not sell the cars for profit, but that doesn’t mean they don’t want you to be happy with your purchase. Lenders would want nothing more than to retain you as a long-term loan customer. The cars are usually sold “as-is” so make sure you do your homework before you submit an offer. RepoFinder.com also has a “Useful Links” section that provides information to help you make an informed purchase. Buying a “Credit Union is both prudent and safe.