Creating a Credit Union Switch Kit

In recent months, frustration toward our nation’s big-name banks has become more prevalent – and more pronounced – than ever before. In fact, many big bank customers have become so disillusioned by their financial institution’s high rates and fees that they’re ready to take the plunge and find a new financial partner entirely. Don’t miss out on these new membership opportunities! Set yourself up for successful growth with a credit union switch kit.

A credit union switch kit is a brochure or folder containing forms that help potential new members make the transition to your financial institution. As you begin planning a switch kit for your financial institution, refer to the checklist below for important things to include:

• “Authorization to close account” form.
This form is for potential members to send to their current financial institution instructing them to close their checking or savings account and mail the balance to your company. (Be sure to include your address so the current financial institution knows where to send the money.)

• “Authorization to switch direct deposit” form.
If any potential new members want to utilize direct deposit, they can simply complete the “authorization to switch direct deposit” form and give it to their employer. To maximize convenience for your potential new members, include your routing/transit number directly on the form so the new members won’t have to look it up.

• “Automatic payments transfer” form.
The purpose of this form is to help members notify companies with which they’ll need to update their automatic payment or transfer information. It’s a good idea to include a checklist somewhere in your credit union switch kit that details the companies or types of payments your new members may need to update (such as mortgage/rent, insurance, utilities, etc.).

• “Request more information” form.
When creating your credit union switch kit, don’t lose sight of the fact that switch kits not only make it easy for members to switch financial institutions – but also give you a prime opportunity to market your products and services. Consider including a mail-back reply form on which new members can indicate which specific products or services your credit union offers that they may be interested in learning more about.

• “What to expect after account opening” information.
Most people don’t switch financial institutions very often, so it’s likely your new members may have questions about what they should expect after completing your kit. Be proactive by providing information about when new members can expect to receive their checks, debit cards, etc.

Now that you know what to include in your credit union switch kit, here are a few important things to keep in mind:

• Provide ample room for members to write in their information.
• Avoid a glossy finish on your brochure as it may lead to ink smudges. Stick with a matte finish instead.
• If you choose to go with a brochure format, consider using perforations so new members can easily tear off the individual forms.
• Along with a paper copy of your switch kit, you may also want to provide an online version that members can easily access via your website.

So there you have it – everything you need to know to create an effective, informative, no-hassle credit union switch kit. Get started on yours today!

Top 5 Reasons to Buy a “Credit Union Repo” Or “Bank Repo” Vehicle

This article will list the top 5 reasons to buy a Credit Union Repossession. Car buyers across the Nation may not even know about these repossessed vehicles or where to buy them. This article will help familiarize car buyers with the benefits of buying a used C.U. or Bank vehicle.

5 – The price is right:

The first thing people associate with buying a repossessed car is getting a low price. When repossessed vehicles are purchased directly from the Bank or C.U. there is no commission, fee, hidden cost, auction registration charge, etc. These vehicles are sold only to cover a loss. In no circumstance does the Bank or C.U. net a profit from the sale. These orphaned vehicles are typically sold at a loss and if there is residual equity from the sale it is returned to the prior owner. The lenders DO NOT want these vehicles and they are priced accordingly to sell quick.

4 – Credit Union financing is the best:

Any car dealer will tell you the most lenient financing with the best interest rates will always be the local C.U.’s and small Banks. After all, they were the ones that financed these cars originally. Small Banks and C.U.’s can negotiate both the vehicles price and the interest rate. With low prices and low rates you always get the best deal.

3 – Credit Unions are a trustworthy seller:

Local Credit Unions and small Banks are built on the foundation of trust. Their financial reputation is at stake every time they work with you. They absolutely cannot afford to breech that trust over a the sale of a repossessed vehicle. Repossessions are typically sold “as-is” and the sales are final. You won’t be pressured into buying something you don’t want. Make sure you do your due diligence and are certain you want the vehicle before you commit to buying.

2 – Plenty of quality inventory:

Repossessed vehicles are not all the same. We’ve heard horror stories of severely damaged vehicles being repo’d from drug dealers and resold at auction. This is not the case with buying from C.U.’s. “Credit Union Repos” are different than “Police Seized” vehicles. The vast, vast majority of C.U. owned vehicles are voluntarily surrendered in great condition. Many times they still include factory warranties. These cars, trucks, ATV’s, RV’s, boats, etc. are the cream-of-the-crop.

1 – Search Credit Union inventory from home at no cost:

In the old days of the internet, and even today several websites claim to have exclusive access to repossessed vehicle lists. They got rich from charging upwards of $50 or more to sell you a “repo auction list”. In reality they are only selling you public records and local auction house contact info. They make claims of $500 luxury cars to entice you into paying, but they make absolutely no guarantees that you’ll get anything of the sort.

Effective Marketing For Credit Unions

When consumers are trying to decide which Credit Union or bank to do business with in Michigan, there are plenty of available options. In order to rise above the rest, some drastic measures need to be taken. Effective marketing for Credit Unions in Michigan is essential to ensure that membership remains high, and profit margins can be maintained. To accomplish successful marketing strategies, it is important to enlist the help of a professional marketing firm, which can help you develop a strong offline and online plan of action for your business.

Offline Marketing

Perhaps the most common type of effective marketing for Credit Unions in Michigan, many offline methods can effectively drive new member sign ups, and increase the profits for local Credit Unions. These methods are essential in order to reach the public within your local area. Without a constant stream of offline marketing techniques in place, you just can’t compete with more established larger banking institutions.

No matter your budget, there is an offline method that can work for you. One of the most effective offline techniques is the use of direct mail. This method can be used for both potential and existing members. Whether your goal is to gain new investors, or simply offer a new and exciting perk to existing members, it can all be done through direct mail, letters, post cards, or inserts. Anything that you can do offline to bring in new business will only benefit your company in the long run.

Online Marketing

Effective marketing for Credit Unions in Michigan can also extend to the online world as well. Taking your marketing methods online is a great way to extend your client base, reach those who are commonly online, and provide digital services to your members. As the world becomes more and more technological in nature, it is important to stay up to date on all of the latest banking features and functions that should be made available to members. If your members are not receiving the same level of service that they can get elsewhere, then there is no longer a reason for them to stay with your Credit Union.

In order to reach a wider base of potential clients, online methods can be used. Through opt in forms on your website; you can capture the contact information for any visitor who signs up for your email list. This allows you to send marketing materials to that person for years to come, and is an incredibly valuable tool. Marketing online is a key component of any marketing strategy. By marketing online, you reach the clients who you may not have been able to contact through routine offline methods, and this will only contribute further to your success.

Both offline and online methods can be combined to create effective marketing for Credit Unions in Michigan. With such a competitive niche, it is important to provide your current and potential members with a reason to keep coming back to you. When you combine the power of online and offline marketing methods, you are sure to increase your profits while helping your Credit Union to thrive.