How sweet it is.

November 4, 2011

An article on thefinancialbrand.com today boasts Consumers Sour on Big Banks, Sweet on Credit Unions. The headline refers to a Harris Interactive poll, the results of which indicate that consumer sentiment has taken a turn for the worst against big banks. Not only that, but people love their credit unions!

The online survey shows that credit union members are twice as likely to be very or extremely satisfied than bank customers, and nearly nine out of 10 members say they are very or extremely likely to continue using their credit union. Not to mention that credit union members report a better overall experience than bank users, and are more likely to feel valued as a customer.

Granted the survey took place in the US, but with all the buzz north of the 49th parallel around Bank Transfer Day, one could deduce that Canadians may be less than enthused with their bank as well. With BTD taking place tomorrow, it remains to be seen whether dissatisfaction is great enough to motivate people to make the switch.

 

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What’s in a name?

October 25, 2011

So you read my earlier post on Bank Transfer Day and got all up to speed on the cause. And then when you  took the dog out that afternoon, or when you were lying in bed trying to fall asleep that night, or when you were rinsing your hair in the shower the next morning, it hit you – who on earth decided to call it Bank Transfer Day?

I know, it’s a little eerie how I know that happened to you. Or maybe I just assume that everyone is like my colleague who asked me that question this morning.

Well fear not! Other people are also contemplating this. So jump in on the conversation and wow us all with the better name you came up with last night while you were feeding your cat, this morning when you were pouring milk on your cereal, or this afternoon when you were running for the bus.

I know, it’s a little eerie how I know that’s when you come up with your best ideas.

WTF is BTD?

October 21, 2011

BTD, aka Bank Transfer Day, is a call to people to re-invest in their local communities by transferring their funds from their current big bank to a local credit union on November 5, 2011. Need a refresh on the difference between banks and credit unions? Done and done. And done again.

So the thought is that while both financial institutions can offer you basic banking services, choosing to deal with a credit union will have a positive impact on the consumer & their local community. And if everyone makes the move to a credit union on the same day, the big banks will get the message that conscious consumers will not support companies with unethical business practices. Not sure where the “unethical business practices” part came from? Read up on how the movement started in the United States and has since been buzzed about north of the 49th parallel too.

If you decide to jump onboard then you can start by RSVPing to the BTD movement, mark your calendar, and then: 

  • Research your local credit union options
  • Open an account with the one that best suits your needs
  • Cancel all automatic withdrawals & deposits & transfer your funds to the new account
  • Follow your bank’s procedures to close your account on or before November 5th

If you decide to make the move to a credit union, let us know what it was that influenced your decision to make the switch. And if you already bank with a credit union, what is it that keeps you a member?