Payment Industry Insider

As reported by Payments News, NPR’s afternoon show, All Things Considered, recently included a segment titled “Rising Bank Fees Squeeze Consumers“. The article goes on to explain:

Last year, banks collected $38.6 billion in service charges, according to the Federal Deposit Insurance Corp. That translates into higher fees for overdrafting accounts, wiring money or using another bank’s ATM.

And consumers are feeling it. In a time where thrift and saving are almost non-existent, combined with higher fees, how can consumers even think about a positive financial situation?

This is the time for credit unions to shine. Credit unions do have a place in the world. Realize the situation that is taking hold of our nation and use this opportunity to introduce your credit union.

When ad spending is down and marketing budgets are shrinking, you need to be out in the community promoting your business, even if you have no budget. A post from the Philanthropy Journal outlines some great ideas for cost-effective marketing:

1. When everyone is doing wristbands and brochures, don’t try to compete with the herd. Do something entirely different, far away from the herd.
2. Make yourself a story that gets covered instead of buying ads.
3. Invest your marketing energy in an “open-minded moment,” when your audience is most likely to be thinking about your issue [finances].

Credit unions can be the solution and alternative to high interest rates and unecessary fees. The key is bringing that message to your audience and letting them know you are out there.