Timing is Everything
In the recent months, the turmoil on Wall Street has revealed the lack of transparency and liquidity in our country's traditional banking institutions. In monitoring the day-to-day discussions on the fragile futures of investment banks, the big question on the minds of everyone is: where can I place my financial trust?
A prominent figure in today's thought leadership circles, Will Marre, commented on the American Dream Project blog about the value of credit unions and encouraged citizens to consider "owning" their financial institution.
It's time to take our money away from big faceless banks and put it where it belongs. In our own communities.
…So, what's the greatest thing you can do? First, deposit money in a credit union. A credit union is the bank you can own. Credit unions are owned by their own depositors. Credit unions operate on a human scale by people like you and me. They began 150 years ago to help farmers be free from big city banks who didn't understand real life. They have all the same services of a huge consumer bank and they loan money at low rates to their own depositors. They have an international ATM network and have more sophisticated online banking than lots of big banks saddled with legacy IT systems…There is simply no reason why every American should not be a member of a local credit union.
It's Time to Move Your Money
www.americandreamproject.org/blog
September 23, 2008
As an advertising and communications agency who markets credit unions, we believe our strategic actions over the next few months will determine the role credit unions play in the future housing finance market and anchor credit unions as the member's primary financial institution. We think the timing is right for credit unions to ramp up their initiatives to get the message out to the public that credit unions are member-owned financial partners, standing solid and solvent -"right in our own backyards."
Some of our credit union clients are acknowledging this window of opportunity and preparing for an aggressive competitive push to gain market share, while others unfortunately pause to observe the fallout. In 2006, private label securities (Wall Street) controlled better than 50% of the home finance market, largely due to sub-prime loans. Today, that market share is available for credit unions to stake their claim as a trustworthy alternative.
When it comes to the trust factor, credit unions are already poised for the win/win providing members competitive products and services all operating in the best interest of their membership—not the chief executives. Of course we've been saying this for years, but just last month the Wall Street Journal blog said it too.
For obvious reasons, many Americans are pretty unimpressed with the banking industry right now. So maybe it's a good time to look at an alternative – like moving your account to a local credit union instead.
These not-for-profit co-operatives have a kind of sleepy, backwater image. They're often seen as the local libraries of banking. But that's too bad. The chances are they didn't pay their chief executive $10 million while writing off billions in subprime loans. And they can offer you some surprisingly good deals.
For Better Banking, Check Out a Credit Union
http://blogs.wsj.com/roi/2008/08/26/for-better-banking-check-out-a-credit-union/
August 26, 2008
As we move forward serving the mission of credit unions, we are proud to partner with an industry, which has ethically served and advanced the financial wellness of its members. Our commitment mirrors the industry when we say, "We believe in people helping people."
If the timing is right for your credit union to strategically move forward, please contact us.
Roy W. Page, CEO
Third Degree Advertising
