Four Ways that Neighborhood CU Grows Members

After discussing Neighborhood CU's community charter strategy, Mark Arnold, SVP, discusses the tactics used to grow members in this Part Two article.

 
 

In the recent article, "Interview with Neighborhood CU: Community Charter Success," Mark Arnold, senior vice president of Neighborhood Credit Union (Dallas, TX, $226 million in assets), candidly discussed the organization's strategic decisioning, challenges and advice regarding their experience with a community charter.

This week, Mark shares a few tactics that has led the credit union to exceed its peers in member growth. Below are the four main ways that the credit union is reaching members and non-members:

  • Reward referring members. Neighborhood rewards members that refer non-members with $20.
  • Incentivize non-members to join. The credit union attends community events and pays members a sum of money based on the products they choose. Eg: $50 for checking account, $75 for checking account with direct deposit, $250 if refinance loan with balance greater than $10,000, etc.
  • Open branches. Instead of a grand opening, Neighborhood holds a block party on a Saturday and includes the major radio station, caricature artists, a jump house for children, and famous celebrities such as Cliff Harris and Charlie Waters.
  • Reach members 16 times per year. Neighborhood targets members within a three to five mile radius of its four branches and mails a postcard once per month and its quarterly newsletter.

More information about community credit unions successfully gaining members and establishing a presence in the community is available in the webinar recording YOU CAN JOIN! Fostering Member Growth with a Community Charter.

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Former Dallas Cowboys Cliff Harris and Charlie Waters at a branch opening block party.
 

 

 

Aug. 8, 2005


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