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 loanwith 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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