PHOENIX-Arizona Central Credit Union expects to see new members join because of fees from the big banks, but one person said that influx is still months away.
"This is a time that consumers are starting to shop, so I think we're getting inundated in our call center right now for various reasons," said Janet Moodie, VP of operations at the $404-million credit union. "I think because the fees aren't going to be implemented until January, people are taking the time to shop around and look at how other institutions' products meet their needs and spending behaviors."
The credit union has launched a marketing campaign touting its free debit cards, and is working on a campaign to educate members that while some checking products do have fees, those fees can easily be avoided by a specific number of debit transactions or meeting a daily balance requirement.
Arizona Central developed its own switch kit (which is available online to new members), and members can download the forms they need to make the switch, including membership application, changing direct deposit and automatic bill payments, closing old accounts and more.
"They can probably go to the electric company website and change it very easily, but these forms, even if they don't need it, are going to make the member think about what they have coming out automatically," said Moodie.
New members can not fund their initial deposit online, but Moodie said that service will likely become available in Q1 of 2012.
The credit union uses an on-boarding system into which member service reps note any products discussed with the member at the time of account-opening, and branch staff follows a specific schedule to keep in touch with new members after they join. "We give the branch 60-90 days to close those sales ... then our inside sales people take over," said Moodie.
Moodie praised AZ Central's staff for listening to new members' concerns and being able to meet them with the right products and services.
"Nothing is going to ruin your credibility with a new member faster than putting them in a new checking account and they get a fee when they could have avoided one," she said. "It's about having a conversation and knowing our products and services well enough to say 'This is going to meet your needs and this is why.'"
