BOULDER, Colo.-Not every credit union sees the need to have a formal "switch kit."
Dennis Paul, AVP with the $966-million Elevations Credit Union, here, noted that what ECU lacks in such a kit, it makes up for with a well-established procedure when a bank customer comes in and wants to join.
"We really never developed a kit as we have better luck one-on-one," Paul said. "If they have the desire to make the move we certainly will make it happen in person. Our retail team walks the new members through the entire process by their side. We spend some quality time with them with a personal touch. Our goal is to get the whole switch done right out of the gate."
The workflow follows a series of steps familiar to most CUs: the first step is to set up an account with the credit union. The new member is given direct deposit forms to transfer their payroll. Then, the account rep takes the member online and helps create a user name and password to enable immediate access to the accounts. The next step is to transfer bill pay. If the new member has any questions, they are told to bring their bills to a branch and they will receive assistance.
It takes approximately one month for all accounts to get transferred.
Getting The ACH
"The new account concept is such an important piece, so we really strive to get as many ACH payments changed as possible so that when they leave they have switched financial institutions," Paul said. "I'm sure many of the members could do this themselves, but the way we do it there are four eyes on the process and we make sure all of the electronic transactions are wrapped up in one visit. We want to make sure there is no frustration on the members' part getting it done."
According to the feedback Elevations receives, new members "appreciate the hand-holding," Paul said. The CU makes sure to send the new members home with routing transfer numbers and a phone number to call if there are any additional changes.
Bill Pay Perception
Bill pay is an obstacle because there is a perception that it is very difficult and time consuming, Paul noted, adding, "the nice thing about our step-by-step process is we get it done on the spot and people are surprised at how easy it was."
As the Nov. 5 "Bank Transfer Day" looms near, Paul said Elevations will have information on the credit union difference on its social media pages "and we will have our doors open wide."
"It is important for us to get our message out and make sure people have the facts right and they can go from there," he said. "We don't want to be perceived as opportunistic; we want to be a resource. It is for the consumer to decide if a credit union or a bank is better for them, so we want to provide unbiased information so they can decide.
"We are anxious to see what types of numbers we get and what type of legs this initiative has," he added.
