KINGSTON, N.Y.-Mid Hudson Valley FCU's straightforward "Say yes to no-bounce" campaign resulted in more than 25% of its checking base signing up for overdraft six weeks before the July 1 Reg E deadline.
The campaign consists of signage inside and outside its nine branches, and informed tellers who talk to members about Reg E. It cost the $670-million CU about $5,000.
"The bulk of our checking transactions come through our branches," explained Bob Michaud, SVP-chief marketing officer. "So we figured we'd have some success at a low cost."
The CU has placed 18X24-inch lawn signs in each branch parking lot that state, "Say yes to no bounce. Ask us how." Sidewalk graphics greet members before they walk in, and then inside each lobby posters carry the campaign's message and details about the opt-in program. Tellers wear stickers that say, "Ask me about no bounce."
"We are opting people right in at the teller counter," Michaud said. "In two months we got over 7,000 members to opt-in just from lobby traffic. I think the simple message has a lot to do with our success."
MHVFCU plans to expand the effort in the final month, with direct mail to overdraft users and outbound calling from PSCU's call center.
"A while ago we looked at some of the opt-in programs from providers who handle the whole thing for you," Michaud said. "They tend to be pretty expensive. We thought we could do just as well if we did it ourselves and got straight to the point."
