Those of you who know me know that I live my life almost exclusively in Beyoncé proverbs.
"I don't think you're ready for this jelly."
"All the single ladies."
"RING THE ALARM. I BEEN THROUGH THIS TOO LONG."
But no phrase has proven itself more true than "to the left, to the left." In a mass exodus, people ditched banks in favor of credit unions in this month's "Bank Transfer Day." Last week, some credit unions experienced three times as many new account openings!
In this video, customers tell Bank of America to "drop the fees, or I'll drop you":
Do you have a "switch kit" for when a prospective member tells their bank "to the left, to the left?"
Basically, a switch kit is a packet of documents that make moving financial institutions super easy. With information such as detailed instructions on how to close out old accounts, direct deposits and the like. Basically, things that you already have on hand, but packaged in a way that makes it easy for the member.
From the NCUA:
Truth be told, a basic switch kit is usually nothing more than all the required membership paperwork stuck in a neatly-branded bundle. Sure, some kits include checklists and worksheets to help a new member through the transfer process, but the same amount and type of information is always needed. And yes, there is still a certain amount of leg work required of the member. He or she will have to provide proof of address, gather some basic information, fill out a few forms and sign some paperwork. But it’s easy.
Make it easy for prospective members to say "to the left, to the left" with a switch kit!
Is your CU using switch kits to ease the pain of paperwork for new members? Let me know in the comment section!