Truth: I have no idea what half of the correspendence from my financial institution means.
Even when i do understand it, I'm not sure why its happening—what is this $3 fee for? Why do I have a checking fee?
This even extends to other dealings with my financial institutions. Banners at branches, flashing graphics on websites—sometimes it feels like my credit union is speaking a different language than I am!
Many terms that may be familiar to people who work day in and day out in a credit union enviroment may be Greek to your members. One way to alleviate this is to consider simplifying phrases that might be difficult.
Ask your tellers what are some of the common questions they recieve regarding terms. You may even consider including a glosary of terms with each statement or making it easily availible online or in branch - that way when your members sit down to go through their finances they have a handy guide to help them understand their finances better.
Remember, when it comes to member satisfaction, more information is always welcome! What are some ways that your credit union has worked to increase your member's financial literacy? Let us know in the comments!
DeAndre Upshaw is a former Young & Free Texas Spokester. He's a marketing professional living in Dallas and a Beyonce enthusiast. DeAndre is the host and executive producer of The State of Awesome. Follow him on Twitter and check out his personal website.