Holiday Helpers

Several credit unions are taking the busy retail season and using it as an opportunity to help members.

 
 

Around the holidays, people spend money. And on Black Friday (and the recently coined Cyber Monday), retailers prance out deals for people to dive on like a fumble in the Super Bowl.

For credit unions around the country, the long weekend offered an opportunity to engage members and help them improve their lives. Several credit unions had noteworthy campaigns.

  • Visions Federal Credit Union ($2.5B, Endicott, NY): On Black Friday, the credit union started a two-day loan sale (which featured a 36-month auto loan at 1.99%). The program netted almost $9.6 million in new loans, 700 applications and 200 new members.
  • Navy Federal Credit Union ($42.8B, Merrifield, VA): Cyber Monday saw the credit union offer a cash rewards credit card with low rates and no annual fee.
  • Postmark Credit Union ($29.5M, Harrisburg, PA):  The credit union capitalized on the Cyber Monday buzz by offering great loan deals such as a 3.99% Christmas loan.
  • Service Credit Union ($1.7B, Portsmouth, NH): Service offered Doorbusters on Black Friday including a 10% savings certificate, no-fee Visa gift cards, and 1% off of personal loans.

Over a weekend normally marked by spending (and in some cases more debt), credit unions chose to focus on saving members money. The actions illustrate the inherent differences in the cooperative movement.

 
 

Dec. 3, 2010


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