Small Credit Union Takes On Mega-Banks Over FREE Checking
Here's a story that's almost too good to be true. It's your classic David versus Goliath story.
Online, February 18, 2011 (Newswire.com) - Here's a story that's almost too good to be true. It's your classic David versus Goliath story.
Instead of sitting back and remaining silent as the big mega-banks attempt to destroy the free checking account while adding new and higher fees to all checking accounts, the Long Island-based Bethpage Credit Union is taking action.
Not only did the credit union introduce its own free checking account last year, it recently launched a new website www.freecheckingforlongisland.com where consumers can go and voice their outrage over the actions of the mega-banks as they snatch free checking from the hands of their customers.
While on this site you can also learn more about the credit union's new free checking account - Bonus Checking. Why they didn't name it Free Bonus Checking or Bonus Free Checking is beyond me but at least they are aggressively promoting it as free checking.
Better yet, you can earn interest on your free checking account if you agree to online statements, direct deposit, and using your debit card at least 15 times each month. All of these requirements should be no-brainers for most customers.
According to the folks at Bethpage, "The demand for a free checking account is high on Long Island." This should come as no surprise to those of you familiar with Long Island. This is Citibank territory - one of the four mega-banks responsible for attempting to bring about the end of free checking.
Apparently, the Bethpage free checking campaign is working as it has opened more than 33,000 free checking accounts since the middle of last year. That's a tremendous jump in market share for a small credit union.
Let this be a lesson to all the community banks and credit unions across the country. It is possible to take on the mega-banks and win when it comes to free checking.
These mega-banks have handed you a golden opportunity to grab thousands of their disgruntled customers and make them your customers by simply aggressively promoting the fact that you offer free checking and plan to do so for years to come.
Now's not the time to sit back and do nothing - to hoard your precious marketing dollars for better times ahead.
Please, take advantage of the turmoil in the checking account market and launch your free checking campaign today. As you can see - it's paying big dividends for the folks at Bethpage Credit Union.