Joyce Moed | Business Samples

The Benefits of Joining a Credit Union
By Joyce Moed

WASHINGTON–The Maryland and District of Columbia Credit Union Association has launched its largest advertising campaign, designed to educate consumers through the Maryland, Washington, D.C. metro, Baltimore metro and Northern Virginia regions about the benefits of joining a credit union.

The three-year "What’s in it For Me?" campaign, which officially began on Sept. 14, includes transit and bustail advertisements, 30-second radio spots scheduled to air on regional stations, and the website www.WhatsInItForMe.org, which will be continuously updated about the benefits of joining a credit union, and about new laws that affect consumers. The campaign touts the products, services and lower rates and fees offered by CUs versus those of traditional banks.
This year’s campaign is different that previous ones the Association has done, said Paul Rosenberger, chief services officer.

"More research has gone into it," he said. "We saw what we hope are keys to approaching consumers. It’s about consumer awareness, and also about consumer usage of credit unions, and what consumers look at in terms of products and services."

The Association partnered with Callahan and Associates to obtain some of this information, Rosenberger noted.

It is also the broadest campaign in terms of areas included compared to other campaigns.

"It’s taken a lot of preparation, fundraising and relationships going into it," Rosenberger said. "And it’s been worthwhile."

The first year of the campaign has already exceeded its goal of monetary participation from credit unions. This goal was $160,000. So far, about $213,000 has been contributed, which will primarily be used for measurements, and Web improvements, Rosenberger said. The goal for the second year is $350,000. The third year goal is $1 million.

"We’ve asked for $20 per million in assets," Rosenberger said. "The success has been great. It’s a grand experiment and we need to see what the returns are."

In addition to the advertising efforts, MDDCCUA is planning community outreach initiatives to create more awareness of CUs among consumers. These include: educational tool kits and other consumer-oriented materials, a year-round scheduling of consumer financial events to be hosted by local CUs, coordinating with other regional providers of financial literacy and consumer education, and continuously updating www.WhatsInItForMe.org with timely content.

"The public has rediscovered how accessible credit unions are, the multiple benefits they afford, and how strongly they have weathered this year’s tough economic climate," said Michael Beall, CEO of the Association. "Over 50 regional credit unions are supporting this campaign as a direct result of the increase in member loyalty they have seen this year, and they want to keep that momentum going strong."

According to MDDCUA, the Maryland, D.C. and Northern Virginia areas have shown an increase in CU participation. They have experienced increases in share growths of 9.5% in Maryland, and 7.4% in D.C. from June 2008-2009; volumes of loan originations throughout D.C. totaling 34% for the first two quarters of 2009; and in the financial products utilized per person–2.37 in Maryland and 2.44 in D.C.–as compared to the national average of 2.35. The Association is hoping to bring even more CU awareness through its newest campaign.