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Cubus Solutions Newsletter: February 2018

Marketing Strike: BofA Ends Free Checking

Bank of America eliminated eBanking accounts last month, transferring their owners into accounts that charge a maintenance fee if they don’t maintain a minimum balance or get direct deposit. Account holders are placed into BofA’s Core Checking, an account that requires customers to maintain a minimum daily balance of $1,500 or at least one direct deposit a month of $250 or more — which comes out to $3,000 annually. Customers in these accounts are charged $12 a month if they cannot meet these requirements. The change has prompted a backlash online, including a storm of tweeters professing their intention to close their accounts and criticizing the bank for its effects on low-income customers. A petition protesting the move has also drawn more than 288,000 signatures (of the 300,000 wanted) as of this writing. This is a golden opportunity for credit unions to pounce and capitalize on Bank of America’s announcement. Do it today! Do it while consumer outrage is hot and customers are still seething with anger. Marketing pro tip: Start a social media campaign linking to articles about the elimination of these accounts. Welcome BofA affected customers to your ‘always will be free’ checking.

~John-Ashley Paul, President/CEO

What We’re Reading

Younger People Have Lower Incomes, Higher Debts, and Virtually No Wealth
This is an astounding survey about young families with heads of household under the age of 35. These millennials need financial planning in a big way. And by the way, they are the same ones who want free checking!
Read the Article
Stop Marketing. Start Engaging.
Upcoming CUNA GAC speaker, Scott Stratten, a marketing specialist and author, has some advice for credit unions. If you’re going to GAC, go to this session and stop by to say hi to Cubus at booth 266 in the Expo Hall. If you aren’t going to GAC, here are some of the tips he’ll be speaking about at the conference in the article below.
Read the Article

Did You Know

IPv6 Protocol Support
IPv6 is becoming the essential IP address scheme. Are you ready? Are your networks and routers ready? We are already seeing some organizations require this updated IP Protocol. Please start looking at your systems and planning for this support.

Responsive Reminder
Both Skip-A-Pay and Notify (Statements, Alerts and Letters) are now available in a responsive format. Bring these great services to your credit union members’ mobile experience. Contact support to schedule your upgrade today!

Contact Support

Social Media Matters
Social media accounts for 48% of the online activity that drives customer acquisition for financial brands. It’s where your members live, no matter what demographic you seek, and it doesn’t take much time or money to implement. Do you have a recent change in management you could share, a local fundraiser your credit union is supporting, or a company celebration that shows employee personality behind the business? These are all great opportunities to connect with your audience and keep your content fresh for followers. Millennials, soccer moms, high-paid execs – they’re all on social media somewhere. Let them know your credit union is current with the latest marketing channels by engaging with them on social media. If you don’t, I’m sure your competition will be happy to.

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© 2018 Cubus Solutions, Inc

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