What is a "Checking Account?"

In the age of plastic and electronic bill pay...who writes checks?

Is the term “checking account” itself a stumbling block to engaging young adults? Yeah, "free checking” is all well and good to advertise, but many online and card wielding folks might think, well, I don’t write checks so who cares?

Seriously, long term strategy: at what point is the term “checking account” rendered meaningless? I write probably 1 or 2 checks every few months – there is going to come a time when a rebranding is in order.

What does that look like and how can CUs own it?

Facebook now has a credit union

Have you heard the news? Technology Credit Union is now the official credit union serving Facebook employees.

Check out the following article about the new relationship here...

I wonder if there will be anything that will come of the relationship between the two?

UPDATE 02/15/08: There's an excellent conversation on this very topic over on the CUES Nexus blog. A nod to Mike Templeton for giving us the heads up in his comment below.

Take your VITA-mins

Tax season is a confusing time. It's especially bewildering for those of us "youngins" filing for only the first, second, or even third time in our lives. If we've never filed, or are filing for the first time as newlyweds, chances are we don't have a clue.

In that case, we are likely to spend money on some tax prep software or find a family member or a friend to do it for us. And even if we've filed taxes in years past, it's likely that we've relied on the above and/or are now in a financial situation where filing a simple 1040-EZ is no longer an option.

Credit unions have an awesome opportunity here to help young adults (and other populations) in need of tax preparation advice and become an advocate for their needs thanks to the IRS' Volunteer Income Tax Assistance (VITA) program. Essentially VITA sites offer free tax help from trained volunteers for low-to-moderate income individuals and families. You can find more information on the VITA program here at the IRS website.

In fact, it's such a great opportunity that the NCUA is getting in on the act. They've recently teamed up with the IRS to produce this webcast on the issue and continue to offer resources that help credit unions establish VITA sites. Check out what NCUA offers to help credit unions here.

Setting up VITA sites are a great way to serve the community, promote your credit union, and demonstrate you're an advocate for young adults (as well as other populations in need). By doing so your credit union is perceived as an financial institution that lends more than just dollars by lending a helping hand during a time of need.

You're also building trust and exemplifying a major tenet of credit union philosophy... people helping people.

Student reps part of the CU solution

Here's an idea that folks outside the Credit Union Movement have used with great success... hire student reps to act as roving young adult delegates who advocate on your behalf.

Some call these folks street teams, brand ambassadors, or promotional teams. I call them a great way to communicate to this demographic that your credit union is there to help them out. This approach also adds a personal touch, offers someone young adults can identify with, and personifies your marketing efforts.

Here, take a look at an article describing what other companies are doing at UCLA. There's also a discussion in the YES CU Community Forum about hiring college students to teach personal finance to their peers.

These efforts can be inexpensive and if given the right motivation and support, they'll come up with some fun ways to bring a young adult touch to your credit union. Keep in mind this approach is best served with an equal dosage of services fit for the demographic. Otherwise it's an attempt that will fall short and young adults see right through it. Espeically when they unable to find services that meet their needs.

Fairfax County FCU YouTube Contest

Young and Free Alberta isn't the only credit union effort blazing the YouTube trail with Young Adults in mind. As Currency Marketing's blog and Life & Times of a CU Employee pointed out, Fairfax County FCU rolled out a video contest late in 2007.

The contest has run it's course and the results are in. You can see the videos here...


Well, what do you think?