Fedchoice Federal Credit Union - Altogether Better




Email Responses to Call-to-Action

What are you doing differently to help attract new members and retain members?  What successful conversations are you having to help more people understand the value of a FedChoice membership? 
From: Michael Martin
Subject: RE: Members are my passion
Short of merging to build membership, in many respects we are competing for the same people... (all credit unions and banks in this region).  Let’s focus on the 786 we did get.  Maybe we throw out 86 of them as a stretch to begin with. That leaves maybe 700 people we can engage. That then begs the question, how well do we truly onboard those 700?  I talked to Elissia and Carl a bit.  I asked her, because she is a high performer, what her secret was.

She answered the question in the first sentence. “Well I talk to my members”.... my members she said, she establishes an ownership stake with them.  She talks to them beyond getting the standard 5 services, takes an interest in their financial needs.

Everyone can’t do it well, but more coaching can help them do it better.  My suggestion is to throw a lot of effort into bettering the onboarding of new members... not just from what services we can get from them, but can they refer others to us. Go all in on that effort the last 3 months of this year and see if it adds more to loans and increases the new members.  What we need are some successful coaches. We have them here!

From: Wesley Daniel
Subject: FW: Members are my passion

Good Morning Team….

So, what are we doing to promote FedChoice? 

  • Are we asking our members this question: “Would any of your family or household members benefit from a membership with FedChoice?”
  • Are we listening for opportunities when we are talking to them?  Does their son or daughter need their first car or credit card?
  • Are we promoting FedChoice to our family members? 

As someone that has worked at several other credit unions in the past, I have to say that FedChoice is pretty awesome.  We have numerous products and services catered to their needs.  When making loan decisions, we do not place our members in boxes.  We pay our members’ closing costs on Home Equity loans.  We really do a lot for our members. 

Let’s think of ways to get some new memberships opened…. In the meantime, maybe I will think of a way to make a little, friendly contest out of this….

From: Sandra Park
Subject: RE: Members are my passion

I forwarded this email to Jim as with our Getting Gritty notes so he understands what has been done thus far, and how we’re trying to frame the effort around the SOSD model.

I sent Jim the SOSD model and the examples of the above the line/below the line behaviors from the Vault.  We talked to him about the Accountability model and the need to incorporate it in our session.  He understood.

He’s thinking of combining the topics of eChannel and New Members so I also gave an update on how loan application will be available through mobile soon for our members too.

I did hear that the FSAs are putting the extra effort in talking to the members when they try to close their accounts so I hope you get some good responses!

From: Susan Barnes
Subject: FW: Members are my passion

FYI – I wanted to let you know that Wesley is already challenging his staff and also thinking of a little contest with it.  We are also close to being able to assist with the applications and vetting potential members due to the third-party loan apps that are not members.

From: Jennifer Powell
Subject: RE: Members are my passion

Making sure that we are asking for business and/or referrals when the time is right and making sure that we are being consistent with asking. I’ll come up with a tag line that I can put at the end of each chat/email.

From: Brian Fleming
Subject: RE: Members are my passion

For Philadelphia, we break down out member growth strategies into a handful of categories:

Short-term (aimed at producing business immediately):  While we feel we have a solid penetration ratio for the daytime shift, the daytime shift only represents a portion of the total employment in the building.  We’ve done a couple “after hours” events targeting the evening shift where we have far less penetration and there’s more potential members in our target demographics.  The last 2 evening events have yielded a grand total of 24 memberships.  We’re still working on what dates are optimal for the 2nd shift, whether it’s before payday, after payday, on payday, but we learn more every time and hone our strategies accordingly.

Intermediate (some business immediately, but with additional potential down the line):  Referrals.  Again, we’re looking at expanding our efforts to beyond what’s walking through the door on the day shift of the building.  Telecommuters that have friends working in the office, family members of existing members, etc.  We know once we establish that connection, we’ll win the relationship.  Just a matter of touching more prospects.

Long term (primary focus is for 2018 and beyond):  Establish relationships with other Federal agencies in Philadelphia.  While realistically we may not get a tabling event immediately, we can most certainly raise awareness of the FedChoice brand and build relationships organically, which will in turn lead to future opportunities and more untapped sources for prospects, which would then feed the cycle all over again.

This is all of course in addition to our partnerships with Marcia and Omar who are instrumental in events like Amtrak, the Mint, A Plus, etc.

While this is just a brief overview, we feel Philly has the potential and game plan to drive business for the rest of 2017 and beyond. Thanks!

From: Douglas Strejeck
Subject: RE: Members are my passion

In regards to retaining members, I work the escheat member accounts vigorously to save memberships. I review an escheat accounts history prior to calling the member, this helps paint a picture of how the member used their account in the past and in multiple cases I found at one time most of these members were engaged. When speaking with an escheat member, I can describe how they used their account in the past and ask the question why they stopped using the account. I then listen to the members responses and provide solutions to overcome the reasons why they became an unengaged member.

When working with our MAP members, I bring to their attention that being a member of FedChoice their family members are able to join FedChoice also and take advantage of all the benefits FedChoice offers.  This year I have added multiple new family memberships as a result of our current MAP members. I was also very successful in retaining and adding new memberships as a result of working deceased accounts until Deneen took over the position. Making a family member aware that they can also bank where their loved one did is appealing to them. Where I am going here is, I think at times we have a tendency to wait for new members to join on their own, however there is opportunity to bring in new membership during multiple circumstances and interactions with a current member, joint member and even a beneficiary as an example.

From: Maria Valenzuela
Subject: RE: Members are my passion

Thank you for sharing this report with us. In response to this email, the New Carrollton team, came up with a vicious idea with to focus on attracting new members. In order for us to archive this goal, we will be hosting a ‘Member Appreciation Day” at the branch. It will be a two day event scheduled for October 11th and 12th 2017. Our team will strategically dispersed throughout the branch having meaningful financial related conversation with attendees. In addition, we will be offering free credit report and financial review for our new members as well as our existing ones, appointments will be set right on the spot. We are promoting the event by asking our loyal existing members to bring a co-worker or family member to join, all participants will be entered into a raffle to win a nice goodie basket. At the event, we will keep attendees engaged and entertained with water, granola bars and some music.

Our marketing department have been contacted for our promo materials such as flyers/ invitations to be display in the branch and at the ATM’S . We are very excited and preparing for this activity.

While attracting new members is imperative for our survival as an organization, the NC team understands the importance of retaining our existing ones. As a result of the high volume of member requesting their membership to be closed, we are taking it to the next level of questioning. Instead of “taking order” and immediately completing their request .We will continue to deeply inquire about the reason why they are closing their account and explore all available options to overcome the challenges they are expressing and save the relationship. We are utilizing all tools available such as share branch locations, personalize services, limited fee waivers to overcome the situation. In most cases we have succeeded and in some other we haven’t for the ones we can’t keep, we let them know that they are always welcome to come back.

From: Cynthia Harden
Subject: RE: Members are my passion

Please see below some of the things I do when assisting new members and retaining current members:

  • When new members phone in I thank them for choosing FedChoice as their financial institution. While I’m listening to the purpose of their call, I check the On-boarding notes and see what products and services they currently have with us. I have a notepad jotting down what they are saying so that I can make sure I touch on everything they asked about. I also make sure to see if they have online banking and enrolled in eStatements/ mobile. I try to keep the member engaged in conversation during the call. **The on-boarding notes are so important! Not only should the FSA who open the account should place notes but even the FSA in the centers and FAC should about the conversation/visit**
  • Since I deal more with existing members I believe we have to work even harder to keep them as engaged members. Sure when a member call in I attend to their request at the time but I also try to establish a personal relationship with them as well. What I mean by that is that a lot of our members who call in do so on a regular. I make notes to myself about names of grandchildren, names of pets, what’s going on in the community they live in, etc. I check the shares to see how often they are being used and also if there are any loans on the books to see if we can offer other products/services.
  • Teresa and I both work with the return mail. We reach out to the member by mail (if a forwarding address label was placed by the post office), email and phone calls to get the updated information on the account. I recently worked with Debbie Wright who brought me the returned mail from the recent Auto Preapproval promotion. There were about 60 returned pieces of mail; to date there are only have 12 pieces left that I was not able to get in touch by phone or email.  Making sure we have updated address and contact numbers are so important so members are able to receive out pre-inactive and inactive notices. Also reaching out to members when we get those return items and not just flagging the account as “bad address”.


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