Can we define "credit union" in 15 words?
Posted by Trey Reeme on February 26th, 2007
“A credit union is a not-for-profit financial cooperative” puts me to sleep. I think we can do better.
In 15 words (or less): What is a credit union?
Ten non-anonymous commenters will get $5 Starbucks cards that we have lying around the office. We’ll draw winners on Friday afternoon (or Monday morning if we forget).
Travis left a comment that got me noodling this.
... take a look at the Harvard Business Review’s take on “Know Why” vs “Know How”. We have to find ways to get the “Know Why” to our members without being pushy.
I call “credit” and “union!”
I am no wordsmith, but these are elements I think important:
“Local people helping each other …. “
Credit union’s WERE a cult. A Teacher’s cult – postal workers cult – car builder’s cult.
Today? Um…....a not for profit financial institution owned and operated…..zzzzzzz…trying to avoid taxation….zzzzzz…......community chartered…..zzzzzz
We need to bring the C.U.L.T. BACK to C.U.s!!
Common bond—go find one!
D.
PS—I can taste the Starbucks now…..
Credit Union: A bank that actually cares about its customers (even if they call them members).
Credit Union: A bank with a heart (and a brain).
Credit Union: A bank that doesn’t have to pay taxes.
[you didn’t say I couldn’t submit more than one entry]
Now I can only hope that none of my firm’s bank clients read this … but hey, it’s worth a $5 Starbucks card. Oh wait… according to its chairman’s memo, the experience there is slipping, so maybe it’s not worth it.
Email me for the address to send the card to. :)
A credit union is a mission to help members achieve financial success, not earn profits.
I think Ron has invalidated his entry :)
My SINGLE entry, I don’t know if the regulators would approve of this due to the 4-letter word (that starts with B):
“A co-op bank owned by its members”
“A Credit Union is an opportunity for me to participate in fulfilling other’s financial dreams!”
“A Credit Union is a way to spank the banks!” [my personal favorite]
Credit Unions – A finacial institution where our members truly come first.
Since Charlie called all the good words, I’ll try something a little different.
“Cooperatively cool-innovatively incomparable- everyday banking institutions.”
I had the chance to see Max Cardenas, Principal of Diverse Innovative Solutions speak at the GAC is a pretty impressive guy. One of the things he told us is that when he was translating some marketing materials into Spanish for the Iowa Credit Union League they ran into the problem that there are three definitions for “credit union” in Spanish. So they simply went with the English “credit union” in their advertising. I can’t do his wonderful Peruvian accent justice, but he said the word “union” resonated with their demographic. I know many of us are worried about the word “union” in our name but for a brief moment, listening to Max say it, I day dreamed about the word being embraced by the world.
OK, here are some definitions I stole from politicians at the GAC (man! Can politicians make things sound nice)
Rob Bishop (R – UT)
A not-for profit entity where cooperation is the motivation and people are the bottom line.
Franklin Roosevelt (1934)
“to make more available to people of small means credit for PROVIDENT purposes through a national system of cooperative credit”
Alright, enough blabbing from me.
Here is my entry:
“An idealistic alternative to profit driven financial institutions”
This is based on my limited understanding and knowledge of the industry:
“Credit unions level the playing field by making members owners and serving people, not numbers”
...but I really prefer Travis’s “A Credit Union is a way to spank the banks!”
My entry…
Credit Union: A financial co-operative designed to return value to its members and the community.
I feel like a real schmuck being so negative in my comment but after reading everyone else’s I still think we’re coming up with catchy slogans—not what we really do or are anymore.
My favorite is what FDR said in 1934—“to make more available to people of small means credit for PROVIDENT purposes through a national system of cooperative credit.”
Will someone please give me an example of how we are doing that today—and I’m not being snotty. I would really like to know. Renew my faith… Please….
How do we SPANK BANKS? I love that—but tell me how we are doing it.
Consumers are obviously confused so let’s keep it simple. My good friend Franck Schuurmans famously said credit unions motto should be, “Credit Unions: Where You Don’t Get Screwed”. Jarring, but can we deliver on that?
How about this:
My Money + Your Money = Our Money
Disclaimer: If selected by the Academy, I will donate my gift card to the charity of Trey’s choice
Wow, there’s a lot of really good ones in here! Some of them I really like just because working in credit union, I like to “spank the banks.” But if you wanta keep it simple, and think along the lines of people in the community instead of just our “credit union gang” then I have to go with:
A credit union is the financially smart choice for people who like putting their money to work for themselves instead of for stockholders.
Ok, that’s more than 15 words, but . . .
In case anyone hasn’t seen these yet this is where the “spank the bank” came from. Enjoy! http://www.bankerspank.com/
Are we trying for a new CU slogan or a new “definition” of “a credit union”...
All the “being better than a bank” “spanking banks” etc. is insteresting …but why define ourselves by what we’re not… Why not define ourselves by what we ARE?
VSelfridge – I have to totally agree with you! We can tell everyone what we’re not, but that still doesn’t tell them what we are! While people are familiar with banks, so it is important to educate people as to the differences between banks and credit unions, I don’t think comparing ourselves (or whatever the opposite of that is) is really the best way of attracting people.
Credit unions = community. Our common bond is our money. My savings makes it possible for you to buy your new minivan with no middlemen skimming off the top (ie: stockholders).
To paraphrase Abe Lincoln: A different kind of financial institution: of the people, by the people, for the people. (15 words exactly!)
Brian! Very Good! I love it! Beautifully put! Even if it is “borrowed.” :)
A member owned, not for profit financial organization with lower fees and better service.
Thanks everyone!
The winners will be getting their cards in the mail any day now -
Congrats to:
Definition of a Mega-Credit Union – A financial organization that no longer abides by its common bond origins, can avoid taxation (thereby adding millions to the federal deficit), and highly compensates its upper management.