Something for Everyone at Your Credit Union?

by Amy Neale

It turns out that the one-size-fits-all approach doesn’t work for the California Department of Financial Institutions. They slapped the figurative wrists of several California credit unions for taking the “everyone can join” approach in their marketing – which anyone in the credit union knows isn’t true.

I understand the credit unions’ desire to combat the image that a credit union’s field of membership is super select and it’ll be hard to find one to join. But, in my opinion, the selective field of membership required of credit unions is what makes them so unique (among many other great things!). Why open an account at a bank when you can join a credit union that has exclusive membership? It makes you feel special and part of a privileged group. And as we all know, membership does have its privileges!

So, where does this leave credit unions in California and the 49 other states? The challenge to walk a fine line between making anyone feel welcome but letting them know that they need to meet certain requirements before becoming part of your select membership.