Banks, one step ahead of us…again.

Spokes people can be very influential in swaying the public’s opinion and influencing their decisions, which is probably why the FDIC hired Suze Orman.

With the current economic situation relative to the melt down of many of the county’s large “banks,” many people are afraid for the safety of their money. This in my opinion is THE perfect time for Credit Unions to stand up with a national campaign to promote the safety of our members’ money! However, not much is currently being done to tout the Credit Union experience.

The FDIC, recently hired Suze Orman, who appeared on the Oprah show on 9/23/08. During the show Orman stated that if your deposits are not FDIC insured, you should withdraw your money immediately. She didn't mention that the National Credit Union Administration (NCUA) offers insurance identical to that of the FDIC nor did she discuss how the mortgage mess does not involve credit unions, because we know how to lend money responsibly.

Orman was recently hired by the FDIC to promote FDIC insurance. Go to the web site www.myfdicinsurance.gov for more information on this. I find it very smart and interesting to see Orman partnered with the FDIC. What a perfect move for the banks at this time!

The question then becomes, why didn’t NCUA see this opportunity and jump on it to promote Credit Unions?

Well okay, hold on, NCUA did come up with a totally outdated, non user friendly web site (http://www.ncua.gov/ShareInsurance/Index.htm), which contains a share insurance calculator. Compare this site with the FDIC site, which is clearly better designed and more visually appealing.

This would be a great opportunity to attract new members, specifically young adults. Banks such as WaMu targeted Gen Y with their fun and free spirited brand. These individuals are now either forced to choose a new financial intuition or will become Chase customers. I see this as an opportunity for Credit Unions to position themselves as not only a safe place to bank, but as financial intuitions that understand the needs and wants of Generation Y.

When I found out about the FDIC insurance link, I started to email others in the Credit Union Industry. No one that I spoke with knew about any national campaign to stand up against the FDIC. So in closing, I’m hoping that this post reaches someone at NCUA, CUNA or NAFCU - anyone that could help to make a difference.