Archive for LA Police FCU
Credit Cards Can Help to “Catch” New Recruits
Posted by: | CommentsIf you want to make a Police Officer a member for life, one of the keys is to engage them early on in their careers. At Los Angeles Police Federal Credit Union, we present to new officers on their Recruit Day Orientation. This is important, as many recruits are younger and do not have established financial relationships at this point, so we have a good opportunity to sign them up.
In talking with the recruits, we emphasize the pride of being part of the police family, our role in serving the police community, and most importantly, how we can be of assistance to them.
One of our key differentiators is that we offer the recruits a Visa Card with a $1,000 limit. This is important, as at the start of their police careers, they frequently have to buy items for training.
Before the credit card law changes last year, recruits were given this Visa card unconditionally, but due the new law, we now do a credit check first. In the majority of cases, they are given the credit card within the first few weeks of their training.
Over the years, we have frequently heard from police members: “You know, the credit union saved me during my recruit training. That $1,000 Visa made all the difference in my ability to purchase my gun and uniform….” (The City now picks up these items, but gym and other gear, etc., is not covered.)
At LAPFCU, we have several credit card programs: the non-variable rate Classic Visa Card; the adjustable-rate Platinum Rewards Visa, which offers merchandise and cash back rewards; and My First Visa, a card designed for younger members. The recruit class card offerings contribute to our 31% penetration rate, which is good for any financial institution.
We also find that once the new member has credit with us, it makes it easier to sell them on checking accounts, auto loans and more.
As we don’t charge annual or balance transfer fees, as well as have very competitive rates, we find the recruits are very receptive to our Visa card offer. It also sets a positive tone for their present and future relationship with the Credit Union.
Outreach is Key to Staying Top-of-Mind with Sponsor Group
Posted by: | CommentsOne of the most important ways to stay top-of-mind with your sponsor group is through outreach. By reaching out to your membership in the places where they work, socialize and live, you are sending the message that you are willing to do business with them on their turf and terms.
At Los Angeles Police Federal Credit Union, our outreach begins on the recruit’s first day on the job. We conduct presentations on the importance of joining their credit union during their new hire orientations. We regularly recruit between 80-90% of all new recruits on that day as they are excited about becoming part of the police family and eager to join.
Within our Marketing Department, we have a Sponsor Relations Officer whose sole job is outreach. In addition to making presentations at recruitment, he is out-in-the-field a minimum of two-days a week. He regularly visits police stations where we set up mobile units and can conduct every bit of credit union business with the exception of cash transactions (which, as every station also has an ATM machine solves that dilemma).
Additionally, we set-up outreach tables at all LAPD community events – whether it is a Police Activity League golf tournament, annual or department picnic, or a police educational conference. Members stop by to receive freebies and we are frequently able to sign-up new family members.
In addition to outreach, we conduct workshops throughout the year at various police locations. These range from managing your finances to how to get the best auto deal to debt consolidation and more. It is another great way to stay top-of-mind with your member group.
Finally, we share in our outreach commitment from our executive level down. We attend all police social events as they provide an opportunity to interface with the rank and file. They are also a great way to increase business, and as I write, we are processing a refinance request for the Chief of Police based upon a conversation we had during a social event.
As Credit Unions are most often limited with regard to their branch footprint, it is important to remain creative when thinking of ways to add convenience to our members’ lives. Outreach is a great way to foster positive relationships and serve your members.
