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We knew it was going to happen. Those big greedy banks were going to come up with new fees to replace the interchange income lost thanks to Dodd-Frank-Durbin-Obama. I hiked the hill last year (my first time) to try and get the Durbin amendment stalled – because it was flawed. But no – this is a bill that helps consumers. Balls.

When the average American consumer can ill afford it, banks are once again hurting the little guy.

History is repeating itself. Credit Unions to the rescue.

Raise your hand if your credit union’s loan-to-share ratio is at an historic low point and your CFO is looking for non-interest income? I know there are probably lots of CFOs saying “Let’s charge LESS for checking and we can still be the hero.” To them I say a firm, “No!” (use a rolled up newspaper if you need to and just hit against your leg for effect)

This is such an opportunity that cannot be taken lightly. A true differentiator could emerge. Think about it – when people ask us:

“What’s the difference between a bank and a credit union?”
Our answer can simply be, we don’t charge you for checking.

When someone asks:

“Why should I join a credit union?”
We can simply say, we don’t charge for checking.

But Denise – we need to make money!!

Okay. How about this. Lend.

That’s right. Make your money the old-fashioned way. Lending it.

Banks are also being accused of not lending to people in need even after those greedy bastards got bailed out by the taxpayers. For shame.

Make a loan to someone with no credit score! Crazy! Before we had FICO scores EVERYONE we made a loan to had no credit score.

Imagine being the hero that makes a Gen Y their FIRST car loan and helps them establish credit AND doesn’t charge them or checking! We could lower that average age of a CU member (now hovering around 49) considerably.

In the immortal words of Seal “We are never gonna survive……..unless we get a little crazy.”

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October 2011