Growing Number of Minnesotans Experience “Bankziety”

Rachel Anderson, MnCUN
(651) 288-5527
randerson@mncun.org

Tracy Carlson, Padilla Speer Beardsley
(612) 455-1717
tcarlson@padillaspeer.com

Minnesota credit unions launch campaign through new website and contest to spread the word about the credit union alternative

ST. PAUL, Minn. – Recent troubles experienced by U.S. financial institutions continue to spotlight credit unions as a more attractive banking option for consumers. The Minnesota Credit Union Network (MnCUN), representing 141 credit unions across the state, launched its “Bankziety” campaign today, responding to consumers’ frustration with banks, rising bank fees and financial stress.

MnCUN developed SeeYouLaterBank.com, a website offering events, contests and promotions that will provide consumers with tools and resources that showcase credit unions as the cure to their bankziety. The site also includes a comprehensive credit union finder, information comparing banks and credit unions, and a wealth of money management tips.  

“Our credit unions have been telling us that they’re seeing more and more new customers coming through their doors because people are ready for something different,” said MnCUN president & CEO Mark Cummins. “Based on what we were hearing, the time is definitely right to capitalize on this ‘bankziety,’ a term we use to describe the anxiety and frustration consumers are feeling right now about banks.”  

“Bankziety” drove hundreds of thousands of Americans to switch from banks to credit unions in 2011.  In fact, it’s estimated that credit unions gained 600,000 new members in a single day – Bank Transfer Day, held on Nov. 7, 2011.  Minnesota’s credit unions have experienced a surge in interest and they continue to feel the momentum of this nationwide trend.  

“Bankziety” Facebook Contest
Along with its website, MnCUN is commemorating the campaign launch with a “Bankziety” Facebook contest asking Minnesotans to share their stories of banking anxiety, money stress, or how credit unions have been the bankziety cure. Up to 12 entrants will win cash prizes and gift cards, with the top four entrants awarded $2,000 and a chance to tell their stories as part of a video series.

Stories can be submitted today through May 7 on the MnCUN Facebook page.

About Credit Unions
Unlike banks, credit unions are not-for-profit financial institutions that exist to serve their members, not profit from them. Cooperative in nature, credit unions provide products and services to people who share something in common, such as where they work or live, or even their nationality. All of a credit union’s profits are returned to members in the form of fewer fees, lower rates on loans and higher rates on savings.

Each year, Minnesotans collectively save $114 million by using credit unions instead of banks – that’s $76 per person. According to a Harris Interactive Poll, 60 percent of consumers using large banks are not likely to stay with their provider.  Almost 90 percent of credit union members plan to stay put.

The Minnesota Credit Union Network is an organization representing the state’s 141 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.

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