by. Tim Mislansky
Did you know that most fast food restaurants have a secret menu? Probably not because after all, they are secret. Many now have special items that are not on their menu but are available if you know what and when to ask. Apparently there is a certain amount of luck and timing to get to try one of these delicacies. Don’t try to get a secret menu item during peak times as they often take longer to prepare than the traditional assembly line food. Also, they are not available at every restaurant in a chain.
Recently my son experienced an item off Chipotle’s secret menu. It’s called a quesarito, which is a Chipotle burrito wrapped inside a cheesy quesadilla. Have you ever seen a Chipotle burrito? They are huge. So to wrap it in a quesadilla is a bit ridiculous, but Joe swears it was delicious. And now he’s even a bigger fan of Chipotle.
So should your Credit Union have a mortgage secret menu? Something special borrowers have to specifically ask for? You wouldn’t offer it during heavy volume times as you are already busy enough, but perhaps it would be something unique you could do during slower times.
Now you might be saying there’s risk in having a secret menu. As cooperatives, aren’t all members equal owners. Should we really be offering something to members just because they ask? I’d argue we already do it today. Many Credit Unions will refund a fee to a member if the member asks. If you’ve got two members who for the first time have bounced a check, do you disrupt the cooperative if one calls the Credit Union and gets a refund while the other does not? What about rate matches? I know lots of Credit Unions who will match a competitor’s rate for one member if they ask and provide proof of the competitor’s offer.continue reading »