Bethpage Federal Credit Union, Long Island's largest credit union, announces an 85% increase in new members for the five weeks leading up to Bank Transfer Day, November 5, 2011, as compared to the same period last year. This news comes following survey results released this morning from the Credit Union National Association (CUNA) announcing that credit unions nationwide brought in nearly 700,000 new credit union members last month.
On Monday, Bethpage Federal Credit Union also announced the opening a record-breaking 1,471 new checking accounts during its one-week Bank Transfer Day promotion, as compared to 383 new accounts opened the same week last year. Of the 1,471 new accounts, 672 were opened this past Saturday alone, on Saturday, November 5th, Bank Transfer Day.
Without a doubt, credit unions have experienced a groundswell of support in response to the Bank Transfer Day nationwide boycott. An unprecedented public movement is taking place in our country, and consumers want their voices heard, said Kirk Kordeleski, President and CEO, Bethpage Federal Credit Union. For Bethpage, there is a building momentum of increased awareness about credit unions, of which Long Islanders are excited to be a part of.
To support, Bethpage branch managers will be working closely with new members to educate them on the extraordinary value and service Bethpage provides, which includes all of the same products and services the big banks offer, but with better rates and lower fees and a full menu of personal and commercial financial services.
Unlike banks, Bethpage is a non-profit financial cooperative that operates solely for the benefit of its members, not shareholders. We are going to make sure our new members are aware of this, continued Kordeleski.
Bethpage will also launch a new advertising and social media campaign to continue to spread the word to Long Islanders. Over 25% of Bethpage's new members for the month of October were in the 25-44 year-old range, said Gerard Schmitt, Vice President of Marketing, Bethpage. This group has significant financial needs so they are in a position to benefit most from the best rates and lower fees that credit unions like Bethpage can offer. There is a tremendous opportunity to speak to these members about the many timely products and services available for their families.
Everything Bethpage has done leading up to this point has had positive results and feedback. Consumers do not want to have to pay to have access to their hard earned money, and for Bethpage, which announced a No Fee Guarantee for checking accounts in October, the results speak for themselves.
Gearing up for Bank Transfer Day, Bethpage kept consumers up-to-date on relevant credit union and free checking news through its micro site, www.freecheckingforlongisland.com. The site, launched last February, includes details about Bethpage's free checking account option, Bethpage Bonus Checking, Bethpage's No Fee Guarantee, and also allows Long Islanders to voice their frustrations about the big banks' addition of new fees.
Members who sign up for checking accounts will receive Bethpage's No Fee Guarantee - a guaranteed lifetime pledge from Bethpage - that it will not charge checking account-related fees for new member checking accounts, an initiative that was introduced last month following Bank of America's announcement to charge a fee. This was the second major announcement from Bethpage following new regulations curbing bank's long-established revenue streams. Last summer, Bethpage also introduced a new free checking account option for members, Bethpage Bonus Checking, just as banks geared up to eliminate free checking for customers.
Each of Bethpage's 24 Long Island branch locations held promotions this past Saturday, November 5th to support Bank Transfer Day including awarding 900 members $100 when they opened a checking account and turned in their old bank debit card or old checks. Bethpage also awarded two tickets to "A Wonderful Life at the John W. Engeman Theater in Northport to the first 100 free checking accounts opened, and extended branch hours for the day. New members who received tickets to see A Wonderful Life, will also be invited to a special new member reception with Bethpage's CEO, Kirk Kordeleski.
As a member-owned financial cooperative, Bethpage offers better rates, lower fees and a full menu of personal and commercial financial services. Bethpage is one of Long Island's most convenient financial institutions. Its network of 24 local branches, shared service centers, 350 surcharge-free ATMs, and free online and mobile banking services provides members with easy access to their accounts wherever and whenever they need it.
Bethpage Federal Credit Union is a not-for-profit financial cooperative, existing solely to serve its members and has experienced rapid growth in recent years to become a strong alternative to banks. Bethpage was approved for the largest federal community charter in the U.S. in 2003 and now is Long Island's largest credit union and leading community financial institution with over 190,000 members, 24 branches and 60 shared service center locations throughout Nassau and Suffolk Counties. As a financial cooperative, Bethpage offers better rates, lower fees and a full menu of personal and commercial financial services.
Bethpage maintains branch locations in Bay Shore, Bay Shore King Kullen, Bethpage, Central Islip, Commack King Kullen, Elmont, Farmingdale, Freeport, Glen Cove, Hempstead, Huntington, Levittown King Kullen, Lynbrook, Massapequa, Melville, Mineola, North Babylon, Port Jefferson, Riverhead, Seaford, Smithtown, Roosevelt and Westbury with over 350 surcharge-free ATMs in King Kullen, 7-Eleven, Walgreens and Costco locations throughout Long Island. For more information, call 1-800-628-7070 or visit www.lovebethpage.com.