Creating a Credit Union Switch Kit

In recent months, frustration toward our nation’s big-name banks has become more prevalent – and more pronounced – than ever before. In fact, many big bank customers have become so disillusioned by their financial institution’s high rates and fees that they’re ready to take the plunge and find a new financial partner entirely. Don’t miss out on these new membership opportunities! Set yourself up for successful growth with a credit union switch kit.

A credit union switch kit is a brochure or folder containing forms that help potential new members make the transition to your financial institution. As you begin planning a switch kit for your credit union, refer to the checklist below for important things to include:

 • “Authorization to close account” form. This form is for potential members to send to their current financial institution instructing them to close their checking or savings account and mail the balance to your credit union. (Be sure to include your credit union’s address so the current financial institution knows where to send the money.)

 • “Authorization to switch direct deposit” form. If any potential new members want to utilize direct deposit, they can simply complete the “authorization to switch direct deposit” form and give it to their employer. To maximize convenience for your potential new members, include your credit union’s routing/transit number directly on the form so the new members won’t have to look it up.

• “Automatic payments transfer” form. The purpose of this form is to help members notify companies with which they’ll need to update their automatic payment or transfer information. It’s a good idea to include a checklist somewhere in your credit union switch kit that details the companies or types of payments your new members may need to update (such as mortgage/rent, insurance, utilities, etc.).

• “Request more information” form. When creating your credit union switch kit, don’t lose sight of the fact that switch kits not only make it easy for members to switch financial institutions – but also give you a prime opportunity to market your products and services. Consider including a mail-back reply form on which new members can indicate which specific products or services your credit union offers that they may be interested in learning more about.

• “What to expect after account opening” information. Most people don’t switch financial institutions very often, so it’s likely your new members may have questions about what they should expect after completing your credit union switch kit. Be proactive by providing information about when new members can expect to receive their checks, debit cards, etc.

Now that you know what to include in your credit union switch kit, here are a few important things to keep in mind:

• Provide ample room for members to write in their information.

• Avoid a glossy finish on your credit union switch kit as it may lead to ink smudges. Stick with a matte finish instead.

 • If you choose to go with a brochure format, consider using perforations so new members can easily tear off the individual forms.

 • Along with a paper copy of your switch kit, you may also want to provide an online version that members can easily access via your website.

So there you have it – everything you need to know to create an effective, informative, no-hassle credit union switch kit. Get started on yours today!

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