Updated: Jul 22, 2020
The Credit Union Hug goes into depth to explain how the credit union business architecture defines the industry's POD, aka "The credit union Hug." This "hug" is expressed in the passion that credit union employees have for their members. They love to help them and ways that you wouldn't expect from your financial institution.
In today's uncertain economic times, seeing the plethora of socially distanced "Credit Union hugs" has served as a glorious reminder of the "hug" and the powerful impact credit unions have on the communities they serve.
The following excellent example is brought to you by the fabulous people at West Virginia Central Federal Credit Union (WV Central).
This $200 M federally chartered credit union, headquartered in Parkersburg, WV, is located on the upper left side of the state about 14 miles from Ohio. They provide financial products and services to five surrounding counties in West Virginia and one in Ohio.
During the pandemic's height, they launched "Give Love Challenge" fundraiser to help their local community.
Here is how WV Central's multi-tiered "hug", one-day, fundraiser was structured:
Hug #1: Buy Local
Community members were encouraged to purchase gift cards from local businesses up to $50.
Hug #2:Double the impact
Members send proof of the gift card purchase to the credit union, and the credit union would then purchase a gift card to the same retailer in the exact amount spent by the member. The member can choose to either receive or donate this gift card.
Hug #3: Foodbank donation
The credit union then took the amount the member spent in the gift card purchase and donated it to their local food bank.
In one day, the local community was infused with $75,000!
One local retailer who received over $2,000 in combined sales and WV Central donation said, "You have no idea with this means to me… we had more sales than we did on Black Friday.. Thank you!"
To get the full experience of this "Hug" watch the Video below
This proves the financial power of the credit union "Hug", as well as the brand power. The "Hug" power was also seen at a recent car sale that delivered a net growth of over $11 million in auto loans.
What is the difference between a traditional financial institution and a credit union? A credit union Hugs!
Want to share your "credit union hugs"?
Please post them here! To post, simply join the community or send your hugs to me here,
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