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 potential new members/customers! Set yourself up for successful growth with a credit union or bank switch kit.
Switch kits are brochures or folders that contain forms to help potential new members/customers make the transition to your financial institution. As you begin planning a switch kit for your bank or credit union, refer to the checklist below for important things to include:
- “Authorization to close account” form.
This form should be sent to an individual’s current financial institution instructing them to close the person’s checking or savings account and mail the balance to your financial institution. (Be sure to include your address on this form so the current financial institution knows where to send the money.)
- “Authorization to switch direct deposit” form.
If any potential new members/customers 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, include your financial institution’s routing/transit number directly on the form so the new member/customer won’t have to look it up.
- “Automatic payments transfer” form.
The purpose of this form is to help individuals 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 switch kit that details the companies or types of payments people may need to update (such as mortgage/rent, insurance, utilities, etc.).
- “Request more information” form.
When creating your bank or credit union switch kit, don’t lose sight of the fact that switch kits not only make it easy for individuals 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/customers can indicate which specific products or services your financial institution 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/customers may have questions about what they should expect after completing your switch kit. Be proactive by providing information about when they can expect to receive their checks, debit cards, etc.
Now that you know what to include in your credit union or bank switch kit, here are a few important things to keep in mind:
- Provide ample room for people to write in their information.
- Avoid a glossy finish on your switch kit as it may lead to ink smudges when people complete the forms. Stick with a matte finish instead.
- If you choose to go with a brochure format, consider using perforations so your new members/customers 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 can be easily accessed via your website.
So there you have it – everything you need to know to create an effective, informative, no-hassle bank or credit union switch kit. Get started on yours today with help from image.works! Just visit www.imageworksdirect.com.