Whitefish Credit Union

In Whitefish CU’s 90-year history, we have never had to offer share certificates. The business model has been unique in the industry by providing only a savings account and declaring dividends every six months. The dividend rate has historically been 10x to 14x higher than the average savings account rate offered at banks. This business model broke in 2022 when the Federal Reserve dramatically increased interest rates. By mid-2023, after losing over $300 million in deposits to CDs offered by local banks, we knew we had to act, and our board approved offering certificates.

WCU spent the next three months preparing. Our goal was to primarily stop deposit losses and, second, reclaim lost deposits. We set our launch for September 1, and our board set a goal of $100 million in certificate balances by December 31.

The marketing team had a daunting task – this was a completely new product that required us to educate our members and the public with an entire campaign within three months. We were also behind in marketing certificates, with the local banks aggressively advertising for the past year. This pressure was compounded by the clear need for certificates to save the credit union financially.

Through BlastPoint, we determined that the members most likely to open certificates were 68 years old, and they had a high propensity to act on marketing received through daytime and primetime TV, newspapers, and radio. They also interacted with news-based websites, such as those from local stations, and responded to direct mail.

The campaign we developed touched on all of these channels, including:
• Branch and drive-thru marketing
• Television ads, including 15-second bookends in Wheel of Fortune, Jeopardy!, and Price Is Right
• Radio ads, including a cash giveaway for $512 every week in connection with our 5.12% APY 4-month certificate rate
• Homepage takeover on our local CBS affiliate’s news website KPAX
• Newspaper advertising
• WCU website and online banking display ads

We also sent several direct mail items, including a “handwritten” personalized pen-on-ink notecard, to former members who closed their accounts in the past year and had a significant balance. Using HubSpot and the automation service “Handwrytten,” we A/B tested the personalized notecard versus a traditional mailer to win back the deposits (the handwritten notecard outperformed with a 7.7% response rate).

The creative we chose after our A/B was a computer-generated scene that reflected our brand of people outdoors. The digital ads had a 2% CTR, allowing us to change the rate easily when needed. What stood out most about the ads was a voicemail I received from someone who saw the ad and wanted to call our call center to provide feedback (a first in my career) that it was "comforting," which was the exact message we wanted to resonate with our target audience.