​​​​​​​How Can You Help Members During Tax Season?
by Naomi Anderson, LSC
CAP Executive Member
2/7/2020

Reach out to credit union members during the stressful tax season to ease anxiety and help build financially savvy members. There are a handful of times throughout the year when the general public is stressing out over money, none more universal than tax season. Put four simple elements into practice in 2020 to help members prepare for April 15:

Go Digital: Use digital channels, like social media and email, to offer tax preparation tips. Create a weekly “Tax Tip” and provide the steps necessary to be prepared each week. Share the tips with an email campaign that focuses on easing financial stress. Create video for social media with tax tips to increase social engagement and remind members of the value of credit union membership.

Partnerships: Does your credit union partner with services or vendors who can help in tax preparation? Compile a list of your recommended partners who can step in to help. By promoting partnerships, members are reminded of the value of the credit union and see it as a true financial partner. Create a visually appealing document to email members and offer it as a resource in your branches.

Events: Host a tax preparation themed financial literacy event in-branch to hold member’s hands through the preliminary steps. Offer a preparation checklist and host a Q&A on best tax preparation practices to ensure members are duly prepared. Highlight the partnerships available to ease tax stress, too! Events create an opportunity to upsell a credit union’s financial advisors or wealth management offerings to members.

Financial Guidance: According to the Fed’s Survey of Household Economics and Decisionmaking (SHED) Report of May 2018, 26% of people are finding it difficult to get by or are just getting by financially. Now more than ever is the right time to promote credit union financial advisors and wealth management products and services. Before tax returns roll in, sit down with members and offer suggestions for improving 2020 financially. You can offer advice on creating budgets, savings accounts, and investing for retirement. Present safe financial management tools that support savings, like Prepaid cards by LSC, to establish trust and provide value for every credit union member. When credit unions offer a wide range of products and services, loyalty is nurtured and members see the value of membership.

As we all know, the tax man cometh.  Every year, this season invokes stress and worry for millions of Americans.  It also creates an opportunity for credit unions to engage with membership in a valuable way by alleviating stress and helping to plan for a sound financial future.

Naomi Anderson is Vice President of Prepaid for LSC. In her current role, her team manages the day to day program support, customer service functions and implementations as well as program growth and marketing for the prepaid programs. 

At LSC, our philosophy is simple: We help our credit unions compete. We are your comprehensive, one-stop shop for payment services. Our team works directly with your credit union to create a new game plan to make you stronger and increase your wins. The bottom line is it's our job to see credit unions succeed. Visit our website to learn more or contact Steven Ryniec, Senior Director, Sales Leadership at LSC.

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