CUmark and Luminus Financial invite Canadians to coin new term for ‘banking’
July 19, 2017
VANCOUVER, BC - In light of the recent decision by OSFI to ban Canadian credit unions from using the term ‘banking,’ CUmark and Luminus Financial are launching a nationwide search for a new way to describe the service formerly known as ***king.
On Tuesday, CUmark, in partnership with Luminus Financial, launched Unbanking.ca, where Canadians can suggest a new word or phrase to replace the term ‘banking.’ Among the suggestions already received are ‘ledgering’ and ‘cash piling.’ Participants can then vote for their favourite term and share it on social media. The term with the most votes at the end of the campaign will be declared the winner and adopted by forward-thinking credit unions across the nation. (With a possible endorsement from Prime Minister Trudeau? Who knows?)
“We want to get people involved in this issue and have a little fun at the same time,” says Jeremy Whittingstall, CEO of CUmark. “People care about their credit unions and they don’t want to see them put at a disadvantage because of a decision that, even when considered in other countries, has been deemed silly and unnecessary.”
The cost to credit unions if they’re forced to remove the term ‘banking’ from their signage, websites, and print materials is estimated at $80 million.
“We feel that money would be better spent serving Canadians’ financial needs and giving back to the community,” adds George De La Rosa, CEO of Luminus Financial. “So if we can get people across Canada talking about this issue and saying ‘This doesn’t make sense’ then maybe that will compel the decision-makers to reconsider.”
Credit unions can get involved by sharing the Unbanking.ca campaign with members and employees, and by visiting CCUA.com to learn more about the steps they can take to reverse the decision.
The campaign runs until August 15, 2017. If it’s anything like other online naming contests (Boaty McBoatface, anyone?) creative submissions are something the credit unions can bank on.
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CUmark is a brand and marketing firm dedicated to Canadian credit unions. With offices in Victoria, Vancouver, and Calgary they serve credit unions from coast to coast. As credit union advocates, CUmark works to help Canadians understand the difference “banking” with a credit union makes. In their spare time, CUmark likes long walks on the beach and watching documentaries about game changers and difference makers.
About Luminus Financial
Luminus Financial (formerly Starnews), an Ontario credit union, was founded in 1951. Headquartered in Toronto, Canada, Luminus provides banking products and services, including business and personal banking, loans, investment products and insurance to over 4,000 members.
Renamed in 2011, Luminus is the designated credit union for employees of Toronto Star, Metroland, Air Canada, Globe and Mail and Metro. In 2013, Luminus partnered with BDO Unibank Inc. in the Philippines to launch the credit union’s “Remit Now, Pay Later” campaign featuring low-cost remittance programs to facilitate a cost-effective way for members of the Filipino community in Canada to send funds to their family and loved ones still living in the Philippines. In 2015 it opened the Financial Hub at 1 Yonge Street, where member-owners have access to a full range of financial resources and services outside of the credit union’s standard product and service offerings, including foreign currency exchange and wealth management services through service providers.
Members of Luminus are also owners of the credit union. At Luminus, member-owners have access to financial services at the least possible cost. Additionally, Luminus’ profits are shared with its members in the form of bonus interest on deposits and interest rebates on loans and mortgages.