Credit Union 24 Initiating Rewards Program
TALLAHASSEE, Fla. - Credit Union 24, the Florida based credit union owned surcharge free ATM and EFT network, has implemented a rewards program designed to benefit its member credit unions and encourage them to promote card use. Called the Platinum Rewards program, the effort will classify CU 24 members into tiers based upon a total of their ATM transactions and debit transactions that require a personal identification number at a point of sale. Credit unions in each tier will receive a monthly reward calculated on their level of POS transactions. The network will calculate and disburse the rewards monthly, but the tier structure will not be changed that often, according to Credit Union 24 President Jim Park. Park expected that phase three will be in place within 60 to 90 days from now and estimated that the two new programs will return $2.5 million to CU 24 members in the coming year. Park explained that the new rewards system is phase two of a planned three-phase rewards system for CU 24 members. Phase one is the simple interchange that has been in place for years. Phase two is the Platinum Rewards program, and phase three will relate to negotiated pricing for members from certain retailers that will include percentage pricing, rather than flat pricing, on the fees for certain transactions. Park said the Florida network had been prompted to offer the program because of an awareness of member credit unions' need for as many different revenue sources as possible in the current low interest rate environment. "We are focused on being proactive and on creating as much additional value for our member credit unions as we can," Park said.