MADISON, Wis. -- CUES and Houston-based Strunk & Associates, L.P. have joined forces to launch a premium checking product designed to promote membership growth.
Reward Checking (powered by BancVue) delivers a high interest rate checking account to credit union members in exchange for their use of the institution's online services and products.
"Reward Checking is an innovative way for credit unions to attract new members and strengthen relationships with existing members," said Marc Paine, executive vice president and director of marketing, Strunk & Associates. "When free checking was first introduced, it represented a truly effective marketing tool. But now, with every other bank and credit union offering it, free checking has become a commodity service that offers little or no competitive differentiation."
Developed in response to the need for credit unions to offer a unique product with mass consumer appeal, Reward Checking is another way for credit unions to stand out from the competition.
In return for earning a high interest rate, Reward Checking participants must use a specified number of online services and institutional products, which may include online banking, e-Statements, direct deposit, online bill pay and other offerings determined by each credit union.
For more information about Reward Checking, select Strategic Services from the CUES home page at www.cues.org.