The $2.7 billion Alabama's Redstone Federal Credit Union is a firm advocate that CUs must stress member value over rate and convenience to ensure growth. On that score the Huntsville CU is hooking up with a local dining club this spring to offer what it calls innovative card discounts.
The marketing and online tie-in with the Heritage Dining Club allows CU members to receive $25 monthly discounts as a way to demonstrate "there is real value in belonging to this credit union," explained Joseph Newberry, president/CEO
Details on the partnership are still to be worked out, said Newberry but the popular dining club may be "using our Web site to promote itself" in a linkup which could be a wave of the future for expanding CU retail ties.
The Heritage setup, he said, is an outgrowth of the partnership Redstone has with the local YMCA in which northern Alabama YMCA subscribers of health and fitness facilities get lower rates if they if they show their Redstone ATM or debit card.
In addition, Redstone has been helping with bridge financing for regional YMCA operations as it constructs a new building near Huntsville. Redstone was called in to help with business loans after the YMCA was unable to get bank financing.
The Heritage venture is slated to start this May or June, said Newberry.