Randolph-Brooks Members Reap Millions in Debit Rewards
Running counter to the trend which finds debit card programs generally and debit rewards card programs at major banks are under significant pressure, the 375,000- member Randolph-Brooks Federal Credit Union passed back $6.6 million to its members who used its debit card in 2011.
The CU paid members 10 cents per debit card swipe for nine months of 2011, with an additional five cents per swipe during the last three months.
“At our credit union, we give our members many opportunities to save money and earn money,” said Sonya McDonald, senior vice president of planning and market development for the $4.8 billion credit union in Live Oak, Texas.
“The fee-free Freedom Check Card and its cash back reward program accomplish both, while at the same time providing an annual economic stimulus as our members spend and invest their rewards in their communities,” McDonald said.
Since the inception of the program, the credit union’s Freedom Check Card program has given more than $20 million back to Randolph-Brooks members, the CU said.