Credit Union Debit Program Fuels Portfolio, School Growth
A rewards program which allows cardholders to direct funds to local schools and school districts has proven to be driving force for both the credit union and the recipient schools.
The 58,000-member, $721 million Texas Trust Credit Union in Mansfield, Texas, has donated $110,000 to the schools, proceeds from funds generated by its members using the credit union’s Spirit Debit Rewards cards between July 2011 and August of this year.
Any member of the Dallas-area credit union can sign up for one of the cars by selecting the school or school district that will receive the funds. The credit union then gives the member the card whose design represents the chosen school or district. Thereafter, each cardholder use generates 15 cents for the designated school, or about half of the credit union's average debit interchange of 32 cents.
“I know that many people hear 15 cents and think it’s not very much, but it does add up,” said Amber Danford, vice president of marketing for the credit union. “We have been thrilled at the way these schools have taken to the Spirit Debit Card.”
The credit union, which has a community field of membership that encompasses three Dallas-area counties, already had a relationship with some of the schools and school districts, Danford explained. The credit union already had student branches in two of the schools, for example.
"Texas Trust is an invaluable community partner. The credit union is continuously working with us to find creative ways to support our students, faculty, and schools" said Bob Morrison, superintendent of Mansfield Independent School District, one of the four which participated in the program.
"The Spirit Debit Reward Card has been a great tool to help us raise money for the classroom, without requiring any extra effort or work," Morrison said.