The $500 million Community Choice Credit Union in Farmington Hills, Mich., has launched a new rewards program that gives back credits and interest loan rebates to members who use the credit union as their primary financial institution.
In the program’s first month, eligible members collectively received more than $86,000 in credits, said Robert Bava, president/CEO of the 50,800-member Community Choice CU in suburban Detroit.
The new program, called GetBigReward$, provides “emerald and gold members” with monthly credits, which can be used to offset potential fees. If the credits are unused at the end of the year, members can exchange the credits for cash that can be deposited into a savings account or withdrawn.
Emerald members who use eight or more products/services can receive monthly credits worth $9 or $108 annually. Gold members who use six to seven products/services can receive monthly cash credits worth $3 monthly or $36 annually.
“It made sense to try to come up with a rewards program based on member participation,” said Bava. “We believe we’ve created a very fair system by having the monthly reward credits build up so that actively engaged members will have a source to cover potential fees.”
Eligible members also can also receive up to a 10% annual loan rebate on interest paid on qualified Community Choice loans.
The credit union estimated the total amount in credits and rebates could be worth “well over $1 million annually.”