OKLAHOMA CITY — Using gift cards, fee cuts, and cash contests, Tinker Federal Credit Union is hoping to make a strong case with the public that "unlike a bank," it rewards its members with its profits.
During 2008, the Oklahoma City U said it would be marketing what it calls a unique "Give Back" program rewarding members with the giveaways keyed to product savings following what it said were very profitable years for the CU.
The campaign launched started last month, using the Tinker Web site (www.tinkerfcu.org), lobby screens, posters, and direct mail to promote the contests and product freebies to show "in tangible ways" that it is not operating like a profit-driven bank.
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Under the promotion, Tinker said it is offering fee reductions "that will reward members on products and services they use every day" plus entering members in the "Give Back" rewards and drawings.
Every month, 10 active "Home Branch" users can win a $100 gift card while 10 free "Online BillPay" users would be reimbursed up to $500 for a bill paid online.
In addition, one member using direct deposit will have the deposit doubled up to $2,000, and one member with a loan payment will be reimbursed up to $1,000.
TFCU said it was able to offer the program following "several years of strong performance" and that "the revised fee structure and the Give Back drawings are designed to thank our members monetarily for their loyalty."
Oklahoma City's Third Degree Advertising began working with CU staff to craft the promotion last June.
Amanda Spencer, vice president of strategic communications for Third Degree, said she knew of no CU reward programs of Tinker's scope elsewhere. She noted that Tinker's goal in designing the program has been to "connect rewards to full service."
As of late last week, 40 members had received contest rewards under the campaign.
Tinker said fee reductions implemented last year are estimated to save members $750,000 annually, and stressed that as "not-for-profit entities, credit unions return profits to members, typically through lower loan rates, fewer fees and higher dividends."
The state's largest CU, with $1.5 billion in assets and more than 185,000 members, could manage the giveaways because of strong performance while "its senior management and board of directors wanted to do more" for members.
The fee restructuring became effective last August, according to the CU. Right now, "the credit union is in prime financial shape," said Tinker President/CEO Michael D. Kloiber. While other CUs both have returned excess profits as special year-end dividends to members, Tinker management felt a new approach was needed.
With a membership of 185,000, using the patronage payout to thank members "would result in only a few dollars being returned to each person. Using the profits to improve services, reduce fees, and lower rates even further than current levels nets members much more than a few dollars in their pockets one time."
And, Kloiber concluded, "Every member has the chance to win even more through the Give Back prizes."
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