PHOENIX — Arizona State Credit Union is taking a bite out of the economic stimulus checks headed consumers' way.
"I am not sure about others, but at Arizona State Credit Union we are launching an all out attack at getting these funds into savings accounts," said Arizona State CU Senior Vice President of Marketing Paul Stull. "It is something we've been working on since we heard they were coming out in May, and we figured most retailers would be offering some sales or specials so why not offer consumers a way to get a jump on their savings?"
The IRS has already begun to transfer economic stimulus payments to millions of Americans.
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The IRS will issue payments of up to $600 ($1,200 for married couples) plus $300 for eligible children younger than 17 throughout the spring and summer. The first wave of payments will go to people who opted for direct deposit on their 2007 income tax returns, and paper checks will be mailed starting May 9. To make the most of the roughly eight-week mailing period, the credit union has launched an aggressive and irreverent advertising campaign designed to put those government checks to work by helping consumers jumpstart their savings habit.
Using a direct, humorous approach, the ads play off the idea that while no one knows where the money is coming from, Arizona State CU has the power to make it grow.
The credit union has created a new product for small savers that pays 5% APY on balances below $1,000.
"It is a way to reward small savers," said Stull. "This is a once in a blue moon opportunity to show members that credit unions are a good place to start a healthy savings habit. Most people know that savings is a good idea, but it is hard to do. This government check can be just the push to get them moving in that direction and finally open that savings account they've been meaning to."
With 85% of Americans saying they plan to pay down debt or save the money, recent surveys suggest that the time is right for the Arizona State CU savings initiative. Ads will run in general circulation newspapers and radio spots targeting a variety of markets across the state.
"We' re looking forward to having some fun with the radio spots," said Stull. "This is a unique opportunity for credit unions, and it isn't too late for others to join us in encouraging not just members but nonmembers as well to finally start saving at their local credit union. We have great products to help small savers get started and in these economic times starting a savings habit may be just the answer."
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