Centra Credit Union launches Member Loyalty Rewards
COLUMBUS, IN (May 27, 2021) — The Credit Union Difference should translate to tangible benefits for Members. That belief led to the development of Centra Credit Union’s new Member Loyalty Rewards. Over 18 months, Centra Team Members brainstormed, researched, and tested ideas that would create value for Centra Members.
While credit unions give back through better rates, lower fees, and support for local communities, members do not often see these benefits directly. That’s why the Centra team came to the conclusion that the most valuable reward for Members is cash. Member research supported this.
To ensure a smooth rollout to members, Centra developed a Pilot Program to test the new program. Since November 2020, more than 100 Team Members and Members have tested Member Loyalty Rewards and Cashback Checking. Their feedback helped Centra fix small technical errors and adjust communications surrounding the products.
The foundation of Member Loyalty Rewards is the Member Loyalty Account. This high interest savings account is where a member’s cash rewards are deposited. They can only add to the account through the six categories of Member Loyalty Rewards.
Member Loyalty Rewards was officially launched on May 17, and Centra kicked off the program with $2 million in dividends paid out in the form of Member Loyalty Bonuses. These bonuses rewarded Centra Members for aiding in the Credit Union’s success.
About Centra Credit Union
Centered around its Members, Centra Credit Union is a community-based, full-service financial institution with 24 branch locations throughout central and southern Indiana, and in Jamestown, New York and Whitakers, North Carolina. Founded in 1940 on the principle of People Helping People, Centra strives to create value for Members, Team Members, and the Communities it serves. With $1.9 billion in total assets, Centra is among the five largest credit unions in the state of Indiana.