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Community Choice Credit Union Launches Member Rewards Program Providing More than $1 million in Annual Rewards
FARMINGTON HILLS, MI (June 14, 2013) Community Choice Credit Union announced today the launch of an innovative member rewards program that gives back to members for making the Credit Union their primary financial institution. The new program, called GetBigReward$, provides monthly credits to Emerald and Gold Level members which can be used to offset potential fees. Any remaining credits will be refunded annually and can be used for savings or withdrawn.
“GetBigReward$ provides great value for our members and eligible members who in the first month collectively got more than $86,000 in credits from Community Choice,” said Robert Bava, President & CEO of Community Choice Credit Union. “Now, eligible members have the opportunity to earn monthly reward credits, plus receive an annual loan interest rebate while enjoying a full-selection of financial products backed by outstanding service.”
News of the Credit Union’s rewards program comes at a time when consumers are looking for alternatives to banks. The 2013 World Retail Banking Report, an annual survey of 18,000 global financial institutions, found that 40 percent of banking customers are not sure if they will stay with their bank in the next six months. Whether it’s on average one percent lower loan rates than banks1 or friendly, personal service, credit unions saw a spike in growth in 2012 with membership in the United States growing by more than two million2.
In addition to up to $108 in annual credits, the Credit Union’s GetBigReward$ program also offers members up to a 10 percent annual loan rebate on interest paid on qualified Community Choice loans. The rebate, combined with annual rewards credits, distinguishes the Credit Union’s program as being one of the most generous among financial institutions in the United States. Community Choice anticipates the total in credits and rebates to be well over a million dollars annually.
“GetBigReward$ has been in the planning stage for more than a year,” said Dan Munro, Senior Vice President & Chief Technology Officer. “We developed a program that is truly innovative and rewards member-owners for full participation in their financial cooperative. Community Choice provides complete financial care for members in all stages of life. With more than 20 products and services to choose from, it’s easy to be actively engaged with eight to be at the Emerald level and receive a $108 annual reward credit. Free electronic services like e-Banking, Mobile Banking, e-Statements and e-Pay can get members to the top tier very quickly when added to financial staples like savings, checking, debit and credit cards.”
A study by Moneyrates.com found that 2012 banking fees and account minimums increased from 2011 including: minimum required to open an account, minimum account balance, monthly service fees, overdraft fees and ATM fees3. The Credit Union has monitored this trend and addresses it with the launch of GetBigReward$ program.
“We all have those times when we use a service that has an associated fee,” said Bava. “As a financial cooperative the Credit Union’s fee schedule pricing is reflective of costs to us – generally as a pass-through. It made sense to try to come up with a rewards program based on member participation. 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. If unused, at year-end members will get those credits back in the form of money which can be used for savings or withdrawn. Equally rewarding for members will be an up to 10 percent interest rebate on Emerald member’s qualified loans. Members now have every reason to do all of their banking with Community Choice Credit Union.”
1Source: Credit Union National Association as of Thursday, April 26, 2012. See http://www.creditunionlink.org/Auto_Loan_61.html
2Source: National Credit Union Administration March 1, 2013 See: http://www.ncua.gov/News/Pages/NW20130301CUEarnings.aspx
3 Source: http://www.money-rates.com/research-center/bank-fees/mid-2012.htm
About Community Choice Credit Union
Established in 1935, Community Choice Credit Union offers a wide variety of financial products and services for both consumers and businesses. Any individual who lives, works, or worships in the following counties is eligible to become a member of Community Choice Credit Union: Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw or Wayne County, Michigan. Since 2008, the Credit Union has invested more than $500,000 dollars and 8,000 volunteer hours into its charitable Give Big efforts throughout Michigan. For more information, visit CommunityChoiceCU.com.