Michigan State University Federal Credit Union Launches SaveUp to Reward Members, with the Assistance of CU Solutions Group
LIVONIA, MI (September 12, 2013) — Michigan State University Federal Credit Union (MSUFCU), the world’s largest university-based credit union, is now rewarding its members for saving money and paying down debt with the innovative online financial rewards program SaveUp, a program distributed by CU Solutions Group. With tuition increases outpacing inflation and rising interest rates, the cost of higher education is steadily increasing and students and recent graduates are looking for alternative methods to help them pay off their student loans.
“At Michigan State University Federal Credit Union, our mission is to provide superior service while assisting members and employees to achieve financial security, their goals, and ultimately, their dreams,” comments MSUFCU President and Chief Executive Officer Patrick McPharlin. “We are excited to provide a new financial resource for our members through SaveUp’s distinctive program to help motivate them to pay off their debt while saving money and earning rewards.”
Since 2012, SaveUp’s users have deposited $537 million into savings and paid down $364 million in debt. SaveUp uses game mechanics, financial education and real prizes to motivate people to make positive financial choices. CU Solutions Group and SaveUp are working together to bring this dynamic program to credit unions nationwide to help members build their wealth and reduce their debt. It also helps credit unions engage with their members more frequently and cross-sell more products. MSUFCU is the most recent and largest university-based credit union CU Solutions Group that has signed to the SaveUp program.
“SaveUp has already proven it can increase member engagement and deepen wallet share for credit union partners,” says David Adams, president and CEO of CU Solutions Group. “CU Solutions Group is thrilled to be able to offer this unique opportunity to the members of Michigan State University Federal Credit Union.”
“SaveUp is a great tool for credit unions. Not only does it help engage members and reward positive behavior but it also provides an impactful marketing platform to drive new product leads and account origination,” says Priya Haji, co‐founder and CEO of SaveUp. “We are excited to be able to help and reward thousands of students and MSU alumni with our program. We look forward to motivating them to pay off their student loans, build their emergency funds and increase their financial knowledge through the partnership.”
CU Solutions Group and SaveUp joined forces in the fall of 2012. To date, more than 40 credit unions nationwide have signed up for SaveUp to help their members save money and reduce their debt.
CU Solutions Group serves the credit union industry nationwide by offering essential solutions in four key areas: marketing, technology, membership enhancements and performance management. It was formed out of the combination of CU Village and HRN Management Group, and is owned by hundreds of investors made up of leagues, credit unions and credit union system organizations. Learn more at www.cusolutionsgroup.com, www.facebook.com/CUSolGroup or www.twitter.com/CUSolGroup.
SaveUp was founded in 2011 and is the first free nationwide rewards program that encourages Americans to save money, pay down debt and make positive financial changes. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting prizes for performing positive financial actions. Individual user information is secure on the site with bank level encryption. Intuit provides the back-end aggregation technology and SaveUp has completed a bank level security audit.
Michigan State University Federal Credit Union, the world’s largest university-based credit union, offers a full range of personal- and business-related financial services to Michigan State University and Oakland University faculty, staff, students, alumni association members, and their families worldwide in addition to a variety of select employee groups. Founded in 1937 by a few MSU professors and employees, MSUFCU now has twelve branches, over 175,000 members, more than $2.4 billion in assets, and over 515 employees.