WEST PALM BEACH, Fla., – Part of the credit union difference is the value returned to the member. Beyond the end of year dividends, credit unions have developed creative programs to reward members while boosting their portfolios. Here is just a sample of how credit unions choose to give back to members: For parents concerned how to save for their child or grandchild’s future needs, Kelly Tyler Federal Credit Union in Tyler Texas offers Kidicates. The Kidicate is a share certificate for children under the age of 16. This 24-month share certificate pays 1% above the credit union’s current 24-month certificate rate and can be opened for a minimum of $200. “This was the brainchild of Vice President Samantha Bruce,” said KTFCU President Scott Rose. “We first introduced it during late 2000 when there was a struggle with liquidity. We’ve brought it back this year to help members out since the rate is higher than regular saving account rates and as a way to establish a relationship with members under 16.” San Luis Obispo, California-based SESLOC Credit Union has decided to help its members reduce their credit card debt with the VISA Member Appreciation Program. Members who maintain their accounts in good standing will qualify for a 10% refund of finance charges billed to their SESLOC Visa account. Refunds will be credited on Dec. 31, 2001. “We want to encourage people not to carry big balances, so in essence with the 10% refund at the end of the year we reduce the interest rate members are paying and help them get control of their finances,” said SESLOC CU Marketing Director Carla Swift. “We just thought our members need assistance that is meaningful to them so this is a way for us to give them support for their loyalty to us.” Just in time for summer vacation, McKay Dee Credit Union in Ogden, Utah is offering its members a free vacation package with every $10,000 + loan over five years. Vacation packages are for two adults and three children to travel to 24 destinations including Hawaii, Florida and New York to name a few. Depending on the location the stay ranges from three days and two nights, to seven days and six nights. The credit union purchases the package in bundles of 150 at wholesale from a local travel agency. “The response has been incredible,” said McKay Dee CU Loan Officer Cindy Pierson. “Not only are members so happy with their vacations, but the program has helped increase our loan volume.” [email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.